10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 814-00861

Fidus Investment Corporation

(Exact Name of Registrant as Specified in its Charter)

Maryland	27-5017321
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
1603 Orrington Avenue, Suite 1005 Evanston, Illinois	60201
(Address of Principal Executive Offices)	(Zip Code)

(847) 859-3940

(Registrant’s telephone number, including area code)

________________

n/a

(Former name, former address and former fiscal year, if changed since last report)

_______________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	FDUS	The NASDAQ Global Select Market

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. Yes ☑ No ☐

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). Yes ☑ No ☐

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 ☐	Non-accelerated filer ☑	Smaller reporting company ☐	Emerging growth company ☐
(Do not check if a smaller reporting 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 ☑

As of November 1, 2022, the Registrant had outstanding 24,437,400 shares of common stock, $0.001 par value.

1

FIDUS INVESTMENT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

	PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements.
	Consolidated Statements of Assets and Liabilities — September 30, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statements of Operations — three and nine months ended September 30, 2022 (unaudited) and 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets — three and nine months ended September 30, 2022 (unaudited) and 2021 (unaudited)	5
	Consolidated Statements of Cash Flows — three and nine months ended September 30, 2022, (unaudited) and 2021 (unaudited)	6
	Consolidated Schedules of Investments — September 30, 2022 (unaudited) and December 31, 2021	7
	Notes to Consolidated Financial Statements (unaudited)	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	56
	PART II — OTHER INFORMATION
Item 1.	Legal Proceedings.	58
Item 1A.	Risk Factors.	58
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	58
Item 3.	Defaults Upon Senior Securities.	58
Item 4.	Mine Safety Disclosures.	58
Item 5.	Other Information.	58
Item 6.	Exhibits.	59
Signatures		61

2

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Assets and Liabilities

(in thousands, except shares and per share data)

	September 30,
	2022			December 31,
	(unaudited)			2021
ASSETS
Investments, at fair value:
Control investments (cost: $6,833 and $6,833, respectively)	$	—		$	2,151
Affiliate investments (cost: $55,823 and $55,519, respectively)		95,575			137,284
Non-control/non-affiliate investments (cost: $764,734 and $559,434, respectively)		761,339			579,689
Total investments, at fair value (cost: $827,390 and $621,786, respectively)		856,914			719,124
Cash and cash equivalents		40,411			169,417
Interest receivable		11,643			8,231
Prepaid expenses and other assets		780			413
Total assets	$	909,748		$	897,185
LIABILITIES
SBA debentures, net of deferred financing costs (Note 6)	$	128,803		$	103,978
Notes, net of deferred financing costs (Note 6)		245,847			245,016
Borrowings under Credit Facility, net of deferred financing costs (Note 6)		(1,455	)		(595	)
Secured borrowings		16,995			17,637
Accrued interest and fees payable		3,043			4,668
Base management fee payable, net of base management fee waiver – due to affiliate		3,687			3,135
Income incentive fee payable – due to affiliate		3,047			2,622
Capital gains incentive fee payable – due to affiliate		22,498			29,227
Administration fee payable and other – due to affiliate		559			668
Dividends payable		10,508			—
Taxes (receivable) payable		315			2,410
Accounts payable and other liabilities		1,514			655
Total liabilities	$	435,361		$	409,421
Commitments and contingencies (Note 7)
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 24,437,400 and 24,437,400 shares
issued and outstanding at September 30, 2022 and December 31, 2021, respectively)	$	24		$	24
Additional paid-in capital		361,807			361,807
Total distributable earnings		112,556			125,933
Total net assets		474,387			487,764
Total liabilities and net assets	$	909,748		$	897,185
Net asset value per common share	$	19.41		$	19.96

See Notes to Consolidated Financial Statements (unaudited).

3

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Operations (unaudited)

(in thousands, except shares and per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Investment Income:
Interest income
Control investments	$	—		$	927		$	—		$	2,495
Affiliate investments		892			537			2,433			2,096
Non-control/non-affiliate investments		20,619			16,395			55,532			50,197
Total interest income		21,511			17,859			57,965			54,788
Payment-in-kind interest income
Control investments		—			724			—			1,661
Affiliate investments		—			86			30			281
Non-control/non-affiliate investments		413			450			1,297			1,390
Total payment-in-kind interest income		413			1,260			1,327			3,332
Dividend income
Control investments		—			—			—			568
Affiliate investments		—			—			725			110
Non-control/non-affiliate investments		645			457			685			699
Total dividend income		645			457			1,410			1,377
Fee income
Control investments		—			—			—			400
Affiliate investments		155			102			452			370
Non-control/non-affiliate investments		2,260			1,545			5,497			6,071
Total fee income		2,415			1,647			5,949			6,841
Interest on idle funds		8			6			12			7
Total investment income		24,992			21,229			66,663			66,345
Expenses:
Interest and financing expenses		4,686			4,662			13,737			14,418
Base management fee		3,763			3,270			10,724			9,661
Incentive fee - income		3,047			2,425			5,283			7,644
Incentive fee (reversal) - capital gains		(258	)		4,664			(593	)		8,638
Administrative service expenses		480			438			1,412			1,281
Professional fees		339			507			1,546			1,482
Other general and administrative expenses		303			214			719			615
Total expenses before base management fee waiver		12,360			16,180			32,828			43,739
Base management fee waiver		(76	)		(69	)		(228	)		(98	)
Total expenses, net of base management fee waiver		12,284			16,111			32,600			43,641
Net investment income before income taxes		12,708			5,118			34,063			22,704
Income tax provision (benefit)		(11	)		—			(2	)		32
Net investment income		12,719			5,118			34,065			22,672
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		407			(990	)		342			(33	)
Affiliate investments		24,216			30			39,840			30
Non-control/non-affiliate investments		15,421			9,266			25,038			13,675
Total net realized gain (loss) on investments		40,044			8,306			65,220			13,672
Income tax (provision) benefit from realized gains on investments		—			143			(121	)		143
Net change in unrealized appreciation (depreciation):
Control investments		—			1,096			(2,151	)		(4,889	)
Affiliate investments		(21,085	)		8,106			(42,013	)		24,474
Non-control/non-affiliate investments		(20,197	)		6,133			(23,650	)		12,434
Total net change in unrealized appreciation (depreciation) on investments		(41,282	)		15,335			(67,814	)		32,019
Net gain (loss) on investments		(1,238	)		23,784			(2,715	)		45,834
Realized losses on extinguishment of debt		(53	)		(460	)		(251	)		(2,640	)
Net increase (decrease) in net assets resulting from operations	$	11,428		$	28,442		$	31,099		$	65,866
Per common share data:
Net investment income per share-basic and diluted	$	0.52		$	0.21		$	1.39		$	0.93
Net increase in net assets resulting from operations per share — basic and diluted	$	0.47		$	1.16		$	1.27		$	2.70
Dividends declared per share	$	0.86		$	0.42		$	1.82		$	1.19
Weighted average number of shares outstanding — basic and diluted		24,437,400			24,437,400			24,437,400			24,437,400

See Notes to Consolidated Financial Statements (unaudited).

4

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Changes in Net Assets (unaudited)

(in thousands, except shares)

	Common Stock				Additional		Total
	Number of		Par		paid-in		distributable			Total net
	shares		value		capital		earnings			assets
Balances at December 31, 2020		24,437,400	$	24	$	363,751	$	46,985		$	410,760
Net investment income		—		—		—		11,081			11,081
Net realized gain (loss) on investments, net of taxes		—		—		—		3,216			3,216
Net unrealized appreciation (depreciation) on investments		—		—		—		(579	)		(579	)
Realized losses on extinguishment of debt		—		—		—		(2,180	)		(2,180	)
Dividends declared		—		—		—		(9,286	)		(9,286	)
Balances at March 31, 2021		24,437,400	$	24	$	363,751	$	49,237		$	413,012
Net investment income		—		—		—		6,473			6,473
Net realized gain (loss) on investments, net of taxes		—		—		—		2,150			2,150
Net unrealized appreciation (depreciation) on investments		—		—		—		17,263			17,263
Realized losses on extinguishment of debt		—		—		—		—			—
Dividends declared		—		—		—		(9,531	)		(9,531	)
Balances at June 30, 2021		24,437,400	$	24	$	363,751	$	65,592		$	429,367
Net investment income		—		—		—		5,118			5,118
Net realized gain (loss) on investments, net of taxes		—		—		—		8,449			8,449
Net unrealized appreciation (depreciation) on investments		—		—		—		15,335			15,335
Realized losses on extinguishment of debt		—		—		—		(460	)		(460	)
Dividends declared		—		—		—		(10,264	)		(10,264	)
Balances at September 30, 2021		24,437,400	$	24	$	363,751	$	83,770		$	447,545
Balances at December 31, 2021		24,437,400	$	24	$	361,807	$	125,933		$	487,764
Net investment income		—		—		—		10,338			10,338
Net realized gain (loss) on investments, net of taxes		—		—		—		6,869			6,869
Net unrealized appreciation (depreciation) on investments		—		—		—		(5,319	)		(5,319	)
Realized losses on extinguishment of debt		—		—		—		(198	)		(198	)
Dividends declared		—		—		—		(12,952	)		(12,952	)
Balances at March 31, 2022		24,437,400	$	24	$	361,807	$	124,671		$	486,502
Net investment income		—		—		—		11,008			11,008
Net realized gain (loss) on investments, net of taxes		—		—		—		18,186			18,186
Net unrealized appreciation (depreciation) on investments		—		—		—		(21,213	)		(21,213	)
Realized losses on extinguishment of debt		—		—		—		—			—
Dividends declared		—		—		—		(10,508	)		(10,508	)
Balances at June 30, 2022		24,437,400	$	24	$	361,807	$	122,144		$	483,975
Net investment income		—		—		—		12,719			12,719
Net realized gain (loss) on investments, net of taxes		—		—		—		40,044			40,044
Net unrealized appreciation (depreciation) on investments		—		—		—		(41,282	)		(41,282	)
Realized losses on extinguishment of debt		—		—		—		(53	)		(53	)
Dividends declared		—		—		—		(21,016	)		(21,016	)
Balances at September 30, 2022		24,437,400	$	24	$	361,807	$	112,556		$	474,387

See Notes to Consolidated Financial Statements (unaudited).

5

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Cash Flows (unaudited)

(in thousands)

	Nine Months Ended September 30,
	2022			2021
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	31,099		$	65,866
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Net change in unrealized (appreciation) depreciation on investments		67,814			(32,019	)
Net realized (gain) loss on investments		(65,220	)		(13,672	)
Interest and dividend income paid-in-kind		(1,327	)		(3,437	)
Accretion of original issue discount		(137	)		(734	)
Accretion of loan origination fees		(1,094	)		(1,832	)
Purchase of investments		(267,950	)		(245,546	)
Proceeds from sales and repayments of investments		128,255			319,036
Proceeds from loan origination fees		1,869			1,949
Realized losses on extinguishment of debt		251			2,640
Amortization of deferred financing costs		1,588			1,655
Changes in operating assets and liabilities:
Interest receivable		(3,412	)		(698	)
Prepaid expenses and other assets		(367	)		(504	)
Accrued interest and fees payable		(1,625	)		(1,298	)
Base management fee payable, net of base management fee waiver – due to affiliate		552			(43	)
Income incentive fee payable – due to affiliate		425			(185	)
Capital gains incentive fee (reversal) – due to (from) affiliate		(6,729	)		8,638
Administration fee payable and other – due to affiliate		(109	)		(5	)
Taxes payable		(2,095	)		(1,158	)
Accounts payable and other liabilities		859			217
Net cash provided by (used for) operating activities		(117,353	)		98,870
Cash Flows from Financing Activities:
Proceeds received from SBA debentures		56,000			11,500
Repayments of SBA debentures		(30,000	)		(63,500	)
Principal payments on Notes		—			(100,000	)
Proceeds received from (repayments of) borrowings under Credit Facility, net		—			40,000
Proceeds received from (repayments of) Secured Borrowings, net		(642	)		17,746
Payment of deferred financing costs		(3,043	)		(1,031	)
Dividends paid to stockholders, including expenses		(33,968	)		(29,081	)
Net cash provided by (used for) financing activities		(11,653	)		(124,366	)
Net increase (decrease) in cash and cash equivalents		(129,006	)		(25,496	)
Cash and cash equivalents:
Beginning of period		169,417			124,308
End of period	$	40,411		$	98,812
Supplemental information and non-cash activities:
Cash payments for interest	$	13,774		$	14,061
Cash payments for taxes, net of tax refunds received	$	2,214		$	1,047
Dividends payable	$	10,508		$	-

See Notes to Consolidated Financial Statements (unaudited).

6

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

September 30, 2022

(in thousands, except shares)

Portfolio Company (a)(b)		Variable Index	Rate (e)	Investment		Principal				Fair		Percent of
Investment Type (c)	Industry	Spread / Floor (d)	Cash/PIK	Date (f)	Maturity	Amount		Cost		Value (g)		Net Assets
Control Investments (t)
Hilco Plastics Holdings, LLC (dba Hilco Technologies) (n)	Component Manufacturing
Common Equity (Units N/A) (j)				4/6/2021				$	—	$	—		0	%
Mesa Line Services, LLC (n)	Utilities: Services
Common Equity (10 shares) (j)				4/22/2021					—		—		0	%
US GreenFiber, LLC (n)	Building Products Manufacturing
Second Lien Debt (j)(y)			10.00%/3.00%	7/3/2014	8/30/2024	$	5,226		5,223		—
Common Equity (2,522 units) (h)(j)				7/3/2014					586		—
Common Equity (425,508 units) (j)				8/30/2019					1		—
Common Equity (1,022,813 units) (h)(j)				7/1/2020					1,023		—
									6,833		—		0	%
Total Control Investments								$	6,833	$	—		0	%
Affiliate Investments (l)
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	Building Products Manufacturing
Subordinated Debt (j)			10.00%/0.00%	12/31/2021	12/31/2027	$	9,602	$	9,602	$	9,602
Common Equity (5,690units) (h) (j)				12/31/2021					5,690		5,341
Common Equity (7,113 units) (h) (j)				12/31/2021					7,113		6,677
Common Equity (2,012units) (h) (j)				12/31/2021					-		-
									22,405		21,620		4	%
FAR Research Inc. (n)	Specialty Chemicals
Common Equity (1,396 units)				3/31/2014					—		28		0	%
Medsurant Holdings, LLC	Healthcare Services
Preferred Equity (84,997 units) (h)(j)				4/12/2011					716		595
Warrant (252,588 units) (h)(j)(m)				4/12/2011					2,258		1,947
									2,974		2,542		1	%
Mirage Trailers LLC (n)	Utility Equipment Manufacturing
Common Equity (2,500,000 shares)				11/25/2015					—		—		0	%
Pfanstiehl, Inc.	Healthcare Products
Subordinated Debt (j)			10.00%/0.00%	8/2/2022	8/2/2027		10,000	$	9,952	$	9,951
Common Equity (2,550 units) (j)				3/29/2013					255		41,845
									10,207		51,796		11	%
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Aerospace & Defense Manufacturing
First Lien Debt (k)(ag)		(L + 5.50%) / (1.00%)	9.17%/0.00%	2/12/2021	2/11/2026		15,000		14,926		15,000
Common Equity (41,290 units) (j)				2/12/2021					2,609		—
Common Equity (12,035 units) (j)				8/25/2021					1,204		456
Common Equity (3,810 units) (j)				9/16/2022					386		365
Common Equity (1,111 units) (j)				9/16/2022					112		107
									19,237		15,928		3	%
Steward Holding LLC (dba Steward Advanced Materials)	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units)				11/12/2015					1,000		3,661		1	%
Total Affiliate Investments								$	55,823	$	95,575		20	%
Non-control/Non-affiliate Investments
2KDirect, Inc. (dba iPromote)	Information Technology Services
First Lien Debt (k)(at)		(L + 6.75%) / (0.50%)	10.35%/0.00%	6/25/2021	6/25/2026	$	11,655	$	11,590	$	11,655
First Lien Debt (j)(aa)		(L + 6.75%) / (0.50%)	7.10%/0.00%	7/30/2021	6/25/2026		3,586		3,586		3,586
Common Equity (1,000,000 units)				6/25/2021					1,000		544
									16,176		15,785		3	%
Acendre Midco, Inc.	Information Technology Services
First Lien Debt (j)		(L + 7.75%) / (0.50%)	10.03%/0.00%	10/6/2021	10/6/2026		5,500		5,487		5,404
First Lien Debt (j)		(L + 7.75%) / (0.50%)	10.03%/0.00%	10/6/2021	10/6/2026		12,500		12,446		12,243
Revolving Loan ($1,000 unfunded commitment) (j)(i)		(L + 7.50%) / (0.50%)		10/6/2021			—		—		—
Common Equity (500,000 shares) (j)				10/6/2021					371		407
Warrant (150,000 shares) (j)(m)				10/6/2021					129		122
Preferred Equity (77,016 shares) (j)				9/26/2022					88		143
									18,521		18,319		4	%
Aeronix Inc.	Aerospace & Defense Manufacturing
First Lien Debt (ai)		(L + 5.88%) / (0.50%)	9.55%/0.00%	6/11/2021	6/11/2026		14,250		14,179		14,250
Common Equity (549 units)				6/11/2021					593		504
									14,772		14,754		3	%
Allredi, LLC (fka Marco Group International OpCo, LLC)	Industrial Cleaning & Coatings
Second Lien Debt			10.50%/1.75%	3/2/2020	9/2/2026		10,384		10,324		7,972
Common Equity (570,636 units) (h)(j)				7/21/2017					637		—
Common Equity (39,443 units) (h)(j)				11/24/2021					22		37
									10,983		8,009		2	%
American AllWaste LLC (dba WasteWater Transport Services)	Environmental Industries
First Lien Debt (j)(p)		(L + 6.15%) / (1.00%)	8.40%/0.00%	6/28/2021	6/28/2026		20,500		20,318		20,500
First Lien Debt (j)(o)		(L + 3.75%) / (1.00%)	6.00%/0.00%	6/28/2021	6/28/2026		330		330		330
Preferred Equity (500 units) (h)(j)				5/31/2018					500		393
Preferred Equity (207 units) (h)(j)				8/6/2019					250		168
Preferred Equity (141 units) (h)(j)				11/2/2020					171		115
Preferred Equity (74 units) (h)(j)				12/29/2021					97		65
									21,666		21,571		5	%
AmeriWater, LLC	Component Manufacturing
First Lien Debt (af)		(S + 6.25%) / (1.00%)	8.42%/0.00%	7/8/2022	7/8/2027		7,750		7,705		7,704
Subordinated Debt (j)			7.00%/7.00%	7/8/2022	1/8/2028		2,033		2,023		2,023
Common Equity (1,000 units) (h)(j)				7/8/2022					1,000		1,000
									10,728		10,727		2	%
AOM Intermediate Holdco, LLC (dba AllOver Media)	Information Technology Services
First Lien Debt (aq)		(S + 6.50%) / (0.75%)	8.83%/0.00%	2/1/2022	2/1/2027		10,000		9,935		10,000
Common Equity (750 units) (h)(j)				2/1/2022					750		799
									10,685		10,799		2	%
Applied Data Corporation	Information Technology Services
First Lien Debt (k)(v)		(S + 6.25%) / (1.50%)	9.96%/0.00%	11/6/2020	11/6/2025		19,005		18,908		19,005
Common Equity (24 units)				11/6/2020					66		458
Preferred Equity (1,184,711 units)				11/6/2020					1,185		1,340
									20,159		20,803		5	%
Auto CRM LLC (dba Dealer Holdings)	Information Technology Services
First Lien Debt (au)		(P + 5.50%) / (3.25%)	11.75%/0.85%	10/1/2021	10/1/2026		7,565		7,505		7,565
Subordinated Debt			0.00%/12.75%	10/1/2021	12/31/2026		569		565		569
Common Equity (500 units) (j)				10/1/2021					500		424
									8,570		8,558		2	%
AVC Investors, LLC (dba Auveco) (n)	Specialty Distribution
Common Equity (5,000 units) (j)				1/3/2018					—		6		0	%

7

BCM One Group Holdings, Inc.	Information Technology Services
Subordinated Debt (j)			10.25%/0.00%	11/17/2021	11/17/2028	11,333	11,277	11,220	3	%
Bedford Precision Parts LLC	Specialty Distribution
Common Equity (500,000 units) (h)(j)				3/12/2019			484	415	0	%
BP Thrift Buyer, LLC (dba myUnique and Ecothrift)	Retail
First Lien Debt (j)(av)		(S + 5.75%) / (1.50%)	8.91%/0.00%	9/13/2022	9/13/2027	20,000	19,542	19,542
Common Equity (1,000 units) (j)				9/13/2022			1,000	1,000
							20,542	20,542	4	%
Cardback Intermediate, LLC (dba Chargeback Gurus)	Information Technology Services
First Lien Debt (j)(ah)		(L + 6.50%) / (0.75%)	8.78%/0.00%	8/10/2021	8/10/2026	12,576	12,516	12,576
Common Equity (495 shares) (j)				8/10/2021			125	33
Preferred Equity (495 shares) (j)				8/10/2021			125	273
							12,766	12,882	3	%
Cardboard Box LLC (dba Anthony's Coal Fired Pizza) (aw)	Restaurants
Common Equity (521,021 units) (j)(ao)				12/15/2015			521	34
Preferred Equity (1,043,133 units) (j)(ao)				12/6/2019			96	283
							617	317	0	%
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC)	Information Technology Services
First Lien Debt (j)		(S + 7.25%) / (1.00%)		4/1/2022	4/1/2027	8,500	8,457	8,457
Revolving Loan ($1,000 unfunded commitment) (i)(j)		(S + 6.25%) / (1.00%)		4/1/2022	4/1/2027	—	—	—
							8,457	8,457	2	%
CIH Intermediate, LLC	Business Services
Subordinated Debt (k)			10.00%/1.00%	3/3/2022	3/3/2028	13,716	13,593	13,715
Common Equity (563 shares) (j)				3/3/2022			400	161
Preferred Equity (563 shares) (j)				3/3/2022			400	836
							14,393	14,712	3	%
Combined Systems, Inc.	Aerospace & Defense Manufacturing
First Lien Debt		(L + 11.00%) / (2.00%)		1/31/2020	1/31/2025	6,991	6,964	7,061
Revolving Loan ($605 unfunded commitment) (j)(ac)		(L + 10.00%) / (2.00%)		1/31/2020	1/31/2025	3,395	3,383	3,395
							10,347	10,456	2	%
Comply365, LLC	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units)				12/11/2020			627	1,109	0	%
CRS Solutions Holdings, LLC (dba CRS Texas)	Business Services
Common Equity (Class A Units) (574,929 units) (h)(j)				6/28/2022			272	499	0	%
Dataguise, Inc.	Information Technology Services
First Lien Debt (j)			11.00%/0.00%	12/31/2020	12/31/2023	19,700	19,658	19,700
Common Equity (909 shares) (j)				12/31/2020			1,500	707
							21,158	20,407	4	%
Diversified Search LLC	Business Services
First Lien Debt (k)(r)		(S + 6.50%) / (1.00%)	8.84%/0.00%	2/7/2019	2/7/2024	24,155	24,016	24,155
Common Equity (573 units) (h)(j)				2/7/2019			564	949
							24,580	25,104	5	%
EBL, LLC (EbLens)	Retail
Second Lien Debt (j)(y)			12.50%/1.50%	7/13/2017	1/13/2023	9,351	9,333	2,427
Common Equity (75,000 units) (j)				7/13/2017			750	—
							10,083	2,427	1	%
ECM Industries, LLC	Component Manufacturing
Common Equity (1,000,000 units) (h)(j)				4/30/2020			221	1,290	0	%
Elements Brands, LLC	Consumer Products
First Lien Debt			12.25%/0.00%	12/31/2020	12/31/2025	4,350	4,328	4,350
Revolving Loan ($1,500 unfunded commitment) (j)(i)			12.25%/0.00%	12/31/2020	12/31/2025	1,500	1,489	1,500
							5,817	5,850	1	%
Fishbowl Solutions, LLC	Information Technology Services
First Lien Debt (ar)		(S + 7.75%) / (1.00%)	10.12%/0.00%	3/25/2022	3/25/2027	14,464	14,366	14,463	3	%
Frontline Food Services, LLC (f/k/a Accent Food Services, LLC) (n)	Vending Equipment Manufacturing
Preferred Equity (Class A Units) (46 units) (j)				12/31/2020			—	—
Common Equity (Class B Units) (124 units) (j)				12/31/2020			—	—
Preferred Equity (Class C Units) (100 units) (j)				12/31/2020			—	—
							—	—	0	%
Global Plasma Solutions, Inc.	Component Manufacturing
Common Equity (947 shares) (j)				9/21/2018			52	373	0	%
GP&C Operations, LLC (dba Garlock Printing and Converting)	Component Manufacturing
First Lien Debt (w)		(L + 8.25%) / (1.00%)	11.33%/0.00%	1/22/2021	1/22/2026	11,000	10,890	11,000
Common Equity (515,625 units) (h)(j)				1/22/2021			516	334
							11,406	11,334	3	%
Green Cubes Technology, LLC (dba Green Cubes)	Information Technology Services
First Lien Debt (j)		(L + 13.00%) / (0.00%)		12/17/2021	12/17/2024	13,000	12,946	13,000	3	%
Gurobi Optimization, LLC	Information Technology Services
Common Equity (3 shares)				12/19/2017			605	2,160	0	%
Haematologic Technologies, Inc.	Healthcare Services
First Lien Debt (x)		(L + 8.25%) / (2.00%)	11.92%/0.00%	10/11/2019	10/11/2024	5,378	5,361	5,378
Common Equity (630 units) (h)(j)				10/11/2019			630	214
							5,991	5,592	1	%
Hallmark Health Care Solutions, Inc.	Healthcare Services
First Lien Debt (j)(ae)		(L + 7.25%) / (1.50%)	9.53%/0.00%	12/4/2020	12/4/2025	8,380	8,340	8,380
Common Equity (750,000 units) (j)				12/4/2020			750	4,117
							9,090	12,497	3	%
Healthfuse, LLC	Healthcare Services
Preferred Equity (197,980 units)				11/13/2020			748	1,397	0	%
Hub Acquisition Sub, LLC (dba Hub Pen)	Promotional products
Second Lien Debt (k)			13.00%/0.00%	3/23/2016	3/31/2023	25,000	24,995	24,782
Common Equity (3,750 units)				3/23/2016			91	552
Preferred Equity (868 units) (j)				10/16/2020			153	196
							25,239	25,530	6	%
IBH Holdings, LLC (fka Inflexxion, Inc.)	Business Services
Common Equity (150,000 units)				6/20/2018			—	309	0	%
Ipro Tech, LLC	Information Technology Services
First Lien Debt (j)(u)		(S + 7.00%) / (1.00%)	10.15%/1.00%	6/30/2020	7/28/2025	19,674	18,917	19,673
Preferred Equity (j)				7/28/2021			682	1,023
							19,599	20,696	4	%
ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.)	Business Services
First Lien Debt (j)(aj)		(L + 7.50%) / (0.50%)	9.78%/0.00%	4/5/2021	4/5/2026	12,261	12,187	12,175
First Lien Debt (j)(an)		(L + 7.50%) / (0.50%)	9.78%/0.00%	6/30/2021	4/5/2026	13,078	13,078	12,994
Common Equity (256,964 units) (h)(j)				4/5/2021			500	666
							25,765	25,835	5	%
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) (n)	Industrial Cleaning & Coatings
Second Lien Debt (j) (y)			0.00%/10.00%	1/28/2019	1/28/2023	2,368	2,368	2,169	0	%
The Kyjen Company, LLC (dba Outward Hound)	Consumer Products
Common Equity (855 shares) (j)				12/8/2017			933	468	0	%
Level Education Group, LLC (dba CE4Less)	Business Services
First Lien Debt (ak)		(L + 6.75%) / (0.50%)	9.03%/0.00%	4/1/2021	4/1/2026	5,199	5,170	5,199
Common Equity (1,000,000 units) (j)				4/1/2021			1,000	1,227

8

							6,170		6,426	1	%
LifeSpan Biosciences, Inc.	Healthcare Products
Subordinated Debt (j)			11.50%/0.00%	3/19/2021	9/19/2026	16,000	15,942		16,000
Common Equity (100 shares) (j)				3/19/2021			1,000		753
							16,942		16,753	4	%
Magenta Buyer LLC (dba Trellix)	Information Technology Services
Second Lien Debt (j)		(L + 8.25%) / (0.75%)		7/19/2022	7/27/2029	7,182	6,795		6,795	1	%
MBS Opco, LLC (dba Marketron)	Information Technology Services
First Lien Debt (j)		(S + 8.50%) / (1.50%)		9/29/2022	9/28/2026	27,000	26,865		26,865	6	%
Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.)	Component Manufacturing
First Lien Debt (k) (as)		(S + 5.50%) / (0.50%)	7.88%/0.00%	2/17/2022	2/17/2027	16,520	16,412		16,520
Common Equity (14,400 units) (j)				2/17/2022			1,440		2,689
							17,852		19,209	4	%
Midwest Transit Equipment, Inc.	Transportation services
Warrant (7,192 shares) (j)(m)				6/23/2017			180		302
Warrant (4.79% of Junior Subordinated Notes) (j)(q)				6/23/2017			190		277
							370		579	0	%
Mobilewalla, Inc.	Information Technology Services
First Lien Debt (j)		(L + 11.50%) / (0.50%)		12/17/2021	12/17/2024	5,715	5,694		5,715	1	%
Netbase Solutions, Inc. (dba Netbase Quid)	Information Technology Services
First Lien Debt (k)(ap)		(P + 4.00%) / (3.25%)	10.25%/0.00%	11/18/2021	11/18/2025	16,708	16,611		16,708	4	%
NGT Acquisition Holdings, LLC (dba Techniks Industries)	Component Manufacturing
Common Equity (378 units) (j)				5/24/2017			500		118	0	%
OMC Investors, LLC (dba Ohio Medical Corporation)	Healthcare Products
Second Lien Debt			13.00%/0.00%	1/26/2021	6/30/2024	5,000	4,974		5,000
Common Equity (5,000 units)				1/15/2016			187		591
							5,161		5,591	1	%
OnePath Systems, LLC	Information Technology Services
First Lien Debt (s)		(S + 7.50%) / (1.00%)	11.05%/0.00%	9/30/2022	9/30/2027	11,000	10,918		10,918
Common Equity (732,542 shares) (j)				9/30/2022			500		500
							11,418		11,418	2	%
Palmetto Moon, LLC	Retail
Common Equity (499 units) (j)				11/3/2016			265		512	0	%
Pinnergy, Ltd.	Oil & Gas Services
Subordinated Debt (j)			9.00%/0.00%	6/30/2022	6/30/2027	15,000	14,929		14,929	3	%
Pool & Electrical Products, LLC (n)	Specialty Distribution
Common Equity (15,000 units) (h)(j)				10/28/2020			549		4,362	1	%
Power Grid Components, Inc.	Specialty Distribution
Second Lien Debt (k)			11.00%/1.00%	4/12/2018	12/2/2025	17,704	17,655		17,704
Preferred Equity (392 shares) (j)				4/12/2018			392		608
Preferred Equity (48 shares) (j)				12/2/2019			48		75
Common Equity (10,622 shares) (j)				4/12/2018			462		895
							18,557		19,282	4	%
PowerGrid Services Acquisition, LLC	Utilities: Services
Second Lien Debt (j)		(L + 9.50%) / (1.00%)		9/21/2021	3/21/2029	10,831	10,784		10,831
Common Equity (5,341 units) (h)(j)				9/21/2021			534		956
							11,318		11,787	2	%
Prime AE Group, Inc.	Business Services
First Lien Debt (j)		(S + 6.75%) / (2.00%)	10.56%/0.00%	11/25/2019	11/25/2024	5,833	5,750		5,833
Preferred Equity (900,000 shares) (j)				11/25/2019			900		152
							6,650		5,985	1	%
Pugh Lubricants, LLC (n)	Specialty Distribution
Common Equity (3,062 units) (h)(j)				11/10/2016			—		—	0	%
Quest Software US Holdings Inc.	Information Technology Services
Second Lien Debt (j)		(S + 7.50%) / (0.50%)		3/1/2022	2/1/2030	20,000	19,338		18,004	4	%
Rhino Assembly Company, LLC	Specialty Distribution
Second Lien Debt (k)			11.50%/0.00%	8/11/2017	2/11/2026	14,851	14,836		14,851
Common Equity (Class A Units) (10,915 units) (h)(j)				8/11/2017			1,125		1,572
Preferred Equity (Units N/A) (h)(j)				12/10/2020			268		303
Common Equity (Class F Units) (710 units) (h)(j)				12/10/2020			—		—
							16,229		16,726	4	%
Road Safety Services, Inc.	Business Services
Second Lien Debt			11.25%/2.00%	9/18/2018	9/18/2025	15,762	15,726		15,347
Common Equity (779 units)				9/18/2018			1,121		1,507
							16,847		16,854	4	%
SES Investors, LLC (dba SES Foam) (n)	Building Products Manufacturing
Common Equity (6,000 units) (h)(j)				9/8/2016			—		104	0	%
Sonicwall US Holdings, Inc.	Information Technology Services
Second Lien Debt (j)		(L + 7.50%) / (0.00%)		9/6/2022	5/18/2026	4,774	4,489		4,489	1	%
Suited Connector LLC	Information Technology Services
Second Lien Debt (j)			12.00%/0.00%	10/29/2021	6/1/2028	16,000	15,930		11,637
Common Equity (7,500 units) (h)(j)				12/1/2021			750		84
							16,680		11,721	2	%
Tedia Company, LLC	Healthcare Products
First Lien Debt (j)		(S + 7.75%) / (1.00%)		3/4/2022	3/4/2027	15,600	15,523		15,600
Revolving Loan ($2,400 unfunded commitment) (j)(i)		(S + 7.75%) / (1.00%)		3/4/2022	3/4/2027	1,600	1,580		1,600
Delayed Draw Commitment ($3,000 unfunded commitment) (j)(ac)		(S + 7.75%) / (1.00%)		3/4/2022	3/4/2027	—	(15	)	—
Subordinated Debt (j)			7.25%/7.25%	3/4/2022	9/4/2027	2,608	2,594		3,750
Preferred Equity (Series A) (1,000 units) (h)(j)				3/4/2022			1,000		1,486
							20,682		22,436	5	%
TransGo, LLC (n)	Component Manufacturing
Common Equity (500 units) (j)				2/28/2017			—		—	0	%
The Tranzonic Companies (n)	Specialty Distribution
Preferred Equity (5,653 units) (j)				3/27/2018			—		—
Common Equity (1 units) (j)				3/27/2018			—		18
							—		18	0	%
UBEO, LLC	Business Services
Common Equity (705,000 units) (h)(j)				4/3/2018			655		1,158	0	%
United Biologics, LLC	Healthcare Services
Preferred Equity (98,377 units) (h)(j)				4/1/2012			1,008		—
Warrant (57,469 units) (j)(m)				3/5/2012			566		—
							1,574		—	0	%
UPG Company, LLC	Component Manufacturing
First Lien Debt (j)(al)		(S + 8.25%) / (0.50%)	10.07%/0.00%	6/21/2021	6/21/2024	16,700	16,625		16,990	4	%
Virginia Tile Company, LLC	Specialty Distribution
Common Equity (17 units) (j)				12/19/2014			—		683	0	%
Virtex Enterprises, LP	Component Manufacturing
Second Lien Debt		(S + 9.75%) / (1.00%)		4/13/2022		11,002	10,901		8,857	2	%
Western's Smokehouse, LLC	Consumer Products

9

First Lien Debt (j)(ab)		(S + 6.50%) / (1.50%)	10.18%/0.00%	2/28/2020	12/23/2024	9,616		9,546		9,616
Delayed Draw Commitment ($2,823 unfunded commitment) (j)		(S + 5.00%) / (1.50%)	8.68%/0.00%	6/29/2022	12/23/2024	677		669		677
								10,215		10,293	2	%
Winona Foods, Inc.	Specialty Distribution
First Lien Debt (j)(am)		(L + 12.00%) / (1.00%)	15.67%/0.00%	4/1/2021	4/1/2026	4,000		3,900		4,000
First Lien Debt		(L + 13.00%) / (1.00%)		4/1/2021	4/1/2026	7,000		6,963		7,000
								10,863		11,000	2	%
Wonderware Holdings, LLC (dba CORE Business Technologies)	Information Technology Services
First Lien Debt (k)(z)		(L + 7.25%) / (1.00%)	10.49%/0.00%	2/10/2021	2/9/2026	8,316		8,275		8,316	2	%
Worldwide Express Operations, LLC	Transportation services
Second Lien Debt (j)		(L + 7.00%) / (0.75%)		8/2/2021	7/26/2029	27,497		26,357		26,357
Common Equity (795,000) (j)				7/21/2021				795		973
Common Equity (752,380 units) (h)(j)				7/26/2021				225		747
								27,377		28,077	6	%
Xeeva, Inc.	Information Technology Services
First Lien Debt (j)		(L + 10.50%) / (1.50%)		2/11/2021	2/11/2026	9,400		9,365		7,166	2	%
Zonkd, LLC	Component Manufacturing
First Lien Debt (j)		(L + 10.00%) / (1.00%)		3/18/2022	3/18/2027	5,000		4,795		4,570
Delayed Draw Commitment ($1,000 unfunded commitment) (j)(ad)		(L + 10.00%) / (1.00%)		3/18/2022	3/18/2027	—		—		—
Common Equity (4,987 units) (h)(j)				3/18/2022				169		2
								4,964		4,572	1	%
Total Non-control/Non-affiliate Investments							$	764,734	$	761,339	160	%
Total Investments							$	827,390	$	856,914	181	%
Money market funds (included in cash and cash equivalents)
Goldman Sachs Financial Square Treasury Obligation Institution CUSIP (38141W323) (aw)							$	30,184	$	30,184	6	%
Total money market funds							$	30,184	$	30,184	6	%
Total Investments and Money Market Funds							$	857,574	$	887,098	187	%

(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.

(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

(d) Variable rate investments bear interest at a rate indexed to the London Interbank Offered Rate (L or LIBOR), Prime (P) or the Secured Overnight Financing Rate (S or SOFR), which are reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a LIBOR, Prime or SOFR interest rate floor. For each investment, the Company has provided the spread over the reference rate and the LIBOR, Prime or SOFR floor, if any, as of September 30, 2022.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of September 30, 2022. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

(f) Investment date represents the date of the initial investment in the security.

(g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.

(h) Investment is held by a taxable subsidiary of the Company.

(i) The disclosed commitment represents the unfunded amount as of September 30, 2022. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

(j) Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

(k) The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

(l) As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

(m) Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(n) Investment in portfolio company that has sold its operations and is in the process of winding down.

(o) The Company sold a participating interest of approximately $0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(p) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.86% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(q) Warrant entitles the Company to purchase 4.79% of the outstanding principal of Junior Subordinated Notes prior to exercise, and is non-income producing.

(r) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.32% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(s) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.37% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(t) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

(u) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.99% and PIK interest amount of 0.98% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(v) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(w) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.21% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(x) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.76% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(y) Investment was on non-accrual status as of September 30, 2022.

(z) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.60% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(aa) The Company sold a participating interest of approximately $4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(ab) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.07% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ac) The disclosed commitment represents the unfunded amount as of September 30, 2022. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

(ad) The disclosed commitment represents the unfunded amount as of September 30, 2022. The Company is earning 2.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

(ae) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.53% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(af) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.28% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ag) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.64% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ah) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.62% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ai) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.71% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

10

(aj) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ak) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.83% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(al) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.85% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(am) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 6.13% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(an) The Company sold a participating interest of approximately $13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2022, total non-qualifying assets at fair value represented 0.03% of the Company's total assets calculated in accordance with the 1940 Act.

(ap) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 0.80% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(aq) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.73% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ar) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.74% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(as) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.80% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(at) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.27% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(au) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.32% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(av) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.62% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(aw) This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.

11

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments

December 31, 2021

(in thousands, except shares)

Portfolio Company (a)(b)		Variable Index	Rate (e)	Investment		Principal				Fair		Percent of
Investment Type (c)	Industry	Spread / Floor (d)	Cash/PIK	Date (f)	Maturity	Amount		Cost		Value (g)		Net Assets
Control Investments (t)
Hilco Plastics Holdings, LLC (dba Hilco Technologies) (n)	Component Manufacturing
Common Equity (Units N/A)				4/6/2021				$	—	$	—		0	%
Mesa Line Services, LLC (n)	Utilities: Services
Common Equity (10 shares) (j)				4/22/2021					—		2,151		0	%
US GreenFiber, LLC (n)	Building Products Manufacturing
Second Lien Debt (j)(y)			10.00%/3.00%	7/3/2014	8/30/2024	$	5,226		5,223		—
Common Equity (2,522 units) (h)(j)				7/3/2014					586		—
Common Equity (425,508 units) (j)				8/30/2019					1		—
Common Equity (1,022,813 units) (h)(j)				7/1/2020					1,023		—
									6,833		—		0	%
Total Control Investments								$	6,833	$	2,151		0	%
Affiliate Investments (l)
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	Building Products Manufacturing
Subordinated Debt (j)			5.00%/5.00%	12/31/2021	12/31/2027	$	9,602	$	9,602	$	9,602
Common Equity (5,690units) (j)				12/31/2021					5,690		5,690
Common Equity (7,113 units) (j)				12/31/2021					7,113		7,113
Common Equity (2,012units) (j)				12/31/2021					-		-
									22,405		22,405		4	%
FAR Research Inc. (n)	Specialty Chemicals
Common Equity (1,396 units)				3/31/2014					—		28		0	%
Medsurant Holdings, LLC	Healthcare Services
Preferred Equity (84,997 units) (h)(j)				4/12/2011					716		833
Warrant (252,588 units) (h)(j)(m)				4/12/2011					2,258		2,829
									2,974		3,662		1	%
Mirage Trailers LLC	Utility Equipment Manufacturing
Second Lien Debt (k)		(L + 10.00%) / (1.00%)	11.00%/5.00%	11/25/2015	4/30/2022		6,705		6,793		6,705
Common Equity (2,500,000 shares)				11/25/2015					2,188		3,970
									8,981		10,675		2	%
Pfanstiehl, Inc.	Healthcare Products
Common Equity (4,250 units) (j)				3/29/2013					425		57,639		12	%
Pinnergy, Ltd.	Oil & Gas Services
Common Equity - Class A-2 (42,500 units) (j)				10/13/2016					3,000		21,178		4	%
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Aerospace & Defense Manufacturing
First Lien Debt (k)(ag)		(L + 5.50%) / (1.00%)	6.50%/0.00%	2/12/2021	2/11/2026		13,000		12,921		13,000
Common Equity (41,290 units) (j)				2/12/2021					2,609		4,129
Common Equity (12,035 units) (j)				8/25/2021					1,204		1,230
									16,734		18,359		4	%
Steward Holding LLC (dba Steward Advanced Materials)	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units)				11/12/2015					1,000		3,338		1	%
Total Affiliate Investments								$	55,519	$	137,284		28	%
Non-control/Non-affiliate Investments
2KDirect, Inc. (dba iPromote)	Information Technology Services
First Lien Debt (k)		(L + 6.75%) / (0.50%)	7.25%/0.00%	6/25/2021	6/25/2026	$	12,919	$	12,841	$	12,919
First Lien Debt (aa)(j)		(L + 6.75%) / (0.50%)	7.25%/0.00%	7/30/2021	6/25/2026		3,975		3,975		3,975
Common Equity (1,000,000 units)				6/25/2021					1,000		806
									17,816		17,700		4	%
Acendre Midco, Inc.	Information Technology Services
First Lien Debt (j)		(L + 7.75%) / (0.50%)	8.25%/0.00%	10/6/2021	10/6/2026		5,500		5,485		5,485
First Lien Debt (j)		(L + 7.75%) / (0.50%)	8.25%/0.00%	10/6/2021	10/6/2026		12,500		12,436		12,436
Revolving Loan ($1,000 unfunded commitment) (i)(j)				10/6/2021					—		—
Common Equity (500,000 shares) (j)				10/6/2021					371		371
Warrant (150,000 shares) (j)(m)				10/6/2021					129		129
									18,421		18,421		4	%
Aeronix Inc.	Aerospace & Defense Manufacturing
First Lien Debt (ai)		(L + 5.88%) / (0.50%)	6.38%/0.00%	6/11/2021	6/11/2026		14,250		14,165		14,250
Common Equity (500 units)				6/11/2021					500		742
									14,665		14,992		3	%
Allredi, LLC (fka Marco Group International OpCo, LLC)	Industrial Cleaning & Coatings
Second Lien Debt			10.50%/1.75%	3/2/2020	9/2/2026		10,260		10,189		8,317
Common Equity (570,636 units) (h)(j)				7/21/2017					637		166
Common Equity (39,443 units) (h)(j)				11/24/2021					22		65
									10,848		8,548		2	%
American AllWaste LLC (dba WasteWater Transport Services)	Environmental Industries
First Lien Debt (j)(p)		(L + 6.15%) / (1.00%)	7.15%/0.00%	6/28/2021	6/28/2026		20,500		20,281		20,281
First Lien Debt (j)(o)		(L + 3.75%) / (1.00%)	4.75%/0.00%	6/28/2021	12/31/2022		330		330		330
Preferred Equity (500 units) (h)(j)				5/31/2018					500		439
Preferred Equity (207 units) (h)(j)				8/6/2019					250		187
Preferred Equity (141 units) (h)(j)				11/2/2020					171		128
Preferred Equity (74 units) (h)(j)				12/29/2021					97		97
									21,629		21,462		4	%
Applied Data Corporation	Information Technology Services
First Lien Debt (k)(v)		(L + 6.25%) / (1.50%)	7.75%/0.00%	11/6/2020	11/6/2025		11,500		11,441		11,500
Common Equity (22 units)				11/6/2020					15		111
Preferred Equity (1,104,539 units)				11/6/2020					1,105		1,194
									12,561		12,805		3	%
Argo Turboserve Corporation	Business Services
Second Lien Debt (j)		(L + 12.00%) / (2.00%)	14.00%/0.00%	12/26/2018	6/28/2023		11,906		11,881		11,906		2	%
Auto CRM LLC (dba Dealer Holdings)	Information Technology Services
First Lien Debt (j)		(P + 5.50%) / (3.25%)	8.75%/0.85%	10/1/2021	10/1/2026		7,516		7,445		7,445
Subordinated Debt (j)			0.00%/12.75%	10/1/2021	12/31/2026		516		512		512
Common Equity (500 units) (j)				10/1/2021					500		500
									8,457		8,457		2	%
AVC Investors, LLC (dba Auveco)	Specialty Distribution
Common Equity (5,000 units) (j)				1/3/2018					382		751		0	%
B&B Roadway and Security Solutions, LLC (n)	Component Manufacturing
Common Equity (50,000 units) (h)(j)				2/27/2018					—		—		0	%
Bandon Fitness (Texas), Inc.	Retail
Common Equity (545,810 units) (j)				8/9/2019					931		1,533		0	%
BCM One Group Holdings, Inc.	Information Technology Services

12

Subordinated Debt (j)			10.25%/0.00%	11/17/2021	11/17/2028	10,000	9,950	9,950	2	%
Bedford Precision Parts LLC	Specialty Distribution
First Lien Debt (j)(s)		(L + 6.25%) / (1.00%)	7.25%/0.00%	3/12/2019	3/12/2024	4,531	4,514	4,531
Common Equity (500,000 units) (h)(j)				3/12/2019			500	358
							5,014	4,889	1	%
Cardback Intermediate, LLC (dba Chargeback Gurus)	Information Technology Services
First Lien Debt (j)(ah)		(L + 6.75%) / (0.75%)	7.50%/0.00%	8/10/2021	8/10/2026	14,000	13,928	13,928
Common Equity (495 shares) (j)				8/10/2021			125	125
Preferred Equity (495 shares) (j)				8/10/2021			125	125
							14,178	14,178	3	%
Cardboard Box LLC (dba Anthony's Coal Fired Pizza) (aq)	Restaurants
Common Equity (521,021 units) (j)(ao)				12/15/2015			521	74
Preferred Equity (1,043,133 units) (j)(ao)				12/6/2019			96	283
							617	357	0	%
Combined Systems, Inc.	Aerospace & Defense Manufacturing
First Lien Debt		(L + 11.00%) / (2.00%)	13.00%/0.00%	1/31/2020	1/31/2025	7,091	7,055	7,119
Revolving Loan ($605 unfunded commitment) (j)(ac)		(L + 10.00%) / (2.00%)	15.00%/0.00%	1/31/2020	1/31/2025	3,395	3,380	3,395
							10,435	10,514	2	%
Comply365, LLC	Aerospace & Defense Manufacturing
First Lien Debt (ad)		(L + 8.00%) / (1.00%)	9.00%/0.00%	12/11/2020	12/11/2025	8,562	8,447	8,562
Common Equity (1,000,000 units)				12/11/2020			1,000	1,341
							9,447	9,903	2	%
CRS Solutions Holdings, LLC (dba CRS Texas)	Business Services
Common Equity (538,875 units) (h)(j)				3/14/2018			621	686	0	%
Dataguise, Inc.	Information Technology Services
First Lien Debt (j)			11.00%/0.00%	12/31/2020	12/31/2023	19,850	19,783	19,800
Common Equity (909 shares) (j)				12/31/2020			1,500	1,528
							21,283	21,328	4	%
Diversified Search LLC	Business Services
First Lien Debt (k)(r)		(L + 6.50%) / (1.00%)	7.50%/0.00%	2/7/2019	2/7/2024	18,355	18,190	18,355
Common Equity (573 units) (h)(j)				2/7/2019			593	797
							18,783	19,152	4	%
EBL, LLC (EbLens)	Retail
Second Lien Debt (j)			12.00%/1.00%	7/13/2017	1/13/2023	9,326	9,305	9,036
Common Equity (75,000 units) (j)				7/13/2017			750	230
							10,055	9,266	2	%
ECM Industries, LLC	Component Manufacturing
Common Equity (1,000,000 units) (h)(j)				4/30/2020			243	1,397	0	%
Elements Brands, LLC	Consumer Products
First Lien Debt			12.25%/0.00%	12/31/2020	12/31/2025	5,775	5,748	5,775
Revolving Loan ($838 unfunded commitment) (i)(j)			12.25%/0.00%	12/31/2020	12/31/2025	2,162	2,149	2,162
							7,897	7,937	2	%
Frontline Food Services, LLC (f/k/a Accent Food Services, LLC)	Vending Equipment Manufacturing
Preferred Equity (Class A Units) (46 units) (j)				12/31/2020			2,000	1,431
Common Equity (Class B Units) (124 units) (j)				12/31/2020			—	—
Preferred Equity (Class C Units) (100 units) (j)				12/31/2020			—	—
							2,000	1,431	0	%
Global Plasma Solutions, Inc.	Component Manufacturing
Common Equity (947 shares) (j)				9/21/2018			52	2,097	0	%
GP&C Operations, LLC (dba Garlock Printing and Converting)	Component Manufacturing
First Lien Debt (w)		(L + 7.25%) / (1.00%)	8.25%/0.00%	1/22/2021	1/22/2026	11,000	10,866	11,000
Common Equity (515,625 units) (h)(j)				1/22/2021			516	432
							11,382	11,432	2	%
Green Cubes Technology, LLC (dba Green Cubes)	Information Technology Services
First Lien Debt (j)		(L + 13.00%) / (0.00%)	13.21%/0.00%	12/17/2021	12/17/2024	13,000	12,928	12,928	3	%
Gurobi Optimization, LLC	Information Technology Services
Common Equity (3 shares)				12/19/2017			607	2,569	1	%
Haematologic Technologies, Inc.	Healthcare Services
First Lien Debt (x)		(L + 8.25%) / (2.00%)	10.25%/0.00%	10/11/2019	10/11/2024	5,378	5,355	4,945
Common Equity (630 units) (h)(j)				10/11/2019			630	120
							5,985	5,065	1	%
Hallmark Health Care Solutions, Inc.	Healthcare Services
First Lien Debt (j)(ae)		(L + 7.25%) / (1.50%)	8.75%/0.00%	12/4/2020	12/4/2025	8,440	8,390	8,440
Common Equity (750,000 units) (j)				12/4/2020			750	2,068
							9,140	10,508	2	%
Healthfuse, LLC	Healthcare Services
First Lien Debt (af)		(L + 7.25%) / (1.00%)	8.25%/0.00%	11/13/2020	11/13/2025	5,940	5,908	5,940
Preferred Equity (197,980 units)				11/13/2020			750	920
							6,658	6,860	1	%
Hub Acquisition Sub, LLC (dba Hub Pen)	Promotional products
Second Lien Debt (k)			13.50%/0.00%	3/23/2016	3/31/2023	25,000	24,986	22,501
Common Equity (3,750 units)				3/23/2016			114	—
Preferred Equity (868 units) (j)				10/16/2020			150	—
							25,250	22,501	5	%
IBH Holdings, LLC (fka Inflexxion, Inc.)	Business Services
Common Equity (150,000 units)				6/20/2018			—	203	0	%
Ipro Tech, LLC	Information Technology Services
First Lien Debt (j)(u)		(L + 7.00%) / (1.00%)	8.00%/1.00%	6/30/2020	7/28/2025	19,380	18,429	19,012
Preferred Equity (682,075 units) (j)				7/28/2021			682	682
							19,111	19,694	4	%
ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.)	Business Services
First Lien Debt (j)(aj)		(L + 7.50%) / (0.50%)	8.00%/0.00%	4/5/2021	4/5/2026	12,483	12,394	12,404
First Lien Debt (j)(an)		(L + 7.50%) / (0.50%)	8.00%/0.00%	6/30/2021	4/5/2026	13,331	13,331	13,247
Common Equity (256,964 units) (h)(j)				4/5/2021			500	592
							26,225	26,243	5	%
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) (n)	Industrial Cleaning & Coatings
Second Lien Debt (j)			0.00%/10.00%	1/28/2019	1/28/2023	2,368	2,368	2,368	1	%
The Kyjen Company, LLC (dba Outward Hound)	Consumer Products
Common Equity (855 shares) (j)				12/8/2017			933	1,465	0	%
Level Education Group, LLC (dba CE4Less)	Business Services
First Lien Debt (ak)		(L + 6.75%) / (0.50%)	7.25%/0.00%	4/1/2021	4/1/2026	5,431	5,396	5,431
Common Equity (1,000,000 units) (j)				4/1/2021			1,000	1,313
							6,396	6,744	1	%
LifeSpan Biosciences, Inc.	Healthcare Products
Subordinated Debt (j)			11.50%/0.00%	3/19/2021	9/19/2026	16,000	15,931	16,000
Common Equity (100 shares) (j)				3/19/2021			1,000	981
							16,931	16,981	4	%
Midwest Transit Equipment, Inc.	Transportation services
Warrant (7,192 shares) (j)(m)				6/23/2017			180	—
Warrant (4.79% of Junior Subordinated Notes) (j)(q)				6/23/2017			190	246
							370	246	0	%
Mobilewalla, Inc.	Information Technology Services
First Lien Debt (j)		(L + 11.50%) / (0.50%)	12.00%/0.00%	12/17/2021	12/17/2024	5,715	5,687	5,687	1	%
Netbase Solutions, Inc. (dba Netbase Quid)	Information Technology Services
First Lien Debt (k)(ap)		(P + 5.50%) / (3.25%)	8.75%/1.50%	11/18/2021	11/18/2025	16,568	16,448	16,448	4	%

13

NGT Acquisition Holdings, LLC (dba Techniks Industries)	Component Manufacturing
Common Equity (378 units) (j)				5/24/2017				500		204	0	%
OMC Investors, LLC (dba Ohio Medical Corporation)	Healthcare Products
Second Lien Debt			13.00%/0.00%	1/26/2021	6/30/2024	5,000		4,963		5,000
Common Equity (5,000 units)				1/15/2016				209		743
								5,172		5,743	1	%
Palisade Company, LLC	Information Technology Services
Common Equity (50 shares) (j)				11/15/2018				500		1,224	0	%
Palmetto Moon, LLC	Retail
Common Equity (499 units) (j)				11/3/2016				265		895	0	%
Pool & Electrical Products, LLC (n)	Specialty Distribution
Common Equity (15,000 units) (h)(j)				10/28/2020				549		4,466	1	%
Power Grid Components, Inc.	Specialty Distribution
Second Lien Debt (k)			11.00%/1.00%	4/12/2018	12/2/2025	17,570		17,510		17,570
Preferred Equity (392 shares) (j)				4/12/2018				392		564
Preferred Equity (48 shares) (j)				12/2/2019				48		70
Common Equity (10,622 shares) (j)				4/12/2018				462		259
								18,412		18,463	4	%
PowerGrid Services Acquisition, LLC	Utilities: Services
Second Lien Debt (j)		(L + 9.50%) / (1.00%)	10.50%/0.00%	9/21/2021	3/21/2029	10,831		10,779		10,779
Common Equity (5,000 units) (h)(j)				9/21/2021				500		500
								11,279		11,279	2	%
Prime AE Group, Inc.	Business Services
First Lien Debt (j)		(L + 6.25%) / (2.00%)	8.25%/0.00%	11/25/2019	11/25/2024	6,167		6,055		6,167
Preferred Equity (900,000 shares) (j)				11/25/2019				900		462
								6,955		6,629	2	%
Pugh Lubricants, LLC (n)	Specialty Distribution
Common Equity (3,062 units) (h)(j)				11/10/2016				—		—	0	%
Rhino Assembly Company, LLC	Specialty Distribution
Second Lien Debt (k)			12.00%/1.00%	8/11/2017	2/11/2023	13,804		13,791		13,804
Delayed Draw Commitment ($875 unfunded commitment) (i)(j)			12.00%/1.00%	8/11/2017	5/17/2022	—		—		—
Common Equity (Class A Units) (8,864 units) (h)(j)				8/11/2017				925		1,115
Preferred Equity (Units N/A) (h)(j)				12/10/2020				268		282
Common Equity (Class W Units) (710 units) (h)(j)				12/10/2020				—		—
								14,984		15,201	3	%
Road Safety Services, Inc.	Business Services
Second Lien Debt			11.25%/2.00%	9/18/2018	9/18/2025	15,525		15,481		15,525
Common Equity (779 units)				9/18/2018				1,121		1,285
								16,602		16,810	4	%
SES Investors, LLC (dba SES Foam)	Building Products Manufacturing
Common Equity (6,000 units) (h)(j)				9/8/2016				404		4,089	1	%
SpendMend LLC	Business Services
Common Equity (1,000,000 units)				1/8/2018				994		6,257	1	%
Suited Connector LLC	Information Technology Services
Second Lien Debt (j)			12.00%/0.00%	10/29/2021	6/1/2028	16,000		15,921		15,921
Common Equity (7,500 units) (h)(j)				12/1/2021				750		750
								16,671		16,671	3	%
TransGo, LLC	Component Manufacturing
Common Equity (500 units) (j)				2/28/2017				428		1,878	1	%
The Tranzonic Companies	Specialty Distribution
Preferred Equity (5,653 units) (j)				3/27/2018				565		802
Common Equity (1 units) (j)				3/27/2018				—		1,231
								565		2,033	1	%
UBEO, LLC	Business Services
Common Equity (705,000 units) (h)(j)				4/3/2018				645		884	0	%
United Biologics, LLC	Healthcare Services
Preferred Equity (98,377 units) (h)(j)				4/1/2012				1,008		—
Warrant (57,469 units) (j)(m)				3/5/2012				566		—
								1,574		—	0	%
UPG Company, LLC	Component Manufacturing
First Lien Debt (j)(al)		(L + 8.25%) / (0.50%)	8.75%/0.00%	6/21/2021	6/21/2024	12,000		11,922		12,000	3	%
Virginia Tile Company, LLC	Specialty Distribution
Common Equity (17 units) (j)				12/19/2014				342		933	0	%
Western's Smokehouse, LLC	Consumer Products
First Lien Debt (j)(ab)		(L + 6.50%) / (1.25%)	7.75%/0.00%	2/28/2020	12/23/2024	9,625		9,532		9,625	2	%
Winona Foods, Inc.	Specialty Distribution
First Lien Debt (j)(am)		(L + 12.00%) / (1.00%)	13.00%/0.00%	4/1/2021	4/1/2026	4,000		3,879		4,000
First Lien Debt		(L + 13.00%) / (1.00%)	14.00%/0.00%	4/1/2021	4/1/2026	7,000		6,955		7,000
								10,834		11,000	2	%
Wonderware Holdings, LLC (dba CORE Business Technologies)	Information Technology Services
First Lien Debt ($2,000 unfunded commitment) (k)(z)		(L + 7.25%) / (1.00%)	8.25%/0.00%	2/10/2021	2/9/2026	6,500		6,460		6,500	1	%
Worldwide Express Operations, LLC	Transportation services
Second Lien Debt (j)		(L + 7.00%) / (0.75%)	7.75%/0.00%	8/2/2021	7/26/2029	20,000		19,383		19,383
Common Equity (795,000) (j)				7/21/2021				795		795
Common Equity (752,380 units) (h)(j)				7/26/2021				225		225
								20,403		20,403	4	%
Xeeva, Inc.	Information Technology Services
First Lien Debt (j)		(L + 10.50%) / (1.50%)	12.00%/0.00%	2/11/2021	2/11/2026	8,900		8,857		8,900	2	%
Total Non-control/Non-affiliate Investments							$	559,434	$	579,689	119	%
Total Investments							$	621,786	$	719,124	147	%

(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.

(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

(d) Variable rate investments bear interest at a rate indexed to LIBOR (L) or Prime (P), which are reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a LIBOR or Prime interest rate floor. For each investment, the Company has provided the spread over the reference rate and the LIBOR or Prime floor, if any, as of December 31, 2021.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2021. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

(f) Investment date represents the date of the initial investment in the security.

(g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.

(h) Investment is held by a taxable subsidiary of the Company.

(i) The disclosed commitment represents the unfunded amount as of December 31, 2021. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

(j) Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

(k) The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

14

(l) As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

(m) Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(n) Investment in portfolio company that has sold its operations and is in the process of winding down.

(o) The Company sold a participating interest of approximately $0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(p) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.07% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(q) Warrant entitles the Company to purchase 4.79% of the outstanding principal of Junior Subordinated Notes prior to exercise, and is non-income producing.

(r) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.84% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(s) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.64% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(t) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

(u) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.99% and PIK interest amount of 1.00% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(v) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.56% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(w) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.05% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(x) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.81% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(y) Investment was on PIK only non-accrual status as of December 31, 2021, meaning the Company has ceased recognizing PIK interest income on the investment.

(z) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.70% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(aa) The Company sold a participating interest of approximately $4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(ab) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.43% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ac) The disclosed commitment represents the unfunded amount as of December 31, 2021. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

(ad) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.29% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ae) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.53% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(af) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.50% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ag) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.60% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ah) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.74% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ai) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.86% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(aj) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(ak) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.83% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(al) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.46% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(am) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.54% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(an) The Company sold a participating interest of approximately $13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

(ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2021, total non-qualifying assets at fair value represented 0.04% of the Company's total assets calculated in accordance with the 1940 Act.

(ap) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.25% and PIK interest amount of 1.87% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(aq) This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.

15

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Note 1. Organization and Nature of Business

Fidus Investment Corporation (“FIC,” and together with its subsidiaries, the “Company”), a Maryland corporation, operates as an externally managed, closed-end, non-diversified business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). FIC completed its initial public offering, or IPO, in June 2011. In addition, for U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company provides customized debt and equity financing solutions to lower middle-market companies, and may make investments directly or through its two wholly-owned investment company subsidiaries, Fidus Mezzanine Capital II, L.P. (“Fund II”) and Fidus Mezzanine Capital III, L.P. (“Fund III”) (collectively, Fund II and Fund III are referred to as the “Funds”). The Funds are licensed by the U.S. Small Business Administration (the “SBA”) as small business investment companies (“SBIC”). The SBIC licenses allow the Funds to obtain leverage by issuing SBA-guaranteed debentures (“SBA debentures”), subject to the issuance of leverage commitments by the SBA and other customary procedures. As SBICs, the Funds are subject to regulations of and oversight by the SBA under the Small Business Investment Act of 1958, as amended (the “SBIC Act”), concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments.

We believe that utilizing both FIC and the Funds as investment vehicles provides us with access to a broader array of investment opportunities. Given our access to lower cost capital through the SBA’s SBIC debenture program, we expect that we will continue to make investments through the Funds until the earlier of the end of the Funds' investment period, if applicable, or the Funds reach their borrowing limit under the program. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350,000.

Fund II and Fund III are not registered under the 1940 Act and rely on the exclusion from the definition of investment company contained in Section 3(c)(7) of the 1940 Act.

The Company pays a quarterly base management fee and an incentive fee to Fidus Investment Advisors, LLC, our investment advisor (the “Investment Advisor” or “Fidus Investment Advisors”) under an investment advisory agreement (the “Investment Advisory Agreement”).

Note 2. Significant Accounting Policies

Basis of presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) pursuant to the requirements for reporting on Form 10-Q, Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies (“ASC 946”), and Articles 6 or 10 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. The current period’s results of operation are not necessarily indicative of results that ultimately may be achieved for the year. Therefore, the unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2021.

Use of estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation: Pursuant to Article 6 of Regulation S-X and ASC 946, the Company will generally not consolidate its investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly-owned subsidiaries, including the Funds. All significant intercompany balances and transactions have been eliminated.

Investment risks: The Company’s investments are subject to a variety of risks. These risks may include, but are not limited to the following:

16

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

•Market risk - In contrast to investment-grade bonds (the market prices of which change primarily as a reaction to changes in interest rates), the market prices of high-yield bonds (which are also affected by changes in interest rates) are influenced much more by credit factors and financial results of the issuer as well as general economic factors that influence the financial markets as a whole. The portfolio companies in which the Company invests may be unseasoned, unprofitable and/or have little established operating history or earnings. These companies may also lack technical, marketing, financial, and other resources or may be dependent upon the success of one product or service, a unique distribution channel, or the effectiveness of a manager or management team, as compared to larger, more established entities. The failure of a single product, service or distribution channel, or the loss or the ineffectiveness of a key executive or executives within the management team may have a materially adverse impact on such companies. Furthermore, these companies may be more vulnerable to competition and to overall economic conditions than larger, more established entities.

•Credit risk - Credit risk represents the risk that the Company would incur if the counterparties failed to perform pursuant to the terms of their agreements with the Company. Issues of high-yield debt securities in which the Company invests are more likely to default on interest or principal than are issues of investment-grade securities.

•Liquidity risk - Liquidity risk represents the possibility that the Company may not be able to sell its investments quickly or at a reasonable price (given the lack of an established market).

•Interest rate risk - Interest rate risk represents the likelihood that a change in interest rates could have an adverse impact on the fair value of an interest-bearing financial instrument.

•Prepayment risk - Certain of the Company’s debt investments allow for prepayment of principal without penalty. Downward changes in market interest rates may cause prepayments to occur at a faster than expected rate, thereby effectively shortening the maturity of the debt investments and making the instrument less likely to be an income producing instrument through the stated maturity date.

•Off-Balance sheet risk - Some of the Company’s financial instruments contain off-balance sheet risk. Generally, these financial instruments represent future commitments to purchase other financial instruments at defined terms at defined future dates. See Note 7 for further details.

Fair value of financial instruments: The Company measures and discloses fair value with respect to substantially all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 to the consolidated financial statements for further discussion regarding the fair value measurements and hierarchy.

Investment classification: The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in those companies where the Company owns more than 25% of the voting securities of such company or has rights to maintain greater than 50% of the board representation. Under the 1940 Act, “Affiliate Investments” are defined as investments in those companies where the Company owns between 5% and 25% of the voting securities of such company. “Non-Control/Non-Affiliate Investments” are those that neither qualify as Control Investments nor Affiliate Investments.

Segments: In accordance with ASC Topic 280 — Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure.

Cash and cash equivalents: Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company does not believe its cash balances are exposed to any significant credit risk.

Deferred financing costs: Deferred financing costs consist of fees and expenses paid in connection with the SBA debentures, the Credit Facility and the Notes (as defined in Note 6). Deferred financing costs are capitalized and amortized to interest and financing expenses over the term of the debt agreement using the effective interest method. Unamortized deferred financing costs are presented as an offset to the corresponding debt liabilities on the consolidated statements of assets and liabilities.

17

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Realized losses on extinguishment of debt: Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized deferred financing costs is recognized as a loss (i.e., the unamortized deferred financing costs are recognized as a loss upon extinguishment of the underlying debt obligation).

Deferred offering costs: Deferred offering costs include registration expenses related to the shelf registration statement filing pursuant to which the Company may offer, from time to time, in one or more offerings of its securities. These expenses primarily consist of U.S. Securities and Exchange Commission (“SEC”) registration fees, legal fees and accounting fees incurred. These expenses are included in prepaid expenses and other assets on the consolidated statements of assets and liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or deferred financing costs, respectively. If no offering is completed prior to the expiration of the registration statement, the deferred costs are charged to expense.

Realized gains or losses and unrealized appreciation or depreciation on investments: Realized gains or losses on investments are recorded upon the sale or disposition of a portfolio investment and are calculated as the difference between the net proceeds from the sale or disposition and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on the consolidated statements of operations includes changes in the fair value of investments from the prior period, as determined in good faith by the Company’s board of directors (the “Board”) through the application of the Company’s valuation policy, as well as reclassifications of any prior period unrealized appreciation or depreciation on exited investments to realized gains or losses on investments.

Interest and dividend income: Interest and dividend income are recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company.

PIK income: Certain of the Company’s investments contain a payment-in-kind (“PIK”) income provision. The PIK income, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash, and recorded as interest or dividend income, as applicable, on the consolidated statements of operations. Generally, PIK can be paid-in-kind or all in cash. The Company stops accruing PIK income when there is reasonable doubt that PIK income will be collected. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment (with corresponding adjustments to unrealized depreciation, as applicable). PIK income is included in the Company’s taxable income and, therefore, affects the amount the Company is required to pay to shareholders in the form of dividends in order to maintain the Company’s tax treatment as a RIC and to avoid corporate federal income tax, even though the Company has not yet collected the cash.

Non-accrual: Debt investments or preferred equity investments (for which the Company is accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on full non-accrual status. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or may be applied to the investment principal balance based on management’s judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management’s judgment, payments are likely to remain current.

Origination and closing fees: The Company also typically receives debt investment origination or closing fees in connection with such investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on the consolidated statements of assets and liabilities and accreted into interest income over the life of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income.

Warrants: In connection with the Company’s debt investments, the Company will sometimes receive warrants or other equity-related securities from the borrower (“Warrants”). The Company determines the cost basis of Warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and Warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the Warrants is treated as original issue discount (“OID”), and accreted into interest income using the effective interest method over the term of the debt investment. Upon the prepayment of a debt investment, any unaccreted OID is accelerated into interest income.

18

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Fee income: Transaction fees earned in connection with the Company’s investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including structuring and advisory services, provided to portfolio companies. The Company recognizes income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. Upon the prepayment of a debt investment, any prepayment penalties are recorded as fee income when earned.

Partial loan and equity sales: The Company follows the guidance in ASC 860, Transfers and Servicing, when accounting for loan (debt investment) participations, equity assignments and other partial loan sales. Such guidance requires a participation, assignment or other partial loan or equity sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations, assignments or other partial loan or equity sales which do not meet the definition of a participating interest should remain on the Company’s consolidated statements of assets and liabilities and the proceeds recorded as a secured borrowing until the definition is met. For these partial loan sales, the interest earned on the entire loan balance is recorded within “interest income” and the interest earned by the buyer in the partial loan sale is recorded within “interest and financing expenses” in the accompanying consolidated statements of operations.

Income taxes: The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to stockholders. To maintain the tax treatment of a RIC, the Company is required to timely distribute to its stockholders at least 90.0% of “investment company taxable income,” as defined by Subchapter M of the Code, each year. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year; however, the Company will pay a 4.0% excise tax if it does not distribute at least 98.0% of the current year’s ordinary taxable income. Any such carryover taxable income must be distributed through a dividend declared prior to the later of the date on which the final tax return related to the year in which the Company generated such taxable income is filed or the 15th day of the 10th month following the close of such taxable year. In addition, the Company will be subject to federal excise tax if it does not distribute at least 98.2% of its net capital gains realized, computed for any one year period ending October 31.

In the future, the Funds may be limited by provisions of the SBIC Act and SBA regulations governing SBICs from making certain distributions to FIC that may be necessary to enable FIC to make the minimum distributions required to maintain the tax treatment of a RIC.

The Company has certain wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), each of which generally holds one or more of the Company’s portfolio investments listed on the consolidated schedules of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies (“LLCs”) or other forms of pass through entities) while complying with the “source-of-income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal corporate income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations.

U.S. federal income tax regulations differ from GAAP, and as a result, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized under GAAP. Differences may be permanent or temporary. Permanent differences may arise as a result of, among other items, a difference in the book and tax basis of certain assets and nondeductible federal income taxes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

ASC Topic 740 — Accounting for Uncertainty in Income Taxes (“ASC Topic 740”) provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be respected by the applicable tax authorities. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits included in the income tax provision, if any. There were no material uncertain income tax positions at September 30, 2022 and December 31, 2021. The Company’s tax returns are generally subject to examination by U.S. federal and most state tax authorities for a period of three years from the date the respective returns are filed, and, accordingly, the Company’s 2019 through 2021 tax years remain subject to examination.

Dividends to stockholders: Dividends to stockholders are recorded on the record date with respect to such distributions. The amount, if any, to be distributed to stockholders, is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually, although the Company may decide to retain such capital gains for investment.

19

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

The determination of the tax attributes for the Company’s distributions is made annually, and is based upon the Company’s taxable income and distributions paid to its stockholders for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax characterization of the Company’s distributions generally includes both ordinary income and capital gains but may also include qualified dividends or return of capital.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if the Company declares a cash dividend, the Company’s stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividend automatically reinvested into additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator before any associated brokerage or other costs. See Note 9 to the consolidated financial statements regarding dividend declarations and distributions.

Earnings and net asset value per share: The earnings per share calculations for the three and nine months ended September 30, 2022 and 2021, are computed utilizing the weighted average shares outstanding for the period. Net asset value per share is calculated using the number of shares outstanding as of the end of the period.

Stock Repurchase Program: The Company has an open market stock repurchase program (the “Stock Repurchase Program”) under which the Company may acquire up to $5,000 of its outstanding common stock. Under the Stock Repurchase Program, the Company may, but is not obligated to, repurchase outstanding common stock in the open market from time to time provided that the Company complies with the prohibitions under its insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by the Company’s management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. On October 31, 2022, the Board extended the Stock Repurchase Program through December 31, 2023, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares and the Company cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. The Company did not make any repurchases of common stock during the three and nine months ended September 30, 2022 and 2021. Refer to Note 8 for additional information concerning stock repurchases.

Recent accounting pronouncement:

In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements.

SEC Regulation S-K Update:

In November 2020, the SEC issued a final rule that modernized and simplifies Management's Discussion and Analysis and certain financial disclosure requirements in Regulation S-K (the “Amendments”). Specifically, the Amendments: (i) eliminate Item 301 of Regulation S-K (Selected Financial Data); (ii) simplify Item 302 of Regulation S-K (Supplementary Financial Information); and (iii) amend certain aspects of Item 303 of Regulation S-K (Management's Discussion and Analysis of Financial Condition and Results of Operations). The Amendments became effective on February 10, 2021 and compliance was required for the registrants' fiscal year ending on or after August 9, 2021. The Company adopted the Amendments on the effective date which did not have a material impact on the Company’s Consolidated Financial Statements.

20

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Note 3. Portfolio Company Investments

The Company’s portfolio investments principally consist of secured and unsecured debt, equity warrants and direct equity investments primarily in privately held companies. The debt investments may or may not be secured by either a first or second lien on the assets of the portfolio company. The debt investments generally bear interest at fixed rates or variable rates, and generally mature between five and seven years from the original investment. In connection with a debt investment, the Company also may receive nominally priced equity warrants and/or make a direct equity investment in the portfolio company. The Company’s warrants or equity investments may be investments in a holding company related to the portfolio company. In addition, the Company periodically makes equity investments in its portfolio companies through Taxable Subsidiaries. In both situations, the investment is generally reported under the name of the operating company on the consolidated schedules of investments.

As of September 30, 2022, the Company had active investments in 75 portfolio companies and residual investments in thirteen portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $856,914 and the weighted average effective yield on the Company’s debt investments was 12.9% as of such date. As of September 30, 2022, the Company held equity investments in 77.3% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 3.7%.

As of December 31, 2021, the Company had active investments in 70 portfolio companies and residual investments in eight portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $719,124 and the weighted average effective yield on the Company’s debt investments was 12.3% as of such date. As of December 31, 2021, the Company held equity investments in 82.1% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 4.7%.

The weighted average yield of the Company’s debt investments is not the same as a return on investment for its stockholders but, rather, relates to a portion of the Company’s investment portfolio and is calculated before the payment of all of the Company’s and its subsidiaries’ fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost as of September 30, 2022 and December 31, 2021, including accretion of OID and debt investment origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing, if any.

Purchases of debt and equity investments for the nine months ended September 30, 2022 and 2021 totaled $267,950 and $245,544, respectively. Proceeds from sales and repayments, including principal, return of capital distributions and realized gains, of portfolio investments for the nine months ended September 30, 2022 and 2021 totaled $128,255 and $319,036, respectively.

Investments by type with corresponding percentage of total portfolio investments consisted of the following:

	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2022				2021				2022				2021
First Lien Debt(1)	$	488,334	57.0	%	$	354,922	49.4	%	$	487,999	59.0	%	$	353,306	56.8	%
Second Lien Debt		177,222	20.7			158,815	22.1			200,028	24.2			168,573	27.1
Subordinated Debt		81,759	9.5			36,064	5.0			80,477	9.7			35,995	5.8
Equity		106,951	12.5			166,119	23.1			55,563	6.7			60,589	9.8
Warrants		2,648	0.3			3,204	0.4			3,323	0.4			3,323	0.5
Total	$	856,914	100.0	%	$	719,124	100.0	%	$	827,390	100.0	%	$	621,786	100.0	%

(1)Includes unitranche investments, which account for 43.1% and 44.4% of our portfolio on a fair value and cost basis as of September 30, 2022, respectively. Includes unitranche investments, which account for 40.2% and 46.3% of our portfolio on a fair value and cost basis as of December 31, 2021, respectively.

All investments made by the Company as of September 30, 2022 and December 31, 2021 were made in portfolio companies headquartered in the United States. The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.

	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2022				2021				2022				2021
Midwest	$	185,994	21.7	%	$	157,222	21.9	%	$	140,728	17.0	%	$	89,865	14.5	%
Southeast		250,549	29.2			219,988	30.6			252,173	30.5			197,380	31.7
Northeast		123,890	14.5			126,569	17.6			128,203	15.5			127,809	20.6
West		154,927	18.1			105,918	14.7			160,958	19.4			100,098	16.1
Southwest		141,554	16.5			109,427	15.2			145,328	17.6			106,634	17.1
Total	$	856,914	100.0	%	$	719,124	100.0	%	$	827,390	100.0	%	$	621,786	100.0	%

21

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets.

By Type							By Geographic Region
	September 30,			December 31,				September 30,			December 31,
	2022			2021				2022			2021
First Lien Debt		102.9	%		72.8	%	Midwest		39.2	%		32.2	%
Second Lien Debt		37.4			32.6		Southeast		52.8			45.1
Subordinated Debt		17.2			7.4		Northeast		26.1			26.0
Equity		22.5			34.0		West		32.7			21.7
Warrants		0.6			0.6		Southwest		29.8			22.4
Total		180.6	%		147.4	%	Total		180.6	%		147.4	%

As of September 30, 2022 and December 31, 2021, the Company had no portfolio company investments that represented more than 10% of the total investment portfolio on a fair value or cost basis. As of September 30, 2022 and December 31, 2021, the Company's investment in Pfanstiehl, Inc. totaled $51,796 and $57,639 or 5.7% and 6.4% of total assets, respectively.

As of September 30, 2022, the Company had debt investments in three portfolio companies on non-accrual status. As of December 31, 2021, the Company had a debt investment in one portfolio company on non-accrual status.

	September 30, 2022				December 31, 2021
	Fair				Fair
Portfolio Company	Value		Cost		Value			Cost
EBL, LLC (EbLens)	$	2,427	$	9,333	$	—	(1)	$	—	(1)
US GreenFiber, LLC		—		5,223		—	(2)		5,223	(2)
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)		2,169		2,368		—	(1)		—	(1)
Total	$	4,596	$	16,924	$	—		$	5,223

(1)	Portfolio company debt investment was not on non-accrual status as of December 31, 2021.
(2)	Portfolio company was on PIK-only non-accrual status at December 31, 2021, meaning the Company has ceased recognizing PIK interest income on the investment.

Consolidated Schedule of Investments In and Advances To Affiliates

The table below represents the fair value of control and affiliate investments as of December 31, 2021 and any additions and reductions made to such investments during the nine months ended September 30, 2022, the ending fair value as of September 30, 2022, and the total investment income earned on such investments during the period.

												Nine Months Ended September 30, 2022
Portfolio Company (1)	September 30, 2022 Principal Amount - Debt Investments		December 31, 2021 Fair Value		Gross Additions (2)		Gross Reductions (3)			September 30, 2022 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
Hilco Plastics Holdings, LLC (dba Hilco Technologies)	$	—	$	—	$	—	$	—		$	—	$	—		$	—		$	—	$	—	$	—	$	—
Mesa Line Services, LLC		—		2,151		134		(2,285	)		—		135			(2,151	)		—		—		—		—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	5,226	$	2,151	$	134	$	(2,285	)	$	—	$	135		$	(2,151	)	$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	22,405	$	12,802	$	(13,587	)	$	21,620	$	—			(785	)	$	728	$	—	$	—	$	—
FAR Research Inc.		—		28		—		—			28		—			—			—		—		—		—
Medsurant Holdings, LLC		—		3,662		—		(1,120	)		2,542		—			(1,120	)		—		—		—		—
Mirage Trailers LLC		—		10,675		355		(11,030	)		—		324			(1,694	)		248		29		—		132
Pfanstiehl, Inc.		10,000		57,639		34,332		(40,175	)		51,796		24,330			(15,625	)		166		—		—		150
Pinnergy, Ltd. (5)		—		21,178		15,300		(36,478	)		—		15,300			(18,178	)		—		—		656		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		18,359		2,627		(5,058	)		15,928		(114	)		(4,934	)		1,291		—		—		170
Steward Holding LLC (dba Steward Advanced Materials)		—		3,338		323		—			3,661		—			323			—		1		69		—
Total Affiliate Investments	$	34,602	$	137,284	$	65,739	$	(107,448	)	$	95,575	$	39,840		$	(42,013	)	$	2,433	$	30	$	725	$	452

(1)	The investment type, industry, ownership detail for equity investments, and interest rate (if the investment is income producing) is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the nine months ended September 30, 2022.

22

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

The table below represents the fair value of control and affiliate investments as of December 31, 2020 and any additions and reductions made to such investments during the year ended December 31, 2021, including the total investment income earned on such investments during the period.

												Year Ended Ended December 31, 2021
Portfolio Company (1)	December 31, 2021 Principal Amount - Debt Investments		December 31, 2020 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 2021 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
Hilco Plastics Holdings, LLC (dba Hilco Technologies)(6)	$	—	$	—	$	1,577	$	(1,577	)	$	—	$	(881	)	$	—		$	308	$	—	$	568	$	—
Mesa Line Services, LLC (6)		—		—		32,708		(30,557	)		2,151		20,445			2,150			951		903		—		1,472
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)(5)		—		7,391		1,986		(9,377	)		—		957			1,028			90		—		—		400
US GreenFiber, LLC		5,226		20,862		5,214		(26,076	)		—		—			(3,144	)		2,386		1,214		—		—
Total Control Investments	$	5,226	$	28,253	$	41,485	$	(67,587	)	$	2,151	$	20,521		$	34		$	3,735	$	2,117	$	568	$	1,872
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	-	$	22,405	$	—		$	22,405	$	—		$	—		$	—	$	—	$	—	$	—
FAR Research Inc.		—		28		—		—			28		—			—			—		—		—		—
Fiber Materials, Inc.		—		41		94		(135	)		-		94			(42	)		—		—		—		—
Medsurant Holdings, LLC		—		10,960		733		(8,031	)		3,662		—			687			331		—		—		91
Mirage Trailers LLC		6,705		6,494		4,225		(44	)		10,675		—			3,871			761		338		110		—
Pfanstiehl, Inc.		—		33,505		24,134		—			57,639		—			24,135			—		—		1,062		—
Pinnergy, Ltd.		—		20,589		589		—			21,178		—			589			—		—		—		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)(5)		13,000		—		18,452		(93	)		18,359		—			1,626			1,142		—		—		294
Steward Holding LLC (dba Steward Advanced Materials)		—		9,777		1,373		(7,812	)		3,338		—			1,341			461		30		—		—
Total Affiliate Investments	$	29,307	$	81,394	$	72,005	$	(16,115	)	$	137,284	$	94		$	32,207		$	2,695	$	368	$	1,172	$	385

(1)	The investment type, industry, ownership detail for equity investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Affiliate investments from Control investments during the year ended December 31, 2021.
(6)	Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2021.

Note 4. Fair Value Measurements

Investments

The Board has established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring basis in accordance with ASC Topic 820 and consistent with the requirements of the 1940 Act. Fair value is the price, determined at the measurement date, that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available or reliable, valuation techniques described below are applied. Under ASC Topic 820, portfolio investments recorded at fair value in the consolidated financial statements are classified within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value, as defined below:

Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets as of the measurement date.

Level 2 — Inputs include quoted prices for similar assets in active markets, or that are quoted prices for identical or similar assets in markets that are not active and inputs that are observable, either directly or indirectly, for substantially the full term, if applicable, of the investment.

Level 3 — Inputs include those that are both unobservable and significant to the overall fair value measurement.

23

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

An investment’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available, with the exception of money market funds and one portfolio company, which are valued using Level 1 inputs as of September 30, 2022. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the Board, using Level 3 inputs, except for money market funds and one portfolio company that was valued using Level 1 inputs as of September 30, 2022. The degree of judgment exercised by the Board in determining fair value is greatest for investments classified as Level 3 inputs. Due to the inherent uncertainty of determining the fair values of investments that do not have readily available market values, the Board’s estimate of fair values may differ significantly from the values that would have been used had a ready market for the securities existed, and those differences may be material. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the amounts ultimately realized on these investments to be materially different than the valuations currently assigned.

With respect to investments for which market quotations are not readily available, the Board undertakes a multi-step valuation process each quarter, as described below:

•the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Investment Advisor responsible for the portfolio investment;

•preliminary valuation conclusions are then documented and discussed with the investment committee of the Investment Advisor;

•the Board engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of our portfolio investments for which market quotations are not readily available. Each portfolio company investment is generally appraised by the valuation firm(s) at least once every calendar year and each new portfolio company investment is appraised at least once in the twelve-month period following the initial investment. In certain instances, the Company may determine that it is not cost-effective, and as a result it is not in the Company’s stockholders’ best interest, to request the independent appraisal of certain portfolio company investments. Such instances include, but are not limited to, situations where the Company determines that the fair value of the portfolio company investment is relatively insignificant to the fair value of the total portfolio.

•the audit committee of the Board reviews the preliminary valuations of the Investment Advisor and of the independent valuation firm(s) and responds and supplements the valuation recommendations to reflect any comments; and

•the Board discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Investment Advisor, the independent valuation firm(s) and the audit committee.

In making the good faith determination of the value of portfolio investments, the Board starts with the cost basis of the security. The transaction price is typically the best estimate of fair value at inception. When evidence supports a subsequent change to the carrying value from the original transaction price, adjustments are made to reflect the expected exit values.

Consistent with the policies and methodologies adopted by the Board, the Company performs detailed valuations of its debt and equity investments, including an analysis on the Company’s unfunded debt investment commitments, using both the market and income approaches as appropriate. Under the market approach, the Company typically uses the enterprise value methodology to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Company derives a single estimate of enterprise value. Under the income approach, the Company typically prepares and analyzes discounted cash flow models to estimate the present value of future cash flows of either an individual debt investment or of the underlying portfolio company itself.

The Company evaluates investments in portfolio companies using the most recent portfolio company financial statements and forecasts. The Company also consults with the portfolio company’s senior management to obtain further updates on the portfolio company’s performance, including information such as industry trends, new product development and other operational issues.

24

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

For the Company’s debt investments, the primary valuation technique used to estimate the fair value is the discounted cash flow method. However, if there is deterioration in credit quality or a debt investment is in workout status, the Company may consider other methods in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. The Company’s discounted cash flow models estimate a range of fair values by applying an appropriate discount rate to the future cash flow streams of its debt investments, based on future interest and principal payments as set forth in the associated debt investment agreements. The Company prepares a weighted average cost of capital for use in the discounted cash flow model for each investment, based on factors including, but not limited to: current pricing and credit metrics for similar proposed or executed investment transactions of private companies; the portfolio company’s historical financial results and outlook; and the portfolio company’s current leverage and credit quality as compared to leverage and credit quality as of the date the investment was made. The Company may also consider the following factors when determining the fair value of debt investments: the portfolio company’s ability to make future scheduled payments; prepayment penalties and other fees; estimated remaining life; the nature and realizable value of any collateral securing such debt investment; and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made. The Company estimates the remaining life of its debt investments to generally be the legal maturity date of the instrument, as the Company generally intends to hold its debt investments to maturity. However, if the Company has information available to it that the debt investment is expected to be repaid in the near term, it would use an estimated remaining life based on the expected repayment date.

For the Company’s equity investments, including equity and warrants, the Company generally uses a market approach, including valuation methodologies consistent with industry practice, to estimate the enterprise value of portfolio companies. Typically, the enterprise value of a private company is based on multiples of EBITDA, net income, revenues, or in limited cases, book value. In estimating the enterprise value of a portfolio company, the Company analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

The Company may also utilize an income approach when estimating the fair value of its equity securities, either as a primary methodology if consistent with industry practice or if the market approach is otherwise not applicable, or as a supporting methodology to corroborate the fair value ranges determined by the market approach. The Company typically prepares and analyzes discounted cash flow models based on projections of the future free cash flows (or earnings) of the portfolio company. The Company considers various factors, including, but not limited to, the portfolio company’s projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

The following tables present fair value measurements of investments by major class according to the fair value hierarchy:

		September 30, 2022
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		488,334	$		488,334
Second Lien Debt			—			—			177,222			177,222
Subordinated Debt			—			—			81,759			81,759
Equity			317			—			106,634			106,951
Warrants			—			—			2,648			2,648
Money Market Funds			30,184			—			-			30,184
Total	$		30,501	$		—	$		856,597	$		887,098

		December 31, 2021
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		354,922	$		354,922
Second Lien Debt			—			—			158,815			158,815
Subordinated Debt			—			—			36,064			36,064
Equity			357			—			165,762			166,119
Warrants			—			—			3,204			3,204
Total	$		357	$		—	$		718,767	$		719,124

The Company reviews the fair value hierarchy classifications on a quarterly basis. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. There were no transfers among Levels 1, 2, and 3 during the nine months ended September 30, 2022 and 2021.

25

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

The following tables present a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022 and 2021:

	First Lien			Second Lien			Subordinated
	Debt			Debt			Debt			Equity			Warrants			Total
Balance, December 31, 2020	$	187,353		$	332,154		$	107,911		$	112,836		$	2,615		$	742,869
Net realized gains (losses) on investments		—			—			—			13,673			—			13,673
Net change in unrealized appreciation (depreciation) on investments		(1,182	)		(1,213	)		(308	)		34,066			656			32,019
Purchase of investments		172,506			43,850			18,500			10,688			—			245,544
Proceeds from sales and repayments of investments		(61,008	)		(177,719	)		(57,039	)		(23,270	)		—			(319,036	)
Interest and dividend income paid-in-kind		109			3,142			81			105			—			3,437
Proceeds from loan origination fees		(1,765	)		(104	)		(80	)		—			—			(1,949	)
Accretion of loan origination fees		985			461			387			—			—			1,833
Accretion of original issue discount		—			734			—			—			—			734
Balance, September 30, 2021	$	296,998		$	201,305		$	69,452		$	148,098		$	3,271		$	719,124
Balance, December 31, 2021	$	354,922		$	158,815		$	36,064		$	165,762		$	3,204		$	718,767
Net realized gains (losses) on investments		—			—			—			65,220			—			65,220
Net change in unrealized appreciation (depreciation) on investments		(1,281	)		(13,048	)		1,213			(54,102	)		(556	)		(67,774	)
Purchase of investments		166,279			49,498			44,469			7,704			—			267,950
Proceeds from sales and repayments of investments		(31,574	)		(18,731	)		—			(77,950	)		—			(128,255	)
Interest and dividend income paid-in-kind		481			573			273			—			—			1,327
Proceeds from loan origination fees		(1,454	)		(115	)		(300	)		—			—			(1,869	)
Accretion of loan origination fees		943			111			40			—			—			1,094
Accretion of original issue discount		18			119			—			—			—			137
Balance, September 30, 2022	$	488,334		$	177,222		$	81,759		$	106,634		$	2,648		$	856,597

Net change in unrealized appreciation/(depreciation) of $(36,403) and $(42,882) for the three and nine months ended September 30, 2022, was attributable to Level 3 investments held at September 30, 2022, respectively. Net change in unrealized appreciation/(depreciation) of $17,067 and $33,223 for the three and nine months ended September 30, 2021, respectively, was attributable to Level 3 investments held at September 30, 2021.

The following tables summarize the significant unobservable inputs by valuation technique used to determine the fair value of the Company’s Level 3 debt and equity investments as of September 30, 2022 and December 31, 2021. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

	Fair Value at		Valuation	Unobservable	Range
	September 30, 2022		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	449,319	Discounted cash flow	Weighted average cost of capital	6.3% - 19.9% (13.7%)
		11,000	Enterprise value	Asset Coverage	1.1x - 1.1x (1.1x)
		15,000	Enterprise value	EBITDA multiples	8.8x - 8.8x (8.8x)
		13,015	Enterprise value	Revenue multiples	1.3x - 4.1x (2.5x)
Second Lien Debt		172,625	Discounted cash flow (2)	Weighted average cost of capital	10.2% - 22.0% (13.7%)
		2,428	Enterprise value	EBITDA multiples	5.0x - 5.0x (5.0x)
		2,169	Enterprise value	Asset Coverage	0.9x - 0.9x (0.9x)
Subordinated Debt		78,009	Discounted cash flow	Weighted average cost of capital	10.1% - 14.0% (11.1%)
		3,750	Enterprise value	EBITDA multiples	8.5x - 8.5x (8.5x)
Equity investments:
Equity		96,905	Enterprise value	EBITDA multiples	3.5x - 16.0x (7.2x)
		9,729	Enterprise value	Revenue multiples	3.0x - 7.8x (6.4x)
Warrants		2,525	Enterprise value	EBITDA multiples	5.0x - 6.0x (5.8x)
		123	Enterprise value	Revenue multiples	4.5x - 4.5x (4.5x)
(1) Unobservable inputs were weighted by the relative fair value of the instruments.
(2) Includes $18.0 million of debt investments which were valued using a trading discount to par.

26

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

	Fair Value at		Valuation	Unobservable	Range
	December 31, 2021		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	335,022	Discounted cash flow	Weighted average cost of capital	4.0% - 21.6% (12.2%)
		11,000	Enterprise value	Asset Coverage	1.2x - 1.2x (1.2x)
		8,900	Enterprise value	Revenue multiples	4.5x - 4.5x (4.5x)
Second Lien Debt		144,541	Discounted cash flow	Weighted average cost of capital	7.8% - 25.0% (14.4%)
		14,274	Enterprise value	Asset Coverage	1.0x - 1.4x (1.4x)
Subordinated Debt		36,064	Discounted cash flow	Weighted average cost of capital	10.0% - 13.5% (11.1%)
Equity investments:
Equity		162,681	Enterprise value	EBITDA multiples	3.5x - 23.8x (8.2x)
		3,081	Enterprise value	Revenue multiples	3.5x - 9.3x (6.2x)
Warrants		3,075	Enterprise value	EBITDA multiples	4.5x - 6.0x (5.9x)
		129	Enterprise value	Revenue multiples	4.5x - 4.5x (4.5x)

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable input used in determining the fair value under the discounted cash flow technique is the weighted average cost of capital of each security. Significant increases (or decreases) in this input would likely result in significantly lower (or higher) fair value estimates.

The significant unobservable inputs used in determining fair value under the enterprise value technique are revenue and EBITDA multiples, as well as asset coverage. Significant increases (or decreases) in these inputs could result in significantly higher (or lower) fair value estimates.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash and cash equivalents, interest receivable and accounts payable and other liabilities approximate the fair value of such items due to the short maturity of such instruments. The Company’s borrowings under the Credit Facility (as defined in Note 6), the SBA debentures, and the Notes (as defined in Note 6) are recorded at their respective carrying values.

The following tables summarize the carrying value and fair value of the Company’s debt obligations as of September 30, 2022 and December 31, 2021.

	September 30, 2022(5)				December 31, 2021(5)
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
SBA debentures (2)	$	133,000	$	133,000	$	107,000	$	107,000
Credit Facility borrowings (3)		—		—		—		—
January 2026 Notes (4)		125,000		125,218		125,000		125,258
November 2026 Notes (4)		125,000		125,147		125,000		125,171
Total	$	383,000	$	383,365	$	357,000	$	357,429

(1)Carrying value represents the outstanding principal balance of the debt obligation.

(2)The fair value of the SBA debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the debentures, which are Level 3 inputs under ASC Topic 820.

(3)The fair value of borrowings under the Credit Facility, if valued under ASC Topic 820, are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

(4)The fair value of the January 2026 Notes (as defined in Note 6) and the November 2026 Notes (as defined in Note 6) are estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date, which are Level 3 inputs under ASC Topic 820.

(5)Totals exclude $16,995 and $17,637 of Secured Borrowings as of September 30, 2022 and December 31, 2021, respectively.

27

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

The following table summarizes the inputs used to value the Company’s debt obligations if measured at fair value as of September 30, 2022 and December 31, 2021.

	Fair Value
	September 30,		December 31,
Valuation Inputs	2022		2021
Level 1	$	—	$	—
Level 2		—		—
Level 3		383,365		357,429
Total	$	383,365	$	357,429

Note 5. Related Party Transactions

Investment Advisory Agreement: The Company has entered into an Investment Advisory Agreement with the Investment Advisor. On June 9, 2022, the Board approved the renewal of the Investment Advisory Agreement for the period beginning June 20, 2022 through June 20, 2023. Pursuant to the Investment Advisory Agreement and subject to the overall supervision of the Board, the Investment Advisor provides investment advisory services to the Company. For providing these services, the Investment Advisor receives a fee, consisting of two components — a base management fee and an incentive fee.

The base management fee is calculated at an annual rate of 1.75% based on the average value of total assets (other than cash or cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. The Board of Directors accepted a voluntary, non-contractual, and unconditional waiver from the Investment Advisor to exclude any investments recorded as secured borrowings as defined under GAAP from the base management fee payable as of September 30, 2022. The base management fee is payable quarterly in arrears. The base management fee under the Investment Advisory Agreement was $3,763 and $10,724 for the three and nine months ended September 30, 2022, respectively, and $3,270 and $9,661 for the three and nine months ended September 30, 2021, respectively. The base management fee waiver was $76 and $228 for the three and nine months ended September 30, 2022, respectively. The base management fee waiver was $69 and $98 for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022 and December 31, 2021, the base management fee payable (net of the base management fee waiver) was $3,687 and $3,135, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the quarter. 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 but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement (defined below) and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee and excise taxes on realized gains). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, original issue discount, debt instruments with PIK income, preferred stock with PIK dividends and zero-coupon securities), accrued income the Company has not yet received in cash. The Investment Advisor is not under any obligation to reimburse the Company for any part of the incentive fee it receives that was based on accrued interest that the Company never collects.

Pre-incentive fee net investment income does not include any realized capital gains, taxes associated with such realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company generates pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to a net loss on investments.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% per quarter. If market interest rates rise, the Company may be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s pre-incentive fee net investment income and make it easier for the Investment Advisor to surpass the fixed hurdle rate and receive an incentive fee based on such net investment income.

The Company pays the Investment Advisor an incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows:

28

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

•no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 2.0%;

•100.0% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Advisor with 20.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 2.5% in any calendar quarter; and

•20.0% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.5% in any calendar quarter.

The sum of the calculations above equals the income incentive fee. The income incentive fee is appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the calendar quarter. The income incentive fee was $3,047 and $5,283 for the three and nine months ended September 30, 2022, respectively, and $2,425 and $7,644 for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022 and December 31, 2021, the income incentive fee payable was $3,047 and $2,622, respectively.

The second part of the incentive fee is a capital gains incentive fee that is determined and paid in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.0% of the net capital gains as of the end of the fiscal year. In determining the capital gains incentive fee to be paid in cash to the Investment Advisor, the Company calculates the cumulative aggregate realized capital gains and losses since the Formation Transactions (realized capital gains and losses include realized gains and losses on investments, net of income tax provision from realized gains on investments, and realized losses on extinguishment of debt), and the aggregate unrealized capital depreciation on investments as of the date of the calculation. At the end of the applicable year, the amount of capital gains that serves as the basis for the calculation of the capital gains incentive fee to be paid equals the cumulative aggregate realized capital gains on investments, less cumulative aggregate realized capital losses on investments, less aggregate unrealized capital depreciation on investments, and less cumulative aggregate realized losses on extinguishment of debt. If this number is positive at the end of such year, then the capital gains incentive fee to be paid in cash for such year equals 20.0% of such amount, less the aggregate amount of any capital gains incentive fees paid in all prior years. As of September 30, 2022 and December 31, 2021, the capital gains incentive fee payable in cash was $8,427 and $6,136, respectively (as cumulative aggregate realized capital gains and losses on investments plus aggregate unrealized capital depreciation on investments plus realized losses on extinguishment of debt was negative as of each period). The aggregate amount of capital gains incentive fees paid from the IPO through September 30, 2022 was $6,484.

In addition, the Company accrues, but does not pay in cash, a capital gains incentive fee in connection with any unrealized capital appreciation on investments, as applicable. If, on a cumulative basis, the sum of (i) net realized gains/(losses) on investments plus (ii) net unrealized appreciation/(depreciation) on investments plus (iii) realized losses on extinguishment of debt decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 20.0% of the sum of (i) net realized gains/(losses) on investments plus (ii) net unrealized appreciation/(depreciation) on investments plus (iii) realized losses on extinguishment of debt. The capital gains incentive fee accrued (reversed) during the three and nine months ended September 30, 2022 was $(258) and $(593), respectively, and $4,664 and $8,638 for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022 and December 31, 2021, the accrued capital gains incentive fee payable was $22,498 and $29,227, respectively.

Unless terminated earlier as described below, the Investment Advisory Agreement will continue in effect from year to year if approved annually by the Board or by the affirmative vote of the holders of a majority of the Company’s outstanding voting securities, and, in either case, if also approved by a majority of the directors who are not “interested persons” of the Company, as such term is defined under Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Investment Advisor and may be terminated by either party without penalty upon not less than 60 days’ written notice to the other. The holders of a majority of the Company’s outstanding voting securities may also terminate the Investment Advisory Agreement without penalty.

29

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Administration Agreement: The Company also entered into an administration agreement (the “Administration Agreement”) with the Investment Advisor. On June 9, 2022, the Board approved the renewal of the Administration Agreement for the period beginning June 20, 2022 through June 20, 2023. Under the Administration Agreement, the Investment Advisor furnishes the Company with office facilities and equipment, provides clerical, bookkeeping, and record keeping services at such facilities and provides the Company with other administrative services necessary to conduct its day-to-day operations. The Company reimburses the Investment Advisor for the allocable portion of overhead expenses incurred in performing its obligations under the Administration Agreement, including rent and the Company’s allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. Under the Administration Agreement, the Investment Advisor also provides managerial assistance to those portfolio companies on the Company's behalf to those portfolio companies that have accepted the Company's offer to provide such assistance and the Company reimburses the Investment Advisor for fees and expenses incurred with providing such services. In addition, the Company reimburses the Investment Advisor for fees and expenses incurred while performing due diligence on the Company’s prospective portfolio companies, including “dead deal” expenses. Under the Administration Agreement, administrative service expenses for the three and nine months ended September 30, 2022 were $480 and $1,412, respectively, and $438 and $1,281 for the three and nine months ended September 30, 2021. As of September 30, 2022 and December 31, 2021, the accrued administrative service expense payable was $550 and $634, respectively.

Fidus Equity Fund I, L.P.: On February 25, 2020, the Company entered into a Limited Partnership Agreement (the “Agreement”) with Fidus Equity Fund I, L.P. (“FEF I”). Pursuant to the Agreement, the Company will serve as the General Partner of FEF I. Owned by third-party investors, FEF I was formed to purchase 50% of select equity investments from the Company. The Company will not receive any fees from FEF I for any services provided in its capacity as the General Partner of FEF I.

Note 6. Debt

Revolving Credit Facility: On June 16, 2014, FIC entered into a senior secured revolving credit agreement (the "Credit Agreement" and the senior secured revolving credit facility, the “Credit Facility”) with ING Capital LLC (“ING”), as the administrative agent, collateral agent, and lender. The Credit Facility is secured by certain portfolio investments held by the Company, but portfolio investments held by the Funds are not collateral for the Credit Facility. On April 24, 2019, the Company entered into an Amended & Restated Senior Secured Revolving Credit Agreement (the “Amended Credit Agreement”) among the Company, as borrower, the lenders party thereto, and ING, as administrative agent. On June 26, 2020, the Company entered into an amendment to the Amended Credit Agreement that, among other changes, modified certain financial covenants. On August 17, 2022, the Company entered into a second amendment on the Amended Credit Agreement ("Second Amendment"). The Second Amendment, among other things: (i) changed the underlying benchmark used to compute interest under the Amended Credit Agreement to SOFR from LIBOR; (ii) reduced the applicable margin from 3.00% to 2.675% on SOFR loans prior to satisfying certain step-down conditions, and from 2.675% to 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans; (iii) provided for a loan commitment availability period ending on August 17, 2026; (iv) extended the maturity date to August 17, 2027 from April 24, 2023; and (v) amended certain financial covenants, including (a) amending the asset coverage ratio to no less than 1.50 to 1.00 from no less than 2.00 to 1.00 (on a regulatory basis); and (b) requiring the Company to maintain a senior asset coverage ratio of no less than 2.00 to 1.00.

The Company pays a commitment fee that varies depending on the size of the unused portion of the Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Credit Facility between the total commitments and the 35% minimum utilization. The Credit Facility is secured by a first priority security interest in all of our assets, excluding the assets of our SBIC subsidiaries.

Amounts available to borrow under the Credit Facility are subject to a minimum borrowing/collateral base that applies an advance rate to certain investments held by the Company, excluding investments held by the Funds. The Company is subject to limitations with respect to the investments securing the Credit Facility, including, but not limited to, restrictions on sector concentrations, loan size, payment frequency and status and collateral interests, as well as restrictions on portfolio company leverage, which may also affect the borrowing base and therefore amounts available to borrow.

The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. As of September 30, 2022 and December 31, 2021, the Company was in compliance in all material respect with the terms of the Credit Facility.

SBA debentures: The Company uses debenture leverage provided through the SBA to fund a portion of its investment purchases.

30

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Under the SBA debenture program, the SBA commits to purchase debentures issued by SBICs; such debentures have 10-year terms with the entire principal balance due at maturity and are guaranteed by the SBA. Interest on SBA debentures is payable semi-annually on March 1 and September 1. As of September 30, 2022 and December 31, 2021, approved and unused SBA debenture commitments were $57,000 and $63,000, respectively. The SBA may limit the amount that may be drawn each year under these commitments, and each issuance of leverage is conditioned on the Company’s full compliance, as determined by the SBA, with the terms and conditions under SBA regulations.

As of September 30, 2022 and December 31, 2021, the Company’s issued and outstanding SBA debentures mature as follows:

Pooling	Maturity	Fixed			September 30,		December 31,
Date (1)	Date	Interest Rate			2022		2021
3/25/2015	3/1/2025		3.277	%	$	1,500	$	22,500
3/23/2016	3/1/2026		3.267			1,500		1,500
3/23/2016	3/1/2026		3.249			2,500		2,500
9/21/2016	9/1/2026		2.793			500		500
9/20/2017	9/1/2027		3.260			1,000		1,000
9/20/2017	9/1/2027		3.190			33,000		33,000
3/21/2018	3/1/2028		3.534			—		9,000
9/25/2019	9/1/2029		2.377			7,500		7,500
3/25/2020	3/1/2030		2.172			6,000		6,000
9/22/2021	9/1/2031		1.398			11,500		11,500
3/23/2022	3/1/2032		3.209			43,500		12,000
9/21/2022	9/1/2032		4.533			17,500		—
(2)	(2)	(2)				7,000		—
Total outstanding SBA debentures					$	133,000	$	107,000

(1)	The SBA has two scheduled pooling dates for debentures (in March and in September). Certain debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2)	The Company issued $4,000 and $3,000 in SBA debentures which will pool in March 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 4.855% and 4.757%, respectively. The Company expects the current interim interest rate will reset to a higher long-term fixed rate on the pooling date.

Notes: On February 2, 2018, the Company closed the public offering of approximately $43,478 in aggregate principal amount of its 5.875% notes due 2023, or the “2023 Notes.” On February 22, 2018, the underwriters exercised their option to purchase an additional $6,522 in aggregate principal of the 2023 Notes. The total net proceeds to the Company from the 2023 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $1,500 and offering expenses of $438, were approximately $48,062. On January 19, 2021, the Company redeemed $50,000 in aggregate principal amount of the issued and outstanding 2023 Notes, resulting in a realized loss on extinguishment of debt of approximately $794.

On February 8, 2019, the Company closed the public offering of approximately $60,000 in aggregate principal amount of its 6.000% notes due 2024, or the “February 2024 Notes”. On February 19, 2019, the underwriters exercised their option to purchase an additional $9,000 in aggregate principal of the February 2024 Notes. The total net proceeds to the Company from the February 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $2,070 and estimated offering expenses of $409, were approximately $66,521. On February 16, 2021, the Company redeemed $50,000 of the $69,000 aggregate principal amount on the February 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $1,081. On November 2, 2021, we fully redeemed the remaining $19,000 in aggregate principal amount on the issued and outstanding February 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $313.

On October 16, 2019, the Company closed the public offering of approximately $55,000 in aggregate principal amount of its 5.375% notes due 2024, or the “November 2024 Notes” (collectively with the 2023 Notes and the February 2024 Notes, the “Public Notes”). On October 23, 2019, the underwriters exercised their option to purchase an additional $8,250 in aggregate principal of the November 2024 Notes. The total net proceeds to the Company from the November 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $1,898 and estimated offering expenses of $300, were approximately $61,053. On November 2, 2021, we fully redeemed $63,250 in aggregate principal amount on the issued and outstanding November 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $1,311.

31

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

On December 23, 2020, the Company closed the offering of $125,000 in aggregate principal amount of its 4.75% notes due 2026, or the “January 2026 Notes”. The total net proceeds to the Company from the January 2026 Notes after deducting underwriting discounts of $2,500 and estimated offering expenses of approximately $400, were approximately $122,100. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. The Company does not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system.

On October 8, 2021, the Company closed the offering of $125,000 in aggregate principal amount of its 3.50% notes due 2026, or the “November 2026 Notes” (collectively with the Public Notes and the January 2026 Notes, the “Notes”). The total net proceeds to the Company from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2,505 and estimated offering expenses of approximately $400, were approximately $122,095. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. The Company does not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system.

Each of the Notes are unsecured obligations of the Company and rank pari passu with the Company’s existing and future unsecured indebtedness; effectively subordinated to all of the Company’s existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, financing vehicles, or similar facilities the Company may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities.
 

Secured Borrowing

As of September 30, 2022, the carrying value of secured borrowings totaled $16,995 and the fair value of the associated loans included in investments was $16,910. As of December 31, 2021, the carrying value of secured borrowings totaled $17,637 and the fair value of the associated loans included in investments was $17,522. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a “participating interest.” As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 6.4% and 4.4% as of September 30, 2022, and December 31, 2021, respectively.

As of September 30, 2022, and December 31, 2021, the aggregate amount outstanding of the senior securities (including secured borrowings) issued by the Company was $266,995 and $267,637, respectively, for which our asset coverage was 277.7% and 282.2%, respectively. The SBA-guaranteed debentures are not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC on June 30, 2014. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

Interest and Financing Expenses

Interest and fees related to the Company’s debt for the three and nine months ended September 30, 2022 and 2021 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:

	Three Months Ended September 30, 2022										Three Months Ended September 30, 2021
	SBA		Credit		Secured						SBA		Credit		Secured
	debentures		Facility		Borrowings		Notes		Total		debentures		Facility		Borrowings		Notes		Total
Stated interest expense	$	933	$	356	$	289	$	2,578	$	4,156	$	931	$	368	$	222	$	2,603	$	4,124
Amortization of deferred financing costs		156		94		-		280		530		138		115		-		285		538
Total interest and financing expenses	$	1,089	$	450	$	289	$	2,858	$	4,686	$	1,069	$	483	$	222	$	2,888	$	4,662

	Nine Months Ended September 30, 2022															Nine Months Ended September 30, 2021
	SBA debentures			Credit Facility			Secured Borrowings			Notes			Total			SBA debentures			Credit Facility			Secured Borrowings			Notes			Total
Stated interest expense	$	2,583		$	1,106		$	726		$	7,734		$	12,149		$	3,102		$	1,101		$	222		$	8,338		$	12,763
Amortization of deferred financing costs		438			319			-			831			1,588			408			340			-			907			1,655
Total interest and financing expenses	$	3,021		$	1,425		$	726		$	8,565		$	13,737		$	3,510		$	1,441		$	222		$	9,245		$	14,418
Weighted average stated interest rate, period end		3.214	%	N/A				6.446	%		4.125	%		3.921	%		2.899	%		3.125	%		4.392	%		5.055	%		4.239	%
Unused commitment fee rate, period end	N/A				1.200	%	N/A			N/A				1.200	%	N/A				0.500	%	N/A			N/A				0.500	%

32

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Realized Losses on Extinguishment of Debt

During the nine months ended September 30, 2022 and 2021, the Company prepaid $30,000 and $63,500 of SBA debentures, respectively, which were scheduled to mature on dates ranging from 2025 to 2028 and 2025 to 2028, respectively. During the nine months ended September 30, 2021, the Company redeemed $50,000 and $50,000 of the issued and outstanding 2023 Notes and 2024 Notes, respectively. As a result of the prepayments, the Company recognized realized losses on extinguishment of debt of $251 and $2,640, respectively, equal to the write-off of the related unamortized deferred financing costs, during the nine months ended September 30, 2022 and 2021.

Deferred Financing Costs

Deferred financing costs are amortized into interest and financing expenses on the consolidated statements of operations, using the effective interest method, over the term of the respective financing instrument. Deferred financing costs related to the SBA debentures, the Credit Facility, and the Notes as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022												December 31, 2021
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
SBA debenture commitment fees	$	3,000		$	—		$	—		$	3,000		$	2,500		$	—		$	—		$	2,500
SBA debenture leverage fees		5,902			—			—			5,902			4,538			—			—			4,538
Credit Facility upfront fees		—			4,417			—			4,417			—			3,238			—			3,238
Notes underwriting discounts		—			—			5,005			5,005			—			—			5,005			5,005
Notes debt issue costs		—			—			685			685			—			—			685			685
Total deferred financing costs		8,902			4,417			5,690			19,009			7,038			3,238			5,690			15,966
Less: accumulated amortization		(4,705	)		(2,962	)		(1,537	)		(9,204	)		(4,016	)		(2,643	)		(706	)		(7,365	)
Unamortized deferred financing costs	$	4,197		$	1,455		$	4,153		$	9,805		$	3,022		$	595		$	4,984		$	8,601

Unamortized deferred financing costs are presented as a direct offset to the SBA debentures, the Credit Facility and the Notes liabilities on the consolidated statements of assets and liabilities. The following table summarizes the outstanding debt net of unamortized deferred financing costs as of September 30, 2022 and December 31, 2021:

	September 30, 2022(1)												December 31, 2021(1)
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
Outstanding debt	$	133,000		$	—		$	250,000		$	383,000		$	107,000		$	—		$	250,000		$	357,000
Less: unamortized deferred financing costs		(4,197	)		(1,455	)		(4,153	)		(9,805	)		(3,022	)		(595	)		(4,984	)		(8,601	)
Debt, net of deferred financing costs	$	128,803		$	(1,455	)	$	245,847		$	373,195		$	103,978		$	(595	)	$	245,016		$	348,399

(1)Total excludes $16,995 and $17,637 of Secured Borrowings as of September 30, 2022 and December 31, 2021, respectively.

As of September 30, 2022, the Company’s debt liabilities are scheduled to mature as follows (1):

	SBA		Credit		Secured
Year	debentures		Facility (2)		Borrowings		Notes		Total
2022	$	—	$	—	$	—	$	—	$	—
2023		—		—		—		—		—
2024		—		—		—		—		—
2025		1,500		—		—		—		1,500
2026		4,500		—		16,995		250,000		271,495
Thereafter		127,000		—		—		—		127,000
Total	$	133,000	$	—	$	16,995	$	250,000	$	399,995

(1)	The table above presents scheduled maturities of the Company’s outstanding debt liabilities as of a point in time pursuant to the terms of those instruments. The timing of actual repayments of outstanding debt liabilities may not ultimately correspond with the scheduled maturity dates depending on the terms of the underlying instruments and the potential for earlier prepayments.
(2)	The Credit Facility matures on August 17, 2027.

33

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Note 7. Commitments and Contingencies

Commitments: The Company had outstanding commitments to portfolio companies to fund various undrawn revolving loans, other debt investments and capital commitments totaling $13,328 and $8,170 as of September 30, 2022 and December 31, 2021, respectively. Such outstanding commitments are summarized in the following table:

	September 30, 2022				December 31, 2021
	Total		Unfunded		Total			Unfunded
Portfolio Company - Investment	Commitment		Commitment		Commitment			Commitment
Acendre Midco, Inc. - Revolving Loan	$	1,000	$	1,000	$	1,000		$	1,000
Combined Systems, Inc. - Revolving Loan		4,000		605		4,000			605
Elements Brands, LLC - Revolving Loan		3,000		1,500		3,000			838
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan		1,000		1,000		—			—
Rhino Assembly Company, LLC - Delayed Draw Commitment		—		—		875			875
Safety Products Group, LLC - Common Equity (Units)		—		—		2,852	(1)		2,852	(1)
Tedia Company, LLC - Revolving Loan		4,000		2,400		—			—
Tedia Company, LLC - Delayed Draw Term Loan		3,000		3,000		—			—
Western's Smokehouse, LLC - Delayed Draw Term Loan		3,500		2,823		—			—
Wonderware Holdings, LLC (dba CORE Business Technologies) - Delayed Draw Term Loan		—		—		2,000			2,000
Zonkd, LLC - Delayed Draw Term Loan		1,000		1,000		—			—
Total	$	20,500	$	13,328	$	13,727		$	8,170

(1)Portfolio company was no longer held at period end. The commitment represents the Company's maximum potential liability related to certain guaranteed obligations stemming from the prior sale of the portfolio company's underlying operations.

Additional detail for each of the commitments above is provided in the Company’s consolidated schedules of investments.

The commitments are generally subject to the borrowers meeting certain criteria such as compliance with financial and non-financial covenants, which may limit such borrower's ability to draw on a revolving loan or delayed draw loan. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide indemnifications under certain circumstances. In addition, in connection with the disposition of an investment in a portfolio company, the Company may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of a business. The Company may also be required to indemnify the purchasers of such investment to the extent that any such representations are inaccurate. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects the risk of future obligation under these indemnifications to be remote.

Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While the outcome of any such legal proceedings cannot be predicted with certainty, the Company does not believe any such legal proceedings will have a material adverse effect on the Company’s consolidated financial statements.

Note 8. Common Stock

Public Offerings of Common Stock

The following table summarizes the cumulative total shares issued, net proceeds received, and weighted average offering price in public offerings of the Company’s common stock since the IPO in June 2011.

Period	Cumulative Number of Shares		Cumulative Gross Proceeds		Cumulative Underwriting Fees and Commissions and Offering Costs (1)		Weighted Average Offering Price
Cumulative since IPO		14,388,414	$	236,597	$	8,989	$	16.44

(1) Fidus Investment Advisors, LLC agreed to bear a cumulative of $1,925 of underwriting fees and commissions and offering costs associated with these offerings (such amounts are not included in the number reported above). All such payments made by Fidus Investment Advisors, LLC are not subject to reimbursement by the Company.

No shares have been issued for the three and nine months ended September 30, 2022 and 2021.

34

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Common Stock ATM Program

On August 21, 2014, the Company entered into an equity distribution agreement with Raymond James & Associates, Inc. and Robert W. Baird & Co. Incorporated through which the Company could sell, by means of at-the-market offerings from time to time, shares of the Company’s common stock having an aggregate offering price of up to $50,000 (the “ATM Program”). There were no issuances of common stock under the ATM program during the last two fiscal years and for the nine months ended September 30, 2022.

Stock Repurchase Program

As described in Note 2, the Company has a Stock Repurchase Program under which the Company may acquire up to $5,000 of its outstanding common stock. The Company did not make any repurchases of common stock during the three and nine months ended September 30, 2022 and 2021.

Refer to Note 9 for additional information regarding the issuance of shares under the DRIP.

The Company had 24,437,400 shares of common stock outstanding as of September 30, 2022 and December 31, 2021.

Note 9. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the dividends paid during the last two fiscal years and for the nine months ended September 30, 2022.

									DRIP						DRIP
Date	Record	Payment	Amount		Total		Cash		Shares			DRIP			Share
Declared	Date	Date	Per Share		Distribution		Distribution		Value			Shares			Issue Price
Year Ended December 31, 2020:
2/14/2020	3/13/2020	3/27/2020	$	0.39	$	9,537	$	9,537	$	—	(3)		—	(3)		—
4/29/2020	6/12/2020	6/26/2020		0.30		7,331		7,331		—	(3)		—	(3)		—
8/03/2020	9/11/2020	9/25/2020		0.30		7,331		7,331		—	(3)		—	(3)		—
10/26/2020	12/4/2020	12/18/2020		0.30		7,331		7,331		—	(3)		—	(3)		—
10/26/2020 (2)	12/4/2020	12/18/2020	0.04		978		978			—	(3)		—	(3)		—
			$	1.33	$	32,508	$	32,508	$	—			—
Year Ended December 31, 2021:
2/09/2021	3/12/2021	3/26/2021	$	0.31	$	7,575	$	7,575	$	—	(3)		—	(3)		—
2/09/2021 (2)	3/12/2021	3/26/2021		0.07		1,711		1,711		—	(3)		—	(3)		—
5/03/2021	6/14/2021	6/28/2021		0.31		7,576		7,576		—	(3)		—	(3)		—
5/03/2021 (2)	6/14/2021	6/28/2021		0.08		1,955		1,955		—	(3)		—	(3)		—
8/02/2021	9/14/2021	9/28/2021		0.32		7,820		7,820		—	(3)		—	(3)		—
8/02/2021 (2)	9/14/2021	9/28/2021		0.06		1,466		1,466		—	(3)		—	(3)		—
8/02/2021 (1)	9/14/2021	9/28/2021		0.04		977		977		—	(3)		—	(3)		—
11/01/2021	12/3/2021	12/17/2021		0.32		7,820		7,820		—	(3)		—	(3)		—
11/01/2021 (2)	12/3/2021	12/17/2021		0.04		978		978		—	(3)		—	(3)		—
11/01/2021 (1)	12/3/2021	12/17/2021	0.05			1,222		1,222		—	(3)		—	(3)		—
			$	1.60	$	39,100	$	39,100	$	—			—
Nine months ended September 30, 2022:
2/15/2022	3/11/2022	3/25/2022	$	0.36	$	8,797	$	8,797	$	—	(3)		—	(3)		—
2/15/2022 (2)	3/11/2022	3/25/2022		0.17		4,154		4,154		—	(3)		—	(3)		—
5/02/2022	6/10/2022	6/24/2022		0.36		8,797		8,797		—	(3)		—	(3)		—
5/02/2022 (2)	6/10/2022	6/24/2022		0.07		1,712		1,712		—	(3)		—	(3)		—
8/01/2022	9/9/2022	9/23/2022		0.36		8,797		8,797		—	(3)		—	(3)		—
8/01/2022 (2)	9/9/2022	9/23/2022		0.07		1,711		1,711		—	(3)		—	(3)		—
8/01/2022	12/2/2022	12/16/2022		0.36		—		—		—	(3)		—	(3)		—
8/01/2022 (2)	12/2/2022	12/16/2022		0.07		—		—		—	(3)		—	(3)		—
			$	1.82	$	33,968	$	33,968	$	—			—

(1)	Special dividend
(2)	Supplemental dividend
(3)	During the nine months ended September 30, 2022 and the years ended December 31, 2021 and 2020, the Company directed the DRIP plan administrator to repurchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock in lieu of issuing new shares. Accordingly, the Company purchased and reissued shares to satisfy the DRIP obligation as follows:

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Fiscal Year Ended December 31, 2020:	and Reissued		Per Share		Amount Paid
January 1, 2020 through March 31, 2020		31,586	$	7.58	$	239
April 1, 2020 through June 30, 2020		21,904		9.04		198
July 1, 2020 through September 30, 2020		28,871		10.18		294
October 1, 2020 through December 31, 2020		20,222		12.91		261
Total		102,583	$	9.67	$	992

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FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Year Ended December 31, 2021:	and Reissued		Per Share		Amount Paid
January 1, 2021 through March 31, 2021		15,562	$	15.62	$	243
April 1, 2021 through June 30, 2021		17,042		17.20		293
July 1, 2021 through September 30, 2021		18,201		17.82		324
October 1, 2021 through December 31, 2021		18,283		17.42		318
Total		69,088	$	17.05	$	1,178

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Nine months ended September 30, 2022:	and Reissued		Per Share		Amount Paid
January 1, 2022 through March 31, 2022		20,380	$	20.51	$	418
April 1, 2022 through June 30, 2022		20,233		17.89		362
July 1, 2022 through September 30, 2022		21,114		17.08		360
Total		61,727	$	18.47	$	1,140

Note 10. Financial Highlights

The following is a schedule of financial highlights for the nine months ended September 30, 2022 and 2021:

	Nine Months Ended September 30,
	2022			2021
Per share data:
Net asset value at beginning of period	$	19.96		$	16.81
Net investment income (1)		1.39			0.93
Net realized gain (loss) on investments, net of tax (provision) (1)		2.67			0.57
Net unrealized appreciation (depreciation) on investments (1)		(2.78	)		1.31
Realized losses on extinguishment of debt (1)		(0.01	)		(0.11	)
Total increase from investment operations (1)		1.27			2.70
Accretive (dilutive) effect of share issuances and repurchases		-			-
Dividends declared to stockholders		(1.82	)		(1.19	)
Distributions from capital gains		-			-
Taxes paid on deemed distributions		-			-
Other (11)		-			(0.01	)
Net asset value at end of period	$	19.41		$	18.31
Market value at end of period	$	17.18		$	17.44
Shares outstanding at end of period		24,437,400			24,437,400
Weighted average shares outstanding during the period		24,437,400			24,437,400
Net assets at end of period	$	474,387		$	447,545
Average net assets (6)	$	483,157		$	425,171
Ratios to average net assets:
Total expenses (2)(4)(10)		9.0	%		13.7	%
Net investment income (5)		9.4	%		7.1	%
Total return based on market value (3)		3.2	%		46.1	%
Total return based on net asset value (8)		6.4	%		16.0	%
Portfolio turnover ratio (9)		21.3	%		44.9	%
Supplemental Data:
Average debt outstanding (7)	$	391,585		$	382,587
Average debt per share (1)	$	16.02		$	15.66

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FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

(1)	Weighted average per share data.
(2)	Annualized with the exception of income tax (provision) benefit from realized gains on investments.
(3)	Total return based on market value equals the change in the market value of the Company’s common stock per share during the period divided by the market value per share at the beginning of the period, and assumes reinvestment of dividends at prices obtained by our dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.
(4)	The total expenses to average net assets ratio is calculated using (i) the “total expenses, net of base management waiver”, (ii) the “income tax provision (benefit)”, and (iii) the “income tax (provision) benefit from realized gains on investments” captions, as presented on the consolidated statements of operations.
(5)	The net investment income to average net assets ratio is calculated using the net investment income caption as presented on the consolidated statements of operations, which includes incentive fee.
(6)	Average net assets is calculated as the average of the net asset balances as of each quarter end during the fiscal year and the prior year end.
(7)	Average debt outstanding is calculated as the average of the outstanding debt balances, including secured borrowings, as of each quarter end during the fiscal year and the prior year end.
(8)	Total return based on net asset value per share equals the change in net asset value per share during the period, plus dividends paid per share during the period, less other non-operating changes during the period, and divided by beginning net asset value per share for the period. Non-operating changes include any items that affect net asset value per share other than increase from investment operations, such as the effects of share issuances and repurchases and other miscellaneous items.
(9)	Annualized.
(10)	The following are schedules of supplemental expense ratios to average net assets:

	Nine Months Ended September 30,
Ratio to average net assets:	2022			2021
Expenses other than incentive fee (2)		7.7	%		8.6	%
Incentive fee (9)		1.3	%		5.1	%
Total expenses (2)(4)		9.0	%		13.7	%

	Nine Months Ended September 30,
Ratio to average net assets:	2022			2021
Total expenses, before base management fee waiver (2)		9.1	%		13.7	%
Base management fee waiver (9)		(0.1	%)		0.0	%
Total expenses (2)(4)		9.0	%		13.7	%

(11) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date, or other rounding.

Note 11. Subsequent Events

On October 3, 2022, the Company invested $1,000 in common equity of EBL, LLC, which was acquired under a new holding company, FOM Eblens Holdings, LLC (dba Eblens), and became a controlled affiliate investment. In conjunction with the transaction, the Company amended the terms of its second lien debt investment and committed up to $375 in incremental common equity.

On October 7, 2022, the Company exited its debt investment in UPG Company, LLC. The Company received payment in full of $16,986 on its first lien debt, which included a prepayment fee.

On October 17, 2022, the Company exited its debt and equity investment in OMC Investors, LLC (dba Ohio Medical Corporation). The Company received payment in full of $5,150 on its second lien debt, which included a prepayment fee. The Company received a distribution on its equity investment for a realized gain of approximately $656.

On October 31, 2022, the Board declared an incremental supplemental dividend of $0.08 per share and a special dividend of $0.10 per share for the fourth quarter, which are payable on December 16, 2022, to stockholders of record as of December 2, 2022.

On October 31, 2022, the Company invested $6,000 in second lien debt of Education Incites, LLC (dba Acceleration Academies), a leading provider of alternative education academies focused on high school dropout recovery throughout the United States.

On November 1, 2022, the Company issued an additional $5,000 and $3,000 in SBA debentures, which will bear interest at fixed interim interest rates of 5.221% and 5.123%, respectively, until the pooling date in March 2023.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Fidus Investment Corporation’s consolidated financial statements and related notes appearing in our annual report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 3, 2022. The information contained in this section should also be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.

Except as otherwise specified, references to “we,” “us,” “our,” “Fidus” and “FIC” refer to Fidus Investment Corporation and its consolidated subsidiaries.

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 Fidus Investment Corporation, 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 and the uncertainties associated with the continued impact of the COVID-19 pandemic thereon;

•changes in the financial and lending markets;

•our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of the ongoing COVID-19 pandemic;

•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 and the impact of the COVID-19 pandemic thereon;

•the ability of our portfolio companies to achieve their objectives;

•our expected financing 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 the impact of the COVID-19 pandemic thereon;

•the ability of the Investment Advisor to locate suitable investments for us and to monitor and administer our investments and the impacts of the COVID-19 pandemic thereon;

•the ability of our investment advisor to attract and retain highly talented professionals;

•our regulatory structure and tax treatment;

•our ability to operate as a BDC and a RIC and each of the Funds to operate as an SBIC;

•the timing, form and amount of any dividend distributions;

•the impact of interest rate volatility, including the decommissioning of LIBOR and rising interest rates, and the elevated level of inflation on our business and portfolio companies;

•the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and

•our ability to recover unrealized losses.

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, including as a result of the current COVID-19 pandemic, and significant disruptions to our portfolio companies, including supply chain disruptions and labor shortages, could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•a contraction of available credit and/or an inability to access the equity markets, including as a result of the COVID-19 pandemic, could impair our lending and investment activities;

•interest rate volatility, including the decommissioning of LIBOR and rising interest rates, could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•the elevated level of inflation could adversely affect our business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies; and

38

•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, 2021, 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 debt 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 1.A – Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 3, 2022. 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.

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Overview

General and Corporate Structure

We provide customized debt and equity financing solutions to lower middle-market companies, which we define as U.S. based companies having revenues between $10.0 million and $150.0 million. Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. Our investment strategy includes partnering with business owners, management teams and financial sponsors by providing customized financing for ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. We seek to maintain a diversified portfolio of investments in order to help mitigate the potential effects of adverse economic events related to particular companies, regions or industries.

FIC was formed as a Maryland corporation on February 14, 2011. We completed our initial public offering, or IPO, in June 2011. On June 20, 2011, FIC acquired all of the limited partnership interests of Fund I and membership interests of Fidus Mezzanine Capital GP, LLC, its general partner, resulting in Fund I becoming our wholly-owned SBIC subsidiary. Immediately following the acquisition, we and Fund I elected to be treated as business development companies, or BDCs, under the 1940 Act and our investment activities have been managed by Fidus Investment Advisors, LLC, our investment advisor, and supervised by our board of directors, a majority of whom are independent of us. On March 29, 2013, we commenced operations of a second wholly-owned subsidiary, Fund II. On April 18, 2018, we commenced operations of a third wholly-owned subsidiary, Fund III.

Fund II and Fund III received their SBIC licenses on May 28, 2013, and March 21, 2019, respectively. We plan to continue to operate the Funds as SBICs, subject to SBA approval, and to utilize the proceeds of the sale of SBA-guaranteed debentures to enhance returns to our stockholders. As of September 9, 2019, Fund I completed a wind-down plan, relinquished its SBIC license, and can no longer issue additional SBA debentures. We have also made, and continue to make, investments directly through FIC. We believe that utilizing FIC and the Funds as investment vehicles provides us with access to a broader array of investment opportunities.

We have certain wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), each of which generally holds one or more of our portfolio investments listed on the consolidated schedules of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that our consolidated financial statements reflect our investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit us to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies (“LLCs”) or other forms of pass through entities) while complying with the “source-of-income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with us for U.S. federal corporate income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal corporate income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations.

COVID-19 Update

On March 11, 2020, the World Health Organization declared the novel coronavirus, or COVID-19, as a pandemic, and on March 13, 2020 the United States declared a national emergency with respect to COVID-19. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. We have been closely monitoring, and will continue to monitor, the impact of the COVID-19 pandemic, including the Delta and Omicron variants and any new variants, and its impact on all aspects of our business, including how it will impact our portfolio companies, employees, due diligence and underwriting processes, and financial markets. Given the fluidity of the pandemic, we cannot estimate the long-term impact of COVID-19 on our business, future results of operations, financial position or cash flows at this time. Further, the operational and financial performance of the portfolio companies in which we make investments may be significantly impacted by COVID-19, which may in turn impact the valuation of our investments. We believe our portfolio companies have taken, and continue to take, immediate actions to effectively and efficiently respond to the challenges posed by COVID-19 and related orders imposed by state and local governments and private businesses, including developing liquidity plans supported by internal cash reserves, and shareholder support. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns and cancellations of events, restrictions on travel, significant reduction in demand for certain goods and services, reductions in business activity and financial transactions, supply chain disruptions, labor difficulties and shortages, commodity inflation and elements of economic and financial market instability in the United States and globally. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter.

40

Investments

We seek to create a diversified investment portfolio that primarily includes debt investments and, to a lesser extent, equity securities. Our investments typically range between $5.0 million to $35.0 million per portfolio company, although this investment size may vary proportionately with the size of our capital base. Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. We may invest in the equity securities of our portfolio companies, such as preferred stock, common stock, warrants and other equity interests, either directly or in conjunction with our debt investments.

First Lien Debt. We structure some of our investments as senior secured or first lien debt investments. First lien debt investments are secured by a first priority lien on existing and future assets of the borrower and may take the form of term loans or revolving lines of credit. First lien debt is typically senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second lien lenders in those assets. Our first lien debt may include stand-alone first lien loans, “last out” first lien loans, or “unitranche” loans. Stand-alone first lien loans are traditional first lien loans. All lenders in the facility have equal rights to the collateral that is subject to the first-priority security interest. “Last out” first lien loans have a secondary priority behind super-senior “first out” first lien loans in the collateral securing the loans in certain circumstances. The arrangements for a “last out” first lien loan are set forth in an “agreement among lenders,” which provides lenders with “first out” and “last out” payment streams based on a single lien on the collateral. Since the “first out” lenders generally have priority over the “last out” lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the “last out” lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through arrangements among the lenders, than the “first out” lenders or lenders in stand-alone first lien loans. Agreements among lenders also typically provide greater voting rights to the “last out” lenders than the intercreditor agreements to which second lien lenders often are subject.

Many of our debt investments also include excess cash flow sweep features, whereby principal repayment may be required before maturity if the portfolio company achieves certain defined operating targets. Additionally, our debt investments typically have principal prepayment penalties in the early years of the debt investment. The majority of our debt investments provide for a variable interest rate, generally with a LIBOR floor.

Second Lien Debt. Some of our debt investments take the form of second lien debt, which includes senior subordinated notes. Second lien debt investments obtain security interests in the assets of the portfolio company as collateral in support of the repayment of such loans. Second lien debt typically is senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a security interest over assets of the issuer, though ranking junior to first lien debt secured by those assets. First lien lenders and second lien lenders typically have separate liens on the collateral, and an intercreditor agreement provides the first lien lenders with priority over the second lien lenders’ liens on the collateral. These loans typically provide for no contractual loan amortization, with all amortization deferred until loan maturity, and may include payment-in-kind (“PIK”) interest, which increases the principal balance over the term and, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan.

Subordinated Debt. These investments are typically structured as unsecured, subordinated notes. Structurally, subordinated debt usually ranks subordinate in priority of payment to first lien and second lien debt and may not have the benefit of financial covenants common in first lien and second lien debt. Subordinated debt may rank junior as it relates to proceeds in certain liquidations where it does not have the benefit of a lien in specific collateral held by creditors (typically first lien and/or second lien) who have a perfected security interest in such collateral. However, subordinated debt ranks senior to common and preferred equity in an issuer’s capital structure. These loans typically have relatively higher fixed interest rates (often representing a combination of cash pay and PIK interest) and amortization of principal deferred to maturity. The PIK feature (meaning a feature allowing for the payment of interest in the form of additional principal amount of the loan instead of in cash), which effectively operates as negative amortization of loan principal, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan.

Equity Securities. Our equity securities typically consist of either a direct minority equity investment in common or preferred stock or membership/partnership interests of a portfolio company, or we may receive warrants to buy a minority equity interest in a portfolio company in connection with a debt investment. Warrants we receive with our debt investments typically require only a nominal cost to exercise, and thus, as a portfolio company appreciates in value, we may achieve additional investment return from this equity interest. Our equity investments are typically not control-oriented investments, and in many cases, we acquire equity securities as part of a group of private equity investors in which we are not the lead investor. We may structure such equity investments to include provisions protecting our rights as a minority-interest holder, as well as a “put,” or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, we may also seek to obtain registration rights in connection with these equity interests, which may include demand and “piggyback” registration rights. Our equity investments typically are made in connection with debt investments to the same portfolio companies.

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Revenues: We generate revenue in the form of interest and fee income on debt investments and dividends, if any, on equity investments. Our debt investments, whether in the form of second lien, subordinated or first lien loans, typically have terms of five to seven years and most bear interest at fixed or variable rates. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity dates, which may include prepayment penalties. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity may reflect the proceeds of sales of securities. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of debt investments and any accrued but unpaid interest generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, amendment, or structuring fees and fees for providing managerial assistance. Debt investment origination fees, OID and market discount or premium, if any, are capitalized, and we accrete or amortize such amounts into interest income. We record prepayment penalties on debt investments as fee income when earned. Interest and dividend income is recorded on the accrual basis to the extent that we expect to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt investment. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company. Debt investments or preferred equity investments (for which we are accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or may be applied to the investment principal balance based on management’s judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management’s judgment, payments are likely to remain current. See “Critical Accounting Policies and Use of Estimates – Revenue Recognition.”

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the cost basis of the investment, without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

Expenses: All investment professionals of the Investment Advisor and/or its affiliates, when and to the extent engaged in providing investment advisory and management services to us, and the compensation and routine overhead expenses allocable to personnel who provide these services to us, are provided and paid for by the Investment Advisor and not by us. We bear all other out-of-pocket costs and expenses of our operations and transactions, including, without limitation, those relating to:

•organization;

•calculating our net asset value (including the cost and expenses of any independent valuation firm);

•fees and expenses incurred by the Investment Advisor under the Investment Advisory Agreement or payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments, including “dead deal” costs;

•interest payable on debt, if any, incurred to finance our investments;

•offerings of our common stock and other securities;

•investment advisory fees and management fees;

•administration fees and expenses, if any, payable under the Administration Agreement (including payments under the Administration Agreement between us and the Investment Advisor based upon our allocable portion of the Investment Advisor’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our officers, including our chief compliance officer, our chief financial officer, and their respective staffs);

•transfer agent, dividend agent and custodial fees and expenses;

•federal and state registration fees;

•all costs of registration and listing our shares on any securities exchange;

•U.S. federal, state and local taxes;

•Independent Directors’ fees and expenses;

•costs of preparing and filing reports or other documents required by the SEC or other regulators including printing costs;

•costs of any reports, proxy statements or other notices to stockholders, including printing and mailing costs;

•our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;

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•proxy voting expenses; and

•all other expenses reasonably incurred by us or the Investment Advisor in connection with administering our business.

Portfolio Composition, Investment Activity and Yield

During the nine months ended September 30, 2022 and 2021, we invested $268.0 million and $245.5 million, respectively, in debt and equity investments including fifteen and twelve new portfolio companies, respectively. During the nine months ended September 30, 2022 and 2021, we received proceeds from sales or repayments, including principal, return of capital dividends and net realized gains (losses), of $128.3 million and $319.0 million, respectively, including exits of five and six portfolio companies, respectively. The following table summarizes investment purchases and sales and repayments of investments by type for the nine months ended September 30, 2022 and 2021 (dollars in millions).

	Purchases of Investments								Sales and Repayments of Investments
	Nine Months Ended September 30,
	2022				2021				2022				2021
First Lien Debt(1)	$	166.3	62.1	%	$	172.5	70.3	%	$	31.5	24.5	%	$	61.0	19.1	%
Second Lien Debt		49.5	18.4			43.9	17.8			18.8	14.7			177.8	55.8
Subordinated Debt		44.5	16.6			18.4	7.5			—	—			56.8	17.8
Equity		7.7	2.9			10.7	4.4			78.0	60.8			23.4	7.3
Warrants		—	—			—	—			—	—			—	—
Total	$	268.0	100.0	%	$	245.5	100.0	%	$	128.3	100.0	%	$	319.0	100.0	%

(1) For the nine months ended September 30, 2022 and 2021, includes unitranche securities, which account for 39.8% and 66.4% of purchases, respectively. For the nine months ended September 30, 2022 and 2021, includes unitranche securities, which account for 21.6% and 12.7% of repayments, respectively.

As of September 30, 2022, the fair value of our investment portfolio totaled $856.9 million and consisted of 75 active portfolio companies and thirteen portfolio companies that have sold their underlying operations. As of September 30, 2022, 43 portfolio companies’ debt investments bore interest at a variable rate, which represented $538.1 million, or 72.0%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed rate investments. Overall, the portfolio had net unrealized appreciation of $29.5 million as of September 30, 2022. As of September 30, 2022, our average active portfolio company investment at amortized cost was $11.0 million, which excludes investments in the thirteen portfolio companies that have sold their underlying operations.

As of December 31, 2021, the fair value of our investment portfolio totaled $719.1 million and consisted of 70 active portfolio companies and eight portfolio companies that have sold their underlying operations. As of December 31, 2021, 32 portfolio companies’ debt investments bore interest at a variable rate, which represented $376.0 million, or 68.4%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed rate investments. Overall, the portfolio had net unrealized appreciation of $97.3 million as of December 31, 2021. As of December 31, 2021, our average active portfolio company investment at amortized cost was $8.8 million, which excludes investments in the eight portfolio companies that have sold their underlying operations.

The weighted average yield on debt investments as of September 30, 2022 and December 31, 2021 was 12.9% and 12.3%, respectively. The weighted average 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 and our subsidiaries’ fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost including the accretion of OID and debt investment origination fees, but excluding investments on non-accrual status, if any.

The following table shows the portfolio composition by investment type at fair value and cost and as a percentage of total investments (dollars in millions):

	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2022				2021				2022				2021
First Lien Debt(1)	$	488.3	57.0	%	$	354.9	49.4	%	$	488.0	59.0	%	$	353.3	56.8	%
Second Lien Debt		177.2	20.7			158.8	22.1			200.0	24.2			168.6	27.1
Subordinated Debt		81.8	9.5			36.1	5.0			80.5	9.7			36.0	5.8
Equity		107.0	12.5			166.1	23.1			55.6	6.7			60.6	9.8
Warrants		2.6	0.3			3.2	0.4			3.3	0.4			3.3	0.5
Total	$	856.9	100.0	%	$	719.1	100.0	%	$	827.4	100.0	%	$	621.8	100.0	%

(1) Includes unitranche investments, which account for 43.1% and 44.4% of our portfolio on a fair value and cost basis as of September 30, 2022, respectively. Includes unitranche investments, which account for 40.2% and 46.3% of our portfolio on a fair value and cost basis as of December 31, 2021, respectively.

All investments made by us as of September 30, 2022 and December 31, 2021 were made in portfolio companies headquartered in the United States. The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments (dollars in millions). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.

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	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2022				2021				2022				2021
Midwest	$	186.0	21.7	%	$	157.2	21.9	%	$	140.7	17.0	%	$	89.9	14.5	%
Southeast		250.5	29.2			220.0	30.6			252.2	30.5			197.4	31.7
Northeast		123.9	14.5			126.6	17.6			128.2	15.5			127.8	20.6
West		154.9	18.1			105.9	14.7			161.0	19.4			100.1	16.1
Southwest		141.6	16.5			109.4	15.2			145.3	17.6			106.6	17.1
Total	$	856.9	100.0	%	$	719.1	100.0	%	$	827.4	100.0	%	$	621.8	100.0	%

The following table shows the detailed industry composition of our portfolio at fair value and cost as a percentage of total investments:

	Fair Value								Cost
	September 30,				December 31,				September 30,			December 31,
Name	2022				2021				2022			2021
Information Technology Services		34.4	%			27.0	%			36.4	%		30.6	%
Business Services		11.3				13.3				11.5			14.3
Healthcare Products		11.3				11.2				6.4			3.6
Component Manufacturing		8.6				4.1				8.8			4.0
Specialty Distribution		6.1				8.0				5.6			8.2
Aerospace & Defense Manufacturing		5.4				7.9				5.6			8.4
Transportation Services		3.3				2.9				3.4			3.3
Promotional Products		3.0				3.1				3.1			4.1
Retail		2.7				1.6				3.7			1.8
Building Products Manufacturing		2.6				3.7				3.5			4.8
Healthcare Services		2.6				3.6				2.5			4.2
Environmental Industries		2.5				3.0				2.6			3.5
Consumer Products		1.9				2.6				2.0			3.0
Oil & Gas Services		1.7				2.9				1.8			0.5
Utilities: Services		1.4				1.9				1.4			1.8
Industrial Cleaning & Coatings		1.2				1.5				1.6			2.1
Restaurants		0.0		(1)		0.0		(1)		0.1			0.1
Specialty Chemicals		0.0		(1)		—				—			0.0		(1)
Utility Equipment Manufacturing		—				1.5				—			1.4
Vending Equipment Manufacturing		0.0		(1)		0.2				—			0.3
Total		100.0	%			100.0	%			100.0	%		100.0	%

(1) Percentage is less than 0.1% of respective total.

Portfolio Asset Quality

In addition to various risk management and monitoring tools, the Investment Advisor uses an internally developed investment rating system to characterize and monitor the credit profile and our expected level of returns on each investment in our portfolio. We use a five-level numeric rating scale. The following is a description of the conditions associated with each investment rating:

•Investment Rating 1 is used for investments that involve the least amount of risk in our portfolio. The portfolio company is performing above expectations, the debt investment is expected to be paid in the near term and the trends and risk factors are favorable, and may include an expected capital gain on the equity investment.

•Investment Rating 2 is used for investments that involve a level of risk similar to the risk at the time of origination. The portfolio company is performing substantially within our expectations and the risk factors are neutral or favorable. Each new portfolio investment enters our portfolio with Investment Rating 2.

•Investment Rating 3 is used for investments performing below expectations and indicates the investment’s risk has increased somewhat since origination. The portfolio company requires closer monitoring, but we expect a full return of principal and collection of all interest and/or dividends.

•Investment Rating 4 is used for investments performing materially below expectations and the risk has increased materially since origination. The investment has the potential for some loss of investment return, but we expect no loss of principal.

•Investment Rating 5 is used for investments performing substantially below our expectations and the risks have increased substantially since origination. We expect some loss of principal.

As the COVID-19 pandemic continues to evolve, we are maintaining close communications with our portfolio companies to proactively assess and manage risks across our investment portfolio. We have also increased oversight and analysis of credits in vulnerable industries in an attempt to improve performance and reduce credit risk.

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The following table shows the distribution of our investments on the 1 to 5 investment rating scale at fair value and cost as of September 30, 2022 and December 31, 2021 (dollars in millions):

	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
Investment Rating	2022				2021				2022				2021
1	$	95.1	11.1	%	$	119.8	16.7	%	$	38.9	4.7	%	$	19.1	3.1	%
2		674.9	78.7			566.7	78.8			664.9	80.4			556.1	89.4
3		74.8	8.7			31.7	4.4			91.0	11.0			40.4	6.5
4		7.4	0.9			0.9	0.1			10.7	1.3			3.0	0.5
5		4.7	0.6			—	—			21.9	2.6			3.2	0.5
Total	$	856.9	100.0	%	$	719.1	100.0	%	$	827.4	100.0	%	$	621.8	100.0	%

Based on our investment rating system, the weighted average rating of our portfolio as of September 30, 2022 and December 31, 2021 was 2.0 and 1.9, respectively, on a fair value basis and 2.2 and 2.1, respectively, on a cost basis.

Non-Accrual

As of September 30, 2022, we had debt investments in three portfolio companies on non-accrual status. As of December 31, 2021, we had a debt investment in one portfolio company on non-accrual status (dollars in millions).

	September 30, 2022				December 31, 2021
	Fair				Fair
Portfolio Company	Value		Cost		Value			Cost
EBL, LLC (EbLens)	$	2.4	$	9.3	$	—	(1)	$	—	(1)
US GreenFiber, LLC		—		5.2		—	(2)		5.2	(2)
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)		2.2		2.4		—	(1)		—	(1)
Total	$	4.6	$	16.9	$	—		$	5.2

(1) Portfolio company debt investment was not on non-accrual status at December 31, 2021.

(2) Portfolio company was on PIK-only non-accrual status at December 31, 2021, meaning we ceased recognizing PIK interest income on the investment.

Discussion and Analysis of Results of Operations

Comparison of three and nine months ended September 30, 2022 and 2021

Investment Income

Below is a summary of the changes in total investment income for the three months ended September 30, 2022 as compared to the same period in 2021 (dollars in millions, percent change calculated based on underlying dollar amounts in thousands):

	Three Months Ended September 30,
	2022		2021		$ Change			% Change (1)(2)
Interest income	$	21.5	$	17.9	$	3.6			20.4	%
Payment-in-kind interest income		0.4		1.2		(0.8	)		(67.2	%)
Dividend income		0.7		0.5		0.2			41.1	%
Fee income		2.4		1.6		0.8			46.6	%
Interest on idle funds and other income		—		—		—		NM
Total investment income	$	25.0	$	21.2	$	3.8			17.7	%

(1) NM = Not meaningful

(2) Percent change calculated based on underlying dollar amounts in thousands as presented on the consolidated statements of operations.

For the three months ended September 30, 2022, total investment income was $25.0 million, an increase of $3.8 million or 17.7%, from the $21.2 million of total investment income for the three months ended September 30, 2021. As reflected in the table above, the increase is primarily attributable to the following:

•$2.8 million increase in total interest income (which includes PIK interest income) resulting from an increase in average debt investment balances and an increase in weighted average yield on debt investment balances outstanding, during 2022 as compared to 2021.

•$0.2 million increase in dividend income due to an increase in distributions received from equity investments.

•$0.8 million increase in fee income resulting from an increase in origination and amendment fees, partially offset by a decrease in prepayment fees, during 2022 as compared to 2021.

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Below is a summary of the changes in total investment income for the nine months ended September 30, 2022 as compared to the same period in 2021 (dollars in millions):

	Nine Months Ended September 30,
	2022		2021		$ Change			% Change (1)(2)
Interest income	$	58.0	$	54.8	$	3.2			5.8	%
Payment-in-kind interest income		1.3		3.3		(2.0	)		(60.2	%)
Dividend income		1.4		1.4		—		NM
Fee income		6.0		6.8		(0.8	)		(13.0	%)
Interest on idle funds and other income		—		—		—		NM
Total investment income	$	66.7	$	66.3	$	0.4			0.5	%

(1) NM = Not meaningful

(2) Percent change calculated based on underlying dollar amounts in thousands as presented on the consolidated statements of operations.

For the nine months ended September 30, 2022, total investment income was $66.7 million, an increase of $0.4 million or 0.5%, from the $66.3 million of total investment income for the nine months ended September 30, 2021. As reflected in the table above, the increase is primarily attributable to the following:

•$1.2 million increase in total interest income (which includes a $2.0 million decrease in PIK income) resulting from an increase in average debt investment balances outstanding and an increase in weighted average yield on debt investment balances outstanding, partially offset by repayments of PIK debt investments and an increase in PIK investments on non-accrual, during 2022 as compared to 2021.

•$0.8 million decrease in fee income resulting from a decrease in prepayment and amendment fees, partially offset by an increase in origination fees during 2022 as compared to 2021.

Expenses

Below is a summary of the changes in total expenses, including income tax provision, for the three months ended September 30, 2022 as compared to the same period in 2021 (dollars in millions, percent change calculated based on underlying dollar amounts in thousands):

	Three Months Ended September 30,
	2022			2021			$ Change			% Change (1)(2)
Interest and financing expenses	$	4.7		$	4.7		$	—		NM
Base management fee		3.8			3.3			0.5			15.1	%
Incentive fee - income		3.0			2.4			0.6			25.6	%
Incentive fee (reversal) - capital gains		(0.3	)		4.7			(5.0	)		(105.5	%)
Administrative service expenses		0.5			0.4			0.1			9.6	%
Professional fees		0.3			0.5			(0.2	)		(33.1	%)
Other general and administrative expenses		0.4			0.2			0.2			41.6	%
Total expenses, before base management and income incentive fee waivers		12.4			16.2			(3.8	)		(23.6	%)
Base management and income incentive fee waivers		(0.1	)		(0.1	)		—		NM
Total expenses, before income tax provision		12.3			16.1			(3.8	)		(23.8	%)
Income tax provision (benefit)		—			—			—		NM
Total expenses, including income tax provision	$	12.3		$	16.1		$	(3.8	)		(23.8	%)

(1) NM = Not meaningful

(2) Percent change calculated based on underlying dollar amounts in thousands as presented on the consolidated statements of operations.

For the three months ended September 30, 2022, total expenses, including income tax provision, were $12.3 million, a decrease of $3.8 million or (23.8%), from the $16.1 million of total expenses for the three months ended September 30, 2021. As reflected in the table above, changes across periods were primarily attributable to the following:

•$0.5 million net increase in base management fee, including the base management fee waiver, due to higher average total assets during 2022 as compared to 2021.

•$0.6 million net increase in the income incentive fee due to an increase in pre-incentive fee net investment income during 2022 as compared to 2021.

•$5.0 million decrease in the accrued capital gains incentive fee due to a $24.6 million decrease in net gain on investments (net realized gains (losses), plus net change in unrealized appreciation (depreciation) on investments) plus realized losses on extinguishment of debt, during 2022 as compared to the same period in 2021.

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•$0.2 million decrease in professional fees due to decreased legal, audit and tax compliance costs during 2022 as compared to 2021.

Below is a summary of the changes in total expenses, including income tax provision, for the nine months ended September 30, 2022 as compared to the same period in 2021 (dollars in millions):

	Nine Months Ended September 30,
	2022			2021			$ Change			% Change (1)(2)
Interest and financing expenses	$	13.7		$	14.4		$	(0.7	)		(4.7	%)
Base management fee		10.7			9.7			1.0			11.0	%
Incentive fee - income		5.3			7.6			(2.3	)		(30.9	%)
Incentive fee - capital gains		(0.6	)		8.6			(9.2	)		(106.9	%)
Administrative service expenses		1.4			1.3			0.1			10.2	%
Professional fees		1.5			1.5			—		NM
Other general and administrative expenses		0.8			0.6			0.2			16.9	%
Total expenses, before base management and income incentive fee waivers		32.8			43.7			(10.9	)		(24.9	%)
Base management and income incentive fee waivers		(0.2	)		(0.1	)		(0.1	)		132.7	%
Total expenses, before income tax provision		32.6			43.6			(11.0	)		(25.3	%)
Income tax provision (benefit)		—			0.1			(0.1	)		(106.3	%)
Total expenses, including income tax provision	$	32.6		$	43.7		$	(11.1	)		(25.4	%)

(1) NM = Not meaningful

(2) Percent change calculated based on underlying dollar amounts in thousands as presented on the consolidated statements of operations.

For the nine months ended September 30, 2022, total expenses, including income tax provision, were $32.6 million, a decrease of $11.1 million or (25.4%), from the $43.7 million of total expenses for the nine months ended September 30, 2021. As reflected in the table above, changes across periods were primarily attributable to the following:

•$0.7 million decrease in interest and financing expenses due to a decrease in weighted average interest rate, partially offset by an increase in average borrowings outstanding during 2022 as compared to 2021.

•$0.9 million net increase in base management fee, including the base management fee waiver, due to higher average total assets during 2022 as compared to 2021.

•$2.3 million net decrease in the income incentive fee due to a decrease in pre-incentive fee net investment income during 2022 as compared to the same period in 2021.

•$9.2 million decrease in the accrued capital gains incentive fee due to a $46.2 million decrease in net gain on investments (net realized gains (losses), plus net change in unrealized appreciation (depreciation) on investments), plus realized losses on extinguishment of debt during 2022 as compared to the same period in 2021.

Net Investment Income

Net investment income increased by $7.6 million, or 148.5%, to $12.7 million during the three months ended September 30, 2022 as compared to the same period in 2021, as a result of the $3.8 million decrease in total expenses, including base management fee waivers and income tax provision, and the $3.8 increase in total investment income.

Net investment income increased by $11.5 million, or 50.3%, to $34.1 million during the nine months ended September 30, 2022 as compared to the same period in 2021, as a result of the $11.1 million decrease in total expenses, including base management waivers and income tax provision, and the $0.4 increase in total investment income.

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Net Gain (Loss) on Investments

For the three and nine months ended September 30, 2022, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $40.0 million and $65.2 million, respectively. Income tax (provision) benefit from realized gains on investments was zero and $(0.1) million for the three and nine months ended September 30, 2022, respectively. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Significant realized gains (losses) for the three and nine months ended September 30, 2022 are summarized below (dollars in millions):

		Period Ended September 30, 2022
		Three			Nine
Portfolio Company	Realization Event (1)	Months			Months
Frontline Food Services, LLC (f/k/a Accent Food Services, LLC)	Escrow distribution	$	—		$	0.2
Revenue Management Solutions, LLC	Exit of portfolio company		—			0.1
SpendMend LLC	Escrow distribution		—			6.3
FDS Avionics Corp.	Escrow liability release		0.6			0.2
Mesa Line Services, LLC	Sale of portfolio company		(0.2	)		0.1
Mirage Trailers LLC	Escrow distribution		—			0.3
TransGo, LLC	Sale of portfolio company		—			1.9
AVC Investors, LLC (dba Auveco)	Sale of portfolio company		—			0.8
CRS Solutions Holdings, LLC (dba CRS Texas)	Sale of portfolio company		—			0.4
Pinnergy, Ltd.	Sale of portfolio company		—			15.3
Palisade Company, LLC	Exit of portfolio company		1.9			1.9
The Tranzonic Companies	Sale of portfolio company		1.4			1.4
Bandon Fitness (Texas), Inc.	Exit of portfolio company		3.2			3.2
SES Investors, LLC (dba SES Foam)	Sale of portfolio company		8.8			8.8
Pfanstiehl, Inc.	Partial sale of equity investment		24.3			24.3
Pool & Electrical Products, LLC	Escrow distribution		0.1			0.1
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Escrow distribution	$	(0.1	)	$	(0.1	)
Net realized gain (loss) on investments			40.0			65.2
Income tax (provision) benefit from realized gains on investments			—			(0.1	)
Net realized gain (loss), net of income tax provision, on investments		$	40.0		$	65.1

(1) As it relates to realization events, we define an 'exit' of a portfolio company as situations where we have completely exited our position in all of the portfolio company's securities and no longer carry the portfolio company on our consolidated schedule of investments. We define a 'sale' of a portfolio company, distinguished from an exit, as situations where the underlying operations of a portfolio company have been sold, but where we retain a residual ownership interest in the legacy entity (we generally distinguish these residual portfolio company investments from 'active' portfolio company investments).

For the three and nine months ended September 30, 2021, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $8.3 million and $13.7 million, respectively. Income tax (provision) benefit from realized gains/(losses) on investments was $0.1 million and $0.1 million for the three and nine months ended September 30, 2021, respectively. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Significant realized gains (losses) for the three and nine months ended September 30, 2021 are summarized below (dollars in millions):

		Period Ended September 30, 2021
		Three			Nine
Portfolio Company	Realization Event (1)	Months			Months
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Sale of portfolio company	$	—		$	1.0
Software Technology, LLC	Exit of portfolio company		—			1.4
Rohrer Corporation	Exit of portfolio company		—			0.9
Wheel Pros, Inc.	Exit of portfolio company		(0.1	)		2.0
Hilco Plastics Holdings, LLC (dba Hilco Technologies)	Sale of portfolio company		(1.0	)		(1.0	)
Worldwide Express Operations, LLC	Sale of portfolio company		3.0			3.0
Pugh Lubricants, LLC	Exit of portfolio company		0.1			0.1
LNG Indy, LLC (dba Kinetrex Energy)	Sale of portfolio company		4.5			4.5
Allied 100 Group, Inc.	Exit of portfolio company		1.8			1.8
Net realized gain (loss) on investments			8.3			13.7
Income tax (provision) benefit from realized gains on investments			0.1			0.1
Net realized gain (loss), net of income tax provision, on investments		$	8.4		$	13.8

(1) As it relates to realization events, we define an 'exit' of a portfolio company as situations where we have completely exited our position in all of the portfolio company's securities and no longer carry the portfolio company on our schedule of investments. We define a 'sale' of a portfolio company, distinguished from an exit, as situations where the underlying operations of a portfolio company have been sold, but where we retain a residual ownership interest in the legacy entity (we generally distinguish these residual portfolio company investments from 'active' portfolio company investments).

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During the nine months ended September 30, 2022 and 2021, we recorded a net change in unrealized appreciation (depreciation) on investments attributable to the following (dollars in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
Unrealized Appreciation (Depreciation)	2022			2021			2022			2021
Exit, sale or restructuring of investments	$	(37.3	)	$	(2.6	)	$	(61.2	)	$	(5.9	)
Fair value adjustments to debt investments		(9.5	)		3.8			(12.9	)		(0.6	)
Fair value adjustments to equity investments		5.5			14.1			6.3			38.5
Net change in unrealized appreciation (depreciation)	$	(41.3	)	$	15.3		$	(67.8	)	$	32.0

Net Increase in Net Assets Resulting From Operations

Net increase (decrease) in net assets resulting from operations during the three months ended September 30, 2022 and 2021 was $11.4 million and $28.4 million, respectively, as a result of the events described above.

Net increase (decrease) in net assets resulting from operations during the nine months ended September 30, 2022 and 2021 was $31.1 million and $65.8 million, respectively, as a result of the events described above.

Liquidity and Capital Resources

As of September 30, 2022, we had $40.4 million in cash and cash equivalents and our net assets totaled $474.4 million. We believe that our current cash and cash equivalents on hand, our Credit Facility, our continued access to SBA-guaranteed debentures, and our anticipated cash flows from investments will provide adequate capital resources with which to operate and finance our investment business and make distributions to our stockholders for at least the next 12 months. We intend to generate additional cash primarily from the future offerings of securities (including the “at-the-market” program) and future borrowings, as well as cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be investments in portfolio companies and cash distributions to our stockholders. During the nine months ended September 30, 2022, we repaid $30.0 million of SBA debentures which would have matured during the period March 1, 2025 through March 1, 2028. Our remaining outstanding SBA debentures continue to mature in 2025 and subsequent years through 2033, which will require repayment on or before the respective maturity dates. This “Liquidity and Capital Resources” section should be read in conjunction with the “COVID-19 Updates” section above.

Cash Flows

For the nine months ended September 30, 2022, we experienced a net decrease in cash and cash equivalents in the amount of $129.0 million. During that period, we made payments of $117.4 million of cash for operating activities, which included the funding of $268.0 million of investments which was partially offset by proceeds received from sales and repayments of investments of $128.3 million. During the same period, we received repayments of $0.6 million on our secured borrowings, made repayments of SBA debentures of $30.0 million, which were offset by proceeds from the issuances of SBA debentures of $56.0 million, paid cash dividends to stockholders of $34.0 million, and made payment of deferred financing costs related to our debt financings of $3.0 million.

Capital Resources

We anticipate that we will continue to fund our investment activities on a long-term basis through a combination of additional debt and equity capital.

SBA debentures

The Funds are licensed SBICs, and have the ability to issue debentures guaranteed by the SBA at favorable interest rates. Under the Small Business Investment Act and the SBA regulations applicable to SBICs, an SBIC can have outstanding at any time debentures guaranteed by the SBA in an amount up to twice its regulatory capital. The SBA regulations currently limit the amount that is available to be borrowed by any SBIC and guaranteed by the SBA to 300.0% of an SBIC’s regulatory capital or $175.0 million, whichever is less. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million. SBA debentures have fixed interest rates that approximate prevailing 10-year Treasury Notes rates plus a spread and have a maturity of ten years with interest payable semi-annually. The principal amount of the SBA debentures is not required to be paid before maturity but may be pre-paid at any time. As of September 30, 2022, Fund II and Fund III had $40.0 million and $93.0 million of outstanding SBA debentures, respectively. Subject to SBA regulatory requirements and approval, Fund III may access up to $82.0 million of additional SBA debentures under the SBIC debenture program. For more information on the SBA debentures, please refer to Note 6 to our consolidated financial statements.

Credit Facility

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On June 16, 2014, we entered into a senior secured revolving credit agreement (the "Credit Agreement" and the senior secured revolving credit facility, the “Credit Facility”) with ING Capital LLC (“ING”), as the administrative agent, collateral agent, and lender. The Credit Facility is secured by certain portfolio investments held by us, but portfolio investments held by the Funds are not collateral for the Credit Facility. On April 24, 2019, we entered into an Amended & Restated Senior Secured Revolving Credit Agreement (the “Amended Credit Agreement”) among us, as borrower, the lenders party thereto, and ING, as administrative agent. On June 26, 2020, we entered into an amendment on the Amended Credit Agreement that, among other changes, modified certain financial covenants. On August 17, 2022, the Company entered into a second amendment to the Amended Credit Agreement (“Second Amendment”). The Second Amendment, among other things: (i) changed the underlying benchmark used to compute interest under the Amended Credit Agreement to the Secured Overnight Financing Rate (SOFR) from the London Interbank Offered Rate (LIBOR); (ii) reduced the applicable margin from 3.00% to 2.675% on SOFR loans prior to satisfying certain step-down conditions, and from 2.675% to 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans; (iii) provided for a loan commitment availability period ending on August 17, 2026; (iv) extended the maturity date to August 17, 2027 from April 24, 2023; and (v) amended certain financial covenants, including (a) amending the asset coverage ratio to no less than 1.50 to 1.00 from no less than 2.00 to 1.00 (on a regulatory basis); and (b) requiring the Company to maintain a senior asset coverage ratio of no less than 2.00 to 1.00.

We pay a commitment fee that varies depending on the size of the unused portion of the Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Credit Facility between the total commitments and the 35% minimum utilization. The Credit Facility is secured by a first priority security interest in all of our assets, excluding the assets of our SBIC subsidiaries.

Amounts available to borrow under the Credit Facility are subject to a minimum borrowing/collateral base that applies an advance rate to certain investments held by us, excluding investments held by the Funds. We are subject to limitations with respect to the investments securing the Credit Facility, including, but not limited to, restrictions on sector concentrations, loan size, payment frequency and status and collateral interests, as well as restrictions on portfolio company leverage, which may also affect the borrowing base and therefore amounts available to borrow.

We have made customary representations and warranties and we are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. As of September 30, 2022, we were in compliance with all covenants of the Credit Facility and there were no borrowings outstanding under the Credit Facility.

Notes

On February 2, 2018, we closed the public offering of approximately $43.5 million in aggregate principal amount of our 5.875% notes due 2023, or the “2023 Notes.” On February 22, 2018, the underwriters exercised their option to purchase an additional $6.5 million in aggregate principal of the 2023 Notes. The total net proceeds to us from the 2023 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $1.5 million and offering expenses of $0.4 million, were approximately $48.1 million. On January 19, 2021, we redeemed $50.0 million in the aggregate principal amount on the issued and outstanding 2023 Notes, resulting in a realized loss on extinguishment of debt of approximately $0.8 million.

On February 8, 2019, we closed the public offering of approximately $60.0 million in aggregate principal amount of our 6.000% notes due 2024, or the “February 2024 Notes”. On February 19, 2019, the underwriters exercised their option to purchase an additional $9.0 million in aggregate principal of the February 2024 Notes. The total net proceeds to us from the February 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $2.1 million and estimated offering expenses of $0.4 million, were approximately $66.5 million. On February 16, 2021, we redeemed $50.0 million of the $69.0 million in aggregate principal amount on the February 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $1.1 million. On November 2, 2021, we fully redeemed the remaining $19.0 million in aggregate principal amount on the issued and outstanding February 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $0.3 million.

On October 16, 2019, we closed the public offering of approximately $55.0 million in aggregate principal amount of our 5.375% notes due 2024, or the “November 2024 Notes” (and collectively with the 2023 Notes and the February 2024 Notes, the “Public Notes”). On October 23, 2019, the underwriters exercised their option to purchase an additional $8.3 million in aggregate principal of the November 2024 Notes. The total net proceeds to us from the November 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $1.9 million and estimated offering expenses of $0.3 million, were approximately $61.1 million. On November 2, 2021, we fully redeemed the $63.3 million in aggregate principal amount on the issued and outstanding November 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $1.3 million.

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On December 23, 2020, we closed the offering of $125.0 million in aggregate principal amount of our 4.75% notes due 2026, or the “January 2026 Notes”. The total net proceeds to us from the January 2026 Notes after deducting underwriting discounts of $2.5 million and estimated offering expenses of approximately $0.4 million, were approximately $122.1 million. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. We do not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system. As of September 30, 2022, the outstanding principal balance of the January 2026 Notes was approximately $125.0 million.

On October 8, 2021, we closed the offering of $125.0 million in aggregate principal amount of our 3.50% notes due 2026, or the “November 2026 Notes” (collectively with the Public Notes and the January 2026 Notes, the “Notes”). The total net proceeds to us from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2.5 million and estimated offering expenses of approximately $0.3 million, were approximately $122.2 million. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. We do not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. As of September 30, 2022, the outstanding principal balance of the November 2026 Notes was approximately $125.0 million.

Each of the Notes are unsecured obligations and rank pari passu with our existing and future unsecured indebtedness; effectively subordinated to all of our existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities we may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities.

Secured Borrowing

As of September 30, 2022, the carrying value of secured borrowings totaled $17.0 million and the fair value of the associated loans included in investments was $16.9 million. As of December 31, 2021, carrying value of secured borrowings totaled $17.6 million and the fair value of the associated loans included in investments was $17.5 million. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a “participating interest.” As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 6.446% and 4.392% as of September 30, 2022 and December 31, 2021, respectively.

As of September 30, 2022, the weighted average stated interest rates for our SBA debentures and Notes were 3.214% and 4.125%, respectively. As of September 30, 2022, we had $100.0 million of unutilized commitment under our Credit Facility, and we were subject to a 1.200% fee on such amount. As of September 30, 2022, the weighted average stated interest rate on total debt outstanding was 3.921%.

As a BDC, we are generally required to meet an asset coverage ratio of at least 150.0% (defined as the ratio which the value of our consolidated total assets, less all consolidated liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness), which includes borrowings and any preferred stock we may issue in the future. This requirement limits the amount that we may borrow. On April 29, 2019, our Board, including a majority of the non-interested directors, approved a minimum asset coverage ratio of 150% under Sections 18(a)(1) and 18(a)(2) of the 1940 Act. As a result, we are subject to the 150% asset coverage ratio effective as of April 29, 2020. We have received exemptive relief from the U.S. Securities and Exchange Commission (“SEC”) to allow us to exclude the senior securities issued by the Funds from the definition of senior securities in the 150% asset coverage requirement applicable to the Company under the 1940 Act, which, in turn, will enable us to fund more investments with debt capital.

As a BDC, we are generally not permitted to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value per share of our common stock if the Board, including the Independent Directors, determines that such sale is in the best interests of us and our stockholders, and if our stockholders approve such sale. On June 29, 2022, our stockholders voted to allow us to sell or otherwise issue common stock at a price below net asset value per share for a period of one year ending on the earlier of June 29, 2023 or the date of our 2023 Annual Meeting of Stockholders. Our stockholders specified that the cumulative number of shares sold in each offering during the one-year period ending on the earlier of June 29, 2023 or the date of our 2023 Annual Meeting of Stockholders may not exceed 25.0% of our outstanding common stock immediately prior to each such sale.

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Stock Repurchase Program

We have an open market stock repurchase program (the “Stock Repurchase Program”) under which we may acquire up to $5.0 million of our outstanding common stock. Under the Stock Repurchase Program, we may, but are not obligated to, repurchase outstanding common stock in the open market from time to time provided that we comply with the prohibitions under our insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by our management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. On October 31, 2022, the Board extended the Stock Repurchase Program through December 31, 2023, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require us to repurchase any specific number of shares and we cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. We did not make any repurchases of common stock during the three and nine months ended September 30, 2022 and 2021. Refer to Note 8 to our consolidated financial statements for additional information concerning stock repurchases.

Critical Accounting Policies and Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the financial statements. We have identified investment valuation, revenue recognition and transfers of financial assets as our most critical accounting policies and estimates. We continuously evaluate our policies and estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

Valuation of Portfolio Investments

As a BDC, we report our assets and liabilities at fair value at all times consistent with GAAP and the 1940 Act. Accordingly, we are required to periodically determine the fair value of all of our portfolio investments.

Our investments generally consist of illiquid securities including debt and equity investments in lower middle-market companies. Investments for which market quotations are readily available are valued at such market quotations. Because we expect that there will not be a readily available market for substantially all of the investments in our portfolio, we value substantially all of our portfolio investments at fair value as determined in good faith by our board of directors using a documented valuation policy and consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the difference could be material.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

•our quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Investment Advisor responsible for the portfolio investment;

•preliminary valuation conclusions are then documented and discussed with the investment committee of the Investment Advisor;

•our board of directors engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of our portfolio investments for which market quotations are not readily available. Each portfolio company investment is generally appraised by the valuation firm(s) at least once every calendar year and each new portfolio company investment is appraised at least once in the twelve-month period following the initial investment. In certain instances, we may determine that it is not cost-effective, and as a result it is not in our stockholders’ best interest, to request the independent appraisal of certain portfolio company investments. Such instances include, but are not limited to, situations where we determine that the fair value of the portfolio company investment is relatively insignificant to the fair value of the total portfolio. Our board of directors consulted with the independent valuation firm(s) in arriving at our determination of fair value for 14 and 17 of our portfolio company investments representing 29.5% and 40.6% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the three months ended September 30, 2022 and December 31, 2021, respectively) as of September 30, 2022 and December 31, 2021, respectively;

•the audit committee of our board of directors reviews the preliminary valuations of the Investment Advisor and of the independent valuation firm(s) and responds and supplements the valuation recommendations to reflect any comments; and

•our board of directors discusses the valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Investment Advisor, the independent valuation firm(s) and the audit committee.

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In making the good faith determination of the value of portfolio investments, we start with the cost basis of the security. The transaction price is typically the best estimate of fair value at inception. When evidence supports a subsequent change to the carrying value from the original transaction price, adjustments are made to reflect the expected exit values.

Consistent with the policies and methodologies adopted by the Board, we perform detailed valuations of our debt and equity investments, including an analysis on the Company’s unfunded debt investment commitments, using both the market and income approaches as appropriate. Under the market approach, we typically use the enterprise value methodology to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which we derive a single estimate of enterprise value. Under the income approach, we typically prepare and analyze discounted cash flow models to estimate the present value of future cash flows of either an individual debt investment or of the underlying portfolio company itself.

We evaluate investments in portfolio companies using the most recent portfolio company financial statements and forecasts. We also consult with the portfolio company’s senior management to obtain further updates on the portfolio company’s performance, including information such as industry trends, new product development and other operational issues.

For our debt investments the primary valuation technique used to estimate the fair value is the discounted cash flow method. However, if there is deterioration in credit quality or a debt investment is in workout status, we may consider other methods in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. Our discounted cash flow models estimate a range of fair values by applying an appropriate discount rate to the future cash flow streams of our debt investments, based on future interest and principal payments as set forth in the associated debt investment agreements. We prepare a weighted average cost of capital for use in the discounted cash flow model for each investment, based on factors including, but not limited to: current pricing and credit metrics for similar proposed or executed investment transactions of private companies; the portfolio company’s historical financial results and outlook; and the portfolio company’s current leverage and credit quality as compared to leverage and credit quality as of the date the investment was made. We may also consider the following factors when determining the fair value of debt investments: the portfolio company’s ability to make future scheduled payments; prepayment penalties and other fees; estimated remaining life; the nature and realizable value of any collateral securing such debt investment; and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made. We estimate the remaining life of our debt investments to generally be the legal maturity date of the instrument, as we generally intend to hold debt investments to maturity. However, if we have information available to us that the debt investment is expected to be repaid in the near term, we would use an estimated remaining life based on the expected repayment date.

For our equity investments, including equity securities and warrants, we generally use a market approach, including valuation methodologies consistent with industry practice, to estimate the enterprise value of portfolio companies. Typically, the enterprise value of a private company is based on multiples of EBITDA, net income, revenues, or in limited cases, book value. In estimating the enterprise value of a portfolio company, we analyze various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

We may also utilize an income approach when estimating the fair value of our equity securities, either as a primary methodology if consistent with industry practice or if the market approach is otherwise not applicable, or as a supporting methodology to corroborate the fair value ranges determined by the market approach. We typically prepare and analyze discounted cash flow models based on projections of the future free cash flows (or earnings) of the portfolio company. We consider various factors, including but not limited to the portfolio company’s projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainties with respect to the possible effect of such valuations, and any changes in such valuations, on the consolidated financial statements.

Revenue Recognition

Investments and related investment income. Realized gains or losses on investments are recorded upon the sale or disposition of a portfolio investment and are calculated as the difference between the net proceeds from the sale or disposition and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on the consolidated statements of operations includes changes in the fair value of investments from the prior period, as determined by the Board through the application of our valuation policy, as well as reclassifications of any prior period unrealized appreciation or depreciation on exited investments to realized gains or losses on investments.

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Interest and dividend income. Interest and dividend income are recorded on the accrual basis to the extent that we expect to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company.

PIK income. Certain of our investments contain a PIK income provision. The PIK income, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash, and recorded as interest or dividend income, as applicable, on the consolidated statements of operations. Generally, PIK can be paid-in-kind or all in cash. We stop accruing PIK income when there is reasonable doubt that PIK income will be collected. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment (with corresponding adjustments to unrealized depreciation, as applicable). PIK income is included in our taxable income and, therefore, affects the amount we are required to pay to our stockholders in the form of dividends in order to maintain our tax treatment as a RIC and to avoid paying corporate-level U.S. federal income tax, even though we have not yet collected the cash.

Non-accrual. Debt investments or preferred equity investments (for which we are accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on full non-accrual status. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or applied to the investment principal balance based on management’s judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management’s judgment, are likely to remain current.

Warrants. In connection with our debt investments, we will sometimes receive warrants or other equity-related securities (Warrants). We determine the cost basis of Warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and Warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the Warrants is treated as OID and accreted into interest income using the effective interest method over the term of the debt investment. Upon the prepayment of a debt investment, any unaccreted OID is accelerated into interest income.

Fee income. All transaction fees earned in connection with our investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including structuring and advisory services, provided to portfolio companies. We recognize income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. Upon the prepayment of a debt investment, any prepayment penalties are recorded as fee income when earned.

We also typically receive debt investment origination or closing fees in connection with investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on our consolidated statements of assets and liabilities and accreted into interest income over the term of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income.

Transfers of Financial Assets

Partial loan and equity sales. We follow the guidance in ASC 860, Transfers and Servicing, when accounting for loan (debt investment) participations, equity assignments and other partial loan sales. Such guidance requires a participation, assignment or other partial loan or equity sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations, assignments or other partial loan or equity sales which do not meet the definition of a participating interest should remain on our consolidated statements of assets and liabilities and the proceeds recorded as a secured borrowing until the definition is met.

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Recently Issued Accounting Standard

In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU No. 2022-03 on our consolidated financial statements.

SEC Regulation S-K Update

In November 2020, the SEC issued a final rule that modernized and simplifies Management’s Discussion and Analysis of Financial Condition and Results of Operations and certain financial disclosure requirements in Regulation S-K (the “Amendments”). Specifically, the Amendments: (i) eliminate Item 301 of Regulation S-K (Selected Financial Data); (ii) simplify Item 302 of Regulation S-K (Supplementary Financial Information); and (iii) amend certain aspects of Item 303 of Regulation S-K (Management's Discussion and Analysis of Financial Condition and Results of Operations). The Amendments became effective on February 10, 2021 and compliance was required for the registrant’s fiscal year ending on or after August 9, 2021. We adopted the Amendments on the effective date which did not have a material impact on our Consolidated Financial Statements.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•We have entered into the Investment Advisory Agreement with Fidus Investment Advisors as our investment advisor. Pursuant to the agreement, the Investment Advisor manages our day-to-day operating and investing activities. We pay the Investment Advisor a fee for its services under the Investment Advisory Agreement consisting of two components — a base management fee and an incentive fee. See Note 5 to our consolidated financial statements.

•Fidus Group Holdings, LLC (“Holdings”), a limited liability company organized under the laws of Delaware, is the parent company of Fidus Investment Advisors. Edward H. Ross, our Chairman and Chief Executive Officer, and Thomas C. Lauer, our President, are managers of Holdings.

•We entered into the Administration Agreement with Fidus Investment Advisors to provide us with the office facilities and administrative services necessary to conduct day-to-day operations. See Note 5 to our consolidated financial statements.

•We entered into a license agreement with Fidus Partners, LLC, pursuant to which Fidus Partners, LLC has granted us a non-exclusive, royalty-free license to use the name “Fidus.”

•On February 25, 2020, the Company entered into a Limited Partnership Agreement (the “Agreement”) with Fidus Equity Fund I, L.P. (“FEF I”). Pursuant to the Agreement, we will serve as the General Partner of FEF I. Owned by third-party investors, FEF I was formed to purchase 50% of select equity investments from us. We will not receive any fees from FEF I for any services provided in our capacity as the General Partner of FEF I.

•The Investment Advisor, in consultation with the Board, agreed to voluntarily waive $0.1 million and $0.2 million of the base management fees on any assets accounted for as secured borrowings as defined under GAAP for the three and nine months ended September 30, 2022, respectively, and $0.1 million and $0.1 million for the three and nine months ended September 30, 2021, respectively.

In connection with the IPO and our election to be regulated as a BDC, we applied for and received exemptive relief from the SEC on March 27, 2012 to allow us to take certain actions that would otherwise be prohibited by the 1940 Act, as applicable to BDCs. Effective June 30, 2014, pursuant to exemptive relief from the SEC, we are permitted to exclude the senior securities issued by Fund II and Fund III from the definition of senior securities in the asset coverage requirement applicable to the Company under the 1940 Act.

While we may co-invest with investment entities managed by the Investment Advisor or its affiliates, to the extent permitted by the 1940 Act and the rules and regulations thereunder, the 1940 Act imposes significant limits on co-investment. On January 4, 2017, the SEC staff has granted us relief sought in an exemptive order that expands our ability to co-invest in portfolio companies with other funds managed by the Investment Advisor or its affiliates ("Affiliated Funds") in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions (the “Order”). Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) or the Independent Directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching by us or our stockholders on the part of any person concerned, and

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(2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies. However, neither we nor our affiliates are obligated to invest or co-invest when investment opportunities are referred to us or them.

In addition, we and our Investment Advisor have each adopted a joint code of ethics pursuant to Rule 17j-1 under the 1940 Act that governs the conduct of our and the Investment Advisor’s officers, directors and employees. Additionally, the Investment Advisor has adopted a code of ethics pursuant to Rule 204A-1 under the Advisers Act of 1940, as amended, and in accordance with Rule 17j-1(c) under the 1940 Act. We have also adopted a code of business conduct that is applicable to all officers, directors and employees of Fidus and our Investment Advisor. Our officers and directors also remain subject to the duties imposed by both the 1940 Act and the Maryland General Corporation Law.

Recent Developments

On October 3, 2022, we invested $1.0 million in common equity of EBL, LLC, which was acquired under a new holding company, FOM Eblens Holdings, LLC (dba Eblens), and became a controlled affiliate investment. In conjunction with the transaction, we amended the terms of our second lien debt investment and committed up to $0.4 million in incremental common equity.

On October 7, 2022, we exited our debt investment in UPG Company, LLC. We received payment in full of $17.0 million on our first lien debt, which included a prepayment fee.

On October 17, 2022, we exited our debt and equity investment in OMC Investors, LLC (dba Ohio Medical Corporation). We received payment in full of $5.2 million on our second lien debt, which included a prepayment fee. We received a distribution on our equity investment for a realized gain of approximately $0.7 million.

On October 31, 2022, our Board declared an incremental supplemental dividend of $0.08 per share and a special dividend of $0.10 per share for the fourth quarter, which are payable on December 16, 2022, to stockholders of record as of December 2, 2022.

On October 31, 2022, we invested $6.0 million in second lien debt of Education Incites, LLC (dba Acceleration Academies), a leading provider of alternative education academies focused on high school dropout recovery throughout the United States.

On November 1, 2022, we issued an additional $5.0 million and $3.0 million in SBA debentures, which will bear interest at fixed interim interest rates of 5.221% and 5.123%, respectively, until the pooling date in March 2023.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including changes in interest rates. Changes in interest rates affect both our cost of funding and the valuation of our investment portfolio. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs. The prices of securities held by us may decline in response to certain events, including those directly involving the companies in which we invest and conditions affecting the general economy, including: the impact of COVID-19 and any new variants of COVID-19; overall market changes, including an increase in market volatility due to COVID-19; legislative reform; local, regional, national or global political, social or economic instability; and interest rate volatility, including the decommissioning of LIBOR and rising interest rates.

In the future, our investment income may also be affected by changes in various interest rates, including the decommissioning of LIBOR and changes in alternate rates and prime rates, to the extent of any debt investments that include floating interest rates. In connection with the COVID-19 pandemic, the U.S. Federal Reserve and other central banks previously reduced certain interest rates and LIBOR has decreased. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR. Most recently, in March 2022, the Federal Reserve raised interest rates by 0.25%, the first increase since December 2018, and since then, has raised interest rates by an additional 2.75% and indicated that it would consider additional rate hikes in response to ongoing inflation concerns. See Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021, such as "Changes in interest rates will affect our cost of capital and net investment income”, “Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies”, and “Changes relating to the discontinuation LIBOR may adversely affect the value of our portfolio of LIBOR-indexed, floating-rate debt securities”.

As of September 30, 2022 and December 31, 2021, 43 and 32 portfolio companies’ debt investments, respectively, bore interest at a variable rate, which represented $538.1 million and $376.0 million of our portfolio on a fair value basis, respectively, and the remainder of our debt portfolio was comprised entirely of fixed rate investments. Our pooled SBA debentures and our Notes bear interest at fixed rates. Our Credit Facility bears interest, at our election, at a rate per annum equal to (a) 2.675% on SOFR loans prior

56

to satisfying certain step-down conditions (or 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans). We pay a commitment fee that varies depending on the size of the unused portion of the Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Credit Facility between the total commitments and the 35% minimum utilization. The credit agreement relating to the Credit Facility contains certain covenants, including a minimum asset coverage ratio of 1.50 to 1.00 (on a regulatory basis) and a senior asset coverage ratio of no less than 2.00 to 1.00. The Credit Facility is secured by a first priority security interest in all of our assets, excluding the assets of our SBIC subsidiaries.

Because we currently borrow, and plan to borrow in the future, money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio.

The following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in our investments and borrowings as of September 30, 2022 (dollars in millions):

			Interest Income			Interest Expense
			Increase			Increase			Net Increase			Net Investment
Basis Point Increase (Decrease)			(Decrease) (1) (2)			(Decrease) (4)			(Decrease)			Income (3)
	(200	)	$	(10.9	)	$	(0.3	)	$	(10.6	)	$	(8.5	)
	(150	)		(8.2	)		(0.3	)		(7.9	)		(6.3	)
	(100	)		(5.5	)		(0.2	)		(5.3	)		(4.2	)
	(50	)		(2.7	)		(0.1	)		(2.6	)		(2.1	)
	50			2.7			0.1			2.6			2.1
	100			5.5			0.2			5.3			4.2
	150			8.2			0.3			7.9			6.3
	200			11.0			0.3			10.7			8.6
	250			13.7			0.4			13.3			10.6
	300			16.4			0.5			15.9			12.7

(1) Certain of our variable rate debt investments have a LIBOR, PRIME or SOFR interest rate floor, which lessens the impact of decreases in interest rates.

(2) Interest income calculated assuming three-month LIBOR, PRIME, and SOFR rate as of September 30, 2022.

(3) Includes the impact of income incentive fee at 20.0% on net increase (decrease) in net interest.

(4) As of September 30, 2022, we did not have any borrowings outstanding under our Credit Facility.

 

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, 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 decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act) as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
 

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the third quarter of 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

57

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

We are not, and the Investment Advisor is not, currently subject to any material legal proceedings.

Item 1A. Risk Factors.

In addition to other information set forth in this report, you should carefully consider the “Risk Factors” discussed in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 3, 2022, which are incorporated herein by reference. The risk factors therein could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

None.

Issuer Purchases of Equity Securities

We have an open market stock repurchase program (the “Stock Repurchase Program”) under which we may acquire up to $5.0 million of our outstanding common stock. Under the Stock Repurchase Program, we may, but are not obligated to, repurchase outstanding common stock in the open market from time to time provided that we comply with the prohibitions under our insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by our management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. On October 31, 2022, the Board extended the Stock Repurchase Program through December 31, 2023, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require us to repurchase any specific number of shares and we cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

None.

58

Item 6. Exhibits.

Number	Exhibit
3.1	Articles of Amendment and Restatement of the Registrant (Filed as Exhibit (a)(1) to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-172550) filed with the U.S. Securities and Exchange Commission on April 29, 2011 and incorporated herein by reference).
3.2	Bylaws of the Registrant (Filed as Exhibit (b)(1) to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-172550) filed with the U.S. Securities and Exchange Commission on April 29, 2011 and incorporated herein by reference).
4.1	Form of Stock Certificate of the Registrant (Filed as Exhibit (d) to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-172550) filed with the U.S. Securities and Exchange Commission on April 29, 2011 and incorporated herein by reference).
4.2	Agreement to Furnish Certain Instruments (Filed as Exhibit (f)(2) to Pre-Effective Amendment No. 3 to the Registrant’s Registration Statement on Form N-2 (File No. 333-172550) filed with the U.S. Securities and Exchange Commission on May 26, 2011 and incorporated herein by reference).
4.3	Form of Indenture (Filed as Exhibit (d)(5) to Post-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-202531) filed with the U.S. Securities and Exchange Commission on April 29, 2016 and incorporated herein by reference).
4.4	Fourth Supplemental Indenture dated as of December 23, 2020 between Fidus Investment Corporation and U.S. Bank National Association, as trustee (Filed as Exhibit 4.1 to the Registrant’s Current report on Form 8-K filed with the U.S. Securities and Exchange Commission on December 23, 2020 and incorporated herein by reference).
4.5	Form of Global Note with respect to the 4.75% Notes due 2026 (Filed as Exhibit 4.1 to the Registrant’s Current report on Form 8-K filed with the U.S. Securities and Exchange Commission on December 23, 2020 and incorporated herein by reference).
4.6	Fifth Supplemental Indenture dated as of October 8, 2021 between Fidus Investment Corporation and U.S. Bank National Association, as trustee (Filed as Exhibit 4.1 to the Registrant’s Current report on Form 8-K filed with the U.S. Securities and Exchange Commission on October 8, 2021 and incorporated herein by reference).
4.7	Form of Global Note with respect to the 3.50% Notes due 2026 (Filed as Exhibit 4.1 to the Registrant’s Current report on Form 8-K filed with the U.S. Securities and Exchange Commission on October 8, 2021 and incorporated herein by reference).
10.1	Amendment No. 2, dated as of August 17, 2022, to the Amended and Restated Senior Secured Revolving Credit Agreement, by and among the Company, the Lenders, and ING Capital LLC, as administrative agent for the Lenders (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on August 23, 2022 and incorporated herein by reference).
31.1	Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document

59

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)*

*Filed herewith.

60

SIGNATURES

Pursuant to the requirements 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.

	FIDUS INVESTMENT CORPORATION
Date: November 3, 2022	/s/ EDWARD H. ROSS
	Edward H. Ross
	Chairman and Chief Executive Officer
	(Principal Executive Officer)
Date: November 3, 2022	/s/ SHELBY E. SHERARD
	Shelby E. Sherard
	Chief Financial Officer (Principal Financial and Accounting Officer)

61

EX-31.1

Exhibit 31.1

Fidus Investment Corporation Chief Executive Officer Certification

Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934,

as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Edward H. Ross, as Chief Executive Officer of Fidus Investment Corporation, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Fidus Investment Corporation;

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(s) 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, including its consolidated subsidiaries, 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(s) 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.

Date: November 3, 2022

/s/ EDWARD H. ROSS

Edward H. Ross

Chairman and Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

Fidus Investment Corporation Chief Financial Officer Certification

Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934,

as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Shelby E. Sherard, as Chief Financial Officer of Fidus Investment Corporation, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Fidus Investment Corporation;

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(s) 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, including its consolidated subsidiaries, 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(s) 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.

Date: November 3, 2022

/s/ SHELBY E. SHERARD

Shelby E. Sherard

Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350,

as adopted pursuant to Section 906 of the Sarbanes-Oxley Act Of 2002

In connection with the Quarterly Report on Form 10-Q of Fidus Investment Corporation (the “Company”) for the quarterly period ended September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edward H. Ross, Chief Executive Officer of the Company, and I, Shelby E. Sherard, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 3, 2022	/s/ EDWARD H. ROSS
	Edward H. Ross
	Chairman and Chief Executive Officer
	(Principal Executive Officer)
	/s/ SHELBY E. SHERARD
	Shelby E. Sherard
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	FDUS
Entity Registrant Name	Fidus Investment Corporation
Entity Central Index Key	0001513363
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		24,437,400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	814-00861
Entity Tax Identification Number	27-5017321
Entity Address, Address Line One	1603 Orrington Avenue, Suite 1005
Entity Address, City or Town	Evanston
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60201
City Area Code	847
Local Phone Number	859-3940
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

XML

Consolidated Statements of Assets and Liabilities (unaudited) - USD ($) $ in Thousands		Sep. 30, 2022		Dec. 31, 2021
ASSETS
Total investments, at fair value		$ 856,914		$ 719,124
Cash and cash equivalents		40,411		169,417
Interest receivable		11,643		8,231
Prepaid expenses and other assets		780		413
Total assets		909,748		897,185
LIABILITIES
SBA debentures, net of deferred financing costs (Note 6)		128,803		103,978
Notes, net of deferred financing costs (Note 6)		245,847		245,016
Borrowings under Credit Facility, net of deferred financing costs (Note 6)		(1,455)		(595)
Secured borrowings		16,995		17,637
Accrued interest and fees payable		3,043		4,668
Base management fee payable, net of base management fee waiver - due to affiliate		3,687		3,135
Income incentive fee payable - due to affiliate		3,047		2,622
Capital gains incentive fee payable - due to affiliate		22,498		29,227
Administration fee payable and other - due to affiliate		559		668
Dividends payable		10,508
Taxes (receivable) payable		315		2,410
Accounts payable and other liabilities		1,514		655
Total liabilities		435,361		409,421
Commitments and contingencies (Note 7)
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 24,437,400 and 24,437,400 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)		24		24
Additional paid-in capital		361,807		361,807
Total distributable earnings		112,556		125,933
Total net assets		474,387		487,764
Total liabilities and net assets		$ 909,748		$ 897,185
Net asset value per common share		$ 19.41		$ 19.96
Control Investments
ASSETS
Total investments, at fair value	[1],[2],[3],[4],[5]			$ 2,151
Affiliate Investments
ASSETS
Total investments, at fair value		$ 95,575	[6],[7],[8],[9],[10]	137,284	[1],[3],[4],[5],[11]
Non-control/Non-affiliate Investments
ASSETS
Total investments, at fair value		$ 761,339	[6],[7],[9],[10]	$ 579,689	[1],[3],[4],[5]

[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

[2] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

[3] Equity ownership may be held in shares or units of companies related to the portfolio companies.

[4] Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.

[5] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

[6] Equity ownership may be held in shares or units of companies related to the portfolio companies.

[7] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

[8] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

[9] Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.

[10] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

[11] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) (unaudited) - USD ($) $ in Thousands	Sep. 30, 2022		Dec. 31, 2021
Investments at cost	$ 827,390		$ 621,786
Common Stock, par value	$ 0.001		$ 0.001
Common Stock, shares authorized	100,000,000		100,000,000
Common Stock, shares issued	24,437,400		24,437,400
Common Stock, shares outstanding	24,437,400		24,437,400
Control Investments
Investments at cost	$ 6,833	[1],[2],[3],[4]	$ 6,833	[5],[6],[7],[8]
Affiliate Investments
Investments at cost	55,823	[1],[2],[4],[9]	55,519	[5],[7],[8],[10]
Non-control/Non-affiliate Investments
Investments at cost	$ 764,734	[1],[2],[4]	$ 559,434	[5],[7],[8]

[1] Equity ownership may be held in shares or units of companies related to the portfolio companies.

[2] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

[3] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

[4] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

[5] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

[6] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

[7] Equity ownership may be held in shares or units of companies related to the portfolio companies.

[8] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

[9] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

[10] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

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Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investment Income:
Total interest income	$ 21,511	$ 17,859	$ 57,965	$ 54,788
Total payment-in-kind interest income	413	1,260	1,327	3,332
Total dividend income	645	457	1,410	1,377
Total fee income	2,415	1,647	5,949	6,841
Interest on idle funds	8	6	12	7
Total investment income	24,992	21,229	66,663	66,345
Expenses:
Interest and financing expenses	4,686	4,662	13,737	14,418
Base management fee	3,763	3,270	10,724	9,661
Incentive fee - income	3,047	2,425	5,283	7,644
Incentive fee (reversal) - capital gains	(258)	4,664	(593)	8,638
Administrative service expenses	480	438	1,412	1,281
Professional fees	339	507	1,546	1,482
Other general and administrative expenses	303	214	719	615
Total expenses before base management fee waiver	12,360	16,180	32,828	43,739
Base management fee waiver	(76)	(69)	(228)	(98)
Total expenses, net of base management fee waiver	12,284	16,111	32,600	43,641
Net investment income before income taxes	12,708	5,118	34,063	22,704
Income tax provision (benefit)	(11)		(2)	32
Net investment income	12,719	5,118	34,065	22,672
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	40,044	8,306	65,220	13,672
Income tax (provision) benefit from realized gains on investments		143	(121)	143
Total net change in unrealized appreciation (depreciation) on investments	(41,282)	15,335	(67,814)	32,019
Net gain (loss) on investments	(1,238)	23,784	(2,715)	45,834
Realized losses on extinguishment of debt	(53)	(460)	(251)	(2,640)
Net increase (decrease) in net assets resulting from operations	$ 11,428	$ 28,442	$ 31,099	$ 65,866
Per common share data:
Net investment income per share-basic	$ 0.52	$ 0.21	$ 1.39	$ 0.93
Net investment income per share-diluted	0.52	0.21	1.39	0.93
Net increase in net assets resulting from operations per share - basic and diluted	0.47	1.16	1.27	2.70
Dividends declared per share	$ 0.86	$ 0.42	$ 1.82	$ 1.19
Weighted average number of shares outstanding - basic	24,437,400	24,437,400	24,437,400	24,437,400
Weighted average number of shares outstanding - diluted	24,437,400	24,437,400	24,437,400	24,437,400
Control Investments
Investment Income:
Total interest income		$ 927		$ 2,495
Total payment-in-kind interest income		724		1,661
Total dividend income				568
Total fee income				400
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	$ 407	(990)	$ 342	(33)
Total net change in unrealized appreciation (depreciation) on investments		1,096	(2,151)	(4,889)
Affiliate Investments
Investment Income:
Total interest income	892	537	2,433	2,096
Total payment-in-kind interest income		86	30	281
Total dividend income			725	110
Total fee income	155	102	452	370
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	24,216	30	39,840	30
Total net change in unrealized appreciation (depreciation) on investments	(21,085)	8,106	(42,013)	24,474
Non-control/Non-affiliate Investments
Investment Income:
Total interest income	20,619	16,395	55,532	50,197
Total payment-in-kind interest income	413	450	1,297	1,390
Total dividend income	645	457	685	699
Total fee income	2,260	1,545	5,497	6,071
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	15,421	9,266	25,038	13,675
Total net change in unrealized appreciation (depreciation) on investments	$ (20,197)	$ 6,133	$ (23,650)	$ 12,434

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Consolidated Statements of Changes in Net Assets (unaudited) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Beginning balance	$ 483,975	$ 486,502	$ 487,764	$ 429,367	$ 413,012	$ 410,760	$ 487,764	$ 410,760
Net investment income	12,719	11,008	10,338	5,118	6,473	11,081	34,065	22,672
Net realized gain (loss) on investments, net of taxes	40,044	18,186	6,869	8,449	2,150	3,216
Net unrealized appreciation (depreciation) on investments	(41,282)	(21,213)	(5,319)	15,335	17,263	(579)
Realized losses on extinguishment of debt	(53)		(198)	(460)		(2,180)	$ (251)	$ (2,640)
Dividends declared	$ (21,016)	(10,508)	(12,952)	$ (10,264)	(9,531)	(9,286)
Ending balance (in Shares)	24,437,400			24,437,400			24,437,400	24,437,400
Ending balance	$ 474,387	$ 483,975	$ 486,502	$ 447,545	$ 429,367	$ 413,012	$ 474,387	$ 447,545
Common Stock
Beginning balance (in Shares)	24,437,400	24,437,400	24,437,400	24,437,400	24,437,400	24,437,400	24,437,400	24,437,400
Beginning balance	$ 24	$ 24	$ 24	$ 24	$ 24	$ 24	$ 24	$ 24
Ending balance (in Shares)	24,437,400	24,437,400	24,437,400	24,437,400	24,437,400	24,437,400	24,437,400	24,437,400
Ending balance	$ 24	$ 24	$ 24	$ 24	$ 24	$ 24	$ 24	$ 24
Additional Paid-in Capital
Beginning balance	361,807	361,807	361,807	363,751	363,751	363,751	361,807	363,751
Ending balance	361,807	361,807	361,807	363,751	363,751	363,751	361,807	363,751
Total Distributable Earnings
Beginning balance	122,144	124,671	125,933	65,592	49,237	46,985	125,933	46,985
Net investment income	12,719	11,008	10,338	5,118	6,473	11,081
Net realized gain (loss) on investments, net of taxes	40,044	18,186	6,869	8,449	2,150	3,216
Net unrealized appreciation (depreciation) on investments	(41,282)	(21,213)	(5,319)	15,335	17,263	(579)
Realized losses on extinguishment of debt	(53)		(198)	(460)		(2,180)
Dividends declared	(21,016)	(10,508)	(12,952)	(10,264)	(9,531)	(9,286)
Ending balance	$ 112,556	$ 122,144	$ 124,671	$ 83,770	$ 65,592	$ 49,237	$ 112,556	$ 83,770

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Consolidated Statements of Cash Flows (unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 31,099	$ 65,866
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Net change in unrealized (appreciation) depreciation on investments	67,814	(32,019)
Net realized (gain) loss on investments	(65,220)	(13,672)
Interest and dividend income paid-in-kind	(1,327)	(3,437)
Accretion of original issue discount	(137)	(734)
Accretion of loan origination fees	(1,094)	(1,832)
Purchase of investments	(267,950)	(245,546)
Proceeds from sales and repayments of investments	128,255	319,036
Proceeds from loan origination fees	1,869	1,949
Realized losses on extinguishment of debt	251	2,640
Amortization of deferred financing costs	1,588	1,655
Changes in operating assets and liabilities:
Interest receivable	(3,412)	(698)
Prepaid expenses and other assets	(367)	(504)
Accrued interest and fees payable	(1,625)	(1,298)
Base management fee payable, net of base management fee waiver - due to affiliate	552	(43)
Income incentive fee payable - due to affiliate	425	(185)
Capital gains incentive fee (reversal) - due to (from) affiliate	(6,729)	8,638
Increase Decrease Administration Fee Payable And Other Due To Affiliate	(109)	(5)
Taxes payable	(2,095)	(1,158)
Accounts payable and other liabilities	859	217
Net Cash Provided by (Used in) Operating Activities, Total	(117,353)	98,870
Cash Flows from Financing Activities:
Proceeds received from SBA debentures	56,000	11,500
Repayments of SBA debentures	(30,000)	(63,500)
Principal payments on Notes		(100,000)
Proceeds received from (repayments of) borrowings under Credit Facility, net		40,000
Proceeds received from (repayments of) Secured Borrowings, net	(642)	17,746
Payment of deferred financing costs	(3,043)	(1,031)
Dividends paid to stockholders, including expenses	(33,968)	(29,081)
Net cash provided by (used for) financing activities	(11,653)	(124,366)
Net increase (decrease) in cash and cash equivalents	(129,006)	(25,496)
Beginning of period	169,417	124,308
End of period	40,411	98,812
Supplemental information and non-cash activities:
Cash payments for interest	13,774	14,061
Cash payments for taxes, net of tax refunds received	2,214	$ 1,047
Dividends payable	$ 10,508

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Consolidated Schedule of Investments (unaudited) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2022		Dec. 31, 2021
Cost		$ 827,390		$ 621,786
Fair Value		$ 856,914		$ 719,124
Percent of Net Assets		180.60%		147.40%
Cost	[1],[2],[3]	$ 857,574
Fair Value	[1],[2],[3],[4]	$ 887,098
Percent of Net Assets	[1],[2],[3]	187.00%
Total Investments
Cost		$ 827,390	[1],[2],[3]	$ 621,786	[5],[6],[7]
Fair Value		$ 856,914	[1],[2],[3],[4]	$ 719,124	[5],[6],[7],[8]
Percent of Net Assets		181.00%	[1],[2],[3]	147.00%	[5],[6],[7]
Money Market Funds
Cost	[1],[2],[3]	$ 30,184
Fair Value	[1],[2],[3],[4]	$ 30,184
Percentage of Net Assets	[1],[2],[3]	6.00%
Money Market Funds | Goldman Sachs Financial Square Treasury Obligation Institution CUSIP (38141W323)
Cost	[1],[2],[3],[9]	$ 30,184
Fair Value	[1],[2],[3],[4],[9]	$ 30,184
Percentage of Net Assets	[1],[2],[3],[9]	6.00%
Control Investments
Cost		$ 6,833	[1],[2],[3],[10]	$ 6,833	[5],[6],[7],[11]
Fair Value	[5],[6],[7],[8],[11]			$ 2,151
Percent of Net Assets		0.00%	[1],[2],[3],[10]	0.00%	[5],[6],[7],[11]
Control Investments | Hilco Plastics Holdings, LLC (dba Hilco Technologies) | Component Manufacturing | Common Equity (Units N/A)
Investment Date		Apr. 06, 2021	[1],[2],[3],[10],[12],[13],[14]	Apr. 06, 2021	[5],[6],[7],[11],[15],[16]
Percent of Net Assets		0.00%	[1],[2],[3],[10],[12],[14]	0.00%	[5],[6],[7],[11],[16]
Control Investments | Mesa Line Services, LLC | Utilities: Services | Common Equity (10 shares)
Investment Date		Apr. 22, 2021	[1],[2],[3],[10],[12],[13],[14]	Apr. 22, 2021	[5],[6],[7],[11],[15],[16],[17]
Fair Value	[5],[6],[7],[8],[11],[16],[17]			$ 2,151
Percent of Net Assets		0.00%	[1],[2],[3],[10],[12],[14]	0.00%	[5],[6],[7],[11],[16],[17]
Control Investments | US GreenFiber, LLC | Building Products Manufacturing
Cost		$ 6,833	[1],[2],[3],[10],[12]	$ 6,833	[5],[6],[7],[11],[16]
Percent of Net Assets		0.00%	[1],[2],[3],[10],[12]	0.00%	[5],[6],[7],[11],[16]
Control Investments | US GreenFiber, LLC | Building Products Manufacturing | Second Lien Debt
Investment interest rate, Cash		10.00%	[1],[2],[3],[10],[12],[14],[18],[19]	10.00%	[5],[6],[7],[11],[16],[17],[20],[21]
Investment interest rate, PIK		3.00%	[1],[2],[3],[10],[12],[14],[18],[19]	3.00%	[5],[6],[7],[11],[16],[17],[20],[21]
Investment Date		Jul. 03, 2014	[1],[2],[3],[10],[12],[13],[14],[18]	Jul. 03, 2014	[5],[6],[7],[11],[15],[16],[17],[20]
Maturity		Aug. 30, 2024	[1],[2],[3],[10],[12],[14],[18]	Aug. 30, 2024	[5],[6],[7],[11],[16],[17],[20]
Principal Amount		$ 5,226	[1],[2],[3],[10],[12],[14],[18]	$ 5,226	[5],[6],[7],[11],[16],[17],[20]
Cost		$ 5,223	[1],[2],[3],[10],[12],[14],[18]	$ 5,223	[5],[6],[7],[11],[16],[17],[20]
Control Investments | US GreenFiber, LLC | Building Products Manufacturing | Common Equity (2,522 units)
Investment Date		Jul. 03, 2014	[1],[2],[3],[10],[12],[13],[14],[22]	Jul. 03, 2014	[5],[6],[7],[11],[15],[16],[17],[23]
Cost		$ 586	[1],[2],[3],[10],[12],[14],[22]	$ 586	[5],[6],[7],[16],[17],[23],[24]
Control Investments | US GreenFiber, LLC | Building Products Manufacturing | Common Equity (425,508 units)
Investment Date		Aug. 30, 2019	[1],[2],[3],[10],[12],[13],[14]	Aug. 30, 2019	[5],[6],[7],[11],[15],[16],[17]
Cost		$ 1	[1],[2],[3],[10],[12],[14]	$ 1	[5],[6],[7],[11],[16],[17]
Control Investments | US GreenFiber, LLC | Building Products Manufacturing | Common Equity (1,022,813 units)
Investment Date		Jul. 01, 2020	[1],[2],[3],[10],[12],[13],[14],[22]	Jul. 01, 2020	[5],[6],[7],[11],[15],[16],[17],[23]
Cost		$ 1,023	[1],[2],[3],[10],[12],[14],[22]	$ 1,023	[5],[6],[7],[11],[16],[17],[23]
Affiliate Investments
Cost		55,823	[1],[2],[3],[25]	55,519	[5],[6],[7],[24]
Fair Value		$ 95,575	[1],[2],[3],[4],[25]	$ 137,284	[5],[6],[7],[8],[24]
Percent of Net Assets		20.00%	[1],[2],[3],[25]	28.00%	[5],[6],[7],[24]
Affiliate Investments | Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Building Products Manufacturing
Cost		$ 22,405	[1],[2],[3],[25]	$ 22,405	[5],[6],[7],[24]
Fair Value		$ 21,620	[1],[2],[3],[4],[25]	$ 22,405	[5],[6],[7],[8],[24]
Percent of Net Assets		4.00%	[1],[2],[3],[25]	4.00%	[5],[6],[7],[24]
Affiliate Investments | Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Building Products Manufacturing | Subordinated Debt
Investment interest rate, Cash		10.00%	[1],[2],[3],[14],[19],[25]	5.00%	[5],[6],[7],[17],[21],[24]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[25]	5.00%	[5],[6],[7],[17],[21],[24]
Investment Date		Dec. 31, 2021	[1],[2],[3],[13],[14],[25]	Dec. 31, 2021	[5],[6],[7],[15],[17],[24]
Maturity		Dec. 31, 2027	[1],[2],[3],[14],[25]	Dec. 31, 2027	[5],[6],[7],[17],[24]
Principal Amount		$ 9,602	[1],[2],[3],[14],[25]	$ 9,602	[5],[6],[7],[17],[24]
Cost		9,602	[1],[2],[3],[14],[25]	9,602	[5],[6],[7],[17],[24]
Fair Value		$ 9,602	[1],[2],[3],[4],[14],[25]	$ 9,602	[5],[6],[7],[8],[17],[24]
Affiliate Investments | Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Building Products Manufacturing | Common Equity (5,690units)
Investment Date		Dec. 31, 2021	[1],[2],[3],[13],[14],[22],[25]	Dec. 31, 2021	[5],[6],[7],[15],[17],[24]
Cost		$ 5,690	[1],[2],[3],[14],[22],[25]	$ 5,690	[5],[6],[7],[17],[24]
Fair Value		$ 5,341	[1],[2],[3],[4],[14],[22],[25]	$ 5,690	[5],[6],[7],[8],[17],[24]
Affiliate Investments | Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Building Products Manufacturing | Common Equity (7,113 units)
Investment Date		Dec. 31, 2021	[1],[2],[3],[13],[14],[22],[25]	Dec. 31, 2021	[5],[6],[7],[15],[17],[24]
Cost		$ 7,113	[1],[2],[3],[14],[22],[25]	$ 7,113	[5],[6],[7],[17],[24]
Fair Value		$ 6,677	[1],[2],[3],[4],[14],[22],[25]	$ 7,113	[5],[6],[7],[8],[17],[24]
Affiliate Investments | Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Building Products Manufacturing | Common Equity (2,012units)
Investment Date		Dec. 31, 2021	[1],[2],[3],[13],[14],[22],[25]	Dec. 31, 2021	[5],[6],[7],[15],[17],[24]
Affiliate Investments | FAR Research Inc. | Specialty Chemicals | Common Equity (1,396 units)
Investment Date		Mar. 31, 2014	[1],[2],[3],[12],[13],[25]	Mar. 31, 2014	[5],[6],[7],[15],[16],[24]
Fair Value		$ 28	[1],[2],[3],[4],[12],[25]	$ 28	[5],[6],[7],[8],[16],[24]
Percent of Net Assets		0.00%	[1],[2],[3],[12],[25]	0.00%	[5],[6],[7],[16],[24]
Affiliate Investments | Medsurant Holdings, LLC | Healthcare Services
Cost		$ 2,974	[1],[2],[3],[25]	$ 2,974	[5],[6],[7],[24]
Fair Value		$ 2,542	[1],[2],[3],[4],[25]	$ 3,662	[5],[6],[7],[8],[24]
Percent of Net Assets		1.00%	[1],[2],[3],[25]	1.00%	[5],[6],[7],[24]
Affiliate Investments | Medsurant Holdings, LLC | Healthcare Services | Preferred Equity (84,997 units)
Investment Date		Apr. 12, 2011	[1],[2],[3],[13],[14],[22],[25]	Apr. 12, 2011	[5],[6],[7],[15],[17],[23],[24]
Cost		$ 716	[1],[2],[3],[14],[22],[25]	$ 716	[5],[6],[7],[17],[23],[24]
Fair Value		$ 595	[1],[2],[3],[4],[14],[22],[25]	$ 833	[5],[6],[7],[8],[17],[23],[24]
Affiliate Investments | Medsurant Holdings, LLC | Healthcare Services | Warrant (252,588 units)
Investment Date		Apr. 12, 2011	[1],[2],[3],[13],[14],[22],[25],[26]	Apr. 12, 2011	[5],[6],[7],[15],[17],[23],[24],[27]
Cost		$ 2,258	[1],[2],[3],[14],[22],[25],[26]	$ 2,258	[5],[6],[7],[17],[23],[24],[27]
Fair Value		$ 1,947	[1],[2],[3],[4],[14],[22],[25],[26]	2,829	[5],[6],[7],[8],[17],[23],[24],[27]
Affiliate Investments | Mirage Trailers LLC | Utility Equipment Manufacturing
Cost	[5],[6],[7],[24]			8,981
Fair Value	[5],[6],[7],[8],[24]			$ 10,675
Percent of Net Assets	[5],[6],[7],[24]			2.00%
Affiliate Investments | Mirage Trailers LLC | Utility Equipment Manufacturing | Second Lien Debt
Variable Index Floor	[5],[6],[7],[24],[28],[29]			1.00%
Investment interest rate, Cash	[5],[6],[7],[21],[24],[28]			11.00%
Investment interest rate, PIK	[5],[6],[7],[21],[24],[28]			5.00%
Investment Date	[5],[6],[7],[15],[24],[28]			Nov. 25, 2015
Maturity	[5],[6],[7],[24],[28]			Apr. 30, 2022
Principal Amount	[5],[6],[7],[24],[28]			$ 6,705
Cost	[5],[6],[7],[24],[28]			6,793
Fair Value	[5],[6],[7],[8],[24],[28]			$ 6,705
Affiliate Investments | Mirage Trailers LLC | Utility Equipment Manufacturing | Second Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[24],[28],[29]			10.00%
Affiliate Investments | Mirage Trailers LLC | Utility Equipment Manufacturing | Common Equity (2,500,000 shares)
Investment Date		Nov. 25, 2015	[1],[2],[3],[12],[13],[25]	Nov. 25, 2015	[5],[6],[7],[15],[24]
Cost	[5],[6],[7],[24]			$ 2,188
Fair Value	[5],[6],[7],[8],[24]			$ 3,970
Percent of Net Assets	[1],[2],[3],[12],[25]	0.00%
Affiliate Investments | Pfanstiehl, Inc | Healthcare Products
Cost	[1],[2],[3],[25]	$ 10,207
Fair Value	[1],[2],[3],[4],[25]	$ 51,796
Percent of Net Assets	[1],[2],[3],[25]	11.00%
Affiliate Investments | Pfanstiehl, Inc | Healthcare Products | Subordinated Debt
Investment interest rate, Cash	[1],[2],[3],[14],[19],[25]	10.00%
Investment interest rate, PIK	[1],[2],[3],[14],[19],[25]	0.00%
Investment Date	[1],[2],[3],[13],[14],[25]	Aug. 02, 2022
Maturity	[1],[2],[3],[14],[25]	Aug. 02, 2027
Principal Amount	[1],[2],[3],[14],[25]	$ 10,000
Cost	[1],[2],[3],[14],[25]	9,952
Fair Value	[1],[2],[3],[4],[14],[25]	$ 9,951
Affiliate Investments | Pfanstiehl, Inc | Healthcare Products | Common Equity (4,250 units)
Investment Date	[5],[6],[7],[15],[17],[24]			Mar. 29, 2013
Cost	[5],[6],[7],[17],[24]			$ 425
Fair Value	[5],[6],[7],[8],[17],[24]			$ 57,639
Percent of Net Assets	[5],[6],[7],[17],[24]			12.00%
Affiliate Investments | Pfanstiehl, Inc | Healthcare Products | Common Equity (2,550 units)
Investment Date	[1],[2],[3],[13],[14],[25]	Mar. 29, 2013
Cost	[1],[2],[3],[14],[25]	$ 255
Fair Value	[1],[2],[3],[4],[14],[25]	41,845
Affiliate Investments | Pinnergy, Ltd. | Oil & Gas Services | Common Equity - Class A-2 (42,500 units)
Investment Date	[5],[6],[7],[15],[17],[24]			Oct. 13, 2016
Cost	[5],[6],[7],[17],[24]			$ 3,000
Fair Value	[5],[6],[7],[8],[17],[24]			$ 21,178
Percent of Net Assets	[5],[6],[7],[17],[24]			4.00%
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing
Cost		19,237	[1],[2],[3],[25]	$ 16,734	[5],[6],[7],[24]
Fair Value		$ 15,928	[1],[2],[3],[4],[25]	$ 18,359	[5],[6],[7],[8],[24]
Percent of Net Assets		3.00%	[1],[2],[3],[25]	4.00%	[5],[6],[7],[24]
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | First Lien Debt
Variable Index Floor		1.00%	[1],[2],[3],[25],[30],[31],[32]	1.00%	[5],[6],[7],[24],[28],[29],[33]
Investment interest rate, Cash		9.17%	[1],[2],[3],[19],[25],[30],[31]	6.50%	[5],[6],[7],[21],[24],[28],[33]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[25],[30],[31]	0.00%	[5],[6],[7],[21],[24],[28],[33]
Investment Date		Feb. 12, 2021	[1],[2],[3],[13],[25],[30],[31]	Feb. 12, 2021	[5],[6],[7],[15],[24],[28],[33]
Maturity		Feb. 11, 2026	[1],[2],[3],[25],[30],[31]	Feb. 11, 2026	[5],[6],[7],[24],[28],[33]
Principal Amount		$ 15,000	[1],[2],[3],[25],[30],[31]	$ 13,000	[5],[6],[7],[24],[28],[33]
Cost		14,926	[1],[2],[3],[25],[30],[31]	12,921	[5],[6],[7],[24],[28],[33]
Fair Value		$ 15,000	[1],[2],[3],[4],[25],[30],[31]	$ 13,000	[5],[6],[7],[8],[24],[28],[33]
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | First Lien Debt | LIBOR
Variable Index Spread		5.50%	[1],[2],[3],[25],[30],[31],[32]	5.50%	[5],[6],[7],[24],[28],[29],[33]
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | Common Equity (41,290 units)
Investment Date		Feb. 12, 2021	[1],[2],[3],[13],[14],[25]	Feb. 12, 2021	[5],[6],[7],[15],[17],[24]
Cost		$ 2,609	[1],[2],[3],[14],[25]	$ 2,609	[5],[6],[7],[17],[24]
Fair Value	[5],[6],[7],[8],[17],[24]			$ 4,129
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | Common Equity (12,035 units)
Investment Date		Aug. 25, 2021	[1],[2],[3],[13],[14],[25]	Aug. 25, 2021	[5],[6],[7],[15],[17],[24]
Cost		$ 1,204	[1],[2],[3],[14],[25]	$ 1,204	[5],[6],[7],[17],[24]
Fair Value		$ 456	[1],[2],[3],[4],[14],[25]	$ 1,230	[5],[6],[7],[8],[17],[24]
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | Common Equity (3,810 units)
Investment Date	[1],[2],[3],[13],[14],[25]	Sep. 16, 2022
Cost	[1],[2],[3],[14],[25]	$ 386
Fair Value	[1],[2],[3],[4],[14],[25]	$ 365
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | Common Equity (1,111 units)
Investment Date	[1],[2],[3],[13],[14],[25]	Sep. 16, 2022
Cost	[1],[2],[3],[14],[25]	$ 112
Fair Value	[1],[2],[3],[4],[14],[25]	$ 107
Affiliate Investments | Steward Holding LLC (dba Steward Advanced Materials) | Aerospace & Defense Manufacturing | Common Equity (1,000,000 units)
Investment Date		Nov. 12, 2015	[1],[2],[3],[13],[25]	Nov. 12, 2015	[5],[6],[7],[15],[24]
Cost		$ 1,000	[1],[2],[3],[25]	$ 1,000	[5],[6],[7],[24]
Fair Value		$ 3,661	[1],[2],[3],[4],[25]	$ 3,338	[5],[6],[7],[8],[24]
Percent of Net Assets		1.00%	[1],[2],[3],[25]	1.00%	[5],[6],[7],[24]
Non-control/Non-affiliate Investments
Cost		$ 764,734	[1],[2],[3]	$ 559,434	[5],[6],[7]
Fair Value		$ 761,339	[1],[2],[3],[4]	$ 579,689	[5],[6],[7],[8]
Percent of Net Assets		160.00%	[1],[2],[3]	119.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | 2KDirect, Inc. (dba iPromote) | Information Technology Services
Cost		$ 16,176	[1],[2],[3]	$ 17,816	[5],[6],[7]
Fair Value		$ 15,785	[1],[2],[3],[4]	$ 17,700	[5],[6],[7],[8]
Percent of Net Assets		3.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | 2KDirect, Inc. (dba iPromote) | Information Technology Services | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[31],[32],[34]	0.50%	[5],[6],[7],[28],[29]
Investment interest rate, Cash		10.35%	[1],[2],[3],[19],[31],[34]	7.25%	[5],[6],[7],[21],[28]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[31],[34]	0.00%	[5],[6],[7],[21],[28]
Investment Date		Jun. 25, 2021	[1],[2],[3],[13],[31],[34]	Jun. 25, 2021	[5],[6],[7],[15],[28]
Maturity		Jun. 25, 2026	[1],[2],[3],[31],[34]	Jun. 25, 2026	[5],[6],[7],[28]
Principal Amount		$ 11,655	[1],[2],[3],[31],[34]	$ 12,919	[5],[6],[7],[28]
Cost		11,590	[1],[2],[3],[31],[34]	12,841	[5],[6],[7],[28]
Fair Value		$ 11,655	[1],[2],[3],[4],[31],[34]	$ 12,919	[5],[6],[7],[8],[28]
Non-control/Non-affiliate Investments | 2KDirect, Inc. (dba iPromote) | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread		6.75%	[1],[2],[3],[31],[32],[34]	6.75%	[5],[6],[7],[28],[29]
Non-control/Non-affiliate Investments | 2KDirect, Inc. (dba iPromote) | Information Technology Services | Common Equity (1,000,000 units)
Investment Date		Jun. 25, 2021	[1],[2],[3],[13]	Jun. 25, 2021	[5],[6],[7],[15]
Cost		$ 1,000	[1],[2],[3]	$ 1,000	[5],[6],[7]
Fair Value		$ 544	[1],[2],[3],[4]	$ 806	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | 2KDirect, Inc. (dba iPromote) | Information Technology Services | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[14],[32],[35]	0.50%	[5],[6],[7],[17],[29],[36]
Investment interest rate, Cash		7.10%	[1],[2],[3],[14],[19],[35]	7.25%	[5],[6],[7],[17],[21],[36]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[35]	0.00%	[5],[6],[7],[17],[21],[36]
Investment Date		Jul. 30, 2021	[1],[2],[3],[13],[14],[35]	Jul. 30, 2021	[5],[6],[7],[15],[17],[36]
Maturity		Jun. 25, 2026	[1],[2],[3],[14],[35]	Jun. 25, 2026	[5],[6],[7],[17],[36]
Principal Amount		$ 3,586	[1],[2],[3],[14],[35]	$ 3,975	[5],[6],[7],[17],[36]
Cost		3,586	[1],[2],[3],[14],[35]	3,975	[5],[6],[7],[17],[36]
Fair Value		$ 3,586	[1],[2],[3],[4],[14],[35]	$ 3,975	[5],[6],[7],[8],[17],[36]
Non-control/Non-affiliate Investments | 2KDirect, Inc. (dba iPromote) | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread		6.75%	[1],[2],[3],[14],[32],[35]	6.75%	[5],[6],[7],[17],[29],[36]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services
Cost		$ 18,521	[1],[2],[3]	$ 18,421	[5],[6],[7]
Fair Value		$ 18,319	[1],[2],[3],[4]	$ 18,421	[5],[6],[7],[8]
Percent of Net Assets		4.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[14],[32]	0.50%	[5],[6],[7],[17],[29]
Investment interest rate, Cash		10.03%	[1],[2],[3],[14],[19]	8.25%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19]	0.00%	[5],[6],[7],[17],[21]
Investment Date		Oct. 06, 2021	[1],[2],[3],[13],[14]	Oct. 06, 2021	[5],[6],[7],[15],[17]
Maturity		Oct. 06, 2026	[1],[2],[3],[14]	Oct. 06, 2026	[5],[6],[7],[17]
Principal Amount		$ 5,500	[1],[2],[3],[14]	$ 5,500	[5],[6],[7],[17]
Cost		5,487	[1],[2],[3],[14]	5,485	[5],[6],[7],[17]
Fair Value		$ 5,404	[1],[2],[3],[4],[14]	$ 5,485	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread		7.75%	[1],[2],[3],[14],[32]	7.75%	[5],[6],[7],[17],[29]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[14],[32]	0.50%	[5],[6],[7],[17],[29]
Investment interest rate, Cash		10.03%	[1],[2],[3],[14],[19]	8.25%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19]	0.00%	[5],[6],[7],[17],[21]
Investment Date		Oct. 06, 2021	[1],[2],[3],[13],[14]	Oct. 06, 2021	[5],[6],[7],[15],[17]
Maturity		Oct. 06, 2026	[1],[2],[3],[14]	Oct. 06, 2026	[5],[6],[7],[17]
Principal Amount		$ 12,500	[1],[2],[3],[14]	$ 12,500	[5],[6],[7],[17]
Cost		12,446	[1],[2],[3],[14]	12,436	[5],[6],[7],[17]
Fair Value		$ 12,243	[1],[2],[3],[4],[14]	$ 12,436	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread		7.75%	[1],[2],[3],[14],[32]	7.75%	[5],[6],[7],[17],[29]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | Revolving Loan ($1,000 unfunded commitment)
Variable Index Floor	[1],[2],[3],[14],[32],[37]	0.50%
Investment Date		Oct. 06, 2021	[1],[2],[3],[13],[14],[37]	Oct. 06, 2021	[5],[6],[7],[15],[17],[38]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | Revolving Loan ($1,000 unfunded commitment) | LIBOR
Variable Index Spread	[1],[2],[3],[14],[32],[37]	7.50%
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | Common Equity (500,000 shares)
Investment Date		Oct. 06, 2021	[1],[2],[3],[13],[14]	Oct. 06, 2021	[5],[6],[7],[15],[17]
Cost		$ 371	[1],[2],[3],[14]	$ 371	[5],[6],[7],[17]
Fair Value		$ 407	[1],[2],[3],[4],[14]	$ 371	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | Warrant (150,000 shares)
Investment Date		Oct. 06, 2021	[1],[2],[3],[13],[14],[26]	Oct. 06, 2021	[5],[6],[7],[15],[17],[27]
Cost		$ 129	[1],[2],[3],[14],[26]	$ 129	[5],[6],[7],[17],[27]
Fair Value		$ 122	[1],[2],[3],[4],[14],[26]	129	[5],[6],[7],[8],[17],[27]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | Preferred Equity (77,016 shares)
Investment Date	[1],[2],[3],[13],[14]	Sep. 26, 2022
Cost	[1],[2],[3],[14]	$ 88
Fair Value	[1],[2],[3],[4],[14]	143
Non-control/Non-affiliate Investments | Aeronix Inc. | Aerospace & Defense Manufacturing
Cost		14,772	[1],[2],[3]	14,665	[5],[6],[7]
Fair Value		$ 14,754	[1],[2],[3],[4]	$ 14,992	[5],[6],[7],[8]
Percent of Net Assets		3.00%	[1],[2],[3]	3.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Aeronix Inc. | Aerospace & Defense Manufacturing | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[32],[39]	0.50%	[5],[6],[7],[29],[40]
Investment interest rate, Cash		9.55%	[1],[2],[3],[19],[39]	6.38%	[5],[6],[7],[21],[40]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[39]	0.00%	[5],[6],[7],[21],[40]
Investment Date		Jun. 11, 2021	[1],[2],[3],[13],[39]	Jun. 11, 2021	[5],[6],[7],[15],[40]
Maturity		Jun. 11, 2026	[1],[2],[3],[39]	Jun. 11, 2026	[5],[6],[7],[40]
Principal Amount		$ 14,250	[1],[2],[3],[39]	$ 14,250	[5],[6],[7],[40]
Cost		14,179	[1],[2],[3],[39]	14,165	[5],[6],[7],[40]
Fair Value		$ 14,250	[1],[2],[3],[4],[39]	$ 14,250	[5],[6],[7],[8],[40]
Non-control/Non-affiliate Investments | Aeronix Inc. | Aerospace & Defense Manufacturing | First Lien Debt | LIBOR
Variable Index Spread		5.88%	[1],[2],[3],[32],[39]	5.88%	[5],[6],[7],[29],[40]
Non-control/Non-affiliate Investments | Aeronix Inc. | Aerospace & Defense Manufacturing | Common Equity (500 units)
Investment Date	[5],[6],[7],[15]			Jun. 11, 2021
Cost	[5],[6],[7]			$ 500
Fair Value	[5],[6],[7],[8]			742
Non-control/Non-affiliate Investments | Aeronix Inc. | Aerospace & Defense Manufacturing | Common Equity (549 units)
Investment Date	[1],[2],[3],[13]	Jun. 11, 2021
Cost	[1],[2],[3]	$ 593
Fair Value	[1],[2],[3],[4]	504
Non-control/Non-affiliate Investments | Allredi, LLC (fka Marco Group International OpCo, LLC) | Industrial Cleaning & Coatings
Cost		10,983	[1],[2],[3]	10,848	[5],[6],[7]
Fair Value		$ 8,009	[1],[2],[3],[4]	$ 8,548	[5],[6],[7],[8]
Percent of Net Assets		2.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Allredi, LLC (fka Marco Group International OpCo, LLC) | Industrial Cleaning & Coatings | Second Lien Debt
Investment interest rate, Cash		10.50%	[1],[2],[3],[19]	10.50%	[5],[6],[7],[21]
Investment interest rate, PIK		1.75%	[1],[2],[3],[19]	1.75%	[5],[6],[7],[21]
Investment Date		Mar. 02, 2020	[1],[2],[3],[13]	Mar. 02, 2020	[5],[6],[7],[15]
Maturity		Sep. 02, 2026	[1],[2],[3]	Sep. 02, 2026	[5],[6],[7]
Principal Amount		$ 10,384	[1],[2],[3]	$ 10,260	[5],[6],[7]
Cost		10,324	[1],[2],[3]	10,189	[5],[6],[7]
Fair Value		$ 7,972	[1],[2],[3],[4]	$ 8,317	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | Allredi, LLC (fka Marco Group International OpCo, LLC) | Industrial Cleaning & Coatings | Common Equity (570,636 units)
Investment Date		Jul. 21, 2017	[1],[2],[3],[13],[14],[22]	Jul. 21, 2017	[5],[6],[7],[15],[17],[23]
Cost		$ 637	[1],[2],[3],[14],[22]	$ 637	[5],[6],[7],[17],[23]
Fair Value	[5],[6],[7],[8],[17],[23]			$ 166
Non-control/Non-affiliate Investments | Allredi, LLC (fka Marco Group International OpCo, LLC) | Industrial Cleaning & Coatings | Common Equity (39,443 units)
Investment Date		Nov. 24, 2021	[1],[2],[3],[13],[14],[22]	Nov. 24, 2021	[5],[6],[7],[15],[17],[23]
Cost		$ 22	[1],[2],[3],[14],[22]	$ 22	[5],[6],[7],[17],[23]
Fair Value		37	[1],[2],[3],[4],[14],[22]	65	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries
Cost		21,666	[1],[2],[3]	21,629	[5],[6],[7]
Fair Value		$ 21,571	[1],[2],[3],[4]	$ 21,462	[5],[6],[7],[8]
Percent of Net Assets		5.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | First Lien Debt
Variable Index Floor		1.00%	[1],[2],[3],[14],[32],[41]	1.00%	[5],[6],[7],[17],[29],[40]
Investment interest rate, Cash		8.40%	[1],[2],[3],[14],[19],[41]	7.15%	[5],[6],[7],[17],[21],[40]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[41]	0.00%	[5],[6],[7],[17],[21],[40]
Investment Date		Jun. 28, 2021	[1],[2],[3],[13],[14],[41]	Jun. 28, 2021	[5],[6],[7],[15],[17],[40]
Maturity		Jun. 28, 2026	[1],[2],[3],[14],[41]	Jun. 28, 2026	[5],[6],[7],[17],[40]
Principal Amount		$ 20,500	[1],[2],[3],[14],[41]	$ 20,500	[5],[6],[7],[17],[40]
Cost		20,318	[1],[2],[3],[14],[41]	20,281	[5],[6],[7],[17],[40]
Fair Value		$ 20,500	[1],[2],[3],[4],[14],[41]	$ 20,281	[5],[6],[7],[8],[17],[40]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | First Lien Debt | LIBOR
Variable Index Spread		6.15%	[1],[2],[3],[14],[32],[41]	6.15%	[5],[6],[7],[17],[29],[40]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | First Lien Debt
Variable Index Floor		1.00%	[1],[2],[3],[14],[32],[42]	1.00%	[5],[6],[7],[17],[29],[43]
Investment interest rate, Cash		6.00%	[1],[2],[3],[14],[19],[42]	4.75%	[5],[6],[7],[17],[21],[43]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[42]	0.00%	[5],[6],[7],[17],[21],[43]
Investment Date		Jun. 28, 2021	[1],[2],[3],[13],[14],[42]	Jun. 28, 2021	[5],[6],[7],[15],[17],[43]
Maturity		Jun. 28, 2026	[1],[2],[3],[14],[42]	Dec. 31, 2022	[5],[6],[7],[17],[43]
Principal Amount		$ 330	[1],[2],[3],[14],[42]	$ 330	[5],[6],[7],[17],[43]
Cost		330	[1],[2],[3],[14],[42]	330	[5],[6],[7],[17],[43]
Fair Value		$ 330	[1],[2],[3],[4],[14],[42]	$ 330	[5],[6],[7],[8],[17],[43]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | First Lien Debt | LIBOR
Variable Index Spread		3.75%	[1],[2],[3],[14],[32],[42]	3.75%	[5],[6],[7],[17],[29],[43]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | Preferred Equity (500 units)
Investment Date		May 31, 2018	[1],[2],[3],[13],[14],[22]	May 31, 2018	[5],[6],[7],[15],[17],[23]
Cost		$ 500	[1],[2],[3],[14],[22]	$ 500	[5],[6],[7],[17],[23]
Fair Value		$ 393	[1],[2],[3],[4],[14],[22]	$ 439	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | Preferred Equity (207 units)
Investment Date		Aug. 06, 2019	[1],[2],[3],[13],[14],[22]	Aug. 06, 2019	[5],[6],[7],[15],[17],[23]
Cost		$ 250	[1],[2],[3],[14],[22]	$ 250	[5],[6],[7],[17],[23]
Fair Value		$ 168	[1],[2],[3],[4],[14],[22]	$ 187	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | Preferred Equity (141 units)
Investment Date		Nov. 02, 2020	[1],[2],[3],[13],[14],[22]	Nov. 02, 2020	[5],[6],[7],[15],[17],[23]
Cost		$ 171	[1],[2],[3],[14],[22]	$ 171	[5],[6],[7],[17],[23]
Fair Value		$ 115	[1],[2],[3],[4],[14],[22]	$ 128	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | Preferred Equity (74 units)
Investment Date		Dec. 29, 2021	[1],[2],[3],[13],[14],[22]	Dec. 29, 2021	[5],[6],[7],[15],[17],[23]
Cost		$ 97	[1],[2],[3],[14],[22]	$ 97	[5],[6],[7],[17],[23]
Fair Value		65	[1],[2],[3],[4],[14],[22]	97	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | AmeriWater, LLC | Component Manufacturing
Cost	[1],[2],[3]	10,728
Fair Value	[1],[2],[3],[4]	$ 10,727
Percent of Net Assets	[1],[2],[3]	2.00%
Non-control/Non-affiliate Investments | AmeriWater, LLC | Component Manufacturing | Subordinated Debt
Investment interest rate, Cash	[1],[2],[3],[14],[19]	7.00%
Investment interest rate, PIK	[1],[2],[3],[14],[19]	7.00%
Investment Date	[1],[2],[3],[13],[14]	Jul. 08, 2022
Maturity	[1],[2],[3],[14]	Jan. 08, 2028
Principal Amount	[1],[2],[3],[14]	$ 2,033
Cost	[1],[2],[3],[14]	2,023
Fair Value	[1],[2],[3],[4],[14]	$ 2,023
Non-control/Non-affiliate Investments | AmeriWater, LLC | Component Manufacturing | First Lien Debt
Variable Index Floor	[1],[2],[3],[32],[44]	1.00%
Investment interest rate, Cash	[1],[2],[3],[19],[44]	8.42%
Investment interest rate, PIK	[1],[2],[3],[19],[44]	0.00%
Investment Date	[1],[2],[3],[13],[44]	Jul. 08, 2022
Maturity	[1],[2],[3],[44]	Jul. 08, 2027
Principal Amount	[1],[2],[3],[44]	$ 7,750
Cost	[1],[2],[3],[44]	7,705
Fair Value	[1],[2],[3],[4],[44]	$ 7,704
Non-control/Non-affiliate Investments | AmeriWater, LLC | Component Manufacturing | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[32],[44]	6.25%
Non-control/Non-affiliate Investments | AmeriWater, LLC | Component Manufacturing | Common Equity (1,000 units)
Investment Date	[1],[2],[3],[13],[14],[22]	Jul. 08, 2022
Cost	[1],[2],[3],[14],[22]	$ 1,000
Fair Value	[1],[2],[3],[4],[14],[22]	1,000
Non-control/Non-affiliate Investments | AOM Intermediate Holdco, LLC (dba AllOver Media) | Information Technology Services
Cost	[1],[2],[3]	10,685
Fair Value	[1],[2],[3],[4]	$ 10,799
Percent of Net Assets	[1],[2],[3]	2.00%
Non-control/Non-affiliate Investments | AOM Intermediate Holdco, LLC (dba AllOver Media) | Information Technology Services | First Lien Debt
Variable Index Floor	[1],[2],[3],[32],[45]	0.75%
Investment interest rate, Cash	[1],[2],[3],[19],[45]	8.83%
Investment interest rate, PIK	[1],[2],[3],[19],[45]	0.00%
Investment Date	[1],[2],[3],[13],[45]	Feb. 01, 2022
Maturity	[1],[2],[3],[45]	Feb. 01, 2027
Principal Amount	[1],[2],[3],[45]	$ 10,000
Cost	[1],[2],[3],[45]	9,935
Fair Value	[1],[2],[3],[4],[45]	$ 10,000
Non-control/Non-affiliate Investments | AOM Intermediate Holdco, LLC (dba AllOver Media) | Information Technology Services | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[32],[45]	6.50%
Non-control/Non-affiliate Investments | AOM Intermediate Holdco, LLC (dba AllOver Media) | Information Technology Services | Common Equity (750 units)
Investment Date	[1],[2],[3],[13],[14],[22]	Feb. 01, 2022
Cost	[1],[2],[3],[14],[22]	$ 750
Fair Value	[1],[2],[3],[4],[14],[22]	799
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services
Cost		20,159	[1],[2],[3]	12,561	[5],[6],[7]
Fair Value		$ 20,803	[1],[2],[3],[4]	$ 12,805	[5],[6],[7],[8]
Percent of Net Assets		5.00%	[1],[2],[3]	3.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | First Lien Debt
Variable Index Floor		1.50%	[1],[2],[3],[31],[32],[46]	1.50%	[5],[6],[7],[28],[29],[47]
Investment interest rate, Cash		9.96%	[1],[2],[3],[19],[31],[46]	7.75%	[5],[6],[7],[21],[28],[47]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[31],[46]	0.00%	[5],[6],[7],[21],[28],[47]
Investment Date		Nov. 06, 2020	[1],[2],[3],[13],[31],[46]	Nov. 06, 2020	[5],[6],[7],[15],[28],[47]
Maturity		Nov. 06, 2025	[1],[2],[3],[31],[46]	Nov. 06, 2025	[5],[6],[7],[28],[47]
Principal Amount		$ 19,005	[1],[2],[3],[31],[46]	$ 11,500	[5],[6],[7],[28],[47]
Cost		18,908	[1],[2],[3],[31],[46]	11,441	[5],[6],[7],[28],[47]
Fair Value		$ 19,005	[1],[2],[3],[4],[31],[46]	$ 11,500	[5],[6],[7],[8],[28],[47]
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[28],[29],[47]			6.25%
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[31],[32],[46]	6.25%
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | Preferred Equity (1,104,539 units)
Investment Date	[5],[6],[7],[15]			Nov. 06, 2020
Cost	[5],[6],[7]			$ 1,105
Fair Value	[5],[6],[7],[8]			$ 1,194
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | Preferred Equity (1,184,711 units)
Investment Date	[1],[2],[3],[13]	Nov. 06, 2020
Cost	[1],[2],[3]	$ 1,185
Fair Value	[1],[2],[3],[4]	$ 1,340
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | Common Equity (22 units)
Investment Date	[5],[6],[7],[15]			Nov. 06, 2020
Cost	[5],[6],[7]			$ 15
Fair Value	[5],[6],[7],[8]			$ 111
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | Common Equity (24 units)
Investment Date	[1],[2],[3],[13]	Nov. 06, 2020
Cost	[1],[2],[3]	$ 66
Fair Value	[1],[2],[3],[4]	458
Non-control/Non-affiliate Investments | Argo Turboserve Corporation | Business Services | Second Lien Debt
Variable Index Floor	[5],[6],[7],[17],[29]			2.00%
Investment interest rate, Cash	[5],[6],[7],[17],[21]			14.00%
Investment interest rate, PIK	[5],[6],[7],[17],[21]			0.00%
Investment Date	[5],[6],[7],[15],[17]			Dec. 26, 2018
Maturity	[5],[6],[7],[17]			Jun. 28, 2023
Principal Amount	[5],[6],[7],[17]			$ 11,906
Cost	[5],[6],[7],[17]			11,881
Fair Value	[5],[6],[7],[8],[17]			$ 11,906
Percent of Net Assets	[5],[6],[7],[17]			2.00%
Non-control/Non-affiliate Investments | Argo Turboserve Corporation | Business Services | Second Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[17],[29]			12.00%
Non-control/Non-affiliate Investments | Auto CRM LLC (dba Dealer Holdings) | Information Technology Services
Cost		8,570	[1],[2],[3]	$ 8,457	[5],[6],[7]
Fair Value		$ 8,558	[1],[2],[3],[4]	$ 8,457	[5],[6],[7],[8]
Percent of Net Assets		2.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Auto CRM LLC (dba Dealer Holdings) | Information Technology Services | Subordinated Debt
Investment interest rate, Cash		0.00%	[1],[2],[3],[19]	0.00%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		12.75%	[1],[2],[3],[19]	12.75%	[5],[6],[7],[17],[21]
Investment Date		Oct. 01, 2021	[1],[2],[3],[13]	Oct. 01, 2021	[5],[6],[7],[15],[17]
Maturity		Dec. 31, 2026	[1],[2],[3]	Dec. 31, 2026	[5],[6],[7],[17]
Principal Amount		$ 569	[1],[2],[3]	$ 516	[5],[6],[7],[17]
Cost		565	[1],[2],[3]	512	[5],[6],[7],[17]
Fair Value		$ 569	[1],[2],[3],[4]	$ 512	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Auto CRM LLC (dba Dealer Holdings) | Information Technology Services | First Lien Debt
Variable Index Floor		3.25%	[1],[2],[3],[32],[48]	3.25%	[5],[6],[7],[17],[29]
Investment interest rate, Cash		11.75%	[1],[2],[3],[19],[48]	8.75%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		0.85%	[1],[2],[3],[19],[48]	0.85%	[5],[6],[7],[17],[21]
Investment Date		Oct. 01, 2021	[1],[2],[3],[13],[48]	Oct. 01, 2021	[5],[6],[7],[15],[17]
Maturity		Oct. 01, 2026	[1],[2],[3],[48]	Oct. 01, 2026	[5],[6],[7],[17]
Principal Amount		$ 7,565	[1],[2],[3],[48]	$ 7,516	[5],[6],[7],[17]
Cost		7,505	[1],[2],[3],[48]	7,445	[5],[6],[7],[17]
Fair Value		$ 7,565	[1],[2],[3],[4],[48]	$ 7,445	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Auto CRM LLC (dba Dealer Holdings) | Information Technology Services | First Lien Debt | Prime
Variable Index Spread		5.50%	[1],[2],[3],[32],[48]	5.50%	[5],[6],[7],[17],[29]
Non-control/Non-affiliate Investments | Auto CRM LLC (dba Dealer Holdings) | Information Technology Services | Common Equity (500 units)
Investment Date		Oct. 01, 2021	[1],[2],[3],[13],[14]	Oct. 01, 2021	[5],[6],[7],[15],[17]
Cost		$ 500	[1],[2],[3],[14]	$ 500	[5],[6],[7],[17]
Fair Value		$ 424	[1],[2],[3],[4],[14]	$ 500	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | AVC Investors, LLC (dba Auveco) | Specialty Distribution | Common Equity (5,000 units)
Investment Date		Jan. 03, 2018	[1],[2],[3],[12],[13],[14]	Jan. 03, 2018	[5],[6],[7],[15],[17]
Cost	[5],[6],[7],[17]			$ 382
Fair Value		$ 6	[1],[2],[3],[4],[12],[14]	$ 751	[5],[6],[7],[8],[17]
Percent of Net Assets		0.00%	[1],[2],[3],[12],[14]	0.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | B&B Roadway and Security Solutions, LLC | Component Manufacturing | Common Equity (50,000 units)
Investment Date	[5],[6],[7],[15],[16],[17],[23]			Feb. 27, 2018
Percent of Net Assets	[5],[6],[7],[16],[17],[23]			0.00%
Non-control/Non-affiliate Investments | Bandon Fitness (Texas), Inc. | Retail | Common Equity (545,810 units)
Investment Date	[5],[6],[7],[15],[17]			Aug. 09, 2019
Cost	[5],[6],[7],[17]			$ 931
Fair Value	[5],[6],[7],[8],[17]			$ 1,533
Percent of Net Assets	[5],[6],[7],[17]			0.00%
Non-control/Non-affiliate Investments | BCM One Group Holdings, Inc | Information Technology Services | Subordinated Debt
Investment interest rate, Cash		10.25%	[1],[2],[3],[14],[19]	10.25%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19]	0.00%	[5],[6],[7],[17],[21]
Investment Date		Nov. 17, 2021	[1],[2],[3],[13],[14]	Nov. 17, 2021	[5],[6],[7],[15],[17]
Maturity		Nov. 17, 2028	[1],[2],[3],[14]	Nov. 17, 2028	[5],[6],[7],[17]
Principal Amount		$ 11,333	[1],[2],[3],[14]	$ 10,000	[5],[6],[7],[17]
Cost		11,277	[1],[2],[3],[14]	9,950	[5],[6],[7],[17]
Fair Value		$ 11,220	[1],[2],[3],[4],[14]	$ 9,950	[5],[6],[7],[8],[17]
Percent of Net Assets		3.00%	[1],[2],[3],[14]	2.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | Bedford Precision Parts LLC | Specialty Distribution
Cost	[5],[6],[7]			$ 5,014
Fair Value	[5],[6],[7],[8]			$ 4,889
Percent of Net Assets	[5],[6],[7]			1.00%
Non-control/Non-affiliate Investments | Bedford Precision Parts LLC | Specialty Distribution | First Lien Debt
Variable Index Floor	[5],[6],[7],[17],[29],[40]			1.00%
Investment interest rate, Cash	[5],[6],[7],[17],[21],[40]			7.25%
Investment interest rate, PIK	[5],[6],[7],[17],[21],[40]			0.00%
Investment Date	[5],[6],[7],[15],[17],[40]			Mar. 12, 2019
Maturity	[5],[6],[7],[17],[40]			Mar. 12, 2024
Principal Amount	[5],[6],[7],[17],[40]			$ 4,531
Cost	[5],[6],[7],[17],[40]			4,514
Fair Value	[5],[6],[7],[8],[17],[40]			$ 4,531
Non-control/Non-affiliate Investments | Bedford Precision Parts LLC | Specialty Distribution | First Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[17],[29],[40]			6.25%
Non-control/Non-affiliate Investments | Bedford Precision Parts LLC | Specialty Distribution | Common Equity (500,000 Units)
Investment Date		Mar. 12, 2019	[1],[2],[3],[13],[14],[22]	Mar. 12, 2019	[5],[6],[7],[15],[17],[23]
Cost		$ 484	[1],[2],[3],[14],[22]	$ 500	[5],[6],[7],[17],[23]
Fair Value		$ 415	[1],[2],[3],[4],[14],[22]	358	[5],[6],[7],[8],[17],[23]
Percent of Net Assets	[1],[2],[3],[14],[22]	0.00%
Non-control/Non-affiliate Investments | BP Thrift Buyer, LLC (dba myUnique and Ecothrift) | Retail
Cost	[1],[2],[3],[14]	$ 20,542
Fair Value	[1],[2],[3],[4],[14]	$ 20,542
Percent of Net Assets	[1],[2],[3],[14]	4.00%
Non-control/Non-affiliate Investments | BP Thrift Buyer, LLC (dba myUnique and Ecothrift) | Retail | First Lien Debt
Variable Index Floor	[1],[2],[3],[14],[32],[49]	1.50%
Investment interest rate, Cash	[1],[2],[3],[14],[19],[49]	8.91%
Investment interest rate, PIK	[1],[2],[3],[14],[19],[49]	0.00%
Investment Date	[1],[2],[3],[13],[14],[49]	Sep. 13, 2022
Maturity	[1],[2],[3],[14],[49]	Sep. 13, 2027
Principal Amount	[1],[2],[3],[14],[49]	$ 20,000
Cost	[1],[2],[3],[14],[49]	19,542
Fair Value	[1],[2],[3],[4],[14],[49]	$ 19,542
Non-control/Non-affiliate Investments | BP Thrift Buyer, LLC (dba myUnique and Ecothrift) | Retail | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[14],[32],[49]	5.75%
Non-control/Non-affiliate Investments | BP Thrift Buyer, LLC (dba myUnique and Ecothrift) | Retail | Common Equity (1,000 units)
Investment Date	[1],[2],[3],[13],[14]	Sep. 13, 2022
Cost	[1],[2],[3],[14]	$ 1,000
Fair Value	[1],[2],[3],[4],[14]	1,000
Non-control/Non-affiliate Investments | Cardback Intermediate LLC (dba Chargeback Gurus) | Information Technology Services
Cost		12,766	[1],[2],[3],[14]	14,178	[5],[6],[7]
Fair Value		$ 12,882	[1],[2],[3],[4],[14]	$ 14,178	[5],[6],[7],[8]
Percent of Net Assets		3.00%	[1],[2],[3],[14]	3.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Cardback Intermediate LLC (dba Chargeback Gurus) | Information Technology Services | First Lien Debt
Variable Index Floor		0.75%	[1],[2],[3],[14],[32],[50]	0.75%	[5],[6],[7],[17],[29],[51]
Investment interest rate, Cash		8.78%	[1],[2],[3],[14],[19],[50]	7.50%	[5],[6],[7],[17],[21],[51]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[50]	0.00%	[5],[6],[7],[17],[21],[51]
Investment Date		Aug. 10, 2021	[1],[2],[3],[13],[14],[50]	Aug. 10, 2021	[5],[6],[7],[15],[17],[51]
Maturity		Aug. 10, 2026	[1],[2],[3],[14],[50]	Aug. 10, 2026	[5],[6],[7],[17],[51]
Principal Amount		$ 12,576	[1],[2],[3],[14],[50]	$ 14,000	[5],[6],[7],[17],[51]
Cost		12,516	[1],[2],[3],[14],[50]	13,928	[5],[6],[7],[17],[51]
Fair Value		$ 12,576	[1],[2],[3],[4],[14],[50]	$ 13,928	[5],[6],[7],[8],[17],[51]
Non-control/Non-affiliate Investments | Cardback Intermediate LLC (dba Chargeback Gurus) | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread		6.50%	[1],[2],[3],[14],[32],[50]	6.75%	[5],[6],[7],[17],[29],[51]
Non-control/Non-affiliate Investments | Cardback Intermediate LLC (dba Chargeback Gurus) | Information Technology Services | Common Equity (495 shares)
Investment Date		Aug. 10, 2021	[1],[2],[3],[13],[14]	Aug. 10, 2021	[5],[6],[7],[15],[17]
Cost		$ 125	[1],[2],[3],[14]	$ 125	[5],[6],[7],[17]
Fair Value		$ 33	[1],[2],[3],[4],[14]	$ 125	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Cardback Intermediate LLC (dba Chargeback Gurus) | Information Technology Services | Preferred Equity (495 shares)
Investment Date		Aug. 10, 2021	[1],[2],[3],[13],[14]	Aug. 10, 2021	[5],[6],[7],[15],[17]
Cost		$ 125	[1],[2],[3],[14]	$ 125	[5],[6],[7],[17]
Fair Value		273	[1],[2],[3],[4],[14]	125	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Cardboard Box LLC (dba Anthony's Coal Fired Pizza) | Restaurants
Cost		617	[1],[2],[3]	617	[5],[6],[7],[52]
Fair Value		$ 317	[1],[2],[3],[4]	$ 357	[5],[6],[7],[8],[52]
Percent of Net Assets		0.00%	[1],[2],[3]	0.00%	[5],[6],[7],[52]
Non-control/Non-affiliate Investments | Cardboard Box LLC (dba Anthony's Coal Fired Pizza) | Restaurants | Common Equity (521,021)
Investment Date	[1],[2],[3],[13],[14],[53]	Dec. 15, 2015
Cost	[1],[2],[3],[14],[53]	$ 521
Fair Value	[1],[2],[3],[4],[14],[53]	$ 34
Non-control/Non-affiliate Investments | Cardboard Box LLC (dba Anthony's Coal Fired Pizza) | Restaurants | Preferred Equity (1,043,133 Unit)
Investment Date		Dec. 06, 2019	[1],[2],[3],[13],[14],[53]	Dec. 06, 2019	[5],[6],[7],[15],[17],[52],[54]
Cost		$ 96	[1],[2],[3],[14],[53]	$ 96	[5],[6],[7],[17],[52],[54]
Fair Value		283	[1],[2],[3],[4],[14],[53]	$ 283	[5],[6],[7],[8],[17],[52],[54]
Non-control/Non-affiliate Investments | Cardboard Box LLC (dba Anthony's Coal Fired Pizza) | Restaurants | Common Equity (521,021 units)
Investment Date	[5],[6],[7],[15],[17],[52],[54]			Dec. 15, 2015
Cost	[5],[6],[7],[17],[52],[54]			$ 521
Fair Value	[5],[6],[7],[8],[17],[52],[54]			74
Non-control/Non-affiliate Investments | Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) | Information Technology Services
Cost	[1],[2],[3]	8,457
Fair Value	[1],[2],[3],[4]	$ 8,457
Percent of Net Assets	[1],[2],[3]	2.00%
Non-control/Non-affiliate Investments | Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) | Information Technology Services | First Lien Debt
Variable Index Floor	[1],[2],[3],[14],[32]	1.00%
Investment Date	[1],[2],[3],[13],[14]	Apr. 01, 2022
Maturity	[1],[2],[3],[14]	Apr. 01, 2027
Principal Amount	[1],[2],[3],[14]	$ 8,500
Cost	[1],[2],[3],[14]	8,457
Fair Value	[1],[2],[3],[4],[14]	$ 8,457
Non-control/Non-affiliate Investments | Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) | Information Technology Services | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[14],[32]	7.25%
Non-control/Non-affiliate Investments | Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) | Information Technology Services | Revolving Loan ($1,000 unfunded commitment)
Variable Index Floor	[1],[2],[3],[14],[32],[37]	1.00%
Investment Date	[1],[2],[3],[13],[14],[37]	Apr. 01, 2022
Maturity	[1],[2],[3],[14],[37]	Apr. 01, 2027
Non-control/Non-affiliate Investments | Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) | Information Technology Services | Revolving Loan ($1,000 unfunded commitment) | SOFR
Variable Index Spread	[1],[2],[3],[14],[32],[37]	6.25%
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing
Cost		$ 10,347	[1],[2],[3]	10,435	[5],[6],[7]
Fair Value		$ 10,456	[1],[2],[3],[4]	$ 10,514	[5],[6],[7],[8]
Percent of Net Assets		2.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing | First Lien Debt
Variable Index Spread	[5],[6],[7],[29]			11.00%
Variable Index Floor	[1],[2],[3],[32]	2.00%
Investment interest rate, Cash	[5],[6],[7],[21]			13.00%
Investment interest rate, PIK	[5],[6],[7],[21]			0.00%
Investment Date	[1],[2],[3],[13]	Jan. 31, 2020
Maturity		Jan. 31, 2025	[1],[2],[3]	Jan. 31, 2025	[5],[6],[7]
Principal Amount		$ 6,991	[1],[2],[3]	$ 7,091	[5],[6],[7]
Cost		6,964	[1],[2],[3]	7,055	[5],[6],[7]
Fair Value		$ 7,061	[1],[2],[3],[4]	$ 7,119	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing | First Lien Debt | LIBOR
Variable Index Spread	[1],[2],[3],[32]	11.00%
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing | First Lien Debt
Variable Index Floor	[5],[6],[7],[29]			2.00%
Investment Date	[5],[6],[7],[15]			Jan. 31, 2020
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing | Revolving Loan ($1,000 unfunded commitment)
Variable Index Spread	[5],[6],[7],[17],[29],[55]			10.00%
Investment interest rate, Cash	[5],[6],[7],[17],[21],[55]			15.00%
Investment interest rate, PIK	[5],[6],[7],[17],[21],[55]			0.00%
Investment Date	[5],[6],[7],[15],[17],[55]			Jan. 31, 2020
Maturity	[5],[6],[7],[17],[55]			Jan. 31, 2025
Principal Amount	[5],[6],[7],[17],[55]			$ 3,395
Cost	[5],[6],[7],[17],[55]			3,380
Fair Value	[5],[6],[7],[8],[17],[55]			$ 3,395
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing | Revolving Loan ($605 unfunded commitment)
Variable Index Floor		2.00%	[1],[2],[3],[32],[37]	2.00%	[5],[6],[7],[17],[29],[55]
Investment Date	[1],[2],[3],[13],[37]	Jan. 31, 2020
Maturity	[1],[2],[3],[37]	Jan. 31, 2025
Principal Amount	[1],[2],[3],[37]	$ 3,395
Cost	[1],[2],[3],[37]	3,383
Fair Value	[1],[2],[3],[4],[37]	$ 3,395
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing | Revolving Loan ($605 unfunded commitment) | LIBOR
Variable Index Spread	[1],[2],[3],[32],[37]	10.00%
Non-control/Non-affiliate Investments | CIH Intermediate, LLC | Business Services
Cost	[1],[2],[3]	$ 14,393
Fair Value	[1],[2],[3],[4]	$ 14,712
Percent of Net Assets	[1],[2],[3]	3.00%
Non-control/Non-affiliate Investments | CIH Intermediate, LLC | Business Services | Subordinated Debt
Investment interest rate, Cash	[1],[2],[3],[13],[19],[31]	10.00%
Investment interest rate, PIK	[1],[2],[3],[13],[19],[31]	1.00%
Investment Date	[1],[2],[3],[13],[31]	Mar. 03, 2022
Maturity	[1],[2],[3],[31]	Mar. 03, 2028
Principal Amount	[1],[2],[3],[31]	$ 13,716
Cost	[1],[2],[3],[31]	13,593
Fair Value	[1],[2],[3],[4],[31]	$ 13,715
Non-control/Non-affiliate Investments | CIH Intermediate, LLC | Business Services | Common Equity (563 Shares)
Investment Date	[1],[2],[3],[13],[14]	Mar. 03, 2022
Cost	[1],[2],[3],[14]	$ 400
Fair Value	[1],[2],[3],[4],[14]	$ 161
Non-control/Non-affiliate Investments | CIH Intermediate, LLC | Business Services | Preferred Equity (563 shares)
Investment Date	[1],[2],[3],[13],[14]	Mar. 03, 2022
Cost	[1],[2],[3],[14]	$ 400
Fair Value	[1],[2],[3],[4],[14]	$ 836
Non-control/Non-affiliate Investments | Comply365, LLC | First Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[29],[56]			8.00%
Non-control/Non-affiliate Investments | Comply365, LLC | Aerospace & Defense Manufacturing
Cost	[5],[6],[7]			$ 9,447
Fair Value	[5],[6],[7],[8]			$ 9,903
Percent of Net Assets	[5],[6],[7]			2.00%
Non-control/Non-affiliate Investments | Comply365, LLC | Aerospace & Defense Manufacturing | First Lien Debt
Variable Index Floor	[5],[6],[7],[29],[56]			1.00%
Investment interest rate, Cash	[5],[6],[7],[21],[56]			9.00%
Investment interest rate, PIK	[5],[6],[7],[21],[56]			0.00%
Investment Date	[5],[6],[7],[15],[56]			Dec. 11, 2020
Maturity	[5],[6],[7],[56]			Dec. 11, 2025
Principal Amount	[5],[6],[7],[56]			$ 8,562
Cost	[5],[6],[7],[56]			8,447
Fair Value	[5],[6],[7],[8],[56]			$ 8,562
Non-control/Non-affiliate Investments | Comply365, LLC | Aerospace & Defense Manufacturing | Common Equity (1,000,000 units)
Investment Date		Dec. 11, 2020	[1],[2],[3],[13]	Dec. 11, 2020	[5],[6],[7],[15]
Cost		$ 627	[1],[2],[3]	$ 1,000	[5],[6],[7]
Fair Value		$ 1,109	[1],[2],[3],[4]	$ 1,341	[5],[6],[7],[8]
Percent of Net Assets	[1],[2],[3]	0.00%
Non-control/Non-affiliate Investments | CRS Solutions Holdings, LLC (dba CRS Texas) | Business Services | Common Equity (538,875 units)
Investment Date	[5],[6],[7],[15],[17],[23]			Mar. 14, 2018
Cost	[5],[6],[7],[17],[23]			$ 621
Fair Value	[5],[6],[7],[8],[17],[23]			$ 686
Percent of Net Assets	[5],[6],[7],[17],[23]			0.00%
Non-control/Non-affiliate Investments | CRS Solutions Holdings, LLC (dba CRS Texas) | Business Services | Common Equity (Class A Units) (574,929 units)
Investment Date	[1],[2],[3],[13],[14],[22]	Jun. 28, 2022
Cost	[1],[2],[3],[14],[22]	$ 272
Fair Value	[1],[2],[3],[4],[14],[22]	$ 499
Percent of Net Assets	[1],[2],[3],[14],[22]	0.00%
Non-control/Non-affiliate Investments | Dataguise, Inc. | Information Technology Services
Cost		$ 21,158	[1],[2],[3]	$ 21,283	[5],[6],[7]
Fair Value		$ 20,407	[1],[2],[3],[4]	$ 21,328	[5],[6],[7],[8]
Percent of Net Assets		4.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Dataguise, Inc. | Information Technology Services | First Lien Debt
Investment interest rate, Cash		11.00%	[1],[2],[3],[14],[19]	11.00%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19]	0.00%	[5],[6],[7],[17],[21]
Investment Date		Dec. 31, 2020	[1],[2],[3],[13],[14]	Dec. 31, 2020	[5],[6],[7],[15],[17]
Maturity		Dec. 31, 2023	[1],[2],[3],[14]	Dec. 31, 2023	[5],[6],[7],[17]
Principal Amount		$ 19,700	[1],[2],[3],[14]	$ 19,850	[5],[6],[7],[17]
Cost		19,658	[1],[2],[3],[14]	19,783	[5],[6],[7],[17]
Fair Value		$ 19,700	[1],[2],[3],[4],[14]	$ 19,800	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Dataguise, Inc. | Information Technology Services | Common Equity (909 shares)
Investment Date		Dec. 31, 2020	[1],[2],[3],[13],[14]	Dec. 31, 2020	[5],[6],[7],[15],[17]
Cost		$ 1,500	[1],[2],[3],[14]	$ 1,500	[5],[6],[7],[17]
Fair Value		707	[1],[2],[3],[4],[14]	1,528	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Diversified Search LLC | Business Services
Cost		24,580	[1],[2],[3]	18,783	[5],[6],[7]
Fair Value		$ 25,104	[1],[2],[3],[4]	$ 19,152	[5],[6],[7],[8]
Percent of Net Assets		5.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Diversified Search LLC | Business Services | First Lien Debt
Variable Index Floor		1.00%	[1],[2],[3],[31],[32],[57]	1.00%	[5],[6],[7],[28],[29],[58]
Investment interest rate, Cash		8.84%	[1],[2],[3],[19],[31],[57]	7.50%	[5],[6],[7],[21],[28],[58]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[31],[57]	0.00%	[5],[6],[7],[21],[28],[58]
Investment Date		Feb. 07, 2019	[1],[2],[3],[13],[31],[57]	Feb. 07, 2019	[5],[6],[7],[15],[28],[58]
Maturity		Feb. 07, 2024	[1],[2],[3],[31],[57]	Feb. 07, 2024	[5],[6],[7],[28],[58]
Principal Amount		$ 24,155	[1],[2],[3],[31],[57]	$ 18,355	[5],[6],[7],[28],[58]
Cost		24,016	[1],[2],[3],[31],[57]	18,190	[5],[6],[7],[28],[58]
Fair Value		$ 24,155	[1],[2],[3],[4],[31],[57]	$ 18,355	[5],[6],[7],[8],[28],[58]
Non-control/Non-affiliate Investments | Diversified Search LLC | Business Services | First Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[28],[29],[58]			6.50%
Non-control/Non-affiliate Investments | Diversified Search LLC | Business Services | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[31],[32],[57]	6.50%
Non-control/Non-affiliate Investments | Diversified Search LLC | Business Services | Common Equity (573 units)
Investment Date		Feb. 07, 2019	[1],[2],[3],[13],[14],[22]	Feb. 07, 2019	[5],[6],[7],[15],[17],[23]
Cost		$ 564	[1],[2],[3],[14],[22]	$ 593	[5],[6],[7],[17],[23]
Fair Value		949	[1],[2],[3],[4],[14],[22]	797	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | EBL, LLC (EbLens) | Retail
Cost		10,083	[1],[2],[3]	10,055	[5],[6],[7]
Fair Value		$ 2,427	[1],[2],[3],[4]	$ 9,266	[5],[6],[7],[8]
Percent of Net Assets		1.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | EBL, LLC (EbLens) | Retail | Second Lien Debt
Investment interest rate, Cash		12.50%	[1],[2],[3],[14],[18],[19]	12.00%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		1.50%	[1],[2],[3],[14],[18],[19]	1.00%	[5],[6],[7],[17],[21]
Investment Date		Jul. 13, 2017	[1],[2],[3],[13],[14],[18]	Jul. 13, 2017	[5],[6],[7],[15],[17]
Maturity		Jan. 13, 2023	[1],[2],[3],[14],[18]	Jan. 13, 2023	[5],[6],[7],[17]
Principal Amount		$ 9,351	[1],[2],[3],[14],[18]	$ 9,326	[5],[6],[7],[17]
Cost		9,333	[1],[2],[3],[14],[18]	9,305	[5],[6],[7],[17]
Fair Value		$ 2,427	[1],[2],[3],[4],[14],[18]	$ 9,036	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | EBL, LLC (EbLens) | Retail | Common Equity (75,000 units)
Investment Date		Jul. 13, 2017	[1],[2],[3],[13],[14]	Jul. 13, 2017	[5],[6],[7],[15]
Cost		$ 750	[1],[2],[3],[14]	$ 750	[5],[6],[7]
Fair Value	[5],[6],[7],[8]			$ 230
Non-control/Non-affiliate Investments | ECM Industries, LLC | Component Manufacturing | Common Equity (1,000,000 units)
Investment Date		Apr. 30, 2020	[1],[2],[3],[13],[14],[22]	Apr. 30, 2020	[5],[6],[7],[15],[17],[23]
Cost		$ 221	[1],[2],[3],[14],[22]	$ 243	[5],[6],[7],[17],[23]
Fair Value		$ 1,290	[1],[2],[3],[4],[14],[22]	$ 1,397	[5],[6],[7],[8],[17],[23]
Percent of Net Assets		0.00%	[1],[2],[3],[14],[22]	0.00%	[5],[6],[7],[17],[23]
Non-control/Non-affiliate Investments | Elements Brands, LLC | Consumer Products
Cost		$ 5,817	[1],[2],[3]	$ 7,897	[5],[6],[7]
Fair Value		$ 5,850	[1],[2],[3],[4]	$ 7,937	[5],[6],[7],[8]
Percent of Net Assets		1.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Elements Brands, LLC | Consumer Products | First Lien Debt
Investment interest rate, Cash		12.25%	[1],[2],[3],[19]	12.25%	[5],[6],[7],[21]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19]	0.00%	[5],[6],[7],[21]
Investment Date		Dec. 31, 2020	[1],[2],[3],[13]	Dec. 31, 2020	[5],[6],[7],[15]
Maturity		Dec. 31, 2025	[1],[2],[3]	Dec. 31, 2025	[5],[6],[7]
Principal Amount		$ 4,350	[1],[2],[3]	$ 5,775	[5],[6],[7]
Cost		4,328	[1],[2],[3]	5,748	[5],[6],[7]
Fair Value		$ 4,350	[1],[2],[3],[4]	$ 5,775	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | Elements Brands, LLC | Consumer Products | Revolving Loan ($1,500 unfunded commitment)
Investment interest rate, Cash	[1],[2],[3],[14],[19],[37]	12.25%
Investment interest rate, PIK	[1],[2],[3],[14],[19],[37]	0.00%
Investment Date	[1],[2],[3],[13],[14],[37]	Dec. 31, 2020
Maturity	[1],[2],[3],[14],[37]	Dec. 31, 2025
Principal Amount	[1],[2],[3],[14],[37]	$ 1,500
Cost	[1],[2],[3],[14],[37]	1,489
Fair Value	[1],[2],[3],[4],[14],[37]	$ 1,500
Non-control/Non-affiliate Investments | Elements Brands, LLC | Consumer Products | Revolving Loan ($838 unfunded commitment)
Investment interest rate, Cash	[5],[6],[7],[17],[21],[38]			12.25%
Investment interest rate, PIK	[5],[6],[7],[17],[21],[38]			0.00%
Investment Date	[5],[6],[7],[15],[17],[38]			Dec. 31, 2020
Maturity	[5],[6],[7],[17],[38]			Dec. 31, 2025
Principal Amount	[5],[6],[7],[17],[38]			$ 2,162
Cost	[5],[6],[7],[17],[38]			2,149
Fair Value	[5],[6],[7],[8],[17],[38]			2,162
Non-control/Non-affiliate Investments | Fishbowl Solutions, LLC | Information Technology Services | First Lien Debt
Variable Index Floor	[1],[2],[3],[32],[59]	1.00%
Investment interest rate, Cash	[1],[2],[3],[19],[59]	10.12%
Investment interest rate, PIK	[1],[2],[3],[19],[59]	0.00%
Investment Date	[1],[2],[3],[13],[59]	Mar. 25, 2022
Maturity	[1],[2],[3],[59]	Mar. 25, 2027
Principal Amount	[1],[2],[3],[59]	$ 14,464
Cost	[1],[2],[3],[59]	14,366
Fair Value	[1],[2],[3],[4],[59]	$ 14,463
Percent of Net Assets	[1],[2],[3],[59]	3.00%
Non-control/Non-affiliate Investments | Fishbowl Solutions, LLC | Information Technology Services | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[32],[59]	7.75%
Non-control/Non-affiliate Investments | Frontline Food Services, LLC (f/k/a Accent Food Services, LLC) | Vending Equipment Manufacturing
Cost	[5],[6],[7]			2,000
Fair Value	[5],[6],[7],[8]			$ 1,431
Percent of Net Assets		0.00%	[1],[2],[3],[12],[14]	0.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Frontline Food Services, LLC (f/k/a Accent Food Services, LLC) | Vending Equipment Manufacturing | Preferred Equity (Class A Units) (46 units)
Investment Date		Dec. 31, 2020	[1],[2],[3],[12],[13],[14]	Dec. 31, 2020	[5],[6],[7],[15],[17]
Cost	[5],[6],[7],[17]			$ 2,000
Fair Value	[5],[6],[7],[8],[17]			$ 1,431
Non-control/Non-affiliate Investments | Frontline Food Services, LLC (f/k/a Accent Food Services, LLC) | Vending Equipment Manufacturing | Common Equity (Class B Units) (124 units)
Investment Date		Dec. 31, 2020	[1],[2],[3],[12],[13],[14]	Dec. 31, 2020	[5],[6],[7],[15],[17]
Non-control/Non-affiliate Investments | Frontline Food Services, LLC (f/k/a Accent Food Services, LLC) | Vending Equipment Manufacturing | Preferred Equity (Class C Units) (100 units)
Investment Date		Dec. 31, 2020	[1],[2],[3],[12],[13],[14]	Dec. 31, 2020	[5],[6],[7],[15],[17]
Non-control/Non-affiliate Investments | Global Plasma Solutions, Inc | Component Manufacturing | Common Equity (947 shares)
Investment Date		Sep. 21, 2018	[1],[2],[3],[13],[14]	Sep. 21, 2018	[5],[6],[7],[15],[17]
Cost		$ 52	[1],[2],[3],[14]	$ 52	[5],[6],[7],[17]
Fair Value		$ 373	[1],[2],[3],[4],[14]	$ 2,097	[5],[6],[7],[8],[17]
Percent of Net Assets		0.00%	[1],[2],[3],[14]	0.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | GP&C Operations, LLC (dba Garlock Printing and Converting) | Component Manufacturing
Cost		$ 11,406	[1],[2],[3]	$ 11,382	[5],[6],[7]
Fair Value		$ 11,334	[1],[2],[3],[4]	$ 11,432	[5],[6],[7],[8]
Percent of Net Assets		3.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | GP&C Operations, LLC (dba Garlock Printing and Converting) | Component Manufacturing | First Lien Debt
Variable Index Floor		1.00%	[1],[2],[3],[32],[60]	1.00%	[5],[6],[7],[29],[61]
Investment interest rate, Cash		11.33%	[1],[2],[3],[19],[60]	8.25%	[5],[6],[7],[21],[61]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[60]	0.00%	[5],[6],[7],[21],[61]
Investment Date		Jan. 22, 2021	[1],[2],[3],[13],[60]	Jan. 22, 2021	[5],[6],[7],[15],[61]
Maturity		Jan. 22, 2026	[1],[2],[3],[60]	Jan. 22, 2026	[5],[6],[7],[61]
Principal Amount		$ 11,000	[1],[2],[3],[60]	$ 11,000	[5],[6],[7],[61]
Cost		10,890	[1],[2],[3],[60]	10,866	[5],[6],[7],[61]
Fair Value		$ 11,000	[1],[2],[3],[4],[60]	$ 11,000	[5],[6],[7],[8],[61]
Non-control/Non-affiliate Investments | GP&C Operations, LLC (dba Garlock Printing and Converting) | Component Manufacturing | First Lien Debt | LIBOR
Variable Index Spread		8.25%	[1],[2],[3],[32],[60]	7.25%	[5],[6],[7],[29],[61]
Non-control/Non-affiliate Investments | GP&C Operations, LLC (dba Garlock Printing and Converting) | Component Manufacturing | Common Equity (515,625 units)
Investment Date		Jan. 22, 2021	[1],[2],[3],[13],[14],[22]	Jan. 22, 2021	[5],[6],[7],[15],[17],[23]
Cost		$ 516	[1],[2],[3],[14],[22]	$ 516	[5],[6],[7],[17],[23]
Fair Value		$ 334	[1],[2],[3],[4],[14],[22]	$ 432	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | Green Cubes Technology, LLC (dba Green Cubes) | Information Technology Services | First Lien Debt
Variable Index Floor		(0.00%)	[1],[2],[3],[14],[32]	0.00%	[5],[6],[7],[17],[29]
Investment interest rate, Cash	[5],[6],[7],[17],[21]			13.21%
Investment interest rate, PIK	[5],[6],[7],[17],[21]			0.00%
Investment Date		Dec. 17, 2021	[1],[2],[3],[13],[14]	Dec. 17, 2021	[5],[6],[7],[15],[17]
Maturity		Dec. 17, 2024	[1],[2],[3],[14]	Dec. 17, 2024	[5],[6],[7],[17]
Principal Amount		$ 13,000	[1],[2],[3],[14]	$ 13,000	[5],[6],[7],[17]
Cost		12,946	[1],[2],[3],[14]	12,928	[5],[6],[7],[17]
Fair Value		$ 13,000	[1],[2],[3],[4],[14]	$ 12,928	[5],[6],[7],[8],[17]
Percent of Net Assets		3.00%	[1],[2],[3],[14]	3.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | Green Cubes Technology, LLC (dba Green Cubes) | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread		13.00%	[1],[2],[3],[14],[32]	13.00%	[5],[6],[7],[17],[29]
Non-control/Non-affiliate Investments | Gurobi Optimization, LLC | Information Technology Services | Common Equity (3 shares)
Investment Date		Dec. 19, 2017	[1],[2],[3],[13]	Dec. 19, 2017	[5],[6],[7],[15]
Cost		$ 605	[1],[2],[3]	$ 607	[5],[6],[7]
Fair Value		$ 2,160	[1],[2],[3],[4]	$ 2,569	[5],[6],[7],[8]
Percent of Net Assets		0.00%	[1],[2],[3]	1.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Haematologic Technologies, Inc. | Healthcare Services
Cost		$ 5,991	[1],[2],[3]	$ 5,985	[5],[6],[7]
Fair Value		$ 5,592	[1],[2],[3],[4]	$ 5,065	[5],[6],[7],[8]
Percent of Net Assets		1.00%	[1],[2],[3]	1.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Haematologic Technologies, Inc. | Healthcare Services | First Lien Debt
Variable Index Floor		2.00%	[1],[2],[3],[32],[62]	2.00%	[5],[6],[7],[29],[63]
Investment interest rate, Cash		11.92%	[1],[2],[3],[19],[62]	10.25%	[5],[6],[7],[21],[63]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[62]	0.00%	[5],[6],[7],[21],[63]
Investment Date		Oct. 11, 2019	[1],[2],[3],[13],[62]	Oct. 11, 2019	[5],[6],[7],[15],[63]
Maturity		Oct. 11, 2024	[1],[2],[3],[62]	Oct. 11, 2024	[5],[6],[7],[63]
Principal Amount		$ 5,378	[1],[2],[3],[62]	$ 5,378	[5],[6],[7],[63]
Cost		5,361	[1],[2],[3],[62]	5,355	[5],[6],[7],[63]
Fair Value		$ 5,378	[1],[2],[3],[4],[62]	$ 4,945	[5],[6],[7],[8],[63]
Non-control/Non-affiliate Investments | Haematologic Technologies, Inc. | Healthcare Services | First Lien Debt | LIBOR
Variable Index Spread		8.25%	[1],[2],[3],[32],[62]	8.25%	[5],[6],[7],[29],[63]
Non-control/Non-affiliate Investments | Haematologic Technologies, Inc. | Healthcare Services | Common Equity (630 units)
Investment Date		Oct. 11, 2019	[1],[2],[3],[13],[14],[22]	Oct. 11, 2019	[5],[6],[7],[15],[17],[23]
Cost		$ 630	[1],[2],[3],[14],[22]	$ 630	[5],[6],[7],[17],[23]
Fair Value		214	[1],[2],[3],[4],[14],[22]	120	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | Hallmark Health Care Solutions, Inc. | Healthcare Services
Cost		9,090	[1],[2],[3]	9,140	[5],[6],[7]
Fair Value		$ 12,497	[1],[2],[3],[4]	$ 10,508	[5],[6],[7],[8]
Percent of Net Assets		3.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Hallmark Health Care Solutions, Inc. | Healthcare Services | First Lien Debt
Variable Index Floor		1.50%	[1],[2],[3],[14],[32],[64]	1.50%	[5],[6],[7],[17],[29],[56]
Investment interest rate, Cash		9.53%	[1],[2],[3],[14],[19],[64]	8.75%	[5],[6],[7],[17],[21],[56],[65]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[64]	0.00%	[5],[6],[7],[17],[21],[56],[65]
Investment Date		Dec. 04, 2020	[1],[2],[3],[13],[14],[64]	Dec. 04, 2020	[5],[6],[7],[15],[17],[56],[65]
Maturity		Dec. 04, 2025	[1],[2],[3],[14],[64]	Dec. 04, 2025	[5],[6],[7],[17],[56],[65]
Principal Amount		$ 8,380	[1],[2],[3],[14],[64]	$ 8,440	[5],[6],[7],[17],[56],[65]
Cost		8,340	[1],[2],[3],[14],[64]	8,390	[5],[6],[7],[17],[56],[65]
Fair Value		$ 8,380	[1],[2],[3],[4],[14],[64]	$ 8,440	[5],[6],[7],[8],[17],[56],[65]
Non-control/Non-affiliate Investments | Hallmark Health Care Solutions, Inc. | Healthcare Services | First Lien Debt | LIBOR
Variable Index Spread		7.25%	[1],[2],[3],[14],[32],[64]	7.25%	[5],[6],[7],[17],[29],[56]
Non-control/Non-affiliate Investments | Hallmark Health Care Solutions, Inc. | Healthcare Services | Common Equity (750,000 units)
Investment Date		Dec. 04, 2020	[1],[2],[3],[13],[14]	Dec. 04, 2020	[5],[6],[7],[15],[17]
Cost		$ 750	[1],[2],[3],[14]	$ 750	[5],[6],[7],[17]
Fair Value		$ 4,117	[1],[2],[3],[4],[14]	2,068	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Healthfuse, LLC | Healthcare Services
Cost	[5],[6],[7]			6,658
Fair Value	[5],[6],[7],[8]			$ 6,860
Percent of Net Assets	[5],[6],[7]			1.00%
Non-control/Non-affiliate Investments | Healthfuse, LLC | Healthcare Services | First Lien Debt
Variable Index Floor	[5],[6],[7],[29],[33],[66]			1.00%
Investment interest rate, Cash	[5],[6],[7],[21],[33],[66]			8.25%
Investment interest rate, PIK	[5],[6],[7],[21],[33],[66]			0.00%
Investment Date	[5],[6],[7],[15],[33],[66]			Nov. 13, 2020
Maturity	[5],[6],[7],[33],[66]			Nov. 13, 2025
Principal Amount	[5],[6],[7],[33],[66]			$ 5,940
Cost	[5],[6],[7],[33],[66]			5,908
Fair Value	[5],[6],[7],[8],[33],[66]			$ 5,940
Non-control/Non-affiliate Investments | Healthfuse, LLC | Healthcare Services | First Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[29],[33],[66]			7.25%
Non-control/Non-affiliate Investments | Healthfuse, LLC | Healthcare Services | Preferred Equity (197,980 units)
Investment Date		Nov. 13, 2020	[1],[2],[3],[13]	Nov. 13, 2020	[5],[6],[7],[15]
Cost		$ 748	[1],[2],[3]	$ 750	[5],[6],[7]
Fair Value		$ 1,397	[1],[2],[3],[4]	920	[5],[6],[7],[8]
Percent of Net Assets	[1],[2],[3]	0.00%
Non-control/Non-affiliate Investments | Hub Acquisition Sub, LLC (dba Hub Pen) | Promotional Products
Cost		$ 25,239	[1],[2],[3]	25,250	[5],[6],[7]
Fair Value		$ 25,530	[1],[2],[3],[4]	$ 22,501	[5],[6],[7],[8]
Percent of Net Assets		6.00%	[1],[2],[3]	5.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Hub Acquisition Sub, LLC (dba Hub Pen) | Promotional Products | Second Lien Debt
Investment interest rate, Cash		13.00%	[1],[2],[3],[19],[31]	13.50%	[5],[6],[7],[21],[28]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[31]	0.00%	[5],[6],[7],[21],[28]
Investment Date		Mar. 23, 2016	[1],[2],[3],[13],[31]	Mar. 23, 2016	[5],[6],[7],[15],[28]
Maturity		Mar. 31, 2023	[1],[2],[3],[31]	Mar. 31, 2023	[5],[6],[7],[28]
Principal Amount		$ 25,000	[1],[2],[3],[31]	$ 25,000	[5],[6],[7],[28]
Cost		24,995	[1],[2],[3],[31]	24,986	[5],[6],[7],[28]
Fair Value		$ 24,782	[1],[2],[3],[4],[31]	$ 22,501	[5],[6],[7],[8],[28]
Non-control/Non-affiliate Investments | Hub Acquisition Sub, LLC (dba Hub Pen) | Promotional Products | Preferred Equity (868 units)
Investment Date		Oct. 16, 2020	[1],[2],[3],[13],[14]	Oct. 16, 2020	[5],[6],[7],[15],[17]
Cost		$ 153	[1],[2],[3],[14]	$ 150	[5],[6],[7],[17]
Fair Value	[1],[2],[3],[4],[14]	$ 196
Non-control/Non-affiliate Investments | Hub Acquisition Sub, LLC (dba Hub Pen) | Promotional Products | Common Equity (3,750 units)
Investment Date		Mar. 23, 2016	[1],[2],[3],[13]	Mar. 23, 2016	[5],[6],[7],[15]
Cost		$ 91	[1],[2],[3]	$ 114	[5],[6],[7]
Fair Value	[1],[2],[3],[4]	$ 552
Non-control/Non-affiliate Investments | IBH Holdings, LLC (fka Inflexxion, Inc.) | Business Services | Common Equity (150,000 units)
Investment Date		Jun. 20, 2018	[1],[2],[3],[13]	Jun. 20, 2018	[5],[6],[7],[15]
Fair Value		$ 309	[1],[2],[3],[4]	$ 203	[5],[6],[7],[8]
Percent of Net Assets		0.00%	[1],[2],[3]	0.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Ipro Tech, LLC | Information Technology Services
Cost		$ 19,599	[1],[2],[3]	$ 19,111	[5],[6],[7]
Fair Value		$ 20,696	[1],[2],[3],[4]	$ 19,694	[5],[6],[7],[8]
Percent of Net Assets		4.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Ipro Tech, LLC | Information Technology Services | First Lien Debt
Variable Index Floor		1.00%	[1],[2],[3],[14],[32],[67]	1.00%	[5],[6],[7],[17],[29],[68],[69]
Investment interest rate, Cash		10.15%	[1],[2],[3],[14],[19],[67]	8.00%	[5],[6],[7],[17],[21],[69],[70]
Investment interest rate, PIK		1.00%	[1],[2],[3],[14],[19],[67]	1.00%	[5],[6],[7],[17],[21],[68],[69]
Investment Date		Jun. 30, 2020	[1],[2],[3],[13],[14],[67]	Jun. 30, 2020	[5],[6],[7],[15],[17],[68],[69]
Maturity		Jul. 28, 2025	[1],[2],[3],[14],[67]	Jul. 28, 2025	[5],[6],[7],[17],[68],[69]
Principal Amount		$ 19,674	[1],[2],[3],[14],[67]	$ 19,380	[5],[6],[7],[17],[68],[69]
Cost		18,917	[1],[2],[3],[14],[67]	18,429	[5],[6],[7],[17],[68],[69]
Fair Value		$ 19,673	[1],[2],[3],[4],[14],[67]	$ 19,012	[5],[6],[7],[8],[17],[68],[69]
Non-control/Non-affiliate Investments | Ipro Tech, LLC | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[17],[29],[68],[69]			7.00%
Non-control/Non-affiliate Investments | Ipro Tech, LLC | Information Technology Services | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[14],[32],[67]	7.00%
Non-control/Non-affiliate Investments | Ipro Tech, LLC | Information Technology Services | Preferred Equity (682,075 units)
Investment Date	[5],[6],[7],[15],[17],[71]			Jul. 28, 2021
Cost	[5],[6],[7],[17]			$ 682
Fair Value	[5],[6],[7],[8],[17]			682
Non-control/Non-affiliate Investments | Ipro Tech, LLC | Information Technology Services | Preferred Equity
Investment Date	[1],[2],[3],[13],[14]	Jul. 28, 2021
Cost	[1],[2],[3],[14]	$ 682
Fair Value	[1],[2],[3],[4],[14]	1,023
Non-control/Non-affiliate Investments | ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) | Business Services
Cost		25,765	[1],[2],[3]	26,225	[5],[6],[7]
Fair Value		$ 25,835	[1],[2],[3],[4]	$ 26,243	[5],[6],[7],[8]
Percent of Net Assets		5.00%	[1],[2],[3]	5.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) | Business Services | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[14],[32],[72]	0.50%	[5],[6],[7],[17],[29],[71]
Investment interest rate, Cash		9.78%	[1],[2],[3],[14],[19],[72]	8.00%	[5],[6],[7],[17],[21],[71]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[72]	0.00%	[5],[6],[7],[17],[21],[71]
Investment Date		Apr. 05, 2021	[1],[2],[3],[13],[14],[72]	Apr. 05, 2021	[5],[6],[7],[15],[17],[71]
Maturity		Apr. 05, 2026	[1],[2],[3],[14],[72]	Apr. 05, 2026	[5],[6],[7],[17],[71]
Principal Amount		$ 12,261	[1],[2],[3],[14],[72]	$ 12,483	[5],[6],[7],[17],[71]
Cost		12,187	[1],[2],[3],[14],[72]	12,394	[5],[6],[7],[17],[71]
Fair Value		$ 12,175	[1],[2],[3],[4],[14],[72]	$ 12,404	[5],[6],[7],[8],[17],[71]
Non-control/Non-affiliate Investments | ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) | Business Services | First Lien Debt | LIBOR
Variable Index Spread		7.50%	[1],[2],[3],[14],[32],[72]	7.50%	[5],[6],[7],[17],[29],[68]
Non-control/Non-affiliate Investments | ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) | Business Services | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[14],[32],[73]	0.50%	[5],[6],[7],[17],[29],[74]
Investment interest rate, Cash		9.78%	[1],[2],[3],[14],[19],[73]	8.00%	[5],[6],[7],[17],[21],[74]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[73]	0.00%	[5],[6],[7],[17],[21],[74]
Investment Date		Jun. 30, 2021	[1],[2],[3],[13],[14],[73]	Jun. 30, 2021	[5],[6],[7],[15],[17],[74]
Maturity		Apr. 05, 2026	[1],[2],[3],[14],[73]	Apr. 05, 2026	[5],[6],[7],[17],[74]
Principal Amount		$ 13,078	[1],[2],[3],[14],[73]	$ 13,331	[5],[6],[7],[17],[74]
Cost		13,078	[1],[2],[3],[14],[73]	13,331	[5],[6],[7],[17],[74]
Fair Value		$ 12,994	[1],[2],[3],[4],[14],[73]	$ 13,247	[5],[6],[7],[8],[17],[74]
Non-control/Non-affiliate Investments | ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) | Business Services | First Lien Debt | LIBOR
Variable Index Spread		7.50%	[1],[2],[3],[14],[32],[73]	7.50%	[5],[6],[7],[17],[29],[74]
Non-control/Non-affiliate Investments | ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) | Business Services | Common Equity (256,964 units)
Investment Date		Apr. 05, 2021	[1],[2],[3],[13],[14],[22]	Apr. 05, 2021	[5],[6],[7],[15],[17],[23]
Cost		$ 500	[1],[2],[3],[14],[22]	$ 500	[5],[6],[7],[17],[23]
Fair Value		$ 666	[1],[2],[3],[4],[14],[22]	$ 592	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) | Industrial Cleaning & Coatings | Second Lien Debt
Investment interest rate, Cash		0.00%	[1],[2],[3],[12],[14],[18],[19]	0.00%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		10.00%	[1],[2],[3],[12],[14],[18],[19]	10.00%	[5],[6],[7],[17],[21]
Investment Date		Jan. 28, 2019	[1],[2],[3],[12],[13],[14],[18]	Jan. 28, 2019	[5],[6],[7],[15],[17]
Maturity		Jan. 28, 2023	[1],[2],[3],[12],[14],[18]	Jan. 28, 2023	[5],[6],[7],[17]
Principal Amount		$ 2,368	[1],[2],[3],[12],[14],[18]	$ 2,368	[5],[6],[7],[17]
Cost		2,368	[1],[2],[3],[12],[14],[18]	2,368	[5],[6],[7],[17]
Fair Value		$ 2,169	[1],[2],[3],[4],[12],[14],[18]	$ 2,368	[5],[6],[7],[8],[17]
Percent of Net Assets		0.00%	[1],[2],[3],[12],[14],[18]	1.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | The Kyjen Company, LLC (dba Outward Hound) | Consumer Products | Common Equity (855 shares)
Investment Date		Dec. 08, 2017	[1],[2],[3],[13],[14]	Dec. 08, 2017	[5],[6],[7],[15],[17]
Cost		$ 933	[1],[2],[3],[14]	$ 933	[5],[6],[7],[17]
Fair Value		$ 468	[1],[2],[3],[4],[14]	$ 1,465	[5],[6],[7],[8],[17]
Percent of Net Assets		0.00%	[1],[2],[3],[14]	0.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | Level Education Group, LLC (dba CE4Less) | Business Services
Cost		$ 6,170	[1],[2],[3]	$ 6,396	[5],[6],[7]
Fair Value		$ 6,426	[1],[2],[3],[4]	$ 6,744	[5],[6],[7],[8]
Percent of Net Assets		1.00%	[1],[2],[3]	1.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Level Education Group, LLC (dba CE4Less) | Business Services | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[32],[75]	0.50%	[5],[6],[7],[28],[29],[76]
Investment interest rate, Cash		9.03%	[1],[2],[3],[19],[75]	7.25%	[5],[6],[7],[21],[28],[76]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[75]	0.00%	[5],[6],[7],[21],[28],[76]
Investment Date		Apr. 01, 2021	[1],[2],[3],[13],[75]	Apr. 01, 2021	[5],[6],[7],[15],[28],[76]
Maturity		Apr. 01, 2026	[1],[2],[3],[75]	Apr. 01, 2026	[5],[6],[7],[28],[76]
Principal Amount		$ 5,199	[1],[2],[3],[75]	$ 5,431	[5],[6],[7],[28],[76]
Cost		5,170	[1],[2],[3],[75]	5,396	[5],[6],[7],[28],[76]
Fair Value		$ 5,199	[1],[2],[3],[4],[75]	$ 5,431	[5],[6],[7],[8],[28],[76]
Non-control/Non-affiliate Investments | Level Education Group, LLC (dba CE4Less) | Business Services | First Lien Debt | LIBOR
Variable Index Spread		6.75%	[1],[2],[3],[32],[75]	6.75%	[5],[6],[7],[28],[29],[76]
Non-control/Non-affiliate Investments | Level Education Group, LLC (dba CE4Less) | Business Services | Common Equity (1,000,000 units)
Investment Date		Apr. 01, 2021	[1],[2],[3],[13],[14]	Apr. 01, 2021	[5],[6],[7],[15],[17]
Cost		$ 1,000	[1],[2],[3],[14]	$ 1,000	[5],[6],[7],[17]
Fair Value		1,227	[1],[2],[3],[4],[14]	1,313	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | LifeSpan Biosciences, Inc. | Healthcare Products
Cost		16,942	[1],[2],[3]	16,931	[5],[6],[7]
Fair Value		$ 16,753	[1],[2],[3],[4]	$ 16,981	[5],[6],[7],[8]
Percent of Net Assets		4.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | LifeSpan Biosciences, Inc. | Healthcare Products | Subordinated Debt
Investment interest rate, Cash		11.50%	[1],[2],[3],[14],[19]	11.50%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19]	0.00%	[5],[6],[7],[17],[21]
Investment Date		Mar. 19, 2021	[1],[2],[3],[13],[14]	Mar. 19, 2021	[5],[6],[7],[15],[17]
Maturity		Sep. 19, 2026	[1],[2],[3],[14]	Sep. 19, 2026	[5],[6],[7],[17]
Principal Amount		$ 16,000	[1],[2],[3],[14]	$ 16,000	[5],[6],[7],[17]
Cost		15,942	[1],[2],[3],[14]	15,931	[5],[6],[7],[17]
Fair Value		$ 16,000	[1],[2],[3],[4],[14]	$ 16,000	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | LifeSpan Biosciences, Inc. | Healthcare Products | Common Equity (100 shares)
Investment Date		Mar. 19, 2021	[1],[2],[3],[13],[14]	Mar. 19, 2021	[5],[6],[7],[15],[17]
Cost		$ 1,000	[1],[2],[3],[14]	$ 1,000	[5],[6],[7],[17]
Fair Value		$ 753	[1],[2],[3],[4],[14]	981	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Magenta Buyer LLC (dba Trellix) | Information Technology Services | Second Lien Debt
Variable Index Floor	[1],[2],[3],[14],[32]	0.75%
Investment Date	[1],[2],[3],[13],[14]	Jul. 19, 2022
Maturity	[1],[2],[3],[14]	Jul. 27, 2029
Principal Amount	[1],[2],[3],[14]	$ 7,182
Cost	[1],[2],[3],[14]	6,795
Fair Value	[1],[2],[3],[4],[14]	$ 6,795
Percent of Net Assets	[1],[2],[3],[14]	1.00%
Non-control/Non-affiliate Investments | Magenta Buyer LLC (dba Trellix) | Information Technology Services | Second Lien Debt | LIBOR
Variable Index Spread	[1],[2],[3],[14],[32]	8.25%
Non-control/Non-affiliate Investments | MBS Opco, LLC (dba Marketron) | Information Technology Services | First Lien Debt
Variable Index Floor	[1],[2],[3],[14],[32]	1.50%
Investment Date	[1],[2],[3],[13],[14]	Sep. 29, 2022
Maturity	[1],[2],[3],[14]	Sep. 28, 2026
Principal Amount	[1],[2],[3],[14]	$ 27,000
Cost	[1],[2],[3],[14]	26,865
Fair Value	[1],[2],[3],[4],[14]	$ 26,865
Percent of Net Assets	[1],[2],[3],[14]	6.00%
Non-control/Non-affiliate Investments | MBS Opco, LLC (dba Marketron) | Information Technology Services | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[14],[32]	8.50%
Non-control/Non-affiliate Investments | Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) | Component Manufacturing
Cost	[1],[2],[3]	$ 17,852
Fair Value	[1],[2],[3],[4]	$ 19,209
Percent of Net Assets	[1],[2],[3]	4.00%
Non-control/Non-affiliate Investments | Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) | Component Manufacturing | First Lien Debt
Variable Index Floor	[1],[2],[3],[31],[32],[77]	0.50%
Investment interest rate, Cash	[1],[2],[3],[19],[31],[77]	7.88%
Investment interest rate, PIK	[1],[2],[3],[19],[31],[77]	0.00%
Investment Date	[1],[2],[3],[13],[31],[77]	Feb. 17, 2022
Maturity	[1],[2],[3],[31],[77]	Feb. 17, 2027
Principal Amount	[1],[2],[3],[31],[77]	$ 16,520
Cost	[1],[2],[3],[31],[77]	16,412
Fair Value	[1],[2],[3],[4],[31],[77]	$ 16,520
Non-control/Non-affiliate Investments | Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) | Component Manufacturing | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[31],[32],[77]	5.50%
Non-control/Non-affiliate Investments | Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) | Component Manufacturing | Common Equity (14,400 units)
Investment Date	[1],[2],[3],[13],[14]	Feb. 17, 2022
Cost	[1],[2],[3],[14]	$ 1,440
Fair Value	[1],[2],[3],[4],[14]	2,689
Non-control/Non-affiliate Investments | Midwest Transit Equipment, Inc. | Transportation Services
Cost		370	[1],[2],[3]	370	[5],[6],[7]
Fair Value		$ 579	[1],[2],[3],[4]	$ 246	[5],[6],[7],[8]
Percent of Net Assets		0.00%	[1],[2],[3]	0.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Midwest Transit Equipment, Inc. | Transportation Services | Warrant (7,192 shares)
Investment Date		Jun. 23, 2017	[1],[2],[3],[13],[14],[26]	Jun. 23, 2017	[5],[6],[7],[15],[17],[27]
Cost		$ 180	[1],[2],[3],[14],[26]	$ 180	[5],[6],[7],[17],[27]
Fair Value	[1],[2],[3],[4],[14],[26]	$ 302
Non-control/Non-affiliate Investments | Midwest Transit Equipment, Inc. | Transportation Services | Warrant (4.79% of Junior Subordinated Notes)
Investment Date		Jun. 23, 2017	[1],[2],[3],[13],[14],[78]	Jun. 23, 2017	[5],[6],[7],[15],[17],[79]
Cost		$ 190	[1],[2],[3],[14],[78]	$ 190	[5],[6],[7],[17],[79]
Fair Value		$ 277	[1],[2],[3],[4],[14],[78]	$ 246	[5],[6],[7],[8],[17],[79]
Non-control/Non-affiliate Investments | Mobilewalla, Inc. | Information Technology Services | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[14],[32]	0.50%	[5],[6],[7],[17],[29]
Investment interest rate, Cash	[5],[6],[7],[17],[21]			12.00%
Investment interest rate, PIK	[5],[6],[7],[17],[21]			0.00%
Investment Date		Dec. 17, 2021	[1],[2],[3],[13],[14]	Dec. 17, 2021	[5],[6],[7],[15],[17]
Maturity		Dec. 17, 2024	[1],[2],[3],[14]	Dec. 17, 2024	[5],[6],[7],[17]
Principal Amount		$ 5,715	[1],[2],[3],[14]	$ 5,715	[5],[6],[7],[17]
Cost		5,694	[1],[2],[3],[14]	5,687	[5],[6],[7],[17]
Fair Value		$ 5,715	[1],[2],[3],[4],[14]	$ 5,687	[5],[6],[7],[8],[17]
Percent of Net Assets		1.00%	[1],[2],[3],[14]	1.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | Mobilewalla, Inc. | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread		11.50%	[1],[2],[3],[14],[32]	11.50%	[5],[6],[7],[17],[29]
Non-control/Non-affiliate Investments | Netbase Solutions, Inc. (dba Netbase Quid) | Information Technology Services | First Lien Debt
Variable Index Floor		3.25%	[1],[2],[3],[31],[32],[80]	3.25%	[5],[6],[7],[28],[29],[81]
Investment interest rate, Cash		10.25%	[1],[2],[3],[19],[31],[80]	8.75%	[5],[6],[7],[21],[28],[81]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[31],[80]	1.50%	[5],[6],[7],[21],[28],[81]
Investment Date		Nov. 18, 2021	[1],[2],[3],[13],[31],[80]	Nov. 18, 2021	[5],[6],[7],[15],[28],[81]
Maturity		Nov. 18, 2025	[1],[2],[3],[31],[80]	Nov. 18, 2025	[5],[6],[7],[28],[81]
Principal Amount		$ 16,708	[1],[2],[3],[31],[80]	$ 16,568	[5],[6],[7],[28],[81]
Cost		16,611	[1],[2],[3],[31],[80]	16,448	[5],[6],[7],[28],[81]
Fair Value		$ 16,708	[1],[2],[3],[4],[31],[80]	$ 16,448	[5],[6],[7],[8],[81]
Percent of Net Assets		4.00%	[1],[2],[3],[31],[80]	4.00%	[5],[6],[7],[28],[81]
Non-control/Non-affiliate Investments | Netbase Solutions, Inc. (dba Netbase Quid) | Information Technology Services | First Lien Debt | Prime
Variable Index Spread		4.00%	[1],[2],[3],[31],[32],[80]	5.50%	[5],[6],[7],[28],[29],[81]
Non-control/Non-affiliate Investments | NGT Acquisition Holdings, LLC (dba Techniks Industries) | Component Manufacturing | Common Equity (378 units)
Investment Date		May 24, 2017	[1],[2],[3],[13],[14]	May 24, 2017	[5],[6],[7],[15],[17]
Cost		$ 500	[1],[2],[3],[14]	$ 500	[5],[6],[7],[17]
Fair Value		$ 118	[1],[2],[3],[4],[14]	$ 204	[5],[6],[7],[8],[17]
Percent of Net Assets		0.00%	[1],[2],[3],[14]	0.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | OMC Investors, LLC (dba Ohio Medical Corporation) | Healthcare Products
Cost		$ 5,161	[1],[2],[3]	$ 5,172	[5],[6],[7]
Fair Value		$ 5,591	[1],[2],[3],[4]	$ 5,743	[5],[6],[7],[8]
Percent of Net Assets		1.00%	[1],[2],[3]	1.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | OMC Investors, LLC (dba Ohio Medical Corporation) | Healthcare Products | Second Lien Debt
Investment interest rate, Cash		13.00%	[1],[2],[3],[19]	13.00%	[5],[6],[7],[21]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19]	0.00%	[5],[6],[7],[21]
Investment Date		Jan. 26, 2021	[1],[2],[3],[13]	Jan. 26, 2021	[5],[6],[7],[15]
Maturity		Jun. 30, 2024	[1],[2],[3]	Jun. 30, 2024	[5],[6],[7]
Principal Amount		$ 5,000	[1],[2],[3]	$ 5,000	[5],[6],[7]
Cost		4,974	[1],[2],[3]	4,963	[5],[6],[7]
Fair Value		$ 5,000	[1],[2],[3],[4]	$ 5,000	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | OMC Investors, LLC (dba Ohio Medical Corporation) | Healthcare Products | Common Equity (5,000 units)
Investment Date		Jan. 15, 2016	[1],[2],[3],[13]	Jan. 15, 2016	[5],[6],[7],[15]
Cost		$ 187	[1],[2],[3]	$ 209	[5],[6],[7]
Fair Value		591	[1],[2],[3],[4]	$ 743	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | OnePath Systems, LLC | Information Technology Services
Cost	[1],[2],[3]	11,418
Fair Value	[1],[2],[3],[4]	$ 11,418
Percent of Net Assets	[1],[2],[3]	2.00%
Non-control/Non-affiliate Investments | OnePath Systems, LLC | Information Technology Services | First Lien Debt
Variable Index Floor	[1],[2],[3],[32],[82]	1.00%
Investment interest rate, Cash	[1],[2],[3],[19],[82]	11.05%
Investment interest rate, PIK	[1],[2],[3],[19],[82]	0.00%
Investment Date	[1],[2],[3],[13],[82]	Sep. 30, 2022
Maturity	[1],[2],[3],[82]	Sep. 30, 2027
Principal Amount	[1],[2],[3],[82]	$ 11,000
Cost	[1],[2],[3],[82]	10,918
Fair Value	[1],[2],[3],[4],[82]	$ 10,918
Non-control/Non-affiliate Investments | OnePath Systems, LLC | Information Technology Services | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[32],[82]	7.50%
Non-control/Non-affiliate Investments | OnePath Systems, LLC | Information Technology Services | Common Equity (732,542 shares)
Investment Date	[1],[2],[3],[13],[14]	Sep. 30, 2022
Cost	[1],[2],[3],[14]	$ 500
Fair Value	[1],[2],[3],[4],[14]	$ 500
Non-control/Non-affiliate Investments | Palisade Company, LLC | Information Technology Services | Common Equity (50 shares)
Investment Date	[5],[6],[7],[15],[17]			Nov. 15, 2018
Cost	[5],[6],[7],[17]			$ 500
Fair Value	[5],[6],[7],[8],[17]			$ 1,224
Percent of Net Assets	[5],[6],[7],[17]			0.00%
Non-control/Non-affiliate Investments | Palmetto Moon, LLC | Retail | Common Equity (499 units)
Investment Date		Nov. 03, 2016	[1],[2],[3],[13],[14]	Nov. 03, 2016	[5],[6],[7],[15],[17]
Cost		$ 265	[1],[2],[3],[14]	$ 265	[5],[6],[7],[17]
Fair Value		$ 512	[1],[2],[3],[4],[14]	$ 895	[5],[6],[7],[8],[17]
Percent of Net Assets		0.00%	[1],[2],[3],[14]	0.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | Pinnergy, Ltd. | Oil & Gas Services | Subordinated Debt
Investment interest rate, Cash	[1],[2],[3],[14],[19]	9.00%
Investment interest rate, PIK	[1],[2],[3],[14],[19]	0.00%
Investment Date	[1],[2],[3],[13],[14]	Jun. 30, 2022
Maturity	[1],[2],[3],[14]	Jun. 30, 2027
Principal Amount	[1],[2],[3],[14]	$ 15,000
Cost	[1],[2],[3],[14]	14,929
Fair Value	[1],[2],[3],[4],[14]	$ 14,929
Percent of Net Assets	[1],[2],[3],[14]	3.00%
Non-control/Non-affiliate Investments | Pool & Electrical Products, LLC | Specialty Distribution | Common Equity (15,000 units)
Investment Date		Oct. 28, 2020	[1],[2],[3],[12],[13],[14],[22]	Oct. 28, 2020	[5],[6],[7],[15],[16],[17],[23]
Cost		$ 549	[1],[2],[3],[12],[14],[22]	$ 549	[5],[6],[7],[16],[17],[23]
Fair Value		$ 4,362	[1],[2],[3],[4],[12],[14],[22]	$ 4,466	[5],[6],[7],[8],[16],[17],[23]
Percent of Net Assets		1.00%	[1],[2],[3],[12],[14],[22]	1.00%	[5],[6],[7],[16],[17],[23]
Non-control/Non-affiliate Investments | Power Grid Components, Inc. | Specialty Distribution
Cost		$ 18,557	[1],[2],[3]	$ 18,412	[5],[6],[7]
Fair Value		$ 19,282	[1],[2],[3],[4]	$ 18,463	[5],[6],[7],[8]
Percent of Net Assets		4.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Power Grid Components, Inc. | Specialty Distribution | Second Lien Debt
Investment interest rate, Cash		11.00%	[1],[2],[3],[19],[31]	11.00%	[5],[6],[7],[21],[28]
Investment interest rate, PIK		1.00%	[1],[2],[3],[19],[31]	1.00%	[5],[6],[7],[21],[28]
Investment Date		Apr. 12, 2018	[1],[2],[3],[13],[31]	Apr. 12, 2018	[5],[6],[7],[15],[28]
Maturity		Dec. 02, 2025	[1],[2],[3],[31]	Dec. 02, 2025	[5],[6],[7],[28]
Principal Amount		$ 17,704	[1],[2],[3],[31]	$ 17,570	[5],[6],[7],[28]
Cost		17,655	[1],[2],[3],[31]	17,510	[5],[6],[7],[28]
Fair Value		$ 17,704	[1],[2],[3],[4],[31]	$ 17,570	[5],[6],[7],[8],[28]
Non-control/Non-affiliate Investments | Power Grid Components, Inc. | Specialty Distribution | Preferred Equity (392 shares)
Investment Date		Apr. 12, 2018	[1],[2],[3],[13],[14]	Apr. 12, 2018	[5],[6],[7],[15],[17]
Cost		$ 392	[1],[2],[3],[14]	$ 392	[5],[6],[7],[17]
Fair Value		$ 608	[1],[2],[3],[4],[14]	$ 564	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Power Grid Components, Inc. | Specialty Distribution | Preferred Equity (48 shares)
Investment Date		Dec. 02, 2019	[1],[2],[3],[13],[14]	Dec. 02, 2019	[5],[6],[7],[15],[17]
Cost		$ 48	[1],[2],[3],[14]	$ 48	[5],[6],[7],[17]
Fair Value		$ 75	[1],[2],[3],[4],[14]	$ 70	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Power Grid Components, Inc. | Specialty Distribution | Common Equity (10,622 shares)
Investment Date		Apr. 12, 2018	[1],[2],[3],[13],[14]	Apr. 12, 2018	[5],[6],[7],[15],[17]
Cost		$ 462	[1],[2],[3],[14]	$ 462	[5],[6],[7],[17]
Fair Value		895	[1],[2],[3],[4],[14]	259	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Utilities: Services
Cost		11,318	[1],[2],[3]	11,279	[5],[6],[7]
Fair Value		$ 11,787	[1],[2],[3],[4]	$ 11,279	[5],[6],[7],[8]
Percent of Net Assets		2.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Utilities: Services | Second Lien Debt
Variable Index Floor		1.00%	[1],[2],[3],[14],[32]	1.00%	[5],[6],[7],[17],[29]
Investment interest rate, Cash	[5],[6],[7],[17],[21]			10.50%
Investment interest rate, PIK	[5],[6],[7],[17],[21]			0.00%
Investment Date		Sep. 21, 2021	[1],[2],[3],[13],[14]	Sep. 21, 2021	[5],[6],[7],[15],[17]
Maturity		Mar. 21, 2029	[1],[2],[3],[14]	Mar. 21, 2029	[5],[6],[7],[17]
Principal Amount		$ 10,831	[1],[2],[3],[14]	$ 10,831	[5],[6],[7],[17]
Cost		10,784	[1],[2],[3],[14]	10,779	[5],[6],[7],[17]
Fair Value		$ 10,831	[1],[2],[3],[4],[14]	$ 10,779	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Utilities: Services | Second Lien Debt | LIBOR
Variable Index Spread		9.50%	[1],[2],[3],[14],[32]	9.50%	[5],[6],[7],[17],[29]
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Utilities: Services | Common Equity (5,000 units)
Investment Date	[5],[6],[7],[15],[17],[23]			Sep. 21, 2021
Cost	[5],[6],[7],[17],[23]			$ 500
Fair Value	[5],[6],[7],[8],[17],[23]			500
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Utilities: Services | Common Equity (5,341 units)
Investment Date	[1],[2],[3],[13],[14],[22]	Sep. 21, 2021
Cost	[1],[2],[3],[14],[22]	$ 534
Fair Value	[1],[2],[3],[4],[14],[22]	956
Non-control/Non-affiliate Investments | Prime AE Group, Inc. | Business Services
Cost		6,650	[1],[2],[3]	6,955	[5],[6],[7]
Fair Value		$ 5,985	[1],[2],[3],[4]	$ 6,629	[5],[6],[7],[8]
Percent of Net Assets		1.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Prime AE Group, Inc. | Business Services | First Lien Debt
Variable Index Floor		2.00%	[1],[2],[3],[14],[32]	2.00%	[5],[6],[7],[17],[29]
Investment interest rate, Cash		10.56%	[1],[2],[3],[14],[19]	8.25%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19]	0.00%	[5],[6],[7],[17],[21]
Investment Date		Nov. 25, 2019	[1],[2],[3],[13],[14]	Nov. 25, 2019	[5],[6],[7],[15],[17]
Maturity		Nov. 25, 2024	[1],[2],[3],[14]	Nov. 25, 2024	[5],[6],[7],[17]
Principal Amount		$ 5,833	[1],[2],[3],[14]	$ 6,167	[5],[6],[7],[17]
Cost		5,750	[1],[2],[3],[14]	6,055	[5],[6],[7],[17]
Fair Value		$ 5,833	[1],[2],[3],[4],[14]	$ 6,167	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Prime AE Group, Inc. | Business Services | First Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[17],[29]			6.25%
Non-control/Non-affiliate Investments | Prime AE Group, Inc. | Business Services | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[14],[32]	6.75%
Non-control/Non-affiliate Investments | Prime AE Group, Inc. | Business Services | Preferred Equity (900,000 shares)
Investment Date		Nov. 25, 2019	[1],[2],[3],[13],[14]	Nov. 25, 2019	[5],[6],[7],[15],[17]
Cost		$ 900	[1],[2],[3],[14]	$ 900	[5],[6],[7],[17]
Fair Value		$ 152	[1],[2],[3],[4],[14]	$ 462	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Pugh Lubricants, LLC | Specialty Distribution | Common Equity (3,062 units)
Investment Date		Nov. 10, 2016	[1],[2],[3],[14],[22]	Nov. 10, 2016	[5],[6],[7],[15],[16],[17],[23]
Percent of Net Assets		0.00%	[1],[2],[3],[14],[22]	0.00%	[5],[6],[7],[16],[17],[23]
Non-control/Non-affiliate Investments | Quest Software US Holdings Inc. | Information Technology Services | Second Lien Debt
Variable Index Floor	[1],[2],[3],[14],[32]	0.50%
Investment Date	[1],[2],[3],[13],[14]	Mar. 01, 2022
Maturity	[1],[2],[3],[14]	Feb. 01, 2030
Principal Amount	[1],[2],[3],[14]	$ 20,000
Cost	[1],[2],[3],[14]	19,338
Fair Value	[1],[2],[3],[4],[14]	$ 18,004
Percent of Net Assets	[1],[2],[3],[14]	4.00%
Non-control/Non-affiliate Investments | Quest Software US Holdings Inc. | Information Technology Services | Second Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[14],[32]	7.50%
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution
Cost		$ 16,229	[1],[2],[3]	$ 14,984	[5],[6],[7]
Fair Value		$ 16,726	[1],[2],[3],[4]	$ 15,201	[5],[6],[7],[8]
Percent of Net Assets		4.00%	[1],[2],[3]	3.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Second Lien Debt
Investment interest rate, Cash		11.50%	[1],[2],[3],[19],[31]	12.00%	[5],[6],[7],[21],[28]
Investment interest rate, PIK		0.00%	[1],[2],[3],[19],[31]	1.00%	[5],[6],[7],[21],[28]
Investment Date		Aug. 11, 2017	[1],[2],[3],[13],[31]	Aug. 11, 2017	[5],[6],[7],[15],[28]
Maturity		Feb. 11, 2026	[1],[2],[3],[31]	Feb. 11, 2023	[5],[6],[7],[28]
Principal Amount		$ 14,851	[1],[2],[3],[31]	$ 13,804	[5],[6],[7],[28]
Cost		14,836	[1],[2],[3],[31]	13,791	[5],[6],[7],[28]
Fair Value		$ 14,851	[1],[2],[3],[4],[31]	$ 13,804	[5],[6],[7],[8],[28]
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Delayed Draw Commitment ($875 unfunded commitment)
Investment interest rate, Cash	[5],[6],[7],[17],[21],[38]			12.00%
Investment interest rate, PIK	[5],[6],[7],[17],[21],[38]			1.00%
Investment Date	[5],[6],[7],[15],[17],[38]			Aug. 11, 2017
Maturity	[5],[6],[7],[17],[38]			May 17, 2022
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Common Equity (Class A Units) (8,864 units)
Investment Date	[5],[6],[7],[15],[17],[23]			Aug. 11, 2017
Cost	[5],[6],[7],[17],[23]			$ 925
Fair Value	[5],[6],[7],[8],[17],[23]			$ 1,115
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Preferred Equity (Units N/A)
Investment Date		Dec. 10, 2020	[1],[2],[3],[13],[14],[22]	Dec. 10, 2020	[5],[6],[7],[15],[17],[23]
Cost		$ 268	[1],[2],[3],[14],[22]	$ 268	[5],[6],[7],[17],[23]
Fair Value		$ 303	[1],[2],[3],[4],[14],[22]	$ 282	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Common Equity (Class W Units) (710 units)
Investment Date	[5],[6],[7],[15],[17],[23]			Dec. 10, 2020
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Common Equity (Class A Units) (10,915 units)
Investment Date	[1],[2],[3],[13],[14],[22]	Aug. 11, 2017
Cost	[1],[2],[3],[14],[22]	$ 1,125
Fair Value	[1],[2],[3],[4],[14],[22]	$ 1,572
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Common Equity (Class F Units) (710 units)
Investment Date	[1],[2],[3],[13],[14],[22]	Dec. 10, 2020
Non-control/Non-affiliate Investments | Road Safety Services, Inc. | Business Services
Cost		$ 16,847	[1],[2],[3]	$ 16,602	[5],[6],[7]
Fair Value		$ 16,854	[1],[2],[3],[4]	$ 16,810	[5],[6],[7],[8]
Percent of Net Assets		4.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Road Safety Services, Inc. | Business Services | Second Lien Debt
Variable Index Spread	[1],[2],[3],[19]	11.25%
Variable Index Floor	[1],[2],[3],[19]	2.00%
Investment interest rate, Cash	[5],[6],[7],[21]			11.25%
Investment interest rate, PIK	[5],[6],[7],[21]			2.00%
Investment Date		Sep. 18, 2018	[1],[2],[3],[13]	Sep. 18, 2018	[5],[6],[7],[15]
Maturity		Sep. 18, 2025	[1],[2],[3]	Sep. 18, 2025	[5],[6],[7]
Principal Amount		$ 15,762	[1],[2],[3]	$ 15,525	[5],[6],[7]
Cost		15,726	[1],[2],[3]	15,481	[5],[6],[7]
Fair Value		$ 15,347	[1],[2],[3],[4]	$ 15,525	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | Road Safety Services, Inc. | Business Services | Common Equity (779 units)
Investment Date		Sep. 18, 2018	[1],[2],[3],[13]	Sep. 18, 2018	[5],[6],[7],[15]
Cost		$ 1,121	[1],[2],[3]	$ 1,121	[5],[6],[7]
Fair Value		$ 1,507	[1],[2],[3],[4]	$ 1,285	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | SES Investors, LLC (dba SES Foam) | Building Products Manufacturing | Common Equity (6,000 units)
Investment Date		Sep. 08, 2016	[1],[2],[3],[12],[13],[14],[22]	Sep. 08, 2016	[5],[6],[7],[15],[17],[23]
Cost	[5],[6],[7],[17],[23]			$ 404
Fair Value		$ 104	[1],[2],[3],[4],[12],[14],[22]	$ 4,089	[5],[6],[7],[8],[17],[23]
Percent of Net Assets		0.00%	[1],[2],[3],[12],[14],[22]	1.00%	[5],[6],[7],[17],[23]
Non-control/Non-affiliate Investments | SpendMend LLC | Business Services | Common Equity (1,000,000 units)
Investment Date	[5],[6],[7],[15]			Jan. 08, 2018
Cost	[5],[6],[7]			$ 994
Fair Value	[5],[6],[7],[8]			$ 6,257
Percent of Net Assets	[5],[6],[7]			1.00%
Non-control/Non-affiliate Investments | Sonicwall US Holdings, Inc. | Information Technology Services | Second Lien Debt
Variable Index Floor	[1],[2],[3],[14],[32]	0.00%
Investment Date	[1],[2],[3],[13],[14]	Sep. 06, 2022
Maturity	[1],[2],[3],[14]	May 18, 2026
Principal Amount	[1],[2],[3],[14]	$ 4,774
Cost	[1],[2],[3],[14]	4,489
Fair Value	[1],[2],[3],[4],[14]	$ 4,489
Percent of Net Assets	[1],[2],[3],[14]	1.00%
Non-control/Non-affiliate Investments | Sonicwall US Holdings, Inc. | Information Technology Services | Second Lien Debt | LIBOR
Variable Index Spread	[1],[2],[3],[14],[32]	7.50%
Non-control/Non-affiliate Investments | Suited Connector LLC | Information Technology Services
Cost		$ 16,680	[1],[2],[3]	$ 16,671	[5],[6],[7]
Fair Value		$ 11,721	[1],[2],[3],[4]	$ 16,671	[5],[6],[7],[8]
Percent of Net Assets		2.00%	[1],[2],[3],[14]	3.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Suited Connector LLC | Information Technology Services | Second Lien Debt
Investment interest rate, Cash		12.00%	[1],[2],[3],[14],[19]	12.00%	[5],[6],[7],[17],[21]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19]	0.00%	[5],[6],[7],[17],[21]
Investment Date		Oct. 29, 2021	[1],[2],[3],[13],[14]	Oct. 29, 2021	[5],[6],[7],[15],[17]
Maturity		Jun. 01, 2028	[1],[2],[3],[14]	Jun. 01, 2028	[5],[6],[7],[17]
Principal Amount		$ 16,000	[1],[2],[3],[14]	$ 16,000	[5],[6],[7],[17]
Cost		15,930	[1],[2],[3],[14]	15,921	[5],[6],[7],[17]
Fair Value		$ 11,637	[1],[2],[3],[4],[14]	$ 15,921	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Suited Connector LLC | Information Technology Services | Common Equity (7,500 units)
Investment Date		Dec. 01, 2021	[1],[2],[3],[13],[14],[22]	Dec. 01, 2021	[5],[6],[7],[15],[17],[23]
Cost		$ 750	[1],[2],[3],[14],[22]	$ 750	[5],[6],[7],[17],[23]
Fair Value		84	[1],[2],[3],[4],[14],[22]	$ 750	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products
Cost	[1],[2],[3]	20,682
Fair Value	[1],[2],[3],[4]	$ 22,436
Percent of Net Assets	[1],[2],[3]	5.00%
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Subordinated Debt
Investment interest rate, Cash	[1],[2],[3],[14],[19]	7.25%
Investment interest rate, PIK	[1],[2],[3],[14],[19]	7.25%
Investment Date	[1],[2],[3],[13],[14]	Mar. 04, 2022
Maturity	[1],[2],[3],[14]	Sep. 04, 2027
Principal Amount	[1],[2],[3],[14]	$ 2,608
Cost	[1],[2],[3],[14]	2,594
Fair Value	[1],[2],[3],[4],[14]	$ 3,750
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | First Lien Debt
Variable Index Floor	[1],[2],[3],[14],[32]	1.00%
Investment Date	[1],[2],[3],[13],[14]	Mar. 04, 2022
Maturity	[1],[2],[3],[14]	Mar. 04, 2027
Principal Amount	[1],[2],[3],[14]	$ 15,600
Cost	[1],[2],[3],[14]	15,523
Fair Value	[1],[2],[3],[4],[14]	$ 15,600
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[14],[32]	7.75%
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Delayed Draw Commitment ($3,000 unfunded commitment)
Variable Index Floor	[1],[2],[3],[14],[32],[83]	1.00%
Investment Date	[1],[2],[3],[13],[14],[83]	Mar. 04, 2022
Maturity	[1],[2],[3],[14],[83]	Mar. 04, 2027
Cost	[1],[2],[3],[14],[83]	$ (15)
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Delayed Draw Commitment ($3,000 unfunded commitment) | SOFR
Variable Index Spread	[1],[2],[3],[14],[32],[83]	7.75%
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Preferred Equity (Series A) (1,000 units)
Investment Date	[1],[2],[3],[13],[14],[22]	Mar. 04, 2022
Cost	[1],[2],[3],[14],[22]	$ 1,000
Fair Value	[1],[2],[3],[4],[14],[22]	$ 1,486
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Revolving Loan ($2,400 unfunded commitment)
Variable Index Floor	[1],[2],[3],[14],[32],[37]	1.00%
Investment Date	[1],[2],[3],[13],[14],[37]	Mar. 04, 2022
Maturity	[1],[2],[3],[14],[37]	Mar. 04, 2027
Principal Amount	[1],[2],[3],[14],[37]	$ 1,600
Cost	[1],[2],[3],[14],[37]	1,580
Fair Value	[1],[2],[3],[4],[14],[37]	$ 1,600
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Revolving Loan ($2,400 unfunded commitment) | SOFR
Variable Index Spread	[1],[2],[3],[14],[32],[37]	7.75%
Non-control/Non-affiliate Investments | TransGo, LLC | Component Manufacturing | Common Equity (500 units)
Investment Date		Feb. 28, 2017	[1],[2],[3],[12],[13],[14]	Feb. 28, 2017	[5],[6],[7],[15],[17]
Cost	[5],[6],[7],[17]			$ 428
Fair Value	[5],[6],[7],[8],[17]			$ 1,878
Percent of Net Assets		0.00%	[1],[2],[3],[12],[14]	1.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | The Tranzonic Companies | Specialty Distribution
Cost	[5],[6],[7]			$ 565
Fair Value		$ 18	[1],[2],[3],[4],[12],[14]	$ 2,033	[5],[6],[7],[8]
Percent of Net Assets		0.00%	[1],[2],[3],[12],[14]	1.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | The Tranzonic Companies | Specialty Distribution | Preferred Equity (5,653 units)
Investment Date		Mar. 27, 2018	[1],[2],[3],[12],[13],[14]	Mar. 27, 2018	[5],[6],[7],[15],[17]
Cost	[5],[6],[7],[17]			$ 565
Fair Value	[5],[6],[7],[8],[17]			$ 802
Non-control/Non-affiliate Investments | The Tranzonic Companies | Specialty Distribution | Common Equity (1 units)
Investment Date		Mar. 27, 2018	[1],[2],[3],[12],[13],[14]	Mar. 27, 2018	[5],[6],[7],[15],[17]
Fair Value		$ 18	[1],[2],[3],[4],[12],[14]	$ 1,231	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | UBEO, LLC | Business Services | Common Equity (705,000 units)
Investment Date		Apr. 03, 2018	[1],[2],[3],[13],[14],[22]	Apr. 03, 2018	[5],[6],[7],[15],[17],[23]
Cost		$ 655	[1],[2],[3],[14],[22]	$ 645	[5],[6],[7],[17],[23]
Fair Value		$ 1,158	[1],[2],[3],[4],[14],[22]	$ 884	[5],[6],[7],[8],[17],[23]
Percent of Net Assets		0.00%	[1],[2],[3],[14],[22]	0.00%	[5],[6],[7],[17],[23]
Non-control/Non-affiliate Investments | United Biologics, LLC | Healthcare Services
Cost		$ 1,574	[1],[2],[3]	$ 1,574	[5],[6],[7]
Percent of Net Assets		0.00%	[1],[2],[3]	0.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | United Biologics, LLC | Healthcare Services | Preferred Equity (98,377 units)
Investment Date		Apr. 01, 2012	[1],[2],[3],[13],[14],[22]	Apr. 01, 2012	[5],[6],[7],[15],[17],[23]
Cost		$ 1,008	[1],[2],[3],[14],[22]	$ 1,008	[5],[6],[7],[17],[23]
Non-control/Non-affiliate Investments | United Biologics, LLC | Healthcare Services | Warrant (57,469 units)
Investment Date		Mar. 05, 2012	[1],[2],[3],[13],[14],[26]	Mar. 05, 2012	[5],[6],[7],[15],[17],[27]
Cost		$ 566	[1],[2],[3],[14],[26]	$ 566	[5],[6],[7],[17],[27]
Non-control/Non-affiliate Investments | UPG Company, LLC | Component Manufacturing | First Lien Debt
Variable Index Floor		0.50%	[1],[2],[3],[14],[32],[84]	0.50%	[5],[6],[7],[17],[29],[85]
Investment interest rate, Cash		10.07%	[1],[2],[3],[14],[19],[84]	8.75%	[5],[6],[7],[17],[21],[85]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[84]	0.00%	[5],[6],[7],[17],[21],[85]
Investment Date		Jun. 21, 2021	[1],[2],[3],[13],[14],[84]	Jun. 21, 2021	[5],[6],[7],[15],[17],[85]
Maturity		Jun. 21, 2024	[1],[2],[3],[14],[84]	Jun. 21, 2024	[5],[6],[7],[17],[85]
Principal Amount		$ 16,700	[1],[2],[3],[14],[84]	$ 12,000	[5],[6],[7],[17],[85]
Cost		16,625	[1],[2],[3],[14],[84]	11,922	[5],[6],[7],[17],[85]
Fair Value		$ 16,990	[1],[2],[3],[4],[14],[84]	$ 12,000	[5],[6],[7],[8],[17],[85]
Percent of Net Assets		4.00%	[1],[2],[3],[14],[84]	3.00%	[5],[6],[7],[17],[85]
Non-control/Non-affiliate Investments | UPG Company, LLC | Component Manufacturing | First Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[17],[29],[85]			8.25%
Non-control/Non-affiliate Investments | UPG Company, LLC | Component Manufacturing | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[14],[32],[84]	8.25%
Non-control/Non-affiliate Investments | Virginia Tile Company, LLC | Specialty Distribution | Common Equity (17 units)
Investment Date		Dec. 19, 2014	[1],[2],[3],[13],[14]	Dec. 19, 2014	[5],[6],[7],[15],[17]
Cost	[5],[6],[7],[17]			$ 342
Fair Value		$ 683	[1],[2],[3],[4],[14]	$ 933	[5],[6],[7],[8],[17]
Percent of Net Assets		0.00%	[1],[2],[3],[14]	0.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | Virtex Enterprises, LP | Component Manufacturing | Second Lien Debt
Variable Index Floor	[1],[2],[3],[32]	1.00%
Investment Date	[1],[2],[3],[13]	Apr. 13, 2022
Principal Amount	[1],[2],[3]	$ 11,002
Cost	[1],[2],[3]	10,901
Fair Value	[1],[2],[3],[4]	$ 8,857
Percent of Net Assets	[1],[2],[3]	2.00%
Non-control/Non-affiliate Investments | Virtex Enterprises, LP | Component Manufacturing | Second Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[32]	9.75%
Non-control/Non-affiliate Investments | Western's Smokehouse, LLC | Consumer Products
Cost	[1],[2],[3]	$ 10,215
Fair Value	[1],[2],[3],[4]	$ 10,293
Percent of Net Assets	[1],[2],[3],[14]	2.00%
Non-control/Non-affiliate Investments | Western's Smokehouse, LLC | Consumer Products | First Lien Debt
Variable Index Floor		1.50%	[1],[2],[3],[14],[32],[86]	1.25%	[5],[6],[7],[17],[87]
Investment interest rate, Cash		10.18%	[1],[2],[3],[14],[19],[86]	7.75%	[5],[6],[7],[17],[87]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[86]	0.00%	[5],[6],[7],[17],[87]
Investment Date		Feb. 28, 2020	[1],[2],[3],[13],[14],[86]	Feb. 28, 2020	[5],[6],[7],[17],[87]
Maturity		Dec. 23, 2024	[1],[2],[3],[14],[86]	Dec. 23, 2024	[5],[6],[7],[17],[87]
Principal Amount		$ 9,616	[1],[2],[3],[14],[86]	$ 9,625	[5],[6],[7],[17],[87]
Cost		9,546	[1],[2],[3],[14],[86]	9,532	[5],[6],[7],[17],[87]
Fair Value		$ 9,616	[1],[2],[3],[4],[14],[86]	$ 9,625	[5],[6],[7],[17],[87]
Percent of Net Assets	[5],[6],[7],[17],[87]			2.00%
Non-control/Non-affiliate Investments | Western's Smokehouse, LLC | Consumer Products | First Lien Debt | LIBOR
Variable Index Spread	[5],[6],[7],[17],[87]			6.50%
Non-control/Non-affiliate Investments | Western's Smokehouse, LLC | Consumer Products | First Lien Debt | SOFR
Variable Index Spread	[1],[2],[3],[14],[32],[86]	6.50%
Non-control/Non-affiliate Investments | Western's Smokehouse, LLC | Consumer Products | Delayed Draw Commitment ($2,823 unfunded commitment)
Variable Index Floor	[1],[2],[3],[14],[32]	1.50%
Investment interest rate, Cash	[1],[2],[3],[14],[19]	8.68%
Investment interest rate, PIK	[1],[2],[3],[14],[19]	0.00%
Investment Date	[1],[2],[3],[13],[14]	Jun. 29, 2022
Maturity	[1],[2],[3],[14]	Dec. 23, 2024
Principal Amount	[1],[2],[3],[14]	$ 677
Cost	[1],[2],[3],[14]	669
Fair Value	[1],[2],[3],[4],[14]	$ 677
Non-control/Non-affiliate Investments | Western's Smokehouse, LLC | Consumer Products | Delayed Draw Commitment ($2,823 unfunded commitment) | SOFR
Variable Index Spread	[1],[2],[3],[14],[32]	5.00%
Non-control/Non-affiliate Investments | Winona Foods, Inc. | Specialty Distribution
Cost		$ 10,863	[1],[2],[3]	$ 10,834	[5],[6],[7]
Fair Value		$ 11,000	[1],[2],[3],[4]	$ 11,000	[5],[6],[7],[8]
Percent of Net Assets		2.00%	[1],[2],[3]	2.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Winona Foods, Inc. | Specialty Distribution | First Lien Debt
Variable Index Floor		1.00%	[1],[2],[3],[14],[32],[88]	1.00%	[5],[6],[7],[17],[89]
Investment interest rate, Cash		15.67%	[1],[2],[3],[14],[19],[88]	13.00%	[5],[6],[7],[17],[21],[89]
Investment interest rate, PIK		0.00%	[1],[2],[3],[14],[19],[88]	0.00%	[5],[6],[7],[17],[21],[89]
Investment Date		Apr. 01, 2021	[1],[2],[3],[13],[14],[88]	Apr. 01, 2021	[5],[6],[7],[17],[89]
Maturity		Apr. 01, 2026	[1],[2],[3],[14],[88]	Apr. 01, 2026	[5],[6],[7],[17],[89]
Principal Amount		$ 4,000	[1],[2],[3],[14],[88]	$ 4,000	[5],[6],[7],[17],[89]
Cost		3,900	[1],[2],[3],[14],[88]	3,879	[5],[6],[7],[17],[89]
Fair Value		$ 4,000	[1],[2],[3],[4],[14],[88]	$ 4,000	[5],[6],[7],[8],[17],[89]
Non-control/Non-affiliate Investments | Winona Foods, Inc. | Specialty Distribution | First Lien Debt | LIBOR
Variable Index Spread		12.00%	[1],[2],[3],[14],[32],[88]	12.00%	[5],[6],[7],[17],[89]
Non-control/Non-affiliate Investments | Winona Foods, Inc. | Specialty Distribution | First Lien Debt
Variable Index Floor		1.00%	[1],[2],[3],[32]	1.00%	[5],[6],[7],[29]
Investment interest rate, Cash	[5],[6],[7],[21]			14.00%
Investment interest rate, PIK	[5],[6],[7],[21]			0.00%
Investment Date		Apr. 01, 2021	[1],[2],[3],[13]	Apr. 01, 2021	[5],[6],[7],[15]
Maturity		Apr. 01, 2026	[1],[2],[3]	Apr. 01, 2026	[5],[6],[7]
Principal Amount		$ 7,000	[1],[2],[3]	$ 7,000	[5],[6],[7]
Cost		6,963	[1],[2],[3]	6,955	[5],[6],[7]
Fair Value		$ 7,000	[1],[2],[3],[4]	$ 7,000	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | Winona Foods, Inc. | Specialty Distribution | First Lien Debt | LIBOR
Variable Index Spread		13.00%	[1],[2],[3],[32]	13.00%	[5],[6],[7],[29]
Non-control/Non-affiliate Investments | Wonderware Holdings, LLC (dba CORE Business Technologies) | Information Technology Services | First Lien Debt
Variable Index Floor	[1],[2],[3],[31],[32],[90]	1.00%
Investment interest rate, Cash	[1],[2],[3],[19],[31],[90]	10.49%
Investment interest rate, PIK	[1],[2],[3],[19],[31],[90]	0.00%
Investment Date	[1],[2],[3],[13],[31],[90]	Feb. 10, 2021
Maturity	[1],[2],[3],[31],[90]	Feb. 09, 2026
Principal Amount	[1],[2],[3],[31],[90]	$ 8,316
Cost	[1],[2],[3],[31],[90]	8,275
Fair Value	[1],[2],[3],[4],[31],[90]	$ 8,316
Percent of Net Assets	[1],[2],[3],[31],[90]	2.00%
Non-control/Non-affiliate Investments | Wonderware Holdings, LLC (dba CORE Business Technologies) | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread	[1],[2],[3],[31],[32],[90]	7.25%
Non-control/Non-affiliate Investments | Wonderware Holdings, LLC (dba CORE Business Technologies) | Information Technology Services | First Lien Debt ($2,000 unfunded commitment)
Variable Index Floor	[5],[6],[7],[28],[29],[87],[91]			1.00%
Investment interest rate, Cash	[5],[6],[7],[21],[28],[87],[91]			8.25%
Investment interest rate, PIK	[5],[6],[7],[21],[28],[87],[91]			0.00%
Investment Date	[5],[6],[7],[15],[28],[87],[91]			Feb. 10, 2021
Maturity	[5],[6],[7],[28],[87],[91]			Feb. 09, 2026
Principal Amount	[5],[6],[7],[28],[87],[91]			$ 6,500
Cost	[5],[6],[7],[28],[87],[91]			6,460
Fair Value	[5],[6],[7],[8],[28],[87],[91]			$ 6,500
Percent of Net Assets	[5],[6],[7],[28],[87],[91]			1.00%
Non-control/Non-affiliate Investments | Wonderware Holdings, LLC (dba CORE Business Technologies) | Information Technology Services | First Lien Debt ($2,000 unfunded commitment) | LIBOR
Variable Index Spread	[5],[6],[7],[28],[29],[91]			7.25%
Non-control/Non-affiliate Investments | Worldwide Express Operations, LLC | Transportation Services
Cost		$ 27,377	[1],[2],[3]	$ 20,403	[5],[6],[7]
Fair Value		$ 28,077	[1],[2],[3],[4]	$ 20,403	[5],[6],[7],[8]
Percent of Net Assets		6.00%	[1],[2],[3]	4.00%	[5],[6],[7]
Non-control/Non-affiliate Investments | Worldwide Express Operations, LLC | Transportation Services | Second Lien Debt
Variable Index Floor		0.75%	[1],[2],[3],[14],[32]	0.75%	[5],[6],[7],[29]
Investment interest rate, Cash	[5],[6],[7],[21]			7.75%
Investment interest rate, PIK	[5],[6],[7],[21]			0.00%
Investment Date		Aug. 02, 2021	[1],[2],[3],[13],[14]	Aug. 02, 2021	[5],[6],[7],[15]
Maturity		Jul. 26, 2029	[1],[2],[3],[14]	Jul. 26, 2029	[5],[6],[7]
Principal Amount		$ 27,497	[1],[2],[3],[14]	$ 20,000	[5],[6],[7]
Cost		26,357	[1],[2],[3],[14]	19,383	[5],[6],[7]
Fair Value		$ 26,357	[1],[2],[3],[4],[14]	$ 19,383	[5],[6],[7],[8]
Non-control/Non-affiliate Investments | Worldwide Express Operations, LLC | Transportation Services | Second Lien Debt | LIBOR
Variable Index Spread		7.00%	[1],[2],[3],[14],[32]	7.00%	[5],[6],[7],[29]
Non-control/Non-affiliate Investments | Worldwide Express Operations, LLC | Transportation Services | Common Equity (795,000)
Investment Date		Jul. 21, 2021	[1],[2],[3],[13],[14]	Jul. 21, 2021	[5],[6],[7],[15],[17]
Cost		$ 795	[1],[2],[3],[14]	$ 795	[5],[6],[7],[17]
Fair Value		$ 973	[1],[2],[3],[4],[14]	$ 795	[5],[6],[7],[8],[17]
Non-control/Non-affiliate Investments | Worldwide Express Operations, LLC | Transportation Services | Common Equity (752,380 units)
Investment Date		Jul. 26, 2021	[1],[2],[3],[13],[14],[22]	Jul. 26, 2021	[5],[6],[7],[15],[17],[23]
Cost		$ 225	[1],[2],[3],[14],[22]	$ 225	[5],[6],[7],[17],[23]
Fair Value		$ 747	[1],[2],[3],[4],[14],[22]	$ 225	[5],[6],[7],[8],[17],[23]
Non-control/Non-affiliate Investments | Xeeva, Inc. | Information Technology Services | First Lien Debt
Variable Index Floor		1.50%	[1],[2],[3],[14],[32]	1.50%	[5],[6],[7],[17],[29]
Investment interest rate, Cash	[5],[6],[7],[17],[21]			12.00%
Investment interest rate, PIK	[5],[6],[7],[17],[21]			0.00%
Investment Date		Feb. 11, 2021	[1],[2],[3],[13],[14]	Feb. 11, 2021	[5],[6],[7],[15],[17]
Maturity		Feb. 11, 2026	[1],[2],[3],[14]	Feb. 11, 2026	[5],[6],[7],[17]
Principal Amount		$ 9,400	[1],[2],[3],[14]	$ 8,900	[5],[6],[7],[17]
Cost		9,365	[1],[2],[3],[14]	8,857	[5],[6],[7],[17]
Fair Value		$ 7,166	[1],[2],[3],[4],[14]	$ 8,900	[5],[6],[7],[8],[17]
Percent of Net Assets		2.00%	[1],[2],[3],[14]	2.00%	[5],[6],[7],[17]
Non-control/Non-affiliate Investments | Xeeva, Inc. | Information Technology Services | First Lien Debt | LIBOR
Variable Index Spread		10.50%	[1],[2],[3],[14],[32]	10.50%	[5],[6],[7],[17],[29]
Non-control/Non-affiliate Investments | Zonkd, LLC | Component Manufacturing
Cost	[1],[2],[3]	$ 4,964
Fair Value	[1],[2],[3],[4]	$ 4,572
Percent of Net Assets	[1],[2],[3]	1.00%
Non-control/Non-affiliate Investments | Zonkd, LLC | Component Manufacturing | First Lien Debt
Variable Index Floor	[1],[2],[3],[14],[32]	1.00%
Investment Date	[1],[2],[3],[13],[14]	Mar. 18, 2022
Maturity	[1],[2],[3],[14]	Mar. 18, 2027
Principal Amount	[1],[2],[3],[14]	$ 5,000
Cost	[1],[2],[3],[14]	4,795
Fair Value	[1],[2],[3],[4],[14]	$ 4,570
Non-control/Non-affiliate Investments | Zonkd, LLC | Component Manufacturing | First Lien Debt | LIBOR
Variable Index Spread	[1],[2],[3],[14],[32]	10.00%
Non-control/Non-affiliate Investments | Zonkd, LLC | Component Manufacturing | Delayed Draw Commitment ($1,000 unfunded commitment)
Variable Index Floor	[1],[2],[3],[14],[32],[92]	1.00%
Investment Date	[1],[2],[3],[13],[14],[92]	Mar. 18, 2022
Maturity	[1],[2],[3],[14],[92]	Mar. 18, 2027
Non-control/Non-affiliate Investments | Zonkd, LLC | Component Manufacturing | Delayed Draw Commitment ($1,000 unfunded commitment) | LIBOR
Variable Index Spread	[1],[2],[3],[14],[32],[92]	10.00%
Non-control/Non-affiliate Investments | Zonkd, LLC | Component Manufacturing | Common Equity (4,987 units)
Investment Date	[1],[2],[3],[13],[14],[22]	Mar. 18, 2022
Cost	[1],[2],[3],[14],[22]	$ 169
Fair Value	[1],[2],[3],[4],[14],[22]	$ 2

[1] Equity ownership may be held in shares or units of companies related to the portfolio companies.

[2] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

[3] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

[4] Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.

[5] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

[6] Equity ownership may be held in shares or units of companies related to the portfolio companies.

[7] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

[8] Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.

[9] This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.

[10] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

[11] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

[12] Investment in portfolio company that has sold its operations and is in the process of winding down.

[13] Investment date represents the date of the initial investment in the security.

[14] Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

[15] Investment date represents the date of the initial investment in the security.

[16] Investment in portfolio company that has sold its operations and is in the process of winding down.

[17] Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

[18] Investment was on non-accrual status as of September 30, 2022.

[19] Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of September 30, 2022. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

[20] Investment was on PIK only non-accrual status as of December 31, 2021, meaning the Company has ceased recognizing PIK interest income on the investment.

[21] Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2021. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

[22] Investment is held by a taxable subsidiary of the Company.

[23] Investment is held by a taxable subsidiary of the Company.

[24] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

[25] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

[26] Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

[27] Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

[28] The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

[29] Variable rate investments bear interest at a rate indexed to LIBOR (L) or Prime (P), which are reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a LIBOR or Prime interest rate floor. For each investment, the Company has provided the spread over the reference rate and the LIBOR or Prime floor, if any, as of December 31, 2021.

[30] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.64% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[31] The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

[32] Variable rate investments bear interest at a rate indexed to the London Interbank Offered Rate (L or LIBOR), Prime (P) or the Secured Overnight Financing Rate (S or SOFR), which are reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a LIBOR, Prime or SOFR interest rate floor. For each investment, the Company has provided the spread over the reference rate and the LIBOR, Prime or SOFR floor, if any, as of September 30, 2022.

[33] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.60% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[34] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.27% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[35] The Company sold a participating interest of approximately $4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[36] The Company sold a participating interest of approximately $4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[37] The disclosed commitment represents the unfunded amount as of September 30, 2022. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

[38] The disclosed commitment represents the unfunded amount as of December 31, 2021. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

[39] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.71% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[40] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.86% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[41] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.86% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[42] The Company sold a participating interest of approximately $0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[43] The Company sold a participating interest of approximately $0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[44] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.28% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[45] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.73% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[46] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[47] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.56% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[48] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.32% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[49] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.62% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[50] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.62% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[51] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.74% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[52] This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.

[53] The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2022, total non-qualifying assets at fair value represented 0.03% of the Company's total assets calculated in accordance with the 1940 Act.

[54] The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2021, total non-qualifying assets at fair value represented 0.04% of the Company's total assets calculated in accordance with the 1940 Act.

[55] The disclosed commitment represents the unfunded amount as of December 31, 2021. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

[56] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.29% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[57] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.32% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[58] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.84% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[59] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.74% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[60] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.21% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[61] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.05% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[62] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.76% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[63] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.81% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder

[64] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.53% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[65] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.53% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[66] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.50% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[67] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.99% and PIK interest amount of 0.98% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[68] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.07% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[69] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.99% and PIK interest amount of 1.00% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[70] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.64% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[71] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[72] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[73] The Company sold a participating interest of approximately $13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[74] The Company sold a participating interest of approximately $13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[75] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.83% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[76] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.83% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[77] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.80% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[78] Warrant entitles the Company to purchase 4.79% of the outstanding principal of Junior Subordinated Notes prior to exercise, and is non-income producing.

[79] Warrant entitles the Company to purchase 4.79% of the outstanding principal of Junior Subordinated Notes prior to exercise, and is non-income producing.

[80] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 0.80% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[81] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.25% and PIK interest amount of 1.87% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[82] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.37% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[83] The disclosed commitment represents the unfunded amount as of September 30, 2022. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

[84] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.85% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[85] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.46% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[86] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.07% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[87] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.43% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[88] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 6.13% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[89] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.54% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[90] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.60% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[91] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.70% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[92] The disclosed commitment represents the unfunded amount as of September 30, 2022. The Company is earning 2.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

XML

Consolidated Schedule of Investments (unaudited) (Parenthetical) - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2022		Dec. 31, 2021
Secured borrowings		$ 16,995,000		$ 17,637,000
Interest earning on unfunded balance commitment		0.50%		0.50%
Minimum
Ownership percentage of outstanding voting securities in portfolio investment		5.00%		5.00%
First Lien Debt
Secured borrowings		$ 300,000		$ 300,000
Allredi, LLC (fka Marco Group International OpCo, LLC) | Industrial Cleaning & Coatings | Common Equity (570,636 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	570,636
Control Investments
Ownership percentage of outstanding voting securities in portfolio investment		25.00%		25.00%
Control Investments | Mesa Line Services, LLC | Utilities: Services | Common Equity (10 shares)
Investment in number of shares or units		10	[1],[2],[4],[5],[6],[7]	10	[8],[9],[10],[11],[12],[13]
Control Investments | US GreenFiber, LLC | Building Products Manufacturing | Second Lien Debt
Investment interest rate		10.00%	[1],[2],[4],[5],[6],[7],[14],[15]	10.00%	[8],[9],[10],[11],[12],[13],[16],[17]
Investment interest rate, PIK		3.00%	[1],[2],[4],[5],[6],[7],[14],[15]	3.00%	[8],[9],[10],[11],[12],[13],[16],[17]
Control Investments | US GreenFiber, LLC | Building Products Manufacturing | Common Equity (2,522 units)
Investment in number of shares or units		2,522	[1],[2],[3],[4],[5],[6],[7]	2,522	[8],[10],[11],[12],[13],[18]
Control Investments | US GreenFiber, LLC | Building Products Manufacturing | Common Equity (425,508 units)
Investment in number of shares or units		425,508	[1],[2],[4],[5],[6],[7]	425,508	[8],[9],[10],[11],[12],[13]
Control Investments | US GreenFiber, LLC | Building Products Manufacturing | Common Equity (1,022,813 units)
Investment in number of shares or units		1,022,813	[1],[2],[3],[4],[5],[6],[7]	1,022,813	[8],[9],[10],[11],[12],[13],[18]
Affiliate Investments | Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Building Products Manufacturing | Subordinated Debt
Investment interest rate		10.00%	[1],[2],[4],[5],[15],[19]	5.00%	[8],[10],[12],[13],[17],[20]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[19]	5.00%	[8],[10],[12],[13],[17],[20]
Affiliate Investments | Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Building Products Manufacturing | Common Equity (5,690units)
Investment in number of shares or units		5,690	[1],[2],[3],[4],[5],[19]	5,690	[8],[10],[12],[13],[20]
Affiliate Investments | Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Building Products Manufacturing | Common Equity (7,113 units)
Investment in number of shares or units		7,113	[1],[2],[3],[4],[5],[19]	7,113	[8],[10],[12],[13],[20]
Affiliate Investments | Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Building Products Manufacturing | Common Equity (2,012units)
Investment in number of shares or units		2,012	[1],[2],[3],[4],[5],[19]	2,012	[8],[10],[12],[13],[20]
Affiliate Investments | FAR Research Inc. | Specialty Chemicals | Common Equity (1,396 units)
Investment in number of shares or units		1,396	[1],[2],[5],[6],[19]	1,396	[8],[10],[11],[13],[20]
Affiliate Investments | Medsurant Holdings, LLC | Healthcare Services | Preferred Equity (84,997 units)
Investment in number of shares or units		84,997	[1],[2],[3],[4],[5],[19]	84,997	[8],[10],[12],[13],[18],[20]
Affiliate Investments | Medsurant Holdings, LLC | Healthcare Services | Warrant (252,588 units)
Investment in number of shares or units		252,588	[1],[2],[3],[4],[5],[19],[21]	252,588	[8],[10],[12],[13],[18],[20],[22]
Affiliate Investments | Mirage Trailers LLC | Utility Equipment Manufacturing | Second Lien Debt
Investment interest rate	[8],[10],[13],[17],[20],[23]			11.00%
Investment interest rate, PIK	[8],[10],[13],[17],[20],[23]			5.00%
Affiliate Investments | Mirage Trailers LLC | Utility Equipment Manufacturing | Common Equity (2,500,000 shares)
Investment in number of shares or units		2,500,000	[1],[2],[5],[6],[19]	2,500,000	[8],[10],[13],[20]
Affiliate Investments | Pfanstiehl, Inc | Healthcare Products | Subordinated Debt
Investment interest rate	[1],[2],[4],[5],[15],[19]	10.00%
Investment interest rate, PIK	[1],[2],[4],[5],[15],[19]	0.00%
Affiliate Investments | Pfanstiehl, Inc | Healthcare Products | Common Equity - Class A-2 (42,500 units)
Investment in number of shares or units	[8],[10],[12],[13],[20]			4,250
Affiliate Investments | Pfanstiehl, Inc | Healthcare Products | Common Equity (2,550 units)
Investment in number of shares or units	[1],[2],[4],[5],[19]	2,550
Affiliate Investments | Pinnergy, Ltd. | Oil & Gas Services | Common Equity Class A Two [Member]
Investment in number of shares or units	[8],[10],[12],[13],[20]			42,500
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | Common Equity (41,290 units)
Investment in number of shares or units		41,290	[1],[2],[4],[5],[19]	41,290	[8],[10],[12],[13],[20]
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | Common Equity (12,035 units)
Investment in number of shares or units		12,035	[1],[2],[4],[5],[19]	12,035	[8],[10],[12],[13],[20]
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | Common Equity (3,810 units)
Investment in number of shares or units	[1],[2],[4],[5],[19]	3,810
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | Common Equity (1,111 units)
Investment in number of shares or units	[1],[2],[4],[5],[19]	1,111
Affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | First Lien Debt
Investment interest rate		9.17%	[1],[2],[5],[15],[19],[24],[25]	6.50%	[8],[10],[13],[17],[20],[23],[26]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[19],[24],[25]	0.00%	[8],[10],[13],[17],[20],[23],[26]
Additional interest rate on investments		4.64%
Affiliate Investments | Steward Holding LLC (dba Steward Advanced Materials) | Aerospace & Defense Manufacturing | Common Equity (1,000,000 units)
Investment in number of shares or units		1,000,000	[1],[2],[5],[19]	1,000,000	[8],[10],[13],[20]
Non-control/Non-affiliate Investments | Aerospace & Defense Manufacturing | First Lien Debt
Additional interest rate on investments				3.29%
Non-control/Non-affiliate Investments | Pinnergy, Ltd. | Oil & Gas Services | Subordinated Debt
Investment interest rate	[1],[2],[4],[5],[15]	9.00%
Investment interest rate, PIK	[1],[2],[4],[5],[15]	0.00%
Non-control/Non-affiliate Investments | Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Aerospace & Defense Manufacturing | First Lien Debt
Additional interest rate on investments				5.60%
Non-control/Non-affiliate Investments | 2KDirect, Inc. (dba iPromote) | Information Technology Services | Common Equity (1,000,000 units)
Investment in number of shares or units		1,000,000	[1],[2],[5]	1,000,000	[8],[10],[13]
Non-control/Non-affiliate Investments | 2KDirect, Inc. (dba iPromote) | Information Technology Services | First Lien Debt
Investment interest rate		10.35%	[1],[2],[5],[15],[25],[27]	7.25%	[8],[10],[13],[17],[23]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[25],[27]	0.00%	[8],[10],[13],[17],[23]
Additional interest rate on investments		2.27%
Non-control/Non-affiliate Investments | 2KDirect, Inc. (dba iPromote) | Information Technology Services | First Lien Debt
Investment interest rate		7.10%	[1],[2],[4],[5],[15],[28]	7.25%	[8],[10],[12],[13],[17],[29]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[28]	0.00%	[8],[10],[12],[13],[17],[29]
Secured borrowings		$ 4,000,000.0		$ 4,000,000.0
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | Common Equity (500,000 shares)
Investment in number of shares or units		500,000	[1],[2],[4],[5]	500,000	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | First Lien Debt
Investment interest rate		10.03%	[1],[2],[4],[5],[15]	8.25%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15]	0.00%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | First Lien Debt
Investment interest rate		10.03%	[1],[2],[4],[5],[15]	8.25%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15]	0.00%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | Revolving Loan ($1,000 unfunded commitment)
Unfunded commitment		$ 1,000,000	[1],[2],[4],[5],[30]	$ 1,000,000	[8],[10],[12],[13],[31]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | Warrant (150,000 shares)
Investment in number of shares or units		150,000	[1],[2],[4],[5],[21]	150,000	[8],[10],[12],[13],[22]
Non-control/Non-affiliate Investments | Acendre Midco, Inc. | Information Technology Services | Preferred Equity (77,016 shares)
Investment in number of shares or units	[1],[2],[4],[5]	77,016
Non-control/Non-affiliate Investments | Aeronix Inc. | Aerospace & Defense Manufacturing | Common Equity (500 units)
Investment in number of shares or units	[8],[10],[13]			500
Non-control/Non-affiliate Investments | Aeronix Inc. | Aerospace & Defense Manufacturing | Common Equity (549 units)
Investment in number of shares or units	[1],[2],[5]	549
Non-control/Non-affiliate Investments | Aeronix Inc. | Aerospace & Defense Manufacturing | First Lien Debt
Investment interest rate		9.55%	[1],[2],[5],[15],[32]	6.38%	[8],[10],[13],[17],[33]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[32]	0.00%	[8],[10],[13],[17],[33]
Additional interest rate on investments		4.71%		4.86%
Non-control/Non-affiliate Investments | Allredi, LLC (fka Marco Group International OpCo, LLC) | Industrial Cleaning & Coatings | Second Lien Debt
Investment interest rate		10.50%	[1],[2],[5],[15]	10.50%	[8],[10],[13],[17]
Investment interest rate, PIK		1.75%	[1],[2],[5],[15]	1.75%	[8],[10],[13],[17]
Non-control/Non-affiliate Investments | Allredi, LLC (fka Marco Group International OpCo, LLC) | Industrial Cleaning & Coatings | Common Equity (39,443 units)
Investment in number of shares or units		39,443	[1],[2],[3],[4],[5]	39,443	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | Allredi, LLC (fka Marco Group International OpCo, LLC) | Industrial Cleaning & Coatings | Common Equity (570,636 units)
Investment in number of shares or units	[8],[10],[12],[13],[18]			570,636
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | First Lien Debt
Investment interest rate		8.40%	[1],[2],[4],[5],[15],[34]	7.15%	[8],[10],[12],[13],[17],[33]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[34]	0.00%	[8],[10],[12],[13],[17],[33]
Additional interest rate on investments		3.86%
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | First Lien Debt
Investment interest rate		6.00%	[1],[2],[4],[5],[15],[35]	4.75%	[8],[10],[12],[13],[17],[36]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[35]	0.00%	[8],[10],[12],[13],[17],[36]
Additional interest rate on investments				4.07%
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | Preferred Equity (141 units)
Investment in number of shares or units		141	[1],[2],[3],[4],[5]	141	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | Preferred Equity (74 units)
Investment in number of shares or units		74	[1],[2],[3],[4],[5]	74	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | Preferred Equity (207 units)
Investment in number of shares or units		207	[1],[2],[3],[4],[5]	207	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | American AllWaste LLC (dba WasteWater Transport Services) | Environmental Industries | Preferred Equity (500 units)
Investment in number of shares or units		500	[1],[2],[3],[4],[5]	500	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | AmeriWater, LLC | Component Manufacturing | Subordinated Debt
Investment interest rate	[1],[2],[4],[5],[15]	7.00%
Investment interest rate, PIK	[1],[2],[4],[5],[15]	7.00%
Non-control/Non-affiliate Investments | AmeriWater, LLC | Component Manufacturing | First Lien Debt
Investment interest rate	[1],[2],[5],[15],[37]	8.42%
Investment interest rate, PIK	[1],[2],[5],[15],[37]	0.00%
Additional interest rate on investments		3.28%
Non-control/Non-affiliate Investments | AmeriWater, LLC | Component Manufacturing | Common Equity (1,000 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	1,000
Non-control/Non-affiliate Investments | AOM Intermediate Holdco, LLC (dba AllOver Media) | Information Technology Services | Common Equity (750 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	750
Non-control/Non-affiliate Investments | AOM Intermediate Holdco, LLC (dba AllOver Media) | Information Technology Services | First Lien Debt
Investment interest rate	[1],[2],[5],[15],[38]	8.83%
Investment interest rate, PIK	[1],[2],[5],[15],[38]	0.00%
Additional interest rate on investments		4.73%
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | Common Equity (22 units)
Investment in number of shares or units	[8],[10],[13]			22
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | Common Equity (24 units)
Investment in number of shares or units	[1],[2],[5]	24
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | First Lien Debt
Investment interest rate		9.96%	[1],[2],[5],[15],[25],[39]	7.75%	[8],[10],[13],[17],[23],[40]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[25],[39]	0.00%	[8],[10],[13],[17],[23],[40]
Additional interest rate on investments		3.11%		7.56%
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | Preferred Equity (1,104,539 units)
Investment in number of shares or units	[8],[10],[13]			1,104,539
Non-control/Non-affiliate Investments | Applied Data Corporation | Information Technology Services | Preferred Equity (1,184,711 units)
Investment in number of shares or units	[1],[2],[5]	1,184,711
Non-control/Non-affiliate Investments | Argo Turboserve Corporation | Business Services | Second Lien Debt
Investment interest rate	[8],[10],[12],[13],[17]			14.00%
Investment interest rate, PIK	[8],[10],[12],[13],[17]			0.00%
Non-control/Non-affiliate Investments | Auto CRM LLC (dba Dealer Holdings) | Information Technology Services | Subordinated Debt
Investment interest rate		0.00%	[1],[2],[5],[15]	0.00%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		12.75%	[1],[2],[5],[15]	12.75%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | Auto CRM LLC (dba Dealer Holdings) | Information Technology Services | Common Equity (500 units)
Investment in number of shares or units		500	[1],[2],[4],[5]	500	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Auto CRM LLC (dba Dealer Holdings) | Information Technology Services | First Lien Debt
Investment interest rate		11.75%	[1],[2],[5],[15],[41]	8.75%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		0.85%	[1],[2],[5],[15],[41]	0.85%	[8],[10],[12],[13],[17]
Additional interest rate on investments		3.32%
Non-control/Non-affiliate Investments | AVC Investors, LLC (dba Auveco) | Specialty Distribution | Common Equity (5,000 units)
Investment in number of shares or units	[8],[10],[12],[13]			5,000
Non-control/Non-affiliate Investments | AVC Investors, LLC (dba Auveco) | Specialty Distribution | Common Equity (5,000 units)
Investment in number of shares or units	[1],[2],[4],[5],[6]	5,000
Non-control/Non-affiliate Investments | B&B Roadway and Security Solutions, LLC | Component Manufacturing | Common Equity (50,000 units)
Investment in number of shares or units	[8],[10],[11],[12],[13],[18]			50,000
Non-control/Non-affiliate Investments | Bandon Fitness (Texas), Inc. | Common Equity (545,810 units) | Retail
Investment in number of shares or units	[8],[10],[12],[13]			545,810
Non-control/Non-affiliate Investments | BCM One Group Holdings, Inc | Information Technology Services | Subordinated Debt
Investment interest rate		10.25%	[1],[2],[4],[5],[15]	10.25%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15]	0.00%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | Bedford Precision Parts LLC | Specialty Distribution | Common Equity (500,000 Units)
Investment in number of shares or units		500,000	[1],[2],[3],[4],[5]	500,000	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | Bedford Precision Parts LLC | Specialty Distribution | First Lien Debt
Investment interest rate	[8],[10],[12],[13],[17],[33]			7.25%
Investment interest rate, PIK	[8],[10],[12],[13],[17],[33]			0.00%
Additional interest rate on investments		4.32%		2.64%
Non-control/Non-affiliate Investments | Cardback Intermediate LLC (dba Chargeback Gurus) | Information Technology Services | Common Equity (495 shares)
Investment in number of shares or units		495	[1],[2],[4],[5]	495	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Cardback Intermediate LLC (dba Chargeback Gurus) | Information Technology Services | First Lien Debt
Investment interest rate		8.78%	[1],[2],[4],[5],[15],[42]	7.50%	[8],[10],[12],[13],[17],[43]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[42]	0.00%	[8],[10],[12],[13],[17],[43]
Additional interest rate on investments		1.62%		1.74%
Non-control/Non-affiliate Investments | Cardback Intermediate LLC (dba Chargeback Gurus) | Information Technology Services | Preferred Equity (495 shares)
Investment in number of shares or units		495	[1],[2],[4],[5]	495	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Cardboard Box LLC (dba Anthony's Coal Fired Pizza) | Aerospace & Defense Manufacturing | Common and Preferred Equity Units
Percentage of non-qualifying assets fair value				0.04%
Percentage of minimum qualifying assets to purchase non qualifying assets				70.00%
Non-control/Non-affiliate Investments | Cardboard Box LLC (dba Anthony's Coal Fired Pizza) | Restaurants | Common Equity (521,021 units)
Investment in number of shares or units	[8],[10],[12],[13],[44],[45]			521,021
Non-control/Non-affiliate Investments | Cardboard Box LLC (dba Anthony's Coal Fired Pizza) | Restaurants | Common Equity (521,021)
Investment in number of shares or units	[1],[2],[4],[5],[46]	521,021
Non-control/Non-affiliate Investments | Cardboard Box LLC (dba Anthony's Coal Fired Pizza) | Restaurants | Common and Preferred Equity Units
Percentage of non-qualifying assets fair value		0.03%
Percentage of minimum qualifying assets to purchase non qualifying assets		70.00%
Non-control/Non-affiliate Investments | Cardboard Box LLC (dba Anthony's Coal Fired Pizza) | Restaurants | Preferred Equity (1,043,133 Unit)
Investment in number of shares or units		1,043,133	[1],[2],[4],[5],[46]	1,043,133	[8],[10],[12],[13],[44],[45]
Non-control/Non-affiliate Investments | CIH Intermediate, LLC | Business Services | Subordinated Debt
Investment interest rate	[1],[2],[5],[15],[25],[47]	10.00%
Investment interest rate, PIK	[1],[2],[5],[15],[25],[47]	1.00%
Non-control/Non-affiliate Investments | CIH Intermediate, LLC | Business Services | Common Equity (563 Shares)
Investment in number of shares or units	[1],[2],[4],[5]	563
Non-control/Non-affiliate Investments | CIH Intermediate, LLC | Business Services | Preferred Equity (563 shares)
Investment in number of shares or units	[1],[2],[4],[5]	563
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing | First Lien Debt
Investment interest rate	[8],[10],[13],[17]			13.00%
Investment interest rate, PIK	[8],[10],[13],[17]			0.00%
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing | Revolving Loan ($1,000 unfunded commitment)
Investment interest rate	[8],[10],[12],[13],[17],[48]			15.00%
Investment interest rate, PIK	[8],[10],[12],[13],[17],[48]			0.00%
Interest earning on unfunded balance commitment				1.00%
Non-control/Non-affiliate Investments | Combined Systems, Inc. | Aerospace & Defense Manufacturing | Revolving Loan ($605 unfunded commitment)
Unfunded commitment		$ 605,000	[1],[2],[5],[30]	$ 605,000	[8],[10],[12],[13],[31]
Interest earning on unfunded balance commitment		1.00%
Non-control/Non-affiliate Investments | Comply365, LLC | Aerospace & Defense Manufacturing | Common Equity (1,000,000 units)
Investment in number of shares or units		1,000,000	[1],[2],[5]	1,000,000	[8],[10],[13]
Non-control/Non-affiliate Investments | Comply365, LLC | Aerospace & Defense Manufacturing | First Lien Debt
Investment interest rate	[8],[10],[13],[17],[49]			9.00%
Investment interest rate, PIK	[8],[10],[13],[17],[49]			0.00%
Non-control/Non-affiliate Investments | CRS Solutions Holdings, LLC (dba CRS Texas) | Business Services | Common Equity (538,875 units)
Investment in number of shares or units	[8],[10],[12],[13],[18]			538,875
Non-control/Non-affiliate Investments | CRS Solutions Holdings, LLC (dba CRS Texas) | Business Services | Common Equity (Class A Units) (574,929 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	574,929
Non-control/Non-affiliate Investments | Dataguise, Inc. | Information Technology Services | Common Equity (909 shares)
Investment in number of shares or units		909	[1],[2],[4],[5]	909	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Dataguise, Inc. | Information Technology Services | First Lien Debt
Investment interest rate		11.00%	[1],[2],[4],[5],[15]	11.00%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15]	0.00%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | Diversified Search LLC | Business Services | Common Equity (573 units)
Investment in number of shares or units		573	[1],[2],[3],[4],[5]	573	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | Diversified Search LLC | Business Services | First Lien Debt
Investment interest rate		8.84%	[1],[2],[5],[15],[25],[50]	7.50%	[8],[10],[13],[17],[23],[51]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[25],[50]	0.00%	[8],[10],[13],[17],[23],[51]
Additional interest rate on investments		2.37%		4.84%
Non-control/Non-affiliate Investments | EBL, LLC (EbLens) | Common Equity (75,000 units) | Retail
Investment in number of shares or units	[8],[10],[12],[13]			75,000
Non-control/Non-affiliate Investments | EBL, LLC (EbLens) | Retail | Second Lien Debt
Investment interest rate		12.50%	[1],[2],[4],[5],[14],[15]	12.00%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		1.50%	[1],[2],[4],[5],[14],[15]	1.00%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | EBL, LLC (EbLens) | Retail | Common Equity (75,000 units)
Investment in number of shares or units	[1],[2],[4],[5]	75,000
Non-control/Non-affiliate Investments | ECM Industries, LLC | Component Manufacturing | Common Equity (1,000,000 units)
Investment in number of shares or units		1,000,000	[1],[2],[3],[4],[5]	1,000,000	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | Elements Brands, LLC | Revolving Loan ($838 unfunded commitment) | Consumer Products
Unfunded commitment	[8],[10],[13],[18],[31]			$ 838,000
Non-control/Non-affiliate Investments | Elements Brands, LLC | Consumer Products | First Lien Debt
Investment interest rate		12.25%	[1],[2],[5],[15]	12.25%	[8],[10],[13],[17]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15]	0.00%	[8],[10],[13],[17]
Non-control/Non-affiliate Investments | Elements Brands, LLC | Consumer Products | Revolving Loan ($838 unfunded commitment)
Investment interest rate	[8],[10],[12],[13],[17],[31]			12.25%
Investment interest rate, PIK	[8],[10],[12],[13],[17],[31]			0.00%
Non-control/Non-affiliate Investments | Elements Brands, LLC | Consumer Products | Revolving Loan ($1,500 unfunded commitment)
Unfunded commitment	[1],[2],[4],[5],[30]	$ 1,500,000
Investment interest rate	[1],[2],[4],[5],[15],[30]	12.25%
Investment interest rate, PIK	[1],[2],[4],[5],[15],[30]	0.00%
Non-control/Non-affiliate Investments | Fishbowl Solutions, LLC | Information Technology Services | First Lien Debt
Investment interest rate	[1],[2],[5],[15],[52]	10.12%
Investment interest rate, PIK	[1],[2],[5],[15],[52]	0.00%
Additional interest rate on investments		2.74%
Non-control/Non-affiliate Investments | Frontline Food Services, LLC (f/k/a Accent Food Services, LLC) | Vending Equipment Manufacturing | Common Equity (Class B Units) (124 units)
Investment in number of shares or units		124	[1],[2],[4],[5],[6]	124	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Frontline Food Services, LLC (f/k/a Accent Food Services, LLC) | Vending Equipment Manufacturing | Preferred Equity (Class A Units) (46 units)
Investment in number of shares or units		46	[1],[2],[4],[5],[6]	46	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Frontline Food Services, LLC (f/k/a Accent Food Services, LLC) | Vending Equipment Manufacturing | Preferred Equity (Class C Units) (100 units)
Investment in number of shares or units		100	[1],[2],[4],[5],[6]	100	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Global Plasma Solutions, Inc | Component Manufacturing | Common Equity (947 shares)
Investment in number of shares or units		947	[1],[2],[4],[5]	947	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | GP&C Operations, LLC (dba Garlock Printing and Converting) | Component Manufacturing | Common Equity (515,625 units)
Investment in number of shares or units		515,625	[1],[2],[3],[4],[5]	515,625	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | GP&C Operations, LLC (dba Garlock Printing and Converting) | Component Manufacturing | First Lien Debt
Investment interest rate		11.33%	[1],[2],[5],[15],[53]	8.25%	[8],[10],[13],[17],[54]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[53]	0.00%	[8],[10],[13],[17],[54]
Additional interest rate on investments		7.21%
Non-control/Non-affiliate Investments | GP&C Operations, LLC (dba Garlock Printing and Converting) | Component Manufacturing | Tranche Five
Additional interest rate on investments				7.05%
Non-control/Non-affiliate Investments | Green Cubes Technology, LLC (dba Green Cubes) | Information Technology Services | First Lien Debt
Investment interest rate	[8],[10],[12],[13],[17]			13.21%
Investment interest rate, PIK	[8],[10],[12],[13],[17]			0.00%
Non-control/Non-affiliate Investments | Gurobi Optimization, LLC | Information Technology Services | Common Equity (3 shares)
Investment in number of shares or units		3	[1],[2],[5]	3	[8],[10],[13]
Non-control/Non-affiliate Investments | Haematologic Technologies, Inc. | Healthcare Services | Common Equity (630 units)
Investment in number of shares or units		630	[1],[2],[3],[4],[5]	630	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | Haematologic Technologies, Inc. | Healthcare Services | First Lien Debt
Investment interest rate		11.92%	[1],[2],[5],[15],[55]	10.25%	[8],[10],[13],[17],[56]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[55]	0.00%	[8],[10],[13],[17],[56]
Additional interest rate on investments		2.76%
Non-control/Non-affiliate Investments | Haematologic Technologies, Inc. | Healthcare Services | Tranche Six
Additional interest rate on investments				2.81%
Non-control/Non-affiliate Investments | Hallmark Health Care Solutions, Inc. | Healthcare Services | Common Equity (750,000 units)
Investment in number of shares or units		750,000	[1],[2],[4],[5]	750,000	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Hallmark Health Care Solutions, Inc. | Healthcare Services | First Lien Debt
Investment interest rate		9.53%	[1],[2],[4],[5],[15],[57]	8.75%	[8],[10],[12],[13],[17],[49],[58]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[57]	0.00%	[8],[10],[12],[13],[17],[49],[58]
Additional interest rate on investments		3.53%		3.53%
Non-control/Non-affiliate Investments | Healthfuse, LLC | Healthcare Services | First Lien Debt
Investment interest rate	[8],[10],[13],[17],[26],[59]			8.25%
Investment interest rate, PIK	[8],[10],[13],[17],[26],[59]			0.00%
Additional interest rate on investments				3.50%
Non-control/Non-affiliate Investments | Healthfuse, LLC | Healthcare Services | Preferred Equity (197,980 units)
Investment in number of shares or units		197,980	[1],[2],[5]	197,980	[8],[10],[13]
Non-control/Non-affiliate Investments | Hub Acquisition Sub, LLC (dba Hub Pen) | Promotional Products | Second Lien Debt
Investment interest rate		13.00%	[1],[2],[5],[15],[25]	13.50%	[8],[10],[13],[17],[23]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[25]	0.00%	[8],[10],[13],[17],[23]
Non-control/Non-affiliate Investments | Hub Acquisition Sub, LLC (dba Hub Pen) | Promotional Products | Common Equity (3,750 units)
Investment in number of shares or units		3,750	[1],[2],[5]	3,750	[8],[10],[13]
Non-control/Non-affiliate Investments | Hub Acquisition Sub, LLC (dba Hub Pen) | Promotional Products | Preferred Equity (868 units)
Investment in number of shares or units		868	[1],[2],[4],[5]	868	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | IBH Holdings, LLC (fka Inflexxion, Inc.) | Business Services | Common Equity (150,000 units)
Investment in number of shares or units		150,000	[1],[2],[5]	150,000	[8],[10],[13]
Non-control/Non-affiliate Investments | Ipro Tech, LLC | Information Technology Services | First Lien Debt
Investment interest rate		10.15%	[1],[2],[4],[5],[15],[60]	8.00%	[8],[10],[12],[13],[17],[61],[62]
Investment interest rate, PIK		1.00%	[1],[2],[4],[5],[15],[60]	1.00%	[8],[10],[12],[13],[17],[61],[63]
Additional interest rate on investments		2.99%		2.99%
Additional interest rate on investments, PIK		0.98%		1.00%
Non-control/Non-affiliate Investments | Ipro Tech, LLC | Information Technology Services | Preferred Equity (682,075 units)
Investment in number of shares or units	[8],[10],[12],[13]			682,075
Non-control/Non-affiliate Investments | ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) | Business Services | Common Equity (256,964 units)
Investment in number of shares or units		256,964	[1],[2],[4],[5]	256,964	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) | Business Services | First Lien Debt
Investment interest rate		9.78%	[1],[2],[4],[5],[15],[64]	8.00%	[8],[10],[12],[13],[17],[65]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[64]	0.00%	[8],[10],[12],[13],[17],[65]
Additional interest rate on investments		4.11%		4.11%
Non-control/Non-affiliate Investments | ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) | Business Services | First Lien Debt
Investment interest rate		9.78%	[1],[2],[4],[5],[15],[66]	8.00%	[8],[10],[12],[13],[17],[67]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[66]	0.00%	[8],[10],[12],[13],[17],[67]
Secured borrowings		$ 13,500,000		$ 13,500,000
Non-control/Non-affiliate Investments | K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) | Industrial Cleaning & Coatings | Second Lien Debt
Investment interest rate		0.00%	[1],[2],[4],[5],[6],[14],[15]	0.00%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		10.00%	[1],[2],[4],[5],[6],[14],[15]	10.00%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | Level Education Group, LLC (dba CE4Less) | Business Services | Common Equity (1,000,000 units)
Investment in number of shares or units		1,000,000	[1],[2],[4],[5]	1,000,000	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Level Education Group, LLC (dba CE4Less) | Business Services | First Lien Debt
Investment interest rate		9.03%	[1],[2],[5],[15],[68]	7.25%	[8],[10],[13],[17],[23],[69]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[68]	0.00%	[8],[10],[13],[17],[23],[69]
Additional interest rate on investments		4.83%		4.83%
Non-control/Non-affiliate Investments | LifeSpan Biosciences, Inc. | Healthcare Products | Subordinated Debt
Investment interest rate		11.50%	[1],[2],[4],[5],[15]	11.50%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15]	0.00%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | LifeSpan Biosciences, Inc. | Healthcare Products | Common Equity (100 shares)
Investment in number of shares or units		100	[1],[2],[4],[5]	100	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) | Component Manufacturing | Common Equity (14,400 units)
Investment in number of shares or units	[1],[2],[4],[5]	14,400
Non-control/Non-affiliate Investments | Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) | Component Manufacturing | First Lien Debt
Investment interest rate	[1],[2],[5],[15],[25],[70]	7.88%
Investment interest rate, PIK	[1],[2],[5],[15],[25],[70]	0.00%
Additional interest rate on investments		4.80%
Non-control/Non-affiliate Investments | Midwest Transit Equipment, Inc. | Transportation Services | Warrant (7,192 shares)
Investment in number of shares or units		7,192	[1],[2],[4],[5],[21]	7,192	[8],[10],[12],[13],[22]
Non-control/Non-affiliate Investments | Midwest Transit Equipment, Inc. | Transportation Services | Warrant (4.79% of Junior Subordinated Notes)
Warrant or rights percentage of outstanding debt principal to purchase		4.79%	[1],[2],[4],[5],[71]	4.79%	[8],[10],[12],[13],[72]
Non-control/Non-affiliate Investments | Mobilewalla, Inc. | Information Technology Services | First Lien Debt
Investment interest rate	[8],[10],[12],[13],[17]			12.00%
Investment interest rate, PIK	[8],[10],[12],[13],[17]			0.00%
Non-control/Non-affiliate Investments | Netbase Solutions, Inc. (dba Netbase Quid) | Information Technology Services | First Lien Debt
Investment interest rate		10.25%	[1],[2],[5],[15],[25],[73]	8.75%	[8],[10],[13],[17],[23],[74]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[25],[73]	1.50%	[8],[10],[13],[17],[23],[74]
Additional interest rate on investments		0.80%		2.25%
Additional interest rate on investments, PIK				1.87%
Non-control/Non-affiliate Investments | NGT Acquisition Holdings, LLC (dba Techniks Industries) | Component Manufacturing | Common Equity (378 units)
Investment in number of shares or units		378	[1],[2],[4],[5]	378	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | OMC Investors, LLC (dba Ohio Medical Corporation) | Healthcare Products | Second Lien Debt
Investment interest rate		13.00%	[1],[2],[5],[15]	13.00%	[8],[10],[13],[17]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15]	0.00%	[8],[10],[13],[17]
Non-control/Non-affiliate Investments | OMC Investors, LLC (dba Ohio Medical Corporation) | Healthcare Products | Common Equity (5,000 units)
Investment in number of shares or units	[1],[2],[5]	5,000
Non-control/Non-affiliate Investments | OMC Investors, LLC (dba Ohio Medical Corporation) | Healthcare Products | Common Equity (5,000 units)
Investment in number of shares or units	[8],[10],[13]			5,000
Non-control/Non-affiliate Investments | OnePath Systems, LLC | Information Technology Services | Common Equity (732,542 shares)
Investment in number of shares or units	[1],[2],[4],[5]	732,542
Non-control/Non-affiliate Investments | OnePath Systems, LLC | Information Technology Services | First Lien Debt
Investment interest rate	[1],[2],[5],[15],[75]	11.05%
Investment interest rate, PIK	[1],[2],[5],[15],[75]	0.00%
Non-control/Non-affiliate Investments | Palisade Company, LLC | Information Technology Services | Common Equity (50 shares)
Investment in number of shares or units	[8],[10],[12],[13]			50
Non-control/Non-affiliate Investments | Palmetto Moon, LLC | Retail | Common Equity (499 units)
Investment in number of shares or units		499	[1],[2],[4],[5]	499	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Pool & Electrical Products, LLC | Specialty Distribution | Common Equity (15,000 units)
Investment in number of shares or units		15,000	[1],[2],[3],[4],[5],[6]	15,000	[8],[10],[11],[12],[13],[18]
Non-control/Non-affiliate Investments | Power Grid Components, Inc. | Specialty Distribution | Second Lien Debt
Investment interest rate		11.00%	[1],[2],[5],[15],[25]	11.00%	[8],[10],[13],[17],[23]
Investment interest rate, PIK		1.00%	[1],[2],[5],[15],[25]	1.00%	[8],[10],[13],[17],[23]
Non-control/Non-affiliate Investments | Power Grid Components, Inc. | Specialty Distribution | Common Equity (10,622 shares)
Investment in number of shares or units		10,622	[1],[2],[4],[5]	10,622	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Power Grid Components, Inc. | Specialty Distribution | Preferred Equity (48 shares)
Investment in number of shares or units		48	[1],[2],[4],[5]	48	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Power Grid Components, Inc. | Specialty Distribution | Preferred Equity (392 shares)
Investment in number of shares or units		392	[1],[2],[4],[5]	392	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Utilities: Services | Second Lien Debt
Investment interest rate	[8],[10],[12],[13],[17]			10.50%
Investment interest rate, PIK	[8],[10],[12],[13],[17]			0.00%
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Utilities: Services | Common Equity (5,000 units)
Investment in number of shares or units	[8],[10],[12],[13],[18]			5,000
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Utilities: Services | Common Equity (5,341 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	5,341
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Business Services | Preferred Equity (900,000 shares)
Investment in number of shares or units	[1],[2],[4],[5]	900,000
Non-control/Non-affiliate Investments | PowerGrid Services Acquisition, LLC | Specialty Distribution | Common Equity (3,062 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	3,062
Non-control/Non-affiliate Investments | Prime AE Group, Inc. | Business Services | First Lien Debt
Investment interest rate		10.56%	[1],[2],[4],[5],[15]	8.25%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15]	0.00%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | Prime AE Group, Inc. | Business Services | Preferred Equity (900,000 shares)
Investment in number of shares or units	[8],[10],[12],[13]			900,000
Non-control/Non-affiliate Investments | Pugh Lubricants, LLC | Specialty Distribution | Common Equity (3,062 units)
Investment in number of shares or units	[8],[10],[11],[12],[13],[18]			3,062
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Second Lien Debt
Investment interest rate		11.50%	[1],[2],[5],[15],[25]	12.00%	[8],[10],[13],[17],[23]
Investment interest rate, PIK		0.00%	[1],[2],[5],[15],[25]	1.00%	[8],[10],[13],[17],[23]
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Common Equity (Class A Units) (10,915 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	10,915
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Common Equity (Class F Units) (710 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	710
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Common Equity (Class A Units) (8,864 units)
Investment in number of shares or units	[8],[10],[12],[13],[18]			8,864
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Common Equity (Class W Units) (710 units)
Investment in number of shares or units	[8],[10],[12],[13],[18]			710
Non-control/Non-affiliate Investments | Rhino Assembly Company, LLC | Specialty Distribution | Delayed Draw Commitment ($875 unfunded commitment)
Unfunded commitment	[8],[10],[12],[13],[31]			$ 875,000
Investment interest rate	[8],[10],[12],[13],[17],[31]			12.00%
Investment interest rate, PIK	[8],[10],[12],[13],[17],[31]			1.00%
Non-control/Non-affiliate Investments | Road Safety Services, Inc. | Business Services | Second Lien Debt
Investment interest rate	[8],[10],[13],[17]			11.25%
Investment interest rate, PIK	[8],[10],[13],[17]			2.00%
Non-control/Non-affiliate Investments | Road Safety Services, Inc. | Business Services | Common Equity (779 units)
Investment in number of shares or units		779	[1],[2],[5]	779	[8],[10],[13]
Non-control/Non-affiliate Investments | SES Investors, LLC (dba SES Foam) | Building Products Manufacturing | Common Equity (6,000 units)
Investment in number of shares or units		6,000	[1],[2],[3],[4],[5],[6]	6,000	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | SpendMend LLC | Business Services | Common Equity (1,000,000 units)
Investment in number of shares or units	[8],[10],[13]			1,000,000
Non-control/Non-affiliate Investments | Suited Connector LLC | Information Technology Services | Second Lien Debt
Investment interest rate		12.00%	[1],[2],[4],[5],[15]	12.00%	[8],[10],[12],[13],[17]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15]	0.00%	[8],[10],[12],[13],[17]
Non-control/Non-affiliate Investments | Suited Connector LLC | Information Technology Services | Common Equity (7,500 units)
Investment in number of shares or units		7,500	[1],[2],[3],[4],[5]	7,500	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Subordinated Debt
Investment interest rate	[1],[2],[4],[5],[15]	7.25%
Investment interest rate, PIK	[1],[2],[4],[5],[15]	7.25%
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Preferred Equity (Series A) (1,000 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	1,000
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Delayed Draw Commitment ($3,000 unfunded commitment)
Unfunded commitment	[1],[2],[4],[5],[76]	$ 3,000,000
Interest earning on unfunded balance commitment		1.00%
Non-control/Non-affiliate Investments | Tedia Company, LLC | Healthcare Products | Revolving Loan ($2,400 unfunded commitment)
Unfunded commitment	[1],[2],[4],[5],[30]	$ 2,400,000
Non-control/Non-affiliate Investments | TransGo, LLC | Component Manufacturing | Common Equity (500 units)
Investment in number of shares or units		500	[1],[2],[4],[5],[6]	500	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | The Kyjen Company, LLC (dba Outward Hound) | Consumer Products | Common Equity (855 shares)
Investment in number of shares or units		855	[1],[2],[4],[5]	855	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | The Tranzonic Companies | Specialty Distribution | Common Equity (1 units)
Investment in number of shares or units		1	[1],[2],[4],[5],[6]	1	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | The Tranzonic Companies | Specialty Distribution | Preferred Equity (5,653 units)
Investment in number of shares or units		5,653	[1],[2],[4],[5],[6]	5,653	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | UBEO, LLC | Business Services | Common Equity (705,000 units)
Investment in number of shares or units		705,000	[1],[2],[3],[4],[5]	705,000	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | United Biologics, LLC | Healthcare Services | Preferred Equity (98,377 units)
Investment in number of shares or units		98,377	[1],[2],[3],[4],[5]	98,377	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | United Biologics, LLC | Healthcare Services | Warrant (57,469 units)
Investment in number of shares or units		57,469	[1],[2],[4],[5],[21]	57,469	[8],[10],[12],[13],[22]
Non-control/Non-affiliate Investments | UPG Company, LLC | Component Manufacturing | First Lien Debt
Investment interest rate		10.07%	[1],[2],[4],[5],[15],[77]	8.75%	[8],[10],[12],[13],[17],[78]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[77]	0.00%	[8],[10],[12],[13],[17],[78]
Additional interest rate on investments		2.85%		3.46%
Non-control/Non-affiliate Investments | Virginia Tile Company, LLC | Specialty Distribution | Common Equity (17 units)
Investment in number of shares or units		17	[1],[2],[4],[5]	17	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Western's Smokehouse, LLC | First Lien Debt | Consumer Products
Additional interest rate on investments				3.43%
Non-control/Non-affiliate Investments | Western's Smokehouse, LLC | Consumer Products | First Lien Debt
Investment interest rate		10.18%	[1],[2],[4],[5],[15],[79]	7.75%	[8],[10],[12],[13],[80]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[79]	0.00%	[8],[10],[12],[13],[80]
Additional interest rate on investments		2.07%
Non-control/Non-affiliate Investments | Western's Smokehouse, LLC | Consumer Products | Delayed Draw Commitment ($2,823 unfunded commitment)
Unfunded commitment	[1],[2],[4],[5]	$ 2,823,000
Investment interest rate	[1],[2],[4],[5],[15]	8.68%
Investment interest rate, PIK	[1],[2],[4],[5],[15]	0.00%
Non-control/Non-affiliate Investments | Winona Foods, Inc. | Specialty Distribution | First Lien Debt
Investment interest rate		15.67%	[1],[2],[4],[5],[15],[81]	13.00%	[8],[10],[12],[13],[17],[82]
Investment interest rate, PIK		0.00%	[1],[2],[4],[5],[15],[81]	0.00%	[8],[10],[12],[13],[17],[82]
Additional interest rate on investments		6.13%		7.54%
Non-control/Non-affiliate Investments | Winona Foods, Inc. | Specialty Distribution | First Lien Debt
Investment interest rate	[8],[10],[13],[17]			14.00%
Investment interest rate, PIK	[8],[10],[13],[17]			0.00%
Non-control/Non-affiliate Investments | Wonderware Holdings, LLC (dba CORE Business Technologies) | Information Technology Services | First Lien Debt
Investment interest rate	[1],[2],[5],[15],[25],[83]	10.49%
Investment interest rate, PIK	[1],[2],[5],[15],[25],[83]	0.00%
Additional interest rate on investments		4.60%
Non-control/Non-affiliate Investments | Wonderware Holdings, LLC (dba CORE Business Technologies) | Information Technology Services | First Lien Debt ($2,000 unfunded commitment)
Unfunded commitment	[8],[10],[13],[23],[84]			$ 2,000,000
Investment interest rate	[8],[10],[13],[17],[23],[80],[84]			8.25%
Investment interest rate, PIK	[8],[10],[13],[17],[23],[80],[84]			0.00%
Additional interest rate on investments				5.70%
Non-control/Non-affiliate Investments | Worldwide Express Operations, LLC | Transportation Services | Second Lien Debt
Investment interest rate	[8],[10],[13],[17]			7.75%
Investment interest rate, PIK	[8],[10],[13],[17]			0.00%
Non-control/Non-affiliate Investments | Worldwide Express Operations, LLC | Transportation Services | Common Equity (795,000)
Investment in number of shares or units		795,000	[1],[2],[4],[5]	795,000	[8],[10],[12],[13]
Non-control/Non-affiliate Investments | Worldwide Express Operations, LLC | Transportation Services | Common Equity (752,380 units)
Investment in number of shares or units		752,380	[1],[2],[3],[4],[5]	752,380	[8],[10],[12],[13],[18]
Non-control/Non-affiliate Investments | Xeeva, Inc. | Information Technology Services | First Lien Debt
Investment interest rate	[8],[10],[12],[13],[17]			12.00%
Investment interest rate, PIK	[8],[10],[12],[13],[17]			0.00%
Non-control/Non-affiliate Investments | Zonkd, LLC | Component Manufacturing | Common Equity (4,987 units)
Investment in number of shares or units	[1],[2],[3],[4],[5]	4,987
Non-control/Non-affiliate Investments | Zonkd, LLC | Component Manufacturing | Delayed Draw Commitment ($1,000 unfunded commitment)
Unfunded commitment	[1],[2],[4],[5],[85]	$ 1,000,000
Interest earning on unfunded balance commitment		2.00%
Non-control/Non-affiliate Investments | BP Thrift Buyer, LLC (dba myUnique and Ecothrift) | Retail | First Lien Debt
Investment interest rate	[1],[2],[4],[5],[15],[86]	8.91%
Investment interest rate, PIK	[1],[2],[4],[5],[15],[86]	0.00%
Additional interest rate on investments		5.62%
Non-control/Non-affiliate Investments | BP Thrift Buyer, LLC (dba myUnique and Ecothrift) | Retail | Common Equity (1,000 units)
Investment in number of shares or units	[1],[2],[4],[5]	1,000
Non-control/Non-affiliate Investments | Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) | Information Technology Services | Revolving Loan ($1,000 unfunded commitment)
Unfunded commitment	[1],[2],[4],[5],[30]	$ 1,000,000

[1] Equity ownership may be held in shares or units of companies related to the portfolio companies.

[2] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

[3] Investment is held by a taxable subsidiary of the Company.

[4] Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

[5] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

[6] Investment in portfolio company that has sold its operations and is in the process of winding down.

[7] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

[8] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.

[9] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.

[10] Equity ownership may be held in shares or units of companies related to the portfolio companies.

[11] Investment in portfolio company that has sold its operations and is in the process of winding down.

[12] Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

[13] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.

[14] Investment was on non-accrual status as of September 30, 2022.

[15] Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of September 30, 2022. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

[16] Investment was on PIK only non-accrual status as of December 31, 2021, meaning the Company has ceased recognizing PIK interest income on the investment.

[17] Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2021. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

[18] Investment is held by a taxable subsidiary of the Company.

[19] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

[20] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.

[21] Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

[22] Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

[23] The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

[24] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.64% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[25] The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements).

[26] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.60% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[27] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.27% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[28] The Company sold a participating interest of approximately $4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[29] The Company sold a participating interest of approximately $4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[30] The disclosed commitment represents the unfunded amount as of September 30, 2022. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

[31] The disclosed commitment represents the unfunded amount as of December 31, 2021. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

[32] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.71% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[33] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.86% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[34] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.86% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[35] The Company sold a participating interest of approximately $0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[36] The Company sold a participating interest of approximately $0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[37] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.28% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[38] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.73% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[39] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[40] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.56% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[41] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.32% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[42] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.62% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[43] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.74% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[44] The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2021, total non-qualifying assets at fair value represented 0.04% of the Company's total assets calculated in accordance with the 1940 Act.

[45] This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements.

[46] The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2022, total non-qualifying assets at fair value represented 0.03% of the Company's total assets calculated in accordance with the 1940 Act.

[47] Investment date represents the date of the initial investment in the security.

[48] The disclosed commitment represents the unfunded amount as of December 31, 2021. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

[49] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.29% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[50] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.32% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[51] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.84% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[52] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.74% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[53] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.21% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[54] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.05% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[55] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.76% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[56] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.81% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder

[57] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.53% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[58] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.53% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[59] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.50% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[60] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.99% and PIK interest amount of 0.98% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[61] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.99% and PIK interest amount of 1.00% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[62] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.64% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[63] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.07% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[64] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[65] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[66] The Company sold a participating interest of approximately $13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[67] The Company sold a participating interest of approximately $13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities.

[68] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.83% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[69] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.83% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[70] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.80% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[71] Warrant entitles the Company to purchase 4.79% of the outstanding principal of Junior Subordinated Notes prior to exercise, and is non-income producing.

[72] Warrant entitles the Company to purchase 4.79% of the outstanding principal of Junior Subordinated Notes prior to exercise, and is non-income producing.

[73] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 0.80% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[74] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.25% and PIK interest amount of 1.87% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[75] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.37% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[76] The disclosed commitment represents the unfunded amount as of September 30, 2022. The Company is earning 1.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

[77] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.85% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[78] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.46% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[79] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.07% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[80] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.43% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[81] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 6.13% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[82] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.54% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[83] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.60% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[84] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.70% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

[85] The disclosed commitment represents the unfunded amount as of September 30, 2022. The Company is earning 2.00% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment.

[86] In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.62% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

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Organization and Nature of Business

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

Note 1. Organization and Nature of Business

Fidus Investment Corporation (“FIC,” and together with its subsidiaries, the “Company”), a Maryland corporation, operates as an externally managed, closed-end, non-diversified business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). FIC completed its initial public offering, or IPO, in June 2011. In addition, for U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company provides customized debt and equity financing solutions to lower middle-market companies, and may make investments directly or through its two wholly-owned investment company subsidiaries, Fidus Mezzanine Capital II, L.P. (“Fund II”) and Fidus Mezzanine Capital III, L.P. (“Fund III”) (collectively, Fund II and Fund III are referred to as the “Funds”). The Funds are licensed by the U.S. Small Business Administration (the “SBA”) as small business investment companies (“SBIC”). The SBIC licenses allow the Funds to obtain leverage by issuing SBA-guaranteed debentures (“SBA debentures”), subject to the issuance of leverage commitments by the SBA and other customary procedures. As SBICs, the Funds are subject to regulations of and oversight by the SBA under the Small Business Investment Act of 1958, as amended (the “SBIC Act”), concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments.

We believe that utilizing both FIC and the Funds as investment vehicles provides us with access to a broader array of investment opportunities. Given our access to lower cost capital through the SBA’s SBIC debenture program, we expect that we will continue to make investments through the Funds until the earlier of the end of the Funds' investment period, if applicable, or the Funds reach their borrowing limit under the program. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350,000.

Fund II and Fund III are not registered under the 1940 Act and rely on the exclusion from the definition of investment company contained in Section 3(c)(7) of the 1940 Act.

The Company pays a quarterly base management fee and an incentive fee to Fidus Investment Advisors, LLC, our investment advisor (the “Investment Advisor” or “Fidus Investment Advisors”) under an investment advisory agreement (the “Investment Advisory Agreement”).

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) pursuant to the requirements for reporting on Form 10-Q, Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies (“ASC 946”), and Articles 6 or 10 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. The current period’s results of operation are not necessarily indicative of results that ultimately may be achieved for the year. Therefore, the unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2021.

Use of estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation: Pursuant to Article 6 of Regulation S-X and ASC 946, the Company will generally not consolidate its investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly-owned subsidiaries, including the Funds. All significant intercompany balances and transactions have been eliminated.

Investment risks: The Company’s investments are subject to a variety of risks. These risks may include, but are not limited to the following:

•Market risk - In contrast to investment-grade bonds (the market prices of which change primarily as a reaction to changes in interest rates), the market prices of high-yield bonds (which are also affected by changes in interest rates) are influenced much more by credit factors and financial results of the issuer as well as general economic factors that influence the financial markets as a whole. The portfolio companies in which the Company invests may be unseasoned, unprofitable and/or have little established operating history or earnings. These companies may also lack technical, marketing, financial, and other resources or may be dependent upon the success of one product or service, a unique distribution channel, or the effectiveness of a manager or management team, as compared to larger, more established entities. The failure of a single product, service or distribution channel, or the loss or the ineffectiveness of a key executive or executives within the management team may have a materially adverse impact on such companies. Furthermore, these companies may be more vulnerable to competition and to overall economic conditions than larger, more established entities.

•Credit risk - Credit risk represents the risk that the Company would incur if the counterparties failed to perform pursuant to the terms of their agreements with the Company. Issues of high-yield debt securities in which the Company invests are more likely to default on interest or principal than are issues of investment-grade securities.

•Liquidity risk - Liquidity risk represents the possibility that the Company may not be able to sell its investments quickly or at a reasonable price (given the lack of an established market).

•Interest rate risk - Interest rate risk represents the likelihood that a change in interest rates could have an adverse impact on the fair value of an interest-bearing financial instrument.

•Prepayment risk - Certain of the Company’s debt investments allow for prepayment of principal without penalty. Downward changes in market interest rates may cause prepayments to occur at a faster than expected rate, thereby effectively shortening the maturity of the debt investments and making the instrument less likely to be an income producing instrument through the stated maturity date.

•Off-Balance sheet risk - Some of the Company’s financial instruments contain off-balance sheet risk. Generally, these financial instruments represent future commitments to purchase other financial instruments at defined terms at defined future dates. See Note 7 for further details.

Fair value of financial instruments: The Company measures and discloses fair value with respect to substantially all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 to the consolidated financial statements for further discussion regarding the fair value measurements and hierarchy.

Investment classification: The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in those companies where the Company owns more than 25% of the voting securities of such company or has rights to maintain greater than 50% of the board representation. Under the 1940 Act, “Affiliate Investments” are defined as investments in those companies where the Company owns between 5% and 25% of the voting securities of such company. “Non-Control/Non-Affiliate Investments” are those that neither qualify as Control Investments nor Affiliate Investments.

Segments: In accordance with ASC Topic 280 — Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure.

Cash and cash equivalents: Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company does not believe its cash balances are exposed to any significant credit risk.

Deferred financing costs: Deferred financing costs consist of fees and expenses paid in connection with the SBA debentures, the Credit Facility and the Notes (as defined in Note 6). Deferred financing costs are capitalized and amortized to interest and financing expenses over the term of the debt agreement using the effective interest method. Unamortized deferred financing costs are presented as an offset to the corresponding debt liabilities on the consolidated statements of assets and liabilities.

Realized losses on extinguishment of debt: Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized deferred financing costs is recognized as a loss (i.e., the unamortized deferred financing costs are recognized as a loss upon extinguishment of the underlying debt obligation).

Deferred offering costs: Deferred offering costs include registration expenses related to the shelf registration statement filing pursuant to which the Company may offer, from time to time, in one or more offerings of its securities. These expenses primarily consist of U.S. Securities and Exchange Commission (“SEC”) registration fees, legal fees and accounting fees incurred. These expenses are included in prepaid expenses and other assets on the consolidated statements of assets and liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or deferred financing costs, respectively. If no offering is completed prior to the expiration of the registration statement, the deferred costs are charged to expense.

Realized gains or losses and unrealized appreciation or depreciation on investments: Realized gains or losses on investments are recorded upon the sale or disposition of a portfolio investment and are calculated as the difference between the net proceeds from the sale or disposition and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on the consolidated statements of operations includes changes in the fair value of investments from the prior period, as determined in good faith by the Company’s board of directors (the “Board”) through the application of the Company’s valuation policy, as well as reclassifications of any prior period unrealized appreciation or depreciation on exited investments to realized gains or losses on investments.

Interest and dividend income: Interest and dividend income are recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company.

PIK income: Certain of the Company’s investments contain a payment-in-kind (“PIK”) income provision. The PIK income, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash, and recorded as interest or dividend income, as applicable, on the consolidated statements of operations. Generally, PIK can be paid-in-kind or all in cash. The Company stops accruing PIK income when there is reasonable doubt that PIK income will be collected. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment (with corresponding adjustments to unrealized depreciation, as applicable). PIK income is included in the Company’s taxable income and, therefore, affects the amount the Company is required to pay to shareholders in the form of dividends in order to maintain the Company’s tax treatment as a RIC and to avoid corporate federal income tax, even though the Company has not yet collected the cash.

Non-accrual: Debt investments or preferred equity investments (for which the Company is accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on full non-accrual status. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or may be applied to the investment principal balance based on management’s judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management’s judgment, payments are likely to remain current.

Origination and closing fees: The Company also typically receives debt investment origination or closing fees in connection with such investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on the consolidated statements of assets and liabilities and accreted into interest income over the life of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income.

Warrants: In connection with the Company’s debt investments, the Company will sometimes receive warrants or other equity-related securities from the borrower (“Warrants”). The Company determines the cost basis of Warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and Warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the Warrants is treated as original issue discount (“OID”), and accreted into interest income using the effective interest method over the term of the debt investment. Upon the prepayment of a debt investment, any unaccreted OID is accelerated into interest income.

Fee income: Transaction fees earned in connection with the Company’s investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including structuring and advisory services, provided to portfolio companies. The Company recognizes income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. Upon the prepayment of a debt investment, any prepayment penalties are recorded as fee income when earned.

Partial loan and equity sales: The Company follows the guidance in ASC 860, Transfers and Servicing, when accounting for loan (debt investment) participations, equity assignments and other partial loan sales. Such guidance requires a participation, assignment or other partial loan or equity sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations, assignments or other partial loan or equity sales which do not meet the definition of a participating interest should remain on the Company’s consolidated statements of assets and liabilities and the proceeds recorded as a secured borrowing until the definition is met. For these partial loan sales, the interest earned on the entire loan balance is recorded within “interest income” and the interest earned by the buyer in the partial loan sale is recorded within “interest and financing expenses” in the accompanying consolidated statements of operations.

Income taxes: The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to stockholders. To maintain the tax treatment of a RIC, the Company is required to timely distribute to its stockholders at least 90.0% of “investment company taxable income,” as defined by Subchapter M of the Code, each year. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year; however, the Company will pay a 4.0% excise tax if it does not distribute at least 98.0% of the current year’s ordinary taxable income. Any such carryover taxable income must be distributed through a dividend declared prior to the later of the date on which the final tax return related to the year in which the Company generated such taxable income is filed or the 15th day of the 10th month following the close of such taxable year. In addition, the Company will be subject to federal excise tax if it does not distribute at least 98.2% of its net capital gains realized, computed for any one year period ending October 31.

In the future, the Funds may be limited by provisions of the SBIC Act and SBA regulations governing SBICs from making certain distributions to FIC that may be necessary to enable FIC to make the minimum distributions required to maintain the tax treatment of a RIC.

The Company has certain wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), each of which generally holds one or more of the Company’s portfolio investments listed on the consolidated schedules of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies (“LLCs”) or other forms of pass through entities) while complying with the “source-of-income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal corporate income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations.

U.S. federal income tax regulations differ from GAAP, and as a result, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized under GAAP. Differences may be permanent or temporary. Permanent differences may arise as a result of, among other items, a difference in the book and tax basis of certain assets and nondeductible federal income taxes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

ASC Topic 740 — Accounting for Uncertainty in Income Taxes (“ASC Topic 740”) provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be respected by the applicable tax authorities. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits included in the income tax provision, if any. There were no material uncertain income tax positions at September 30, 2022 and December 31, 2021. The Company’s tax returns are generally subject to examination by U.S. federal and most state tax authorities for a period of three years from the date the respective returns are filed, and, accordingly, the Company’s 2019 through 2021 tax years remain subject to examination.

Dividends to stockholders: Dividends to stockholders are recorded on the record date with respect to such distributions. The amount, if any, to be distributed to stockholders, is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually, although the Company may decide to retain such capital gains for investment.

The determination of the tax attributes for the Company’s distributions is made annually, and is based upon the Company’s taxable income and distributions paid to its stockholders for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax characterization of the Company’s distributions generally includes both ordinary income and capital gains but may also include qualified dividends or return of capital.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if the Company declares a cash dividend, the Company’s stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividend automatically reinvested into additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator before any associated brokerage or other costs. See Note 9 to the consolidated financial statements regarding dividend declarations and distributions.

Earnings and net asset value per share: The earnings per share calculations for the three and nine months ended September 30, 2022 and 2021, are computed utilizing the weighted average shares outstanding for the period. Net asset value per share is calculated using the number of shares outstanding as of the end of the period.

Stock Repurchase Program: The Company has an open market stock repurchase program (the “Stock Repurchase Program”) under which the Company may acquire up to $5,000 of its outstanding common stock. Under the Stock Repurchase Program, the Company may, but is not obligated to, repurchase outstanding common stock in the open market from time to time provided that the Company complies with the prohibitions under its insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by the Company’s management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. On October 31, 2022, the Board extended the Stock Repurchase Program through December 31, 2023, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares and the Company cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. The Company did not make any repurchases of common stock during the three and nine months ended September 30, 2022 and 2021. Refer to Note 8 for additional information concerning stock repurchases.

Recent accounting pronouncement:

In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements.

SEC Regulation S-K Update:

In November 2020, the SEC issued a final rule that modernized and simplifies Management's Discussion and Analysis and certain financial disclosure requirements in Regulation S-K (the “Amendments”). Specifically, the Amendments: (i) eliminate Item 301 of Regulation S-K (Selected Financial Data); (ii) simplify Item 302 of Regulation S-K (Supplementary Financial Information); and (iii) amend certain aspects of Item 303 of Regulation S-K (Management's Discussion and Analysis of Financial Condition and Results of Operations). The Amendments became effective on February 10, 2021 and compliance was required for the registrants' fiscal year ending on or after August 9, 2021. The Company adopted the Amendments on the effective date which did not have a material impact on the Company’s Consolidated Financial Statements.

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Portfolio Company Investments

9 Months Ended

Sep. 30, 2022

Schedule of Investments [Abstract]

Portfolio Company Investments

Note 3. Portfolio Company Investments

The Company’s portfolio investments principally consist of secured and unsecured debt, equity warrants and direct equity investments primarily in privately held companies. The debt investments may or may not be secured by either a first or second lien on the assets of the portfolio company. The debt investments generally bear interest at fixed rates or variable rates, and generally mature between five and seven years from the original investment. In connection with a debt investment, the Company also may receive nominally priced equity warrants and/or make a direct equity investment in the portfolio company. The Company’s warrants or equity investments may be investments in a holding company related to the portfolio company. In addition, the Company periodically makes equity investments in its portfolio companies through Taxable Subsidiaries. In both situations, the investment is generally reported under the name of the operating company on the consolidated schedules of investments.

As of September 30, 2022, the Company had active investments in 75 portfolio companies and residual investments in thirteen portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $856,914 and the weighted average effective yield on the Company’s debt investments was 12.9% as of such date. As of September 30, 2022, the Company held equity investments in 77.3% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 3.7%.

As of December 31, 2021, the Company had active investments in 70 portfolio companies and residual investments in eight portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $719,124 and the weighted average effective yield on the Company’s debt investments was 12.3% as of such date. As of December 31, 2021, the Company held equity investments in 82.1% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 4.7%.

The weighted average yield of the Company’s debt investments is not the same as a return on investment for its stockholders but, rather, relates to a portion of the Company’s investment portfolio and is calculated before the payment of all of the Company’s and its subsidiaries’ fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost as of September 30, 2022 and December 31, 2021, including accretion of OID and debt investment origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing, if any.

Purchases of debt and equity investments for the nine months ended September 30, 2022 and 2021 totaled $267,950 and $245,544, respectively. Proceeds from sales and repayments, including principal, return of capital distributions and realized gains, of portfolio investments for the nine months ended September 30, 2022 and 2021 totaled $128,255 and $319,036, respectively.

Investments by type with corresponding percentage of total portfolio investments consisted of the following:

	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2022				2021				2022				2021
First Lien Debt(1)	$	488,334	57.0	%	$	354,922	49.4	%	$	487,999	59.0	%	$	353,306	56.8	%
Second Lien Debt		177,222	20.7			158,815	22.1			200,028	24.2			168,573	27.1
Subordinated Debt		81,759	9.5			36,064	5.0			80,477	9.7			35,995	5.8
Equity		106,951	12.5			166,119	23.1			55,563	6.7			60,589	9.8
Warrants		2,648	0.3			3,204	0.4			3,323	0.4			3,323	0.5
Total	$	856,914	100.0	%	$	719,124	100.0	%	$	827,390	100.0	%	$	621,786	100.0	%

(1)Includes unitranche investments, which account for 43.1% and 44.4% of our portfolio on a fair value and cost basis as of September 30, 2022, respectively. Includes unitranche investments, which account for 40.2% and 46.3% of our portfolio on a fair value and cost basis as of December 31, 2021, respectively.

All investments made by the Company as of September 30, 2022 and December 31, 2021 were made in portfolio companies headquartered in the United States. The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.

	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2022				2021				2022				2021
Midwest	$	185,994	21.7	%	$	157,222	21.9	%	$	140,728	17.0	%	$	89,865	14.5	%
Southeast		250,549	29.2			219,988	30.6			252,173	30.5			197,380	31.7
Northeast		123,890	14.5			126,569	17.6			128,203	15.5			127,809	20.6
West		154,927	18.1			105,918	14.7			160,958	19.4			100,098	16.1
Southwest		141,554	16.5			109,427	15.2			145,328	17.6			106,634	17.1
Total	$	856,914	100.0	%	$	719,124	100.0	%	$	827,390	100.0	%	$	621,786	100.0	%

The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets.

By Type							By Geographic Region
	September 30,			December 31,				September 30,			December 31,
	2022			2021				2022			2021
First Lien Debt		102.9	%		72.8	%	Midwest		39.2	%		32.2	%
Second Lien Debt		37.4			32.6		Southeast		52.8			45.1
Subordinated Debt		17.2			7.4		Northeast		26.1			26.0
Equity		22.5			34.0		West		32.7			21.7
Warrants		0.6			0.6		Southwest		29.8			22.4
Total		180.6	%		147.4	%	Total		180.6	%		147.4	%

As of September 30, 2022 and December 31, 2021, the Company had no portfolio company investments that represented more than 10% of the total investment portfolio on a fair value or cost basis. As of September 30, 2022 and December 31, 2021, the Company's investment in Pfanstiehl, Inc. totaled $51,796 and $57,639 or 5.7% and 6.4% of total assets, respectively.

As of September 30, 2022, the Company had debt investments in three portfolio companies on non-accrual status. As of December 31, 2021, the Company had a debt investment in one portfolio company on non-accrual status.

	September 30, 2022				December 31, 2021
	Fair				Fair
Portfolio Company	Value		Cost		Value			Cost
EBL, LLC (EbLens)	$	2,427	$	9,333	$	—	(1)	$	—	(1)
US GreenFiber, LLC		—		5,223		—	(2)		5,223	(2)
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)		2,169		2,368		—	(1)		—	(1)
Total	$	4,596	$	16,924	$	—		$	5,223

(1)	Portfolio company debt investment was not on non-accrual status as of December 31, 2021.
(2)	Portfolio company was on PIK-only non-accrual status at December 31, 2021, meaning the Company has ceased recognizing PIK interest income on the investment.

Consolidated Schedule of Investments In and Advances To Affiliates

The table below represents the fair value of control and affiliate investments as of December 31, 2021 and any additions and reductions made to such investments during the nine months ended September 30, 2022, the ending fair value as of September 30, 2022, and the total investment income earned on such investments during the period.

												Nine Months Ended September 30, 2022
Portfolio Company (1)	September 30, 2022 Principal Amount - Debt Investments		December 31, 2021 Fair Value		Gross Additions (2)		Gross Reductions (3)			September 30, 2022 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
Hilco Plastics Holdings, LLC (dba Hilco Technologies)	$	—	$	—	$	—	$	—		$	—	$	—		$	—		$	—	$	—	$	—	$	—
Mesa Line Services, LLC		—		2,151		134		(2,285	)		—		135			(2,151	)		—		—		—		—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	5,226	$	2,151	$	134	$	(2,285	)	$	—	$	135		$	(2,151	)	$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	22,405	$	12,802	$	(13,587	)	$	21,620	$	—			(785	)	$	728	$	—	$	—	$	—
FAR Research Inc.		—		28		—		—			28		—			—			—		—		—		—
Medsurant Holdings, LLC		—		3,662		—		(1,120	)		2,542		—			(1,120	)		—		—		—		—
Mirage Trailers LLC		—		10,675		355		(11,030	)		—		324			(1,694	)		248		29		—		132
Pfanstiehl, Inc.		10,000		57,639		34,332		(40,175	)		51,796		24,330			(15,625	)		166		—		—		150
Pinnergy, Ltd. (5)		—		21,178		15,300		(36,478	)		—		15,300			(18,178	)		—		—		656		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		18,359		2,627		(5,058	)		15,928		(114	)		(4,934	)		1,291		—		—		170
Steward Holding LLC (dba Steward Advanced Materials)		—		3,338		323		—			3,661		—			323			—		1		69		—
Total Affiliate Investments	$	34,602	$	137,284	$	65,739	$	(107,448	)	$	95,575	$	39,840		$	(42,013	)	$	2,433	$	30	$	725	$	452

(1)	The investment type, industry, ownership detail for equity investments, and interest rate (if the investment is income producing) is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the nine months ended September 30, 2022.

The table below represents the fair value of control and affiliate investments as of December 31, 2020 and any additions and reductions made to such investments during the year ended December 31, 2021, including the total investment income earned on such investments during the period.

												Year Ended Ended December 31, 2021
Portfolio Company (1)	December 31, 2021 Principal Amount - Debt Investments		December 31, 2020 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 2021 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
Hilco Plastics Holdings, LLC (dba Hilco Technologies)(6)	$	—	$	—	$	1,577	$	(1,577	)	$	—	$	(881	)	$	—		$	308	$	—	$	568	$	—
Mesa Line Services, LLC (6)		—		—		32,708		(30,557	)		2,151		20,445			2,150			951		903		—		1,472
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)(5)		—		7,391		1,986		(9,377	)		—		957			1,028			90		—		—		400
US GreenFiber, LLC		5,226		20,862		5,214		(26,076	)		—		—			(3,144	)		2,386		1,214		—		—
Total Control Investments	$	5,226	$	28,253	$	41,485	$	(67,587	)	$	2,151	$	20,521		$	34		$	3,735	$	2,117	$	568	$	1,872
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	-	$	22,405	$	—		$	22,405	$	—		$	—		$	—	$	—	$	—	$	—
FAR Research Inc.		—		28		—		—			28		—			—			—		—		—		—
Fiber Materials, Inc.		—		41		94		(135	)		-		94			(42	)		—		—		—		—
Medsurant Holdings, LLC		—		10,960		733		(8,031	)		3,662		—			687			331		—		—		91
Mirage Trailers LLC		6,705		6,494		4,225		(44	)		10,675		—			3,871			761		338		110		—
Pfanstiehl, Inc.		—		33,505		24,134		—			57,639		—			24,135			—		—		1,062		—
Pinnergy, Ltd.		—		20,589		589		—			21,178		—			589			—		—		—		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)(5)		13,000		—		18,452		(93	)		18,359		—			1,626			1,142		—		—		294
Steward Holding LLC (dba Steward Advanced Materials)		—		9,777		1,373		(7,812	)		3,338		—			1,341			461		30		—		—
Total Affiliate Investments	$	29,307	$	81,394	$	72,005	$	(16,115	)	$	137,284	$	94		$	32,207		$	2,695	$	368	$	1,172	$	385

(1)	The investment type, industry, ownership detail for equity investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Affiliate investments from Control investments during the year ended December 31, 2021.
(6)	Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2021.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

Investments

The Board has established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring basis in accordance with ASC Topic 820 and consistent with the requirements of the 1940 Act. Fair value is the price, determined at the measurement date, that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available or reliable, valuation techniques described below are applied. Under ASC Topic 820, portfolio investments recorded at fair value in the consolidated financial statements are classified within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value, as defined below:

Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets as of the measurement date.

Level 2 — Inputs include quoted prices for similar assets in active markets, or that are quoted prices for identical or similar assets in markets that are not active and inputs that are observable, either directly or indirectly, for substantially the full term, if applicable, of the investment.

Level 3 — Inputs include those that are both unobservable and significant to the overall fair value measurement.

An investment’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available, with the exception of money market funds and one portfolio company, which are valued using Level 1 inputs as of September 30, 2022. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the Board, using Level 3 inputs, except for money market funds and one portfolio company that was valued using Level 1 inputs as of September 30, 2022. The degree of judgment exercised by the Board in determining fair value is greatest for investments classified as Level 3 inputs. Due to the inherent uncertainty of determining the fair values of investments that do not have readily available market values, the Board’s estimate of fair values may differ significantly from the values that would have been used had a ready market for the securities existed, and those differences may be material. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the amounts ultimately realized on these investments to be materially different than the valuations currently assigned.

With respect to investments for which market quotations are not readily available, the Board undertakes a multi-step valuation process each quarter, as described below:

•the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Investment Advisor responsible for the portfolio investment;

•preliminary valuation conclusions are then documented and discussed with the investment committee of the Investment Advisor;

•the Board engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of our portfolio investments for which market quotations are not readily available. Each portfolio company investment is generally appraised by the valuation firm(s) at least once every calendar year and each new portfolio company investment is appraised at least once in the twelve-month period following the initial investment. In certain instances, the Company may determine that it is not cost-effective, and as a result it is not in the Company’s stockholders’ best interest, to request the independent appraisal of certain portfolio company investments. Such instances include, but are not limited to, situations where the Company determines that the fair value of the portfolio company investment is relatively insignificant to the fair value of the total portfolio.

•the audit committee of the Board reviews the preliminary valuations of the Investment Advisor and of the independent valuation firm(s) and responds and supplements the valuation recommendations to reflect any comments; and

•the Board discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Investment Advisor, the independent valuation firm(s) and the audit committee.

In making the good faith determination of the value of portfolio investments, the Board starts with the cost basis of the security. The transaction price is typically the best estimate of fair value at inception. When evidence supports a subsequent change to the carrying value from the original transaction price, adjustments are made to reflect the expected exit values.

Consistent with the policies and methodologies adopted by the Board, the Company performs detailed valuations of its debt and equity investments, including an analysis on the Company’s unfunded debt investment commitments, using both the market and income approaches as appropriate. Under the market approach, the Company typically uses the enterprise value methodology to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Company derives a single estimate of enterprise value. Under the income approach, the Company typically prepares and analyzes discounted cash flow models to estimate the present value of future cash flows of either an individual debt investment or of the underlying portfolio company itself.

The Company evaluates investments in portfolio companies using the most recent portfolio company financial statements and forecasts. The Company also consults with the portfolio company’s senior management to obtain further updates on the portfolio company’s performance, including information such as industry trends, new product development and other operational issues.

For the Company’s debt investments, the primary valuation technique used to estimate the fair value is the discounted cash flow method. However, if there is deterioration in credit quality or a debt investment is in workout status, the Company may consider other methods in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. The Company’s discounted cash flow models estimate a range of fair values by applying an appropriate discount rate to the future cash flow streams of its debt investments, based on future interest and principal payments as set forth in the associated debt investment agreements. The Company prepares a weighted average cost of capital for use in the discounted cash flow model for each investment, based on factors including, but not limited to: current pricing and credit metrics for similar proposed or executed investment transactions of private companies; the portfolio company’s historical financial results and outlook; and the portfolio company’s current leverage and credit quality as compared to leverage and credit quality as of the date the investment was made. The Company may also consider the following factors when determining the fair value of debt investments: the portfolio company’s ability to make future scheduled payments; prepayment penalties and other fees; estimated remaining life; the nature and realizable value of any collateral securing such debt investment; and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made. The Company estimates the remaining life of its debt investments to generally be the legal maturity date of the instrument, as the Company generally intends to hold its debt investments to maturity. However, if the Company has information available to it that the debt investment is expected to be repaid in the near term, it would use an estimated remaining life based on the expected repayment date.

For the Company’s equity investments, including equity and warrants, the Company generally uses a market approach, including valuation methodologies consistent with industry practice, to estimate the enterprise value of portfolio companies. Typically, the enterprise value of a private company is based on multiples of EBITDA, net income, revenues, or in limited cases, book value. In estimating the enterprise value of a portfolio company, the Company analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

The Company may also utilize an income approach when estimating the fair value of its equity securities, either as a primary methodology if consistent with industry practice or if the market approach is otherwise not applicable, or as a supporting methodology to corroborate the fair value ranges determined by the market approach. The Company typically prepares and analyzes discounted cash flow models based on projections of the future free cash flows (or earnings) of the portfolio company. The Company considers various factors, including, but not limited to, the portfolio company’s projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public.

The following tables present fair value measurements of investments by major class according to the fair value hierarchy:

		September 30, 2022
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		488,334	$		488,334
Second Lien Debt			—			—			177,222			177,222
Subordinated Debt			—			—			81,759			81,759
Equity			317			—			106,634			106,951
Warrants			—			—			2,648			2,648
Money Market Funds			30,184			—			-			30,184
Total	$		30,501	$		—	$		856,597	$		887,098

		December 31, 2021
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		354,922	$		354,922
Second Lien Debt			—			—			158,815			158,815
Subordinated Debt			—			—			36,064			36,064
Equity			357			—			165,762			166,119
Warrants			—			—			3,204			3,204
Total	$		357	$		—	$		718,767	$		719,124

The Company reviews the fair value hierarchy classifications on a quarterly basis. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. There were no transfers among Levels 1, 2, and 3 during the nine months ended September 30, 2022 and 2021.

The following tables present a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022 and 2021:

	First Lien			Second Lien			Subordinated
	Debt			Debt			Debt			Equity			Warrants			Total
Balance, December 31, 2020	$	187,353		$	332,154		$	107,911		$	112,836		$	2,615		$	742,869
Net realized gains (losses) on investments		—			—			—			13,673			—			13,673
Net change in unrealized appreciation (depreciation) on investments		(1,182	)		(1,213	)		(308	)		34,066			656			32,019
Purchase of investments		172,506			43,850			18,500			10,688			—			245,544
Proceeds from sales and repayments of investments		(61,008	)		(177,719	)		(57,039	)		(23,270	)		—			(319,036	)
Interest and dividend income paid-in-kind		109			3,142			81			105			—			3,437
Proceeds from loan origination fees		(1,765	)		(104	)		(80	)		—			—			(1,949	)
Accretion of loan origination fees		985			461			387			—			—			1,833
Accretion of original issue discount		—			734			—			—			—			734
Balance, September 30, 2021	$	296,998		$	201,305		$	69,452		$	148,098		$	3,271		$	719,124
Balance, December 31, 2021	$	354,922		$	158,815		$	36,064		$	165,762		$	3,204		$	718,767
Net realized gains (losses) on investments		—			—			—			65,220			—			65,220
Net change in unrealized appreciation (depreciation) on investments		(1,281	)		(13,048	)		1,213			(54,102	)		(556	)		(67,774	)
Purchase of investments		166,279			49,498			44,469			7,704			—			267,950
Proceeds from sales and repayments of investments		(31,574	)		(18,731	)		—			(77,950	)		—			(128,255	)
Interest and dividend income paid-in-kind		481			573			273			—			—			1,327
Proceeds from loan origination fees		(1,454	)		(115	)		(300	)		—			—			(1,869	)
Accretion of loan origination fees		943			111			40			—			—			1,094
Accretion of original issue discount		18			119			—			—			—			137
Balance, September 30, 2022	$	488,334		$	177,222		$	81,759		$	106,634		$	2,648		$	856,597

Net change in unrealized appreciation/(depreciation) of $(36,403) and $(42,882) for the three and nine months ended September 30, 2022, was attributable to Level 3 investments held at September 30, 2022, respectively. Net change in unrealized appreciation/(depreciation) of $17,067 and $33,223 for the three and nine months ended September 30, 2021, respectively, was attributable to Level 3 investments held at September 30, 2021.

The following tables summarize the significant unobservable inputs by valuation technique used to determine the fair value of the Company’s Level 3 debt and equity investments as of September 30, 2022 and December 31, 2021. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

	Fair Value at		Valuation	Unobservable	Range
	September 30, 2022		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	449,319	Discounted cash flow	Weighted average cost of capital	6.3% - 19.9% (13.7%)
		11,000	Enterprise value	Asset Coverage	1.1x - 1.1x (1.1x)
		15,000	Enterprise value	EBITDA multiples	8.8x - 8.8x (8.8x)
		13,015	Enterprise value	Revenue multiples	1.3x - 4.1x (2.5x)
Second Lien Debt		172,625	Discounted cash flow (2)	Weighted average cost of capital	10.2% - 22.0% (13.7%)
		2,428	Enterprise value	EBITDA multiples	5.0x - 5.0x (5.0x)
		2,169	Enterprise value	Asset Coverage	0.9x - 0.9x (0.9x)
Subordinated Debt		78,009	Discounted cash flow	Weighted average cost of capital	10.1% - 14.0% (11.1%)
		3,750	Enterprise value	EBITDA multiples	8.5x - 8.5x (8.5x)
Equity investments:
Equity		96,905	Enterprise value	EBITDA multiples	3.5x - 16.0x (7.2x)
		9,729	Enterprise value	Revenue multiples	3.0x - 7.8x (6.4x)
Warrants		2,525	Enterprise value	EBITDA multiples	5.0x - 6.0x (5.8x)
		123	Enterprise value	Revenue multiples	4.5x - 4.5x (4.5x)
(1) Unobservable inputs were weighted by the relative fair value of the instruments.
(2) Includes $18.0 million of debt investments which were valued using a trading discount to par.

	Fair Value at		Valuation	Unobservable	Range
	December 31, 2021		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	335,022	Discounted cash flow	Weighted average cost of capital	4.0% - 21.6% (12.2%)
		11,000	Enterprise value	Asset Coverage	1.2x - 1.2x (1.2x)
		8,900	Enterprise value	Revenue multiples	4.5x - 4.5x (4.5x)
Second Lien Debt		144,541	Discounted cash flow	Weighted average cost of capital	7.8% - 25.0% (14.4%)
		14,274	Enterprise value	Asset Coverage	1.0x - 1.4x (1.4x)
Subordinated Debt		36,064	Discounted cash flow	Weighted average cost of capital	10.0% - 13.5% (11.1%)
Equity investments:
Equity		162,681	Enterprise value	EBITDA multiples	3.5x - 23.8x (8.2x)
		3,081	Enterprise value	Revenue multiples	3.5x - 9.3x (6.2x)
Warrants		3,075	Enterprise value	EBITDA multiples	4.5x - 6.0x (5.9x)
		129	Enterprise value	Revenue multiples	4.5x - 4.5x (4.5x)

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

The significant unobservable input used in determining the fair value under the discounted cash flow technique is the weighted average cost of capital of each security. Significant increases (or decreases) in this input would likely result in significantly lower (or higher) fair value estimates.

The significant unobservable inputs used in determining fair value under the enterprise value technique are revenue and EBITDA multiples, as well as asset coverage. Significant increases (or decreases) in these inputs could result in significantly higher (or lower) fair value estimates.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash and cash equivalents, interest receivable and accounts payable and other liabilities approximate the fair value of such items due to the short maturity of such instruments. The Company’s borrowings under the Credit Facility (as defined in Note 6), the SBA debentures, and the Notes (as defined in Note 6) are recorded at their respective carrying values.

The following tables summarize the carrying value and fair value of the Company’s debt obligations as of September 30, 2022 and December 31, 2021.

	September 30, 2022(5)				December 31, 2021(5)
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
SBA debentures (2)	$	133,000	$	133,000	$	107,000	$	107,000
Credit Facility borrowings (3)		—		—		—		—
January 2026 Notes (4)		125,000		125,218		125,000		125,258
November 2026 Notes (4)		125,000		125,147		125,000		125,171
Total	$	383,000	$	383,365	$	357,000	$	357,429

(1)Carrying value represents the outstanding principal balance of the debt obligation.

(2)The fair value of the SBA debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the debentures, which are Level 3 inputs under ASC Topic 820.

(3)The fair value of borrowings under the Credit Facility, if valued under ASC Topic 820, are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

(4)The fair value of the January 2026 Notes (as defined in Note 6) and the November 2026 Notes (as defined in Note 6) are estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date, which are Level 3 inputs under ASC Topic 820.

(5)Totals exclude $16,995 and $17,637 of Secured Borrowings as of September 30, 2022 and December 31, 2021, respectively.

The following table summarizes the inputs used to value the Company’s debt obligations if measured at fair value as of September 30, 2022 and December 31, 2021.

	Fair Value
	September 30,		December 31,
Valuation Inputs	2022		2021
Level 1	$	—	$	—
Level 2		—		—
Level 3		383,365		357,429
Total	$	383,365	$	357,429

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Related Party Transactions

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

Note 5. Related Party Transactions

Investment Advisory Agreement: The Company has entered into an Investment Advisory Agreement with the Investment Advisor. On June 9, 2022, the Board approved the renewal of the Investment Advisory Agreement for the period beginning June 20, 2022 through June 20, 2023. Pursuant to the Investment Advisory Agreement and subject to the overall supervision of the Board, the Investment Advisor provides investment advisory services to the Company. For providing these services, the Investment Advisor receives a fee, consisting of two components — a base management fee and an incentive fee.

The base management fee is calculated at an annual rate of 1.75% based on the average value of total assets (other than cash or cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. The Board of Directors accepted a voluntary, non-contractual, and unconditional waiver from the Investment Advisor to exclude any investments recorded as secured borrowings as defined under GAAP from the base management fee payable as of September 30, 2022. The base management fee is payable quarterly in arrears. The base management fee under the Investment Advisory Agreement was $3,763 and $10,724 for the three and nine months ended September 30, 2022, respectively, and $3,270 and $9,661 for the three and nine months ended September 30, 2021, respectively. The base management fee waiver was $76 and $228 for the three and nine months ended September 30, 2022, respectively. The base management fee waiver was $69 and $98 for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022 and December 31, 2021, the base management fee payable (net of the base management fee waiver) was $3,687 and $3,135, respectively.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the quarter. 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 but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement (defined below) and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee and excise taxes on realized gains). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, original issue discount, debt instruments with PIK income, preferred stock with PIK dividends and zero-coupon securities), accrued income the Company has not yet received in cash. The Investment Advisor is not under any obligation to reimburse the Company for any part of the incentive fee it receives that was based on accrued interest that the Company never collects.

Pre-incentive fee net investment income does not include any realized capital gains, taxes associated with such realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company generates pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to a net loss on investments.

Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0% per quarter. If market interest rates rise, the Company may be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s pre-incentive fee net investment income and make it easier for the Investment Advisor to surpass the fixed hurdle rate and receive an incentive fee based on such net investment income.

The Company pays the Investment Advisor an incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows:

•no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 2.0%;

•100.0% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Advisor with 20.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 2.5% in any calendar quarter; and

•20.0% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.5% in any calendar quarter.

The sum of the calculations above equals the income incentive fee. The income incentive fee is appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the calendar quarter. The income incentive fee was $3,047 and $5,283 for the three and nine months ended September 30, 2022, respectively, and $2,425 and $7,644 for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022 and December 31, 2021, the income incentive fee payable was $3,047 and $2,622, respectively.

The second part of the incentive fee is a capital gains incentive fee that is determined and paid in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.0% of the net capital gains as of the end of the fiscal year. In determining the capital gains incentive fee to be paid in cash to the Investment Advisor, the Company calculates the cumulative aggregate realized capital gains and losses since the Formation Transactions (realized capital gains and losses include realized gains and losses on investments, net of income tax provision from realized gains on investments, and realized losses on extinguishment of debt), and the aggregate unrealized capital depreciation on investments as of the date of the calculation. At the end of the applicable year, the amount of capital gains that serves as the basis for the calculation of the capital gains incentive fee to be paid equals the cumulative aggregate realized capital gains on investments, less cumulative aggregate realized capital losses on investments, less aggregate unrealized capital depreciation on investments, and less cumulative aggregate realized losses on extinguishment of debt. If this number is positive at the end of such year, then the capital gains incentive fee to be paid in cash for such year equals 20.0% of such amount, less the aggregate amount of any capital gains incentive fees paid in all prior years. As of September 30, 2022 and December 31, 2021, the capital gains incentive fee payable in cash was $8,427 and $6,136, respectively (as cumulative aggregate realized capital gains and losses on investments plus aggregate unrealized capital depreciation on investments plus realized losses on extinguishment of debt was negative as of each period). The aggregate amount of capital gains incentive fees paid from the IPO through September 30, 2022 was $6,484.

In addition, the Company accrues, but does not pay in cash, a capital gains incentive fee in connection with any unrealized capital appreciation on investments, as applicable. If, on a cumulative basis, the sum of (i) net realized gains/(losses) on investments plus (ii) net unrealized appreciation/(depreciation) on investments plus (iii) realized losses on extinguishment of debt decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 20.0% of the sum of (i) net realized gains/(losses) on investments plus (ii) net unrealized appreciation/(depreciation) on investments plus (iii) realized losses on extinguishment of debt. The capital gains incentive fee accrued (reversed) during the three and nine months ended September 30, 2022 was $(258) and $(593), respectively, and $4,664 and $8,638 for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022 and December 31, 2021, the accrued capital gains incentive fee payable was $22,498 and $29,227, respectively.

Unless terminated earlier as described below, the Investment Advisory Agreement will continue in effect from year to year if approved annually by the Board or by the affirmative vote of the holders of a majority of the Company’s outstanding voting securities, and, in either case, if also approved by a majority of the directors who are not “interested persons” of the Company, as such term is defined under Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Investment Advisor and may be terminated by either party without penalty upon not less than 60 days’ written notice to the other. The holders of a majority of the Company’s outstanding voting securities may also terminate the Investment Advisory Agreement without penalty.

Administration Agreement: The Company also entered into an administration agreement (the “Administration Agreement”) with the Investment Advisor. On June 9, 2022, the Board approved the renewal of the Administration Agreement for the period beginning June 20, 2022 through June 20, 2023. Under the Administration Agreement, the Investment Advisor furnishes the Company with office facilities and equipment, provides clerical, bookkeeping, and record keeping services at such facilities and provides the Company with other administrative services necessary to conduct its day-to-day operations. The Company reimburses the Investment Advisor for the allocable portion of overhead expenses incurred in performing its obligations under the Administration Agreement, including rent and the Company’s allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. Under the Administration Agreement, the Investment Advisor also provides managerial assistance to those portfolio companies on the Company's behalf to those portfolio companies that have accepted the Company's offer to provide such assistance and the Company reimburses the Investment Advisor for fees and expenses incurred with providing such services. In addition, the Company reimburses the Investment Advisor for fees and expenses incurred while performing due diligence on the Company’s prospective portfolio companies, including “dead deal” expenses. Under the Administration Agreement, administrative service expenses for the three and nine months ended September 30, 2022 were $480 and $1,412, respectively, and $438 and $1,281 for the three and nine months ended September 30, 2021. As of September 30, 2022 and December 31, 2021, the accrued administrative service expense payable was $550 and $634, respectively.

Fidus Equity Fund I, L.P.: On February 25, 2020, the Company entered into a Limited Partnership Agreement (the “Agreement”) with Fidus Equity Fund I, L.P. (“FEF I”). Pursuant to the Agreement, the Company will serve as the General Partner of FEF I. Owned by third-party investors, FEF I was formed to purchase 50% of select equity investments from the Company. The Company will not receive any fees from FEF I for any services provided in its capacity as the General Partner of FEF I.

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Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 6. Debt

Revolving Credit Facility: On June 16, 2014, FIC entered into a senior secured revolving credit agreement (the "Credit Agreement" and the senior secured revolving credit facility, the “Credit Facility”) with ING Capital LLC (“ING”), as the administrative agent, collateral agent, and lender. The Credit Facility is secured by certain portfolio investments held by the Company, but portfolio investments held by the Funds are not collateral for the Credit Facility. On April 24, 2019, the Company entered into an Amended & Restated Senior Secured Revolving Credit Agreement (the “Amended Credit Agreement”) among the Company, as borrower, the lenders party thereto, and ING, as administrative agent. On June 26, 2020, the Company entered into an amendment to the Amended Credit Agreement that, among other changes, modified certain financial covenants. On August 17, 2022, the Company entered into a second amendment on the Amended Credit Agreement ("Second Amendment"). The Second Amendment, among other things: (i) changed the underlying benchmark used to compute interest under the Amended Credit Agreement to SOFR from LIBOR; (ii) reduced the applicable margin from 3.00% to 2.675% on SOFR loans prior to satisfying certain step-down conditions, and from 2.675% to 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans; (iii) provided for a loan commitment availability period ending on August 17, 2026; (iv) extended the maturity date to August 17, 2027 from April 24, 2023; and (v) amended certain financial covenants, including (a) amending the asset coverage ratio to no less than 1.50 to 1.00 from no less than 2.00 to 1.00 (on a regulatory basis); and (b) requiring the Company to maintain a senior asset coverage ratio of no less than 2.00 to 1.00.

The Company pays a commitment fee that varies depending on the size of the unused portion of the Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Credit Facility between the total commitments and the 35% minimum utilization. The Credit Facility is secured by a first priority security interest in all of our assets, excluding the assets of our SBIC subsidiaries.

Amounts available to borrow under the Credit Facility are subject to a minimum borrowing/collateral base that applies an advance rate to certain investments held by the Company, excluding investments held by the Funds. The Company is subject to limitations with respect to the investments securing the Credit Facility, including, but not limited to, restrictions on sector concentrations, loan size, payment frequency and status and collateral interests, as well as restrictions on portfolio company leverage, which may also affect the borrowing base and therefore amounts available to borrow.

The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. As of September 30, 2022 and December 31, 2021, the Company was in compliance in all material respect with the terms of the Credit Facility.

SBA debentures: The Company uses debenture leverage provided through the SBA to fund a portion of its investment purchases.

Under the SBA debenture program, the SBA commits to purchase debentures issued by SBICs; such debentures have 10-year terms with the entire principal balance due at maturity and are guaranteed by the SBA. Interest on SBA debentures is payable semi-annually on March 1 and September 1. As of September 30, 2022 and December 31, 2021, approved and unused SBA debenture commitments were $57,000 and $63,000, respectively. The SBA may limit the amount that may be drawn each year under these commitments, and each issuance of leverage is conditioned on the Company’s full compliance, as determined by the SBA, with the terms and conditions under SBA regulations.

As of September 30, 2022 and December 31, 2021, the Company’s issued and outstanding SBA debentures mature as follows:

Pooling	Maturity	Fixed			September 30,		December 31,
Date (1)	Date	Interest Rate			2022		2021
3/25/2015	3/1/2025		3.277	%	$	1,500	$	22,500
3/23/2016	3/1/2026		3.267			1,500		1,500
3/23/2016	3/1/2026		3.249			2,500		2,500
9/21/2016	9/1/2026		2.793			500		500
9/20/2017	9/1/2027		3.260			1,000		1,000
9/20/2017	9/1/2027		3.190			33,000		33,000
3/21/2018	3/1/2028		3.534			—		9,000
9/25/2019	9/1/2029		2.377			7,500		7,500
3/25/2020	3/1/2030		2.172			6,000		6,000
9/22/2021	9/1/2031		1.398			11,500		11,500
3/23/2022	3/1/2032		3.209			43,500		12,000
9/21/2022	9/1/2032		4.533			17,500		—
(2)	(2)	(2)				7,000		—
Total outstanding SBA debentures					$	133,000	$	107,000

(1)	The SBA has two scheduled pooling dates for debentures (in March and in September). Certain debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2)	The Company issued $4,000 and $3,000 in SBA debentures which will pool in March 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 4.855% and 4.757%, respectively. The Company expects the current interim interest rate will reset to a higher long-term fixed rate on the pooling date.

Notes: On February 2, 2018, the Company closed the public offering of approximately $43,478 in aggregate principal amount of its 5.875% notes due 2023, or the “2023 Notes.” On February 22, 2018, the underwriters exercised their option to purchase an additional $6,522 in aggregate principal of the 2023 Notes. The total net proceeds to the Company from the 2023 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $1,500 and offering expenses of $438, were approximately $48,062. On January 19, 2021, the Company redeemed $50,000 in aggregate principal amount of the issued and outstanding 2023 Notes, resulting in a realized loss on extinguishment of debt of approximately $794.

On February 8, 2019, the Company closed the public offering of approximately $60,000 in aggregate principal amount of its 6.000% notes due 2024, or the “February 2024 Notes”. On February 19, 2019, the underwriters exercised their option to purchase an additional $9,000 in aggregate principal of the February 2024 Notes. The total net proceeds to the Company from the February 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $2,070 and estimated offering expenses of $409, were approximately $66,521. On February 16, 2021, the Company redeemed $50,000 of the $69,000 aggregate principal amount on the February 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $1,081. On November 2, 2021, we fully redeemed the remaining $19,000 in aggregate principal amount on the issued and outstanding February 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $313.

On October 16, 2019, the Company closed the public offering of approximately $55,000 in aggregate principal amount of its 5.375% notes due 2024, or the “November 2024 Notes” (collectively with the 2023 Notes and the February 2024 Notes, the “Public Notes”). On October 23, 2019, the underwriters exercised their option to purchase an additional $8,250 in aggregate principal of the November 2024 Notes. The total net proceeds to the Company from the November 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $1,898 and estimated offering expenses of $300, were approximately $61,053. On November 2, 2021, we fully redeemed $63,250 in aggregate principal amount on the issued and outstanding November 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $1,311.

On December 23, 2020, the Company closed the offering of $125,000 in aggregate principal amount of its 4.75% notes due 2026, or the “January 2026 Notes”. The total net proceeds to the Company from the January 2026 Notes after deducting underwriting discounts of $2,500 and estimated offering expenses of approximately $400, were approximately $122,100. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. The Company does not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system.

On October 8, 2021, the Company closed the offering of $125,000 in aggregate principal amount of its 3.50% notes due 2026, or the “November 2026 Notes” (collectively with the Public Notes and the January 2026 Notes, the “Notes”). The total net proceeds to the Company from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2,505 and estimated offering expenses of approximately $400, were approximately $122,095. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. The Company does not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system.

Each of the Notes are unsecured obligations of the Company and rank pari passu with the Company’s existing and future unsecured indebtedness; effectively subordinated to all of the Company’s existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, financing vehicles, or similar facilities the Company may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities.
 

Secured Borrowing

As of September 30, 2022, the carrying value of secured borrowings totaled $16,995 and the fair value of the associated loans included in investments was $16,910. As of December 31, 2021, the carrying value of secured borrowings totaled $17,637 and the fair value of the associated loans included in investments was $17,522. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a “participating interest.” As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 6.4% and 4.4% as of September 30, 2022, and December 31, 2021, respectively.

As of September 30, 2022, and December 31, 2021, the aggregate amount outstanding of the senior securities (including secured borrowings) issued by the Company was $266,995 and $267,637, respectively, for which our asset coverage was 277.7% and 282.2%, respectively. The SBA-guaranteed debentures are not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC on June 30, 2014. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness.

Interest and Financing Expenses

Interest and fees related to the Company’s debt for the three and nine months ended September 30, 2022 and 2021 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:

	Three Months Ended September 30, 2022										Three Months Ended September 30, 2021
	SBA		Credit		Secured						SBA		Credit		Secured
	debentures		Facility		Borrowings		Notes		Total		debentures		Facility		Borrowings		Notes		Total
Stated interest expense	$	933	$	356	$	289	$	2,578	$	4,156	$	931	$	368	$	222	$	2,603	$	4,124
Amortization of deferred financing costs		156		94		-		280		530		138		115		-		285		538
Total interest and financing expenses	$	1,089	$	450	$	289	$	2,858	$	4,686	$	1,069	$	483	$	222	$	2,888	$	4,662

	Nine Months Ended September 30, 2022															Nine Months Ended September 30, 2021
	SBA debentures			Credit Facility			Secured Borrowings			Notes			Total			SBA debentures			Credit Facility			Secured Borrowings			Notes			Total
Stated interest expense	$	2,583		$	1,106		$	726		$	7,734		$	12,149		$	3,102		$	1,101		$	222		$	8,338		$	12,763
Amortization of deferred financing costs		438			319			-			831			1,588			408			340			-			907			1,655
Total interest and financing expenses	$	3,021		$	1,425		$	726		$	8,565		$	13,737		$	3,510		$	1,441		$	222		$	9,245		$	14,418
Weighted average stated interest rate, period end		3.214	%	N/A				6.446	%		4.125	%		3.921	%		2.899	%		3.125	%		4.392	%		5.055	%		4.239	%
Unused commitment fee rate, period end	N/A				1.200	%	N/A			N/A				1.200	%	N/A				0.500	%	N/A			N/A				0.500	%

Realized Losses on Extinguishment of Debt

During the nine months ended September 30, 2022 and 2021, the Company prepaid $30,000 and $63,500 of SBA debentures, respectively, which were scheduled to mature on dates ranging from 2025 to 2028 and 2025 to 2028, respectively. During the nine months ended September 30, 2021, the Company redeemed $50,000 and $50,000 of the issued and outstanding 2023 Notes and 2024 Notes, respectively. As a result of the prepayments, the Company recognized realized losses on extinguishment of debt of $251 and $2,640, respectively, equal to the write-off of the related unamortized deferred financing costs, during the nine months ended September 30, 2022 and 2021.

Deferred Financing Costs

Deferred financing costs are amortized into interest and financing expenses on the consolidated statements of operations, using the effective interest method, over the term of the respective financing instrument. Deferred financing costs related to the SBA debentures, the Credit Facility, and the Notes as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022												December 31, 2021
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
SBA debenture commitment fees	$	3,000		$	—		$	—		$	3,000		$	2,500		$	—		$	—		$	2,500
SBA debenture leverage fees		5,902			—			—			5,902			4,538			—			—			4,538
Credit Facility upfront fees		—			4,417			—			4,417			—			3,238			—			3,238
Notes underwriting discounts		—			—			5,005			5,005			—			—			5,005			5,005
Notes debt issue costs		—			—			685			685			—			—			685			685
Total deferred financing costs		8,902			4,417			5,690			19,009			7,038			3,238			5,690			15,966
Less: accumulated amortization		(4,705	)		(2,962	)		(1,537	)		(9,204	)		(4,016	)		(2,643	)		(706	)		(7,365	)
Unamortized deferred financing costs	$	4,197		$	1,455		$	4,153		$	9,805		$	3,022		$	595		$	4,984		$	8,601

Unamortized deferred financing costs are presented as a direct offset to the SBA debentures, the Credit Facility and the Notes liabilities on the consolidated statements of assets and liabilities. The following table summarizes the outstanding debt net of unamortized deferred financing costs as of September 30, 2022 and December 31, 2021:

	September 30, 2022(1)												December 31, 2021(1)
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
Outstanding debt	$	133,000		$	—		$	250,000		$	383,000		$	107,000		$	—		$	250,000		$	357,000
Less: unamortized deferred financing costs		(4,197	)		(1,455	)		(4,153	)		(9,805	)		(3,022	)		(595	)		(4,984	)		(8,601	)
Debt, net of deferred financing costs	$	128,803		$	(1,455	)	$	245,847		$	373,195		$	103,978		$	(595	)	$	245,016		$	348,399

(1)Total excludes $16,995 and $17,637 of Secured Borrowings as of September 30, 2022 and December 31, 2021, respectively.

As of September 30, 2022, the Company’s debt liabilities are scheduled to mature as follows (1):

	SBA		Credit		Secured
Year	debentures		Facility (2)		Borrowings		Notes		Total
2022	$	—	$	—	$	—	$	—	$	—
2023		—		—		—		—		—
2024		—		—		—		—		—
2025		1,500		—		—		—		1,500
2026		4,500		—		16,995		250,000		271,495
Thereafter		127,000		—		—		—		127,000
Total	$	133,000	$	—	$	16,995	$	250,000	$	399,995

(1)	The table above presents scheduled maturities of the Company’s outstanding debt liabilities as of a point in time pursuant to the terms of those instruments. The timing of actual repayments of outstanding debt liabilities may not ultimately correspond with the scheduled maturity dates depending on the terms of the underlying instruments and the potential for earlier prepayments.
(2)	The Credit Facility matures on August 17, 2027.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

Note 7. Commitments and Contingencies

Commitments: The Company had outstanding commitments to portfolio companies to fund various undrawn revolving loans, other debt investments and capital commitments totaling $13,328 and $8,170 as of September 30, 2022 and December 31, 2021, respectively. Such outstanding commitments are summarized in the following table:

	September 30, 2022				December 31, 2021
	Total		Unfunded		Total			Unfunded
Portfolio Company - Investment	Commitment		Commitment		Commitment			Commitment
Acendre Midco, Inc. - Revolving Loan	$	1,000	$	1,000	$	1,000		$	1,000
Combined Systems, Inc. - Revolving Loan		4,000		605		4,000			605
Elements Brands, LLC - Revolving Loan		3,000		1,500		3,000			838
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan		1,000		1,000		—			—
Rhino Assembly Company, LLC - Delayed Draw Commitment		—		—		875			875
Safety Products Group, LLC - Common Equity (Units)		—		—		2,852	(1)		2,852	(1)
Tedia Company, LLC - Revolving Loan		4,000		2,400		—			—
Tedia Company, LLC - Delayed Draw Term Loan		3,000		3,000		—			—
Western's Smokehouse, LLC - Delayed Draw Term Loan		3,500		2,823		—			—
Wonderware Holdings, LLC (dba CORE Business Technologies) - Delayed Draw Term Loan		—		—		2,000			2,000
Zonkd, LLC - Delayed Draw Term Loan		1,000		1,000		—			—
Total	$	20,500	$	13,328	$	13,727		$	8,170

(1)Portfolio company was no longer held at period end. The commitment represents the Company's maximum potential liability related to certain guaranteed obligations stemming from the prior sale of the portfolio company's underlying operations.

Additional detail for each of the commitments above is provided in the Company’s consolidated schedules of investments.

The commitments are generally subject to the borrowers meeting certain criteria such as compliance with financial and non-financial covenants, which may limit such borrower's ability to draw on a revolving loan or delayed draw loan. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide indemnifications under certain circumstances. In addition, in connection with the disposition of an investment in a portfolio company, the Company may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of a business. The Company may also be required to indemnify the purchasers of such investment to the extent that any such representations are inaccurate. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects the risk of future obligation under these indemnifications to be remote.

Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While the outcome of any such legal proceedings cannot be predicted with certainty, the Company does not believe any such legal proceedings will have a material adverse effect on the Company’s consolidated financial statements.

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Common Stock

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Common Stock

Note 8. Common Stock

Public Offerings of Common Stock

The following table summarizes the cumulative total shares issued, net proceeds received, and weighted average offering price in public offerings of the Company’s common stock since the IPO in June 2011.

Period	Cumulative Number of Shares		Cumulative Gross Proceeds		Cumulative Underwriting Fees and Commissions and Offering Costs (1)		Weighted Average Offering Price
Cumulative since IPO		14,388,414	$	236,597	$	8,989	$	16.44

(1) Fidus Investment Advisors, LLC agreed to bear a cumulative of $1,925 of underwriting fees and commissions and offering costs associated with these offerings (such amounts are not included in the number reported above). All such payments made by Fidus Investment Advisors, LLC are not subject to reimbursement by the Company.

No shares have been issued for the three and nine months ended September 30, 2022 and 2021.

Common Stock ATM Program

On August 21, 2014, the Company entered into an equity distribution agreement with Raymond James & Associates, Inc. and Robert W. Baird & Co. Incorporated through which the Company could sell, by means of at-the-market offerings from time to time, shares of the Company’s common stock having an aggregate offering price of up to $50,000 (the “ATM Program”). There were no issuances of common stock under the ATM program during the last two fiscal years and for the nine months ended September 30, 2022.

Stock Repurchase Program

As described in Note 2, the Company has a Stock Repurchase Program under which the Company may acquire up to $5,000 of its outstanding common stock. The Company did not make any repurchases of common stock during the three and nine months ended September 30, 2022 and 2021.

Refer to Note 9 for additional information regarding the issuance of shares under the DRIP.

The Company had 24,437,400 shares of common stock outstanding as of September 30, 2022 and December 31, 2021.

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Dividends and Distributions

9 Months Ended

Sep. 30, 2022

Dividends and Distributions [Abstract]

Dividends and Distributions

Note 9. Dividends and Distributions

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the dividends paid during the last two fiscal years and for the nine months ended September 30, 2022.

									DRIP						DRIP
Date	Record	Payment	Amount		Total		Cash		Shares			DRIP			Share
Declared	Date	Date	Per Share		Distribution		Distribution		Value			Shares			Issue Price
Year Ended December 31, 2020:
2/14/2020	3/13/2020	3/27/2020	$	0.39	$	9,537	$	9,537	$	—	(3)		—	(3)		—
4/29/2020	6/12/2020	6/26/2020		0.30		7,331		7,331		—	(3)		—	(3)		—
8/03/2020	9/11/2020	9/25/2020		0.30		7,331		7,331		—	(3)		—	(3)		—
10/26/2020	12/4/2020	12/18/2020		0.30		7,331		7,331		—	(3)		—	(3)		—
10/26/2020 (2)	12/4/2020	12/18/2020	0.04		978		978			—	(3)		—	(3)		—
			$	1.33	$	32,508	$	32,508	$	—			—
Year Ended December 31, 2021:
2/09/2021	3/12/2021	3/26/2021	$	0.31	$	7,575	$	7,575	$	—	(3)		—	(3)		—
2/09/2021 (2)	3/12/2021	3/26/2021		0.07		1,711		1,711		—	(3)		—	(3)		—
5/03/2021	6/14/2021	6/28/2021		0.31		7,576		7,576		—	(3)		—	(3)		—
5/03/2021 (2)	6/14/2021	6/28/2021		0.08		1,955		1,955		—	(3)		—	(3)		—
8/02/2021	9/14/2021	9/28/2021		0.32		7,820		7,820		—	(3)		—	(3)		—
8/02/2021 (2)	9/14/2021	9/28/2021		0.06		1,466		1,466		—	(3)		—	(3)		—
8/02/2021 (1)	9/14/2021	9/28/2021		0.04		977		977		—	(3)		—	(3)		—
11/01/2021	12/3/2021	12/17/2021		0.32		7,820		7,820		—	(3)		—	(3)		—
11/01/2021 (2)	12/3/2021	12/17/2021		0.04		978		978		—	(3)		—	(3)		—
11/01/2021 (1)	12/3/2021	12/17/2021	0.05			1,222		1,222		—	(3)		—	(3)		—
			$	1.60	$	39,100	$	39,100	$	—			—
Nine months ended September 30, 2022:
2/15/2022	3/11/2022	3/25/2022	$	0.36	$	8,797	$	8,797	$	—	(3)		—	(3)		—
2/15/2022 (2)	3/11/2022	3/25/2022		0.17		4,154		4,154		—	(3)		—	(3)		—
5/02/2022	6/10/2022	6/24/2022		0.36		8,797		8,797		—	(3)		—	(3)		—
5/02/2022 (2)	6/10/2022	6/24/2022		0.07		1,712		1,712		—	(3)		—	(3)		—
8/01/2022	9/9/2022	9/23/2022		0.36		8,797		8,797		—	(3)		—	(3)		—
8/01/2022 (2)	9/9/2022	9/23/2022		0.07		1,711		1,711		—	(3)		—	(3)		—
8/01/2022	12/2/2022	12/16/2022		0.36		—		—		—	(3)		—	(3)		—
8/01/2022 (2)	12/2/2022	12/16/2022		0.07		—		—		—	(3)		—	(3)		—
			$	1.82	$	33,968	$	33,968	$	—			—

(1)	Special dividend
(2)	Supplemental dividend
(3)	During the nine months ended September 30, 2022 and the years ended December 31, 2021 and 2020, the Company directed the DRIP plan administrator to repurchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock in lieu of issuing new shares. Accordingly, the Company purchased and reissued shares to satisfy the DRIP obligation as follows:

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Fiscal Year Ended December 31, 2020:	and Reissued		Per Share		Amount Paid
January 1, 2020 through March 31, 2020		31,586	$	7.58	$	239
April 1, 2020 through June 30, 2020		21,904		9.04		198
July 1, 2020 through September 30, 2020		28,871		10.18		294
October 1, 2020 through December 31, 2020		20,222		12.91		261
Total		102,583	$	9.67	$	992

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Year Ended December 31, 2021:	and Reissued		Per Share		Amount Paid
January 1, 2021 through March 31, 2021		15,562	$	15.62	$	243
April 1, 2021 through June 30, 2021		17,042		17.20		293
July 1, 2021 through September 30, 2021		18,201		17.82		324
October 1, 2021 through December 31, 2021		18,283		17.42		318
Total		69,088	$	17.05	$	1,178

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Nine months ended September 30, 2022:	and Reissued		Per Share		Amount Paid
January 1, 2022 through March 31, 2022		20,380	$	20.51	$	418
April 1, 2022 through June 30, 2022		20,233		17.89		362
July 1, 2022 through September 30, 2022		21,114		17.08		360
Total		61,727	$	18.47	$	1,140

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Financial Highlights

9 Months Ended

Sep. 30, 2022

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 10. Financial Highlights

The following is a schedule of financial highlights for the nine months ended September 30, 2022 and 2021:

	Nine Months Ended September 30,
	2022			2021
Per share data:
Net asset value at beginning of period	$	19.96		$	16.81
Net investment income (1)		1.39			0.93
Net realized gain (loss) on investments, net of tax (provision) (1)		2.67			0.57
Net unrealized appreciation (depreciation) on investments (1)		(2.78	)		1.31
Realized losses on extinguishment of debt (1)		(0.01	)		(0.11	)
Total increase from investment operations (1)		1.27			2.70
Accretive (dilutive) effect of share issuances and repurchases		-			-
Dividends declared to stockholders		(1.82	)		(1.19	)
Distributions from capital gains		-			-
Taxes paid on deemed distributions		-			-
Other (11)		-			(0.01	)
Net asset value at end of period	$	19.41		$	18.31
Market value at end of period	$	17.18		$	17.44
Shares outstanding at end of period		24,437,400			24,437,400
Weighted average shares outstanding during the period		24,437,400			24,437,400
Net assets at end of period	$	474,387		$	447,545
Average net assets (6)	$	483,157		$	425,171
Ratios to average net assets:
Total expenses (2)(4)(10)		9.0	%		13.7	%
Net investment income (5)		9.4	%		7.1	%
Total return based on market value (3)		3.2	%		46.1	%
Total return based on net asset value (8)		6.4	%		16.0	%
Portfolio turnover ratio (9)		21.3	%		44.9	%
Supplemental Data:
Average debt outstanding (7)	$	391,585		$	382,587
Average debt per share (1)	$	16.02		$	15.66

(1)	Weighted average per share data.
(2)	Annualized with the exception of income tax (provision) benefit from realized gains on investments.
(3)	Total return based on market value equals the change in the market value of the Company’s common stock per share during the period divided by the market value per share at the beginning of the period, and assumes reinvestment of dividends at prices obtained by our dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.
(4)	The total expenses to average net assets ratio is calculated using (i) the “total expenses, net of base management waiver”, (ii) the “income tax provision (benefit)”, and (iii) the “income tax (provision) benefit from realized gains on investments” captions, as presented on the consolidated statements of operations.
(5)	The net investment income to average net assets ratio is calculated using the net investment income caption as presented on the consolidated statements of operations, which includes incentive fee.
(6)	Average net assets is calculated as the average of the net asset balances as of each quarter end during the fiscal year and the prior year end.
(7)	Average debt outstanding is calculated as the average of the outstanding debt balances, including secured borrowings, as of each quarter end during the fiscal year and the prior year end.
(8)	Total return based on net asset value per share equals the change in net asset value per share during the period, plus dividends paid per share during the period, less other non-operating changes during the period, and divided by beginning net asset value per share for the period. Non-operating changes include any items that affect net asset value per share other than increase from investment operations, such as the effects of share issuances and repurchases and other miscellaneous items.
(9)	Annualized.
(10)	The following are schedules of supplemental expense ratios to average net assets:

	Nine Months Ended September 30,
Ratio to average net assets:	2022			2021
Expenses other than incentive fee (2)		7.7	%		8.6	%
Incentive fee (9)		1.3	%		5.1	%
Total expenses (2)(4)		9.0	%		13.7	%

	Nine Months Ended September 30,
Ratio to average net assets:	2022			2021
Total expenses, before base management fee waiver (2)		9.1	%		13.7	%
Base management fee waiver (9)		(0.1	%)		0.0	%
Total expenses (2)(4)		9.0	%		13.7	%

(11) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date, or other rounding.

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Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

On October 3, 2022, the Company invested $1,000 in common equity of EBL, LLC, which was acquired under a new holding company, FOM Eblens Holdings, LLC (dba Eblens), and became a controlled affiliate investment. In conjunction with the transaction, the Company amended the terms of its second lien debt investment and committed up to $375 in incremental common equity.

On October 7, 2022, the Company exited its debt investment in UPG Company, LLC. The Company received payment in full of $16,986 on its first lien debt, which included a prepayment fee.

On October 17, 2022, the Company exited its debt and equity investment in OMC Investors, LLC (dba Ohio Medical Corporation). The Company received payment in full of $5,150 on its second lien debt, which included a prepayment fee. The Company received a distribution on its equity investment for a realized gain of approximately $656.

On October 31, 2022, the Board declared an incremental supplemental dividend of $0.08 per share and a special dividend of $0.10 per share for the fourth quarter, which are payable on December 16, 2022, to stockholders of record as of December 2, 2022.

On October 31, 2022, the Company invested $6,000 in second lien debt of Education Incites, LLC (dba Acceleration Academies), a leading provider of alternative education academies focused on high school dropout recovery throughout the United States.

On November 1, 2022, the Company issued an additional $5,000 and $3,000 in SBA debentures, which will bear interest at fixed interim interest rates of 5.221% and 5.123%, respectively, until the pooling date in March 2023.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) pursuant to the requirements for reporting on Form 10-Q, Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies (“ASC 946”), and Articles 6 or 10 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. The current period’s results of operation are not necessarily indicative of results that ultimately may be achieved for the year. Therefore, the unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2021.

Use of Estimates

Use of estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Consolidation

Consolidation: Pursuant to Article 6 of Regulation S-X and ASC 946, the Company will generally not consolidate its investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly-owned subsidiaries, including the Funds. All significant intercompany balances and transactions have been eliminated.

Investment Risks

Investment risks: The Company’s investments are subject to a variety of risks. These risks may include, but are not limited to the following:

•Market risk - In contrast to investment-grade bonds (the market prices of which change primarily as a reaction to changes in interest rates), the market prices of high-yield bonds (which are also affected by changes in interest rates) are influenced much more by credit factors and financial results of the issuer as well as general economic factors that influence the financial markets as a whole. The portfolio companies in which the Company invests may be unseasoned, unprofitable and/or have little established operating history or earnings. These companies may also lack technical, marketing, financial, and other resources or may be dependent upon the success of one product or service, a unique distribution channel, or the effectiveness of a manager or management team, as compared to larger, more established entities. The failure of a single product, service or distribution channel, or the loss or the ineffectiveness of a key executive or executives within the management team may have a materially adverse impact on such companies. Furthermore, these companies may be more vulnerable to competition and to overall economic conditions than larger, more established entities.

•Credit risk - Credit risk represents the risk that the Company would incur if the counterparties failed to perform pursuant to the terms of their agreements with the Company. Issues of high-yield debt securities in which the Company invests are more likely to default on interest or principal than are issues of investment-grade securities.

•Liquidity risk - Liquidity risk represents the possibility that the Company may not be able to sell its investments quickly or at a reasonable price (given the lack of an established market).

•Interest rate risk - Interest rate risk represents the likelihood that a change in interest rates could have an adverse impact on the fair value of an interest-bearing financial instrument.

•Prepayment risk - Certain of the Company’s debt investments allow for prepayment of principal without penalty. Downward changes in market interest rates may cause prepayments to occur at a faster than expected rate, thereby effectively shortening the maturity of the debt investments and making the instrument less likely to be an income producing instrument through the stated maturity date.

•Off-Balance sheet risk - Some of the Company’s financial instruments contain off-balance sheet risk. Generally, these financial instruments represent future commitments to purchase other financial instruments at defined terms at defined future dates. See Note 7 for further details.

Fair Value of Financial Instruments

Fair value of financial instruments: The Company measures and discloses fair value with respect to substantially all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 to the consolidated financial statements for further discussion regarding the fair value measurements and hierarchy.

Investment Classification

Investment classification: The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in those companies where the Company owns more than 25% of the voting securities of such company or has rights to maintain greater than 50% of the board representation. Under the 1940 Act, “Affiliate Investments” are defined as investments in those companies where the Company owns between 5% and 25% of the voting securities of such company. “Non-Control/Non-Affiliate Investments” are those that neither qualify as Control Investments nor Affiliate Investments.

Segments

Segments: In accordance with ASC Topic 280 — Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure.

Cash and Cash Equivalents

Cash and cash equivalents: Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company does not believe its cash balances are exposed to any significant credit risk.

Deferred Financing Costs

Deferred financing costs: Deferred financing costs consist of fees and expenses paid in connection with the SBA debentures, the Credit Facility and the Notes (as defined in Note 6). Deferred financing costs are capitalized and amortized to interest and financing expenses over the term of the debt agreement using the effective interest method. Unamortized deferred financing costs are presented as an offset to the corresponding debt liabilities on the consolidated statements of assets and liabilities.

Realized Losses on Extinguishment of Debt

Realized losses on extinguishment of debt: Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized deferred financing costs is recognized as a loss (i.e., the unamortized deferred financing costs are recognized as a loss upon extinguishment of the underlying debt obligation).

Deferred Offering Costs

Deferred offering costs: Deferred offering costs include registration expenses related to the shelf registration statement filing pursuant to which the Company may offer, from time to time, in one or more offerings of its securities. These expenses primarily consist of U.S. Securities and Exchange Commission (“SEC”) registration fees, legal fees and accounting fees incurred. These expenses are included in prepaid expenses and other assets on the consolidated statements of assets and liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or deferred financing costs, respectively. If no offering is completed prior to the expiration of the registration statement, the deferred costs are charged to expense.

Realized Gains or Losses and Unrealized Appreciation or Depreciation on Investments

Realized gains or losses and unrealized appreciation or depreciation on investments: Realized gains or losses on investments are recorded upon the sale or disposition of a portfolio investment and are calculated as the difference between the net proceeds from the sale or disposition and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on the consolidated statements of operations includes changes in the fair value of investments from the prior period, as determined in good faith by the Company’s board of directors (the “Board”) through the application of the Company’s valuation policy, as well as reclassifications of any prior period unrealized appreciation or depreciation on exited investments to realized gains or losses on investments.

Interest and Dividend Income

Interest and dividend income: Interest and dividend income are recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company.

PIK Income

PIK income: Certain of the Company’s investments contain a payment-in-kind (“PIK”) income provision. The PIK income, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash, and recorded as interest or dividend income, as applicable, on the consolidated statements of operations. Generally, PIK can be paid-in-kind or all in cash. The Company stops accruing PIK income when there is reasonable doubt that PIK income will be collected. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment (with corresponding adjustments to unrealized depreciation, as applicable). PIK income is included in the Company’s taxable income and, therefore, affects the amount the Company is required to pay to shareholders in the form of dividends in order to maintain the Company’s tax treatment as a RIC and to avoid corporate federal income tax, even though the Company has not yet collected the cash.

Non-accrual

Non-accrual: Debt investments or preferred equity investments (for which the Company is accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on full non-accrual status. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or may be applied to the investment principal balance based on management’s judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management’s judgment, payments are likely to remain current.

Origination and Closing Fees

Origination and closing fees: The Company also typically receives debt investment origination or closing fees in connection with such investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on the consolidated statements of assets and liabilities and accreted into interest income over the life of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income.

Warrants

Warrants: In connection with the Company’s debt investments, the Company will sometimes receive warrants or other equity-related securities from the borrower (“Warrants”). The Company determines the cost basis of Warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and Warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the Warrants is treated as original issue discount (“OID”), and accreted into interest income using the effective interest method over the term of the debt investment. Upon the prepayment of a debt investment, any unaccreted OID is accelerated into interest income.

Fee Income

Fee income: Transaction fees earned in connection with the Company’s investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including structuring and advisory services, provided to portfolio companies. The Company recognizes income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. Upon the prepayment of a debt investment, any prepayment penalties are recorded as fee income when earned.

Partial Loan and Equity Sales

Partial loan and equity sales: The Company follows the guidance in ASC 860, Transfers and Servicing, when accounting for loan (debt investment) participations, equity assignments and other partial loan sales. Such guidance requires a participation, assignment or other partial loan or equity sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations, assignments or other partial loan or equity sales which do not meet the definition of a participating interest should remain on the Company’s consolidated statements of assets and liabilities and the proceeds recorded as a secured borrowing until the definition is met. For these partial loan sales, the interest earned on the entire loan balance is recorded within “interest income” and the interest earned by the buyer in the partial loan sale is recorded within “interest and financing expenses” in the accompanying consolidated statements of operations.

Income Taxes

Income taxes: The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to stockholders. To maintain the tax treatment of a RIC, the Company is required to timely distribute to its stockholders at least 90.0% of “investment company taxable income,” as defined by Subchapter M of the Code, each year. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year; however, the Company will pay a 4.0% excise tax if it does not distribute at least 98.0% of the current year’s ordinary taxable income. Any such carryover taxable income must be distributed through a dividend declared prior to the later of the date on which the final tax return related to the year in which the Company generated such taxable income is filed or the 15th day of the 10th month following the close of such taxable year. In addition, the Company will be subject to federal excise tax if it does not distribute at least 98.2% of its net capital gains realized, computed for any one year period ending October 31.

In the future, the Funds may be limited by provisions of the SBIC Act and SBA regulations governing SBICs from making certain distributions to FIC that may be necessary to enable FIC to make the minimum distributions required to maintain the tax treatment of a RIC.

The Company has certain wholly-owned taxable subsidiaries (the “Taxable Subsidiaries”), each of which generally holds one or more of the Company’s portfolio investments listed on the consolidated schedules of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies (“LLCs”) or other forms of pass through entities) while complying with the “source-of-income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal corporate income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations.

U.S. federal income tax regulations differ from GAAP, and as a result, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized under GAAP. Differences may be permanent or temporary. Permanent differences may arise as a result of, among other items, a difference in the book and tax basis of certain assets and nondeductible federal income taxes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

ASC Topic 740 — Accounting for Uncertainty in Income Taxes (“ASC Topic 740”) provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be respected by the applicable tax authorities. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits included in the income tax provision, if any. There were no material uncertain income tax positions at September 30, 2022 and December 31, 2021. The Company’s tax returns are generally subject to examination by U.S. federal and most state tax authorities for a period of three years from the date the respective returns are filed, and, accordingly, the Company’s 2019 through 2021 tax years remain subject to examination.

Dividends to Stockholders

Dividends to stockholders: Dividends to stockholders are recorded on the record date with respect to such distributions. The amount, if any, to be distributed to stockholders, is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually, although the Company may decide to retain such capital gains for investment.

The determination of the tax attributes for the Company’s distributions is made annually, and is based upon the Company’s taxable income and distributions paid to its stockholders for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax characterization of the Company’s distributions generally includes both ordinary income and capital gains but may also include qualified dividends or return of capital.

The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if the Company declares a cash dividend, the Company’s stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividend automatically reinvested into additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator before any associated brokerage or other costs. See Note 9 to the consolidated financial statements regarding dividend declarations and distributions.

Earnings and Net Asset Value per Share

Earnings and net asset value per share: The earnings per share calculations for the three and nine months ended September 30, 2022 and 2021, are computed utilizing the weighted average shares outstanding for the period. Net asset value per share is calculated using the number of shares outstanding as of the end of the period.

Stock Repurchase Program

Stock Repurchase Program: The Company has an open market stock repurchase program (the “Stock Repurchase Program”) under which the Company may acquire up to $5,000 of its outstanding common stock. Under the Stock Repurchase Program, the Company may, but is not obligated to, repurchase outstanding common stock in the open market from time to time provided that the Company complies with the prohibitions under its insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by the Company’s management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. On October 31, 2022, the Board extended the Stock Repurchase Program through December 31, 2023, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares and the Company cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. The Company did not make any repurchases of common stock during the three and nine months ended September 30, 2022 and 2021. Refer to Note 8 for additional information concerning stock repurchases.

Recent Accounting Pronouncement

Recent accounting pronouncement:

In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements.

SEC Regulation S-K Update:

In November 2020, the SEC issued a final rule that modernized and simplifies Management's Discussion and Analysis and certain financial disclosure requirements in Regulation S-K (the “Amendments”). Specifically, the Amendments: (i) eliminate Item 301 of Regulation S-K (Selected Financial Data); (ii) simplify Item 302 of Regulation S-K (Supplementary Financial Information); and (iii) amend certain aspects of Item 303 of Regulation S-K (Management's Discussion and Analysis of Financial Condition and Results of Operations). The Amendments became effective on February 10, 2021 and compliance was required for the registrants' fiscal year ending on or after August 9, 2021. The Company adopted the Amendments on the effective date which did not have a material impact on the Company’s Consolidated Financial Statements.

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Portfolio Company Investments (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Investments [Abstract]

Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments

Investments by type with corresponding percentage of total portfolio investments consisted of the following:

	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2022				2021				2022				2021
First Lien Debt(1)	$	488,334	57.0	%	$	354,922	49.4	%	$	487,999	59.0	%	$	353,306	56.8	%
Second Lien Debt		177,222	20.7			158,815	22.1			200,028	24.2			168,573	27.1
Subordinated Debt		81,759	9.5			36,064	5.0			80,477	9.7			35,995	5.8
Equity		106,951	12.5			166,119	23.1			55,563	6.7			60,589	9.8
Warrants		2,648	0.3			3,204	0.4			3,323	0.4			3,323	0.5
Total	$	856,914	100.0	%	$	719,124	100.0	%	$	827,390	100.0	%	$	621,786	100.0	%

(1)Includes unitranche investments, which account for 43.1% and 44.4% of our portfolio on a fair value and cost basis as of September 30, 2022, respectively. Includes unitranche investments, which account for 40.2% and 46.3% of our portfolio on a fair value and cost basis as of December 31, 2021, respectively.

All investments made by the Company as of September 30, 2022 and December 31, 2021 were made in portfolio companies headquartered in the United States. The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.

	Fair Value								Cost
	September 30,				December 31,				September 30,				December 31,
	2022				2021				2022				2021
Midwest	$	185,994	21.7	%	$	157,222	21.9	%	$	140,728	17.0	%	$	89,865	14.5	%
Southeast		250,549	29.2			219,988	30.6			252,173	30.5			197,380	31.7
Northeast		123,890	14.5			126,569	17.6			128,203	15.5			127,809	20.6
West		154,927	18.1			105,918	14.7			160,958	19.4			100,098	16.1
Southwest		141,554	16.5			109,427	15.2			145,328	17.6			106,634	17.1
Total	$	856,914	100.0	%	$	719,124	100.0	%	$	827,390	100.0	%	$	621,786	100.0	%

Schedule of Portfolio Composition by Type And by Geographic Region at Fair Value

The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets.

By Type							By Geographic Region
	September 30,			December 31,				September 30,			December 31,
	2022			2021				2022			2021
First Lien Debt		102.9	%		72.8	%	Midwest		39.2	%		32.2	%
Second Lien Debt		37.4			32.6		Southeast		52.8			45.1
Subordinated Debt		17.2			7.4		Northeast		26.1			26.0
Equity		22.5			34.0		West		32.7			21.7
Warrants		0.6			0.6		Southwest		29.8			22.4
Total		180.6	%		147.4	%	Total		180.6	%		147.4	%

Schedule of Debt Investment on Non-Accrual Status

As of September 30, 2022, the Company had debt investments in three portfolio companies on non-accrual status. As of December 31, 2021, the Company had a debt investment in one portfolio company on non-accrual status.

	September 30, 2022				December 31, 2021
	Fair				Fair
Portfolio Company	Value		Cost		Value			Cost
EBL, LLC (EbLens)	$	2,427	$	9,333	$	—	(1)	$	—	(1)
US GreenFiber, LLC		—		5,223		—	(2)		5,223	(2)
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)		2,169		2,368		—	(1)		—	(1)
Total	$	4,596	$	16,924	$	—		$	5,223

(1)	Portfolio company debt investment was not on non-accrual status as of December 31, 2021.
(2)	Portfolio company was on PIK-only non-accrual status at December 31, 2021, meaning the Company has ceased recognizing PIK interest income on the investment.

Schedule of Consolidated Schedule of Investments in and Advances to Affiliates

The table below represents the fair value of control and affiliate investments as of December 31, 2021 and any additions and reductions made to such investments during the nine months ended September 30, 2022, the ending fair value as of September 30, 2022, and the total investment income earned on such investments during the period.

												Nine Months Ended September 30, 2022
Portfolio Company (1)	September 30, 2022 Principal Amount - Debt Investments		December 31, 2021 Fair Value		Gross Additions (2)		Gross Reductions (3)			September 30, 2022 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
Hilco Plastics Holdings, LLC (dba Hilco Technologies)	$	—	$	—	$	—	$	—		$	—	$	—		$	—		$	—	$	—	$	—	$	—
Mesa Line Services, LLC		—		2,151		134		(2,285	)		—		135			(2,151	)		—		—		—		—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	5,226	$	2,151	$	134	$	(2,285	)	$	—	$	135		$	(2,151	)	$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	22,405	$	12,802	$	(13,587	)	$	21,620	$	—			(785	)	$	728	$	—	$	—	$	—
FAR Research Inc.		—		28		—		—			28		—			—			—		—		—		—
Medsurant Holdings, LLC		—		3,662		—		(1,120	)		2,542		—			(1,120	)		—		—		—		—
Mirage Trailers LLC		—		10,675		355		(11,030	)		—		324			(1,694	)		248		29		—		132
Pfanstiehl, Inc.		10,000		57,639		34,332		(40,175	)		51,796		24,330			(15,625	)		166		—		—		150
Pinnergy, Ltd. (5)		—		21,178		15,300		(36,478	)		—		15,300			(18,178	)		—		—		656		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		18,359		2,627		(5,058	)		15,928		(114	)		(4,934	)		1,291		—		—		170
Steward Holding LLC (dba Steward Advanced Materials)		—		3,338		323		—			3,661		—			323			—		1		69		—
Total Affiliate Investments	$	34,602	$	137,284	$	65,739	$	(107,448	)	$	95,575	$	39,840		$	(42,013	)	$	2,433	$	30	$	725	$	452

(1)	The investment type, industry, ownership detail for equity investments, and interest rate (if the investment is income producing) is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the nine months ended September 30, 2022.

The table below represents the fair value of control and affiliate investments as of December 31, 2020 and any additions and reductions made to such investments during the year ended December 31, 2021, including the total investment income earned on such investments during the period.

												Year Ended Ended December 31, 2021
Portfolio Company (1)	December 31, 2021 Principal Amount - Debt Investments		December 31, 2020 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 2021 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
Hilco Plastics Holdings, LLC (dba Hilco Technologies)(6)	$	—	$	—	$	1,577	$	(1,577	)	$	—	$	(881	)	$	—		$	308	$	—	$	568	$	—
Mesa Line Services, LLC (6)		—		—		32,708		(30,557	)		2,151		20,445			2,150			951		903		—		1,472
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)(5)		—		7,391		1,986		(9,377	)		—		957			1,028			90		—		—		400
US GreenFiber, LLC		5,226		20,862		5,214		(26,076	)		—		—			(3,144	)		2,386		1,214		—		—
Total Control Investments	$	5,226	$	28,253	$	41,485	$	(67,587	)	$	2,151	$	20,521		$	34		$	3,735	$	2,117	$	568	$	1,872
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	-	$	22,405	$	—		$	22,405	$	—		$	—		$	—	$	—	$	—	$	—
FAR Research Inc.		—		28		—		—			28		—			—			—		—		—		—
Fiber Materials, Inc.		—		41		94		(135	)		-		94			(42	)		—		—		—		—
Medsurant Holdings, LLC		—		10,960		733		(8,031	)		3,662		—			687			331		—		—		91
Mirage Trailers LLC		6,705		6,494		4,225		(44	)		10,675		—			3,871			761		338		110		—
Pfanstiehl, Inc.		—		33,505		24,134		—			57,639		—			24,135			—		—		1,062		—
Pinnergy, Ltd.		—		20,589		589		—			21,178		—			589			—		—		—		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)(5)		13,000		—		18,452		(93	)		18,359		—			1,626			1,142		—		—		294
Steward Holding LLC (dba Steward Advanced Materials)		—		9,777		1,373		(7,812	)		3,338		—			1,341			461		30		—		—
Total Affiliate Investments	$	29,307	$	81,394	$	72,005	$	(16,115	)	$	137,284	$	94		$	32,207		$	2,695	$	368	$	1,172	$	385

(1)	The investment type, industry, ownership detail for equity investments, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Affiliate investments from Control investments during the year ended December 31, 2021.
(6)	Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2021.

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Investments by Major Class According to Fair Value Hierarchy

The following tables present fair value measurements of investments by major class according to the fair value hierarchy:

		September 30, 2022
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		488,334	$		488,334
Second Lien Debt			—			—			177,222			177,222
Subordinated Debt			—			—			81,759			81,759
Equity			317			—			106,634			106,951
Warrants			—			—			2,648			2,648
Money Market Funds			30,184			—			-			30,184
Total	$		30,501	$		—	$		856,597	$		887,098

		December 31, 2021
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		354,922	$		354,922
Second Lien Debt			—			—			158,815			158,815
Subordinated Debt			—			—			36,064			36,064
Equity			357			—			165,762			166,119
Warrants			—			—			3,204			3,204
Total	$		357	$		—	$		718,767	$		719,124

Summary of Reconciliation of Beginning and Ending Balances for Fair Valued Investments

The following tables present a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022 and 2021:

	First Lien			Second Lien			Subordinated
	Debt			Debt			Debt			Equity			Warrants			Total
Balance, December 31, 2020	$	187,353		$	332,154		$	107,911		$	112,836		$	2,615		$	742,869
Net realized gains (losses) on investments		—			—			—			13,673			—			13,673
Net change in unrealized appreciation (depreciation) on investments		(1,182	)		(1,213	)		(308	)		34,066			656			32,019
Purchase of investments		172,506			43,850			18,500			10,688			—			245,544
Proceeds from sales and repayments of investments		(61,008	)		(177,719	)		(57,039	)		(23,270	)		—			(319,036	)
Interest and dividend income paid-in-kind		109			3,142			81			105			—			3,437
Proceeds from loan origination fees		(1,765	)		(104	)		(80	)		—			—			(1,949	)
Accretion of loan origination fees		985			461			387			—			—			1,833
Accretion of original issue discount		—			734			—			—			—			734
Balance, September 30, 2021	$	296,998		$	201,305		$	69,452		$	148,098		$	3,271		$	719,124
Balance, December 31, 2021	$	354,922		$	158,815		$	36,064		$	165,762		$	3,204		$	718,767
Net realized gains (losses) on investments		—			—			—			65,220			—			65,220
Net change in unrealized appreciation (depreciation) on investments		(1,281	)		(13,048	)		1,213			(54,102	)		(556	)		(67,774	)
Purchase of investments		166,279			49,498			44,469			7,704			—			267,950
Proceeds from sales and repayments of investments		(31,574	)		(18,731	)		—			(77,950	)		—			(128,255	)
Interest and dividend income paid-in-kind		481			573			273			—			—			1,327
Proceeds from loan origination fees		(1,454	)		(115	)		(300	)		—			—			(1,869	)
Accretion of loan origination fees		943			111			40			—			—			1,094
Accretion of original issue discount		18			119			—			—			—			137
Balance, September 30, 2022	$	488,334		$	177,222		$	81,759		$	106,634		$	2,648		$	856,597

Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value

The following tables summarize the significant unobservable inputs by valuation technique used to determine the fair value of the Company’s Level 3 debt and equity investments as of September 30, 2022 and December 31, 2021. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

	Fair Value at		Valuation	Unobservable	Range
	September 30, 2022		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	449,319	Discounted cash flow	Weighted average cost of capital	6.3% - 19.9% (13.7%)
		11,000	Enterprise value	Asset Coverage	1.1x - 1.1x (1.1x)
		15,000	Enterprise value	EBITDA multiples	8.8x - 8.8x (8.8x)
		13,015	Enterprise value	Revenue multiples	1.3x - 4.1x (2.5x)
Second Lien Debt		172,625	Discounted cash flow (2)	Weighted average cost of capital	10.2% - 22.0% (13.7%)
		2,428	Enterprise value	EBITDA multiples	5.0x - 5.0x (5.0x)
		2,169	Enterprise value	Asset Coverage	0.9x - 0.9x (0.9x)
Subordinated Debt		78,009	Discounted cash flow	Weighted average cost of capital	10.1% - 14.0% (11.1%)
		3,750	Enterprise value	EBITDA multiples	8.5x - 8.5x (8.5x)
Equity investments:
Equity		96,905	Enterprise value	EBITDA multiples	3.5x - 16.0x (7.2x)
		9,729	Enterprise value	Revenue multiples	3.0x - 7.8x (6.4x)
Warrants		2,525	Enterprise value	EBITDA multiples	5.0x - 6.0x (5.8x)
		123	Enterprise value	Revenue multiples	4.5x - 4.5x (4.5x)
(1) Unobservable inputs were weighted by the relative fair value of the instruments.
(2) Includes $18.0 million of debt investments which were valued using a trading discount to par.

	Fair Value at		Valuation	Unobservable	Range
	December 31, 2021		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	335,022	Discounted cash flow	Weighted average cost of capital	4.0% - 21.6% (12.2%)
		11,000	Enterprise value	Asset Coverage	1.2x - 1.2x (1.2x)
		8,900	Enterprise value	Revenue multiples	4.5x - 4.5x (4.5x)
Second Lien Debt		144,541	Discounted cash flow	Weighted average cost of capital	7.8% - 25.0% (14.4%)
		14,274	Enterprise value	Asset Coverage	1.0x - 1.4x (1.4x)
Subordinated Debt		36,064	Discounted cash flow	Weighted average cost of capital	10.0% - 13.5% (11.1%)
Equity investments:
Equity		162,681	Enterprise value	EBITDA multiples	3.5x - 23.8x (8.2x)
		3,081	Enterprise value	Revenue multiples	3.5x - 9.3x (6.2x)
Warrants		3,075	Enterprise value	EBITDA multiples	4.5x - 6.0x (5.9x)
		129	Enterprise value	Revenue multiples	4.5x - 4.5x (4.5x)

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

Summary of Carrying Value and Fair Value of Debt Obligations

The following tables summarize the carrying value and fair value of the Company’s debt obligations as of September 30, 2022 and December 31, 2021.

	September 30, 2022(5)				December 31, 2021(5)
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
SBA debentures (2)	$	133,000	$	133,000	$	107,000	$	107,000
Credit Facility borrowings (3)		—		—		—		—
January 2026 Notes (4)		125,000		125,218		125,000		125,258
November 2026 Notes (4)		125,000		125,147		125,000		125,171
Total	$	383,000	$	383,365	$	357,000	$	357,429

(1)Carrying value represents the outstanding principal balance of the debt obligation.

(2)The fair value of the SBA debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the debentures, which are Level 3 inputs under ASC Topic 820.

(3)The fair value of borrowings under the Credit Facility, if valued under ASC Topic 820, are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

(4)The fair value of the January 2026 Notes (as defined in Note 6) and the November 2026 Notes (as defined in Note 6) are estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date, which are Level 3 inputs under ASC Topic 820.

(5)Totals exclude $16,995 and $17,637 of Secured Borrowings as of September 30, 2022 and December 31, 2021, respectively.

Summary of Inputs Used to Value Debt Obligations

The following table summarizes the inputs used to value the Company’s debt obligations if measured at fair value as of September 30, 2022 and December 31, 2021.

	Fair Value
	September 30,		December 31,
Valuation Inputs	2022		2021
Level 1	$	—	$	—
Level 2		—		—
Level 3		383,365		357,429
Total	$	383,365	$	357,429

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Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Instrument [Line Items]

Summary of Interest and Fees Related to Debt

Interest and fees related to the Company’s debt for the three and nine months ended September 30, 2022 and 2021 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:

	Three Months Ended September 30, 2022										Three Months Ended September 30, 2021
	SBA		Credit		Secured						SBA		Credit		Secured
	debentures		Facility		Borrowings		Notes		Total		debentures		Facility		Borrowings		Notes		Total
Stated interest expense	$	933	$	356	$	289	$	2,578	$	4,156	$	931	$	368	$	222	$	2,603	$	4,124
Amortization of deferred financing costs		156		94		-		280		530		138		115		-		285		538
Total interest and financing expenses	$	1,089	$	450	$	289	$	2,858	$	4,686	$	1,069	$	483	$	222	$	2,888	$	4,662

	Nine Months Ended September 30, 2022															Nine Months Ended September 30, 2021
	SBA debentures			Credit Facility			Secured Borrowings			Notes			Total			SBA debentures			Credit Facility			Secured Borrowings			Notes			Total
Stated interest expense	$	2,583		$	1,106		$	726		$	7,734		$	12,149		$	3,102		$	1,101		$	222		$	8,338		$	12,763
Amortization of deferred financing costs		438			319			-			831			1,588			408			340			-			907			1,655
Total interest and financing expenses	$	3,021		$	1,425		$	726		$	8,565		$	13,737		$	3,510		$	1,441		$	222		$	9,245		$	14,418
Weighted average stated interest rate, period end		3.214	%	N/A				6.446	%		4.125	%		3.921	%		2.899	%		3.125	%		4.392	%		5.055	%		4.239	%
Unused commitment fee rate, period end	N/A				1.200	%	N/A			N/A				1.200	%	N/A				0.500	%	N/A			N/A				0.500	%

Summary of Deferred Financing Costs Amortized into Interest and Financing Expenses

Deferred financing costs are amortized into interest and financing expenses on the consolidated statements of operations, using the effective interest method, over the term of the respective financing instrument. Deferred financing costs related to the SBA debentures, the Credit Facility, and the Notes as of September 30, 2022 and December 31, 2021 were as follows:

	September 30, 2022												December 31, 2021
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
SBA debenture commitment fees	$	3,000		$	—		$	—		$	3,000		$	2,500		$	—		$	—		$	2,500
SBA debenture leverage fees		5,902			—			—			5,902			4,538			—			—			4,538
Credit Facility upfront fees		—			4,417			—			4,417			—			3,238			—			3,238
Notes underwriting discounts		—			—			5,005			5,005			—			—			5,005			5,005
Notes debt issue costs		—			—			685			685			—			—			685			685
Total deferred financing costs		8,902			4,417			5,690			19,009			7,038			3,238			5,690			15,966
Less: accumulated amortization		(4,705	)		(2,962	)		(1,537	)		(9,204	)		(4,016	)		(2,643	)		(706	)		(7,365	)
Unamortized deferred financing costs	$	4,197		$	1,455		$	4,153		$	9,805		$	3,022		$	595		$	4,984		$	8,601

Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs

The following table summarizes the outstanding debt net of unamortized deferred financing costs as of September 30, 2022 and December 31, 2021:

	September 30, 2022(1)												December 31, 2021(1)
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
Outstanding debt	$	133,000		$	—		$	250,000		$	383,000		$	107,000		$	—		$	250,000		$	357,000
Less: unamortized deferred financing costs		(4,197	)		(1,455	)		(4,153	)		(9,805	)		(3,022	)		(595	)		(4,984	)		(8,601	)
Debt, net of deferred financing costs	$	128,803		$	(1,455	)	$	245,847		$	373,195		$	103,978		$	(595	)	$	245,016		$	348,399

(1)Total excludes $16,995 and $17,637 of Secured Borrowings as of September 30, 2022 and December 31, 2021, respectively.

Scheduled to Mature Debt Liabilities

As of September 30, 2022, the Company’s debt liabilities are scheduled to mature as follows (1):

	SBA		Credit		Secured
Year	debentures		Facility (2)		Borrowings		Notes		Total
2022	$	—	$	—	$	—	$	—	$	—
2023		—		—		—		—		—
2024		—		—		—		—		—
2025		1,500		—		—		—		1,500
2026		4,500		—		16,995		250,000		271,495
Thereafter		127,000		—		—		—		127,000
Total	$	133,000	$	—	$	16,995	$	250,000	$	399,995

(1)	The table above presents scheduled maturities of the Company’s outstanding debt liabilities as of a point in time pursuant to the terms of those instruments. The timing of actual repayments of outstanding debt liabilities may not ultimately correspond with the scheduled maturity dates depending on the terms of the underlying instruments and the potential for earlier prepayments.
(2)	The Credit Facility matures on August 17, 2027.

SBA Debentures

Debt Instrument [Line Items]

Summary of Issued and Outstanding SBA Debentures

As of September 30, 2022 and December 31, 2021, the Company’s issued and outstanding SBA debentures mature as follows:

Pooling	Maturity	Fixed			September 30,		December 31,
Date (1)	Date	Interest Rate			2022		2021
3/25/2015	3/1/2025		3.277	%	$	1,500	$	22,500
3/23/2016	3/1/2026		3.267			1,500		1,500
3/23/2016	3/1/2026		3.249			2,500		2,500
9/21/2016	9/1/2026		2.793			500		500
9/20/2017	9/1/2027		3.260			1,000		1,000
9/20/2017	9/1/2027		3.190			33,000		33,000
3/21/2018	3/1/2028		3.534			—		9,000
9/25/2019	9/1/2029		2.377			7,500		7,500
3/25/2020	3/1/2030		2.172			6,000		6,000
9/22/2021	9/1/2031		1.398			11,500		11,500
3/23/2022	3/1/2032		3.209			43,500		12,000
9/21/2022	9/1/2032		4.533			17,500		—
(2)	(2)	(2)				7,000		—
Total outstanding SBA debentures					$	133,000	$	107,000

(1)	The SBA has two scheduled pooling dates for debentures (in March and in September). Certain debentures funded during the reporting periods may not be pooled until the subsequent pooling date.
(2)	The Company issued $4,000 and $3,000 in SBA debentures which will pool in March 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 4.855% and 4.757%, respectively. The Company expects the current interim interest rate will reset to a higher long-term fixed rate on the pooling date.

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of outstanding commitments

Such outstanding commitments are summarized in the following table:

	September 30, 2022				December 31, 2021
	Total		Unfunded		Total			Unfunded
Portfolio Company - Investment	Commitment		Commitment		Commitment			Commitment
Acendre Midco, Inc. - Revolving Loan	$	1,000	$	1,000	$	1,000		$	1,000
Combined Systems, Inc. - Revolving Loan		4,000		605		4,000			605
Elements Brands, LLC - Revolving Loan		3,000		1,500		3,000			838
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan		1,000		1,000		—			—
Rhino Assembly Company, LLC - Delayed Draw Commitment		—		—		875			875
Safety Products Group, LLC - Common Equity (Units)		—		—		2,852	(1)		2,852	(1)
Tedia Company, LLC - Revolving Loan		4,000		2,400		—			—
Tedia Company, LLC - Delayed Draw Term Loan		3,000		3,000		—			—
Western's Smokehouse, LLC - Delayed Draw Term Loan		3,500		2,823		—			—
Wonderware Holdings, LLC (dba CORE Business Technologies) - Delayed Draw Term Loan		—		—		2,000			2,000
Zonkd, LLC - Delayed Draw Term Loan		1,000		1,000		—			—
Total	$	20,500	$	13,328	$	13,727		$	8,170

(1)Portfolio company was no longer held at period end. The commitment represents the Company's maximum potential liability related to certain guaranteed obligations stemming from the prior sale of the portfolio company's underlying operations.

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Common Stock (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Summary of Common Stock

The following table summarizes the cumulative total shares issued, net proceeds received, and weighted average offering price in public offerings of the Company’s common stock since the IPO in June 2011.

Period	Cumulative Number of Shares		Cumulative Gross Proceeds		Cumulative Underwriting Fees and Commissions and Offering Costs (1)		Weighted Average Offering Price
Cumulative since IPO		14,388,414	$	236,597	$	8,989	$	16.44

(1) Fidus Investment Advisors, LLC agreed to bear a cumulative of $1,925 of underwriting fees and commissions and offering costs associated with these offerings (such amounts are not included in the number reported above). All such payments made by Fidus Investment Advisors, LLC are not subject to reimbursement by the Company.

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Dividends and Distributions (Tables)

9 Months Ended

Sep. 30, 2022

Dividends and Distributions [Abstract]

Summary of Dividends Paid

The Company’s dividends and distributions are recorded on the record date. The following table summarizes the dividends paid during the last two fiscal years and for the nine months ended September 30, 2022.

									DRIP						DRIP
Date	Record	Payment	Amount		Total		Cash		Shares			DRIP			Share
Declared	Date	Date	Per Share		Distribution		Distribution		Value			Shares			Issue Price
Year Ended December 31, 2020:
2/14/2020	3/13/2020	3/27/2020	$	0.39	$	9,537	$	9,537	$	—	(3)		—	(3)		—
4/29/2020	6/12/2020	6/26/2020		0.30		7,331		7,331		—	(3)		—	(3)		—
8/03/2020	9/11/2020	9/25/2020		0.30		7,331		7,331		—	(3)		—	(3)		—
10/26/2020	12/4/2020	12/18/2020		0.30		7,331		7,331		—	(3)		—	(3)		—
10/26/2020 (2)	12/4/2020	12/18/2020	0.04		978		978			—	(3)		—	(3)		—
			$	1.33	$	32,508	$	32,508	$	—			—
Year Ended December 31, 2021:
2/09/2021	3/12/2021	3/26/2021	$	0.31	$	7,575	$	7,575	$	—	(3)		—	(3)		—
2/09/2021 (2)	3/12/2021	3/26/2021		0.07		1,711		1,711		—	(3)		—	(3)		—
5/03/2021	6/14/2021	6/28/2021		0.31		7,576		7,576		—	(3)		—	(3)		—
5/03/2021 (2)	6/14/2021	6/28/2021		0.08		1,955		1,955		—	(3)		—	(3)		—
8/02/2021	9/14/2021	9/28/2021		0.32		7,820		7,820		—	(3)		—	(3)		—
8/02/2021 (2)	9/14/2021	9/28/2021		0.06		1,466		1,466		—	(3)		—	(3)		—
8/02/2021 (1)	9/14/2021	9/28/2021		0.04		977		977		—	(3)		—	(3)		—
11/01/2021	12/3/2021	12/17/2021		0.32		7,820		7,820		—	(3)		—	(3)		—
11/01/2021 (2)	12/3/2021	12/17/2021		0.04		978		978		—	(3)		—	(3)		—
11/01/2021 (1)	12/3/2021	12/17/2021	0.05			1,222		1,222		—	(3)		—	(3)		—
			$	1.60	$	39,100	$	39,100	$	—			—
Nine months ended September 30, 2022:
2/15/2022	3/11/2022	3/25/2022	$	0.36	$	8,797	$	8,797	$	—	(3)		—	(3)		—
2/15/2022 (2)	3/11/2022	3/25/2022		0.17		4,154		4,154		—	(3)		—	(3)		—
5/02/2022	6/10/2022	6/24/2022		0.36		8,797		8,797		—	(3)		—	(3)		—
5/02/2022 (2)	6/10/2022	6/24/2022		0.07		1,712		1,712		—	(3)		—	(3)		—
8/01/2022	9/9/2022	9/23/2022		0.36		8,797		8,797		—	(3)		—	(3)		—
8/01/2022 (2)	9/9/2022	9/23/2022		0.07		1,711		1,711		—	(3)		—	(3)		—
8/01/2022	12/2/2022	12/16/2022		0.36		—		—		—	(3)		—	(3)		—
8/01/2022 (2)	12/2/2022	12/16/2022		0.07		—		—		—	(3)		—	(3)		—
			$	1.82	$	33,968	$	33,968	$	—			—

(1)	Special dividend
(2)	Supplemental dividend
(3)	During the nine months ended September 30, 2022 and the years ended December 31, 2021 and 2020, the Company directed the DRIP plan administrator to repurchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock in lieu of issuing new shares. Accordingly, the Company purchased and reissued shares to satisfy the DRIP obligation as follows:

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Fiscal Year Ended December 31, 2020:	and Reissued		Per Share		Amount Paid
January 1, 2020 through March 31, 2020		31,586	$	7.58	$	239
April 1, 2020 through June 30, 2020		21,904		9.04		198
July 1, 2020 through September 30, 2020		28,871		10.18		294
October 1, 2020 through December 31, 2020		20,222		12.91		261
Total		102,583	$	9.67	$	992

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Year Ended December 31, 2021:	and Reissued		Per Share		Amount Paid
January 1, 2021 through March 31, 2021		15,562	$	15.62	$	243
April 1, 2021 through June 30, 2021		17,042		17.20		293
July 1, 2021 through September 30, 2021		18,201		17.82		324
October 1, 2021 through December 31, 2021		18,283		17.42		318
Total		69,088	$	17.05	$	1,178

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Nine months ended September 30, 2022:	and Reissued		Per Share		Amount Paid
January 1, 2022 through March 31, 2022		20,380	$	20.51	$	418
April 1, 2022 through June 30, 2022		20,233		17.89		362
July 1, 2022 through September 30, 2022		21,114		17.08		360
Total		61,727	$	18.47	$	1,140

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2022

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights for the nine months ended September 30, 2022 and 2021:

	Nine Months Ended September 30,
	2022			2021
Per share data:
Net asset value at beginning of period	$	19.96		$	16.81
Net investment income (1)		1.39			0.93
Net realized gain (loss) on investments, net of tax (provision) (1)		2.67			0.57
Net unrealized appreciation (depreciation) on investments (1)		(2.78	)		1.31
Realized losses on extinguishment of debt (1)		(0.01	)		(0.11	)
Total increase from investment operations (1)		1.27			2.70
Accretive (dilutive) effect of share issuances and repurchases		-			-
Dividends declared to stockholders		(1.82	)		(1.19	)
Distributions from capital gains		-			-
Taxes paid on deemed distributions		-			-
Other (11)		-			(0.01	)
Net asset value at end of period	$	19.41		$	18.31
Market value at end of period	$	17.18		$	17.44
Shares outstanding at end of period		24,437,400			24,437,400
Weighted average shares outstanding during the period		24,437,400			24,437,400
Net assets at end of period	$	474,387		$	447,545
Average net assets (6)	$	483,157		$	425,171
Ratios to average net assets:
Total expenses (2)(4)(10)		9.0	%		13.7	%
Net investment income (5)		9.4	%		7.1	%
Total return based on market value (3)		3.2	%		46.1	%
Total return based on net asset value (8)		6.4	%		16.0	%
Portfolio turnover ratio (9)		21.3	%		44.9	%
Supplemental Data:
Average debt outstanding (7)	$	391,585		$	382,587
Average debt per share (1)	$	16.02		$	15.66

(1)	Weighted average per share data.
(2)	Annualized with the exception of income tax (provision) benefit from realized gains on investments.
(3)	Total return based on market value equals the change in the market value of the Company’s common stock per share during the period divided by the market value per share at the beginning of the period, and assumes reinvestment of dividends at prices obtained by our dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.
(4)	The total expenses to average net assets ratio is calculated using (i) the “total expenses, net of base management waiver”, (ii) the “income tax provision (benefit)”, and (iii) the “income tax (provision) benefit from realized gains on investments” captions, as presented on the consolidated statements of operations.
(5)	The net investment income to average net assets ratio is calculated using the net investment income caption as presented on the consolidated statements of operations, which includes incentive fee.
(6)	Average net assets is calculated as the average of the net asset balances as of each quarter end during the fiscal year and the prior year end.
(7)	Average debt outstanding is calculated as the average of the outstanding debt balances, including secured borrowings, as of each quarter end during the fiscal year and the prior year end.
(8)	Total return based on net asset value per share equals the change in net asset value per share during the period, plus dividends paid per share during the period, less other non-operating changes during the period, and divided by beginning net asset value per share for the period. Non-operating changes include any items that affect net asset value per share other than increase from investment operations, such as the effects of share issuances and repurchases and other miscellaneous items.
(9)	Annualized.
(10)	The following are schedules of supplemental expense ratios to average net assets:

	Nine Months Ended September 30,
Ratio to average net assets:	2022			2021
Expenses other than incentive fee (2)		7.7	%		8.6	%
Incentive fee (9)		1.3	%		5.1	%
Total expenses (2)(4)		9.0	%		13.7	%

	Nine Months Ended September 30,
Ratio to average net assets:	2022			2021
Total expenses, before base management fee waiver (2)		9.1	%		13.7	%
Base management fee waiver (9)		(0.1	%)		0.0	%
Total expenses (2)(4)		9.0	%		13.7	%

(11) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date, or other rounding.

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Organization and Nature of Business - Additional Information (Details) $ in Thousands	Jun. 20, 2011 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SBIC debenture program, maximum amount outstanding SBA debentures	$ 350,000

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Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($) Segment	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($) Segment
Change in Accounting Estimate [Line Items]
Number of reportable segments | Segment			1
Number of operating segments | Segment	1	1	1	1
Percentage of excise tax	4.00%		4.00%
Income tax examination, description			The Company’s tax returns are generally subject to examination by U.S. federal and most state tax authorities for a period of three years from the date the respective returns are filed, and, accordingly, the Company’s 2019 through 2021 tax years remain subject to examination.
Tax year subject to examination			2019 2020 2021
Maximum number of common stock purchasable under stock repurchase program | $	$ 5,000,000		$ 5,000,000
Repurchase of common stock | $	$ 0	$ 0	$ 0	$ 0
Minimum
Change in Accounting Estimate [Line Items]
Percentage of voting securities			25.00%
Percentage of board representation			50.00%
Percentage of investment company taxable income	90.00%		90.00%
Percentage of taxable income	98.00%		98.00%
Percentage of net capital gains realized	98.20%		98.20%
Minimum | Affiliate Investment
Change in Accounting Estimate [Line Items]
Percentage of voting securities			5.00%
Maximum | Affiliate Investment
Change in Accounting Estimate [Line Items]
Percentage of voting securities			25.00%

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Portfolio Company Investments - Additional Information (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) Investment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) Investment
Investment Holdings [Line Items]
Number of investment portfolio companies | Investment	75		70
Number of residual investment porfolio companies | Investment	13		8
Aggregate fair value of total portfolio | $	$ 856,914		$ 719,124
Weighted average effective yield investment percentage	12.90%		12.30%
Average fully diluted equity ownership percentage	3.70%		4.70%
Percentage of equity investments held in portfolio companies	77.30%		82.10%
Purchases of debt and equity investments | $	$ 267,950	$ 245,544
Proceeds from sales and repayments | $	$ 128,255	$ 319,036
Number of investments represented more than ten percentage of aggregate investment portfolio | Investment	0		0
Debt investments in portfolio companies on non-accrual status | Investment	3		1
Pfanstiehl, Inc
Investment Holdings [Line Items]
Investment | $	$ 51,796		$ 57,639
Investments as percentage of total assets	5.70%		6.40%
Maximum
Investment Holdings [Line Items]
Investment maturity period	7 years
Minimum
Investment Holdings [Line Items]
Investment maturity period	5 years

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Portfolio Company Investments - Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 856,914	$ 719,124
Percentage of Fair Value	100.00%	100.00%
Investments at cost	$ 827,390	$ 621,786
Percentage of Cost	100.00%	100.00%
First Lien Debt
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 488,334	$ 354,922
Percentage of Fair Value	57.00%	49.40%
Investments at cost	$ 487,999	$ 353,306
Percentage of Cost	59.00%	56.80%
Second Lien Debt
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 177,222	$ 158,815
Percentage of Fair Value	20.70%	22.10%
Investments at cost	$ 200,028	$ 168,573
Percentage of Cost	24.20%	27.10%
Subordinated Debt
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 81,759	$ 36,064
Percentage of Fair Value	9.50%	5.00%
Investments at cost	$ 80,477	$ 35,995
Percentage of Cost	9.70%	5.80%
Equity
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 106,951	$ 166,119
Percentage of Fair Value	12.50%	23.10%
Investments at cost	$ 55,563	$ 60,589
Percentage of Cost	6.70%	9.80%
Warrants
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 2,648	$ 3,204
Percentage of Fair Value	0.30%	0.40%
Investments at cost	$ 3,323	$ 3,323
Percentage of Cost	0.40%	0.50%

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Portfolio Company Investments - Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Percentage of Fair Value	100.00%	100.00%
Percentage of Cost	100.00%	100.00%
Unitranche Investments [Member]
Summary of Investment Holdings [Line Items]
Percentage of Fair Value	43.10%	40.20%
Percentage of Cost	44.40%	46.30%

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Portfolio Company Investments - Schedule of Portfolio Composition by Geographic Region at Fair Value and Cost and as Percentage of Total Investments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 856,914	$ 719,124
Percentage of Fair Value	100.00%	100.00%
Investments at cost	$ 827,390	$ 621,786
Percentage of Cost	100.00%	100.00%
Midwest
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 185,994	$ 157,222
Percentage of Fair Value	21.70%	21.90%
Investments at cost	$ 140,728	$ 89,865
Percentage of Cost	17.00%	14.50%
Southeast
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 250,549	$ 219,988
Percentage of Fair Value	29.20%	30.60%
Investments at cost	$ 252,173	$ 197,380
Percentage of Cost	30.50%	31.70%
Northeast
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 123,890	$ 126,569
Percentage of Fair Value	14.50%	17.60%
Investments at cost	$ 128,203	$ 127,809
Percentage of Cost	15.50%	20.60%
West
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 154,927	$ 105,918
Percentage of Fair Value	18.10%	14.70%
Investments at cost	$ 160,958	$ 100,098
Percentage of Cost	19.40%	16.10%
Southwest
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 141,554	$ 109,427
Percentage of Fair Value	16.50%	15.20%
Investments at cost	$ 145,328	$ 106,634
Percentage of Cost	17.60%	17.10%

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Portfolio Company Investments - Schedule of Portfolio Composition by Type And by Geographic Region at Fair Value (Details)	Sep. 30, 2022	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Total net assets percentage	180.60%	147.40%
Midwest
Summary of Investment Holdings [Line Items]
Total net assets percentage	39.20%	32.20%
Southeast
Summary of Investment Holdings [Line Items]
Total net assets percentage	52.80%	45.10%
Northeast
Summary of Investment Holdings [Line Items]
Total net assets percentage	26.10%	26.00%
West
Summary of Investment Holdings [Line Items]
Total net assets percentage	32.70%	21.70%
Southwest
Summary of Investment Holdings [Line Items]
Total net assets percentage	29.80%	22.40%
First Lien Debt
Summary of Investment Holdings [Line Items]
Total net assets percentage	102.90%	72.80%
Second Lien Debt
Summary of Investment Holdings [Line Items]
Total net assets percentage	37.40%	32.60%
Subordinated Debt
Summary of Investment Holdings [Line Items]
Total net assets percentage	17.20%	7.40%
Equity
Summary of Investment Holdings [Line Items]
Total net assets percentage	22.50%	34.00%
Warrants
Summary of Investment Holdings [Line Items]
Total net assets percentage	0.60%	0.60%

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Portfolio Company Investments - Schedule of Debt Investment on Non-Accrual Status (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 4,596
Fair Value | EBL, LLC (EbLens)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,427
Fair Value | K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,169
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	16,924	$ 5,223
Cost | EBL, LLC (EbLens)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	9,333
Cost | US GreenFiber, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	5,223	$ 5,223
Cost | K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 2,368

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Portfolio Company Investments - Schedule of Consolidated Schedule of Investments in and Advances to Affiliates (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Control Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments	$ 5,226	$ 5,226
Fair Value, beginning balance	2,151	28,253
Gross Additions	134	41,485
Gross Reductions	(2,285)	(67,587)
Fair Value, ending balance		2,151
Net Realized Gain (Losses)	135	20,521
Net Change in Unrealized Appreciation (Depreciation)	(2,151)	34
Interest Income		3,735
Payment-in-kind Interest Income		2,117
Dividend Income		568
Fee Income		1,872
Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments	34,602	29,307
Fair Value, beginning balance	137,284	81,394
Gross Additions	65,739	72,005
Gross Reductions	(107,448)	(16,115)
Fair Value, ending balance	95,575	137,284
Net Realized Gain (Losses)	39,840	94
Net Change in Unrealized Appreciation (Depreciation)	(42,013)	32,207
Interest Income	2,433	2,695
Payment-in-kind Interest Income	30	368
Dividend Income	725	1,172
Fee Income	452	385
Hilco Plastics Holdings, LLC (dba Hilco Technologies) | Control Investments
Investments in and Advances to Affiliates [Line Items]
Gross Additions		1,577
Gross Reductions		(1,577)
Net Realized Gain (Losses)		(881)
Interest Income		308
Dividend Income		568
Mesa Line Services, LLC | Control Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance	2,151
Gross Additions	134	32,708
Gross Reductions	(2,285)	(30,557)
Fair Value, ending balance		2,151
Net Realized Gain (Losses)	135	20,445
Net Change in Unrealized Appreciation (Depreciation)	(2,151)	2,150
Interest Income		951
Payment-in-kind Interest Income		903
Fee Income		1,472
US GreenFiber, LLC | Control Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments	5,226	5,226
Fair Value, beginning balance		20,862
Gross Additions		5,214
Gross Reductions		(26,076)
Net Change in Unrealized Appreciation (Depreciation)		(3,144)
Interest Income		2,386
Payment-in-kind Interest Income		1,214
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments	9,602	9,602
Fair Value, beginning balance	22,405
Gross Additions	12,802	22,405
Gross Reductions	(13,587)
Fair Value, ending balance	21,620	22,405
Net Change in Unrealized Appreciation (Depreciation)	(785)
Interest Income	728
FAR Research Inc. | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance	28	28
Fair Value, ending balance	28	28
Fiber Materials, Inc. | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance		41
Gross Additions		94
Gross Reductions		(135)
Net Realized Gain (Losses)		94
Net Change in Unrealized Appreciation (Depreciation)		(42)
Medsurant Holdings, LLC | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance	3,662	10,960
Gross Additions		733
Gross Reductions	(1,120)	(8,031)
Fair Value, ending balance	2,542	3,662
Net Change in Unrealized Appreciation (Depreciation)	1,120	687
Interest Income		331
Fee Income		91
Mirage Trailers LLC | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments		6,705
Fair Value, beginning balance	10,675	6,494
Gross Additions	355	4,225
Gross Reductions	(11,030)	(44)
Fair Value, ending balance		10,675
Net Realized Gain (Losses)	324
Net Change in Unrealized Appreciation (Depreciation)	(1,694)	3,871
Interest Income	248	761
Payment-in-kind Interest Income	29	338
Dividend Income		110
Fee Income	132
Pfanstiehl, Inc | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments	10,000
Fair Value, beginning balance	57,639	33,505
Gross Additions	34,332	24,134
Gross Reductions	(40,175)
Fair Value, ending balance	51,796	57,639
Net Realized Gain (Losses)	24,330
Net Change in Unrealized Appreciation (Depreciation)	15,625	24,135
Interest Income	166
Dividend Income		1,062
Fee Income	150
Pinnergy, Ltd. | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance	21,178	20,589
Gross Additions	15,300	589
Gross Reductions	(36,478)
Fair Value, ending balance		21,178
Net Realized Gain (Losses)	15,300
Net Change in Unrealized Appreciation (Depreciation)	(18,178)	589
Dividend Income	656
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Control Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance		7,391
Gross Additions		1,986
Gross Reductions		(9,377)
Net Realized Gain (Losses)		957
Net Change in Unrealized Appreciation (Depreciation)		1,028
Interest Income		90
Fee Income		400
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments	15,000	13,000
Fair Value, beginning balance	18,359
Gross Additions	2,627	18,452
Gross Reductions	(5,058)	(93)
Fair Value, ending balance	15,928	18,359
Net Realized Gain (Losses)	(114)
Net Change in Unrealized Appreciation (Depreciation)	(4,934)	1,626
Interest Income	1,291	1,142
Fee Income	170	294
Steward Holding LLC (dba Steward Advanced Materials) | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance	3,338	9,777
Gross Additions	323	1,373
Gross Reductions		(7,812)
Fair Value, ending balance	3,661	3,338
Net Change in Unrealized Appreciation (Depreciation)	323	1,341
Interest Income		461
Payment-in-kind Interest Income	1	$ 30
Dividend Income	$ 69

XML

Fair Value Measurements - Schedule of Fair Value Measuruments of Investments by Major Class According to Fair Value Hierachy (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 887,098	$ 719,124
First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	488,334	354,922
Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	177,222	158,815
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	81,759	36,064
Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	106,951	166,119
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,648	3,204
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	30,184
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	30,501	357
Level 1 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	317	357
Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	30,184
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	856,597	718,767
Level 3 | First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	488,334	354,922
Level 3 | Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	177,222	158,815
Level 3 | Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	81,759	36,064
Level 3 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	106,634	165,762
Level 3 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 2,648	$ 3,204

XML

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets, level 1 to level 2 transfers, amount	$ 0	$ 0	$ 0	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0	0	0	0
Fair value, assets, transfers into level 3, amount			0	0
Fair value, assets, transfers out of level 3, amount			0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net change in unrealized appreciation (depreciation) on investments	$ (36,403,000)	$ 17,067,000	$ (42,882,000)	$ 33,223,000

XML

Fair Value Measurements - Summary of Reconciliation of Beginning and Ending Balances for Fair Valued Investments (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net change in unrealized appreciation (depreciation) on investments	$ (36,403)	$ 17,067	$ (42,882)	$ 33,223
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			718,767	742,869
Net realized gains (losses) on investments			65,220	13,673
Net change in unrealized appreciation (depreciation) on investments			(67,774)	32,019
Purchase of investments			267,950	245,544
Proceeds from sales and repayments of investments			(128,255)	(319,036)
Interest and dividend income paid-in-kind			1,327	3,437
Proceeds from loan origination fees			(1,869)	(1,949)
Accretion of loan origination fees			1,094	1,833
Accretion of original issue discount			137	734
Ending Balance	856,597	719,124	856,597	719,124
Subordinated Debt | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			36,064	107,911
Net change in unrealized appreciation (depreciation) on investments			1,213	(308)
Purchase of investments			44,469	18,500
Proceeds from sales and repayments of investments				(57,039)
Interest and dividend income paid-in-kind			273	81
Proceeds from loan origination fees			(300)	(80)
Accretion of loan origination fees			40	387
Ending Balance	81,759	69,452	81,759	69,452
First Lien Debt | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			354,922	187,353
Net change in unrealized appreciation (depreciation) on investments			(1,281)	(1,182)
Purchase of investments			166,279	172,506
Proceeds from sales and repayments of investments			(31,574)	(61,008)
Interest and dividend income paid-in-kind			481	109
Proceeds from loan origination fees			(1,454)	(1,765)
Accretion of loan origination fees			943	985
Accretion of original issue discount			18
Ending Balance	488,334	296,998	488,334	296,998
Second Lien Debt | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			158,815	332,154
Net change in unrealized appreciation (depreciation) on investments			(13,048)	(1,213)
Purchase of investments			49,498	43,850
Proceeds from sales and repayments of investments			(18,731)	(177,719)
Interest and dividend income paid-in-kind			573	3,142
Proceeds from loan origination fees			(115)	(104)
Accretion of loan origination fees			111	461
Accretion of original issue discount			119	734
Ending Balance	177,222	201,305	177,222	201,305
Equity | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			165,762	112,836
Net realized gains (losses) on investments			65,220	13,673
Net change in unrealized appreciation (depreciation) on investments			(54,102)	34,066
Purchase of investments			7,704	10,688
Proceeds from sales and repayments of investments			(77,950)	(23,270)
Interest and dividend income paid-in-kind				105
Ending Balance	106,634	148,098	106,634	148,098
Warrant | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			3,204	2,615
Net change in unrealized appreciation (depreciation) on investments			(556)	656
Ending Balance	$ 2,648	$ 3,271	$ 2,648	$ 3,271

XML

Fair Value Measurements - Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 383,365	$ 357,429
Level 3 | Enterprise Value | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity Fair Value	96,905	162,681
Equity Investments, Warrants fair value	$ 2,525	$ 3,075
Level 3 | Enterprise Value | EBITDA Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	3.5	3.5
Equity investments, Warrants range	5.0	4.5
Level 3 | Enterprise Value | EBITDA Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	16.0	23.8
Equity investments, Warrants range	6.0	6.0
Level 3 | Enterprise Value | EBITDA Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	7.2	8.2
Equity investments, Warrants range	5.8	5.9
Level 3 | Enterprise Value | Revenue Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity Fair Value	$ 9,729	$ 3,081
Equity Investments, Warrants fair value	$ 123	$ 129
Level 3 | Enterprise Value | Revenue Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	3.0	3.5
Equity investments, Warrants range	4.5	4.5
Level 3 | Enterprise Value | Revenue Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	7.8	9.3
Equity investments, Warrants range	4.5	4.5
Level 3 | Enterprise Value | Revenue Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	6.4	6.2
Equity investments, Warrants range	4.5	4.5
Level 3 | Subordinated Debt | Discounted Cash Flow | Weighted Average Cost of Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 78,009	$ 36,064
Level 3 | Subordinated Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.101	0.100
Level 3 | Subordinated Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.140	0.135
Level 3 | Subordinated Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.111	0.111
Level 3 | Subordinated Debt | Enterprise Value | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 3,750
Level 3 | Subordinated Debt | Enterprise Value | EBITDA Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	8.5
Level 3 | Subordinated Debt | Enterprise Value | EBITDA Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	8.5
Level 3 | Subordinated Debt | Enterprise Value | EBITDA Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	8.5
Level 3 | First Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 449,319	$ 335,022
Level 3 | First Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.063	0.040
Level 3 | First Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.199	0.216
Level 3 | First Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.137	0.122
Level 3 | First Lien Debt | Enterprise Value | Asset Coverage
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 11,000	$ 11,000
Level 3 | First Lien Debt | Enterprise Value | Asset Coverage | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	1.1	1.2
Level 3 | First Lien Debt | Enterprise Value | Asset Coverage | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	1.1	1.2
Level 3 | First Lien Debt | Enterprise Value | Asset Coverage | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	1.1	1.2
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 15,000
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	8.8
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	8.8
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	8.8
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 13,015	$ 8,900
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	1.3	4.5
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	4.1	4.5
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	2.5	4.5
Level 3 | Second Lien Debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 18,000
Level 3 | Second Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 172,625	$ 144,541
Level 3 | Second Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.102	0.078
Level 3 | Second Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.220	0.250
Level 3 | Second Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.137	0.144
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 2,169	$ 14,274
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.9	1.0
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.9	1.4
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.9	1.4
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 2,428
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	5.0
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	5.0
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	5.0

XML

Fair Value Measurements - Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt investments	$ 383,365	$ 357,429
Level 3 | Second Lien Debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt investments	$ 18,000

XML

Fair Value Measurements - Summary of Carrying Value and Fair Value of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt obligations carrying value	$ 383,000	$ 357,000
Debt obligations fair value	383,365	357,429
SBA Debentures
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt obligations carrying value	133,000	107,000
Debt obligations fair value	133,000	107,000
January 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt obligations carrying value	125,000	125,000
Debt obligations fair value	125,218	125,258
November 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt obligations carrying value	125,000	125,000
Debt obligations fair value	125,147	125,171
Credit Facility Borrowings
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt obligations carrying value	0	0
Debt obligations fair value	$ 0	$ 0

XML

Fair Value Measurements - Summary of Carrying Value and Fair Value of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Secured Borrowings	$ 16,995	$ 17,637

XML

Fair Value Measurements - Summary of Inputs Used to Value Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	$ 383,365	$ 357,429
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	$ 383,365	$ 357,429

XML

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Base management fee payable	$ 3,687		$ 3,687		$ 3,135
Base management fee waiver	76	$ 69	228	$ 98
Income incentive fee	3,047	2,425	5,283	7,644
Income Incentive fee payable	3,047		$ 3,047		2,622
Percentage of net capital gains			20.00%
Capital gains incentive fee payable	8,427		$ 8,427		6,136
Aggregate amount of capital gains incentive fees			$ 6,484
Percentage of capital gains incentive fee accrued			20.00%
Capital gains incentive fee accrued (reversed).	(258)	4,664	$ (593)	8,638
Accrued capital gains incentive fee payable	22,498		$ 22,498		29,227
Investment Advisory Agreement
Related Party Transaction [Line Items]
Management fees annual rate			1.75%
Base management fee	3,763	3,270	$ 10,724	9,661
Base management fee payable	3,687		3,687		3,135
Base management fee waiver	$ 76	69	$ 228	98
Pre-incentive fee fixed hurdle rate	2.00%		2.00%
Incentive fee			$ 0
Pre-incentive fee net investment income			100.00%
Payment percentage of preincentive fees net investment income			20.00%
Percentage of amount of pre-incentive fee net investment income			20.00%
Written notice period for termination of agreement			60 days
Investment Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Pre-incentive fee fixed hurdle rate			2.50%
Administration Agreement
Related Party Transaction [Line Items]
Administrative service expenses	$ 480	$ 438	$ 1,412	$ 1,281
Accrued administrative service expense payable	$ 550		$ 550		$ 634
Limited Partnership Agreement | Fidus Equity Fund I, L.P. | Equity Investment
Related Party Transaction [Line Items]
Equity ownership percentage	50.00%		50.00%

XML

Debt - Additional Information (Details) - USD ($) $ in Thousands												3 Months Ended				9 Months Ended		12 Months Ended
	Aug. 17, 2022	Nov. 02, 2021	Oct. 08, 2021	Feb. 16, 2021	Jan. 19, 2021	Dec. 23, 2020	Jun. 26, 2020	Oct. 23, 2019	Apr. 24, 2019	Feb. 19, 2019	Feb. 02, 2018	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Oct. 16, 2019	Feb. 08, 2019	Feb. 22, 2018
Debt Instrument [Line Items]
Debt instrument asset coverage percentage																277.70%		282.20%
Aggregate principal amount												$ 133,000				$ 133,000		$ 107,000
Weighted average interest rate												3.921%		4.239%		3.921%	4.239%
Offering expenses												$ 9,805				$ 9,805		8,601
Loss on extinguishment of debt												53	$ 198	$ 460	$ 2,180	251	$ 2,640
Secured borrowings												16,995				16,995		17,637
Aggregate amount of outstanding of senior securities																266,995		267,637
Fair value of loans included in investments												$ 16,910				$ 16,910		17,522
Credit facility, interest rate per annum																1.20%	0.50%
SBA Debentures
Debt Instrument [Line Items]
Weighted average interest rate												3.214%		2.899%		3.214%	2.899%
Offering expenses												$ 4,197				$ 4,197		3,022
Prepayment of debentures																$ 30,000	$ 63,500
Debt instrument, maturity year range, start																2025	2025
Debt instrument, maturity year range, end																2028	2028
Loss on extinguishment of debt																$ (251)	$ (2,640)
Debt instrument term																10 years
Interest rate payment term																semi-annually on March 1 and September 1
Unused commitments amount												$ 57,000				$ 57,000		$ 63,000
Secured Borrowings
Debt Instrument [Line Items]
Weighted average interest rate												6.446%		4.392%		6.446%	4.392%	4.40%
5.875% Notes Due 2023
Debt Instrument [Line Items]
Aggregate principal amount											$ 43,478
Interest rate											5.875%
Debt instrument additional aggregate principal amount																					$ 6,522
Net proceeds from the notes											$ 48,062
Underwriting discounts											1,500
Offering expenses											$ 438
Debt instrument redemption of aggregate principal amount					$ 50,000
Loss on extinguishment of debt					$ (794)
6.000% Notes Due 2024
Debt Instrument [Line Items]
Aggregate principal amount				$ 69,000																$ 60,000
Interest rate																				6.00%
Debt instrument additional aggregate principal amount																				$ 9,000
Net proceeds from the notes										$ 66,521
Underwriting discounts										2,070
Offering expenses										$ 409
Debt instrument redemption of aggregate principal amount				50,000
Debt instrument redemption of remaining aggregate principal amount		$ 19,000
Loss on extinguishment of debt		(313)		$ (1,081)
5.375% Notes Due 2024
Debt Instrument [Line Items]
Aggregate principal amount																			$ 55,000
Interest rate																			5.375%
Debt instrument additional aggregate principal amount								$ 8,250
Net proceeds from the notes								61,053
Underwriting discounts								1,898
Offering expenses								$ 300
Debt instrument redemption of aggregate principal amount		63,250
Loss on extinguishment of debt		$ (1,311)
4.75% Notes due 2026
Debt Instrument [Line Items]
Maturity date						Jan. 31, 2026
Aggregate principal amount						$ 125,000
Interest rate						4.75%
Net proceeds from the notes						$ 122,100
Underwriting discounts						2,500
Offering expenses						$ 400
Debt instrument, redemption description																The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. The Company does not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system.
3.50% Notes Due 2026
Debt Instrument [Line Items]
Maturity date			Nov. 15, 2026
Aggregate principal amount			$ 125,000
Interest rate			3.50%
Net proceeds from the notes			$ 122,095
Underwriting discounts			$ 2,505
Percentage of public offering price			99.996%
Offering expenses			$ 400
Debt instrument, redemption description																The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. The Company does not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system.
2023 Notes
Debt Instrument [Line Items]
Debt instrument redemption of issued and outstanding amount																	$ 50,000
2024 Notes
Debt Instrument [Line Items]
Debt instrument redemption of issued and outstanding amount																	$ 50,000
Revolving Credit Facility | Credit Agreement | ING Capital LLC
Debt Instrument [Line Items]
Maturity date	Aug. 17, 2027						Apr. 24, 2023
Interest rate after certain conditions satisfied	2.675%						2.50%
Asset coverage ratio	1.50%						2.00%
Senior asset coverage ratio	2.00%
Remaining unused portion of Credit Facility commitment percentage									0.50%
Performing first lien bank loans, minimum percentage									35.00%
Revolving Credit Facility | Credit Agreement | ING Capital LLC | SOFR
Debt Instrument [Line Items]
Interest rate prior to certain conditions satisfied	3.00%						2.675%
Revolving Credit Facility | Credit Agreement | ING Capital LLC | Maximum
Debt Instrument [Line Items]
Credit facility, interest rate per annum									2.675%
Credit facility commitment percentage									35.00%
Revolving Credit Facility | Credit Agreement | ING Capital LLC | Minimum
Debt Instrument [Line Items]
Credit facility, interest rate per annum									2.50%

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Debt - Summary of Issued and Outstanding SBA Debentures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total outstanding SBA debentures	$ 133,000	$ 107,000
3.277 % Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 25, 2015
Maturity Date	Mar. 01, 2025
Fixed Interest Rate	3.277%
Total outstanding SBA debentures	$ 1,500	22,500
3.267% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 23, 2016
Maturity Date	Mar. 01, 2026
Fixed Interest Rate	3.267%
Total outstanding SBA debentures	$ 1,500	1,500
3.249% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 23, 2016
Maturity Date	Mar. 01, 2026
Fixed Interest Rate	3.249%
Total outstanding SBA debentures	$ 2,500	2,500
2.793% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 21, 2016
Maturity Date	Sep. 01, 2026
Fixed Interest Rate	2.793%
Total outstanding SBA debentures	$ 500	500
3.260% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 20, 2017
Maturity Date	Sep. 01, 2027
Fixed Interest Rate	3.26%
Total outstanding SBA debentures	$ 1,000	1,000
3.190% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 20, 2017
Maturity Date	Sep. 01, 2027
Fixed Interest Rate	3.19%
Total outstanding SBA debentures	$ 33,000	33,000
3.534% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 21, 2018
Maturity Date	Mar. 01, 2028
Fixed Interest Rate	3.534%
Total outstanding SBA debentures		9,000
2.377% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 25, 2019
Maturity Date	Sep. 01, 2029
Fixed Interest Rate	2.377%
Total outstanding SBA debentures	$ 7,500	7,500
2.172% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 25, 2020
Maturity Date	Mar. 01, 2030
Fixed Interest Rate	2.172%
Total outstanding SBA debentures	$ 6,000	6,000
1.398% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 22, 2021
Maturity Date	Sep. 01, 2031
Fixed Interest Rate	1.398%
Total outstanding SBA debentures	$ 11,500	11,500
3.209% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 23, 2022
Maturity Date	Mar. 01, 2032
Fixed Interest Rate	3.209%
Total outstanding SBA debentures	$ 43,500	$ 12,000
4.533% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Sep. 21, 2022
Maturity Date	Sep. 01, 2032
Fixed Interest Rate	4.533%
Total outstanding SBA debentures	$ 17,500
SBA Debentures
Debt Instrument [Line Items]
Total outstanding SBA debentures	$ 7,000

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Debt - Summary of Issued and Outstanding SBA Debentures (Parenthetical) (Details) - SBA Debentures - Forecast	Mar. 31, 2023 USD ($)
4.855 Fixed Interest Rate
Debt Instrument [Line Items]
Debt instrument issued amount	$ 4,000
Debt instrument interim interest rate	4.855%
4.757 Fixed Interest Rate
Debt Instrument [Line Items]
Debt instrument issued amount	$ 3,000
Debt instrument interim interest rate	4.757%

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Debt - Summary of Interest and Fees Related to Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Stated interest expense	$ 4,156	$ 4,124	$ 12,149	$ 12,763
Amortization of deferred financing costs	530	538	1,588	1,655
Total interest and financing expenses	$ 4,686	$ 4,662	$ 13,737	$ 14,418
Weighted average stated interest rate, period end	3.921%	4.239%	3.921%	4.239%
Unused commitment fee rate, period end			1.20%	0.50%
SBA Debentures
Debt Instrument [Line Items]
Stated interest expense	$ 933	$ 931	$ 2,583	$ 3,102
Amortization of deferred financing costs	156	138	438	408
Total interest and financing expenses	$ 1,089	$ 1,069	$ 3,021	$ 3,510
Weighted average stated interest rate, period end	3.214%	2.899%	3.214%	2.899%
Credit Facility
Debt Instrument [Line Items]
Stated interest expense	$ 356	$ 368	$ 1,106	$ 1,101
Amortization of deferred financing costs	94	115	319	340
Total interest and financing expenses	450	$ 483	$ 1,425	$ 1,441
Weighted average stated interest rate, period end		3.125%		3.125%
Unused commitment fee rate, period end			1.20%	0.50%
Secured Borrowings
Debt Instrument [Line Items]
Stated interest expense	289	$ 222	$ 726	$ 222
Total interest and financing expenses	$ 289	$ 222	$ 726	$ 222
Weighted average stated interest rate, period end	6.446%	4.392%	6.446%	4.392%	4.40%
Notes
Debt Instrument [Line Items]
Stated interest expense	$ 2,578	$ 2,603	$ 7,734	$ 8,338
Amortization of deferred financing costs	280	285	831	907
Total interest and financing expenses	$ 2,858	$ 2,888	$ 8,565	$ 9,245
Weighted average stated interest rate, period end	4.125%	5.055%	4.125%	5.055%

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Debt - Summary of Deferred Financing Costs Amortized into Interest and Financing Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
SBA debenture commitment fees	$ 3,000	$ 2,500
SBA debenture leverage fees	5,902	4,538
Credit Facility upfront fees	4,417	3,238
Notes underwriting discounts	5,005	5,005
Notes debt issue costs	685	685
Total deferred financing costs	19,009	15,966
Less: accumulated amortization	(9,204)	(7,365)
Unamortized deferred financing costs	9,805	8,601
SBA Debentures
Line of Credit Facility [Line Items]
SBA debenture commitment fees	3,000	2,500
SBA debenture leverage fees	5,902	4,538
Total deferred financing costs	8,902	7,038
Less: accumulated amortization	(4,705)	(4,016)
Unamortized deferred financing costs	4,197	3,022
Credit Facility
Line of Credit Facility [Line Items]
Credit Facility upfront fees	4,417	3,238
Total deferred financing costs	4,417	3,238
Less: accumulated amortization	(2,962)	(2,643)
Unamortized deferred financing costs	1,455	595
Notes
Line of Credit Facility [Line Items]
Notes underwriting discounts	5,005	5,005
Notes debt issue costs	685	685
Total deferred financing costs	5,690	5,690
Less: accumulated amortization	(1,537)	(706)
Unamortized deferred financing costs	$ 4,153	$ 4,984

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Debt - Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding debt	$ 383,000	$ 357,000
Less: unamortized deferred financing costs	(9,805)	(8,601)
Debt, net of deferred financing costs	373,195	348,399
SBA Debentures
Debt Instrument [Line Items]
Outstanding debt	133,000	107,000
Less: unamortized deferred financing costs	(4,197)	(3,022)
Debt, net of deferred financing costs	128,803	103,978
Credit Facility
Debt Instrument [Line Items]
Less: unamortized deferred financing costs	(1,455)	(595)
Debt, net of deferred financing costs	(1,455)	(595)
Notes
Debt Instrument [Line Items]
Outstanding debt	250,000	250,000
Less: unamortized deferred financing costs	(4,153)	(4,984)
Debt, net of deferred financing costs	$ 245,847	$ 245,016

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Debt - Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Secured Borrowings	$ 16,995	$ 17,637

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Debt - Scheduled to Mature Debt Liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
2025	$ 1,500
2026	271,495
Thereafter	127,000
Total	399,995
SBA Debentures
Debt Instrument [Line Items]
2025	1,500
2026	4,500
Thereafter	127,000
Total	133,000
Secured Borrowings
Debt Instrument [Line Items]
2026	16,995
Total	16,995
Notes
Debt Instrument [Line Items]
2026	250,000
Total	$ 250,000

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Debt - Scheduled to Mature Debt Liabilities (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Credit facility maturity date	Aug. 17, 2027

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Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments outstanding to fund various undrawn revolving loans, other debt investments and capital commitments.	$ 13,328	$ 8,170

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Commitments and Contingencies - Summary Of Outstanding Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Total Commitment	$ 20,500	$ 13,727
Unfunded Commitment	13,328	8,170
Acendre Midco, Inc. - Revolving Loan
Loss Contingencies [Line Items]
Total Commitment	1,000	1,000
Unfunded Commitment	1,000	1,000
Combined Systems, Inc. - Revolving Loan
Loss Contingencies [Line Items]
Total Commitment	4,000	4,000
Unfunded Commitment	605	605
Elements Brands, LLC - Revolving Loan
Loss Contingencies [Line Items]
Total Commitment	3,000	3,000
Unfunded Commitment	1,500	838
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan
Loss Contingencies [Line Items]
Total Commitment	1,000
Unfunded Commitment	1,000
Rhino Assembly Company, LLC - Delayed Draw Commitment
Loss Contingencies [Line Items]
Total Commitment		875
Unfunded Commitment		875
Safety Products Group, LLC - Common Equity (Units)
Loss Contingencies [Line Items]
Total Commitment		2,852
Unfunded Commitment		2,852
Tedia Company, LLC - Revolving Loan
Loss Contingencies [Line Items]
Total Commitment	4,000
Unfunded Commitment	2,400
Tedia Company, LLC - Delayed Draw Term Loan
Loss Contingencies [Line Items]
Total Commitment	3,000
Unfunded Commitment	3,000
Western's Smokehouse, LLC - Delayed Draw Term Loan
Loss Contingencies [Line Items]
Total Commitment	3,500
Unfunded Commitment	2,823
Wonderware Holdings, LLC (dba CORE Business Technologies) - Delayed Draw Term Loan
Loss Contingencies [Line Items]
Total Commitment		2,000
Unfunded Commitment		$ 2,000
Zonkd, LLC - Delayed Draw Term Loan
Loss Contingencies [Line Items]
Total Commitment	1,000
Unfunded Commitment	$ 1,000

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Common Stock - Summary of Common Stock (Details) $ / shares in Units, $ in Thousands	135 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Stockholders' Equity Note [Abstract]
Cumulative number of shares | shares	14,388,414
Cumulative gross proceeds from issuance of common stock	$ 236,597
Cumulative underwriting fees and commission and offering costs	$ 8,989
Weighted average offering Price | $ / shares	$ 16.44

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Common Stock - Summary of Common Stock (Parenthetical) (Details) $ in Thousands	135 Months Ended
	Sep. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Cumulative Underwriting Fees and Commission and Offering Costs	$ 8,989
Fidus Investment Advisors LLC
Related Party Transaction [Line Items]
Cumulative Underwriting Fees and Commission and Offering Costs	$ 1,925

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Common Stock - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Aug. 21, 2014
Class of Stock [Line Items]
Maximum common stock can be purchased under repurchase program	$ 5,000,000		$ 5,000,000
Common Stock, Shares, Outstanding	24,437,400		24,437,400		24,437,400
Common Stock
Class of Stock [Line Items]
Shares issued during the period	0	0	0	0
Common stock issued under At the market program			0		0	0
Maximum common stock can be purchased under repurchase program	$ 5,000,000		$ 5,000,000
Number of shares repurchased under repurchase program	0	0	0	0
Common Stock | Raymond James & Associates, Inc. and Robert W. Baird & Co
Class of Stock [Line Items]
Maximum aggregate offering price of common stock under at-the-market program							$ 50,000,000

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Dividends and Distributions - Summary of Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands												9 Months Ended	12 Months Ended
	Aug. 01, 2022	May 02, 2022	Feb. 15, 2022	Nov. 01, 2021	Aug. 02, 2021	May 03, 2021	Feb. 09, 2021	Oct. 26, 2020	Aug. 03, 2020	Apr. 29, 2020	Feb. 14, 2020	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends Payable [Line Items]
Record Date		Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021	Dec. 04, 2020	Sep. 11, 2020	Jun. 12, 2020	Mar. 13, 2020
Payment Date		Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021	Dec. 18, 2020	Sep. 25, 2020	Jun. 26, 2020	Mar. 27, 2020
Amount Per Share		$ 0.36	$ 0.36	$ 0.32	$ 0.32	$ 0.31	$ 0.31	$ 0.30	$ 0.30	$ 0.30	$ 0.39	$ 1.82	$ 1.60	$ 1.33
Total Distribution		$ 8,797	$ 8,797	$ 7,820	$ 7,820	$ 7,576	$ 7,575	$ 7,331	$ 7,331	$ 7,331	$ 9,537	$ 33,968	$ 39,100	$ 32,508
Cash Distribution		$ 8,797	$ 8,797	$ 7,820	$ 7,820	$ 7,576	$ 7,575	$ 7,331	$ 7,331	$ 7,331	$ 9,537	$ 33,968	$ 39,100	$ 32,508
Special Dividend
Dividends Payable [Line Items]
Record Date				Dec. 03, 2021	Sep. 14, 2021
Payment Date				Dec. 17, 2021	Sep. 28, 2021
Amount Per Share				$ 0.05	$ 0.04
Total Distribution				$ 1,222	$ 977
Cash Distribution				$ 1,222	$ 977
Supplemental Dividend
Dividends Payable [Line Items]
Record Date		Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021	Dec. 04, 2020
Payment Date		Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021	Dec. 18, 2020
Amount Per Share		$ 0.07	$ 0.17	$ 0.04	$ 0.06	$ 0.08	$ 0.07	$ 0.04
Total Distribution		$ 1,712	$ 4,154	$ 978	$ 1,466	$ 1,955	$ 1,711	$ 978
Cash Distribution		$ 1,712	$ 4,154	$ 978	$ 1,466	$ 1,955	$ 1,711	$ 978
Dividend One
Dividends Payable [Line Items]
Record Date	Sep. 09, 2022
Payment Date	Sep. 23, 2022
Amount Per Share	$ 0.36
Total Distribution	$ 8,797
Cash Distribution	$ 8,797
Dividend Two
Dividends Payable [Line Items]
Record Date	Dec. 02, 2022
Payment Date	Dec. 16, 2022
Amount Per Share	$ 0.36
Supplemental Dividend One
Dividends Payable [Line Items]
Record Date	Sep. 09, 2022
Payment Date	Sep. 23, 2022
Amount Per Share	$ 0.07
Total Distribution	$ 1,711
Cash Distribution	$ 1,711
Supplemental Dividend Two
Dividends Payable [Line Items]
Record Date	Dec. 02, 2022
Payment Date	Dec. 16, 2022
Amount Per Share	$ 0.07

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Dividends and Distributions - Schedule of Purchased and Reissued Shares to Satisfy the DRIP Obligation (Details) - DRIP - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended											9 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends Payable [Line Items]
Number of Shares Purchased and Reissued	21,114	20,233	20,380	18,283	18,201	17,042	15,562	20,222	28,871	21,904	31,586	61,727	69,088	102,583
Average Price Paid Per Share	$ 17.08	$ 17.89	$ 20.51	$ 17.42	$ 17.82	$ 17.20	$ 15.62	$ 12.91	$ 10.18	$ 9.04	$ 7.58	$ 18.47	$ 17.05	$ 9.67
Total Amount Paid	$ 360	$ 362	$ 418	$ 318	$ 324	$ 293	$ 243	$ 261	$ 294	$ 198	$ 239	$ 1,140	$ 1,178	$ 992

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Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investment Company, Financial Highlights [Line Items]
Net asset value at beginning of period			$ 19.96	$ 16.81
Net investment income			1.39	0.93
Net realized gain (loss) on investments, net of tax (provision)			2.67	0.57
Net unrealized appreciation (depreciation) on investments			(2.78)	1.31
Realized losses on extinguishment of debt			(0.01)	(0.11)
Total increase from investment operations			1.27	2.70
Dividends declared to stockholders			(1.82)	(1.19)
Other				(0.01)
Net asset value at end of period	$ 19.41	$ 18.31	19.41	18.31
Market value at end of period	$ 17.18	$ 17.44	$ 17.18	$ 17.44
Shares outstanding at end of period	24,437,400	24,437,400	24,437,400	24,437,400
Weighted average number of shares outstanding - basic	24,437,400	24,437,400	24,437,400	24,437,400
Weighted average number of shares outstanding - diluted	24,437,400	24,437,400	24,437,400	24,437,400
Net assets at end of period	$ 474,387	$ 447,545	$ 474,387	$ 447,545
Average net assets	$ 483,157	$ 425,171	$ 483,157	$ 425,171
Total expenses			9.00%	13.70%
Net investment income			9.40%	7.10%
Total return based on market value			3.20%	46.10%
Total return based on net asset value			6.40%	16.00%
Portfolio turnover ratio			21.30%	44.90%
Average debt outstanding			$ 391,585	$ 382,587
Average debt per share			$ 16.02	$ 15.66

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Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Investment Company, Financial Highlights [Abstract]
Expenses other than incentive fee	7.70%	8.60%
Incentive fee	1.30%	5.10%
Total expenses	9.00%	13.70%
Total expenses, before base management fee waiver	9.10%	13.70%
Base management fee waiver	(0.10%)	0.00%

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Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands																3 Months Ended		9 Months Ended
	Nov. 01, 2022	Oct. 31, 2022	Oct. 17, 2022	Oct. 07, 2022	Oct. 03, 2022	May 02, 2022	Feb. 15, 2022	Nov. 01, 2021	Aug. 02, 2021	May 03, 2021	Feb. 09, 2021	Oct. 26, 2020	Aug. 03, 2020	Apr. 29, 2020	Feb. 14, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Investments at cost																$ 827,390		$ 827,390		$ 621,786
Proceeds from sales and repayments of investments																		128,255	$ 319,036
Realized gain (loss) on investment																$ 40,044	$ 8,306	$ 65,220	$ 13,672
Dividends to stockholders						$ 0.36	$ 0.36	$ 0.32	$ 0.32	$ 0.31	$ 0.31	$ 0.30	$ 0.30	$ 0.30	$ 0.39	$ 1.82		$ 1.82		$ 1.60	$ 1.33
Dividend payable date						Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021	Dec. 18, 2020	Sep. 25, 2020	Jun. 26, 2020	Mar. 27, 2020
Dividend record date						Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021	Dec. 04, 2020	Sep. 11, 2020	Jun. 12, 2020	Mar. 13, 2020
Subsequent Events
Subsequent Event [Line Items]
Dividend declared date		Oct. 31, 2022
Dividend payable date		Dec. 16, 2022
Dividend record date		Dec. 02, 2022
EBL, LLC (EbLens) | Controlled Affiliate Investment | Subsequent Events
Subsequent Event [Line Items]
Investment date					Oct. 03, 2022
Investments at cost					$ 1,000
EBL, LLC (EbLens) | Controlled Affiliate Investment | Second Lien Debt | Maximum | Subsequent Events
Subsequent Event [Line Items]
Investment commitment amount					$ 375
UPG Company, LLC | First Lien Debt | Subsequent Events
Subsequent Event [Line Items]
Proceeds from sales and repayments of investments				$ 16,986
OMC Investors, LLC (dba Ohio Medical Corporation) | Subsequent Events
Subsequent Event [Line Items]
Realized gain (loss) on investment			$ 656
OMC Investors, LLC (dba Ohio Medical Corporation) | Second Lien Debt | Subsequent Events
Subsequent Event [Line Items]
Proceeds from sales and repayments of investments			$ 5,150
Education Incites, LLC (dba Acceleration Academies) | Second Lien Debt | Subsequent Events
Subsequent Event [Line Items]
Investment date		Oct. 31, 2022
Investments at cost		$ 6,000
Supplemental Dividend
Subsequent Event [Line Items]
Dividends to stockholders						$ 0.07	$ 0.17	$ 0.04	$ 0.06	$ 0.08	$ 0.07	$ 0.04
Dividend payable date						Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021	Dec. 18, 2020
Dividend record date						Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021	Dec. 04, 2020
Supplemental Dividend | Subsequent Events
Subsequent Event [Line Items]
Dividends to stockholders		$ 0.08
Special Dividend
Subsequent Event [Line Items]
Dividends to stockholders								$ 0.05	$ 0.04
Dividend payable date								Dec. 17, 2021	Sep. 28, 2021
Dividend record date								Dec. 03, 2021	Sep. 14, 2021
Special Dividend | Subsequent Events
Subsequent Event [Line Items]
Dividends to stockholders		$ 0.10
SBA Debentures | 5.221% Fixed Interest Rate | Subsequent Events
Subsequent Event [Line Items]
Debt instrument issued amount	$ 5,000
Debt instrument interim interest rate	5.221%
Debt instrument pooling month year	2023-03
SBA Debentures | 5.123% Fixed Interest Rate | Subsequent Events
Subsequent Event [Line Items]
Debt instrument issued amount	$ 3,000
Debt instrument interim interest rate	5.123%
Debt instrument pooling month year	2023-03

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N-2 - USD ($)
$ in Millions

9 Months Ended

Oct. 08, 2021

Dec. 23, 2020

Oct. 23, 2019

Oct. 16, 2019

Feb. 19, 2019

Feb. 08, 2019

Feb. 22, 2018

Feb. 02, 2018

Sep. 30, 2022

Cover [Abstract]

Entity Central Index Key

0001513363

Amendment Flag

false

Securities Act File Number

814-00861

Document Type

10-Q

Entity Registrant Name

Fidus Investment Corporation

Entity Address, Address Line One

1603 Orrington Avenue, Suite 1005

Entity Address, City or Town

Evanston

Entity Address, State or Province

IL

Entity Address, Postal Zip Code

60201

City Area Code

847

Local Phone Number

859-3940

Entity Emerging Growth Company

false

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. Our investment strategy includes partnering with business owners, management teams and financial sponsors by providing customized financing for ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. We seek to maintain a diversified portfolio of investments in order to help mitigate the potential effects of adverse economic events related to particular companies, regions or industries.

Investments

We seek to create a diversified investment portfolio that primarily includes debt investments and, to a lesser extent, equity securities. Our investments typically range between $5.0 million to $35.0 million per portfolio company, although this investment size may vary proportionately with the size of our capital base. Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. We may invest in the equity securities of our portfolio companies, such as preferred stock, common stock, warrants and other equity interests, either directly or in conjunction with our debt investments.

First Lien Debt. We structure some of our investments as senior secured or first lien debt investments. First lien debt investments are secured by a first priority lien on existing and future assets of the borrower and may take the form of term loans or revolving lines of credit. First lien debt is typically senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second lien lenders in those assets. Our first lien debt may include stand-alone first lien loans, “last out” first lien loans, or “unitranche” loans. Stand-alone first lien loans are traditional first lien loans. All lenders in the facility have equal rights to the collateral that is subject to the first-priority security interest. “Last out” first lien loans have a secondary priority behind super-senior “first out” first lien loans in the collateral securing the loans in certain circumstances. The arrangements for a “last out” first lien loan are set forth in an “agreement among lenders,” which provides lenders with “first out” and “last out” payment streams based on a single lien on the collateral. Since the “first out” lenders generally have priority over the “last out” lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the “last out” lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through arrangements among the lenders, than the “first out” lenders or lenders in stand-alone first lien loans. Agreements among lenders also typically provide greater voting rights to the “last out” lenders than the intercreditor agreements to which second lien lenders often are subject.

Many of our debt investments also include excess cash flow sweep features, whereby principal repayment may be required before maturity if the portfolio company achieves certain defined operating targets. Additionally, our debt investments typically have principal prepayment penalties in the early years of the debt investment. The majority of our debt investments provide for a variable interest rate, generally with a LIBOR floor.

Second Lien Debt. Some of our debt investments take the form of second lien debt, which includes senior subordinated notes. Second lien debt investments obtain security interests in the assets of the portfolio company as collateral in support of the repayment of such loans. Second lien debt typically is senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a security interest over assets of the issuer, though ranking junior to first lien debt secured by those assets. First lien lenders and second lien lenders typically have separate liens on the collateral, and an intercreditor agreement provides the first lien lenders with priority over the second lien lenders’ liens on the collateral. These loans typically provide for no contractual loan amortization, with all amortization deferred until loan maturity, and may include payment-in-kind (“PIK”) interest, which increases the principal balance over the term and, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan.

Subordinated Debt. These investments are typically structured as unsecured, subordinated notes. Structurally, subordinated debt usually ranks subordinate in priority of payment to first lien and second lien debt and may not have the benefit of financial covenants common in first lien and second lien debt. Subordinated debt may rank junior as it relates to proceeds in certain liquidations where it does not have the benefit of a lien in specific collateral held by creditors (typically first lien and/or second lien) who have a perfected security interest in such collateral. However, subordinated debt ranks senior to common and preferred equity in an issuer’s capital structure. These loans typically have relatively higher fixed interest rates (often representing a combination of cash pay and PIK interest) and amortization of principal deferred to maturity. The PIK feature (meaning a feature allowing for the payment of interest in the form of additional principal amount of the loan instead of in cash), which effectively operates as negative amortization of loan principal, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan.

Equity Securities. Our equity securities typically consist of either a direct minority equity investment in common or preferred stock or membership/partnership interests of a portfolio company, or we may receive warrants to buy a minority equity interest in a portfolio company in connection with a debt investment. Warrants we receive with our debt investments typically require only a nominal cost to exercise, and thus, as a portfolio company appreciates in value, we may achieve additional investment return from this equity interest. Our equity investments are typically not control-oriented investments, and in many cases, we acquire equity securities as part of a group of private equity investors in which we are not the lead investor. We may structure such equity investments to include provisions protecting our rights as a minority-interest holder, as well as a “put,” or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, we may also seek to obtain registration rights in connection with these equity interests, which may include demand and “piggyback” registration rights. Our equity investments typically are made in connection with debt investments to the same portfolio companies.

Risk Factors [Table Text Block]

Item 1A. Risk Factors.

In addition to other information set forth in this report, you should carefully consider the “Risk Factors” discussed in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 3, 2022, which are incorporated herein by reference. The risk factors therein could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Notes

On February 2, 2018, we closed the public offering of approximately $43.5 million in aggregate principal amount of our 5.875% notes due 2023, or the “2023 Notes.” On February 22, 2018, the underwriters exercised their option to purchase an additional $6.5 million in aggregate principal of the 2023 Notes. The total net proceeds to us from the 2023 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $1.5 million and offering expenses of $0.4 million, were approximately $48.1 million. On January 19, 2021, we redeemed $50.0 million in the aggregate principal amount on the issued and outstanding 2023 Notes, resulting in a realized loss on extinguishment of debt of approximately $0.8 million.

On February 8, 2019, we closed the public offering of approximately $60.0 million in aggregate principal amount of our 6.000% notes due 2024, or the “February 2024 Notes”. On February 19, 2019, the underwriters exercised their option to purchase an additional $9.0 million in aggregate principal of the February 2024 Notes. The total net proceeds to us from the February 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $2.1 million and estimated offering expenses of $0.4 million, were approximately $66.5 million. On February 16, 2021, we redeemed $50.0 million of the $69.0 million in aggregate principal amount on the February 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $1.1 million. On November 2, 2021, we fully redeemed the remaining $19.0 million in aggregate principal amount on the issued and outstanding February 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $0.3 million.

On October 16, 2019, we closed the public offering of approximately $55.0 million in aggregate principal amount of our 5.375% notes due 2024, or the “November 2024 Notes” (and collectively with the 2023 Notes and the February 2024 Notes, the “Public Notes”). On October 23, 2019, the underwriters exercised their option to purchase an additional $8.3 million in aggregate principal of the November 2024 Notes. The total net proceeds to us from the November 2024 Notes, including the exercise of the underwriters’ option, after deducting underwriting discounts of approximately $1.9 million and estimated offering expenses of $0.3 million, were approximately $61.1 million. On November 2, 2021, we fully redeemed the $63.3 million in aggregate principal amount on the issued and outstanding November 2024 Notes, resulting in a realized loss on extinguishment of debt of approximately $1.3 million.

On December 23, 2020, we closed the offering of $125.0 million in aggregate principal amount of our 4.75% notes due 2026, or the “January 2026 Notes”. The total net proceeds to us from the January 2026 Notes after deducting underwriting discounts of $2.5 million and estimated offering expenses of approximately $0.4 million, were approximately $122.1 million. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. We do not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system. As of September 30, 2022, the outstanding principal balance of the January 2026 Notes was approximately $125.0 million.

On October 8, 2021, we closed the offering of $125.0 million in aggregate principal amount of our 3.50% notes due 2026, or the “November 2026 Notes” (collectively with the Public Notes and the January 2026 Notes, the “Notes”). The total net proceeds to us from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2.5 million and estimated offering expenses of approximately $0.3 million, were approximately $122.2 million. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. We do not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. As of September 30, 2022, the outstanding principal balance of the November 2026 Notes was approximately $125.0 million.

Each of the Notes are unsecured obligations and rank pari passu with our existing and future unsecured indebtedness; effectively subordinated to all of our existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities we may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities.

Long Term Debt, Rights Limited by Other Securities [Text Block]

Each of the Notes are unsecured obligations and rank pari passu with our existing and future unsecured indebtedness; effectively subordinated to all of our existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities we may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities.

2023 Notes

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

2023 Notes

Long Term Debt, Principal

$ 6.5

$ 43.5

Long Term Debt, Structuring [Text Block]

5.875% notes due 2023

February 2024 Notes

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

February 2024 Notes

Long Term Debt, Principal

$ 9.0

$ 60.0

Long Term Debt, Structuring [Text Block]

6.000% notes due 2024

November 2024 Notes

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

November 2024 Notes

Long Term Debt, Principal

$ 8.3

$ 55.0

Long Term Debt, Structuring [Text Block]

5.375% notes due 2024

January 2026 Notes

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

January 2026 Notes

Long Term Debt, Principal

$ 125.0

Long Term Debt, Structuring [Text Block]

The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. We do not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system.

November 2026 Notes

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt, Title [Text Block]

November 2026 Notes

Long Term Debt, Principal

$ 125.0

Long Term Debt, Structuring [Text Block]

The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. We do not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system.