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 June 30, 2023

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 ☐

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 August 1, 2023, the Registrant had outstanding 25,316,072 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 — June 30, 2023 (unaudited) and December 31, 2022	3
	Consolidated Statements of Operations — three and six months ended June 30, 2023 (unaudited) and 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets — three and six months ended June 30, 2023 (unaudited) and 2022 (unaudited)	5
	Consolidated Statements of Cash Flows — three and six months ended June 30, 2023, (unaudited) and 2022 (unaudited)	6
	Consolidated Schedules of Investments — June 30, 2023 (unaudited) and December 31, 2022	7
	Notes to Consolidated Financial Statements (unaudited)	19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	59
Item 4.	Controls and Procedures	60
	PART II — OTHER INFORMATION
Item 1.	Legal Proceedings.	61
Item 1A.	Risk Factors.	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	62
Item 3.	Defaults Upon Senior Securities.	62
Item 4.	Mine Safety Disclosures.	62
Item 5.	Other Information.	62
Item 6.	Exhibits.	63
Signatures		65

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)

	June 30,
	2023		December 31,
	(unaudited)		2022
ASSETS
Investments, at fair value:
Control investments (cost: $6,832 and $17,915, respectively)	$	—	$	—
Affiliate investments (cost: $55,747 and $55,804, respectively)		96,931		101,590
Non-control/non-affiliate investments (cost: $832,589 and $754,974, respectively)		831,791		758,739
Total investments, at fair value (cost: $895,168 and $828,693, respectively)		928,722		860,329
Cash and cash equivalents		37,977		62,350
Interest receivable		12,918		11,826
Proceeds receivable from stock offering		895		—
Prepaid expenses and other assets		1,900		1,455
Total assets	$	982,412	$	935,960
LIABILITIES
SBA debentures, net of deferred financing costs (Note 6)	$	177,115	$	148,476
Notes, net of deferred financing costs (Note 6)		246,680		246,128
Borrowings under Credit Facility, net of deferred financing costs (Note 6)		28,768		(1,380	)
Secured borrowings		16,552		16,880
Accrued interest and fees payable		5,215		4,747
Base management fee payable, net of base management fee waiver – due to affiliate		3,979		3,769
Income incentive fee payable – due to affiliate		3,834		3,035
Capital gains incentive fee payable – due to affiliate		14,083		22,659
Administration fee payable and other – due to affiliate		408		576
Taxes payable		1,145		9,937
Accounts payable and other liabilities		1,285		790
Total liabilities	$	499,064	$	455,617
Commitments and contingencies (Note 7)
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 25,265,808 and 24,727,788 shares issued and
outstanding at June 30, 2023 and December 31, 2022, respectively)	$	25	$	25
Additional paid-in capital		406,419		395,672
Total distributable earnings		76,904		84,646
Total net assets		483,348		480,343
Total liabilities and net assets	$	982,412	$	935,960
Net asset value per common share	$	19.13	$	19.43

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						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Investment Income:
Interest income
Control investments	$	—		$	—		$	—		$	—
Affiliate investments		1,107			657			2,157			1,541
Non-control/non-affiliate investments		25,060			18,716			49,966			34,913
Total interest income		26,167			19,373			52,123			36,454
Payment-in-kind interest income
Control investments		—			—			—			—
Affiliate investments		—			—			—			30
Non-control/non-affiliate investments		1,235			367			1,872			884
Total payment-in-kind interest income		1,235			367			1,872			914
Dividend income
Control investments		—			—			—			—
Affiliate investments		172			69			520			725
Non-control/non-affiliate investments		132			7			168			40
Total dividend income		304			76			688			765
Fee income
Control investments		—			—			—			—
Affiliate investments		50			160			55			297
Non-control/non-affiliate investments		2,187			1,176			3,618			3,237
Total fee income		2,237			1,336			3,673			3,534
Interest on idle funds		615			1			1,258			4
Total investment income		30,558			21,153			59,614			41,671
Expenses:
Interest and financing expenses		5,591			4,639			10,776			9,051
Base management fee		4,051			3,618			7,905			6,961
Incentive fee - income		3,834			1,183			7,481			2,236
Incentive fee (reversal) - capital gains		(1,174	)		(605	)		(1,021	)		(335	)
Administrative service expenses		618			510			1,091			932
Professional fees		641			290			1,457			805
Other general and administrative expenses		264			531			504			818
Total expenses before base management fee waiver		13,825			10,166			28,193			20,468
Base management fee waiver		(72	)		(76	)		(144	)		(152	)
Total expenses, net of base management fee waiver		13,753			10,090			28,049			20,316
Net investment income before income taxes		16,805			11,063			31,565			21,355
Income tax provision (benefit)		21			55			58			9
Net investment income		16,784			11,008			31,507			21,346
Net realized and unrealized gains (losses) on investments:
Net realized gains (losses):
Control investments		(11,458	)		(204	)		(11,458	)		(65	)
Affiliate investments		99			15,300			99			15,624
Non-control/non-affiliate investments		5,818			3,212			5,876			9,617
Total net realized gain (loss) on investments		(5,541	)		18,308			(5,483	)		25,176
Income tax (provision) benefit from realized gains on investments		(1,538	)		(122	)		(1,538	)		(121	)
Net change in unrealized appreciation (depreciation):
Control investments		11,083			(2,151	)		11,083			(2,151	)
Affiliate investments		(2,113	)		(15,049	)		(4,602	)		(20,928	)
Non-control/non-affiliate investments		(7,760	)		(4,013	)		(4,563	)		(3,453	)
Total net change in unrealized appreciation (depreciation) on investments		1,210			(21,213	)		1,918			(26,532	)
Net gain (loss) on investments		(5,869	)		(3,027	)		(5,103	)		(1,477	)
Realized losses on extinguishment of debt		—			—			—			(198	)
Net increase (decrease) in net assets resulting from operations	$	10,915		$	7,981		$	26,404		$	19,671
Per common share data:
Net investment income per share-basic and diluted	$	0.67		$	0.45		$	1.26		$	0.87
Net increase in net assets resulting from operations per share — basic and diluted	$	0.44		$	0.33		$	1.06		$	0.80
Dividends declared per share	$	0.70		$	0.43		$	1.36		$	0.96
Weighted average number of shares outstanding — basic and diluted		25,028,268			24,437,400			24,916,729			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, 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
Balances at December 31, 2022		24,727,788	$	25		$	395,672	$	84,646		$	480,343
Public offering of common stock, net of expenses		260,610		0	*		5,306		—			5,306
Net investment income		—		—			—		14,723			14,723
Net realized gain (loss) on investments, net of taxes		—		—			—		58			58
Net unrealized appreciation (depreciation) on investments		—		—			—		708			708
Realized losses on extinguishment of debt		—		—			—		—			—
Dividends declared		—		—			—		(16,492	)		(16,492	)
Balances at March 31, 2023		24,988,398	$	25		$	400,978	$	83,643		$	484,646
Public offering of common stock, net of expenses		246,574		0	*		4,837		—			4,837
Shares issued under dividend reinvestment plan		30,836		0	*		604		—			604
Net investment income		—		—			—		16,784			16,784
Net realized gain (loss) on investments, net of taxes		—		—			—		(7,079	)		(7,079	)
Net unrealized appreciation (depreciation) on investments		—		—			—		1,210			1,210
Realized losses on extinguishment of debt		—		—			—		—			—
Dividends declared		—		—			—		(17,654	)		(17,654	)
Balances at June 30, 2023		25,265,808	$	25		$	406,419	$	76,904		$	483,348
*amount is greater than zero but less than one

See Notes to Consolidated Financial Statements (unaudited).

5

FIDUS INVESTMENT CORPORATION

Consolidated Statements of Cash Flows (unaudited)

(in thousands)

	Six Months Ended June 30,
	2023			2022
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	26,404		$	19,671
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		(1,918	)		26,532
Net realized (gain) loss on investments		5,483			(25,176	)
Interest and dividend income paid-in-kind		(1,872	)		(914	)
Accretion of original issue discount		(228	)		(60	)
Accretion of loan origination fees		(775	)		(711	)
Purchase of investments		(147,348	)		(160,098	)
Proceeds from sales and repayments of investments		76,503			68,008
Proceeds from loan origination fees		1,762			1,023
Realized losses on extinguishment of debt		—			198
Amortization of deferred financing costs		1,045			1,058
Amortization of deferred equity financing costs		6			—
Changes in operating assets and liabilities:
Interest receivable		(1,092	)		(4,878	)
Receivables from investments sold		—			(11,895	)
Prepaid expenses and other assets		(451	)		(718	)
Accrued interest and fees payable		468			(176	)
Base management fee payable, net of base management fee waiver – due to affiliate		210			407
Income incentive fee payable – due to affiliate		799			(1,439	)
Capital gains incentive fee (reversal) – due to (from) affiliate		(8,576	)		(6,471	)
Administration fee payable and other – due to affiliate		(168	)		(23	)
Payables for investments purchased		—			2,773
Taxes payable		(8,792	)		(2,067	)
Accounts payable and other liabilities		495			1,850
Net cash provided by (used for) operating activities		(58,045	)		(93,106	)
Cash Flows from Financing Activities:
Proceeds from common stock offerings, net of expenses (Note 8)		9,852			—
Proceeds received from SBA debentures		29,000			41,500
Repayments of SBA debentures		—			(20,000	)
Proceeds received from (repayments of) borrowings under Credit Facility, net		30,000			—
Proceeds received from (repayments of) Secured Borrowings, net		(328	)		(374	)
Payment of deferred financing costs		(706	)		(1,511	)
Dividends paid to stockholders, including expenses		(34,146	)		(23,460	)
Net cash provided by (used for) financing activities		33,672			(3,845	)
Net increase (decrease) in cash and cash equivalents		(24,373	)		(96,951	)
Cash and cash equivalents:
Beginning of period		62,350			169,417
End of period	$	37,977		$	72,466
Supplemental information and non-cash activities:
Cash payments for interest	$	9,263		$	8,169
Cash payments for taxes, net of tax refunds received	$	10,388		$	2,197

See Notes to Consolidated Financial Statements (unaudited).

6

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments (unaudited)

June 30, 2023

(in thousands, except shares)

7

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)
US GreenFiber, LLC (n)	Building Products Manufacturing
Second Lien Debt (j)(y)			10.00%/3.00%	7/3/2014	8/30/2024	$	5,226	$	5,222	$	—
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		—
									6,832		—		0	%
Total Control Investments								$	6,832	$	—		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 (5,690 units) (h)(j)				12/31/2021					5,690		7,044
Common Equity (7,113  units) (h)(j)				12/31/2021					7,113		7,962
Common Equity (2,012 units) (h)(j)				12/31/2021					-		-
									22,405		24,608		5	%
Medsurant Holdings, LLC	Healthcare Services
Preferred Equity (84,997 units) (h)(j)				4/12/2011					643		744
Warrant (252,588 units) (h)(j)(m)				4/12/2011					2,258		2,568
									2,901		3,312		1	%
Pfanstiehl, Inc.	Healthcare Products
Subordinated Debt (j)			10.00%/0.00%	8/2/2022	8/2/2027		10,000		9,959		10,000
Common Equity (2,550 units) (j)				3/29/2013					255		37,185
									10,214		47,185		10	%
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Aerospace & Defense Manufacturing
First Lien Debt (k)(ag)		(S + 5.50%) / (1.00%)	11.25%/0.00%	2/12/2021	2/11/2026		15,000		14,943		14,920
Common Equity (12,035 units) (j)				8/25/2021					1,204		959
Common Equity (41,290 units) (j)				12/16/2022					2,608		—
Common Equity (4,921 units) (j)				9/16/2022					472		503
									19,227		16,382		3	%
Steward Holding LLC (dba Steward Advanced Materials)	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units)				11/12/2015					1,000		5,444		1	%
Total Affiliate Investments								$	55,747	$	96,931		20	%
Non-control/Non-affiliate Investments
2KDirect, Inc. (dba iPromote)	Information Technology Services
First Lien Debt (k)(at)		(S + 7.25%) / (0.50%)	12.63%/0.00%	6/25/2021	6/25/2026	$	11,193	$	11,141	$	10,721
First Lien Debt (j)(aa)		(S + 7.25%) / (0.50%)	12.63%/0.00%	7/30/2021	6/25/2026		3,444		3,444		3,444
Common Equity (1,000,000 units)				6/25/2021					1,000		206
									15,585		14,371		3	%
Acendre Midco, Inc.	Information Technology Services
First Lien Debt (j)		(S + 7.75%) / (0.50%)	12.90%/0.00%	10/6/2021	10/6/2026		5,479		5,469		5,479
First Lien Debt (j)		(S + 7.75%) / (0.50%)	12.90%/0.00%	10/6/2021	10/6/2026		12,453		12,409		12,453
Revolving Loan ($1,000 unfunded commitment) (j)(i)		(S + 7.50%) / (0.50%)	12.90%/0.00%	10/6/2021	10/6/2026		—		—		—
Common Equity (500,000 shares) (j)				10/6/2021					371		451
Warrant (150,000 shares) (j)(m)				10/6/2021					129		135
Preferred Equity (77,016 shares) (j)				9/26/2022					88		143
									18,466		18,661		4	%
Aeronix Inc.	Aerospace & Defense Manufacturing
First Lien Debt (ai)		(S + 5.88%) / (1.50%)	11.38%/0.00%	6/11/2021	6/11/2026		17,250		17,176		17,250
Common Equity (549 units)				6/11/2021					593		1,127
									17,769		18,377		4	%
Aldinger Company	Business Services
First Lien Debt (ay)		(S + 6.50%) / (2.00%)	11.74%/0.00%	6/30/2023	6/29/2029		7,820		7,761		7,761
Common Equity (6,800 units)				6/30/2023			—		—		—
Preferred Equity (6,800 units)				6/30/2023					680		680
									8,441		8,441		2	%
Allredi, LLC (fka Marco Group International OpCo, LLC)	Industrial Cleaning & Coatings
Second Lien Debt			0.00%/15.00%	3/2/2020	9/2/2026		10,795		10,734		9,201
Common Equity (570,636 units) (h)(j)				7/21/2017					637		159
Common Equity (39,443 units) (h)(j)				11/24/2021					22		55
									11,393		9,415		2	%
American AllWaste LLC (dba WasteWater Transport Services)	Environmental Industries
First Lien Debt ($2,225 unfunded commitment) (j)(p)(ax)		(S + 6.50%) / (1.00%)	10.90%/0.00%	6/28/2021	6/28/2026		21,183		20,973		21,183
First Lien Debt (j)(o)		(S + 4.00%) / (1.00%)	9.16%/0.00%	6/28/2021	6/28/2026		330		330		322
Preferred Equity (500 units) (h)(j)				5/31/2018					500		295
Preferred Equity (207 units) (h)(j)				8/6/2019					250		127
Preferred Equity (141 units) (h)(j)				11/2/2020					171		87
Preferred Equity (74 units) (h)(j)				12/29/2021					97		47
									22,321		22,061		5	%
AmeriWater, LLC	Component Manufacturing
First Lien Debt (af)		(S + 6.25%) / (1.00%)	11.14%/0.00%	7/8/2022	7/8/2027		7,682		7,643		7,682
Subordinated Debt (j)			7.00%/7.00%	7/8/2022	1/8/2028		2,143		2,135		2,143
Common Equity (1,000 units) (h)(j)				7/8/2022					1,000		799
									10,778		10,624		2	%
AOM Intermediate Holdco, LLC (dba AllOver Media)	Information Technology Services
First Lien Debt (aq)		(S + 6.50%) / (0.75%)	11.64%/0.00%	2/1/2022	2/1/2027		10,000		9,946		10,000
Common Equity (750 units) (h)(j)				2/1/2022					750		487
									10,696		10,487		2	%
APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.)	Building Products Manufacturing
First Lien Debt (av)		(S + 7.00%) / (2.00%)	11.89%/0.00%	11/8/2022	11/8/2027		15,000		14,902		15,000
Common Equity (1,200 units) (h)(j)				11/8/2022					1,200		1,535
									16,102		16,535		4	%
Applied Data Corporation	Information Technology Services
First Lien Debt (k)(v)		(S + 6.25%) / (1.50%)	11.40%/0.00%	11/6/2020	11/6/2025		19,005		18,932		19,005
Common Equity (24 units)				11/6/2020					66		780
Preferred Equity (1,184,711 units)				11/6/2020					1,185		1,411
									20,183		21,196		4	%
Auto CRM LLC (dba Dealer Holdings)	Information Technology Services
First Lien Debt (au)		(P + 5.50%) / (3.25%)	13.75%/0.85%	10/1/2021	10/1/2026		7,614		7,565		7,614
Subordinated Debt			0.00%/14.50%	10/1/2021	12/31/2026		629		625		629
Common Equity (500 units) (j)				10/1/2021					500		456
									8,690		8,699		2	%
BCM One Group Holdings, Inc.	Information Technology Services
Subordinated Debt (j)			11.75%/0.00%	11/17/2021	11/17/2028		18,333		18,188		18,333		4	%
Bedford Precision Parts LLC	Specialty Distribution
Common Equity (500,000 units) (h)(j)				3/12/2019					484		472		0	%
BP Thrift Buyer, LLC (dba myUnique and Ecothrift)	Retail
First Lien Debt (j)(al)		(S + 5.75%) / (1.50%)	10.64%/0.00%	9/13/2022	9/13/2027		20,000		19,610		20,000
First Lien Debt (j)		(S + 5.75%) / (1.50%)	10.64%/0.00%	5/12/2023	9/13/2027		1,948		1,948		1,948
Common Equity (1,000 units) (j)				9/13/2022					960		1,238
									22,518		23,186		5	%
BurgerFi International, LLC (dba BurgerFi) (ad)	Restaurants
Common Equity (14,201 units) (j)(ao)				11/3/2022					521		22
Preferred Equity (9,787 units) (j)(ao)				11/3/2022					49		245
									570		267		0	%
Cardback Intermediate, LLC (dba Chargeback Gurus)	Information Technology Services
First Lien Debt (j)(ah)		(S + 6.50%) / (0.75%)	12.00%/0.00%	8/10/2021	8/10/2026		11,804		11,756		11,804

8

Common Equity (495 shares) (j)				8/10/2021			125	23
Preferred Equity (495 shares) (j)				8/10/2021			125	289
							12,006	12,116	3	%
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC)	Information Technology Services
First Lien Debt (j)		(S + 7.25%) / (1.00%)	12.39%/0.00%	4/1/2022	4/1/2027	8,500	8,464	8,500
Revolving Loan ($1,000 unfunded commitment) (i)(j)		(S + 6.25%) / (1.00%)	11.39%/0.00%	4/1/2022	4/1/2027	—	—	—
							8,464	8,500	2	%
CIH Intermediate, LLC	Business Services
Subordinated Debt (k)			10.00%/1.00%	3/3/2022	3/3/2028	13,820	13,715	13,820
Common Equity (563 shares) (j)				3/3/2022			400	843
Preferred Equity (563 shares) (j)				3/3/2022			400	886
							14,515	15,549	3	%
Combined Systems, Inc.	Aerospace & Defense Manufacturing
First Lien Debt		(L + 11.00%) / (2.00%)	19.18%/0.00%	1/31/2020	1/31/2025	3,862	3,844	3,862
First Lien Debt		(L + 11.00%) / (2.00%)	19.18%/0.00%	12/22/2022	1/31/2025	489	489	489
Revolving Loan ($162 unfunded commitment) (j)(ac)		(L + 10.00%) / (2.00%)	18.18%/0.00%	1/31/2020	1/31/2025	3,838	3,830	3,838
							8,163	8,189	2	%
Comply365, LLC	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units)				12/11/2020			627	1,340	0	%
CRS Solutions Holdings, LLC (dba CRS Texas)	Business Services
Common Equity (Class A Units) (574,929 units) (h)(j)				6/28/2022			272	202	0	%
CTM Group, Inc.	Business Services
First Lien Debt		(S + 6.75%) / (1.00%)	12.16%/0.00%	2/28/2023	11/30/2026	7,980	7,834	7,834
Subordinated Debt			11.50%/2.00%	2/28/2023	11/30/2027	2,014	1,990	1,990
Common Equity (400,000 units)				2/28/2023			400	400
							10,224	10,224	2	%
Dataguise, Inc.	Information Technology Services
Subordinated Debt (j)			11.00%/2.00%	12/30/2022	11/23/2027	21,024	20,979	21,024
Common Equity (909 shares) (j)				12/31/2020			1,500	791
							22,479	21,815	5	%
Detechtion Holdings, LLC	Information Technology Services
First Lien Debt (k)		(S + 5.75%) / (2.25%)	10.96%/2.00%	6/21/2023	6/21/2028	17,509	17,407	17,407
Subordinated Debt (j)			0.00%/14.00%	6/21/2023	6/21/2028	2,008	1,997	1,997
Common Equity (500,000 units) (h)(j)				6/21/2023			500	500
							19,904	19,904	4	%
Diversified Search LLC	Business Services
First Lien Debt (k)(r)		(S + 6.50%) / (1.00%)	12.01%/0.00%	2/7/2019	9/30/2025	24,155	24,062	24,155
Common Equity (573 units) (h)(j)				2/7/2019			552	521
							24,614	24,676	5	%
Education Incites, LLC (dba Acceleration Academies)	Business Services
Second Lien Debt			12.75%/0.00%	10/31/2022	10/29/2027	6,000	5,974	6,000	1	%
Elements Brands, LLC	Consumer Products
First Lien Debt			12.25%/0.00%	12/31/2020	6/30/2024	1,275	1,262	1,275
Revolving Loan (j)			12.25%/0.00%	12/31/2020	6/30/2024	1,500	1,493	1,500
							2,755	2,775	1	%
Fishbowl Solutions, LLC	Information Technology Services
First Lien Debt (ar)		(S + 7.75%) / (1.00%)	12.92%/0.00%	3/25/2022	3/25/2027	14,355	14,274	14,172	3	%
Global Plasma Solutions, Inc.	Component Manufacturing
Subordinated Debt (j)			0.00%/18.80%	3/31/2023	3/18/2024	191	191	191
Common Equity (947 shares) (j)				9/21/2018			52	103
							243	294	0	%
GP&C Operations, LLC (dba Garlock Printing and Converting)	Component Manufacturing
First Lien Debt (w)		(S + 8.25%) / (1.00%)	13.75%/0.00%	1/22/2021	1/22/2026	10,635	10,550	10,635
Common Equity (515,625 units) (h)(j)				1/22/2021			516	279
							11,066	10,914	2	%
Green Cubes Technology, LLC (dba Green Cubes)	Information Technology Services
First Lien Debt (j)		(S + 13.00%) / (0.00%)	18.43%/0.00%	12/17/2021	12/17/2024	12,000	11,964	12,000	2	%
Gurobi Optimization, LLC	Information Technology Services
Common Equity (3 shares)				12/19/2017			605	2,912	1	%
Haematologic Technologies, Inc.	Healthcare Services
First Lien Debt (x)		(S + 8.25%) / (2.00%)	13.74%/0.00%	10/11/2019	10/11/2024	5,385	5,374	5,385
Common Equity (630 units) (h)(j)				10/11/2019			630	137
Common Equity (89 units) (h)(j)				6/26/2023			89	89
							6,093	5,611	1	%
Hallmark Health Care Solutions, Inc.	Healthcare Services
First Lien Debt (j)(ae)		(S + 7.25%) / (1.50%)	12.43%/0.00%	12/4/2020	12/4/2025	8,301	8,270	8,301
Common Equity (750,000 units) (j)				12/4/2020			750	3,373
							9,020	11,674	3	%
Healthfuse, LLC	Healthcare Services
Preferred Equity (197,980 units)				11/13/2020			748	1,441	0	%
Hub Acquisition Sub, LLC (dba Hub Pen)	Promotional products
Second Lien Debt (k)			12.50%/1.00%	4/25/2023	6/30/2028	20,037	19,747	19,747
Common Equity (3,750 units)				3/23/2016			56	819
Preferred Equity (868 units) (j)				10/16/2020			153	268
							19,956	20,834	4	%
IBH Holdings, LLC (fka Inflexxion, Inc.)	Business Services
Common Equity (150,000 units)				6/20/2018			—	25	0	%
Ipro Tech, LLC	Information Technology Services
First Lien Debt (j)(u)		(S + 7.00%) / (1.00%)	12.27%/1.00%	6/30/2020	7/28/2025	19,607	19,048	19,607
Preferred Equity (682,075 units) (j)				7/28/2021			682	1,023
							19,730	20,630	4	%
ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.)	Business Services
First Lien Debt (j)(aj)		(S + 7.50%) / (0.50%)	12.66%/0.00%	4/5/2021	4/5/2026	11,991	11,933	11,991
First Lien Debt (j)(an)		(S + 7.50%) / (0.50%)	12.66%/0.00%	6/30/2021	4/5/2026	12,778	12,778	12,778
Common Equity (256,964 units) (h)(j)				4/5/2021			500	510
							25,211	25,279	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	1/28/2025	2,368	2,368	2,123	0	%
The Kyjen Company, LLC (dba Outward Hound)	Consumer Products
Common Equity (855 shares) (j)				12/8/2017			933	—	0	%
Level Education Group, LLC (dba CE4Less)	Business Services
First Lien Debt (ak)		(S + 5.75%) / (2.00%)	11.28%/0.00%	4/1/2021	4/1/2026	4,760	4,737	4,760
Common Equity (1,000,000 units) (j)				4/1/2021			1,000	1,336
							5,737	6,096	1	%
LifeSpan Biosciences, Inc.	Healthcare Products
Subordinated Debt (j)			11.50%/0.00%	3/19/2021	9/19/2026	16,000	15,953	14,972
Common Equity (100 shares) (j)				3/19/2021			1,000	629
							16,953	15,601	3	%
Magenta Buyer LLC (dba Trellix)	Information Technology Services
Second Lien Debt (j)		(S + 8.25%) / (0.75%)	13.53%/0.00%	7/19/2022	7/27/2029	7,182	6,836	5,666	1	%
MBS Opco, LLC (dba Marketron)	Information Technology Services
First Lien Debt (j)		(S + 8.50%) / (1.50%)	14.00%/0.00%	9/29/2022	9/28/2026	27,000	26,890	27,000	6	%
Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.)	Component Manufacturing

9

First Lien Debt (k)(as)		(S + 5.50%) / (0.50%)	9.32%/0.00%	2/17/2022	2/17/2027	11,223		11,162			11,223
Common Equity (14,400 units) (j)				2/17/2022				1,440			4,250
								12,602			15,473	3	%
Netbase Solutions, Inc. (dba Netbase Quid)	Information Technology Services
First Lien Debt ($3,300 unfunded commitment) (i)(k)(ap)		(P + 4.00%) / (3.25%)	12.25%/0.00%	11/18/2021	11/18/2025	16,708		16,634			16,708	3	%
NGT Acquisition Holdings, LLC (dba Techniks Industries)	Component Manufacturing
Common Equity (378 units) (j)				5/24/2017				500			97	0	%
NWS Technologies, LLC	Utilities: Services
First Lien Debt (az)		(S + 8.00%) / (2.50%)	15.57%/0.00%	6/20/2023	6/16/2028	17,000		16,747			16,747
Common Equity (1 units) (h)(j)				6/20/2023				1,125			1,125
Preferred Equity (0.375 units) (h)(j)				6/20/2023				375			375
								18,247			18,247	4	%
OnePath Systems, LLC	Information Technology Services
First Lien Debt (s)		(S + 7.50%) / (1.00%)	12.74%/0.00%	9/30/2022	9/30/2027	11,000		10,930			11,000
Common Equity (732,542 shares) (j)				9/30/2022				500			699
								11,430			11,699	3	%
Palmetto Moon, LLC	Retail
Common Equity (499 units) (j)				11/3/2016				265			393	0	%
Pinnergy, Ltd.	Oil & Gas Services
Subordinated Debt (j)			9.00%/0.00%	6/30/2022	6/30/2027	13,000		12,940			13,000	3	%
Pool & Electrical Products, LLC	Specialty Distribution
Common Equity (18,298 units) (h)(j)				10/28/2020				549			4,287	1	%
Power Grid Components, Inc.	Specialty Distribution
Second Lien Debt (k)			11.50%/0.00%	4/12/2018	12/2/2025	15,270		15,232			15,270
Preferred Equity (392 shares) (j)				4/12/2018				392			657
Preferred Equity (48 shares) (j)				12/2/2019				48			81
Common Equity (10,622 shares) (j)				4/12/2018				462			4,294
								16,134			20,302	4	%
PowerGrid Services Acquisition, LLC	Utilities: Services
Second Lien Debt (j)		(L + 9.50%) / (1.00%)	15.04%/0.00%	9/21/2021	3/21/2029	10,831		10,790			10,831
Common Equity (5,341 units) (h)(j)				9/21/2021				534			562
								11,324			11,393	2	%
Prime AE Group, Inc.	Business Services
First Lien Debt (j)(ab)		(S + 6.75%) / (2.00%)	12.25%/0.00%	11/25/2019	11/25/2024	5,833		5,779			5,833
Preferred Equity (900,000 shares) (j)				11/25/2019				900			140
								6,679			5,973	1	%
Puget Collision, LLC	Retail
First Lien Debt (k)		(S + 9.50%) / (1.00%)	14.65%/0.00%	4/28/2023	9/12/2027	5,100		5,075			5,075	1	%
QED Technologies International, Inc.	Component Manufacturing
First Lien Debt (q)		(S + 6.00%) / (1.50%)	11.39%/0.00%	3/1/2023	3/1/2028	17,348		17,227			17,227
Common Equity (140 shares) (j)				2/28/2023				1,402			1,402
								18,629			18,629	4	%
Quest Software US Holdings Inc.	Information Technology Services
Second Lien Debt (j)		(S + 7.50%) / (0.50%)	12.69%/0.00%	3/1/2022	2/1/2030	20,000		19,404			15,774	3	%
R1 Holdings, LLC (dba RoadOne IntermodaLogistics)	Transportation services
First Lien Debt ($1,727 unfunded commitment) (j)(ac)		(S + 6.25%) / (1.00%)	11.49%/0.00%	12/30/2022	12/30/2028	6,244		6,047			6,244
Subordinated Debt ($417 unfunded commitment) (j)(ac)			8.75%/5.00%	12/30/2022	6/30/2029	1,367		1,325			1,367
Common Equity (280,000 units) ($70 unfunded commitment) (j)				12/30/2022				280			418
								7,652			8,029	2	%
Road Safety Services, Inc.	Business Services
Second Lien Debt (k)			11.25%/2.50%	9/18/2018	9/18/2025	21,087		21,033			20,733
Common Equity (779 units)				9/18/2018				1,121			1,695
Common Equity (97 units) (j)				2/3/2023				430			479
								22,584			22,907	5	%
Sonicwall US Holdings, Inc.	Information Technology Services
Second Lien Debt (j)		(S + 7.50%) / (0.00%)	12.66%/0.00%	9/6/2022	5/18/2026	4,774		4,546			4,756	1	%
Suited Connector LLC	Information Technology Services
Second Lien Debt (j)(y)			0.00%/14.00%	10/29/2021	6/1/2028	16,000		15,933			5,986
Common Equity (19,099 units) (h)(j)				12/1/2021				808			—
								16,741			5,986	1	%
Tedia Company, LLC	Healthcare Products
First Lien Debt (j)		(S + 7.75%) / (1.00%)	12.90%/0.00%	3/4/2022	3/4/2027	15,600		15,536			15,600
Revolving Loan ($2,400 unfunded commitment) (j)(i)			12.90%/0.00%	3/4/2022	3/4/2027	—		(16	)		—
Subordinated Debt (j)			7.25%/7.25%	3/4/2022	9/4/2027	2,754		2,742			3,250
Preferred Equity (Series A) (1,000 units) (h)(j)				3/4/2022				1,000			1,405
								19,262			20,255	4	%
Tiger Calcium Services Inc. (aw)	Transportation services
Second Lien Debt (j) (ao)			12.50%/0.00%	12/21/2022	5/31/2025	12,500		12,451			12,500	3	%
UBEO, LLC	Business Services
Common Equity (705,000 units) (h)(j)				4/3/2018				655			1,944	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	%
US Fertility Enterprises, LLC	Healthcare Services
Subordinated Debt (j)			0.00%/13.75%	5/19/2023	6/1/2028	12,705		12,339			12,339	3	%
USG AS Holdings, LLC	Utilities: Services
First Lien Debt (j)		(S + 8.50%) / (2.50%)	13.54%/0.00%	2/23/2023	2/23/2028	10,000		9,907			9,907
Common Equity (Units N/A) (j)				2/21/2023				1,000			1,000
								10,907			10,907	2	%
Virginia Tile Company, LLC	Specialty Distribution
Common Equity (17 units) (j)				12/19/2014				78			1,371	0	%
Virtex Enterprises, LP	Component Manufacturing
Second Lien Debt (y)		(S + 9.75%) / (1.00%)	15.14%/0.00%	4/13/2022	10/13/2027	11,002		10,906			6,294	1	%
Winona Foods, Inc.	Specialty Distribution
First Lien Debt (j)(am)		(L + 12.00%) / (1.00%)	17.54%/0.00%	4/1/2021	4/1/2026	4,000		3,921			4,000
First Lien Debt		(L + 13.00%) / (1.00%)	18.54%/0.00%	4/1/2021	4/1/2026	7,000		6,971			7,000
								10,892			11,000	2	%
Wonderware Holdings, LLC (dba CORE Business Technologies)	Information Technology Services
First Lien Debt (k)(z)		(L + 7.25%) / (1.00%)	12.43%/0.00%	2/10/2021	2/9/2026	8,316		8,285			8,316	2	%
Worldwide Express Operations, LLC	Transportation services
Second Lien Debt (j)		(S + 7.00%) / (0.75%)	12.50%/0.00%	8/2/2021	7/26/2029	27,497		26,479			26,809
Common Equity (795,000units) (j)				7/21/2021				795			901
Common Equity (752,380 units) (h)(j)				7/26/2021				225			696
								27,499			28,406	6	%
Zonkd, LLC	Component Manufacturing
First Lien Debt (j)		(L + 10.00%) / (1.00%)	16.50%/0.00%	3/18/2022	3/18/2027	5,000		4,829			4,973
Common Equity (4,987 units) (h)(j)				3/18/2022				169			71
								4,998			5,044	1	%
Total Non-control/Non-affiliate Investments							$	832,589		$	831,791	172	%

10

Total Investments	$	895,168	$	928,722	192	%
Money market funds (included in cash and cash equivalents)
Goldman Sachs Financial Square Treasury Obligation Institution CUSIP (38141W323) (ad)	$	37,650	$	37,650	8	%
Total money market funds	$	37,650	$	37,650	8	%
Total Investments and Money Market Funds	$	932,818	$	966,372	200	%

(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), Prime (P) or SOFR (S), 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 June 30, 2023.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of June 30, 2023. 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 June 30, 2023. 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 5.72% 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) 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 2.50% 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.

(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 3.34% 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 2.25% 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 2.89% and PIK interest amount of 0.96% 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 3.13% 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.

(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 6.23% 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 2.56% 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.

(y) Investment was on non-accrual status as of June 30, 2023.

(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 4.33% 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 7.72% 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 June 30, 2023. 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) 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.

(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 3.31% 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 4.57% 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 4.26% 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 3.48% 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 5.13% 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.

(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 5.03% 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 cannot 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 June 30, 2023, total non-qualifying assets at fair value represented 1.30% 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 1.25% 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 3.38% 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 2.72% 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 6.32% 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.

(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 2.56% 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.

(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 3.25% 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.

11

(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 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.

(aw) The headquarters of this portfolio company is located in Canada.

(ax) The disclosed commitment represents the unfunded amount as of June 30, 2023. The Company is earning 0.75% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

(ay) 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 1.20% 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.

(az) 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 2.36% 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.

See Notes to Consolidated Financial Statements (unaudited).

12

FIDUS INVESTMENT CORPORATION

Consolidated Schedule of Investments

December 31, 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)
EBL, LLC (EbLens)	Retail
Second Lien Debt (j)(y)			0.00%/13.00%	10/3/2022	10/3/2025	$	9,350	$	9,332	$	—
Common Equity (75,000 units) (j)				7/13/2017					750		—
Common Equity (375 units) ($375 unfunded commitment) (j)				10/3/2022					1,000		—
									11,082		—		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								$	17,915	$	—		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 (5,690 units) (h) (j)				12/31/2021					5,690		5,897
Common Equity (7,113 units) (h) (j)				12/31/2021					7,113		7,669
Common Equity (2,012 units) (h) (j)				12/31/2021					-		-
									22,405		23,168		4	%
Medsurant Holdings, LLC	Healthcare Services
Preferred Equity (84,997 units) (h)(j)				4/12/2011					716		591
Warrant (252,588 units) (h)(j)(m)				4/12/2011					2,258		1,949
									2,974		2,540		1	%
Pfanstiehl, Inc.	Healthcare Products
Subordinated Debt (j)			10.00%/0.00%	8/2/2022	8/2/2027		10,000		9,954		9,954
Common Equity (2,550 units) (j)				3/29/2013					255		42,038
									10,209		51,992		11	%
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)	Aerospace & Defense Manufacturing
First Lien Debt (k)(ag)		(L + 5.50%) / (1.00%)	10.23%/0.00%	2/12/2021	2/11/2026		15,000		14,931		14,999
Common Equity (12,035 units) (j)				8/25/2021					1,204		1,204
Common Equity (38,493 units) (j)				12/16/2022					2,609		2,443
Common Equity (4,663 units) (j)				9/16/2022					472		472
									19,216		19,118		4	%
Steward Holding LLC (dba Steward Advanced Materials)	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units)				11/12/2015					1,000		4,772		1	%
Total Affiliate Investments								$	55,804	$	101,590		21	%
Non-control/Non-affiliate Investments
2KDirect, Inc. (dba iPromote)	Information Technology Services
First Lien Debt (k)(at)		(L + 6.75%) / (0.50%)	11.48%/0.00%	6/25/2021	6/25/2026	$	11,558	$	11,497	$	11,560
First Lien Debt (j)(aa)		(L + 6.75%) / (0.50%)	11.48%/0.00%	7/30/2021	6/25/2026		3,556		3,556		3,556
Common Equity (1,000,000 units)				6/25/2021					1,000		477
									16,053		15,593		3	%
Acendre Midco, Inc.	Information Technology Services
First Lien Debt (j)		(S + 7.75%) / (0.50%)	12.30%/0.00%	10/6/2021	10/6/2026		5,500		5,488		5,500
First Lien Debt (j)		(S + 7.75%) / (0.50%)	12.30%/0.00%	10/6/2021	10/6/2026		12,500		12,450		12,500
Revolving Loan ($1,000 unfunded commitment) (j)(i)		(S + 7.50%) / (0.50%)	12.30%/0.00%	10/6/2021			—		—		—
Common Equity (500,000 shares) (j)				10/6/2021					371		433
Warrant (150,000 shares) (j)(m)				10/6/2021					129		130
Preferred Equity (77,016 shares) (j)				9/26/2022					88		143
									18,526		18,706		4	%
Aeronix Inc.	Aerospace & Defense Manufacturing
First Lien Debt (ai)		(L + 5.88%) / (0.50%)	10.63%/0.00%	6/11/2021	6/11/2026		14,250		14,184		14,250
Common Equity (549 units)				6/11/2021					593		779
									14,777		15,029		4	%
Allredi, LLC (fka Marco Group International OpCo, LLC)	Industrial Cleaning & Coatings
Second Lien Debt (y)			12.50%/2.25%	3/2/2020	9/2/2026		10,345		10,281		8,144
Common Equity (570,636 units) (h)(j)				7/21/2017					637		98
Common Equity (39,443 units) (h)(j)				11/24/2021					22		55
									10,940		8,297		2	%
American AllWaste LLC (dba WasteWater Transport Services)	Environmental Industries
First Lien Debt (j)(p)		(L + 6.15%) / (1.00%)	9.82%/0.00%	6/28/2021	6/28/2026		20,500		20,329		20,500
First Lien Debt (j)(o)		(L + 3.75%) / (1.00%)	7.42%/0.00%	6/28/2021	6/28/2026		330		330		325
Preferred Equity (500 units) (h)(j)				5/31/2018					500		547
Preferred Equity (207 units) (h)(j)				8/6/2019					250		264
Preferred Equity (141 units) (h)(j)				11/2/2020					171		180
Preferred Equity (74 units) (h)(j)				12/29/2021					97		101
									21,677		21,917		5	%
AmeriWater, LLC	Component Manufacturing
First Lien Debt (af)		(S + 6.25%) / (1.00%)	9.81%/0.00%	7/8/2022	7/8/2027		7,704		7,662		7,662
Subordinated Debt (j)			7.00%/7.00%	7/8/2022	1/8/2028		2,069		2,060		2,060
Common Equity (1,000 units) (h)(j)				7/8/2022					1,000		1,000
									10,722		10,722		2	%
AOM Intermediate Holdco, LLC (dba AllOver Media)	Information Technology Services

13

First Lien Debt (aq)		(S + 6.50%) / (0.75%)	10.31%/0.00%	2/1/2022	2/1/2027	10,000	9,940	10,000
Common Equity (750 units) (h)(j)				2/1/2022			750	741
							10,690	10,741	2	%
APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.)	Building Products Manufacturing
First Lien Debt (av)		(S + 7.00%) / (2.00%)	11.21%/0.00%	11/8/2022	11/8/2027	15,000	14,890	14,890
Common Equity (1,200 units) (h)(j)				11/8/2022			1,200	1,200
							16,090	16,090	4	%
Applied Data Corporation	Information Technology Services
First Lien Debt (k)(v)		(S + 6.25%) / (1.50%)	10.07%/0.00%	11/6/2020	11/6/2025	19,005	18,916	19,005
Common Equity (24 units)				11/6/2020			66	465
Preferred Equity (1,184,711 units)				11/6/2020			1,185	1,364
							20,167	20,834	5	%
Auto CRM LLC (dba Dealer Holdings)	Information Technology Services
First Lien Debt (au)		(P + 5.50%) / (3.25%)	13.00%/0.85%	10/1/2021	10/1/2026	7,581	7,525	7,581
Subordinated Debt			0.00%/12.75%	10/1/2021	12/31/2026	587	584	587
Common Equity (500 units) (j)				10/1/2021			500	471
							8,609	8,639	2	%
BCM One Group Holdings, Inc.	Information Technology Services
Subordinated Debt (j)			10.25%/0.00%	11/17/2021	11/17/2028	11,333	11,279	11,333	2	%
Bedford Precision Parts LLC	Specialty Distribution
Common Equity (500,000 units) (h)(j)				3/12/2019			484	486	0	%
BP Thrift Buyer, LLC (dba myUnique and Ecothrift)	Retail
First Lien Debt (j)(al)		(S + 5.75%) / (1.50%)	9.31%/0.00%	9/13/2022	9/13/2027	20,000	19,564	19,564
Common Equity (1,000 units) (j)				9/13/2022			1,000	1,000
							20,564	20,564	4	%
Cardback Intermediate, LLC (dba Chargeback Gurus)	Information Technology Services
First Lien Debt (j)(ah)		(L + 6.50%) / (0.75%)	10.24%/0.00%	8/10/2021	8/10/2026	12,541	12,485	12,541
Common Equity (495 shares) (j)				8/10/2021			125	33
Preferred Equity (495 shares) (j)				8/10/2021			125	277
							12,735	12,851	3	%
Cardboard Box LLC (dba Anthony's Coal Fired Pizza) (ad)	Restaurants
Common Equity (14,201 units) (j)(ao)				11/3/2022			521	18
Preferred Equity (9,787 units) (j)(ao)				11/3/2022			96	292
							617	310	0	%
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC)	Information Technology Services
First Lien Debt (j)		(S + 7.25%) / (1.00%)	11.06%/0.00%	4/1/2022	4/1/2027	8,500	8,460	8,500
Revolving Loan ($1,000 unfunded commitment) (i)(j)		(S + 6.25%) / (1.00%)	10.06%/0.00%	4/1/2022	4/1/2027	—	—	—
							8,460	8,500	2	%
CIH Intermediate, LLC	Business Services
Subordinated Debt (k)			10.00%/1.00%	3/3/2022	3/3/2028	13,751	13,634	13,751
Common Equity (563 shares) (j)				3/3/2022			400	425
Preferred Equity (563 shares) (j)				3/3/2022			400	853
							14,434	15,029	3	%
Combined Systems, Inc.	Aerospace & Defense Manufacturing
First Lien Debt		(L + 11.00%) / (2.00%)	17.74%/0.00%	1/31/2020	1/31/2025	4,890	4,866	4,890
First Lien Debt		(L + 11.00%) / (2.00%)	18.75%/0.00%	12/22/2022	2/15/2023	475	475	475
Revolving Loan ($162 unfunded commitment) (j)(ac)		(L + 10.00%) / (2.00%)	16.74%/0.00%	1/31/2020	1/31/2025	3,838	3,828	3,838
							9,169	9,203	2	%
Comply365, LLC	Aerospace & Defense Manufacturing
Common Equity (1,000,000 units)				12/11/2020			627	1,143	0	%
CRS Solutions Holdings, LLC (dba CRS Texas)	Business Services
Common Equity (Class A Units) (574,929 units) (h)(j)				6/28/2022			272	212	0	%
Dataguise, Inc.	Information Technology Services
Subordinated Debt (j)			11.00%/3.00%	12/30/2022	11/23/2027	20,763	20,712	20,714
Common Equity (909 shares) (j)				12/31/2020			1,500	569
							22,212	21,283	5	%
Diversified Search LLC	Business Services
First Lien Debt (k)(r)		(S + 6.50%) / (1.00%)	10.32%/0.00%	2/7/2019	2/7/2024	24,155	24,041	24,155
Common Equity (573 units) (h)(j)				2/7/2019			552	1,102
							24,593	25,257	5	%
ECM Industries, LLC	Component Manufacturing
Common Equity (1,000,000 units) (h)(j)				4/30/2020			221	1,633	0	%
Education Incites, LLC (dba Acceleration Academies)	Business Services
Second Lien Debt			12.75%/0.00%	10/31/2022	10/29/2027	6,000	5,971	5,971	1	%
Elements Brands, LLC	Consumer Products
First Lien Debt			12.25%/0.00%	12/31/2020	6/30/2024	1,775	1,755	1,775
Revolving Loan (j)			12.25%/0.00%	12/31/2020	6/30/2024	1,500	1,490	1,500
							3,245	3,275	1	%
Fishbowl Solutions, LLC	Information Technology Services
First Lien Debt (ar)		(S + 7.75%) / (1.00%)	12.57%/0.00%	3/25/2022	3/25/2027	14,428	14,335	14,427	3	%
Global Plasma Solutions, Inc.	Component Manufacturing
Common Equity (947 shares) (j)				9/21/2018			52	283	0	%
GP&C Operations, LLC (dba Garlock Printing and Converting)	Component Manufacturing
First Lien Debt (w)		(L + 8.25%) / (1.00%)	13.01%/0.00%	1/22/2021	1/22/2026	11,000	10,899	11,000
Common Equity (515,625 units) (h)(j)				1/22/2021			516	313
							11,415	11,313	3	%
Green Cubes Technology, LLC (dba Green Cubes)	Information Technology Services
First Lien Debt (j)		(L + 13.00%) / (0.00%)	17.77%/0.00%	12/17/2021	12/17/2024	13,000	12,952	13,000	3	%

14

Gurobi Optimization, LLC	Information Technology Services
Common Equity (3 shares)				12/19/2017			605	2,381	0	%
Haematologic Technologies, Inc.	Healthcare Services
First Lien Debt (x)		(L + 8.25%) / (2.00%)	12.98%/0.00%	10/11/2019	10/11/2024	5,378	5,363	5,378
Common Equity (630 units) (h)(j)				10/11/2019			630	415
							5,993	5,793	1	%
Hallmark Health Care Solutions, Inc.	Healthcare Services
First Lien Debt (j)(ae)		(L + 7.25%) / (1.50%)	10.99%/0.00%	12/4/2020	12/4/2025	8,361	8,323	8,361
Common Equity (750,000 units) (j)				12/4/2020			750	3,517
							9,073	11,878	3	%
Healthfuse, LLC	Healthcare Services
Preferred Equity (197,980 units)				11/13/2020			748	1,376	0	%
Hub Acquisition Sub, LLC (dba Hub Pen)	Promotional products
Second Lien Debt (k)			12.50%/1.00%	3/23/2016	12/15/2023	25,007	25,005	25,006
Common Equity (3,750 units)				3/23/2016			62	708
Preferred Equity (868 units) (j)				10/16/2020			153	218
							25,220	25,932	5	%
IBH Holdings, LLC (fka Inflexxion, Inc.)	Business Services
Common Equity (150,000 units)				6/20/2018			—	346	0	%
Ipro Tech, LLC	Information Technology Services
First Lien Debt (j)(u)		(S + 7.00%) / (1.00%)	11.69%/1.00%	6/30/2020	7/28/2025	19,773	19,083	19,773
Preferred Equity (682,075 units) (j)				7/28/2021			682	1,023
							19,765	20,796	4	%
ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.)	Business Services
First Lien Debt (j)(aj)		(L + 7.50%) / (0.50%)	11.17%/0.00%	4/5/2021	4/5/2026	12,175	12,106	12,175
First Lien Debt (j)(an)		(L + 7.50%) / (0.50%)	11.17%/0.00%	6/30/2021	4/5/2026	12,994	12,994	12,994
Common Equity (256,964 units) (h)(j)				4/5/2021			500	666
							25,600	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	1/28/2025	2,368	2,368	2,123	0	%
The Kyjen Company, LLC (dba Outward Hound)	Consumer Products
Common Equity (855 shares) (j)				12/8/2017			933	110	0	%
Level Education Group, LLC (dba CE4Less)	Business Services
First Lien Debt (ak)		(L + 6.75%) / (0.50%)	10.49%/0.00%	4/1/2021	4/1/2026	5,165	5,138	5,165
Common Equity (1,000,000 units) (j)				4/1/2021			1,000	1,263
							6,138	6,428	1	%
LifeSpan Biosciences, Inc.	Healthcare Products
Subordinated Debt (j)			11.50%/0.00%	3/19/2021	9/19/2026	16,000	15,946	15,418
Common Equity (100 shares) (j)				3/19/2021			1,000	605
							16,946	16,023	3	%
Magenta Buyer LLC (dba Trellix)	Information Technology Services
Second Lien Debt (j)		(L + 8.25%) / (0.75%)	12.98%/0.00%	7/19/2022	7/27/2029	7,182	6,809	7,126	1	%
MBS Opco, LLC (dba Marketron)	Information Technology Services
First Lien Debt (j)		(S + 8.50%) / (1.50%)	13.34%/0.00%	9/29/2022	9/28/2026	27,000	26,873	26,873	6	%
Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.)	Component Manufacturing
First Lien Debt (k) (as)		(S + 5.50%) / (0.50%)	9.32%/0.00%	2/17/2022	2/17/2027	11,223	11,154	11,223
Common Equity (14,400 units) (j)				2/17/2022			1,440	3,173
							12,594	14,396	3	%
Mobilewalla, Inc.	Information Technology Services
First Lien Debt (j)		(L + 11.50%) / (0.50%)	16.26%/0.00%	12/17/2021	12/17/2024	5,715	5,696	5,715	1	%
Netbase Solutions, Inc. (dba Netbase Quid)	Information Technology Services
First Lien Debt ($3,300 unfunded commitment) (i)(k)(ap)		(P + 4.00%) / (3.25%)	11.50%/0.00%	11/18/2021	11/18/2025	16,708	16,618	16,852	4	%
NGT Acquisition Holdings, LLC (dba Techniks Industries)	Component Manufacturing
Common Equity (378 units) (j)				5/24/2017			500	121	0	%
OnePath Systems, LLC	Information Technology Services
First Lien Debt (s)		(S + 7.50%) / (1.00%)	12.08%/0.00%	9/30/2022	9/30/2027	11,000	10,922	10,922
Common Equity (732,542 shares) (j)				9/30/2022			500	500
							11,422	11,422	3	%
Palmetto Moon, LLC	Retail
Common Equity (499 units) (j)				11/3/2016			265	453	0	%
Pinnergy, Ltd.	Oil & Gas Services
Subordinated Debt (j)			9.00%/0.00%	6/30/2022	6/30/2027	13,000	12,933	13,000	3	%
Pool & Electrical Products, LLC	Specialty Distribution
Common Equity (15,000 units) (h)(j)				10/28/2020			549	4,835	1	%
Power Grid Components, Inc.	Specialty Distribution
Second Lien Debt (k)			11.00%/0.50%	4/12/2018	12/2/2025	17,734	17,689	17,734
Preferred Equity (392 shares) (j)				4/12/2018			392	624
Preferred Equity (48 shares) (j)				12/2/2019			48	77
Common Equity (10,622 shares) (j)				4/12/2018			462	1,776
							18,591	20,211	4	%
PowerGrid Services Acquisition, LLC	Utilities: Services
Second Lien Debt (j)		(L + 9.50%) / (1.00%)	14.23%/0.00%	9/21/2021	3/21/2029	10,831	10,786	10,831
Common Equity (5,341 units) (h)(j)				9/21/2021			534	588
							11,320	11,419	2	%
Prime AE Group, Inc.	Business Services
First Lien Debt (j)		(S + 6.75%) / (2.00%)	11.59%/0.00%	11/25/2019	11/25/2024	5,833	5,760	5,833
Preferred Equity (900,000 shares) (j)				11/25/2019			900	404
							6,660	6,237	1	%
Quest Software US Holdings Inc.	Information Technology Services
Second Lien Debt (j)		(S + 7.50%) / (0.50%)	11.79%/0.00%	3/1/2022	2/1/2030	20,000	19,360	15,002	3	%

15

R1 Holdings, LLC (dba RoadOne IntermodaLogistics)	Transportation services
First Lien Debt ($2,489 unfunded commitment) (j)(ac)		(S + 6.25%) / (1.00%)	10.83%/0.00%	12/30/2022	12/30/2028	5,511		5,309			5,309
Subordinated Debt ($417 unfunded commitment) (j)(ac)			8.75%/5.00%	12/30/2022	6/30/2029	1,334		1,287			1,287
Common Equity (280,000 units) ($70 unfunded commitment) (j)				12/30/2022				280			280
								6,876			6,876	1	%
Rhino Assembly Company, LLC	Specialty Distribution
Second Lien Debt (k)			11.50%/0.00%	8/11/2017	2/11/2026	14,851		14,837			14,851
Common Equity (Class A Units) (10,915 units) (h)(j)				8/11/2017				1,125			2,379
Preferred Equity (Units N/A) (h)(j)				12/10/2020				268			307
Common Equity (Class F Units) (710 units) (h)(j)				12/10/2020				—			—
								16,230			17,537	4	%
Road Safety Services, Inc.	Business Services
Second Lien Debt			11.25%/2.00%	9/18/2018	9/18/2025	15,842		15,810			15,842
Common Equity (779 units)				9/18/2018				1,121			1,558
								16,931			17,400	4	%
Sonicwall US Holdings, Inc.	Information Technology Services
Second Lien Debt (j)		(L + 7.50%) / (0.00%)	12.20%/0.00%	9/6/2022	5/18/2026	4,774		4,508			4,733	1	%
Suited Connector LLC	Information Technology Services
Second Lien Debt (j)			12.00%/0.00%	10/29/2021	6/1/2028	16,000		15,933			10,726
Common Equity (7,500 units) (h)(j)				12/1/2021				750			12
								16,683			10,738	2	%
Tedia Company, LLC	Healthcare Products
First Lien Debt (j)		(S + 7.75%) / (1.00%)	11.57%/0.00%	3/4/2022	3/4/2027	15,600		15,527			15,600
Revolving Loan ($2,400 unfunded commitment) (j)(i)		(S + 7.75%) / (1.00%)	11.57%/0.00%	3/4/2022	3/4/2027	1,600		1,581			1,600
Delayed Draw Commitment ($3,000 unfunded commitment) (j)(ac)		(S + 7.75%) / (1.00%)	11.57%/0.00%	3/4/2022	3/4/2027	—		(14	)		—
Subordinated Debt (j)			7.25%/7.25%	3/4/2022	9/4/2027	2,656		2,643			3,750
Preferred Equity (Series A) (1,000 units) (h)(j)				3/4/2022				1,000			1,792
								20,737			22,742	5	%
Tiger Calcium Services Inc. (aw)	Transportation services
Second Lien Debt (j) (ao)			12.50%/0.00%	12/21/2022	5/31/2025	12,500		12,438			12,438	3	%
UBEO, LLC	Business Services
Common Equity (705,000 units) (h)(j)				4/3/2018				655			1,504	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				565			—
								1,573			—	0	%
Virginia Tile Company, LLC	Specialty Distribution
Common Equity (17 units) (j)				12/19/2014				79			845	0	%
Virtex Enterprises, LP	Component Manufacturing
Second Lien Debt		(S + 9.75%) / (1.00%)	14.48%/0.00%	4/13/2022	10/13/2027	11,002		10,906			5,887	1	%
Western's Smokehouse, LLC	Consumer Products
First Lien Debt (j)(ab)		(S + 6.50%) / (1.50%)	11.21%/0.00%	2/28/2020	12/23/2024	9,616		9,554			9,615
Delayed Draw Commitment ($2,702 unfunded commitment) (j)(i)(ax)		(S + 5.00%) / (1.50%)	9.71%/0.00%	6/29/2022	12/23/2024	798		791			798
								10,345			10,413	2	%
Winona Foods, Inc.	Specialty Distribution
First Lien Debt (j)(am)		(L + 12.00%) / (1.00%)	16.75%/0.00%	4/1/2021	4/1/2026	4,000		3,907			4,000
First Lien Debt		(L + 13.00%) / (1.00%)	17.75%/0.00%	4/1/2021	4/1/2026	7,000		6,966			7,000
								10,873			11,000	2	%
Wonderware Holdings, LLC (dba CORE Business Technologies)	Information Technology Services
First Lien Debt (k)(z)		(L + 7.25%) / (1.00%)	11.97%/0.00%	2/10/2021	2/9/2026	8,316		8,279			8,316	2	%
Worldwide Express Operations, LLC	Transportation services
Second Lien Debt (j)		(L + 7.00%) / (0.75%)	11.73%/0.00%	8/2/2021	7/26/2029	27,497		26,398			26,534
Common Equity (795,000units) (j)				7/21/2021				795			942
Common Equity (752,380 units) (h)(j)				7/26/2021				225			892
								27,418			28,368	6	%
Zonkd, LLC	Component Manufacturing
First Lien Debt (j)		(L + 10.00%) / (1.00%)	15.76%/0.00%	3/18/2022	3/18/2027	5,000		4,807			4,610
Common Equity (4,987 units) (h)(j)				3/18/2022				169			8
								4,976			4,618	1	%
Total Non-control/Non-affiliate Investments							$	754,974		$	758,739	158	%
Total Investments							$	828,693		$	860,329	179	%
Money market funds (included in cash and cash equivalents)
Goldman Sachs Financial Square Treasury Obligation Institution CUSIP (38141W323) (ad)							$	61,076		$	61,076	13	%
Total money market funds							$	61,076		$	61,076	13	%
Total Investments and Money Market Funds							$	889,769		$	921,405	192	%

(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), Prime (P) or SOFR (S), 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 December 31, 2022.

(e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2022. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

16

(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, 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 3.76% 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.

(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 4.24% 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 2.32% 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.

(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 2.93% 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 7.11% 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.

(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 2.73% 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.

(y) Investment was on non-accrual status as of December 31, 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 4.45% 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 1.77% 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, 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) 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.

(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 4.54% 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.

(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 1.63% 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 4.65% 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 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.

(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 5.72% 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, 2022, total non-qualifying assets at fair value represented 1.36% 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 1.25% 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 4.68% 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 2.72% 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 4.76% 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.

(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 2.21% 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.

17

(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 3.26% 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 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.

(aw) The headquarters of this portfolio company is located in Canada.

(ax) 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 5.75% 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.

See Notes to Consolidated Financial Statements.

18

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, 2022.

During fiscal year ended December 31, 2022, the Company elected to change the manner in which it presents residual investments in portfolio companies that have sold their operations and are in the process of winding down. These investments similar to escrow receivables are now included in prepaid expenses and other assets whereas previously they were included as a component of investments, at fair value, on the consolidated statements of assets and liabilities until the security was legally extinguished or relinquished. There is no change in historical net increase in net assets resulting from operations due to this change in presentation.

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:

19

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.

20

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 its securities, from time to time, in one or more offerings. 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, 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.

21

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 generally is required to timely distribute to its stockholders at least 90% 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% excise tax if it does not distribute at least 98% 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 U.S. 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 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, that have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax at corporate rates. 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 U.S. 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 June 30, 2023 and December 31, 2022. 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.

22

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

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 six months ended June 30, 2023 and 2022 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 six months ended June 30, 2023 and 2022. 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.

23

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 makes equity investments in portfolio companies organized as LLCs or other forms of pass-through entities 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 June 30, 2023, the Company had active investments in 79 portfolio companies and residual investments in two portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $928,722 and the weighted average effective yield on the Company’s debt investments was 14.5% as of such date. As of June 30, 2023, the Company held equity investments in 75.3% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 3.2%.

As of December 31, 2022, the Company had active investments in 76 portfolio companies and residual investments in two portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $860,329 and the weighted average effective yield on the Company’s debt investments was 13.8% as of such date. As of December 31, 2022, the Company held equity investments in 74.4% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 4.0%.

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 June 30, 2023 and December 31, 2022, 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 six months ended June 30, 2023 and 2022 totaled $147,348 and $160,098, respectively. Proceeds from sales and repayments, including principal, return of capital distributions and realized gains, of portfolio investments for the six months ended June 30, 2023 and 2022 totaled $76,503 and $68,008, respectively.

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

	Fair Value								Cost
	June 30,				December 31,				June 30,				December 31,
	2023				2022				2023				2022
First Lien Debt(1)	$	521,928	56.2	%	$	456,105	53.0	%	$	519,485	58.1	%	$	453,585	54.7	%
Second Lien Debt		161,690	17.4			182,948	21.3			187,655	21.0			213,654	25.8
Subordinated Debt		124,657	13.4			101,456	11.8			124,680	13.9			100,634	12.1
Equity		117,744	12.7			117,741	13.7			60,395	6.7			57,868	7.0
Warrants		2,703	0.3			2,079	0.2			2,953	0.3			2,952	0.4
Total	$	928,722	100.0	%	$	860,329	100.0	%	$	895,168	100.0	%	$	828,693	100.0	%

(1)Includes unitranche investments, which account for 42.7% and 44.1% of the Company's portfolio on a fair value and cost basis as of June 30, 2023, respectively. Includes unitranche investments, which account for 42.1% and 43.4% of the Company's portfolio on a fair value and cost basis as of December 31, 2022, respectively.

The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.

24

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

	Fair Value								Cost
	June 30,				December 31,				June 30,				December 31,
	2023				2022				2023				2022
United States
Midwest	$	166,352	17.9	%	$	180,556	21.0	%	$	124,569	13.9	%	$	132,177	16.0	%
Southeast		287,574	31.0			265,902	31.0			277,867	31.0			258,373	31.1
Northeast		157,713	17.0			127,427	14.8			153,739	17.2			134,897	16.3
West		149,861	16.1			151,487	17.6			166,955	18.7			161,935	19.5
Southwest		154,722	16.7			122,519	14.2			159,587	17.8			128,873	15.6
Canada		12,500	1.3			12,438	1.4			12,451	1.4			12,438	1.5
Total	$	928,722	100.0	%	$	860,329	100.0	%	$	895,168	100.0	%	$	828,693	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
	June 30,			December 31,				June 30,			December 31,
	2023			2022				2023			2022
First Lien Debt		108.0	%		95.0	%	United States
Second Lien Debt		33.4			38.1		Midwest		34.4	%		37.6	%
Subordinated Debt		25.8			21.1		Southeast		59.5			55.4
Equity		24.3			24.5		Northeast		32.6			26.5
Warrants		0.6			0.4		West		31.0			31.5
Total		192.1	%		179.1	%	Southwest		32.0			25.5
							Canada		2.6			2.6
							Total		192.1	%		179.1	%

As of June 30, 2023 and December 31, 2022, 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 June 30, 2023, the Company had no investments that exceeded 5% of total assets. As of December 31, 2022, the Company's investment in Pfanstiehl, Inc. totaled $51,992 or 5.6% of total assets on a fair value basis.

As of June 30, 2023 and December 31, 2022, the Company had debt investments in four portfolio companies on non-accrual status.

	June 30, 2023						December 31, 2022
	Fair						Fair
Portfolio Company	Value			Cost			Value			Cost
EBL, LLC (EbLens)	$	—	(2)	$	—	(2)	$	—		$	9,332
US GreenFiber, LLC		—			5,222			—			5,223
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)		2,123			2,368			2,123			2,368
Allredi, LLC (fka Marco Group International OpCo, LLC)		—	(3)		—	(3)		8,144			10,281
Suited Connector LLC		5,986			15,933			—	(1)		—	(1)
Virtex Enterprises, LP		6,294			10,906			—	(1)		—	(1)
Total	$	14,403		$	34,429		$	10,267		$	27,204

(1) (2) (3) Debt investment in portfolio company was not on non-accrual status as of December 31, 2022. Portfolio company debt investment was not held as of June 30, 2023. Portfolio company debt investment was not on non-accrual status as of June 30, 2023.

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, 2022 and any additions and reductions made to such investments during the six months ended June 30, 2023, the ending fair value as of June 30, 2023, and the total investment income earned on such investments during the period.

												Year Ended June 30, 2023
Portfolio Company (1)	June 30, 2023 Principal Amount - Debt Investments		December 31, 2022 Fair Value		Gross Additions (2)		Gross Reductions (3)			June 30, 2023 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
EBL, LLC (EbLens)	$	—	$	—	$	11,458	$	(11,458	)	$	—	$	(11,458	)	$	11,083		$	—	$	—	$	—	$	—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	5,226	$	—	$	11,458	$	(11,458	)	$	—	$	(11,458	)	$	11,083		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	23,168	$	1,440	$	—		$	24,608	$	—			1,440		$	483	$	—	$	—	$	—
Medsurant Holdings, LLC		—		2,540		845		(73	)		3,312		—			845			—		—		—		—
Pfanstiehl, Inc.		10,000		51,992		5		(4,812	)		47,185		—			(4,811	)		501		—		348		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		19,118		1,511		(4,247	)		16,382		—			(2,748	)		1,173		—		—		55
Steward Holding LLC (dba Steward Advanced Materials)		—		4,772		672		—			5,444		—			672			—		—		172		—
Total Affiliate Investments	$	34,602	$	101,590	$	4,473	$	(9,132	)	$	96,931	$	—		$	(4,602	)	$	2,157	$	—	$	520	$	55

25

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

(1)	The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt 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.

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 year ended December 31, 2022, including the total investment income earned on such investments during the period.

												Year Ended December 31, 2022
Portfolio Company (1)	December 31, 2022 Principal Amount - Debt Investments		December 31, 2021 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 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
EBL, LLC (EbLens) (5)	$	9,350	$	—	$	19,628	$	(19,628	)	$	—	$	—		$	(11,083	)	$	—	$	—	$	—	$	—
Hilco Plastics Holdings, LLC (dba Hilco Technologies)		—		—		353		(353	)	$	—		(352	)		—			—		—		—		—
Mesa Line Services, LLC		—		2,151		193		(2,344	)		—		194			(2,150	)		—		—		—		—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	14,576	$	2,151	$	20,174	$	(22,325	)	$	—	$	(158	)	$	(13,233	)	$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	22,405	$	13,566	$	(12,803	)	$	23,168	$	—			763		$	973	$	—	$	—	$	—
FAR Research Inc.		—		28		—		(28	)		—		—			(28	)		—		—		—		—
Medsurant Holdings, LLC		—		3,662		—		(1,122	)		2,540		—			(1,122	)		—		—		—		—
Mirage Trailers LLC		—		10,675		355		(11,030	)		—		324			(1,694	)		248		29		—		132
Pfanstiehl, Inc.		10,000		57,639		34,335		(39,982	)		51,992		24,330			(15,432	)		421		—		—		150
Pinnergy, Ltd. (6)		—		21,178		15,300		(36,478	)		—		15,300			(18,177	)		—		—		656		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		18,359		5,487		(4,728	)		19,118		(121	)		(1,723	)		1,822		—		—		175
Steward Holding LLC (dba Steward Advanced Materials)		—		3,338		1,434		—			4,772		—			1,434			—		1		69		—
Total Affiliate Investments	$	34,602	$	137,284	$	70,477	$	(106,171	)	$	101,590	$	39,833		$	(35,979	)	$	3,464	$	30	$	725	$	457

(1)	The investment type, industry, ownership detail for equity investments, interest rate, maturity date, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2022.
(6)	Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the year ended December 31, 2022.

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.

26

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 June 30, 2023. Therefore, the Company values such portfolio investments at fair value, as determined in good faith by the Board, using Level 3 inputs, with the exception of money market funds and one portfolio company that was valued using Level 1 inputs as of June 30, 2023. 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 quotations, 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.

The Board consulted with the independent third-party valuation firm(s) in arriving at our determination of fair value for 19 and 10 of our portfolio company investments representing 35.1% and 19.5% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the six months ended June 30, 2023 and 2022, respectively) as of six months ended June 30, 2023 and 2022, respectively.

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.

27

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 securities 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 investments, 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:

		June 30, 2023
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		521,928	$		521,928
Second Lien Debt			—			—			161,690			161,690
Subordinated Debt			—			—			124,657			124,657
Equity			267			—			117,477			117,744
Warrants			—			—			2,703			2,703
Money Market Funds			37,650			—			—			37,650
Total	$		37,917	$		—	$		928,455	$		966,372

		December 31, 2022
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		456,105	$		456,105
Second Lien Debt			—			—			182,948			182,948
Subordinated Debt			—			—			101,456			101,456
Equity			310			—			117,431			117,741
Warrants			—			—			2,079			2,079
Money Market Funds			61,076			—			-			61,076
Total	$		61,386	$		—	$		860,019	$		921,405

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 six months ended June 30, 2023 and 2022.

28

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 six months ended June 30, 2023 and 2022:

	First Lien			Second Lien			Subordinated
	Debt			Debt			Debt			Equity			Warrants			Total
Balance, December 31, 2021	$	354,922		$	158,815		$	36,064		$	165,762		$	3,204		$	718,767
Net realized gains (losses) on investments		—			—			—			25,176			—			25,176
Net change in unrealized appreciation (depreciation) on investments		379			(3,862	)		54			(23,048	)		(23	)		(26,500	)
Purchase of investments		91,247			31,895			32,471			4,485			—			160,098
Proceeds from sales and repayments of investments		(14,312	)		(18,731	)		-			(34,965	)		—			(68,008	)
Interest and dividend income paid-in-kind		366			409			139			—			—			914
Proceeds from loan origination fees		(669	)		(115	)		(239	)		—			—			(1,023	)
Accretion of loan origination fees		606			86			19			—			—			711
Accretion of original issue discount		10			50			—			—			—			60
Balance, June 30, 2022	$	432,549		$	168,547		$	68,508		$	137,410		$	3,181		$	810,195
Balance, December 31, 2022	$	456,105		$	182,948		$	101,456		$	117,431		$	2,079		$	860,019
Net realized gains (losses) on investments		—			(9,333	)		—			3,850			—			(5,483	)
Net change in unrealized appreciation (depreciation) on investments		(76	)		4,737			(842	)		(2,529	)		624			1,914
Purchase of investments		92,162			25,000			23,682			6,504			—			147,348
Proceeds from sales and repayments of investments		(26,264	)		(42,413	)		—			(7,779	)		—			(76,456	)
Interest and dividend income paid-in-kind		237			823			812			—			—			1,872
Proceeds from loan origination fees		(923	)		(331	)		(508	)		—			—			(1,762	)
Accretion of loan origination fees		653			68			54			—			—			775
Accretion of original issue discount		34			191			3			—			—			228
Balance, June 30, 2023	$	521,928		$	161,690		$	124,657		$	117,477		$	2,703		$	928,455

Net change in unrealized appreciation/(depreciation) of $(5,885) and $(6,345) for the three and six months ended June 30, 2023, respectively, was attributable to Level 3 investments held at June 30, 2023. Net change in unrealized appreciation/(depreciation) of $(5,656) and $(2,974) for the three and six months ended June 30, 2022, respectively, was attributable to Level 3 investments held at June 30, 2022.

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 June 30, 2023 and December 31, 2022. 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
	June 30, 2023		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	508,153	Discounted cash flow	Weighted average cost of capital	9.8% - 24.6% (15.9%)
		11,000	Enterprise value	Asset Coverage	1.0x - 1.0x (1.0x)
		2,775	Enterprise value	EBITDA multiples	4.3x - 4.3x (4.3x)
Second Lien Debt		159,567	Discounted cash flow (2)	Weighted average cost of capital	11.3% - 25.0% (15.1%)
		2,123	Enterprise value	Asset Coverage	0.8x - 0.8x (0.8x)
Subordinated Debt		124,657	Discounted cash flow	Weighted average cost of capital	9.2% - 18.8% (12.6%)
Equity investments:
Equity		110,580	Enterprise value	EBITDA multiples	3.5x - 16.0x (8.3x)
		6,897	Enterprise value	Revenue multiples	0.9x - 7.5x (5.8x)
Warrants		2,568	Enterprise value	EBITDA multiples	6.0x - 6.0x (6.0x)
		135	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 $53.0 million of debt investments which were valued using a trading discount to par.

29

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, 2022		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	441,830	Discounted cash flow	Weighted average cost of capital	8.9% - 21.9% (15.5%)
		11,000	Enterprise value	Asset Coverage	1.1x - 1.1x (1.1x)
		3,275	Enterprise value	Revenue multiples	4.3x - 4.3x (4.3x)
Second Lien Debt		180,825	Discounted cash flow (2)	Weighted average cost of capital	11.7% - 25.0% (14.5%)
		-	Enterprise value	EBITDA multiples	5.0x - 5.0x (5.0x)
		2,123	Enterprise value	Asset Coverage	0.8x - 0.8x (0.8x)
Subordinated Debt		97,706	Discounted cash flow	Weighted average cost of capital	10.0% - 15.2% (12.5%)
		3,750	Enterprise value	EBITDA multiples	8.5x - 8.5x (8.5x)
Equity investments:
Equity		111,808	Enterprise value	EBITDA multiples	4.0x - 16.8x (8.1x)
		5,623	Enterprise value	Revenue multiples	0.9x - 7.8x (6.4x)
Warrants		1,949	Enterprise value	EBITDA multiples	6.0x - 6.0x (6.0x)
		130	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.

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 June 30, 2023 and December 31, 2022.

	June 30, 2023(5)				December 31, 2022(5)
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
SBA debentures (2)	$	182,000	$	182,000	$	153,000	$	153,000
Credit Facility borrowings (3)		30,000		30,000		—		—
January 2026 Notes (4)		125,000		111,013		125,000		111,854
November 2026 Notes (4)		125,000		102,983		125,000		103,963
Total	$	462,000	$	425,996	$	403,000	$	368,817

(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 $16,552 and $16,880 of Secured Borrowings as of June 30, 2023 and December 31, 2022, respectively.

30

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 June 30, 2023 and December 31, 2022.

	Fair Value
	June 30,		December 31,
Valuation Inputs	2023		2022
Level 1	$	—	$	—
Level 2		—		—
Level 3		425,996		368,817
Total	$	425,996	$	368,817

Note 5. Related Party Transactions

Investment Advisory Agreement: The Company has entered into an Investment Advisory Agreement with the Investment Advisor. On June 8, 2023, the Board approved the renewal of the Investment Advisory Agreement for the period from June 20, 2023 through June 20, 2024. 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 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 effective April 1, 2021. The base management fee is payable quarterly in arrears. The base management fee under the Investment Advisory Agreement for the three and six months ended June 30, 2023 was $4,051 and $7,905, respectively, and $3,618 and $6,961 for the three and six months ended June 30, 2022, respectively. The base management fee waiver for the three and six months ended June 30, 2023 was $72 and $144, respectively, and $76 and $152 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023 and December 31, 2022, the base management fee payable (net of the base management fee waiver) was $3,979 and $3,769, 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), and 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. Under conditions such as the current rising interest rate environment, 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:

31

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 for the three and six months ended June 30, 2023 was $3,834 and $7,481, respectively, and $1,183 and $2,236 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023 and December 31, 2022, the income incentive fee payable was $3,834 and $3,035, 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, but excluding income tax (provision) benefit from deemed distribution of long term capital gains), 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 tax (provision) benefit on realized gains (losses), 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 June 30, 2023 and December 31, 2022, the capital gains incentive fee payable in cash was zero and $7,556, respectively (as cumulative aggregate realized capital gains and losses on investments exceeded aggregate unrealized capital depreciation on investments plus realized losses on extinguishment of debt as of December 31, 2022). The aggregate amount of capital gains incentive fees paid from the IPO through June 30, 2023 was $14,040.

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 six months ended June 30, 2023 was $(1,174) and $(1,021), respectively, and $(605) and $(335) for the three and six months ended June 30, 2022, respectively. As of June 30, 2023 and December 31, 2022, the accrued capital gains incentive fee payable was $14,083 and $22,659, 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.

32

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 8, 2023, the Board approved the renewal of the Administration Agreement for the period from June 20, 2023 through June 20, 2024. 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 six months ended June 30, 2023 was $618 and $1,091, respectively, and $510 and $932 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023 and December 31, 2022, the accrued administrative service expense payable was $419 and $700, respectively.

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 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 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 June 30, 2023 and December 31, 2022, the Company was in compliance in all material respects with the terms of the Credit Agreement.

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 June 30, 2023 and December 31, 2022, approved and unused SBA debenture commitments were $8,000 and $37,000, 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.

33

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

As of June 30, 2023 and December 31, 2022, the Company’s issued and outstanding SBA debentures mature as follows:

Pooling	Maturity	Fixed			June 30,		December 31,
Date (1)	Date	Interest Rate			2023		2022
3/25/2015	3/1/2025		3.277	%	$	1,500	$	1,500
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
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		43,500
9/21/2022	9/1/2032		4.533			17,500		17,500
3/22/2023	3/1/2033		5.439			4,000		4,000
3/22/2023	3/1/2033		5.341			3,000		3,000
3/22/2023	3/1/2033		5.341			3,000		3,000
3/22/2023	3/1/2033		5.439			5,000		5,000
3/22/2023	3/1/2033		5.439			5,000		5,000
3/22/2023	3/1/2033		5.341			7,000		7,000
3/22/2023	3/1/2033		5.341			4,000		—
(2)	(2)	(2)				8,000		—
(2)	(2)	(2)				12,000		—
(2)	(2)	(2)				5,000		—
Total outstanding SBA debentures					$	182,000	$	153,000

(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 $8,000, $12,000, and $5,000 in SBA debentures, each of which will pool in September 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 6.047%, 5.983%, and 5.988%, respectively. The Company expects the current interim interest rate will reset to a higher long-term fixed rate on the pooling date.

Notes: 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, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2,500 and offering expenses of $366, were approximately $122,134. 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 before October 31, 2025 (the date falling 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 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 $2,500 and offering expenses of $318, were approximately $122,177. 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 before August 15, 2026 (the date falling 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, including the Credit Facility.
 

34

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

Secured Borrowing

As of June 30, 2023 and December 31, 2022, the carrying value of secured borrowings totaled $16,552 and $16,880, respectively, and the fair value of the associated loans included in investments was $16,544 and $16,875, respectively. 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 9.1% and 7.8% as of June 30, 2023, and December 31, 2022, respectively.

Senior Securities

As of June 30, 2023, and December 31, 2022, the aggregate amount outstanding of the senior securities (including secured borrowings) issued by the Company was $296,552 and $266,880, respectively, for which our asset coverage was 263.0% and 280.0%, respectively. The SBA debentures are excluded from the definition “senior securities” in the asset coverage requirement applicable to the Company under the 1940 Act pursuant to 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 six months ended June 30, 2023 and 2022 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:

	Three Months Ended June 30, 2023										Three Months Ended June 30, 2022
	SBA		Credit		Secured						SBA		Credit		Secured
	debentures		Facility		Borrowings		Notes		Total		debentures		Facility		Borrowings		Notes		Total
Stated interest expense	$	1,547	$	525	$	412	$	2,578	$	5,062	$	911	$	387	$	229	$	2,578	$	4,105
Amortization of deferred financing costs		177		74		-		278		529		144		113		-		277		534
Total interest and financing expenses	$	1,724	$	599	$	412	$	2,856	$	5,591	$	1,055	$	500	$	229	$	2,855	$	4,639

	Six Months Ended June 30, 2023															Six Months Ended June 30, 2022
	SBA debentures			Credit Facility			Secured Borrowings			Notes			Total			SBA debentures			Credit Facility			Secured Borrowings			Notes			Total
Stated interest expense	$	2,919		$	855		$	801		$	5,156		$	9,731		$	1,650		$	750		$	437		$	5,156		$	7,993
Amortization of deferred financing costs		345			147			-			553			1,045			282			225			-			551			1,058
Total interest and financing expenses	$	3,264		$	1,002		$	801		$	5,709		$	10,776		$	1,932		$	975		$	437		$	5,707		$	9,051
Weighted average stated interest rate, period end		3.905	%		7.891	%		9.101	%		4.125	%		4.450	%		2.846	%	N/A				5.119	%		4.125	%		3.753	%
Unused commitment fee rate, period end	N/A				0.655	%	N/A			N/A				0.655	%	N/A				1.375	%	N/A			N/A				1.375	%

Realized Losses on Extinguishment of Debt

During the six months ended June 30, 2023 and 2022, the Company prepaid zero and $20,000 of SBA debentures, respectively, which were scheduled to mature on dates ranging from 2025 to 2028. As a result of the prepayments, the Company recognized realized losses on extinguishment of debt of zero and $198, respectively, equal to the write-off of the related unamortized deferred financing costs, during the six months ended June 30, 2023 and 2022.

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 June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023												December 31, 2022
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
SBA debenture commitment fees	$	3,000		$	—		$	—		$	3,000		$	3,000		$	—		$	—		$	3,000
SBA debenture leverage fees		7,095			—			—			7,095			6,389			—			—			6,389
Credit Facility upfront fees		—			4,417			—			4,417			—			4,417			—			4,417
Notes underwriting discounts		—			—			5,005			5,005			—			—			5,005			5,005
Notes debt issue costs		—			—			685			685			—			—			685			685
Total deferred financing costs		10,095			4,417			5,690			20,202			9,389			4,417			5,690			19,496
Less: accumulated amortization		(5,210	)		(3,185	)		(2,370	)		(10,765	)		(4,865	)		(3,037	)		(1,818	)		(9,720	)
Unamortized deferred financing costs	$	4,885		$	1,232		$	3,320		$	9,437		$	4,524		$	1,380		$	3,872		$	9,776

35

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

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 June 30, 2023 and December 31, 2022:

	June 30, 2023(1)												December 31, 2022(1)
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
Outstanding debt	$	182,000		$	30,000		$	250,000		$	462,000		$	153,000		$	—		$	250,000		$	403,000
Less: unamortized deferred financing costs		(4,885	)		(1,232	)		(3,320	)		(9,437	)		(4,524	)		(1,380	)		(3,872	)		(9,776	)
Debt, net of deferred financing costs	$	177,115		$	28,768		$	246,680		$	452,563		$	148,476		$	(1,380	)	$	246,128		$	393,224

(1)Total excludes $16,552 and $16,880 of Secured Borrowings as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, the Company’s debt liabilities are scheduled to mature as follows (1):

	SBA		Credit		Secured
Year	debentures		Facility (2)		Borrowings		Notes		Total
2024	$	—	$	—	$	—	$	—	$	—
2025		1,500		—		—		—		1,500
2026		4,500		—		16,552		250,000		271,052
2027		34,000		30,000		—		—		64,000
2028		—		—		—		—		—
Thereafter		142,000		—		—		—		142,000
Total	$	182,000	$	30,000	$	16,552	$	250,000	$	478,552

(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.

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 $12,301 and $16,915 as of June 30, 2023 and December 31, 2022, respectively. Such outstanding commitments are summarized in the following table:

	June 30, 2023				December 31, 2022
	Total		Unfunded		Total		Unfunded
Portfolio Company - Investment	Commitment		Commitment		Commitment		Commitment
Acendre Midco, Inc. - Revolving Loan	$	1,000	$	1,000	$	1,000	$	1,000
American AllWaste LLC (dba WasteWater Transport Services) - First Lien Debt		2,500		2,225		—		—
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan		1,000		1,000		1,000		1,000
Combined Systems, Inc. - Revolving Loan		4,000		162		4,000		162
EBL, LLC (EbLens) - Common Equity (Units)		—		—		375		375
Elements Brands, LLC - Revolving Loan		1,500		—		1,500		—
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out)		300		300		300		300
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out)		3,000		3,000		3,000		3,000
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - First Lien Debt		2,489		1,727		2,489		2,489
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Senior Subordinated Debt		417		417		417		417
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Common Equity		70		70		70		70
Tedia Company, LLC - Revolving Loan		2,400		2,400		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		2,702
Total	$	18,676	$	12,301	$	24,651	$	16,915

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.

36

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

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, except for the issuances under the ATM Program as described further below.

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.

Equity ATM Program

On November 10, 2022, the Company established the at-the-market program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through Raymond James & Associates, Inc. and B. Riley Securities, Inc., each as sales agents, shares of the Company’s common stock having an aggregate offering price of up to $50,000. The gross proceeds raised, the related sales agent commissions and the offering expenses, the net proceeds raised, and the average price at which shares were issued under the ATM Program for the six months ended June 30, 2023 and 2022 are as follows:

			Average				Underwriting
	Number of		Offering		Gross		Fees and		Net
Six Months Ended June 30, 2022	Shares		Price		Proceeds		Commissions		Proceeds
January 1, 2022 through March 31, 2022		-	$	-	$	-	$	-	$	-
April 1, 2022 through June 30, 2022		-		-		-		-		-
Total		-	$	-	$	-	$	-	$	-
Six Months Ended June 30, 2023
January 1, 2023 through March 31, 2023		260,610	$	20.68	$	5,389	$	81	$	5,308
April 1, 2023 through June 30, 2023		246,574		19.93		4,914		74		4,840
Total		507,184	$	20.31	$	10,303	$	155	$	10,148

Cumulative to date, the Company has sold 797,572 shares of common stock under the ATM Program at a weighted-average price of $20.32, raising $16,203 of gross proceeds. Net proceeds were $15,960 after commissions to the sales agents on shares sold. As of June 30, 2023, the Company has $33,797 available under the ATM Program.

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 six months ended June 30, 2023 and 2022.

DRIP Program

37

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

The Company issued 30,836 and 30,836 shares of common stock under the DRIP during the three and six months ended June 30, 2023, respectively. No shares under the DRIP were issued during the three and six months ended June 30, 2022. Refer to Note 9 for additional information regarding the issuance of shares under the DRIP.

The Company had 25,265,808 and 24,727,788 shares of common stock outstanding as of June 30, 2023 and December 31, 2022, respectively. The proceeds receivable from stock offerings of $895 as presented on the consolidated statements of assets and liabilities as of June 30, 2023, were collected in July 2023.

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 six months ended June 30, 2023.

									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, 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		7820		7820			—	(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	$	—			—
Year Ended December 31, 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		8,902		8,902		—	(3)		—	(3)		—
8/01/2022 (2)	12/2/2022	12/16/2022		0.07		1,731		1,731		—	(3)		—	(3)		—
11/03/2022 (2)	12/2/2022	12/16/2022		0.08		1,978		1,978		—	(3)		—	(3)		—
11/03/2022 (1)	12/2/2022	12/16/2022		0.10		2,473		2,473		—	(3)		—	(3)		—
			$	2.00	$	49,052	$	49,052	$	—			—
Six Months Ended June 30, 2023:
2/15/2023	3/22/2023	3/29/2023	$	0.41	$	10,245	$	10,245	$	—	(3)		—	(3)		—
2/15/2023 (2)	3/22/2023	3/29/2023		0.15		3,748		3,748		—	(3)		—	(3)		—
2/15/2023 (1)	3/22/2023	3/29/2023		0.10		2,499		2,499		—	(3)		—	(3)		—
5/02/2023	6/21/2023	6/28/2023		0.41		10,340		9,987		353			18,061			19.56
5/02/2023 (2)	6/21/2023	6/28/2023		0.19		4,792		4,628		164			8,370			19.56
5/02/2023 (1)	6/21/2023	6/28/2023		0.10		2,522		2,436		86			4,405			19.56
			$	1.36	$	34,146	$	33,543	$	603			30,836

(1)	Special dividend
(2)	Supplemental dividend
(3)	During the six months ended June 30, 2023 and the years ended December 31, 2022 and 2021, 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
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
Year Ended December 31, 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
October 1, 2022 through December 31, 2022		23,026		18.99		437
Total		84,753	$	18.61	$	1,577

38

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
Six Months Ended June 30, 2023:	and Reissued		Per Share		Amount Paid
January 1, 2023 through March 31, 2023		25,512	$	19.22	$	490
April 1, 2023 through June 30, 2023		—		—		—
Total		25,512	$	19.22	$	490

Note 10. Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023			2022
Per share data:
Net asset value at beginning of period	$	19.43		$	19.96
Net investment income (1)		1.26			0.87
Net realized gain (loss) on investments, net of tax (provision) (1)		(0.28	)		1.03
Net unrealized appreciation (depreciation) on investments (1)		0.08			(1.09	)
Realized losses on extinguishment of debt (1)		-			(0.01	)
Total increase from investment operations (1)		1.06			0.80
Accretive (dilutive) effect of share issuances and repurchases		0.01			-
Dividends to stockholders		(1.36	)		(0.96	)
Other (11)		(0.01	)		-
Net asset value at end of period	$	19.13		$	19.80
Market value at end of period	$	19.60		$	17.45
Shares outstanding at end of period		25,265,808			24,437,400
Weighted average shares outstanding during the period		24,916,729			24,437,400
Net assets at end of period	$	483,348		$	483,975
Average net assets (6)	$	482,779		$	486,080
Ratios to average net assets:
Total expenses (2)(4)(10)		12.0	%		8.4	%
Net investment income (5)		13.1	%		8.8	%
Total return based on market value (3)		9.4	%		2.3	%
Total return based on net asset value (8)		5.5	%		4.0	%
Portfolio turnover ratio (9)		17.0	%		17.4	%
Supplemental Data:
Average debt outstanding (7)	$	448,355		$	388,781
Average debt per share (1)	$	17.99		$	15.91

(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 annualized and 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:

39

FIDUS INVESTMENT CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except shares and per share data)

	Six Months Ended June 30,
Ratio to average net assets:	2023			2022
Expenses other than incentive fee (2)		9.3	%		7.6	%
Incentive fee (9)		2.7	%		0.8	%
Total expenses (2)(4)		12.0	%		8.4	%

	Six Months Ended June 30,
Ratio to average net assets:	2023			2022
Total expenses, before base management fee waiver (2)		12.0	%		8.5	%
Base management fee waiver (9)		0.0	%		(0.1	%)
Total expenses (2)(4)		12.0	%		8.4	%

(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 July 19, 2023, the Company issued an additional $8,000 in SBA debentures, which will bear interest at a fixed interim interest rate of 6.035% until the pooling date in September 2023.

On July 21, 2023, the Company invested $19,000 in first lien debt, subordinated debt, common equity, and preferred equity in DealerBuilt Acquisition, LLC, a provider of Dealer Management System (DMS) software for auto dealerships.

On July 31, 2023, the Board declared a regular quarterly dividend of $0.41 per share, a supplemental dividend of $0.21 per share, and a special dividend of $0.10 per share, payable on September 27, 2023, to stockholders of record as of September 20, 2023.

For the period from July 1, 2023, to August 2, 2023, the Company sold a total of 50,264 shares of our common stock under the ATM Program for gross proceeds of approximately $990 and net proceeds of approximately $976, after deducting commissions to the sales agents on shares sold and offering expenses.

40

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, 2022, filed with the SEC on March 2, 2023. 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;

•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;

•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;

•an economic downturn and its impacts on the ability of our portfolio companies to operate and the investment opportunities available to us;

•the impact of geopolitical conditions, including the ongoing conflict between Ukraine and Russia and U.S. and China relations, and its impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally;

•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;

•the ability of the Investment Advisor to locate suitable investments for us and to monitor and administer our investments;

•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:

41

•an economic downturn 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 could impair our lending and investment activities;

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

•the alternative reference rates that have replaced LIBOR may not yield the same or similar economic results as LIBOR over the life of such transaction;

•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

•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, 2022, 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, 2022, filed with the SEC on March 2, 2023. 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.

42

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 subsidiaries (the “Taxable Subsidiaries”), each of which generally holds one or more of our portfolio investments listed on the consolidated schedules of investments, that have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax at corporate rates. 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.

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.

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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 PRIME or SOFR 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 investments 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.

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.”

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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;

•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 six months ended June 30, 2023 and 2022, we invested $147.3 million and $160.1 million, respectively, in debt and equity investments including eight and nine new portfolio companies, respectively. During the six months ended June 30, 2023 and 2022, we received proceeds from sales or repayments, including principal, return of capital dividends and net realized gains (losses), of $76.5 million and $68.0 million, respectively, including exits of five and two portfolio companies, respectively. The following table summarizes investment purchases and sales and repayments of investments by type for the six months ended June 30, 2023 and 2022 (dollars in millions).

	Purchases of Investments								Sales and Repayments of Investments
	Six Months ended June 30,
	2023				2022				2023				2022
First Lien Debt(1)	$	92.2	62.6	%	$	91.2	57.0	%	$	26.3	34.4	%	$	14.3	21.0	%
Second Lien Debt		25.0	17.0			32.0	20.0			42.4	55.4			18.7	27.5
Subordinated Debt		23.7	16.1			32.5	20.3			—	—			—	—
Equity		6.4	4.3			4.4	2.7			7.8	10.2			35.0	51.5
Warrants		—	—			—	—			—	—			—	—
Total	$	147.3	100.0	%	$	160.1	100.0	%	$	76.5	100.0	%	$	68.0	100.0	%

(1) For the six months ended June 30, 2023 and 2022, first lien debt includes unitranche securities, which account for 32.5% and 37.4% of purchases, respectively. For the six months ended June 30, 2023 and 2022, first lien debt includes unitranche securities, which account for 3.9% and 17.4% of repayments, respectively.

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As of June 30, 2023, the fair value of our investment portfolio totaled $928.7 million and consisted of 79 active portfolio companies and two portfolio companies that have sold their underlying operations. As of June 30, 2023, 46 portfolio companies’ debt investments bore interest at a variable rate, which represented $589.3 million, or 72.9%, 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 $33.6 million as of June 30, 2023. As of June 30, 2023, our average active portfolio company investment at amortized cost was $11.3 million, which excludes investments in the two portfolio companies that have sold their underlying operations.

As of December 31, 2022, the fair value of our investment portfolio totaled $860.3 million and consisted of 76 active portfolio companies and two portfolio companies that have sold their underlying operations. As of December 31, 2022, 43 portfolio companies’ debt investments bore interest at a variable rate, which represented $522.9 million, or 70.6%, 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 $31.6 million as of December 31, 2022. As of December 31, 2022, our average active portfolio company investment at amortized cost was $10.9 million, which excludes investments in the two portfolio companies that have sold their underlying operations.

The weighted average yield on debt investments as of June 30, 2023 and December 31, 2022 was 14.5% and 13.8%, 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
	June 30,				December 31,				June 30,				December 31,
	2023				2022				2023				2022
First Lien Debt(1)	$	521.9	56.2	%	$	456.1	53.0	%	$	519.5	58.1	%	$	453.6	54.7	%
Second Lien Debt		161.7	17.4			182.9	21.3			187.7	21.0			213.7	25.8
Subordinated Debt		124.7	13.4			101.5	11.8			124.7	13.9			100.6	12.1
Equity		117.7	12.7			117.7	13.7			60.4	6.7			57.9	7.0
Warrants		2.7	0.3			2.1	0.2			2.9	0.3			2.9	0.4
Total	$	928.7	100.0	%	$	860.3	100.0	%	$	895.2	100.0	%	$	828.7	100.0	%

(1) Includes unitranche investments, which account for 42.7% and 44.1% of our portfolio on a fair value and cost basis as of June 30, 2023, respectively. Includes unitranche investments, which account for 42.1% and 43.4% of our portfolio on a fair value and cost basis as of December 31, 2022, respectively.

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.

	Fair Value								Cost
	June 30,				December 31,				June 30,				December 31,
	2023				2022				2023				2022
United States
Midwest	$	166.3	17.9	%	$	180.6	21.0	%	$	124.6	13.9	%	$	132.2	16.0	%
Southeast		287.6	31.0			265.9	31.0			277.9	31.0			258.4	31.1
Northeast		157.7	17.0			127.4	14.8			153.7	17.2			134.9	16.3
West		149.9	16.1			151.5	17.6			166.9	18.7			161.9	19.5
Southwest		154.7	16.7			122.5	14.2			159.6	17.8			128.9	15.6
Canada		12.5	1.3			12.4	1.4			12.5	1.4			12.4	1.5
Total	$	928.7	100.0	%	$	860.3	100.0	%	$	895.2	100.0	%	$	828.7	100.0	%

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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
	June 30,				December 31,				June 30,			December 31,
Name	2023				2022				2023			2022
Information Technology Services		32.3	%			33.3	%			34.9	%		35.4	%
Business Services		13.7				12.2				14.0			12.2
Healthcare Products		8.9				10.5				5.2			5.8
Component Manufacturing		7.3				5.7				7.8			6.1
Aerospace & Defense Manufacturing		5.4				5.7				5.2			5.4
Transportation Services		5.3				5.5				5.3			5.6
Building Products Manufacturing		4.4				4.7				5.1			5.5
Utilities: Services		4.4				1.3				4.5			1.4
Specialty Distribution		4.0				6.4				3.1			5.6
Healthcare Services		3.7				2.5				3.7			2.5
Retail		3.1				2.4				3.1			3.9
Environmental Industries		2.4				2.5				2.5			2.6
Promotional Products		2.2				3.0				2.2			3.0
Oil & Gas Services		1.4				1.5				1.4			1.6
Industrial Cleaning & Coatings		1.2				1.2				1.5			1.6
Consumer Products		0.3				1.6				0.4			1.7
Restaurants		—		(1)		—		(1)		0.1			0.1
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.

We also have observed, and continue to observe, supply chain disruptions, labor and resource shortages, commodity inflation, elements of financial market instability (including rapidly rising interest rates), an uncertain economic outlook for the United States (which may include a recession), and elements of geopolitical instability (including the ongoing war in Ukraine and U.S. and China relations). In the event that the U.S. economy enters into a protracted recession, it is possible that the results of certain U.S. middle market companies could experience deterioration. We are closely monitoring the effect of such market volatility may have on our portfolio companies and our investment activities. We also are maintaining close communications with our portfolio companies and have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.

The following table shows the distribution of our investments on the 1 to 5 investment rating scale at fair value and cost as of June 30, 2023 and December 31, 2022 (dollars in millions):

	Fair Value								Cost
	June 30,				December 31,				June 30,				December 31,
Investment Rating	2023				2022				2023				2022
1	$	78.5	8.5	%	$	84.4	9.8	%	$	16.4	1.8	%	$	26.9	3.2	%
2		762.9	82.1			699.4	81.3			756.2	84.5			682.9	82.4
3		78.6	8.5			73.9	8.6			91.0	10.2			94.4	11.4
4		6.5	0.7			0.3	—			18.1	2.0			1.6	0.2
5		2.2	0.2			2.3	0.3			13.5	1.5			22.9	2.8
Total	$	928.7	100.0	%	$	860.3	100.0	%	$	895.2	100.0	%	$	828.7	100.0	%

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Based on our investment rating system, the weighted average rating of our portfolio as of June 30, 2023 and December 31, 2022 was 2.0 and 2.0, respectively, on a fair value basis and 2.2 and 2.2, respectively, on a cost basis.

Non-Accrual

As of June 30, 2023 and December 31, 2022, we had debt investments in four portfolio companies on non-accrual status (dollars in millions).

	June 30, 2023						December 31, 2022
	Fair						Fair
Portfolio Company	Value			Cost			Value			Cost
EBL, LLC (EbLens)	$	—	(2)	$	—	(2)	$	—		$	9.3
US GreenFiber, LLC		—			5.2			—			5.2
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)		2.1			2.4			2.1			2.4
Allredi, LLC (fka Marco Group International OpCo, LLC)		—	(3)		—	(3)		8.2			10.3
Suited Connector LLC		6.0			15.9			—	(1)		—	(1)
Virtex Enterprises, LP		6.3			10.9			—	(1)		—	(1)
Total	$	14.4		$	34.4		$	10.3		$	27.2

(1) Debt investment in portfolio company was not on non-accrual status at December 31, 2022.

(2) Portfolio company debt investment was not held as of June 30, 2023.

(3) Portfolio company debt investment was not on non-accrual status as of June 30, 2023.

Discussion and Analysis of Results of Operations

Comparison of three and six months ended June 30, 2023 and 2022

Investment Income

Below is a summary of the changes in total investment income for the three months ended June 30, 2023 as compared to the same period in 2022 (dollars in millions, percent change calculated based on underlying dollar amounts in thousands):

	Three Months Ended June 30,
	2023		2022		$ Change		% Change (1)(2)
Interest income	$	26.2	$	19.4	$	6.8		35.1	%
Payment-in-kind interest income		1.2		0.4		0.8		236.5	%
Dividend income		0.3		0.1		0.2		300.0	%
Fee income		2.2		1.3		0.9		67.4	%
Interest on idle funds and other income		0.7		—		0.7	NM
Total investment income	$	30.6	$	21.2	$	9.4		44.5	%

(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 three months ended June 30, 2023, total investment income was $30.6 million, an increase of $9.4 million or 44.5%, from the $21.2 million of total investment income for the three months ended June 30, 2022. As reflected in the table above, the increase is primarily attributable to the following:

•$7.6 million increase in total interest income (including payment-in-kind ("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 2023 as compared to 2022.

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

•$0.9 million increase in fee income resulting from an increase in amendment, prepayment, and origination fees, during 2023 as compared to 2022.

Below is a summary of the changes in total investment income for the six months ended June 30, 2023 as compared to the same period in 2022 (dollars in millions):

	Six Months Ended June 30,
	2023		2022		$ Change			% Change (1)(2)
Interest income	$	52.1	$	36.5	$	15.6			43.0	%
Payment-in-kind interest income		1.9		0.9		1.0			104.8	%
Dividend income		0.7		0.8		(0.1	)		(10.1	%)
Fee income		3.7		3.5		0.2			3.9	%
Interest on idle funds and other income		1.2		—		1.2		NM
Total investment income	$	59.6	$	41.7	$	17.9			43.1	%

(1) NM = Not meaningful

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

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For the six months ended June 30, 2023, total investment income was $59.6 million, an increase of $17.9 million or 43.1%, from the 41.7 million of total investment income for the six months ended June 30, 2022. As reflected in the table above, the increase is primarily attributable to the following:

•$16.6 million increase in total interest income (which includes a $1.0 million increase in 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 2023 as compared to 2022.

•$0.1 million decrease in dividend income due to a decrease in distributions received from equity investments.

•$0.2 million increase in fee income resulting from an increase in amendment and prepayment fees, partially offset by a decrease in origination fees during 2023 as compared to 2022.

Expenses

Below is a summary of the changes in total expenses, including income tax provision, for the three months ended June 30, 2023 as compared to the same period in 2022 (dollars in millions, percent change calculated based on underlying dollar amounts in thousands):

	Three Months Ended June 30,
	2023			2022			$ Change			% Change (1)(2)
Interest and financing expenses	$	5.6		$	4.7		$	0.9			20.5	%
Base management fee		4.1			3.6			0.5			12.0	%
Incentive fee - income		3.8			1.2			2.6			224.1	%
Incentive fee (reversal) - capital gains		(1.2	)		(0.6	)		(0.6	)		94.0	%
Administrative service expenses		0.6			0.5			0.1			21.2	%
Professional fees		0.6			0.3			0.3			121.0	%
Other general and administrative expenses		0.3			0.5			(0.2	)		(50.3	%)
Total expenses, before base management and income incentive fee waivers		13.8			10.2			3.6			36.0	%
Base management and income incentive fee waivers		—			(0.1	)		0.1			(5.3	%)
Total expenses, before income tax provision		13.8			10.1			3.7			36.3	%
Income tax provision (benefit)		—			—			—		NM
Total expenses, including income tax provision	$	13.8		$	10.1		$	3.7			35.8	%

(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 June 30, 2023, total expenses, including income tax provision, were $13.8 million, an increase of $3.7 million or 35.8%, from the $10.1 million of total expenses for the three months ended June 30, 2022. As reflected in the table above, changes across the periods were primarily attributable to the following:

•$0.9 million increase in interest and financing expenses due to an increase in debt outstanding in 2023 and an increase in weighted average interest rate on borrowings, during 2023 as compared to 2022.

•$0.6 million net increase in base management fee, including the base management fee waiver, due to higher average total assets during 2023 as compared to 2022.

•$2.6 million net increase in the income incentive fee due to an increase in pre-incentive fee net investment income during 2023 as compared to 2022.

•$0.6 million decrease in the accrued capital gains incentive fee due to a $2.8 million decrease in net gain on investments (net realized gains (losses), as well as income tax (provision) benefit from realized gains and realized losses on extinguishment of debt, partially offset by an increase in net change in unrealized appreciation (depreciation) on investments) during 2023 as compared to the same period in 2022.

•$0.3 million increase in professional fees due to increased legal, audit and tax compliance costs during 2023 as compared to 2022.

Below is a summary of the changes in total expenses, including income tax provision, for the six months ended June 30, 2023 as compared to the same period in 2022 (dollars in millions):

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	Six Months Ended June 30,
	2023			2022			$ Change			% Change (1)(2)
Interest and financing expenses	$	10.8		$	9.1		$	1.7			19.1	%
Base management fee		7.9			7.0			0.9			13.6	%
Incentive fee - income		7.5			2.2			5.3			234.6	%
Incentive fee - capital gains		(1.0	)		(0.3	)		(0.7	)		204.8	%
Administrative service expenses		1.1			0.9			0.2			17.1	%
Professional fees		1.5			0.8			0.7			81.0	%
Other general and administrative expenses		0.4			0.8			(0.4	)		(38.4	%)
Total expenses, before base management and income incentive fee waivers		28.2			20.5			7.7			37.7	%
Base management and income incentive fee waivers		(0.2	)		(0.2	)		—		NM
Total expenses, before income tax provision		28.0			20.3			7.7			38.1	%
Income tax provision (benefit)		0.1			—			0.1		NM
Total expenses, including income tax provision	$	28.1		$	20.3		$	7.8			38.3	%

(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 six months ended June 30, 2023, total expenses, including income tax provision, were $28.1 million, an increase of $7.8 million or 38.3%, from the $20.3 million of total expenses for the six months ended June 30, 2022. As reflected in the table above, changes across periods were primarily attributable to the following:

•$1.7 million increase in interest and financing expenses due to an increase in weighted average interest rate and an increase in average borrowings outstanding during 2023 as compared to 2022.

•$0.9 million net increase in base management fee, including the base management fee waiver, due to higher average total assets during 2023 as compared to 2022.

•$5.3 million net increase in the income incentive fee due to an increase in pre-incentive fee net investment income during 2023 as compared to the same period in 2022.

•$0.7 million decrease in the accrued capital gains incentive fee due to a $3.4 million decrease in net gain on investments (net realized gains (losses), as well as income tax (provision) benefit from realized gains and realized losses on extinguishment of debt, partially offset by an increase in net change in unrealized appreciation (depreciation) on investments) during 2023 as compared to the same period in 2022.

•$0.7 million increase in professional fees due to increased legal, audit and tax compliance costs during 2023 as compared to 2022.

Net Investment Income

Net investment income increased by $5.7 million, or 52.5%, to $16.8 million during the three months ended June 30, 2023 as compared to the same period in 2022, as a result of the $9.4 million increase in total investment income, partially offset by the $3.7 million increase in total expenses, including base management fee waiver and income tax provision.

Net investment income increased by $10.1 million, or 47.6%, to $31.5 million during the six months ended June 30, 2023 as compared to the same period in 2022, as a result of the $17.9 million increase in total investment income, partially offset by the $7.8 million increase in total expenses, including base management fee waiver and income tax provision.

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Net Gain (Loss) on Investments

For the three and six months ended June 30, 2023, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $(5.5) million and $(5.5) million, respectively. Income tax (provision) benefit from realized gains on investments was $(1.5) million and $(1.5) million for the three and six months ended June 30, 2023, 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 six months ended June 30, 2023 are summarized below (dollars in millions):

		Period Ended June 30, 2023
		Three			Six
Portfolio Company	Realization Event (1)	Months			Months
The Tranzonic Companies	Escrow distribution	$	—		$	0.1
Rhino Assembly Company, LLC	Exit of portfolio company		2.6			2.6
ECM Industries, LLC	Exit of portfolio company		2.7			2.7
Frontline Food Services, LLC (f/k/a Accent Food Services, LLC)	Escrow distribution		0.5			0.5
EBL, LLC (EbLens)	Exit of portfolio company		(11.5	)		(11.5	)
FAR Research Inc.	Escrow distribution		0.1			0.1
Net realized gain (loss) on investments			(5.6	)		(5.5	)
Income tax (provision) benefit from realized gains on investments			(1.5	)		(1.5	)
Net realized gain (loss), net of income tax provision, on investments		$	(7.1	)	$	(7.0	)
(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).

For the three and six months ended June 30, 2022, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $18.3 million and $25.2 million, respectively. Income tax (provision) benefit from realized gains on investments was $(0.1) million and $(0.1) million for the three and six months ended June 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 six months ended June 30, 2022 are summarized below (dollars in millions):

		Period Ended June 30, 2022
		Three			Six
Portfolio Company	Realization Event (1)	Months			Months
Software Technology, LLC	Escrow distribution	$	—		$	—
Frontline Food Services, LLC (f/k/a Accent Food Services, LLC)	Sale of portfolio company		—			0.2
Revenue Management Solutions, LLC	Escrow distribution		—			0.1
SpendMend LLC	Exit of portfolio company		0.1			6.3
FDS Avionics Corp.	Escrow distribution		—			(0.4	)
Mesa Line Services, LLC	Escrow liability release		(0.2	)		0.3
Mirage Trailers LLC	Sale of portfolio company		—			0.3
Alzheimer's Research and Treatment Center, LLC	Escrow distribution		—			—
Allied 100 Group, Inc.	Escrow distribution		—			—
TransGo, LLC	Sale of portfolio company		1.9			1.9
AVC Investors, LLC (dba Auveco)	Sale of portfolio company		0.8			0.8
CRS Solutions Holdings, LLC (dba CRS Texas)	Sale of portfolio company		0.4			0.4
Pinnergy, Ltd.	Sale of portfolio company		15.3			15.3
Net realized gain (loss) on investments			18.3			25.2
Income tax (provision) benefit from realized gains on investments			(0.1	)		(0.1	)
Net realized gain (loss), net of income tax provision, on investments		$	18.2		$	25.1
(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 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 three and six months ended June 30, 2023 and 2022, we recorded a net change in unrealized appreciation (depreciation) on investments attributable to the following (dollars in millions):

	Three Months Ended June 30,						Six Months Ended June 30,
Unrealized Appreciation (Depreciation)	2023			2022			2023			2022
Exit, sale or restructuring of investments	$	7.1		$	(17.5	)	$	7.0		$	(23.9	)
Fair value adjustments to debt investments		(4.8	)		(5.4	)		(5.4	)		(3.4	)
Fair value adjustments to equity investments		(1.1	)		1.7			0.3			0.8
Net change in unrealized appreciation (depreciation)	$	1.2		$	(21.2	)	$	1.9		$	(26.5	)

Net Increase in Net Assets Resulting From Operations

Net increase (decrease) in net assets resulting from operations during the three months ended June 30, 2023 and 2022 was $10.9 million and $8.0 million, respectively, as a result of the events described above.

Net increase (decrease) in net assets resulting from operations during the six months ended June 30, 2023 and 2022 was $26.4 million and $19.7 million, respectively, as a result of the events described above.

Liquidity and Capital Resources

As of June 30, 2023, we had $38.0 million in cash and cash equivalents and our net assets totaled $483.3 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 ATM 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. We did not repay any SBA debentures during the six months ended June 30, 2023. 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 notes of our consolidated financial statements.

Cash Flows

For the six months ended June 30, 2023, we experienced a net decrease in cash and cash equivalents in the amount of $24.4 million. During that period, we made payments of $58.0 million of cash for operating activities, which included the funding of $147.3 million of investments that was partially offset by proceeds received from sales and repayments of investments of $76.5 million. During the same period, we received proceeds from the issuances of SBA debentures of $29.0 million, received net proceeds from the ATM Program of approximately $9.9 million, received repayments of $0.3 million on our secured borrowings, paid cash dividends to stockholders of $34.1 million, and made payment of deferred financing costs related to our debt financings of $0.7 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 to operate as SBICs, and have the ability to issue debentures guaranteed by the SBA at favorable interest rates. Under the SBA regulations, 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 Note 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 June 30, 2023, Fund II and Fund III had $40.0 million and $142.0 million of outstanding SBA debentures, respectively. Subject to SBA regulatory requirements and approval, Fund III may access up to $33.0 million of additional SBA debentures under the SBIC debenture program. 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. 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 to 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 June 30, 2023, we were in compliance in all material respects with the terms of the Credit Agreement and we had $30.0 million outstanding under the Credit Facility.

Notes

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, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $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 before October 31, 2025 (the date falling 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 June 30, 2023, 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 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 offering expenses of $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 before August 15, 2026 (the date falling 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 June 30, 2023, 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, including the Credit Facility.

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Secured Borrowing

As of June 30, 2023, the carrying value of secured borrowings totaled $16.6 million and the fair value of the associated loans included in investments was $16.5 million. As of December 31, 2022, carrying value of secured borrowings totaled $16.9 million and the fair value of the associated loans included in investments was $16.9 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 9.101% and 7.786% as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, the weighted average stated interest rates for our SBA debentures and the Notes were 3.905% and 4.125%, respectively. As of June 30, 2023, we had $70.0 million of unutilized commitment under our Credit Facility, and we were subject to a 0.655% fee on such amount. As of June 30, 2023, the weighted average stated interest rate on total debt outstanding was 4.450%.

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, 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 8, 2023, 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 8, 2024 or the date of our 2024 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 8, 2024 or the date of our 2024 Annual Meeting of Stockholders may not exceed 25.0% of our outstanding common stock immediately prior to each such sale.

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Equity ATM Program

On November 10, 2022, the Company established the at-the-market program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through Raymond James & Associates, Inc. and B. Riley Securities, Inc., each as sales agents, shares of the Company's common stock having an aggregate offering price of up to $50.0 million. Cumulative to date, the Company has sold 797,572 shares of common stock under the ATM Program at a weighted-average price of $20.32, raising $16.2 million of gross proceeds. Net proceeds were $16.0 million after commissions to the sales agents on sales sold. As of June 30, 2023, the Company has $33.8 million available under the ATM Program.

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 six months ended June 30, 2023 and 2022. 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 quotation, the fair value of our investments may differ significantly from the values that would have been used had a readily available market quotation 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;

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•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.

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.

Our Board consulted with the independent valuation firm(s) in arriving at our determination of fair value for 19 and 16 of our portfolio company investments representing 35.1% and 29.5% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the three months ended June 30, 2023 and December 31, 2022, respectively) as of June 30, 2023 and December 31, 2022, respectively

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 investments, 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.

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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.

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, 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

57

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.

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.

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.”

•The Investment Advisor, in consultation with the Board, agreed to voluntarily waive $0.1 million and $0.1 million of the base management fees on any assets accounted for as secured borrowings as defined under GAAP for the three and six months ended June 30, 2023, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2022, 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 (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.

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Recent Developments

On July 19, 2023, we issued an additional $8.0 million in SBA debentures, which will bear interest at a fixed interim interest rate of 6.035% until the pooling date in September 2023.

On July 21, 2023, we invested $19.0 million in first lien debt, subordinated debt, common equity, and preferred equity in DealerBuilt Acquisition, LLC, a provider of Dealer Management System (DMS) software for auto dealerships.

On July 31, 2023, our Board declared a regular quarterly dividend of $0.41 per share, a supplemental dividend of $0.21 per share, and a special dividend of $0.10 per share, payable on September 27, 2023, to stockholders of record as of September 20, 2023.

For the period from July 1, 2023, to August 2, 2023, we sold a total of 50,264 shares of our common stock under the ATM Program for gross proceeds of approximately $1.0 million and net proceeds of approximately $1.0 million, after deducting commissions to the sales agents on shares sold and offering expenses.

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: overall market changes, including an increase in market volatility; 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 changes in alternate rates and prime rates, to the extent of any debt investments that include floating interest rates. Since March 2022, the Federal Reserve has been rapidly raising interest rates and has indicated that it would consider additional rate hikes in response to ongoing inflation concerns. In a rising interest rate environment, 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. It is possible that the Federal Reserve's tightening cycle could result the United States into a recession, which would likely decrease interest rates. 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 base rates, such as SOFR are not offset by a corresponding increase in the spread over such base rate 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 such base rate. See Risk Factors contained herein under Part II, Item 1A and in our Annual Report on Form 10-K for the year ended December 31, 2022, such as "Changes in interest rates will affect our cost of capital and net investment income” and “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.”

As of June 30, 2023 and December 31, 2022, 46 and 43 portfolio companies’ debt investments, respectively, bore interest at a variable rate, which represented $589.3 million and $522.9 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 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 June 30, 2023 (dollars in millions):

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			Interest Income			Interest Expense
			Increase			Increase			Net Increase			Net Investment
Basis Point Increase (Decrease)			(Decrease) (1) (2)			(Decrease) (4)			(Decrease)			Income (3)
	(200	)	$	(12.1	)	$	(0.9	)	$	(11.2	)	$	(9.0	)
	(150	)		(9.1	)		(0.6	)		(8.5	)		(6.8	)
	(100	)		(6.1	)		(0.5	)		(5.6	)		(4.5	)
	(50	)		(3.1	)		(0.2	)		(2.9	)		(2.3	)
	50			3.0			0.3			2.7			2.2
	100			6.0			0.5			5.5			4.4
	150			9.0			0.8			8.2			6.6
	200			12.0			0.9			11.1			8.9
	250			15.0			1.2			13.8			11.0
	300			18.0			1.4			16.6			13.3

(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 June 30, 2023.

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

(4) As of June 30, 2023, we had $30.0 million 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 second quarter of 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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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.

Except for the risk factors set forth below, there have been no material changes to the risk factors previously disclosed under "Item 1A. Risk Factors” previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 2, 2023, 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.

The alternative reference rates that have replaced LIBOR in our credit arrangements and other financial instruments may not yield the same or similar economic results as LIBOR over the life of such transactions.

The London Interbank Offered Rate (“LIBOR”) is an index rate that historically was widely used in lending transactions and was a common reference rate for setting the floating interest rate on private loans. LIBOR was typically the reference rate used in floating-rate loans extended to our portfolio companies.

The ICE Benchmark Administration (“IBA”) (the entity that is responsible for calculating LIBOR) ceased providing overnight, one, three, six and twelve months USD LIBOR tenors on June 30, 2023. In addition, the United Kingdom’s Financial Conduct Authority (“FCA”), which oversees the IBA, now prohibits entities supervised by the FCA from using LIBORs, including USD LIBOR, except in very limited circumstances.

In the United States, the Secured Overnight Financing Rate (“SOFR”) is the preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. SOFR is published by the Federal Reserve Bank of New York each U.S. Government Securities Business Day, for transactions made on the immediately preceding U.S. Government Securities Business Day. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions.

As of the filing date of this Quarterly Report on Form 10-Q, substantially all of our loans that referenced LIBOR have been amended to reference the forward-looking term rate published by CME Group Benchmark Administration Limited based on SOFR (“CME Term SOFR”) or CME Term SOFR plus a fixed spread adjustment. CME Term SOFR rates are forward-looking rates that are derived by compounding projected overnight SOFR rates over one, three, and six months taking into account the values of multiple consecutive, executed, one-month and three-month CME Group traded SOFR futures contracts and, in some cases, over-the-counter SOFR Overnight Indexed Swaps as an indicator of CME Term SOFR reference rate values. CME Term SOFR and the inputs on which it is based are derived from SOFR. Since CME Term SOFR is a relatively new market rate, there will likely be no established trading market for credit agreements or other financial instruments when they are issued, and an established market may never develop or may not be liquid. Market terms for instruments referencing CME Term SOFR rates may be lower than those of later-issued CME Term SOFR indexed instruments. Similarly, if CME Term SOFR does not prove to be widely used, the trading price of instruments referencing CME Term SOFR may be lower than those of instruments indexed to indices that are more widely used. Further, the composition and characteristics of SOFR and CME Term SOFR are not the same as those of LIBOR. Even with the application of a fixed spread adjustment, LIBOR and CME Term SOFR will not have the same composition and characteristics, and there can be no assurance that the replacement rate, as so adjusted, will be a direct substitute for LIBOR.

There can be no guarantee that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in loans referencing SOFR. If the manner in which SOFR or CME Term SOFR is calculated is changed, that change may result in a reduction of the amount of interest payable on such loans and the trading prices of the SOFR Loans. In addition, there can be no guarantee that loans referencing SOFR or CME Term SOFR will continue to reference those rates until maturity or that, in the future, our loans will reference benchmark rates other than CME Term SOFR. Should any of these events occur, our loans, and the yield generated thereby, could be affected. Specifically, the anticipated yield on our loans may not be fully realized and our loans may be subject to increased pricing volatility and market risk.

Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.

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The financial markets recently have encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks that may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors, some banks have already been impacted and others may be materially and adversely impacted. Our business is dependent on bank relationships, including small and regional banks, and we are proactively monitoring the financial health of banks with which we (or our portfolio companies) do or may in the future do business. To the extent that our portfolio companies work with banks that are negatively impacted by the foregoing, such portfolio companies’ ability to access their own cash, cash equivalents and investments may be threatened. In addition, such affected portfolio companies may not be able to enter into new banking arrangements or credit facilities, or receive the benefits of their existing banking arrangements or facilities. Any such developments could harm our business, financial condition, and operating results, and prevent us from fully implementing our investment plan. Continued strain on the banking system may adversely impact our business, financial condition and results of operations.

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.

(a)	None.
(b)	None.
(c)	For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement. The Company has adopted insider trading policies and procedures governing the purchase, sale, and disposition of the Company’s securities by officers and directors of the Company that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

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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).
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
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

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

*Filed herewith.

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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: August 3, 2023	/s/ EDWARD H. ROSS
	Edward H. Ross
	Chairman and Chief Executive Officer
	(Principal Executive Officer)
Date: August 3, 2023	/s/ SHELBY E. SHERARD
	Shelby E. Sherard
	Chief Financial Officer (Principal Financial and Accounting Officer)

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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: August 3, 2023

/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: August 3, 2023

/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 June 30, 2023, 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: August 3, 2023	/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)

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		25,316,072
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

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Consolidated Statements of Assets and Liabilities (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
ASSETS
Total investments, at fair value	$ 928,722	[1],[2],[3],[4]	$ 860,329	[5],[6],[7],[8]
Cash and cash equivalents	37,977		62,350
Interest receivable	12,918		11,826
Proceeds receivable from stock offering	895
Prepaid expenses and other assets	1,900		1,455
Total assets	982,412		935,960
LIABILITIES
SBA debentures, net of deferred financing costs (Note 6)	177,115		148,476
Notes, net of deferred financing costs (Note 6)	246,680		246,128
Borrowings under Credit Facility, net of deferred financing costs (Note 6)	28,768		(1,380)
Secured borrowings	16,552		16,880
Accrued interest and fees payable	5,215		4,747
Base management fee payable, net of base management fee waiver - due to affiliate	3,979		3,769
Income incentive fee payable - due to affiliate	3,834		3,035
Capital gains incentive fee payable - due to affiliate	14,083		22,659
Administration fee payable and other - due to affiliate	408		576
Taxes payable	1,145		9,937
Accounts payable and other liabilities	1,285		790
Total liabilities	499,064		455,617
Commitments and contingencies (Note 7)
NET ASSETS
Common stock, $0.001 par value (100,000,000 shares authorized, 25,265,808 and 24,727,788 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively)	25		25
Additional paid-in capital	406,419		395,672
Total distributable earnings	76,904		84,646
Total net assets	483,348		480,343
Total liabilities and net assets	$ 982,412		$ 935,960
Net asset value per common share	$ 19.13		$ 19.43
Affiliate Investments
ASSETS
Total investments, at fair value	$ 96,931		$ 101,590
Non-control/Non-affiliate Investments
ASSETS
Total investments, at fair value	$ 831,791		$ 758,739

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

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

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

[4] (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.

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

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

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

[8] (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.

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Consolidated Statements of Assets and Liabilities (Parenthetical) (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Investments at cost	$ 895,168	[1],[2],[3]	$ 828,693	[4],[5],[6]
Common Stock, par value	$ 0.001		$ 0.001
Common Stock, shares authorized	100,000,000		100,000,000
Common Stock, shares issued	25,265,808		24,727,788
Common Stock, shares outstanding	25,265,808		24,727,788
Control Investments
Investments at cost	$ 6,832		$ 17,915
Affiliate Investments
Investments at cost	55,747		55,804
Non-control/Non-affiliate Investments
Investments at cost	$ 832,589		$ 754,974

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

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

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

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

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

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

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Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Income:
Total interest income	$ 26,167	$ 19,373	$ 52,123	$ 36,454
Total payment-in-kind interest income	1,235	367	1,872	914
Total dividend income	304	76	688	765
Total fee income	2,237	1,336	3,673	3,534
Interest on idle funds	615	1	1,258	4
Total investment income	30,558	21,153	59,614	41,671
Expenses:
Interest and financing expenses	5,591	4,639	10,776	9,051
Base management fee	4,051	3,618	7,905	6,961
Incentive fee - income	3,834	1,183	7,481	2,236
Incentive fee (reversal) - capital gains	(1,174)	(605)	(1,021)	(335)
Administrative service expenses	618	510	1,091	932
Professional fees	641	290	1,457	805
Other general and administrative expenses	264	531	504	818
Total expenses before base management fee waiver	13,825	10,166	28,193	20,468
Base management fee waiver	(72)	(76)	(144)	(152)
Total expenses, net of base management fee waiver	13,753	10,090	28,049	20,316
Net investment income before income taxes	16,805	11,063	31,565	21,355
Income tax provision (benefit)	21	55	58	9
Net investment income	16,784	11,008	31,507	21,346
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	(5,541)	18,308	(5,483)	25,176
Income tax (provision) benefit from realized gains on investments	(1,538)	(122)	(1,538)	(121)
Total net change in unrealized appreciation (depreciation) on investments	1,210	(21,213)	1,918	(26,532)
Net gain (loss) on investments	(5,869)	(3,027)	(5,103)	(1,477)
Realized losses on extinguishment of debt				(198)
Stockholders' Equity, Period Increase (Decrease), Total	$ 10,915	$ 7,981	$ 26,404	$ 19,671
Per common share data:
Net investment income per share-basic	$ 0.67	$ 0.45	$ 1.26	$ 0.87
Net investment income per share-diluted	0.67	0.45	1.26	0.87
Net increase in net assets resulting from operations per share - basic and diluted	0.44	0.33	1.06	0.8
Dividends declared per share	$ 0.7	$ 0.43	$ 1.36	$ 0.96
Weighted average number of shares outstanding - basic	25,028,268	24,437,400	24,916,729	24,437,400
Weighted average number of shares outstanding - diluted	25,028,268	24,437,400	24,916,729	24,437,400
Control Investments
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	$ (11,458)	$ (204)	$ (11,458)	$ (65)
Total net change in unrealized appreciation (depreciation) on investments	11,083	(2,151)	11,083	(2,151)
Affiliate Investments
Investment Income:
Total interest income	1,107	657	2,157	1,541
Total payment-in-kind interest income				30
Total dividend income	172	69	520	725
Total fee income	50	160	55	297
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	99	15,300	99	15,624
Total net change in unrealized appreciation (depreciation) on investments	(2,113)	(15,049)	(4,602)	(20,928)
Non-control/Non-affiliate Investments
Investment Income:
Total interest income	25,060	18,716	49,966	34,913
Total payment-in-kind interest income	1,235	367	1,872	884
Total dividend income	132	7	168	40
Total fee income	2,187	1,176	3,618	3,237
Net realized and unrealized gains (losses) on investments:
Total net realized gain (loss) on investments	5,818	3,212	5,876	9,617
Total net change in unrealized appreciation (depreciation) on investments	$ (7,760)	$ (4,013)	$ (4,563)	$ (3,453)

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Consolidated Statements of Changes in Net Assets (unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Beginning balance	$ 484,646	$ 480,343	$ 486,502	$ 487,764	$ 480,343	$ 487,764
Public offering of common stock, net of expenses	4,837	5,306
Shares issued under dividend reinvestment plan, shares					30,836
Shares issued under dividend reinvestment plan	604				$ 603
Net investment income	16,784	14,723	11,008	10,338	$ 31,507	21,346
Net realized gain (loss) on investments, net of taxes	(7,079)	58	18,186	6,869
Net unrealized appreciation (depreciation) on investments	1,210	708	(21,213)	(5,319)
Realized losses on extinguishment of debt				(198)		$ (198)
Dividends declared	$ (17,654)	(16,492)	$ (10,508)	(12,952)
Ending balance (in Shares)	25,265,808		24,437,400		25,265,808	24,437,400
Ending balance	$ 483,348	$ 484,646	$ 483,975	$ 486,502	$ 483,348	$ 483,975
Common Stock
Beginning balance (in Shares)	24,988,398	24,727,788	24,437,400	24,437,400	24,727,788	24,437,400
Beginning balance	$ 25	$ 25	$ 24	$ 24	$ 25	$ 24
Public offering of common stock, net of expenses, shares	246,574	260,610
Public offering of common stock, net of expenses	$ 0	$ 0
Shares issued under dividend reinvestment plan, shares	30,836		0		30,836	0
Shares issued under dividend reinvestment plan	$ 0
Ending balance (in Shares)	25,265,808	24,988,398	24,437,400	24,437,400	25,265,808	24,437,400
Ending balance	$ 25	$ 25	$ 24	$ 24	$ 25	$ 24
Additional Paid-in Capital
Beginning balance	400,978	395,672	361,807	361,807	395,672	361,807
Public offering of common stock, net of expenses	4,837	5,306
Shares issued under dividend reinvestment plan	604
Ending balance	406,419	400,978	361,807	361,807	406,419	361,807
Total Distributable Earnings
Beginning balance	83,643	84,646	124,671	125,933	84,646	125,933
Net investment income	16,784	14,723	11,008	10,338
Net realized gain (loss) on investments, net of taxes	(7,079)	58	18,186	6,869
Net unrealized appreciation (depreciation) on investments	1,210	708	(21,213)	(5,319)
Realized losses on extinguishment of debt				(198)
Dividends declared	(17,654)	(16,492)	(10,508)	(12,952)
Ending balance	$ 76,904	$ 83,643	$ 122,144	$ 124,671	$ 76,904	$ 122,144

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Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 26,404	$ 19,671
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	(1,918)	26,532
Net realized (gain) loss on investments	5,483	(25,176)
Interest and dividend income paid-in-kind	(1,872)	(914)
Accretion of original issue discount	(228)	(60)
Accretion of loan origination fees	(775)	(711)
Purchase of investments	(147,348)	(160,098)
Proceeds from sales and repayments of investments	76,503	68,008
Proceeds from loan origination fees	1,762	1,023
Realized losses on extinguishment of debt		198
Amortization of deferred financing costs	1,045	1,058
Amortization of deferred equity financing costs	6
Changes in operating assets and liabilities:
Interest receivable	(1,092)	(4,878)
Receivables from investments sold		(11,895)
Prepaid expenses and other assets	(451)	(718)
Accrued interest and fees payable	468	(176)
Base management fee payable, net of base management fee waiver - due to affiliate	210	407
Income incentive fee payable - due to affiliate	799	(1,439)
Capital gains incentive fee (reversal) - due to (from) affiliate	(8,576)	(6,471)
Administration fee payable and other - due to affiliate	(168)	(23)
Payables for investments purchased		2,773
Taxes payable	(8,792)	(2,067)
Accounts payable and other liabilities	495	1,850
Net Cash Provided by (Used in) Operating Activities	(58,045)	(93,106)
Cash Flows from Financing Activities:
Proceeds from common stock offerings, net of expenses	9,852
Proceeds received from SBA debentures	29,000	41,500
Repayments of SBA debentures		(20,000)
Proceeds received from (repayments of) borrowings under Credit Facility, net	30,000
Proceeds received from (repayments of) Secured Borrowings, net	(328)	(374)
Payment of deferred financing costs	(706)	(1,511)
Dividends paid to stockholders, including expenses	(34,146)	(23,460)
Net cash provided by (used for) financing activities	33,672	(3,845)
Net increase (decrease) in cash and cash equivalents	(24,373)	(96,951)
Beginning of period	62,350	169,417
End of period	37,977	72,466
Supplemental information and non-cash activities:
Cash payments for interest	9,263	8,169
Cash payments for taxes, net of tax refunds received	$ 10,388	$ 2,197

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Consolidated Schedule of Investments (unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Mar. 31, 2023		Jun. 30, 2023		Dec. 31, 2022		Sep. 30, 2023
Investment interest rate, PIK	[1],[2],[3],[4],[5]					0.00%
Cost				$ 895,168	[6],[7],[8]	$ 828,693	[1],[3],[4]
Fair Value				$ 928,722	[6],[7],[8],[9]	$ 860,329	[1],[3],[4],[10]
Percent of Net Assets				192.10%	[6],[7],[8]	179.10%	[1],[3],[4]
Cost				$ 932,818	[6],[7],[8]	$ 889,769	[1],[3],[4]
Fair Value				$ 966,372	[6],[7],[8],[9]	$ 921,405	[1],[3],[4],[10]
Percent of Net Assets				200.00%	[6],[7],[8]	192.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services First Lien Debt Variable Index Spread (S + 7.25%) Variable Index Floor (1.00%) Rate Cash 12.39% Rate PIK 0.00% Investment date 4/1/2022 Maturity Date 4/1/2027
Variable Index Spread	[11],[12]			7.25%
Variable Index Floor	[11],[12]			(1.00%)
Investment, Interest Rate, Paid in Cash	[12],[13]			12.39%
Investment interest rate, PIK	[12],[13]			0.00%
Investment Date	[12],[14]			Apr. 01, 2022
Maturity	[12]			Apr. 01, 2027
Principal Amount - Debt Investments	[12]			$ 8,500
Cost	[12]			8,464
Fair Value	[9],[12]			8,500
Investment, Identifier [Axis]: 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 Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 11.39% Rate PIK 0.00% Investment date 4/1/2022 Maturity Date 4/1/2027
Unfunded commitment	[6],[7],[8],[12]			$ 1,000
Variable Index Spread	[11],[12]			6.25%
Variable Index Floor	[11],[12]			1.00%
Investment, Interest Rate, Paid in Cash	[12],[13]			0.00%
Investment interest rate, PIK	[12],[13]			11.39%
Investment Date	[12],[14]			Apr. 01, 2022
Maturity	[12]			Apr. 01, 2027
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (1.50%) Rate Cash 12.74% Rate PIK 0.00% Investment date 9/30/2022 Maturity 9/30/2027
Variable Index Spread	[6],[7],[8],[11],[15],[16],[17],[18]			7.50%
Variable Index Floor	[6],[7],[8],[11],[15],[16],[17],[18]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[15],[16],[17],[18]			12.74%
Investment interest rate, PIK	[6],[7],[8],[13],[15],[16],[17],[18]			0.00%
Investment Date	[6],[7],[8],[14],[18]			Sep. 30, 2022
Maturity	[6],[7],[8],[18]			Sep. 30, 2027
Principal Amount - Debt Investments	[6],[7],[8],[18]			$ 11,000
Cost	[6],[7],[8],[18]			10,930
Fair Value	[6],[7],[8],[14],[18]			$ 11,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Common Equity (10,622 shares) Investment date 4/12/2018
Investment in number of shares or units	[6],[7],[8],[12]			10,622
Investment Date	[6],[7],[8],[12],[14]			Apr. 12, 2018
Cost	[6],[7],[8],[12]			$ 462
Fair Value	[6],[7],[8],[12],[14]			$ 4,294
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (48 shares) Investment date 4/12/2019
Investment in number of shares or units	[6],[7],[8],[12]			48
Investment Date	[6],[7],[8],[12],[14]			Dec. 02, 2019
Cost	[6],[7],[8],[12]			$ 48
Fair Value	[6],[7],[8],[12],[14]			81
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC
Fair Value	[1],[3],[4],[10],[19]					$ 11,419
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Common Equity (5,341 units) Industry Utilities: Services Investment date 9/21/2021
Investment Date	[1],[3],[4],[19],[20],[21]					Sep. 21, 2021
Cost	[1],[3],[4],[19],[21]					$ 534
Fair Value	[1],[3],[4],[10],[19],[21]					588
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc.
Cost	[1],[3],[4],[19]					6,660
Fair Value	[1],[3],[4],[10],[19]					$ 6,237
Percent of Net Assets	[1],[3],[4],[19]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. First Lien Debt Industry Business Services Variable Index Spread / Floor (S + 6.75%) / (2.00%) Rate Cash/PIK 11.90%/0.00% Investment date 11/25/2019 Maturity 11/25/2024
Investment Date	[1],[3],[4],[19],[20]					Nov. 25, 2019
Fair Value	[1],[3],[4],[10],[19]					$ 5,833
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Preferred Equity (900,000 shares) Industry Business Services Investment date 11/25/2019
Investment Date	[1],[3],[4],[19],[20]					Nov. 25, 2019
Cost	[1],[3],[4],[19]					$ 900
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Common Equity (280,000 units) ($70 unfunded commitment) Industry Transportation services Investment date 12/30/2022
Cost	[1],[3],[4],[19]					$ 280
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) First Lien Debt ($2,489 unfunded commitment) Industry Transportation services Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 10.83%/0.00% Investment date 12/30/2022 Maturity 12/30/2028
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[22]					10.83%
Maturity	[1],[3],[4],[19],[22]					Dec. 30, 2028
Principal Amount - Debt Investments	[1],[3],[4],[19],[22]					$ 5,511
Cost	[1],[3],[4],[19],[22]					$ 5,309
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Subordinated Debt ($417 unfunded commitment) Industry Transportation services Rate Cash/PIK 8.75%/5.00% Investment date 12/30/2022 Maturity 6/30/2029
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[22]					8.75%
Investment Date	[1],[3],[4],[19],[20],[22]					Dec. 30, 2022
Maturity	[1],[3],[4],[19],[22]					Jun. 30, 2029
Principal Amount - Debt Investments	[1],[3],[4],[19],[22]					$ 1,334
Fair Value	[1],[3],[4],[10],[19],[22]					$ 1,287
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class A Units) (10,915 units) Industry Specialty Distribution Investment date 8/11/2017
Investment Date	[1],[3],[4],[19],[20],[21]					Aug. 11, 2017
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Preferred Equity (Units N/A) Industry Specialty Distribution Investment date 12/10/2020
Cost	[1],[3],[4],[19],[21]					$ 268
Fair Value	[1],[3],[4],[10],[19],[21]					$ 307
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Second Lien Debt Industry Specialty Distribution Rate Cash/PIK 11.50%/0.00% Investment date 8/11/2017 Maturity 2/11/2026
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[23]					11.50%
Investment interest rate, PIK	[1],[3],[4],[5],[23]					0.00%
Maturity	[1],[3],[4],[23]					Feb. 11, 2026
Cost	[1],[3],[4],[23]					$ 14,837
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc.
Cost	[1],[3],[4]					$ 16,931
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018
Investment in number of shares or units	[1],[3],[4]					779
Investment Date	[1],[3],[4],[20]					Sep. 18, 2018
Fair Value	[1],[3],[4],[10]					$ 1,558
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Second Lien Debt Industry Business Services Rate Cash/PIK 11.25%/2.00% Investment date 09/08/2018 Maturity 09/18/2025
Maturity	[1],[3],[4]					Sep. 18, 2025
Principal Amount - Debt Investments	[1],[3],[4]					$ 15,842
Fair Value	[1],[3],[4],[10]					$ 15,842
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Sonicwall US Holdings, Inc. Second Lien Debt Industry Information Technology Services Variable Index Spread / Floor (L + 7.50%) / (0.00%) Rate Cash/PIK 12.20%/0.00% Investment date 9/6/2022 Maturity 5/18/2026
Variable Index Spread	[1],[3],[4],[19]					7.50%
Variable Index Floor	[1],[3],[4],[19]					0.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					12.20%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Percent of Net Assets	[1],[3],[4],[19]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Common Equity (19,099 units) Industry Information Technology Services Investment date 12/1/2021
Cost	[1],[3],[4]					$ 16,683
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Second Lien Debt Industry Information Technology Services Rate Cash/PIK 12.00%/0.00% Investment date 10/19/2021 Maturity 6/1/2028
Maturity	[1],[3],[4],[19]					Jun. 01, 2028
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 16,000
Fair Value	[1],[3],[4],[10],[19]					10,726
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC.
Cost	[1],[3],[4]					$ 20,737
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Industry Transportation services Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 12/21/2022 Maturity 5/31/2025
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[24],[25]					12.50%
Percent of Net Assets	[1],[3],[4],[19],[24],[25]					3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC.
Cost	[1],[3],[4],[19],[26]					$ 1,573
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 9.75%) Variable Index Floor (1.00%) Rate Cash 14.48% Rate PIK 0.00% Investment date 4/13/2022 Maturity 10/13/2027
Variable Index Spread	[1],[3],[4]					9.75%
Variable Index Floor	[1],[3],[4]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution First Lien Debt Variable Index Spread (L + 12.00%) Variable Index Floor (1.00%) Rate Cash 16.75% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026
Principal Amount - Debt Investments	[1],[3],[4],[19],[27]					$ 4,000
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing
Cost				22,405	[12],[16],[28],[29]	22,405	[1],[3],[4],[19],[21],[30],[31]
Fair Value				$ 24,608	[9],[12],[16],[28],[29]	$ 23,168	[1],[3],[4],[10],[19],[21],[30],[31]
Percent of Net Assets				5.00%	[12],[16],[28],[29]	4.00%	[1],[3],[4],[19],[21],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/2021
Investment in number of shares or units				2,012	[6],[7],[8],[12],[16],[28]	2,012	[1],[3],[4],[19],[21],[30]
Investment Date				Dec. 31, 2021	[12],[14],[16],[28],[29]	Dec. 31, 2021	[1],[3],[4],[19],[20],[21],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/2021
Investment in number of shares or units				5,690	[6],[7],[8],[12],[16],[28]	5,690	[1],[3],[4],[19],[21],[30]
Investment Date				Dec. 31, 2021	[12],[14],[16],[28],[29]	Dec. 31, 2021	[1],[3],[4],[19],[20],[21],[30],[31]
Cost				$ 5,690	[12],[16],[28],[29]	$ 5,690	[1],[3],[4],[19],[21],[30],[31]
Fair Value				$ 7,044	[9],[12],[16],[28],[29]	$ 5,897	[1],[3],[4],[10],[19],[21],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/2021
Investment in number of shares or units				7,113	[6],[7],[8],[12],[16],[28]	7,113	[1],[3],[4],[19],[21],[30]
Investment Date				Dec. 31, 2021	[12],[14],[16],[28],[29]	Dec. 31, 2021	[1],[3],[4],[19],[20],[21],[30],[31]
Cost				$ 7,113	[12],[16],[28],[29]	$ 7,113	[1],[3],[4],[19],[21],[30],[31]
Fair Value				$ 7,962	[9],[12],[16],[28],[29]	$ 7,669	[1],[3],[4],[10],[19],[21],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Subordinated Debt Rate Cash 10.00% Rate PIK 0.00% Investment date 12/31/2021 Maturity 12/31/2027
Investment, Interest Rate, Paid in Cash				10.00%	[12],[13],[16],[29]	10.00%	[1],[3],[4],[5],[19],[30],[31]
Investment interest rate, PIK				0.00%	[12],[13],[16],[29]	0.00%	[1],[3],[4],[5],[19],[30],[31]
Investment Date				Dec. 31, 2021	[12],[14],[16],[29]	Dec. 31, 2021	[1],[3],[4],[19],[20],[30],[31]
Maturity				Dec. 31, 2027	[12],[16],[29]	Dec. 31, 2027	[1],[3],[4],[19],[30],[31]
Principal Amount - Debt Investments				$ 9,602	[12],[16],[29]	$ 9,602	[1],[3],[4],[19],[30],[31]
Cost				9,602	[12],[16],[29]	9,602	[1],[3],[4],[19],[30],[31]
Fair Value				9,602	[9],[12],[16],[29]	9,602	[1],[3],[4],[10],[19],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services
Cost				2,901	[12],[16],[28],[29]	2,974	[1],[3],[4],[19],[30],[31]
Fair Value				$ 3,312	[9],[12],[16],[28],[29]	$ 2,540	[1],[3],[4],[10],[19],[30],[31]
Percent of Net Assets				1.00%	[12],[16],[28],[29]	1.00%	[1],[3],[4],[19],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011
Investment in number of shares or units				84,997	[6],[7],[8],[12],[16],[28]	84,997	[1],[3],[4],[19],[21],[30]
Investment Date				Apr. 12, 2011	[12],[14],[16],[28],[29]	Apr. 12, 2011	[1],[3],[4],[19],[20],[21],[30],[31]
Cost				$ 643	[12],[16],[28],[29]	$ 716	[1],[3],[4],[19],[21],[30],[31]
Fair Value				$ 744	[9],[12],[16],[28],[29]	$ 591	[1],[3],[4],[10],[19],[21],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/2011
Investment in number of shares or units				252,588	[6],[7],[8],[12],[16],[28],[32]	252,588	[1],[3],[4],[19],[21],[26],[30]
Investment Date				Apr. 12, 2011	[12],[14],[16],[28],[29],[32]	Apr. 12, 2011	[1],[3],[4],[19],[20],[21],[26],[30],[31]
Cost				$ 2,258	[12],[16],[28],[29],[32]	$ 2,258	[1],[3],[4],[19],[21],[26],[30],[31]
Fair Value				2,568	[9],[12],[16],[28],[29],[32]	1,949	[1],[3],[4],[10],[19],[21],[26],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products
Cost				10,214	[12],[16],[29]	10,209	[1],[3],[4],[19],[30],[31]
Fair Value				$ 47,185	[9],[12],[16],[29]	$ 51,992	[1],[3],[4],[10],[19],[30],[31]
Percent of Net Assets				10.00%	[12],[16],[29]	11.00%	[1],[3],[4],[19],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/2013
Investment in number of shares or units				2,550	[6],[7],[8],[12],[16]	2,550	[1],[3],[4],[19],[30]
Investment Date				Mar. 29, 2013	[12],[14],[16],[29]	Mar. 29, 2013	[1],[3],[4],[19],[20],[30],[31]
Cost				$ 255	[12],[16],[29]	$ 255	[1],[3],[4],[19],[30],[31]
Fair Value				$ 37,185	[9],[12],[16],[29]	$ 42,038	[1],[3],[4],[10],[19],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products Subordinated Debt Rate Cash 10.00% Rate PIK 0.00% Investment date 8/2/2022 Maturity 8/2/2027
Investment, Interest Rate, Paid in Cash				10.00%	[12],[13],[16],[29]	10.00%	[1],[3],[4],[5],[19],[30],[31]
Investment interest rate, PIK				0.00%	[12],[13],[16],[29]	0.00%	[1],[3],[4],[5],[19],[30],[31]
Investment Date				Aug. 02, 2022	[12],[14],[16],[29]	Aug. 02, 2022	[1],[3],[4],[19],[20],[30],[31]
Maturity				Aug. 02, 2027	[12],[16],[29]	Aug. 02, 2027	[1],[3],[4],[19],[30],[31]
Principal Amount - Debt Investments				$ 10,000	[12],[16],[29]	$ 10,000	[1],[3],[4],[19],[30],[31]
Cost				9,959	[12],[16],[29]	9,954	[1],[3],[4],[19],[30],[31]
Fair Value				10,000	[9],[12],[16],[29]	9,954	[1],[3],[4],[10],[19],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing
Cost				19,227	[12],[16],[29]	19,216	[1],[3],[4],[30],[31]
Fair Value				$ 16,382	[9],[12],[16],[29]	$ 19,118	[1],[3],[4],[10],[30],[31]
Percent of Net Assets				3.00%	[12],[16],[29]	4.00%	[1],[3],[4],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/2021
Investment in number of shares or units				12,035	[6],[7],[8],[12],[16],[28]	12,035	[1],[3],[4],[19],[30]
Investment Date				Aug. 25, 2021	[12],[14],[16],[29]	Aug. 25, 2021	[1],[3],[4],[19],[20],[30],[31]
Cost				$ 1,204	[12],[16],[29]	$ 1,204	[1],[3],[4],[19],[30],[31]
Fair Value				$ 959	[9],[12],[16],[29]	$ 1,204	[1],[3],[4],[10],[19],[30],[31]
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/2022
Investment in number of shares or units	[1],[3],[4],[19],[30]					38,493
Investment Date	[1],[3],[4],[19],[20],[30],[31]					Dec. 16, 2022
Cost	[1],[3],[4],[19],[30],[31]					$ 2,609
Fair Value	[1],[3],[4],[10],[19],[30],[31]					$ 2,443
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (4,633 units) Investment date 9/16/2022
Investment in number of shares or units	[1],[3],[4],[19],[30]					4,663
Investment Date	[1],[3],[4],[19],[20],[30],[31]					Sep. 16, 2022
Cost	[1],[3],[4],[19],[30],[31]					$ 472
Fair Value	[1],[3],[4],[10],[19],[30],[31]					$ 472
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L +5.50%) Variable Index Floor (1.00%) Rate Cash 10.23% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/2026
Variable Index Spread	[1],[3],[4],[19],[30],[31],[33]					5.50%
Variable Index Floor	[1],[3],[4],[19],[30],[31],[33]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[30],[31],[33]					10.23%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[30],[31],[33]					0.00%
Investment Date	[1],[3],[4],[19],[20],[30],[31],[33]					Feb. 12, 2021
Maturity	[1],[3],[4],[19],[30],[31],[33]					Feb. 11, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19],[30],[31],[33]					$ 15,000
Cost	[1],[3],[4],[19],[30],[31],[33]					14,931
Fair Value	[1],[3],[4],[10],[19],[30],[31],[33]					$ 14,999
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,921 units) Investment date 9/16/2022
Investment in number of shares or units	[6],[7],[8],[12],[16],[28]			4,921
Investment Date	[12],[14],[16],[29]			Sep. 16, 2022
Cost	[12],[16],[29]			$ 472
Fair Value	[9],[12],[16],[29]			$ 503
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (41,290 units) Investment date 12/16/2022
Investment in number of shares or units	[6],[7],[8],[12],[16],[28]			41,290
Investment Date	[12],[14],[16],[29]			Dec. 16, 2022
Cost	[12],[16],[29]			$ 2,608
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S + 5.50%) Variable Index Floor(1.00%) Rate Cash 11.25% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/2026
Variable Index Spread	[11],[12],[16],[28],[29],[34]			5.50%
Variable Index Floor	[11],[12],[16],[28],[29],[34]			1.00%
Investment, Interest Rate, Paid in Cash	[12],[13],[16],[28],[29],[34]			0.00%
Investment interest rate, PIK	[12],[13],[16],[28],[29],[34]			11.25%
Investment Date	[12],[14],[16],[29],[34]			Feb. 12, 2021
Maturity	[12],[16],[29],[34]			Feb. 11, 2026
Principal Amount - Debt Investments	[12],[16],[29],[34]			$ 15,000
Cost	[12],[16],[29],[34]			14,943
Fair Value	[9],[12],[16],[29],[34]			$ 14,920
Investment, Identifier [Axis]: Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/2015
Investment in number of shares or units				1,000,000	[6],[7],[8],[12],[16],[28]	1,000,000	[1],[3],[4],[30]
Investment Date				Nov. 12, 2015	[14],[29]	Nov. 12, 2015	[1],[3],[4],[20],[30],[31]
Cost				$ 1,000	[12],[16],[29]	$ 1,000	[1],[3],[4],[30],[31]
Fair Value				$ 5,444	[9],[12],[16],[29]	$ 4,772	[1],[3],[4],[10],[30],[31]
Percent of Net Assets				1.00%	[12],[16],[29]	1.00%	[1],[3],[4],[30],[31]
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail
Cost	[1],[3],[4],[35]					$ 11,082
Percent of Net Assets	[1],[3],[4],[35]					0.00%
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (375 units) ($375 unfunded commitment) Investment Date 10/3/2022
Investment in number of shares or units	[1],[3],[4],[19],[35]					375
Unfunded commitment	[1],[3],[4],[19],[35]					$ 375
Investment Date	[1],[3],[4],[19],[20],[35]					Oct. 03, 2022
Cost	[1],[3],[4],[19],[35]					$ 1,000
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (75,000 units) Investment Date 7/13/2017
Investment in number of shares or units	[1],[3],[4],[19],[35]					75,000
Investment Date	[1],[3],[4],[19],[20],[35]					Jul. 13, 2017
Cost	[1],[3],[4],[19],[35]					$ 750
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Second Lien Debt Rate Cash 0.00% Rate PIK 13.00% Investment date 10/3/2022 Maturity 10/3/2025
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[35],[36]					0.00%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[35],[36]					13.00%
Investment Date	[1],[3],[4],[19],[20],[35],[36]					Oct. 03, 2022
Maturity	[1],[3],[4],[19],[35],[36]					Oct. 03, 2025
Principal Amount - Debt Investments	[1],[3],[4],[19],[35],[36]					$ 9,350
Cost	[1],[3],[4],[19],[35],[36]					9,332
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing
Cost				$ 6,832	[12],[28],[37],[38]	$ 6,833	[1],[3],[4],[35],[39]
Percent of Net Assets				0.00%	[12],[28],[37],[38]	0.00%	[1],[3],[4],[35],[39]
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/2020
Investment in number of shares or units				1,022,813	[6],[7],[8],[12],[28],[37],[38]	1,022,813	[1],[3],[4],[19],[35],[39]
Investment Date				Jul. 01, 2020	[12],[14],[28],[37],[38]	Jul. 01, 2020	[1],[3],[4],[19],[20],[21],[35],[39]
Cost				$ 1,023	[12],[28],[37],[38]	$ 1,023	[1],[3],[4],[19],[21],[35],[39]
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/2014
Investment in number of shares or units				2,522	[6],[7],[8],[12],[28],[37],[38]	2,522	[1],[3],[4],[19],[21],[35],[39]
Investment Date				Jul. 03, 2014	[12],[14],[28],[37],[38]	Jul. 03, 2014	[1],[3],[4],[19],[20],[21],[35],[39]
Cost				$ 586	[12],[28],[37],[38]	$ 586	[1],[3],[4],[19],[21],[35],[39]
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/2019
Investment in number of shares or units				425,508	[6],[7],[8],[12],[37],[38]	425,508	[1],[3],[4],[19],[35],[39]
Investment Date				Aug. 30, 2019	[12],[14],[37],[38]	Aug. 30, 2019	[1],[3],[4],[19],[20],[35],[39]
Cost				$ 1	[12],[37],[38]	$ 1	[1],[3],[4],[19],[35],[39]
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Second Lien Debt Rate Cash 10.00% Rate PIK 3.00% Investment date 7/3/2014 Maturity 8/30/2024
Investment, Interest Rate, Paid in Cash				10.00%	[12],[13],[28],[37],[38],[40]	10.00%	[1],[3],[4],[5],[19],[35],[36],[39]
Investment interest rate, PIK				3.00%	[12],[13],[28],[37],[38],[40]	3.00%	[1],[3],[4],[5],[19],[35],[36],[39]
Investment Date				Jul. 03, 2014	[12],[14],[28],[37],[38],[40]	Jul. 03, 2014	[1],[3],[4],[19],[20],[35],[36],[39]
Maturity				Aug. 30, 2024	[12],[28],[37],[38],[40]	Aug. 30, 2024	[1],[3],[4],[19],[35],[36],[39]
Principal Amount - Debt Investments				$ 5,226	[12],[28],[37],[38],[40]	$ 5,226	[1],[3],[4],[19],[35],[36],[39]
Cost				5,222	[12],[28],[37],[38],[40]	5,223	[1],[3],[4],[19],[35],[36],[39]
Investment, Identifier [Axis]: Money Market Funds
Cost				37,650	[6],[7],[8]	61,076	[1],[3],[4]
Fair Value				$ 37,650	[6],[7],[8],[9]	$ 61,076	[1],[3],[4],[10],[41]
Percentage of Net Assets				8.00%	[6],[7],[8]	13.00%	[1],[3],[4]
Investment, Identifier [Axis]: Money Market Funds Goldman Sachs Financial Square Treasury Obligation Institution
Cost				$ 37,650	[6],[7],[8],[42]	$ 61,076	[1],[3],[4],[41]
Fair Value				$ 37,650	[6],[7],[8],[9],[42]	$ 61,076	[1],[3],[4],[10],[41]
Percentage of Net Assets				8.00%	[6],[7],[8],[42]	13.00%	[1],[3],[4],[41]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments
Cost				$ 832,589	[6],[7],[8]	$ 754,974	[1],[3],[4]
Fair Value				$ 831,791	[6],[7],[8],[9]	$ 758,739	[1],[3],[4],[10]
Percent of Net Assets				172.00%	[6],[7],[8]	158.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services
Cost				$ 15,585		$ 16,053	[1],[3],[4]
Fair Value				$ 14,371	[9]	$ 15,593	[1],[3],[4],[10]
Percent of Net Assets				3.00%	[12]	3.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/2021
Investment in number of shares or units				1,000,000	[6],[7],[8],[12],[28]	1,000,000	[1],[3],[4]
Investment Date	[1],[3],[4],[20]					Jun. 25, 2021
Cost	[1],[3],[4]					$ 1,000
Fair Value				$ 206	[9]	$ 477	[1],[3],[4],[10]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (L +6.75%) Variable Index Floor (0.50%) Rate Cash 11.48% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/2026
Variable Index Spread	[1],[3],[4],[23],[43]					6.75%
Variable Index Floor	[1],[3],[4],[23],[43]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[23],[43]					11.48%
Investment interest rate, PIK	[1],[3],[4],[5],[23],[43]					0.00%
Investment Date	[1],[3],[4],[20],[23],[43]					Jun. 25, 2021
Maturity	[1],[3],[4],[23],[43]					Jun. 25, 2026
Principal Amount - Debt Investments	[1],[3],[4],[23],[43]					$ 11,558
Cost	[1],[3],[4],[23],[43]					11,497
Fair Value	[1],[3],[4],[10],[23],[43]					$ 11,560
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (L +6.75%) Variable Index Floor (0.50%) Rate Cash 11.48% Rate PIK 0.00% Investment date 7/30/2021 Maturity 6/25/2026
Variable Index Spread	[1],[3],[4],[19],[23],[44]					6.75%
Variable Index Floor	[1],[3],[4],[19],[23],[44]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[23],[44]					11.48%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[23],[44]					0.00%
Investment Date	[1],[3],[4],[19],[20],[23],[44]					Jul. 30, 2021
Maturity	[1],[3],[4],[19],[23],[44]					Jun. 25, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19],[23],[44]					$ 3,556
Cost	[1],[3],[4],[19],[23],[44]					3,556
Fair Value	[1],[3],[4],[10],[19],[23],[44]					3,556
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/2021
Investment Date	[14]			Jun. 25, 2021
Cost	[12]			$ 1,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+7.25%) Variable Index Floor (0.50%) Rate Cash 12.63% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/2026
Variable Index Spread	[11],[17],[45]			7.25%
Variable Index Floor	[11],[17],[45]			0.50%
Investment, Interest Rate, Paid in Cash	[13],[17],[45]			0.00%
Investment interest rate, PIK	[13],[17],[45]			12.63%
Investment Date	[14],[17],[45]			Jun. 25, 2021
Maturity	[17],[45]			Jun. 25, 2026
Principal Amount - Debt Investments	[17],[45]			$ 11,193
Cost	[17],[45]			11,141
Fair Value	[9],[17],[45]			$ 10,721
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (S+7.25%) Variable Index Floor (0.50%) Rate Cash 12.63% Rate PIK 0.00% Investment date 7/30/2021 Maturity 6/25/2026
Variable Index Spread	[11],[46]			7.25%
Variable Index Floor	[11],[46]			0.50%
Investment, Interest Rate, Paid in Cash	[13],[46]			0.00%
Investment interest rate, PIK	[13],[46]			12.63%
Investment Date	[14],[46]			Jul. 30, 2021
Maturity	[46]			Jun. 25, 2026
Principal Amount - Debt Investments	[12],[46]			$ 3,444
Cost	[46]			3,444
Fair Value	[9],[46]			$ 3,444
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (0.75%) Rate Cash 11.64% Rate PIK 0.00% Investment date 2/1/2022 Maturity 2/1/2027
Variable Index Spread	[11],[12],[28],[47]			6.50%
Variable Index Floor	[11],[12],[28],[47]			0.75%
Investment, Interest Rate, Paid in Cash	[12],[13],[28],[47]			11.64%
Investment interest rate, PIK	[12],[13],[28],[47]			0.00%
Investment Date	[12],[14],[28],[47]			Feb. 01, 2022
Maturity	[12],[28],[47]			Feb. 01, 2027
Principal Amount - Debt Investments	[12],[28],[47]			$ 10,000
Cost	[12],[28],[47]			9,946
Fair Value	[9],[12],[28],[47]			$ 10,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services
Cost		$ 10,696	[12],[28]			10,690	[1],[3],[4]
Fair Value		$ 10,487	[9],[12],[28]			$ 10,741	[1],[3],[4],[10]
Percent of Net Assets		2.00%	[12],[28]			2.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services Common Equity (750 units) Investment date 2/1/2022
Investment in number of shares or units	[6],[7],[8],[12],[28]	750
Investment Date	[12],[14],[28],[47]	Feb. 01, 2022
Cost	[12],[28],[47]	$ 750
Fair Value	[9],[12],[28],[47]	487
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services Common Equity Investment date 2/1/2022
Investment in number of shares or units	[1],[2],[3],[4]					750
Investment Date	[1],[3],[4],[20]					Feb. 01, 2022
Cost	[1],[3],[4]					$ 750
Fair Value	[1],[3],[4],[10]					$ 741
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services First Lien Debt Variable Index Spread (S +6.50%) Variable Index Floor (0.75%) Rate Cash 10.31% Rate PIK 0.00% Investment date 2/1/2022 Maturity 2/1/2027
Variable Index Spread	[1],[2],[3],[4]					6.50%
Variable Index Floor	[1],[2],[3],[4]					0.75%
Investment, Interest Rate, Paid in Cash	[1],[2],[3],[4],[5]					10.31%
Investment Date	[1],[2],[3],[4],[20]					Feb. 01, 2022
Maturity	[1],[2],[3],[4]					Feb. 01, 2027
Principal Amount - Debt Investments	[1],[2],[3],[4]					$ 10,000
Cost	[1],[2],[3],[4]					9,940
Fair Value	[1],[2],[3],[4],[10]					$ 10,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc. Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/2022
Investment in number of shares or units	[1],[3],[4],[19],[21]					1,200
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing
Cost		16,102	[28]			$ 16,090	[1],[3],[4]
Fair Value		$ 16,535	[9],[28]			$ 16,090	[1],[3],[4],[10]
Percent of Net Assets		4.00%	[28]			4.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity (1200 units) Investment date 11/8/2022
Investment Date	[12],[14],[28]	Nov. 08, 2022
Cost	[12],[28]	$ 1,200
Fair Value	[9],[12],[28]	$ 1,535
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity Investment date 11/8/2022
Investment in number of shares or units	[6],[7],[8],[12],[28]	1,200
Investment Date	[1],[3],[4],[19],[20],[21]					Nov. 08, 2022
Cost	[1],[3],[4],[19],[21]					$ 1,200
Fair Value	[1],[3],[4],[10],[19],[21]					$ 1,200
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.89% Rate PIK 0.00% Investment date 11/8/2022 Maturity 11/8/2027
Variable Index Spread	[11],[12],[28],[48]			7.00%
Variable Index Floor	[11],[12],[28],[48]			2.00%
Investment, Interest Rate, Paid in Cash	[12],[13],[28],[48]			11.89%
Investment interest rate, PIK	[12],[13],[28],[48]			0.00%
Investment Date	[12],[14],[28],[48]			Nov. 08, 2022
Maturity	[12],[28],[48]			Nov. 08, 2027
Principal Amount - Debt Investments	[12],[28],[48]			$ 15,000
Cost	[12],[28],[48]			14,902
Fair Value	[9],[12],[28],[48]			15,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S +7.00%) Variable Index Floor (2.00%) Rate Cash 11.21% Rate PIK 0.00% Investment date 11/8/2022 Maturity 11/8/2027
Variable Index Spread	[1],[3],[4],[49]					7.00%
Variable Index Floor	[1],[3],[4],[49]					2.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[49]					11.21%
Investment interest rate, PIK	[1],[3],[4],[5],[49]					0.00%
Investment Date	[1],[3],[4],[20],[49]					Nov. 08, 2022
Maturity	[1],[3],[4],[49]					Nov. 08, 2027
Principal Amount - Debt Investments	[1],[3],[4],[49]					$ 15,000
Cost	[1],[3],[4],[49]					14,890
Fair Value	[1],[3],[4],[10],[49]					14,890
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services
Cost				18,466	[12],[28]	18,526	[1],[3],[4]
Fair Value				$ 18,661	[9],[12],[28]	$ 18,706	[1],[3],[4],[10]
Percent of Net Assets				4.00%	[12],[28]	4.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Common Equity (500,000 shares) Investment date 10/6/2021
Investment in number of shares or units						500,000	[1],[3],[4],[19]	500,000	[6],[7],[8],[12],[28]
Investment Date				Oct. 06, 2021	[12],[14]	Oct. 06, 2021	[1],[3],[4],[19],[20]
Cost				$ 371	[12]	$ 371	[1],[3],[4],[19]
Fair Value				$ 451	[9],[12]	$ 433	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 One
Variable Index Spread	[1],[3],[4],[19]					7.75%
Variable Index Floor	[1],[3],[4],[19]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					12.30%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Oct. 06, 2021
Maturity	[1],[3],[4],[19]					Oct. 06, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 5,500
Cost	[1],[3],[4],[19]					5,488
Fair Value	[1],[3],[4],[10],[19]					$ 5,500
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 Two
Variable Index Spread	[1],[3],[4],[19]					7.75%
Variable Index Floor	[1],[3],[4],[19]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					12.30%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Oct. 06, 2021
Maturity	[1],[3],[4],[19]					Oct. 06, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 12,500
Cost	[1],[3],[4],[19]					12,450
Fair Value	[1],[3],[4],[10],[19]					$ 12,500
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.90% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026
Variable Index Spread	[11],[12]			7.75%
Variable Index Floor	[11],[12]			0.50%
Investment, Interest Rate, Paid in Cash	[12],[13]			0.00%
Investment interest rate, PIK	[12],[13]			12.90%
Investment Date	[12],[14]			Oct. 06, 2021
Maturity	[12]			Oct. 06, 2026
Principal Amount - Debt Investments	[12]			$ 5,479
Cost	[12]			5,469
Fair Value	[9],[12]			$ 5,479
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.90% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 Principal Amount 12,453
Variable Index Spread	[11],[12]			7.75%
Variable Index Floor	[11],[12]			0.50%
Investment, Interest Rate, Paid in Cash	[12],[13]			0.00%
Investment interest rate, PIK	[12],[13]			12.90%
Investment Date	[12],[14]			Oct. 06, 2021
Maturity	[12]			Oct. 06, 2026
Principal Amount - Debt Investments	[12]			$ 12,453
Cost	[12]			12,409
Fair Value	[9],[12]			$ 12,453
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/2022
Investment in number of shares or units						77,016	[1],[3],[4],[19]	77,016	[6],[7],[8],[12],[28]
Investment Date				Sep. 26, 2022	[12],[14]	Sep. 26, 2022	[1],[3],[4],[19],[20]
Cost				$ 88	[12]	$ 88	[1],[3],[4],[19]
Fair Value				$ 143	[9],[12]	$ 143	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.50%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021
Variable Index Spread	[1],[3],[4],[19],[30]					7.50%
Variable Index Floor	[1],[3],[4],[19],[30]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[30]					12.30%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[30]					0.00%
Investment Date	[1],[3],[4],[19],[20],[30]					Oct. 06, 2021
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.90% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026
Unfunded commitment	[6],[7],[8],[12],[28]							$ 1,000
Variable Index Spread	[11],[12]			7.50%
Variable Index Floor	[11],[12]			0.50%
Investment, Interest Rate, Paid in Cash	[12],[13]			0.00%
Investment interest rate, PIK	[12],[13]			12.90%
Investment Date	[12],[14]			Oct. 06, 2021
Maturity	[12]			Oct. 06, 2026
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Warrant (150,000 shares) Investment date 10/6/2021
Investment in number of shares or units						150,000	[1],[3],[4],[19],[26]	150,000	[6],[7],[8],[12],[28]
Investment Date				Oct. 06, 2021	[12],[14]	Oct. 06, 2021	[1],[3],[4],[19],[20],[26]
Cost				$ 129	[12]	$ 129	[1],[3],[4],[19],[26]
Fair Value				135	[9],[12]	130	[1],[3],[4],[10],[19],[26]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing
Cost				17,769	[12],[28]	14,777	[1],[3],[4]
Fair Value				$ 18,377	[9],[12],[28]	$ 15,029	[1],[3],[4],[10]
Percent of Net Assets				4.00%	[12],[28]	4.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing Common Equity (549 units) Investment Date 6/11/2021
Investment in number of shares or units				549	[6],[7],[8],[12],[28]	549	[1],[3],[4]
Investment Date				Jun. 11, 2021	[12],[14],[28]	Jun. 11, 2021	[1],[3],[4],[20]
Cost				$ 593	[12],[28]	$ 593	[1],[3],[4]
Fair Value				$ 1,127	[9],[12],[28]	$ 779	[1],[3],[4],[10]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L +5.88%) Variable Index Floor (0.50%) Rate Cash 10.63% Rate PIK 0.00% Investment date 6/11/2021 Maturity 6/11/2026
Variable Index Spread	[1],[3],[4],[50]					5.88%
Variable Index Floor	[1],[3],[4],[50]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[50]					10.63%
Investment interest rate, PIK	[1],[3],[4],[5],[50]					0.00%
Investment Date	[1],[3],[4],[20],[50]					Jun. 11, 2021
Maturity	[1],[3],[4],[50]					Jun. 11, 2026
Principal Amount - Debt Investments	[1],[3],[4],[50]					$ 14,250
Cost	[1],[3],[4],[50]					14,184
Fair Value	[1],[3],[4],[10],[50]					$ 14,250
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S +5.88%) Variable Index Floor (1.50%) Rate Cash 11.38% Rate PIK 0.00% Investment date 6/11/2021 Maturity 6/11/2026
Variable Index Spread	[11],[12],[28],[51]			5.88%
Variable Index Floor	[11],[12],[28],[51]			1.50%
Investment, Interest Rate, Paid in Cash	[12],[13],[28],[51]			11.38%
Investment interest rate, PIK	[12],[13],[28],[51]			0.00%
Investment Date	[12],[14],[28],[51]			Jun. 11, 2021
Maturity	[12],[28],[51]			Jun. 11, 2026
Principal Amount - Debt Investments	[12],[28],[51]			$ 17,250
Cost	[12],[28],[51]			17,176
Fair Value	[9],[12],[28],[51]			17,250
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services
Cost	[12],[28]			8,441
Fair Value	[9],[12],[28]			$ 8,441
Percent of Net Assets	[12],[28]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services Common Equity (6800 units) Investment Date 6/30/2023
Investment in number of shares or units	[6],[7],[8],[12],[28]			6,800
Investment Date	[12],[14],[28]			Jun. 30, 2023
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services First Lien Debt Variable Index Spread (S +6.50%) Variable Index Floor (2.00%) Rate Cash 11.74% Rate PIK 0.00% Investment date 6/30/2023 Maturity 6/29/2029
Variable Index Spread	[11],[12],[28],[52]			6.50%
Variable Index Floor	[11],[12],[28],[52]			2.00%
Investment, Interest Rate, Paid in Cash	[12],[13],[28],[52]			11.74%
Investment interest rate, PIK	[12],[13],[28],[52]			0.00%
Investment Date	[12],[14],[28],[52]			Jun. 30, 2023
Maturity	[12],[28],[52]			Jun. 29, 2029
Principal Amount - Debt Investments	[12],[28],[52]			$ 7,820
Cost	[12],[28],[52]			7,761
Fair Value	[9],[12],[28],[52]			$ 7,761
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services Preferred Equity (6800 units) Investment Date 6/30/2023
Investment in number of shares or units	[6],[7],[8],[12],[28]			6,800
Investment Date	[12],[14],[28]			Jun. 30, 2023
Cost	[12],[28]			$ 680
Fair Value	[9],[12],[28]			680
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings
Cost	[12],[28]			11,393
Fair Value	[9],[12],[28]			$ 9,415
Percent of Net Assets	[12],[28]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/2021
Investment in number of shares or units	[6],[7],[8],[12],[28]			39,443
Investment Date	[12],[14],[28]			Nov. 24, 2021
Cost	[12],[28]			$ 22
Fair Value	[9],[12],[28]			$ 55
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/2017
Investment in number of shares or units				570,636	[6],[7],[8],[12],[28]	570,636	[1],[3],[4],[19],[21]
Investment Date				Jul. 21, 2017	[12],[14],[28]	Jul. 21, 2017	[1],[3],[4],[19],[20],[21]
Cost				$ 637	[12],[28]	$ 637	[1],[3],[4],[19],[21]
Fair Value				$ 159	[9],[12],[28]	$ 98	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 12.50% Rate PIK 2.25% Investment date 3/2/2020 Maturity 9/2/2026
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[36]					12.50%
Investment interest rate, PIK	[1],[3],[4],[5],[36]					2.25%
Investment Date	[1],[3],[4],[20],[36]					Mar. 02, 2020
Maturity	[1],[3],[4],[36]					Sep. 02, 2026
Principal Amount - Debt Investments	[1],[3],[4],[36]					$ 10,345
Cost	[1],[3],[4],[36]					10,281
Fair Value	[1],[3],[4],[10],[36]					8,144
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC(fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings
Cost	[1],[3],[4]					10,940
Fair Value	[1],[3],[4],[10]					$ 8,297
Percent of Net Assets	[1],[3],[4]					2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC(fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/2021
Investment in number of shares or units	[1],[3],[4],[19],[21]					39,443
Investment Date	[1],[3],[4],[19],[20],[21]					Nov. 24, 2021
Cost	[1],[3],[4],[19],[21]					$ 22
Fair Value	[1],[3],[4],[10],[19],[21]					55
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi, LLC (fka Marco Group International OpCo, LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 15.00% Investment date 3/2/2020 Maturity 9/2/2026
Investment, Interest Rate, Paid in Cash	[12],[13],[28]			0.00%
Investment interest rate, PIK	[12],[13],[28]			15.00%
Investment Date	[12],[14],[28]			Mar. 02, 2020
Maturity	[12],[28]			Sep. 02, 2026
Principal Amount - Debt Investments	[12],[28]			$ 10,795
Cost	[12],[28]			10,734
Fair Value	[9],[12],[28]			$ 9,201
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AmeriWater, LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 11.14% Rate PIK 0.00% Investment date 7/8/2022 Maturity 7/8/2027
Variable Index Spread	[11],[12],[28],[53]			6.25%
Variable Index Floor	[11],[12],[28],[53]			1.00%
Investment, Interest Rate, Paid in Cash	[12],[13],[28]	7.00%		11.14%	[53]
Investment interest rate, PIK	[12],[13],[28]	7.00%		0.00%	[53]
Investment Date	[12],[14],[28]	Jul. 08, 2022		Jul. 08, 2022	[53]
Maturity	[12],[28]	Jan. 08, 2028		Jul. 08, 2027	[53]
Principal Amount - Debt Investments	[12],[28]	$ 2,143		$ 7,682	[53]
Cost	[12],[28]	2,135		7,643	[53]
Fair Value	[9],[12],[28]	2,143		7,682	[53]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries
Cost				22,321	[12],[28]	21,677	[1],[3],[4]
Fair Value				22,061	[9],[12],[28]	$ 21,917	[1],[3],[4],[10]
Percent of Net Assets	[1],[3],[4]					5.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt ($2,225 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor (1.00%) Rate Cash 10.90% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026
Unfunded commitment	[6],[7],[8],[12],[28]			$ 2,225
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt ($2,500 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor (1.00%) Rate Cash 10.90% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026
Variable Index Spread	[11],[12],[28],[54],[55]			6.50%
Variable Index Floor	[11],[12],[28],[54],[55]			1.00%
Investment, Interest Rate, Paid in Cash	[12],[13],[28],[54],[55]			10.90%
Investment interest rate, PIK	[12],[13],[28],[54],[55]			0.00%
Investment Date	[12],[14],[28],[54],[55]			Jun. 28, 2021
Maturity	[12],[28],[54],[55]			Jun. 28, 2026
Principal Amount - Debt Investments	[12],[28],[54],[55]			$ 21,183
Cost	[12],[28],[54],[55]			20,973
Fair Value	[9],[12],[28],[54],[55]			$ 21,183
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (L +3.75%) Variable Index Floor (1.00%) Rate Cash 7.42% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026
Variable Index Spread	[1],[3],[4],[19],[56]					3.75%
Variable Index Floor	[1],[3],[4],[19],[56]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[56]					7.42%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[56]					0.00%
Investment Date	[1],[3],[4],[19],[20],[56]					Jun. 28, 2021
Maturity	[1],[3],[4],[19],[56]					Jun. 28, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19],[56]					$ 330
Cost	[1],[3],[4],[19],[56]					330
Fair Value	[1],[3],[4],[10],[19],[56]					$ 325
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (L +6.15%) Variable Index Floor (1.00%) Rate Cash 9.82% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026
Variable Index Spread	[1],[3],[4],[19],[57]					6.15%
Variable Index Floor	[1],[3],[4],[19],[57]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[57]					9.82%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[57]					0.00%
Investment Date	[1],[3],[4],[19],[20],[57]					Jun. 28, 2021
Maturity	[1],[3],[4],[19],[57]					Jun. 28, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19],[57]					$ 20,500
Cost	[1],[3],[4],[19],[57]					20,329
Fair Value	[1],[3],[4],[10],[19],[57]					$ 20,500
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 4.00%) Variable Index Floor (1.00%) Rate Cash 9.16% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026
Variable Index Spread	[11],[12],[28],[58]			4.00%
Variable Index Floor	[11],[12],[28],[58]			1.00%
Investment, Interest Rate, Paid in Cash	[12],[13],[28],[58]			9.16%
Investment interest rate, PIK	[12],[13],[28],[58]			0.00%
Investment Date	[12],[14],[28],[58]			Jun. 28, 2021
Maturity	[12],[28],[58]			Jun. 28, 2026
Principal Amount - Debt Investments	[12],[28],[58]			$ 330
Cost	[12],[28],[58]			330
Fair Value	[9],[12],[28],[58]			$ 322
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/2020
Investment in number of shares or units				141	[6],[7],[8],[12],[28]	141	[1],[3],[4],[19],[21]
Investment Date				Nov. 02, 2020	[12],[14],[28]	Nov. 02, 2020	[1],[3],[4],[19],[20],[21]
Cost				$ 171	[12],[28]	$ 171	[1],[3],[4],[19],[21]
Fair Value				$ 87	[9],[12],[28]	$ 180	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/2019
Investment in number of shares or units				207	[6],[7],[8],[12],[28]	207	[1],[3],[4],[19],[21]
Investment Date				Aug. 06, 2019	[12],[14],[28]	Aug. 06, 2019	[1],[3],[4],[19],[20],[21]
Cost				$ 250	[12],[28]	$ 250	[1],[3],[4],[19],[21]
Fair Value				$ 127	[9],[12],[28]	$ 264	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 5/31/2018
Investment in number of shares or units				500	[6],[7],[8],[12],[28]	500	[1],[3],[4],[19],[21]
Investment Date				May 31, 2018	[12],[14],[28]	May 31, 2018	[1],[3],[4],[19],[20],[21]
Cost				$ 500	[12],[28]	$ 500	[1],[3],[4],[19],[21]
Fair Value				$ 295	[9],[12],[28]	$ 547	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/2021
Investment in number of shares or units				74	[6],[7],[8],[12],[28]	74	[1],[3],[4],[19],[21]
Investment Date				Dec. 29, 2021	[12],[14],[28]	Dec. 29, 2021	[1],[3],[4],[19],[20],[21]
Cost				$ 97	[12],[28]	$ 97	[1],[3],[4],[19],[21]
Fair Value				$ 47	[9],[12],[28]	101	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing
Cost		10,778	[12],[28]			10,722	[1],[3],[4]
Fair Value		$ 10,624	[9],[12],[28]			$ 10,722	[1],[3],[4],[10]
Percent of Net Assets		2.00%	[12],[28]			2.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/2022
Investment in number of shares or units		1,000	[6],[7],[8],[12],[28]			1,000	[1],[3],[4],[19],[21]
Investment Date		Jul. 08, 2022	[12],[14],[28]			Jul. 08, 2022	[1],[3],[4],[19],[20],[21]
Cost		$ 1,000	[12],[28]			$ 1,000	[1],[3],[4],[19],[21]
Fair Value		799	[9],[12],[28]			$ 1,000	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing First Lien Debt Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 9.81% Rate PIK 0.00% Investment date 7/8/2022 Maturity 7/8/2027
Variable Index Spread	[1],[3],[4],[59]					6.25%
Variable Index Floor	[1],[3],[4],[59]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[59]					9.81%
Investment interest rate, PIK	[1],[3],[4],[5],[59]					0.00%
Investment Date	[1],[3],[4],[20],[59]					Jul. 08, 2022
Maturity	[1],[3],[4],[59]					Jul. 08, 2027
Principal Amount - Debt Investments	[1],[3],[4],[59]					$ 7,704
Cost	[1],[3],[4],[59]					7,662
Fair Value	[1],[3],[4],[10],[59]					$ 7,662
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing Subordinated Debt Rate Cash 7.00% Rate PIK 7.00% Investment date 7/8/2022 Maturity 1/8/2028
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					7.00%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					7.00%
Investment Date	[1],[3],[4],[19],[20]					Jul. 08, 2022
Maturity	[1],[3],[4],[19]					Jan. 08, 2028
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 2,069
Cost	[1],[3],[4],[19]					2,060
Fair Value	[1],[3],[4],[10],[19]					2,060
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services
Cost		20,183	[12]			20,167	[1],[3],[4]
Fair Value		$ 21,196	[9],[12]			$ 20,834	[1],[3],[4],[10]
Percent of Net Assets		4.00%	[12]			5.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity (24 units) Investment date 11/6/2020
Investment in number of shares or units		24	[6],[7],[8],[12]			24	[1],[3],[4]
Investment Date	[12],[14]	Nov. 06, 2020
Cost	[12]	$ 66
Fair Value	[9],[12]	$ 780
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity Investment date 10/1/20201
Cost	[1],[3],[4],[19]					$ 500
Fair Value	[1],[3],[4],[10],[19]					$ 471
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity Investment date 11/6/2020
Investment Date	[1],[3],[4],[20]					Nov. 06, 2020
Cost	[1],[3],[4]					$ 66
Fair Value	[1],[3],[4],[10]					$ 465
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services First Lien Debt Variable Index Spread (P +5.50%) Variable Index Floor (3.25%) Rate Cash 13.00% Rate PIK 0.85% Investment date 10/1/2021 Maturity 10/1/2026
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[60]					13.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.50%) Rate Cash 11.40% Rate PIK 0.00% Investment date 11/6/2020 Maturity 11/6/2025
Variable Index Spread	[11],[12],[61]			6.25%
Variable Index Floor	[11],[12],[61]			1.50%
Investment, Interest Rate, Paid in Cash	[12],[13],[61]			11.40%
Investment interest rate, PIK	[12],[13],[61]			0.00%
Investment Date	[12],[14],[61]			Nov. 06, 2020
Maturity	[12],[61]			Nov. 06, 2025
Principal Amount - Debt Investments	[12],[61]			$ 19,005
Cost	[12],[61]			18,932
Fair Value	[9],[12],[61]			19,005
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services First Lien Debt Variable Index Spread (S +6.25%) Variable Index Floor (1.50%) Rate Cash 10.07% Rate PIK 0.00% Investment date 11/6/2020 Maturity 11/6/2025
Variable Index Spread	[1],[3],[4],[23],[62]					6.25%
Variable Index Floor	[1],[3],[4],[23],[62]					1.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[23],[62]					10.07%
Investment interest rate, PIK	[1],[3],[4],[5],[23],[62]					0.00%
Investment Date	[1],[3],[4],[20],[23],[62]					Nov. 06, 2020
Maturity	[1],[3],[4],[23],[62]					Nov. 06, 2025
Principal Amount - Debt Investments	[1],[3],[4],[23],[62]					$ 19,005
Cost	[1],[3],[4],[23],[62]					18,916
Fair Value	[1],[3],[4],[10],[23],[62]					$ 19,005
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Preferred Equity (1,184,711 units) Investment date 11/6/2020
Investment in number of shares or units		1,184,711	[6],[7],[8],[12]			1,184,711	[1],[3],[4]
Investment Date	[12],[14]	Nov. 06, 2020
Cost	[12]	$ 1,185
Fair Value	[9],[12]	$ 1,411
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Preferred Equity Investment date 11/6/2020
Investment Date	[1],[3],[4],[20]					Nov. 06, 2020
Cost	[1],[3],[4]					$ 1,185
Fair Value	[1],[3],[4],[10]					1,364
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services
Cost	[12]			8,690
Fair Value	[9],[12]			$ 8,699
Percent of Net Assets	[12]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity
Cost	[1],[3],[4]					8,609
Fair Value	[1],[3],[4],[10]					$ 8,639
Percent of Net Assets	[1],[3],[4]					2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/2021
Investment in number of shares or units				500	[6],[7],[8],[12]	500	[1],[3],[4],[19]
Investment Date	[12],[14]			Oct. 01, 2021
Cost	[12]			$ 500
Fair Value	[9],[12]			$ 456
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity Investment date 10/1/2021
Investment Date	[1],[3],[4],[19],[20]					Oct. 01, 2021
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services First Lien Debt Variable Index Spread (P + 5.50%) Variable Index Floor (3.25%) Rate Cash 13.75% Rate PIK 0.85% Investment date 10/1/2021 Maturity 10/1/2026
Variable Index Spread	[11],[12],[63]			5.50%
Variable Index Floor	[11],[12],[63]			3.25%
Investment, Interest Rate, Paid in Cash	[12],[13],[63]			13.75%
Investment interest rate, PIK	[12],[13],[63]			0.85%
Investment Date	[12],[14],[63]			Oct. 01, 2021
Maturity	[12],[63]			Oct. 01, 2026
Principal Amount - Debt Investments	[12],[63]			$ 7,614
Cost	[12],[63]			7,565
Fair Value	[9],[12],[63]			$ 7,614
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services First Lien Debt Variable Index Spread (P +5.50%) Variable Index Floor (3.25%) Rate Cash 13.00% Rate PIK 0.85% Investment date 10/1/2021 Maturity 10/1/2026
Variable Index Spread	[1],[3],[4],[60]					5.50%
Variable Index Floor	[1],[3],[4],[60]					3.25%
Investment interest rate, PIK	[1],[3],[4],[5],[60]					0.85%
Investment Date	[1],[3],[4],[20],[60]					Oct. 01, 2021
Maturity	[1],[3],[4],[60]					Oct. 01, 2026
Principal Amount - Debt Investments	[1],[3],[4],[60]					$ 7,581
Cost	[1],[3],[4],[60]					7,525
Fair Value	[1],[3],[4],[10],[60]					$ 7,581
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 12.75% Investment date 10/1/2021 Maturity 12/31/2026
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5]					0.00%
Investment interest rate, PIK	[1],[3],[4],[5]					12.75%
Investment Date	[1],[3],[4],[20]					Oct. 01, 2021
Maturity	[1],[3],[4]					Dec. 31, 2026
Principal Amount - Debt Investments	[1],[3],[4]					$ 587
Cost	[1],[3],[4]					584
Fair Value	[1],[3],[4],[10]					$ 587
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment date 10/1/2021 Maturity 12/31/2026
Investment, Interest Rate, Paid in Cash	[12],[13]			0.00%
Investment interest rate, PIK	[12],[13]			14.50%
Investment Date	[12],[14]			Oct. 01, 2021
Maturity	[12]			Dec. 31, 2026
Principal Amount - Debt Investments	[12]			$ 629
Cost	[12]			625
Fair Value	[9],[12]			$ 629
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 10.25% Rate PIK 00.00% Investment date 11/17/2021 Maturity 11/17/2028
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					10.25%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Nov. 17, 2021
Maturity	[1],[3],[4],[19]					Nov. 17, 2028
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 11,333
Cost	[1],[3],[4],[19]					11,279
Fair Value	[1],[3],[4],[10],[19]					$ 11,333
Percent of Net Assets	[1],[3],[4],[19]					2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 11.75% Rate PIK 0.00% Investment date 11/17/2021 Maturity 11/17/2028
Investment, Interest Rate, Paid in Cash	[12],[13]			11.75%
Investment interest rate, PIK	[12],[13]			0.00%
Investment Date	[12],[14]			Nov. 17, 2021
Maturity	[12]			Nov. 17, 2028
Principal Amount - Debt Investments	[12]			$ 18,333
Cost	[12]			18,188
Fair Value	[9],[12]			$ 18,333
Percent of Net Assets	[12]			4.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Real
Cost	[6],[7],[8]			$ 22,584
Fair Value	[6],[7],[8],[9]			$ 22,907
Percent of Net Assets	[6],[7],[8]			5.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail
Cost				$ 22,518	[12]	$ 20,564	[1],[3],[4]
Fair Value				$ 23,186	[9],[12]	$ 20,564	[1],[3],[4],[10]
Percent of Net Assets				5.00%	[12]	4.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail Common Equity (1000 units) Investment date 9/13/2022
Investment in number of shares or units				1,000	[6],[7],[8],[12]	1,000	[1],[3],[4],[19]
Investment Date				Sep. 13, 2022	[12],[14]	Sep. 13, 2022	[1],[3],[4],[19],[20]
Cost				$ 960	[12]	$ 1,000	[1],[3],[4],[19]
Fair Value				$ 1,238	[9],[12]	$ 1,000	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (1.50%) Rate Cash 10.64% Rate PIK 0.00% Investment date 5/12/2023 Maturity Date 9/13/2027
Variable Index Spread	[11],[12]			5.75%
Variable Index Floor	[11],[12]			1.50%
Investment, Interest Rate, Paid in Cash	[12],[13]			10.64%
Investment interest rate, PIK	[12],[13]			0.00%
Investment Date	[12],[14]			May 12, 2023
Maturity	[12]			Sep. 13, 2027
Principal Amount - Debt Investments	[12]			$ 1,948
Cost	[12]			1,948
Fair Value	[9],[12]			$ 1,948
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (1.50%) Rate Cash 10.64% Rate PIK 0.00% Investment date 9/13/2022 Maturity Date 9/13/2027
Variable Index Spread	[11],[12],[64]			5.75%
Variable Index Floor	[11],[12],[64]			1.50%
Investment, Interest Rate, Paid in Cash	[12],[13],[64]			10.64%
Investment interest rate, PIK	[12],[13],[64]			0.00%
Investment Date	[12],[14],[64]			Sep. 13, 2022
Maturity	[12],[64]			Sep. 13, 2027
Principal Amount - Debt Investments	[12],[64]			$ 20,000
Cost	[12],[64]			19,610
Fair Value	[9],[12],[64]			$ 20,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail First Lien Debt Variable Index Spread Variable Index Spread (S +5.75%) Variable Index Floor (1.50%) Rate Cash 9.31% Rate PIK 0.00% Investment date 9/13/2022 Maturity 9/13/2027
Variable Index Spread	[1],[3],[4],[19],[65]					5.75%
Variable Index Floor	[1],[3],[4],[19],[65]					1.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[65]					9.31%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[65]					0.00%
Investment Date	[1],[3],[4],[19],[20],[65]					Sep. 13, 2022
Maturity	[1],[3],[4],[19],[65]					Sep. 13, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19],[65]					$ 20,000
Cost	[1],[3],[4],[19],[65]					19,564
Fair Value	[1],[3],[4],[10],[19],[65]					$ 19,564
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Common Equity (500,000 units) Investment date 3/12/2019
Investment in number of shares or units	[6],[7],[8],[12]			500,000
Investment Date	[12],[14]			Mar. 12, 2019
Cost	[12]			$ 484
Fair Value	[9],[12]			$ 472
Percent of Net Assets	[12]			0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/2019
Investment in number of shares or units	[1],[3],[4],[19],[21]					500,000
Investment Date	[1],[3],[4],[19],[20],[21]					Mar. 12, 2019
Cost	[1],[3],[4],[19],[21]					$ 484
Fair Value	[1],[3],[4],[10],[19],[21]					$ 486
Percent of Net Assets	[1],[3],[4],[19],[21]					0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants
Cost	[12]			$ 570
Fair Value	[9],[12]			$ 267
Percent of Net Assets	[12]			0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Common Equity (14,201 units) Investment date 11/03/2022
Fair Value	[9],[12]			$ 22
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Common Equity (14,201 units) Investment date 11/3/2022
Investment in number of shares or units	[6],[7],[8],[12]			14,201
Investment Date	[12],[14]			Nov. 03, 2022
Cost	[12]			$ 521
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Preferred Equity (9,787 units) Investment date 11/3/2022
Investment in number of shares or units	[6],[7],[8],[12]			9,787
Investment Date	[12],[14]			Nov. 03, 2022
Cost	[12]			$ 49
Fair Value	[9],[12]			245
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services
Cost	[1],[3],[4]					$ 14,434
Fair Value	[1],[3],[4],[10]					$ 15,029
Percent of Net Assets	[1],[3],[4]					3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services
Cost	[12]			14,515
Fair Value	[12]			$ 15,549
Percent of Net Assets	[12]			3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/2022
Investment in number of shares or units				563	[6],[7],[8],[12]	563	[1],[3],[4],[19]
Investment Date	[12],[14]			Mar. 03, 2022
Cost	[12]			$ 400
Fair Value	[9],[12]			$ 843
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity Investment date 3/3/2022
Investment Date	[1],[3],[4],[19],[20]					Mar. 03, 2022
Cost	[1],[3],[4],[19]					$ 400
Fair Value	[1],[3],[4],[10],[19]					$ 425
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services First Lien Debt Variable Index Spread Rate Cash 10.00% Rate PIK 1.00% Investment date 3/3/2022 Maturity 3/3/2028
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[23]					10.00%
Investment interest rate, PIK	[1],[3],[4],[5],[23]					1.00%
Investment Date	[1],[3],[4],[20],[23]					Mar. 03, 2022
Maturity	[1],[3],[4],[23]					Mar. 03, 2028
Principal Amount - Debt Investments	[1],[3],[4],[23]					$ 13,751
Cost	[1],[3],[4],[23]					13,634
Fair Value	[1],[3],[4],[10],[23]					$ 13,751
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/2022
Investment in number of shares or units				563	[6],[7],[8],[12]	563	[1],[3],[4],[19]
Investment Date				Mar. 03, 2022	[12],[14]	Mar. 03, 2022	[1],[3],[4],[19],[20]
Cost				$ 400	[12]	$ 400	[1],[3],[4],[19]
Fair Value				$ 886	[9],[12]	$ 853	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Subordinated Debt Rate Cash 10.00% Rate PIK 1.00% Investment date 3/3/2022 Maturity Date 3/3/2028
Variable Index Spread	[12],[13]			10.00%
Investment interest rate, PIK	[12],[13]			1.00%
Investment Date	[12],[14]			Mar. 03, 2022
Maturity	[12]			Mar. 03, 2028
Principal Amount - Debt Investments	[12]			$ 13,820
Cost	[12]			13,715
Fair Value	[9],[12]			$ 13,820
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (Class A Units) (574,929 units) Investment date 6/28/2022
Investment in number of shares or units				574,929	[6],[7],[8],[12],[28]	574,929	[1],[3],[4],[19],[21]
Investment Date	[6],[7],[8],[12],[14],[28]			Jun. 28, 2022
Cost	[6],[7],[8],[12],[28]			$ 272
Fair Value	[6],[7],[8],[9],[12],[28]			$ 202
Percent of Net Assets	[6],[7],[8],[12],[28]			0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity Investment date 6/28/2022
Investment Date	[1],[3],[4],[19],[20],[21]					Jun. 28, 2022
Cost	[1],[3],[4],[19],[21]					$ 272
Fair Value	[1],[3],[4],[10],[19],[21]					$ 212
Percent of Net Assets	[1],[3],[4],[19],[21]					0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services
Cost	[6],[7],[8]			$ 10,224
Fair Value	[6],[7],[8],[9]			$ 10,224
Percent of Net Assets	[6],[7],[8]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Common Equity (400,000 units) Investment date 2/28/2023
Investment in number of shares or units	[6],[7],[8]			400,000
Investment Date	[6],[7],[8],[14]			Feb. 28, 2023
Cost	[6],[7],[8]			$ 400
Fair Value	[6],[7],[8],[9]			$ 400
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 12.16% Rate PIK 0.00% Investment date 2/28/2023 Maturity 11/30/2026
Variable Index Spread	[6],[7],[8],[11]			6.75%
Variable Index Floor	[6],[7],[8],[11]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13]			12.16%
Investment interest rate, PIK	[6],[7],[8],[13]			0.00%
Investment Date	[6],[7],[8],[14]			Feb. 28, 2023
Maturity	[6],[7],[8]			Nov. 30, 2026
Principal Amount - Debt Investments	[6],[7],[8]			$ 7,980
Cost	[6],[7],[8]			7,834
Fair Value	[6],[7],[8],[9]			$ 7,834
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Subordinated Debt Rate Cash 11.50% Rate PIK 2.00% Investment date 2/28/2023 Maturity 11/30/2027
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13]			11.50%
Investment interest rate, PIK	[6],[7],[8],[13]			2.00%
Investment Date	[6],[7],[8],[14]			Feb. 28, 2023
Maturity	[6],[7],[8]			Nov. 30, 2027
Principal Amount - Debt Investments	[6],[7],[8]			$ 2,014
Cost	[6],[7],[8]			1,990
Fair Value	[6],[7],[8],[9]			1,990
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services
Cost	[1],[3],[4]					$ 12,735
Fair Value	[1],[3],[4],[10]					$ 12,851
Percent of Net Assets	[1],[3],[4]					3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services
Cost	[12]			12,006
Fair Value	[9],[12]			$ 12,116
Percent of Net Assets	[12]			3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/2021
Investment in number of shares or units				495	[6],[7],[8],[12]	495	[1],[3],[4],[19]
Investment Date				Aug. 10, 2021	[12],[14]	Aug. 10, 2021	[1],[3],[4],[19],[20]
Cost				$ 125	[12]	$ 125	[1],[3],[4],[19]
Fair Value				$ 23	[9],[12]	$ 33	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (0.75%) Rate Cash 12.00% Rate PIK 0.00% Investment date 8/10/2021 Maturity Date 8/10/2026
Variable Index Spread	[11],[12],[66]			6.50%
Variable Index Floor	[11],[12],[66]			(0.75%)
Investment, Interest Rate, Paid in Cash	[12],[13],[66]			12.00%
Investment interest rate, PIK	[12],[13],[66]			0.00%
Investment Date	[12],[14],[66]			Aug. 10, 2021
Maturity	[12],[66]			Aug. 10, 2026
Principal Amount - Debt Investments	[12],[66]			$ 11,804
Cost	[12],[66]			11,756
Fair Value	[9],[12],[66]			$ 11,804
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread Variable Index Spread (L +6.50%) Variable Index Floor (0.75%) Rate Cash 10.24% Rate PIK 0.00% Investment date 0810/2021 Maturity 8/10/2026
Variable Index Spread	[1],[3],[19],[67],[68]					6.50%
Variable Index Floor	[1],[3],[4],[19],[67]					0.75%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[67]					10.24%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[67]					0.00%
Investment Date	[1],[3],[4],[19],[20],[67]					Aug. 10, 2021
Maturity	[1],[3],[4],[19],[67]					Aug. 10, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19],[67]					$ 12,541
Cost	[1],[3],[4],[19],[67]					12,485
Fair Value	[1],[3],[4],[10],[19],[67]					$ 12,541
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/2021
Investment in number of shares or units				495	[6],[7],[8],[12]	495	[1],[3],[4],[19]
Investment Date				Aug. 10, 2021	[12],[14]	Aug. 10, 2021	[1],[3],[4],[19],[20]
Cost				$ 125	[12]	$ 125	[1],[3],[4],[19]
Fair Value				289	[9],[12]	277	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services
Cost	[1],[3],[4]					8,460
Fair Value	[1],[3],[4],[10]					$ 8,500
Percent of Net Assets	[1],[3],[4]					2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services
Cost	[12]			8,464
Fair Value	[9],[12]			$ 8,500
Percent of Net Assets	[12]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services First Lien Debt Variable Index Spread Variable Index Spread (S +7.25%) Variable Index Floor (1.00%) Rate Cash 11.06% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027
Variable Index Spread	[1],[3],[4],[19]					7.25%
Variable Index Floor	[1],[3],[4],[19]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					11.06%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Apr. 01, 2022
Maturity	[1],[3],[4],[19]					Apr. 01, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 8,500
Cost	[1],[3],[4],[19]					8,460
Fair Value	[1],[3],[4],[10],[19]					8,500
Investment, Identifier [Axis]: 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 Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.06% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027
Unfunded commitment	[1],[3],[4],[19],[30]					$ 1,000
Variable Index Spread	[1],[3],[4],[19],[30]					6.25%
Variable Index Floor	[1],[3],[4],[19],[30]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[30]					10.06%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[30]					0.00%
Investment Date	[1],[3],[4],[19],[20],[30]					Apr. 01, 2022
Maturity	[1],[3],[4],[19],[30]					Apr. 01, 2027
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc Aerospace & Defense Manufacturing
Cost	[6],[7],[8]			$ 8,163
Fair Value	[6],[7],[8],[9]			$ 8,189
Percent of Net Assets	[6],[7],[8]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L + 10.00%) Variable Index Floor (2.00%) Rate Cash 17.75% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025
Variable Index Spread	[6],[7],[8],[11],[12],[69]			10.00%
Variable Index Floor	[6],[7],[8],[11],[12],[69]			2.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[69]			18.18%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[69]			0.00%
Investment Date	[6],[7],[8],[12],[14],[69]			Jan. 31, 2020
Maturity	[6],[7],[8],[12],[69]			Jan. 31, 2025
Principal Amount - Debt Investments	[6],[7],[8],[12],[69]			$ 3,838
Cost	[6],[7],[8],[12],[69]			3,830
Fair Value	[6],[7],[8],[9],[12],[69]			$ 3,838
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing
Cost	[1],[3],[4]					$ 9,169
Fair Value	[1],[3],[4],[10]					$ 9,203
Percent of Net Assets	[1],[3],[4]					2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L + 11.00%) Variable Index Floor (2.00%) Rate Cash 19.18% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025
Variable Index Spread	[6],[7],[8],[11]			11.00%
Variable Index Floor	[6],[7],[8],[11]			(2.00%)
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13]			19.18%
Investment interest rate, PIK	[6],[7],[8],[13]			0.00%
Investment Date	[6],[7],[8],[14]			Jan. 31, 2020
Maturity	[6],[7],[8]			Jan. 31, 2025
Principal Amount - Debt Investments	[6],[7],[8]			$ 3,862
Cost	[6],[7],[8]			3,844
Fair Value	[6],[7],[8],[9]			$ 3,862
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L + 11.00%) Variable Index Floor (2.00%) Rate Cash 19.18% Rate PIK 0.00% Investment date 12/22/2022 Maturity 1/31/2025
Variable Index Spread	[6],[7],[8],[11]			11.00%
Variable Index Floor	[6],[7],[8],[11]			(2.00%)
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13]			19.18%
Investment interest rate, PIK	[6],[7],[8],[13]			0.00%
Investment Date	[6],[7],[8],[14]			Dec. 22, 2022
Maturity	[6],[7],[8]			Jan. 31, 2025
Principal Amount - Debt Investments	[6],[7],[8]			$ 489
Cost	[6],[7],[8]			489
Fair Value	[6],[7],[8],[9]			489
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread Rate Variable Index Spread Variable Index Spread (L +11.00%) Variable Index Floor (2.00%) Cash 17.74% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025
Variable Index Spread	[1],[3],[4]					11.00%
Variable Index Floor	[1],[3],[4]					2.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5]					17.74%
Investment interest rate, PIK	[1],[3],[4],[5]					0.00%
Investment Date	[1],[3],[4],[20]					Jan. 31, 2020
Maturity	[1],[3],[4]					Jan. 31, 2025
Principal Amount - Debt Investments	[1],[3],[4]					$ 4,890
Cost	[1],[3],[4]					4,866
Fair Value	[1],[3],[4],[10]					$ 4,890
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread Rate Variable Index Spread Variable Index Spread (L +11.00%) Variable Index Floor (2.00%) Cash 18.75% Rate PIK 0.00% Investment date 12/22/2022 Maturity 2/15/2023
Variable Index Spread	[1],[3],[4]					11.00%
Variable Index Floor	[1],[3],[4]					2.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5]					18.75%
Investment interest rate, PIK	[1],[3],[4],[5]					0.00%
Investment Date	[1],[3],[4],[20]					Dec. 22, 2022
Maturity	[1],[3],[4]					Feb. 15, 2023
Principal Amount - Debt Investments	[1],[3],[4]					$ 475
Cost	[1],[3],[4]					475
Fair Value	[1],[3],[4],[10]					475
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L + 10.00%) Variable Index Floor (2.00%) Rate Cash 18.18% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025
Unfunded commitment	[6],[7],[8],[12],[69]			$ 162
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L +10.00%) Variable Index Floor (2.00%) Rate Cash 16.74% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025
Unfunded commitment	[1],[3],[4],[19],[22]					$ 162
Variable Index Spread	[1],[3],[4],[19],[22]					10.00%
Variable Index Floor	[1],[3],[4],[19],[22]					2.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[22]					16.74%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[22]					0.00%
Investment Date	[1],[3],[4],[19],[20],[22]					Jan. 31, 2020
Maturity	[1],[3],[4],[19],[22]					Jan. 31, 2025
Principal Amount - Debt Investments	[1],[3],[4],[19],[22]					$ 3,838
Cost	[1],[3],[4],[19],[22]					3,828
Fair Value	[1],[3],[4],[10],[19],[22]					$ 3,838
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment date 12/11/2020
Investment in number of shares or units				1,000,000	[6],[7],[8]	1,000,000	[1],[3],[4]
Investment Date	[6],[7],[8],[14]			Dec. 11, 2020
Cost	[6],[7],[8]			$ 627
Fair Value	[6],[7],[8],[9]			$ 1,340
Percent of Net Assets	[6],[7],[8]			0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity Investment date 12/11/2020
Investment Date	[1],[3],[4],[20]					Dec. 11, 2020
Cost	[1],[3],[4]					$ 627
Fair Value	[1],[3],[4],[10]					$ 1,143
Percent of Net Assets	[1],[3],[4]					0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services
Cost				$ 22,479	[6],[7],[8]	$ 22,212	[1],[3],[4]
Fair Value				$ 21,815	[6],[7],[8],[9]	$ 21,283	[1],[3],[4],[10]
Percent of Net Assets				5.00%	[6],[7],[8],[12],[28]	5.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/2020
Investment in number of shares or units				909	[6],[7],[8],[12]	909	[1],[3],[4],[19]
Investment Date	[6],[7],[8],[12],[14]			Dec. 31, 2020
Cost	[6],[7],[8],[12]			$ 1,500
Fair Value	[6],[7],[8],[9],[12]			$ 791
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity Investment date 12/31/2020
Investment Date	[1],[3],[4],[19],[20]					Dec. 31, 2020
Cost	[1],[3],[4],[19]					$ 1,500
Fair Value	[1],[3],[4],[10],[19]					$ 569
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Subordinated Debt Rate Cash 11.00% Rate PIK 2.00% Investment date 12/30/2022 Maturity 11/23/2027
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			11.00%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			2.00%
Investment Date	[6],[7],[8],[12],[14]			Dec. 30, 2022
Maturity	[6],[7],[8],[12]			Nov. 23, 2027
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 21,024
Cost	[6],[7],[8],[12]			20,979
Fair Value	[6],[7],[8],[9],[12]			21,024
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Subordinated Debt Variable Index Cash 11.00% Rate PIK 3.00% Investment date 12/30/2022 Maturity 12/31/2020
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					11.00%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					3.00%
Investment Date	[1],[3],[4],[19],[20]					Dec. 30, 2022
Maturity	[1],[3],[4],[19]					Nov. 23, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 20,763
Cost	[1],[3],[4],[19]					20,712
Fair Value	[1],[3],[4],[10],[19]					20,714
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services
Cost	[6],[7],[8]			19,904
Fair Value	[6],[7],[8],[9]			$ 19,904
Percent of Net Assets	[6],[7],[8]			4.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (500,000 units) Investment date 6/21/2023
Investment in number of shares or units	[6],[7],[8],[12],[28]			500,000
Investment Date	[6],[7],[8],[12],[14],[28]			Jun. 21, 2023
Cost	[6],[7],[8],[12],[28]			$ 500
Fair Value	[6],[7],[8],[9],[12],[28]			$ 500
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.25%) Rate Cash 10.96% Rate PIK 2.00% Investment date 6/21/2023 Maturity 6/21/2028
Variable Index Spread	[6],[7],[8],[11],[17]			5.75%
Variable Index Floor	[6],[7],[8],[11],[17]			(2.25%)
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[17]			10.96%
Investment interest rate, PIK	[6],[7],[8],[13],[17]			2.00%
Investment Date	[6],[7],[8],[14],[17]			Jun. 21, 2023
Maturity	[6],[7],[8],[17]			Jun. 21, 2028
Principal Amount - Debt Investments	[6],[7],[8],[17]			$ 17,509
Cost	[6],[7],[8],[17]			17,407
Fair Value	[6],[7],[8],[9],[17]			$ 17,407
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Subordinated Debt Rate Cash 00.00% Rate PIK 14.00% Investment date 6/21/2023 Maturity 6/21/2028
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			0.00%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			14.00%
Investment Date	[6],[7],[8],[12],[14]			Jun. 21, 2023
Maturity	[6],[7],[8],[12]			Jun. 21, 2028
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 2,008
Cost	[6],[7],[8],[12]			1,997
Fair Value	[6],[7],[8],[9],[12]			1,997
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services
Cost				24,614	[6],[7],[8]	24,593	[1],[3],[4]
Fair Value				$ 24,676	[6],[7],[8],[9]	$ 25,257	[1],[3],[4],[10]
Percent of Net Assets				5.00%	[6],[7],[8]	5.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/2019
Investment in number of shares or units	[6],[7],[8],[12],[28]			573
Investment Date	[6],[7],[8],[12],[14],[28]			Feb. 07, 2019
Cost	[6],[7],[8],[12],[28]			$ 552
Fair Value	[6],[7],[8],[9],[12],[28]			$ 521
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity Investment date 2/7/2019
Investment Date	[1],[3],[4],[19],[20],[21]					Feb. 07, 2019
Cost	[1],[3],[4],[19],[21]					$ 552
Fair Value	[1],[3],[4],[10],[19],[21]					$ 1,102
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (1.00%) Rate Cash 12.01% Rate PIK 0.00% Investment date 2/7/2019 Maturity 9/30/2025
Variable Index Spread	[6],[7],[8],[11],[17],[70]			6.50%
Variable Index Floor	[6],[7],[8],[11],[17],[70]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[17],[70]			12.01%
Investment interest rate, PIK	[6],[7],[8],[13],[17],[70]			0.00%
Investment Date	[6],[7],[8],[14],[17],[70]			Feb. 07, 2019
Maturity	[6],[7],[8],[17],[70]			Sep. 30, 2025
Principal Amount - Debt Investments	[6],[7],[8],[17],[70]			$ 24,155
Cost	[6],[7],[8],[17],[70]			24,062
Fair Value	[6],[7],[8],[9],[17],[70]			$ 24,155
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services First Lien Debt Variable Index Spread Variable Index Spread (S +6.50%) Variable Index Floor (1.00%) Cash 10.32% Rate PIK 0.00% Investment date 2/7/2019 Maturity 2/7/2024
Variable Index Spread	[1],[3],[4],[23],[71]					6.50%
Variable Index Floor	[1],[3],[4],[23],[71]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[23],[71]					10.32%
Investment interest rate, PIK	[1],[3],[4],[5],[23],[71]					0.00%
Investment Date	[1],[3],[4],[20],[23],[71]					Feb. 07, 2019
Maturity	[1],[3],[4],[23],[71]					Feb. 07, 2024
Principal Amount - Debt Investments	[1],[3],[4],[23],[71]					$ 24,155
Cost	[1],[3],[4],[23],[71]					24,041
Fair Value	[1],[3],[4],[10],[23],[71]					$ 24,155
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Diversified Search LLC Common Equity (573 units) Investment date 2/7/2019
Investment in number of shares or units	[1],[3],[4],[19],[21]					573
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity (1,000,000 shares) Investment date 4/30/2020
Investment in number of shares or units	[1],[3],[4],[19],[21]					1,000,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity Investment date 4/30/2020
Investment Date	[1],[3],[4],[19],[20],[21]					Apr. 30, 2020
Cost	[1],[3],[4],[19],[21]					$ 221
Fair Value	[1],[3],[4],[10],[19],[21]					$ 1,633
Percent of Net Assets	[1],[3],[4],[19],[21]					0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Education Incites, LLC (dba Acceleration Academies) Business Services Second Lien Debt Cash 12.75% Rate PIK 0.00% Investment date 10/31/2022 Maturity 10/29/2027
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5]					12.75%
Investment Date	[1],[3],[4],[20]					Oct. 31, 2022
Maturity	[1],[3],[4]					Oct. 29, 2027
Principal Amount - Debt Investments	[1],[3],[4]					$ 6,000
Cost	[1],[3],[4]					5,971
Fair Value	[1],[3],[4],[10]					$ 5,971
Percent of Net Assets	[1],[3],[4]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Education Incites, LLC (dba Acceleration Academies) Business Services Second Lien Debt Rate Cash 12.75% Rate PIK 0.00% Investment date 10/31/2022 Maturity 10/29/2027
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13]			12.75%
Investment interest rate, PIK	[6],[7],[8],[13]			0.00%
Investment Date	[6],[7],[8],[14]			Oct. 31, 2022
Maturity	[6],[7],[8]			Oct. 29, 2027
Principal Amount - Debt Investments	[6],[7],[8]			$ 6,000
Cost	[6],[7],[8]			5,974
Fair Value	[6],[7],[8],[9]			$ 6,000
Percent of Net Assets	[6],[7],[8]			1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Education Incites, LLC (dba Acceleration Academies) Business Services Second Lien Debt Variable Index Cash 12.75% Rate PIK 0.00% Investment date 10/31/2022 Maturity 10/29/2027
Investment interest rate, PIK	[1],[3],[4],[5],[72]					0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products
Cost				$ 2,755	[6],[7],[8]	$ 3,245	[1],[3],[4]
Fair Value				$ 2,775	[6],[7],[8],[9]	$ 3,275	[1],[3],[4],[10]
Percent of Net Assets				1.00%	[6],[7],[8]	1.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products First Lien Debt Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5]					12.25%
Investment interest rate, PIK	[1],[3],[4],[5]					0.00%
Investment Date	[1],[3],[4],[20]					Dec. 31, 2020
Maturity	[1],[3],[4]					Jun. 30, 2024
Principal Amount - Debt Investments	[1],[3],[4]					$ 1,775
Cost	[1],[3],[4]					1,755
Fair Value	[1],[3],[4],[10]					$ 1,775
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products First Lien Debt Rate Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13]			12.25%
Investment interest rate, PIK	[6],[7],[8],[13]			0.00%
Investment Date	[6],[7],[8],[14]			Dec. 31, 2020
Maturity	[6],[7],[8]			Jun. 30, 2024
Principal Amount - Debt Investments	[6],[7],[8]			$ 1,275
Cost	[6],[7],[8]			1,262
Fair Value	[6],[7],[8],[9]			$ 1,275
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products Revolving Loan Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					12.25%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Dec. 31, 2020
Maturity	[1],[3],[4],[19]					Jun. 30, 2024
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 1,500
Cost	[1],[3],[4],[19]					1,490
Fair Value	[1],[3],[4],[10],[19]					$ 1,500
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products Revolving Loan Rate Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			12.25%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			0.00%
Investment Date	[6],[7],[8],[12],[14]			Dec. 31, 2020
Maturity	[6],[7],[8],[12]			Jun. 30, 2024
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 1,500
Cost	[6],[7],[8],[12]			1,493
Fair Value	[6],[7],[8],[9],[12]			$ 1,500
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.57% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/2027
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[73]			12.92%
Investment interest rate, PIK	[6],[7],[8],[13],[73]			0.00%
Investment Date	[6],[7],[8],[14],[73]			Mar. 25, 2022
Maturity	[6],[7],[8],[73]			Mar. 25, 2027
Principal Amount - Debt Investments	[6],[7],[8],[73]			$ 14,355
Cost	[6],[7],[8],[73]			14,274
Fair Value	[6],[7],[8],[9],[73]			$ 14,172
Percent of Net Assets	[6],[7],[8],[73]			3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 12.57% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/2027
Variable Index Spread	[1],[3],[4],[74]					7.75%
Variable Index Floor	[1],[3],[4],[74]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[74]					12.57%
Investment interest rate, PIK	[1],[3],[4],[5],[74]					0.00%
Investment Date	[1],[3],[4],[20],[74]					Mar. 25, 2022
Maturity	[1],[3],[4],[74]					Mar. 25, 2027
Principal Amount - Debt Investments	[1],[3],[4],[74]					$ 14,428
Cost	[1],[3],[4],[74]					14,335
Fair Value	[1],[3],[4],[10],[74]					$ 14,427
Percent of Net Assets	[1],[3],[4],[74]					3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 12.92% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/2027
Variable Index Spread	[6],[7],[8],[11],[73]			7.75%
Variable Index Floor	[6],[7],[8],[11],[73]			1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing
Cost	[6],[7],[8]			$ 11,066
Fair Value	[6],[7],[8],[9]			$ 10,914
Percent of Net Assets	[6],[7],[8]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing
Cost	[1],[3],[4]					$ 11,415
Fair Value	[1],[3],[4],[10]					$ 11,313
Percent of Net Assets	[1],[3],[4]					3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing Common Equity (515,625 units) Investment date 1/22/2021
Investment in number of shares or units				515,625	[6],[7],[8],[12],[28]	515,625	[1],[3],[4],[19],[21]
Investment Date				Jan. 22, 2021	[6],[7],[8],[12],[14],[28]	Jan. 22, 2021	[1],[3],[4],[19],[20],[21]
Cost				$ 516	[6],[7],[8],[12],[28]	$ 516	[1],[3],[4],[19],[21]
Fair Value				$ 279	[6],[7],[8],[9],[12],[28]	$ 313	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing First Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (1.00%) Rate Cash 13.01% Rate PIK 0.00% Investment date 1/22/2021 Maturity 1/22/2026
Variable Index Spread	[1],[3],[4],[75]					8.25%
Variable Index Floor	[1],[3],[4],[75]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[75]					13.01%
Investment interest rate, PIK	[1],[3],[4],[5],[75]					0.00%
Investment Date	[1],[3],[4],[20],[75]					Jan. 22, 2021
Maturity	[1],[3],[4],[75]					Jan. 22, 2026
Principal Amount - Debt Investments	[1],[3],[4],[75]					$ 11,000
Cost	[1],[3],[4],[75]					10,899
Fair Value	[1],[3],[4],[10],[75]					$ 11,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing First Lien Debt Variable Index Spread (S + 8.25%) Variable Index Floor (1.00%) Rate Cash 13.75% Rate PIK 0.00% Investment date 1/22/2021 Maturity 1/22/2026
Variable Index Spread	[6],[7],[8],[11],[76]			8.25%
Variable Index Floor	[6],[7],[8],[11],[76]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[76]			13.75%
Investment interest rate, PIK	[6],[7],[8],[13],[76]			0.00%
Investment Date	[6],[7],[8],[14],[76]			Jan. 22, 2021
Maturity	[6],[7],[8],[76]			Jan. 22, 2026
Principal Amount - Debt Investments	[6],[7],[8],[76]			$ 10,635
Cost	[6],[7],[8],[76]			10,550
Fair Value	[6],[7],[8],[9],[76]			10,635
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing
Cost	[6],[7],[8]			243
Fair Value	[6],[7],[8],[9]			$ 294
Percent of Net Assets	[6],[7],[8]			0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (947 shares) Investment date 9/21/2018
Investment in number of shares or units				947	[6],[7],[8],[12],[28]	947	[1],[3],[4],[19]
Investment Date				Sep. 21, 2018	[6],[7],[8],[12],[14]	Sep. 21, 2018	[1],[3],[4],[19],[20]
Cost				$ 52	[6],[7],[8],[12]	$ 52	[1],[3],[4],[19]
Fair Value				$ 103	[6],[7],[8],[9],[12]	$ 283	[1],[3],[4],[10],[19]
Percent of Net Assets	[1],[3],[4],[19]					0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Services First Lien Debt Rate Cash 0.00% Rate PIK 18.80% Investment date 3/25/2022 Maturity 3/25/2027
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			0.00%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			18.80%
Investment Date	[6],[7],[8],[12],[14]			Mar. 31, 2023
Maturity	[6],[7],[8],[12]			Mar. 18, 2024
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 191
Cost	[6],[7],[8],[12]			191
Fair Value	[6],[7],[8],[9],[12]			$ 191
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (L +13.00%) Variable Index Floor (1.00%) Rate Cash 17.77% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024
Variable Index Spread	[1],[3],[4],[19]					13.00%
Variable Index Floor	[1],[3],[4],[19]					0.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					17.77%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Dec. 17, 2021
Maturity	[1],[3],[4],[19]					Dec. 17, 2024
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 13,000
Cost	[1],[3],[4],[19]					12,952
Fair Value	[1],[3],[4],[10],[19]					$ 13,000
Percent of Net Assets	[1],[3],[4],[19]					3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (S + 13.00%) Variable Index Floor (0.00%) Rate Cash 18.43% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024
Variable Index Spread	[6],[7],[8],[11],[12]			13.00%
Variable Index Floor	[6],[7],[8],[11],[12]			0.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			18.43%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			0.00%
Investment Date	[6],[7],[8],[12],[14]			Dec. 17, 2021
Maturity	[6],[7],[8],[12]			Dec. 17, 2024
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 12,000
Cost	[6],[7],[8],[12]			11,964
Fair Value	[6],[7],[8],[9],[12]			$ 12,000
Percent of Net Assets	[6],[7],[8],[12]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Gurobi Optimization, LLC Information Technology Services Common Equity (3 shares) Investment date 12/19/2017
Investment in number of shares or units				3	[6],[7],[8]	3	[1],[3],[4]
Investment Date				Dec. 19, 2017	[6],[7],[8],[14]	Dec. 19, 2017	[1],[3],[4],[20]
Cost				$ 605	[6],[7],[8]	$ 605	[1],[3],[4]
Fair Value				$ 2,912	[6],[7],[8],[9]	$ 2,381	[1],[3],[4],[10]
Percent of Net Assets				1.00%	[6],[7],[8]	0.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc Healthcare Services First Lien Debt Variable Index Spread (S + 8.25%) Variable Index Floor (2.00%) Rate Cash 13.74% Rate PIK 0.00% Investment date 10/11/2019 Maturity 10/11/2024
Variable Index Spread	[6],[7],[8],[11],[77]			8.25%
Variable Index Floor	[6],[7],[8],[11],[77]			2.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[77]			13.74%
Investment interest rate, PIK	[6],[7],[8],[13],[77]			0.00%
Investment Date	[6],[7],[8],[14],[77]			Oct. 11, 2019
Maturity	[6],[7],[8],[77]			Oct. 11, 2024
Principal Amount - Debt Investments	[6],[7],[8],[77]			$ 5,385
Cost	[6],[7],[8],[77]			5,374
Fair Value	[6],[7],[8],[9],[77]			5,385
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services
Cost				6,093	[6],[7],[8]	$ 5,993	[1],[3],[4]
Fair Value				$ 5,611	[6],[7],[8],[9]	$ 5,793	[1],[3],[4],[10]
Percent of Net Assets				1.00%	[6],[7],[8]	1.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/2019
Investment in number of shares or units		630	[6],[7],[8],[12],[28]	89	[6],[7],[8],[12],[28]	630	[1],[3],[4],[19],[21]
Investment Date				Oct. 11, 2019	[6],[7],[8],[12],[14],[28]	Oct. 11, 2019	[1],[3],[4],[19],[20],[21]
Cost				$ 630	[6],[7],[8],[12],[28]	$ 630	[1],[3],[4],[19],[21]
Fair Value		$ 137	[6],[7],[8],[9],[12],[28]			$ 415	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (89 units) Investment date 6/26/2023
Investment Date	[6],[7],[8],[12],[14],[28]			Jun. 26, 2023
Cost	[6],[7],[8],[12],[28]			$ 89
Fair Value	[6],[7],[8],[9],[12],[28]			89
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services First Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (2.00%) Rate Cash 12.98% Rate PIK 0.00% Investment date 10/11/2019 Maturity 10/11/2024
Variable Index Spread	[1],[3],[4],[72]					8.25%
Variable Index Floor	[1],[3],[4],[72]					2.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[72]					12.98%
Investment Date	[1],[3],[4],[20],[72]					Oct. 11, 2019
Maturity	[1],[3],[4],[72]					Oct. 11, 2024
Principal Amount - Debt Investments	[1],[3],[4],[72]					$ 5,378
Cost	[1],[3],[4],[72]					5,363
Fair Value	[1],[3],[4],[10],[72]					5,378
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services
Cost				9,020	[6],[7],[8]	9,073	[1],[3],[4]
Fair Value				$ 11,674	[6],[7],[8],[9]	$ 11,878	[1],[3],[4],[10]
Percent of Net Assets				3.00%	[6],[7],[8]	3.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (750,000 units) Investment date 12/4/2020
Investment in number of shares or units				750,000	[6],[7],[8],[12]	750,000	[1],[3],[4],[19]
Investment Date				Dec. 04, 2020	[6],[7],[8],[12],[14]	Dec. 04, 2020	[1],[3],[4],[19],[20]
Cost				$ 750	[6],[7],[8],[12]	$ 750	[1],[3],[4],[19]
Fair Value				$ 3,373	[6],[7],[8],[9],[12]	$ 3,517	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services First Lien Debt Variable Index Spread (L +7.25%) Variable Index Floor (1.50%) Rate Cash 10.99% Rate PIK 0.00% Investment date 12/4/2020 Maturity 12/4/2025
Variable Index Spread	[1],[3],[4],[19],[78]					7.25%
Variable Index Floor	[1],[3],[4],[19],[78]					1.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[78]					10.99%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[78]					0.00%
Investment Date	[1],[3],[4],[19],[20],[78]					Dec. 04, 2020
Maturity	[1],[3],[4],[19],[78]					Dec. 04, 2025
Principal Amount - Debt Investments	[1],[3],[4],[19],[78]					$ 8,361
Cost	[1],[3],[4],[19],[78]					8,323
Fair Value	[1],[3],[4],[10],[19],[78]					$ 8,361
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services First Lien Debt Variable Index Spread (S +7.25%) Variable Index Floor (1.50%) Rate Cash 12.43% Rate PIK 0.00% Investment date 12/4/2020 Maturity 12/4/2025
Variable Index Spread	[6],[7],[8],[11],[79]			7.25%
Variable Index Floor	[6],[7],[8],[11],[79]			1.50%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[79]			12.43%
Investment interest rate, PIK	[6],[7],[8],[13],[79]			0.00%
Investment Date	[6],[7],[8],[14],[79]			Dec. 04, 2020
Maturity	[6],[7],[8],[79]			Dec. 04, 2025
Principal Amount - Debt Investments	[6],[7],[8],[79]			$ 8,301
Cost	[6],[7],[8],[79]			8,270
Fair Value	[6],[7],[8],[9],[79]			$ 8,301
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity (197,980 units) Investment date 11/13/2020
Investment in number of shares or units				197,980	[6],[7],[8]	197,980	[1],[3],[4]
Investment Date	[6],[7],[8],[14]			Nov. 13, 2020
Cost	[6],[7],[8]			$ 748
Fair Value	[6],[7],[8],[9]			$ 1,441
Percent of Net Assets	[6],[7],[8]			0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity Investment date 11/13/2020
Investment Date	[1],[3],[4],[20]					Nov. 13, 2020
Cost	[1],[3],[4]					$ 748
Fair Value	[1],[3],[4],[10]					$ 1,376
Percent of Net Assets	[1],[3],[4]					0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products
Cost				$ 19,956	[6],[7],[8]	$ 25,220	[1],[3],[4]
Fair Value				$ 20,834	[6],[7],[8],[9]	$ 25,932	[1],[3],[4],[10]
Percent of Net Assets				4.00%	[6],[7],[8]	5.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (3,750 units) Investment date 3/23/2016
Investment in number of shares or units				3,750	[6],[7],[8]	3,750	[1],[3],[4]
Investment Date				Mar. 23, 2016	[6],[7],[8],[14]	Mar. 23, 2016	[1],[3],[4],[20]
Cost				$ 56	[6],[7],[8]	$ 62	[1],[3],[4]
Fair Value				$ 819	[6],[7],[8],[9]	$ 708	[1],[3],[4],[10]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/2020
Investment in number of shares or units				868	[6],[7],[8],[12]	868	[1],[3],[4],[19]
Investment Date				Oct. 16, 2020	[6],[7],[8],[12],[14]	Oct. 16, 2020	[1],[3],[4],[19],[20]
Cost				$ 153	[6],[7],[8],[12]	$ 153	[1],[3],[4],[19]
Fair Value				$ 268	[6],[7],[8],[9],[12]	$ 218	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Second Lien Debt Cash 12.50% Rate PIK 1.00% Investment date 3/23/2016 Maturity 12/15/2023
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[23]					12.50%
Investment interest rate, PIK	[1],[3],[4],[5],[23]					1.00%
Investment Date	[1],[3],[4],[20],[23]					Mar. 23, 2016
Maturity	[1],[3],[4],[23]					Dec. 15, 2023
Principal Amount - Debt Investments	[1],[3],[4],[23]					$ 25,007
Cost	[1],[3],[4],[23]					25,005
Fair Value	[1],[3],[4],[10],[23]					$ 25,006
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 4/25/2023 Maturity 6/30/2028
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[17]			12.50%
Investment interest rate, PIK	[6],[7],[8],[13],[17]			1.00%
Investment Date	[6],[7],[8],[14],[17]			Apr. 25, 2023
Maturity	[6],[7],[8],[17]			Jun. 30, 2028
Principal Amount - Debt Investments	[6],[7],[8],[17]			$ 20,037
Cost	[6],[7],[8],[17]			19,747
Fair Value	[6],[7],[8],[9],[17]			$ 19,747
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/2018
Investment in number of shares or units				150,000	[6],[7],[8]	150,000	[1],[3],[4]
Investment Date				Jun. 20, 2018	[6],[7],[8],[14]	Jun. 20, 2018	[1],[3],[4],[20]
Fair Value				$ 25	[6],[7],[8],[9]	$ 346	[1],[3],[4],[10]
Percent of Net Assets				0.00%	[6],[7],[8]	0.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services
Cost				$ 25,211	[6],[7],[8]	$ 25,600	[1],[3],[4]
Fair Value				$ 25,279	[6],[7],[8],[9]	$ 25,835	[1],[3],[4],[10]
Percent of Net Assets				5.00%	[6],[7],[8]	5.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/2021
Investment in number of shares or units				256,964	[6],[7],[8]	256,964	[1],[3],[4],[19],[21]
Investment Date				Apr. 05, 2021	[6],[7],[8],[12],[14],[28]	Apr. 05, 2021	[1],[3],[4],[19],[20],[21]
Cost				$ 500	[6],[7],[8],[12],[28]	$ 500	[1],[3],[4],[19],[21]
Fair Value				$ 510	[6],[7],[8],[9],[12],[28]	$ 666	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (L +7.50%) Variable Index Floor (0.50%) Rate Cash 11.17% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/2026
Variable Index Spread	[1],[3],[4],[19],[80]					7.50%
Variable Index Floor	[1],[3],[4],[19],[80]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[80]					11.17%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[80]					0.00%
Investment Date	[1],[3],[4],[19],[20],[80]					Apr. 05, 2021
Maturity	[1],[3],[4],[19],[80]					Apr. 05, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19],[80]					$ 12,175
Cost	[1],[3],[4],[19],[80]					12,106
Fair Value	[1],[3],[4],[10],[19],[80]					$ 12,175
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (L +7.50%) Variable Index Floor (0.50%) Rate Cash 11.17% Rate PIK 0.00% Investment date 6/30/2021 Maturity 4/5/2026
Variable Index Spread	[1],[3],[4],[19],[81]					7.50%
Variable Index Floor	[1],[3],[4],[19],[81]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[81]					11.17%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[81]					0.00%
Investment Date	[1],[3],[4],[19],[20],[81]					Jun. 30, 2021
Maturity	[1],[3],[4],[19],[81]					Apr. 05, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19],[81]					$ 12,994
Cost	[1],[3],[4],[19],[81]					12,994
Fair Value	[1],[3],[4],[10],[19],[81]					12,994
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 12.66% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/2026
Variable Index Spread	[6],[7],[8],[11],[12],[82]			7.50%
Variable Index Floor	[6],[7],[8],[11],[12],[82]			0.50%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[82]			12.66%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[82]			0.00%
Investment Date	[6],[7],[8],[12],[14],[82]			Apr. 05, 2021
Maturity	[6],[7],[8],[12],[82]			Apr. 05, 2026
Principal Amount - Debt Investments	[6],[7],[8],[12],[82]			$ 11,991
Cost	[6],[7],[8],[12],[82]			11,933
Fair Value	[6],[7],[8],[9],[12],[82]			$ 11,991
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (S+7.50%) Variable Index Floor (0.50%) Rate Cash 12.66% Rate PIK 0.00% Investment date 6/30/2021 Maturity 4/5/2026
Variable Index Spread	[6],[7],[8],[11],[12],[83]			7.50%
Variable Index Floor	[6],[7],[8],[11],[12],[83]			0.50%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[83]			12.66%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[83]			0.00%
Investment Date	[6],[7],[8],[12],[14],[83]			Jun. 30, 2021
Maturity	[6],[7],[8],[12],[83]			Apr. 05, 2026
Principal Amount - Debt Investments	[6],[7],[8],[12],[83]			$ 12,778
Cost	[6],[7],[8],[12],[83]			12,778
Fair Value	[6],[7],[8],[9],[12],[83]			12,778
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services
Cost				19,730	[6],[7],[8]	19,765	[1],[3],[4]
Fair Value				$ 20,630	[6],[7],[8],[9]	$ 20,796	[1],[3],[4],[10]
Percent of Net Assets				4.00%	[6],[7],[8]	4.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.00%) Variable Index Floor (1.00%) Rate Cash 11.69% Rate PIK 1.00% Investment date 6/30/2020 Maturity 7/28/2025
Variable Index Spread	[1],[3],[4],[19],[60],[84]					7.00%
Variable Index Floor	[1],[3],[4],[19],[60],[84]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[60],[84]					11.69%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[60],[84]					1.00%
Investment Date	[1],[3],[4],[19],[20],[60],[84]					Jun. 30, 2020
Maturity	[1],[3],[4],[19],[60],[84]					Jul. 28, 2025
Principal Amount - Debt Investments	[1],[3],[4],[19],[60],[84]					$ 19,773
Cost	[1],[3],[4],[19],[60],[84]					19,083
Fair Value	[1],[3],[4],[10],[19],[60],[84]					$ 19,773
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services First Lien Debt Variable Index Spread (S+7.00%) Variable Index Floor (1.00%) Rate Cash 12.27% Rate PIK 1.00% Investment date 6/30/2020 Maturity 7/28/2025
Variable Index Spread	[6],[7],[8],[11],[12],[85]			7.00%
Variable Index Floor	[6],[7],[8],[11],[12],[85]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[85]			12.27%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[85]			1.00%
Investment Date	[6],[7],[8],[12],[14],[85]			Jun. 30, 2020
Maturity	[6],[7],[8],[12],[85]			Jul. 28, 2025
Principal Amount - Debt Investments	[6],[7],[8],[12],[85]			$ 19,607
Cost	[6],[7],[8],[12],[85]			19,048
Fair Value	[6],[7],[8],[9],[12],[85]			$ 19,607
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services Preferred Equity (682,075 units) Investment date 7/28/2021
Investment in number of shares or units				682,075	[6],[7],[8]	682,075	[1],[3],[4],[19]
Investment Date				Jul. 28, 2021	[6],[7],[8],[12],[14]	Jul. 28, 2021	[1],[3],[4],[19],[20]
Cost				$ 682	[6],[7],[8],[12]	$ 682	[1],[3],[4],[19]
Fair Value				$ 1,023	[6],[7],[8],[9],[12]	$ 1,023	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) (n) Industrial Cleaning & Coatings Second Lien Debt Cash 0.00% Rate PIK 10.00% Investment date 1/28/2019 Maturity 1/28/2025
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[36],[39]					0.00%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[36],[39]					10.00%
Investment Date	[1],[3],[4],[19],[20],[36],[39]					Jan. 28, 2019
Maturity	[1],[3],[4],[19],[36],[39]					Jan. 28, 2025
Principal Amount - Debt Investments	[1],[3],[4],[19],[36],[39]					$ 2,368
Cost	[1],[3],[4],[19],[36],[39]					2,368
Fair Value	[1],[3],[4],[10],[19],[36],[39]					$ 2,123
Percent of Net Assets	[1],[3],[4],[19],[36],[39]					0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 10.00% Investment date 1/28/2019 Maturity 1/28/2025
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[37],[40]			0.00%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[37],[40]			10.00%
Investment Date	[6],[7],[8],[12],[14],[37],[40]			Jan. 28, 2019
Maturity	[6],[7],[8],[12],[37],[40]			Jan. 28, 2025
Principal Amount - Debt Investments	[6],[7],[8],[12],[37],[40]			$ 2,368
Cost	[6],[7],[8],[12],[37],[40]			2,368
Fair Value	[6],[7],[8],[9],[12],[37],[40]			$ 2,123
Percent of Net Assets	[6],[7],[8],[12],[37],[40]			0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Les Business Services First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (2.00%) Rate Cash 11.28% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026
Variable Index Spread	[6],[7],[8],[11],[12],[86]			5.75%
Variable Index Floor	[6],[7],[8],[11],[12],[86]			2.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[86]			11.28%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[86]			0.00%
Investment Date	[6],[7],[8],[12],[14],[86]			Apr. 01, 2021
Maturity	[6],[7],[8],[12],[86]			Apr. 01, 2026
Principal Amount - Debt Investments	[6],[7],[8],[12],[86]			$ 4,760
Cost	[6],[7],[8],[12],[86]			4,737
Fair Value	[6],[7],[8],[9],[12],[86]			4,760
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services
Cost				5,737	[6],[7],[8]	$ 6,138	[1],[3],[4]
Fair Value				$ 6,096	[6],[7],[8],[9]	$ 6,428	[1],[3],[4],[10]
Percent of Net Assets				1.00%	[6],[7],[8]	1.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/2021
Investment in number of shares or units				1,000,000	[6],[7],[8],[12]	1,000,000	[1],[3],[4],[19]
Investment Date				Apr. 01, 2021	[6],[7],[8],[12],[14],[86]	Apr. 01, 2021	[1],[3],[4],[19],[20]
Cost				$ 1,000	[6],[7],[8],[12],[86]	$ 1,000	[1],[3],[4],[19]
Fair Value				1,336	[6],[7],[8],[9],[12],[86]	$ 1,263	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (L +6.75%) Variable Index Floor (0.50%) Rate Cash 10.49% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026
Variable Index Spread	[1],[3],[4],[87]					6.75%
Variable Index Floor	[1],[3],[4],[87]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[87]					10.49%
Investment interest rate, PIK	[1],[3],[4],[5],[87]					0.00%
Investment Date	[1],[3],[4],[20],[87]					Apr. 01, 2021
Maturity	[1],[3],[4],[87]					Apr. 01, 2026
Principal Amount - Debt Investments	[1],[3],[4],[87]					$ 5,165
Cost	[1],[3],[4],[87]					5,138
Fair Value	[1],[3],[4],[10],[87]					5,165
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products
Cost				16,953	[6],[7],[8],[12]	16,946	[1],[3],[4]
Fair Value				$ 15,601	[6],[7],[8],[9],[12]	$ 16,023	[1],[3],[4],[10]
Percent of Net Assets				3.00%	[6],[7],[8],[12]	3.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (100 shares) Investment date 3/19/2021
Investment in number of shares or units				100	[6],[7],[8],[12]	100	[1],[3],[4],[19]
Investment Date				Mar. 19, 2021	[6],[7],[8],[12],[14]	Mar. 19, 2021	[1],[3],[4],[19],[20]
Cost				$ 1,000	[6],[7],[8],[12]	$ 1,000	[1],[3],[4],[19]
Fair Value				$ 629	[6],[7],[8],[9],[12]	$ 605	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Subordinated Debt Rate Cash 11.50% Rate PIK 0.00% Investment date 3/19/2021 Maturity 9/19/2026
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					11.50%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Mar. 19, 2021
Maturity	[1],[3],[4],[19]					Sep. 19, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 16,000
Cost	[1],[3],[4],[19]					15,946
Fair Value	[1],[3],[4],[10],[19]					$ 15,418
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Subordinated Debt Rate Cash 11.50% Rate PIK 10.00% Investment date 3/19/2021 Maturity 9/19/2026
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			11.50%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			0.00%
Investment Date	[6],[7],[8],[12],[14]			Mar. 19, 2021
Maturity	[6],[7],[8],[12]			Sep. 19, 2026
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 16,000
Cost	[6],[7],[8],[12]			15,953
Fair Value	[6],[7],[8],[9],[12]			$ 14,972
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S +8.50%) Variable Index Floor (1.50%) Rate Cash 13.34% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/2026
Variable Index Spread	[1],[3],[4],[19]					8.50%
Variable Index Floor	[1],[3],[4],[19]					1.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					13.34%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Sep. 29, 2022
Maturity	[1],[3],[4],[19]					Sep. 28, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 27,000
Cost	[1],[3],[4],[19]					26,873
Fair Value	[1],[3],[4],[10],[19]					$ 26,873
Percent of Net Assets	[1],[3],[4],[19]					6.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (1.50%) Rate Cash 14.00% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/2026
Variable Index Spread	[6],[7],[8],[12]			8.50%
Variable Index Floor	[6],[7],[8],[12]			1.50%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12]			14.00%
Investment interest rate, PIK	[6],[7],[8],[12]			0.00%
Investment Date	[6],[7],[8],[12]			Sep. 29, 2022
Maturity	[6],[7],[8],[12]			Sep. 28, 2026
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 27,000
Cost	[6],[7],[8],[12]			26,890
Fair Value	[6],[7],[8],[12]			$ 27,000
Percent of Net Assets	[6],[7],[8],[12]			6.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Magenta Buyer LLC (dba Trellix) Information Technology Services Second Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (0.75%) Rate Cash 12.98% Rate PIK 0.00% Investment date 7/19/2022 Maturity 7/27/2029
Variable Index Spread	[1],[3],[4],[19]					8.25%
Variable Index Floor	[1],[3],[4],[19]					0.75%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					12.98%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Jul. 19, 2022
Maturity	[1],[3],[4],[19]					Jul. 27, 2029
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 7,182
Cost	[1],[3],[4],[19]					6,809
Fair Value	[1],[3],[4],[10],[19]					$ 7,126
Percent of Net Assets	[1],[3],[4],[19]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Magenta Buyer LLC (dba Trellix) Information Technology Services Second Lien Debt Variable Index Spread (S+8.25%) Variable Index Floor (0.75%) Rate Cash 13.53% Rate PIK 0.00% Investment date 7/19/2022 Maturity 7/27/2029
Variable Index Spread	[6],[7],[8],[12]			8.25%
Variable Index Floor	[6],[7],[8],[12]			0.75%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12]			13.53%
Investment interest rate, PIK	[6],[7],[8],[12]			0.00%
Investment Date	[6],[7],[8],[12]			Jul. 19, 2022
Maturity	[6],[7],[8],[12]			Jul. 27, 2029
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 7,182
Cost	[6],[7],[8],[12]			6,836
Fair Value	[6],[7],[8],[12]			$ 5,666
Percent of Net Assets	[6],[7],[8],[12]			1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing
Cost				$ 12,602	[6],[7],[8]	$ 12,594	[1],[3],[4],[19]
Fair Value				$ 15,473	[6],[7],[8]	$ 14,396	[1],[3],[4],[10],[19]
Percent of Net Assets				3.00%	[6],[7],[8]	3.00%	[1],[3],[4],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 shares) Investment date 2/17/2022
Investment in number of shares or units	[6],[7],[8],[12]	14,400
Investment Date	[6],[7],[8],[12]			Feb. 17, 2022
Cost	[6],[7],[8],[12]			$ 1,440
Fair Value	[6],[7],[8],[12]			$ 4,250
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 units) Investment date 2/17/2022
Investment in number of shares or units	[1],[3],[4],[19]					14,400
Investment Date	[1],[3],[4],[19],[20]					Feb. 17, 2022
Cost	[1],[3],[4],[19]					$ 1,440
Fair Value	[1],[3],[4],[10],[19]					$ 3,173
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing First Lien Debt Variable Index Spread (S +5.50%) Variable Index Floor (0.50%) Rate Cash 9.32% Rate PIK 0.00% Investment date 2/17/2022 Maturity 2/17/2027
Variable Index Spread	[1],[3],[4],[19],[88]					5.50%
Variable Index Floor	[1],[3],[4],[19],[88]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[88]					9.32%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[88]					0.00%
Investment Date	[1],[3],[4],[19],[20],[88]					Feb. 17, 2022
Maturity	[1],[3],[4],[19],[88]					Feb. 17, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19],[88]					$ 11,223
Cost	[1],[3],[4],[19],[88]					11,154
Fair Value	[1],[3],[4],[10],[19],[88]					$ 11,223
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (0.50%) Rate Cash 9.32% Rate PIK 0.00% Investment date 9/17/2022 Maturity 2/17/2027
Variable Index Spread	[6],[7],[8],[17],[89]			5.50%
Variable Index Floor	[6],[7],[8],[17],[89]			0.50%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[17],[89]			9.32%
Investment interest rate, PIK	[6],[7],[8],[17],[89]			0.00%
Investment Date	[6],[7],[8],[17],[89]			Feb. 17, 2022
Maturity	[6],[7],[8],[17],[89]			Feb. 17, 2027
Principal Amount - Debt Investments	[6],[7],[8],[17],[89]			$ 11,223
Cost	[6],[7],[8],[17],[89]			11,162
Fair Value	[6],[7],[8],[17],[89]			$ 11,223
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Mobilewalla, Inc. Information Technology Services First Lien Debt Variable Index Spread (L +11.50%) Variable Index Floor (0.50%) Rate Cash 16.26% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024
Variable Index Spread	[1],[3],[4],[19]					11.50%
Variable Index Floor	[1],[3],[4],[19]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					16.26%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Dec. 17, 2021
Maturity	[1],[3],[4],[19]					Dec. 17, 2024
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 5,715
Cost	[1],[3],[4],[19]					5,696
Fair Value	[1],[3],[4],[10],[19]					$ 5,715
Percent of Net Assets	[1],[3],[4],[19]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NGT Acquisition Holdings, LLC (dba Techniks Industries) Component Manufacturing Common Equity (378 units) Investment date 5/24/2017
Investment in number of shares or units				378	[6],[7],[8],[12]	378	[1],[3],[4],[19]
Investment Date				May 24, 2017	[6],[7],[8],[12],[14]	May 24, 2017	[1],[3],[4],[19],[20]
Cost				$ 500	[6],[7],[8],[12]	$ 500	[1],[3],[4],[19]
Fair Value				$ 97	[6],[7],[8],[12],[14],[15],[16],[17]	$ 121	[1],[3],[4],[10],[19]
Percent of Net Assets				0.00%	[6],[7],[8],[12]	0.00%	[1],[3],[4],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services
Cost	[6],[7],[8],[12],[28]			$ 18,247
Fair Value	[6],[7],[8],[12],[14],[15],[16],[17],[28]			$ 18,247
Percent of Net Assets	[6],[7],[8]			4.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 units) Investment date 6/20/2023
Investment in number of shares or units	[6],[7],[8],[12],[28]			1
Investment Date	[6],[7],[8],[14]			Jun. 20, 2023
Cost	[6],[7],[8],[12],[28]			$ 1,125
Fair Value	[6],[7],[8],[12],[14],[15],[16],[17],[28]			$ 1,125
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services First Lien Debt Variable Index Spread (S+8.00%) Variable Index Floor (2.50%) Rate Cash 15.57% Rate PIK 0.00% Investment date 6/20/2023 Maturity 6/16/2028
Variable Index Spread	[6],[7],[8],[11],[15],[16],[17],[90]			8.00%
Variable Index Floor	[6],[7],[8],[11],[15],[16],[17],[90]			2.50%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[15],[16],[17],[90]			15.57%
Investment interest rate, PIK	[6],[7],[8],[13],[15],[16],[17],[90]			0.00%
Investment Date	[6],[7],[8],[14],[90]			Jun. 20, 2023
Maturity	[6],[7],[8],[90]			Jun. 16, 2028
Principal Amount - Debt Investments	[6],[7],[8],[90]			$ 17,000
Cost	[6],[7],[8],[90]			16,747
Fair Value	[6],[7],[8],[14],[90]			$ 16,747
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/2023
Investment in number of shares or units	[6],[7],[8],[12],[28]			0.375
Investment Date	[6],[7],[8],[14]			Jun. 20, 2023
Cost	[6],[7],[8],[12],[28]			$ 375
Fair Value	[6],[7],[8],[12],[14],[15],[16],[17],[28]			375
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P +4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021
Unfunded commitment	[1],[3],[4],[19],[30]					$ 1,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P +4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025
Unfunded commitment	[1],[3],[4],[23],[30],[91]					$ 3,300
Variable Index Spread	[1],[3],[4],[23],[30],[91]					4.00%
Variable Index Floor	[1],[3],[4],[23],[30],[91]					3.25%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[23],[30],[91]					11.50%
Investment interest rate, PIK	[1],[3],[4],[5],[23],[30],[91]					0.00%
Investment Date	[1],[3],[4],[20],[23],[30],[91]					Nov. 18, 2021
Maturity	[1],[3],[4],[23],[30],[91]					Nov. 18, 2025
Principal Amount - Debt Investments	[1],[3],[4],[23],[30],[91]					$ 16,708
Cost	[1],[3],[4],[23],[30],[91]					16,618
Fair Value	[1],[3],[4],[10],[23],[30],[91]					$ 16,852
Percent of Net Assets	[1],[3],[4],[23],[30],[91]					4.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P+4.00%) Variable Index Floor (3.25%) Rate Cash 12.25% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025
Unfunded commitment	[6],[7],[8],[15],[16],[17]			$ 3,300
Variable Index Spread	[6],[7],[8],[11],[15],[16],[17]			4.00%
Variable Index Floor	[6],[7],[8],[11],[15],[16],[17]			3.25%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[15],[16],[17]			12.25%
Investment interest rate, PIK	[6],[7],[8],[13],[15],[16],[17]			0.00%
Investment Date	[6],[7],[8],[14],[15],[16],[17]	Nov. 18, 2021
Maturity	[6],[7],[8],[15],[16],[17]			Nov. 18, 2025
Principal Amount - Debt Investments	[6],[7],[8],[15],[16],[17]			$ 16,708
Cost	[6],[7],[8],[15],[16],[17]			16,634
Fair Value	[6],[7],[8],[14],[15],[16],[17]			$ 16,708
Percent of Net Assets	[6],[7],[8],[15],[16],[17]			3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services
Cost	[1],[3],[4],[19]					$ 11,422
Fair Value	[1],[3],[4],[10],[19]					$ 11,422
Percent of Net Assets	[1],[3],[4],[19]					3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services
Cost	[6],[7],[8],[12],[28]			$ 11,430
Fair Value	[6],[7],[8],[12],[14],[15],[16],[17],[28]			$ 11,699
Percent of Net Assets	[6],[7],[8]			3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/2022
Investment in number of shares or units				732,542	[6],[7],[8],[12]	732,542	[1],[3],[4],[19]
Investment Date	[1],[3],[4],[19],[20]					Sep. 30, 2022
Cost				$ 500	[6],[7],[8],[12],[28]	$ 500	[1],[3],[4],[19]
Fair Value				$ 699	[6],[7],[8],[12],[14],[15],[16],[17],[28]	$ 500	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542) Investment date 9/30/2023 Maturity 9/30/2027
Investment Date	[6],[7],[8],[12],[14]			Sep. 30, 2022
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.50%) Variable Index Floor (1.00%) Rate Cash 12.08% Rate PIK 0.00% Investment date 9/30/2022 Maturity 9/30/2027
Variable Index Spread	[1],[3],[4],[19],[92]					7.50%
Variable Index Floor	[1],[3],[4],[19],[92]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[92]					12.08%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[92]					0.00%
Investment Date	[1],[3],[4],[19],[20],[92]					Sep. 30, 2022
Maturity	[1],[3],[4],[19],[92]					Sep. 30, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19],[92]					$ 11,000
Cost	[1],[3],[4],[19],[92]					10,922
Fair Value	[1],[3],[4],[10],[19],[92]					$ 10,922
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/2016
Investment in number of shares or units				499	[6],[7],[8],[12]	499	[1],[3],[4],[19]
Investment Date				Nov. 03, 2016	[6],[7],[8],[12],[14]	Nov. 03, 2016	[1],[3],[4],[19],[20]
Cost				$ 265	[6],[7],[8],[12]	$ 265	[1],[3],[4],[19]
Fair Value				$ 393	[6],[7],[8],[12],[14]	$ 453	[1],[3],[4],[10],[19]
Percent of Net Assets				0.00%	[6],[7],[8],[12]	0.00%	[1],[3],[4],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Debt Rate Cash 9.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/2027
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					9.00%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Jun. 30, 2022
Maturity	[1],[3],[4],[19]					Jun. 30, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 13,000
Cost	[1],[3],[4],[19]					12,933
Fair Value	[1],[3],[4],[10],[19]					$ 13,000
Percent of Net Assets	[1],[3],[4],[19]					3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Rate Cash 9.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/2027
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[17]			9.00%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[17]			0.00%
Investment Date	[6],[7],[8],[12],[14]			Jun. 30, 2022
Maturity	[6],[7],[8],[12]			Jun. 30, 2027
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 13,000
Cost	[6],[7],[8],[12]			12,940
Fair Value	[6],[7],[8],[12],[14]			$ 13,000
Percent of Net Assets	[6],[7],[8],[12]			3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Oil & Gas Services Common Equity (18,298 units) Investment date 10/28/2020
Investment in number of shares or units	[6],[7],[8],[12],[28]			18,298
Investment Date	[6],[7],[8],[12],[14],[28]			Oct. 28, 2020
Cost	[6],[7],[8],[12],[28]			$ 549
Fair Value	[6],[7],[8],[12],[14],[28]			$ 4,287
Percent of Net Assets	[6],[7],[8],[12],[28]			1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Specialty Distribution Common Equity (15,000 units) Investment date 10/28/2020
Investment in number of shares or units	[1],[3],[4],[19],[21]					15,000
Investment Date	[1],[3],[4],[19],[20],[21]					Oct. 28, 2020
Cost	[1],[3],[4],[19],[21]					$ 549
Fair Value	[1],[3],[4],[10],[19],[21]					$ 4,835
Percent of Net Assets	[1],[3],[4],[19],[21]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc.
Cost	[1],[3],[4],[19]					$ 18,591
Fair Value	[1],[3],[4],[10],[19]					$ 20,211
Percent of Net Assets	[1],[3],[4],[19]					4.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Common Equity (10,622 shares) Industry Specialty Distribution Investment date 4/12/2018
Investment Date	[1],[3],[4],[19],[20]					Apr. 12, 2018
Cost	[1],[3],[4],[19]					$ 462
Fair Value	[1],[3],[4],[10],[19]					$ 1,776
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Preferred Equity (392 shares) Industry Specialty Distribution Investment date 4/12/2018
Investment Date	[1],[3],[4],[19],[20]					Apr. 12, 2018
Cost	[1],[3],[4],[19]					$ 392
Fair Value	[1],[3],[4],[10],[19]					$ 624
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Preferred Equity (48 shares) Industry Specialty Distribution Investment date 12/2/2019
Investment Date	[1],[3],[4],[19],[20]					Dec. 02, 2019
Cost	[1],[3],[4],[19]					$ 48
Fair Value	[1],[3],[4],[10],[19]					$ 77
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Second Lien Debt Industry Specialty Distribution Rate Cash/PIK 11.00%/0.50% Investment date 4/12/2018 Maturity 12/2/2025
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[23]					11.00%
Investment interest rate, PIK	[1],[3],[4],[5],[23]					0.50%
Investment Date	[1],[3],[4],[20],[23]					Apr. 12, 2018
Maturity	[1],[3],[4],[23]					Dec. 02, 2025
Principal Amount - Debt Investments	[1],[3],[4],[23]					$ 17,734
Cost	[1],[3],[4],[23]					17,689
Fair Value	[1],[3],[4],[10],[23]					$ 17,734
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution
Cost	[6],[7],[8],[12]			$ 16,134
Fair Value	[6],[7],[8],[12],[14]			$ 20,302
Percent of Net Assets	[6],[7],[8],[12]			4.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Common Equity (10,622 shares) Investment date 4/12/2018
Investment in number of shares or units	[1],[3],[4],[19]					10,622
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (392 shares) Investment date 4/12/2018
Investment in number of shares or units	[1],[3],[4],[19]					392
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (392 shares) Investment date 4/12/2018
Investment in number of shares or units	[6],[7],[8],[12]			392
Investment Date	[6],[7],[8],[12],[14]			Apr. 12, 2018
Cost	[6],[7],[8],[12]			$ 392
Fair Value	[6],[7],[8],[12],[14]			$ 657
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (48 shares) Investment date 12/2/2019
Investment in number of shares or units	[1],[3],[4],[19]					48
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Second Lien Debt Cash 11.00% Rate PIK 0.50% Investment date 4/12/2018 Maturity 12/2/2025
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					14.23%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Second Lien Debt Cash 11.50% Rate PIK 0.00% Investment date 4/12/2018 Maturity 12/2/2025
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[17]			11.50%
Investment interest rate, PIK	[6],[7],[8],[13],[17]			0.00%
Investment Date	[6],[7],[8],[14],[17]			Apr. 12, 2018
Maturity	[6],[7],[8],[17]			Dec. 02, 2025
Principal Amount - Debt Investments	[6],[7],[8],[17]			$ 15,270
Cost	[6],[7],[8],[17]			15,232
Fair Value	[6],[7],[8],[14],[17]			15,270
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Utilities: Services Second Lien Debt Cash 14.23% Rate PIK 0.00% Investment date 9/21/2021 Maturity 3/21/2029
Variable Index Spread	[1],[3],[4],[19]					9.50%
Variable Index Floor	[1],[3],[4],[19]					1.00%
Investment Date	[1],[3],[4],[19],[20]					Sep. 21, 2021
Maturity	[1],[3],[4],[19]					Mar. 21, 2029
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 10,831
Cost	[1],[3],[4],[19]					10,786
Fair Value	[1],[3],[4],[10],[19]					10,831
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC
Cost				11,324		$ 11,320	[1],[3],[4],[19]
Fair Value	[9]			$ 11,393
Percent of Net Assets				2.00%		2.00%	[1],[3],[4],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Common Equity (5,341 units) Industry Utilities: Services Investment date 9/21/2021
Investment in number of shares or units	[12],[28]			5,341
Investment Date	[12],[14],[28]			Sep. 21, 2021
Cost	[12],[28]			$ 534
Fair Value	[9],[12],[28]			$ 562
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Second Lien Debt Industry Utilities: Services Variable Index Spread / Floor (L + 9.50%) / (1.00%) Rate Cash/PIK 15.004%/0.00% Investment date 9/21/2021 Maturity 3/21/2029
Variable Index Spread	[11],[12]			9.50%
Variable Index Floor	[11],[12]			1.00%
Investment, Interest Rate, Paid in Cash	[12],[13]			15.04%
Investment interest rate, PIK	[12],[13]			0.00%
Investment Date	[12],[14]			Sep. 21, 2021
Maturity	[12]			Mar. 21, 2029
Principal Amount - Debt Investments	[12]			$ 10,831
Cost	[12]			10,790
Fair Value	[9],[12]			10,831
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (5,341 units) Investment date 9/21/2021
Investment in number of shares or units	[1],[3],[4],[19],[21]					5,341
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc.
Cost				6,679
Fair Value	[9]			$ 5,973
Percent of Net Assets				1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/2019
Investment in number of shares or units	[1],[3],[4],[19]					900,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. First Lien Debt Industry Business Services Variable Index Spread / Floor (S + 6.75%) / (2.00%) Rate Cash/PIK 11.90%/0.00% Investment date 11/25/2019 Maturity 11/25/2024
Variable Index Spread	[1],[3],[4],[19]					6.75%
Variable Index Floor	[1],[3],[4],[19]					2.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					11.59%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Maturity	[1],[3],[4],[19]					Nov. 25, 2024
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 5,833
Cost	[1],[3],[4],[19]					5,760
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. First Lien Debt Industry Business Services Variable Index Spread / Floor (S + 6.75%) / (2.00%) Rate Cash/PIK 12.25%/0.00% Investment date 11/25/2019 Maturity 11/25/2024
Variable Index Spread	[11],[12],[93]			6.75%
Variable Index Floor	[11],[12],[93]			2.00%
Investment, Interest Rate, Paid in Cash	[12],[13],[93]			12.25%
Investment interest rate, PIK	[12],[13],[17],[93]			0.00%
Investment Date	[12],[14],[28],[93]			Nov. 25, 2019
Maturity	[12],[93]			Nov. 25, 2024
Principal Amount - Debt Investments	[12],[93]			$ 5,833
Cost	[12],[93]			5,779
Fair Value	[9],[12],[28],[93]			$ 5,833
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Preferred Equity (900,000 shares) Industry Business Services Investment date 11/25/2019
Investment in number of shares or units	[12]			900,000
Investment Date	[12],[14]			Nov. 25, 2019
Cost	[12]			$ 900
Fair Value				$ 140	[9],[12]	$ 404	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime Quest Software US Holdings Inc. Information Technology Services Second Lien Debt Variable Index Spread (S +7.50%) Variable Index Floor (0.50%) Rate Cash 11.79% Rate PIK 0.00% Investment date 3/1/2022 Maturity 2/1/2030
Variable Index Spread	[1],[3],[4],[19]					7.50%
Variable Index Floor	[1],[3],[4],[19]					0.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					11.79%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Mar. 01, 2022
Maturity	[1],[3],[4],[19]					Feb. 01, 2030
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 20,000
Cost	[1],[3],[4],[19]					19,360
Fair Value	[1],[3],[4],[10],[19]					$ 15,002
Percent of Net Assets	[1],[3],[4],[19]					3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Puget Collision, LLC First Lien Debt Industry Retail Variable Index Spread / Floor (S + 9.50%) / (1.00%) Rate Cash/PIK 14.65%/0.00% Investment date 4/28/2023 Maturity 9/12/2027
Variable Index Spread	[11],[17]			9.50%
Investment Date	[14],[17]			Apr. 28, 2023
Maturity	[17]			Sep. 12, 2027
Principal Amount - Debt Investments	[17]			$ 5,100
Cost	[17]			5,075
Fair Value	[9],[17]			$ 5,075
Percent of Net Assets	[17]			1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Puget Collision, LLC First Lien Debt Industry Retail Variable Index Spread / Floor (S + 9050%) / (1.00%) Rate Cash/PIK 14.65%/0.00% Investment date 4/28/2023 Maturity 9/12/2027
Variable Index Floor	[11],[17]			1.00%
Investment, Interest Rate, Paid in Cash	[13],[17]			14.65%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc.
Cost				$ 18,629
Fair Value				$ 18,629
Percent of Net Assets				4.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. Common Equity (140 shares) Industry Component Manufacturing Investment date 2/28/2023
Investment in number of shares or units				140
Investment Date	[12]			Feb. 28, 2023
Cost				$ 1,402
Fair Value				$ 1,402
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. First Lien Debt Industry Component Manufacturing Variable Index Spread / Floor (S + 6.00%) / (1.50%) Rate Cash/PIK 11.39%/0.00% Investment date 3/1/2023 Maturity 3/1/2028
Variable Index Spread	[11],[94]			6.00%
Variable Index Floor	[11],[94]			1.50%
Investment, Interest Rate, Paid in Cash	[13],[94]			11.39%
Investment interest rate, PIK	[13],[94]			0.00%
Investment Date	[14],[94]			Mar. 01, 2023
Maturity	[94]			Mar. 01, 2028
Principal Amount - Debt Investments	[94]			$ 17,348
Cost	[94]			17,227
Fair Value	[9],[94]			$ 17,227
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Quest Software US Holdings Inc. Second Lien Debt Industry Information Technology Services Variable Index Spread / Floor (S + 7.50%) / (0.50%) Rate Cash/PIK 12.33%/0.00% Investment date 3/1/2022 Maturity 2/1/2030
Variable Index Spread				7.50%
Variable Index Floor				0.50%
Investment, Interest Rate, Paid in Cash				12.69%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Quest Software US Holdings Inc. Second Lien Debt Industry Information Technology Services Variable Index Spread / Floor (S + 7.50%) / (0.50%) Rate Cash/PIK 12.60%/0.00% Investment date 3/1/2022 Maturity 2/1/2030
Investment interest rate, PIK				0.00%
Investment Date				Mar. 01, 2022
Maturity				Feb. 01, 2030
Principal Amount - Debt Investments				$ 20,000
Cost				19,404
Fair Value				$ 15,774
Percent of Net Assets				3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics)
Cost				$ 7,652	[6],[7],[8]	$ 6,876	[1],[3],[4]
Fair Value	[6],[7],[8],[9]			$ 8,029
Percent of Net Assets	[6],[7],[8]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Common Equity (280,000 units) ($70 unfunded commitment) Industry Transportation services Investment date 12/30/2022
Investment in number of shares or units	[6],[7],[8],[12]			280,000
Unfunded commitment	[6],[7],[8],[12]			$ 70
Investment Date				Dec. 30, 2022	[6],[7],[8],[12],[14]	Dec. 30, 2022	[1],[3],[4],[19],[20]
Cost	[6],[7],[8],[12]			$ 280
Fair Value				418	[6],[7],[8],[9],[12]	$ 280	[1],[3],[4],[10],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) First Lien Debt ($1,727 unfunded commitment) Industry Transportation services Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 11.49%/0.00% Investment date 12/30/2022 Maturity 12/30/2028
Unfunded commitment	[6],[7],[8],[12],[69]			$ 1,727
Variable Index Spread	[6],[7],[8],[11],[12],[69]			6.25%
Variable Index Floor	[6],[7],[8],[11],[12],[69]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[69]			11.49%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[69]			0.00%
Investment Date	[6],[7],[8],[12],[14],[69]			Dec. 30, 2022
Maturity	[6],[7],[8],[12],[69]			Dec. 30, 2028
Principal Amount - Debt Investments	[6],[7],[8],[12],[69]			$ 6,244
Cost	[6],[7],[8],[12],[69]			6,047
Fair Value	[6],[7],[8],[9],[12],[69]			6,244
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) First Lien Debt ($2,489 unfunded commitment) Industry Transportation services Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 10.83%/0.00% Investment date 12/30/2022 Maturity 12/30/2028
Variable Index Spread	[1],[3],[4],[19],[22]					6.25%
Variable Index Floor	[1],[3],[4],[19],[22]					1.00%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[22]					0.00%
Investment Date	[1],[3],[4],[19],[20],[22]					Dec. 30, 2022
Fair Value	[1],[3],[4],[10],[19],[22]					$ 5,309
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Subordinated Debt ($417 unfunded commitment) Industry Transportation services Rate Cash/PIK 8.75%/5.00% Investment date 12/30/2022 Maturity 6/30/2029
Unfunded commitment	[6],[7],[8],[12],[69]			$ 417
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[69]			8.75%
Investment interest rate, PIK				5.00%	[6],[7],[8],[12],[13],[69]	5.00%	[1],[3],[4],[5],[19],[22]
Investment Date	[6],[7],[8],[12],[14],[69]			Dec. 30, 2022
Maturity	[6],[7],[8],[12],[69]			Jun. 30, 2029
Principal Amount - Debt Investments	[6],[7],[8],[12],[69]			$ 1,367
Cost				1,325	[6],[7],[8],[12],[69]	$ 1,287	[1],[3],[4],[19],[22]
Fair Value	[6],[7],[8],[9],[12],[69]			$ 1,367
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services
Fair Value	[1],[3],[4],[10]					$ 6,876
Percent of Net Assets	[1],[3],[4]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Common Equity (280,000 units) ($70 unfunded commitment) Investment date 12/30/2022
Investment in number of shares or units	[1],[3],[4],[19]					280,000
Unfunded commitment	[1],[3],[4],[19]					$ 70
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt ($2,489 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.83% Rate PIK 0.00% Investment date 12/30/2022
Unfunded commitment	[1],[3],[4],[19],[22]					2,489
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Subordinated Debt ($417 unfunded commitment) Cash 8.75% Rate PIK 5.00% Investment date 12/30/2022
Unfunded commitment	[1],[3],[4],[19],[22]					417
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class A Units) (10,915 units) Industry Specialty Distribution Investment date 8/11/2017
Fair Value	[1],[3],[4],[10],[19],[21]					$ 2,379
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class F Units) (710 units) Industry Specialty Distribution Investment date 12/10/2020
Investment in number of shares or units	[1],[3],[4],[19],[21]					710
Investment Date	[1],[3],[4],[19],[20],[21]					Dec. 10, 2020
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Preferred Equity (Units N/A) Industry Specialty Distribution Investment date 12/10/2020
Investment Date	[1],[3],[4],[19],[20],[21]					Dec. 10, 2020
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Second Lien Debt Industry Specialty Distribution Rate Cash/PIK 11.50%/0.00% Investment date 8/11/2017 Maturity 2/11/2026
Investment Date	[1],[3],[4],[20],[23]					Aug. 11, 2017
Principal Amount - Debt Investments	[1],[3],[4],[23]					$ 14,851
Fair Value	[1],[3],[4],[10],[23]					14,851
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution
Cost	[1],[3],[4]					16,230
Fair Value	[1],[3],[4],[10]					$ 17,537
Percent of Net Assets	[1],[3],[4]					4.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class A Units) (10,915 units) Investment date 08/11/2017
Investment in number of shares or units	[1],[3],[4],[19],[21]					10,915
Cost	[1],[3],[4],[19],[21]					$ 1,125
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc.
Fair Value	[1],[3],[4],[10]					$ 17,400
Percent of Net Assets	[1],[3],[4]					4.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018
Investment in number of shares or units	[6],[7],[8]			779
Investment Date	[6],[7],[8],[14]			Sep. 18, 2018
Cost				$ 1,121	[6],[7],[8]	$ 1,121	[1],[3],[4]
Fair Value	[6],[7],[8],[9]			$ 1,695
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (97 units) Industry Business Services Investment date 2/3/2023
Investment in number of shares or units	[6],[7],[8]			97
Investment Date	[6],[7],[8],[14]			Feb. 03, 2023
Cost	[6],[7],[8]			$ 430
Fair Value	[6],[7],[8],[9]			$ 479
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Second Lien Debt Industry Business Services Rate Cash/PIK 11.25%/2.00% Investment date 09/08/2018 Maturity 09/18/2025
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5]					11.25%
Investment interest rate, PIK	[1],[3],[4],[5]					2.00%
Investment Date	[1],[3],[4],[20]					Sep. 18, 2018
Cost	[1],[3],[4]					$ 15,810
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Second Lien Debt Industry Business Services Rate Cash/PIK 11.25%/2.50% Investment date 9/18/2018 Maturity 9/18/2025
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13]			11.25%
Investment interest rate, PIK	[6],[7],[8],[13]			2.50%
Investment Date	[6],[7],[8],[14]			Sep. 18, 2018
Maturity	[6],[7],[8]			Sep. 18, 2025
Principal Amount - Debt Investments	[6],[7],[8]			$ 21,087
Cost	[6],[7],[8]			21,033
Fair Value	[6],[7],[8],[9]			$ 20,733
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Sonicwall US Holdings, Inc. Second Lien Debt Industry Information Technology Services Variable Index Spread / Floor (L + 7.50%) / (0.00%) Rate Cash/PIK 12.20%/0.00% Investment date 9/6/2022 Maturity 5/18/2026
Investment Date	[1],[3],[4],[19],[20]					Sep. 06, 2022
Maturity	[1],[3],[4],[19]					May 18, 2026
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 4,774
Cost	[1],[3],[4],[19]					4,508
Fair Value	[1],[3],[4],[10],[19]					$ 4,733
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Sonicwall US Holdings, Inc. Second Lien Debt Industry Information Technology Services Variable Index Spread / Floor (S + 7.50%) / (0.00%) Rate Cash/PIK 12.66%/0.00% Investment date 9/6/2022 Maturity 5/18/2026
Variable Index Spread	[6],[7],[8],[11],[12]			7.50%
Variable Index Floor	[6],[7],[8],[11],[12]			0.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			12.66%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			0.00%
Investment Date	[6],[7],[8],[12],[14]			Sep. 06, 2022
Maturity	[6],[7],[8],[12]	May 18, 2026
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 4,774
Cost	[6],[7],[8],[12]			4,546
Fair Value	[6],[7],[8],[9],[12]			$ 4,756
Percent of Net Assets	[6],[7],[8],[12]			1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC
Cost	[6],[7],[8]			$ 16,741
Fair Value	[6],[7],[8],[9]			$ 5,986
Percent of Net Assets	[6],[7],[8]			1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Common Equity (19,099 units) Industry Information Technology Services Investment date 12/1/2021
Investment in number of shares or units	[6],[7],[8]			19,099
Investment Date				Dec. 01, 2021	[6],[7],[8],[12],[14],[28]	Dec. 01, 2021	[1],[3],[4],[19],[20],[21]
Cost	[6],[7],[8],[12],[28]			$ 808
Fair Value	[1],[3],[4],[10]					$ 10,738
Percent of Net Assets	[1],[3],[4]					2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (7,500 units) Investment date 12/01/2021
Investment in number of shares or units	[1],[3],[4],[19],[21]					7,500
Cost	[1],[3],[4],[19],[21]					$ 750
Fair Value	[1],[3],[4],[10],[19],[21]					$ 12
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Second Lien Debt Industry Information Technology Services Rate Cash/PIK 0.00%/14.00% Investment date 10/29/2021 Maturity 6/1/2028
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[40]			0.00%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[40]			14.00%
Investment Date	[6],[7],[8],[12],[14],[40]			Oct. 29, 2021
Maturity	[6],[7],[8],[12],[40]			Jun. 01, 2028
Principal Amount - Debt Investments	[6],[7],[8],[12],[40]			$ 16,000
Cost	[6],[7],[8],[12],[40]			15,933
Fair Value	[6],[7],[8],[9],[12],[40]			5,986
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Second Lien Debt Industry Information Technology Services Rate Cash/PIK 12.00%/0.00% Investment date 10/19/2021 Maturity 6/1/2028
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					12.00%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Oct. 29, 2021
Cost	[1],[3],[4],[19]					$ 15,933
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Product Preferred Equity (Series A) (1,000 units) Investment date 03/04/2022
Investment in number of shares or units	[1],[3],[4],[19],[21]					1,000
Investment Date	[1],[3],[4],[19],[20],[21]					Mar. 04, 2022
Cost	[1],[3],[4],[19],[21]					$ 1,000
Fair Value	[1],[3],[4],[10],[19],[21]					1,792
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Delayed Draw Commitment ($3,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027
Unfunded commitment	[1],[3],[4],[19],[22]					$ 3,000
Variable Index Spread	[1],[3],[4],[19],[22]					7.75%
Variable Index Floor	[1],[3],[4],[19],[22]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[22]					11.57%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[22]					0.00%
Investment Date	[1],[3],[4],[19],[20],[22]					Mar. 04, 2022
Maturity	[1],[3],[4],[19],[22]					Mar. 04, 2027
Cost	[1],[3],[4],[19],[22]					$ 14
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027
Variable Index Spread	[1],[3],[4],[19]					7.75%
Variable Index Floor	[1],[3],[4],[19]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					11.57%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Mar. 04, 2022
Maturity	[1],[3],[4],[19]					Mar. 04, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 15,600
Cost	[1],[3],[4],[19]					15,527
Fair Value	[1],[3],[4],[10],[19]					15,600
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Revolving Loan ($2,400 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027
Unfunded commitment	[1],[3],[4],[19],[30]					$ 2,400
Variable Index Spread	[1],[3],[4],[19],[30]					7.75%
Variable Index Floor	[1],[3],[4],[19],[30]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[30]					11.57%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[30]					0.00%
Investment Date	[1],[3],[4],[19],[20],[30]					Mar. 04, 2022
Maturity	[1],[3],[4],[19],[30]					Mar. 04, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19],[30]					$ 1,600
Cost	[1],[3],[4],[19],[30]					1,581
Fair Value	[1],[3],[4],[10],[19],[30]					$ 1,600
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Subordinated Debt Cash 7.25% Rate PIK 7.25% Investment date 03/04/2022 Maturity 09/04/2027
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					7.25%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					7.25%
Investment Date	[1],[3],[4],[19],[20]					Mar. 04, 2022
Maturity	[1],[3],[4],[19]					Sep. 04, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 2,656
Cost	[1],[3],[4],[19]					2,643
Fair Value	[1],[3],[4],[10],[19]					3,750
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC.
Cost	[6],[7],[8]			19,262
Fair Value				$ 20,255	[6],[7],[8],[9]	$ 22,742	[1],[3],[4],[10]
Percent of Net Assets				4.00%	[6],[7],[8]	5.00%	[1],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.90% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/2027
Variable Index Spread	[6],[7],[8],[11],[12]	7.75%
Variable Index Floor	[6],[7],[8],[11],[12]	1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			12.90%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			0.00%
Investment Date	[6],[7],[8],[12],[14]			Mar. 04, 2022
Maturity	[6],[7],[8],[12]			Mar. 04, 2027
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 15,600
Cost	[6],[7],[8],[12]			15,536
Fair Value	[6],[7],[8],[9],[12]			$ 15,600
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Preferred Equity (Series A) (1,000 units) Investment date 3/4/2022
Investment in number of shares or units	[6],[7],[8],[12],[28]			1,000
Investment Date	[6],[7],[8],[12],[14],[28]			Mar. 04, 2022
Cost	[6],[7],[8],[12],[28]			$ 1,000
Fair Value	[6],[7],[8],[9],[12],[28]			1,405
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Revolving Loan ($2,400 unfunded commitment) Rate Cash 12.60% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/2027
Unfunded commitment	[6],[7],[8],[12],[16]			$ 2,400
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Revolving Loan ($2,400 unfunded commitment) Rate Cash 12.90% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/2027
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[16]			12.90%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[16]			0.00%
Investment Date	[6],[7],[8],[12],[14],[16]			Mar. 04, 2022
Maturity	[6],[7],[8],[12],[16]	Mar. 04, 2027
Cost	[6],[7],[8],[12],[16]			$ 16
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Subordinated Debt Rate Cash 7.25% Rate PIK 7.25% Investment date 3/4/2022 Maturity 9/4/2027
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			7.25%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			7.25%
Investment Date	[6],[7],[8],[12],[14]			Mar. 04, 2022
Maturity	[6],[7],[8],[12]			Sep. 04, 2027
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 2,754
Cost	[6],[7],[8],[12]			2,742
Fair Value	[6],[7],[8],[9],[12]			$ 3,250
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/2017
Investment in number of shares or units				855	[6],[7],[8],[12]	855	[1],[3],[4],[19]
Investment Date				Dec. 08, 2017	[6],[7],[8],[12],[14]	Dec. 08, 2017	[1],[3],[4],[19],[20]
Cost				$ 933	[6],[7],[8],[12]	$ 933	[1],[3],[4],[19]
Fair Value	[1],[3],[4],[10],[19]					$ 110
Percent of Net Assets				0.00%	[6],[7],[8],[12]	0.00%	[1],[3],[4],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Industry Transportation services Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 12/21/2022 Maturity 5/31/2025
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[95],[96]			12.50%
Investment interest rate, PIK				0.00%	[6],[7],[8],[12],[13],[95],[96]	0.00%	[1],[3],[4],[5],[19],[24],[25]
Investment Date				Dec. 21, 2022	[6],[7],[8],[12],[14],[95],[96]	Dec. 21, 2022	[1],[3],[4],[19],[20],[24],[25]
Maturity				May 31, 2025	[6],[7],[8],[12],[95],[96]	May 31, 2025	[1],[3],[4],[19],[24],[25]
Principal Amount - Debt Investments				$ 12,500	[6],[7],[8],[12],[95],[96]	$ 12,500	[1],[3],[4],[19],[24],[25]
Cost				12,451	[6],[7],[8],[12],[95],[96]	12,438	[1],[3],[4],[19],[24],[25]
Fair Value				$ 12,500	[6],[7],[8],[9],[12],[95],[96]	$ 12,438	[1],[3],[4],[10],[19],[24],[25]
Percent of Net Assets	[6],[7],[8],[12],[95],[96]			3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Industry Business Services Common Equity (705,000 units) Investment date 4/3/2018
Investment in number of shares or units				705,000	[6],[7],[8],[12],[28]	705,000	[1],[3],[4],[19],[21]
Investment Date				Apr. 03, 2018	[6],[7],[8],[12],[14],[28]	Apr. 03, 2018	[1],[3],[4],[19],[20],[21]
Cost				$ 655	[6],[7],[8],[12],[28]	$ 655	[1],[3],[4],[19],[21]
Fair Value				$ 1,944	[6],[7],[8],[9],[12],[28]	$ 1,504	[1],[3],[4],[10],[19],[21]
Percent of Net Assets				0.00%	[6],[7],[8],[12],[28]	0.00%	[1],[3],[4],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments US Fertility Enterprises, LLC Industry Healthcare Services Subordinated Debt Rate Cash 0.00% Rate PIK 13.75% Investment date 5/19/2023 Maturity 6/1/2028
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			0.00%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			13.75%
Investment Date	[6],[7],[8],[12],[14]			May 19, 2023
Maturity	[6],[7],[8],[12]			Jun. 01, 2028
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 12,705
Cost	[6],[7],[8],[12]			12,339
Fair Value	[6],[7],[8],[9],[12]			$ 12,339
Percent of Net Assets	[6],[7],[8],[12]			3.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments USG AS Holdings, LLC
Cost	[6],[7],[8]			$ 10,907
Fair Value	[6],[7],[8],[9]			$ 10,907
Percent of Net Assets	[6],[7],[8]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments USG AS Holdings, LLC Industry Utilities: Services Common Equity (Units N/A) Investment date 2/21/2023
Investment Date	[6],[7],[8],[12],[14]			Feb. 21, 2023
Cost	[6],[7],[8],[12]			$ 1,000
Fair Value	[6],[7],[8],[9],[12]			$ 1,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments USG AS Holdings, LLC Industry Utilities: Services First Lien Debt Variable Index Spread (S + 8.50%) Variable Index Floor (2.50%) Rate Cash 13.54% Rate PIK 0.00% Investment date 2/23/2023 Maturity 2/23/2028
Variable Index Spread	[6],[7],[8],[11],[12]			8.50%
Variable Index Floor	[6],[7],[8],[11],[12]			2.50%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			13.54%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			0.00%
Investment Date	[6],[7],[8],[12],[14]			Feb. 23, 2023
Maturity	[6],[7],[8],[12]			Feb. 23, 2028
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 10,000
Cost	[6],[7],[8],[12]			9,907
Fair Value	[6],[7],[8],[9],[12]			9,907
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC.
Cost	[6],[7],[8]			$ 1,574
Percent of Net Assets				0.00%	[6],[7],[8]	0.00%	[1],[3],[4],[19],[26]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/2012
Investment in number of shares or units				98,377	[6],[7],[8],[12],[28]	98,377	[1],[3],[4],[19],[21]
Investment Date				Apr. 01, 2012	[6],[7],[8],[12],[14],[28]	Apr. 01, 2012	[1],[3],[4],[19],[20],[21]
Cost				$ 1,008	[6],[7],[8],[12],[28]	$ 1,008	[1],[3],[4],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Warrant (57,469 units) Investment date 3/5/2012
Investment in number of shares or units				57,469	[6],[7],[8],[12],[32]	57,469	[1],[3],[4],[19],[26]
Investment Date				Mar. 05, 2012	[6],[7],[8],[12],[14],[32]	Mar. 05, 2012	[1],[3],[4],[19],[20],[26]
Cost				$ 566	[6],[7],[8],[12],[32]	$ 565	[1],[3],[4],[19],[26]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virginia Tile Company, LLC Industry Specialty Distribution Common Equity (17 units) Investment date 12/19/2014
Investment in number of shares or units				17	[6],[7],[8],[12]	17	[1],[3],[4],[19]
Investment Date				Dec. 19, 2014	[6],[7],[8],[12],[14]	Dec. 19, 2014	[1],[3],[4],[19],[20]
Cost				$ 78	[6],[7],[8],[12]	$ 79	[1],[3],[4],[19]
Fair Value				$ 1,371	[6],[7],[8],[9],[12]	$ 845	[1],[3],[4],[10],[19]
Percent of Net Assets				0.00%	[6],[7],[8],[12]	0.00%	[1],[3],[4],[19]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 9.75%) Variable Index Floor (1.00%) Rate Cash 14.48% Rate PIK 0.00% Investment date 4/13/2022 Maturity 10/13/2027
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5]					14.48%
Investment interest rate, PIK	[1],[3],[4],[5]					0.00%
Investment Date	[1],[3],[4],[20]					Apr. 13, 2022
Maturity	[1],[3],[4]					Oct. 13, 2027
Principal Amount - Debt Investments	[1],[3],[4]					$ 11,002
Cost	[1],[3],[4]					10,906
Fair Value	[1],[3],[4],[10]					$ 5,887
Percent of Net Assets	[1],[3],[4]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 9.75%) Variable Index Floor (1.00%) Rate Cash 15.14% Rate PIK 0.00% Investment date 4/13/2022 Maturity 10/13/2027
Variable Index Spread	[6],[7],[8],[11],[40]			9.75%
Variable Index Floor	[6],[7],[8],[11],[40]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[40]			15.14%
Investment interest rate, PIK	[6],[7],[8],[13],[40]			0.00%
Investment Date	[6],[7],[8],[14],[40]			Apr. 13, 2022
Maturity	[6],[7],[8],[40]			Oct. 13, 2027
Principal Amount - Debt Investments	[6],[7],[8],[40]			$ 11,002
Cost	[6],[7],[8],[40]			10,906
Fair Value	[6],[7],[8],[9],[40]			$ 6,294
Percent of Net Assets	[6],[7],[8],[40]			1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Western's Smokehouse, LLC
Cost	[1],[3],[4],[19]					$ 10,345
Fair Value	[1],[3],[4],[10],[19]					$ 10,413
Percent of Net Assets	[1],[3],[4],[19]					2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Western's Smokehouse, LLC Delayed Draw Commitment ($2,702 unfunded commitment) Consumer Products Variable Index Spread/Floor(S + 5.00%)/(1.50%) Rate Cash /PIK 9.71%/ 0.00% Investment date 6/29/2022 Maturity 12/23/2024
Unfunded commitment	[1],[3],[4],[19],[30],[97]					$ 2,702
Variable Index Spread	[1],[3],[4],[19],[30],[97]					5.00%
Variable Index Floor	[1],[3],[4],[19],[30],[97]					1.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[30],[97]					9.71%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[30],[97]					0.00%
Investment Date	[1],[3],[4],[19],[20],[30],[97]					Jun. 29, 2022
Maturity	[1],[3],[4],[19],[30],[97]					Dec. 23, 2024
Principal Amount - Debt Investments	[1],[3],[4],[19],[30],[97]					$ 798
Cost	[1],[3],[4],[19],[30],[97]					791
Fair Value	[1],[3],[4],[10],[19],[30],[97]					$ 798
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Western's Smokehouse, LLC First Lien Debt Consumer Products Variable Index Spread/ Floor(S + 6.50%) /(1.50%) Rate Cash/PIK 11.21%/ 0.00% Investment date 2/28/2020 Maturity 12/23/2024
Variable Index Spread	[1],[3],[4],[19],[98]					6.50%
Variable Index Floor	[1],[3],[4],[19],[98]					1.50%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[98]					11.21%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[98]					0.00%
Investment Date	[1],[3],[4],[19],[20],[98]					Feb. 28, 2020
Maturity	[1],[3],[4],[19],[98]					Dec. 23, 2024
Principal Amount - Debt Investments	[1],[3],[4],[19],[98]					$ 9,616
Cost	[1],[3],[4],[19],[98]					9,554
Fair Value	[1],[3],[4],[10],[19],[98]					$ 9,615
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution
Cost	[6],[7],[8]			$ 10,892
Fair Value	[6],[7],[8],[9]			$ 11,000
Percent of Net Assets	[6],[7],[8]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution First Lien Debt Variable Index Spread (L + 12.00%) Variable Index Floor (1.00%) Rate Cash 16.75% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026
Variable Index Spread	[1],[3],[4],[19],[27]					12.00%
Variable Index Floor	[1],[3],[4],[19],[27]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19],[27]					16.75%
Investment interest rate, PIK	[1],[3],[4],[5],[19],[27]					0.00%
Investment Date	[1],[3],[4],[19],[20],[27]					Apr. 01, 2021
Maturity	[1],[3],[4],[19],[27]					Apr. 01, 2026
Cost	[1],[3],[4],[19],[27]					$ 3,907
Fair Value	[1],[3],[4],[10],[19],[27]					4,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution First Lien Debt Variable Index Spread (L + 12.00%) Variable Index Floor (1.00%) Rate Cash 17.54% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026
Variable Index Spread	[6],[7],[8],[11],[12],[99]			12.00%
Variable Index Floor	[6],[7],[8],[11],[12],[99]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13],[99]			17.54%
Investment interest rate, PIK	[6],[7],[8],[12],[13],[99]			0.00%
Investment Date	[6],[7],[8],[12],[14],[99]			Apr. 01, 2021
Maturity	[6],[7],[8],[12],[99]			Apr. 01, 2026
Principal Amount - Debt Investments	[6],[7],[8],[12],[99]			$ 4,000
Cost	[6],[7],[8],[12],[99]			3,921
Fair Value	[6],[7],[8],[9],[12],[99]			$ 4,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution First Lien Debt Variable Index Spread (L + 13.00%) Variable Index Floor (1.00%) Rate Cash 18.54% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026
Variable Index Spread	[6],[7],[8],[11]			13.00%
Variable Index Floor	[6],[7],[8],[11]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13]			18.54%
Investment interest rate, PIK	[6],[7],[8],[13]			0.00%
Investment Date	[6],[7],[8],[14]			Apr. 01, 2021
Maturity	[6],[7],[8]			Apr. 01, 2026
Principal Amount - Debt Investments	[6],[7],[8]			$ 7,000
Cost	[6],[7],[8]			6,971
Fair Value	[6],[7],[8],[9]			$ 7,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Specialty Distribution
Cost	[1],[3],[4]					10,873
Fair Value	[1],[3],[4],[10]					$ 11,000
Percent of Net Assets	[1],[3],[4]					2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Specialty Distribution First Lien Debt Variable Index Spread (L + 13.00%) Variable Index Floor (1.00%) Rate Cash 17.75% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026
Variable Index Spread	[1],[3],[4]					13.00%
Variable Index Floor	[1],[3],[4]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5]					17.75%
Investment interest rate, PIK	[1],[3],[4],[5]					0.00%
Investment Date	[1],[3],[4],[20]					Apr. 01, 2021
Maturity	[1],[3],[4]					Apr. 01, 2026
Principal Amount - Debt Investments	[1],[3],[4]					$ 7,000
Cost	[1],[3],[4]					6,966
Fair Value	[1],[3],[4],[10]					$ 7,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Industry Information Technology Services First Lien Debt Variable Index Spread (L + 7.25%) Variable Index Floor (1.00%) Rate Cash 12.43% Rate PIK 0.00% Investment date 2/10/2021 Maturity 2/9/2026
Variable Index Spread	[6],[7],[8],[11],[17],[100]			7.25%
Variable Index Floor	[6],[7],[8],[11],[17],[100]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[13],[17],[100]			12.43%
Investment interest rate, PIK	[6],[7],[8],[13],[17],[100]			0.00%
Investment Date	[6],[7],[8],[14],[17],[100]			Feb. 10, 2021
Maturity	[6],[7],[8],[17],[100]			Feb. 09, 2026
Principal Amount - Debt Investments	[6],[7],[8],[17],[100]			$ 8,316
Cost	[6],[7],[8],[17],[100]			8,285
Fair Value	[6],[7],[8],[9],[17],[100]			$ 8,316
Percent of Net Assets	[6],[7],[8],[17],[100]			2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (L + 7.25%) Variable Index Floor (1.00%) Rate Cash 11.97% Rate PIK 0.00% Investment date 2/10/2021 Maturity 2/9/2026
Variable Index Spread	[1],[3],[4],[23],[101]					7.25%
Variable Index Floor	[1],[3],[4],[23],[101]					1.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[23],[101]					11.97%
Investment interest rate, PIK	[1],[3],[4],[5],[23],[101]					0.00%
Investment Date	[1],[3],[4],[20],[23],[101]					Feb. 10, 2021
Maturity	[1],[3],[4],[23],[101]					Feb. 09, 2026
Principal Amount - Debt Investments	[1],[3],[4],[23],[101]					$ 8,316
Cost	[1],[3],[4],[23],[101]					8,279
Fair Value	[1],[3],[4],[10],[23],[101]					$ 8,316
Percent of Net Assets	[1],[3],[4],[23],[101]					2.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC
Cost	[6],[7],[8]			$ 27,499
Fair Value	[6],[7],[8],[9]			$ 28,406
Percent of Net Assets	[6],[7],[8]			6.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (752,380 units) Investment date 7/26/2021
Investment in number of shares or units	[6],[7],[8],[12],[28]			752,380
Investment Date	[6],[7],[8],[12],[14],[28]			Jul. 26, 2021
Cost	[6],[7],[8],[12],[28]			$ 225
Fair Value	[6],[7],[8],[9],[12],[28]			$ 696
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (795,000units) Investment date 7/21/2021
Investment in number of shares or units	[6],[7],[8],[12]			795,000
Investment Date	[6],[7],[8],[12],[14]			Jul. 21, 2021
Cost	[6],[7],[8],[12]			$ 795
Fair Value	[6],[7],[8],[9],[12]			$ 901
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Second Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (0.75%) Rate Cash 12.50% Rate PIK 0.00% Investment date 8/2/2021 Maturity 7/26/2029
Variable Index Spread	[6],[7],[8],[11],[12]			7.00%
Variable Index Floor	[6],[7],[8],[11],[12]			0.75%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			12.50%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			0.00%
Investment Date	[6],[7],[8],[12],[14]			Aug. 02, 2021
Maturity	[6],[7],[8],[12]			Jul. 26, 2029
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 27,497
Cost	[6],[7],[8],[12]			26,479
Fair Value	[6],[7],[8],[9],[12]			26,809
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services
Cost	[1],[3],[4]					$ 27,418
Fair Value	[1],[3],[4],[10]					$ 28,368
Percent of Net Assets	[1],[3],[4]					6.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380units) Investment date 7/26/2021
Investment in number of shares or units	[1],[3],[4],[19],[21]					752,380
Investment Date	[1],[3],[4],[19],[20],[21]					Jul. 26, 2021
Cost	[1],[3],[4],[19],[21]					$ 225
Fair Value	[1],[3],[4],[10],[19],[21]					$ 892
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000units) Investment date 7/21/2021
Investment in number of shares or units	[1],[3],[4],[19]					795,000
Investment Date	[1],[3],[4],[19],[20]					Jul. 21, 2021
Cost	[1],[3],[4],[19]					$ 795
Fair Value	[1],[3],[4],[10],[19]					$ 942
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Second Lien Debt Variable Index Spread (L + 7.00%) Variable Index Floor (0.75%) Rate Cash 11.73% Rate PIK 0.00% Investment date 8/2/2021 Maturity 7/26/2029
Variable Index Spread	[1],[3],[4],[19]					7.00%
Variable Index Floor	[1],[3],[4],[19]					0.75%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					11.73%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Aug. 02, 2021
Maturity	[1],[3],[4],[19]					Jul. 26, 2029
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 27,497
Cost	[1],[3],[4],[19]					26,398
Fair Value	[1],[3],[4],[10],[19]					26,534
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC
Cost	[6],[7],[8]			4,998
Fair Value	[6],[7],[8],[9]			$ 5,044
Percent of Net Assets	[6],[7],[8]			1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing
Cost	[1],[3],[4]					4,976
Fair Value	[1],[3],[4],[10]					$ 4,618
Percent of Net Assets	[1],[3],[4]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022
Investment in number of shares or units	[1],[3],[4],[19],[21]					4,987
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing First Lien Debt Variable Index Spread (L + 10.00%) Variable Index Floor (1.00%) Rate Cash 15.76% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/2027
Variable Index Floor	[1],[3],[4],[19]					1.00%
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022
Investment in number of shares or units	[6],[7],[8],[12],[28]			4,987
Investment Date				Mar. 18, 2022	[6],[7],[8],[12],[14],[28]	Mar. 18, 2022	[1],[3],[4],[19],[20],[21]
Cost				$ 169	[6],[7],[8],[12],[28]	$ 169	[1],[3],[4],[19],[21]
Fair Value				$ 71	[6],[7],[8],[9],[12],[28]	$ 8	[1],[3],[4],[10],[19],[21]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing First Lien Debt Variable Index Spread (L + 10.00%) Variable Index Floor (1.00%) Rate Cash 15.76% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/2027
Variable Index Spread	[1],[3],[4],[19]					10.00%
Investment, Interest Rate, Paid in Cash	[1],[3],[4],[5],[19]					15.76%
Investment interest rate, PIK	[1],[3],[4],[5],[19]					0.00%
Investment Date	[1],[3],[4],[19],[20]					Mar. 18, 2022
Maturity	[1],[3],[4],[19]					Mar. 18, 2027
Principal Amount - Debt Investments	[1],[3],[4],[19]					$ 5,000
Cost	[1],[3],[4],[19]					4,807
Fair Value	[1],[3],[4],[10],[19]					4,610
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing First Lien Debt Variable Index Spread (L + 10.00%) Variable Index Floor (1.00%) Rate Cash 16.50% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/2027
Variable Index Spread	[6],[7],[8],[11],[12]			10.00%
Variable Index Floor	[6],[7],[8],[11],[12]			1.00%
Investment, Interest Rate, Paid in Cash	[6],[7],[8],[12],[13]			16.50%
Investment interest rate, PIK	[6],[7],[8],[12],[13]			0.00%
Investment Date	[6],[7],[8],[12],[14]			Mar. 18, 2022
Maturity	[6],[7],[8],[12]			Mar. 18, 2027
Principal Amount - Debt Investments	[6],[7],[8],[12]			$ 5,000
Cost	[6],[7],[8],[12]			4,829
Fair Value	[6],[7],[8],[9],[12]			4,973
Investment, Identifier [Axis]: Total Affiliate Investments
Cost				55,747	[12],[16],[29]	55,804	[1],[3],[4],[30],[31]
Fair Value				$ 96,931	[9],[12],[16],[29]	$ 101,590	[1],[3],[4],[10],[30],[31]
Percent of Net Assets				20.00%	[12],[16],[29]	21.00%	[1],[3],[4],[30],[31]
Investment, Identifier [Axis]: Total Control Investments
Cost				$ 6,832	[12],[28],[37],[38]	$ 17,915	[1],[3],[4],[35]
Percent of Net Assets				0.00%	[12],[28],[37],[38]	0.00%	[1],[3],[4],[35]

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

[2] (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 4.68% 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.

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

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

[5] (e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2022. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

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

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

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

[9] (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.

[10] (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.

[11] (d) Variable rate investments bear interest at a rate indexed to LIBOR (L), Prime (P) or SOFR (S), 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 June 30, 2023.

[12] (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).

[13] (e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of June 30, 2023. Generally, payment-in-kind interest can be paid-in-kind or all in cash.

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

[15] (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 1.25% 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.

[16] (i) The disclosed commitment represents the unfunded amount as of June 30, 2023. 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.

[17] (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).

[18] (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 2.25% 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.

[19] (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).

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

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

[22] (ac) The disclosed commitment represents the unfunded amount as of December 31, 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.

[23] (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).

[24] (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, 2022, total non-qualifying assets at fair value represented 1.36% of the Company's total assets calculated in accordance with the 1940 Act.

[25] (aw) The headquarters of this portfolio company is located in Canada.

[26] (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.

[27] (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 5.72% 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] (h) Investment is held by a taxable subsidiary of the Company.

[29] (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.

[30] (i) The disclosed commitment represents the unfunded amount as of December 31, 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] (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

[32] (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.

[33] (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 4.54% 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.

[34] (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 4.57% 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] (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.

[36] (y) Investment was on non-accrual status as of December 31, 2022.

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

[38] (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.

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

[40] (y) Investment was on non-accrual status as of June 30, 2023.

[41] (ad) 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.

[42] (ad) 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.

[43] (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 2.21% 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.

[44] (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.

[45] (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 2.56% 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.

[46] (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.

[47] (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 3.38% 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] (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 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.

[49] (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 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.

[50] (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 4.65% 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] (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 4.26% 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] (ay) 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 1.20% 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] (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.

[54] (ax) The disclosed commitment represents the unfunded amount as of June 30, 2023. The Company is earning 0.75% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.

[55] (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 5.72% 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] (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.

[57] (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 3.76% 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.

[58] (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.

[59] (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.

[60] (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 3.26% 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] (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 3.13% 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.

[62] (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.

[63] (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 3.25% 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] (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 5.13% 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.

[65] (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 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.

[66] (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.

[67] (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 1.63% 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] (d) Variable rate investments bear interest at a rate indexed to LIBOR (L), Prime (P) or SOFR (S), 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 December 31, 2022.

[69] (ac) The disclosed commitment represents the unfunded amount as of June 30, 2023. 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.

[70] (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 3.34% 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] (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 4.24% 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] (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 2.73% 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.

[73] (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 2.72% 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] (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 2.72% 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] (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 7.11% 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.

[76] (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 6.23% 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] (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 2.56% 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.

[78] (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.

[79] (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 3.31% 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] (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.

[81] (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.

[82] (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.

[83] (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.

[84] (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 2.93% 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.

[85] (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 2.89% and PIK interest amount of 0.96% 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] (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 3.48% 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] (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.

[88] (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 4.76% 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.

[89] (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 6.32% 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.

[90] (az) 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 2.36% 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] (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 1.25% 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] (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 2.32% 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.

[93] (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 7.72% 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.

[94] (q) 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 2.50% 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.

[95] (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 cannot 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 June 30, 2023, total non-qualifying assets at fair value represented 1.30% of the Company's total assets calculated in accordance with the 1940 Act.

[96] (aw) The headquarters of this portfolio company is located in Canada.

[97] (ax) 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 5.75% 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.

[98] (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 1.77% 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.

[99] (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 5.03% 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.

[100] (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 4.33% 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.

[101] (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 4.45% 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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Consolidated Schedule of Investments (unaudited) (Parenthetical) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022		Sep. 30, 2023		Mar. 31, 2023
Secured borrowings		$ 16,552		$ 16,880
Interest earning on unfunded balance commitment		0.50%		0.50%
Non-control/Non-affiliate Investments
Interest earning on unfunded balance commitment		1.00%
Control Investments
Ownership percentage of outstanding voting securities in portfolio investment		25.00%		25.00%
First Lien Debt
Secured borrowings		$ 300		$ 300
Environmental Industries | First Lien Debt | American AllWaste LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments				3.76%
Environmental Industries | First Lien Debt One | American AllWaste LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments		5.72%
Interest earning on unfunded balance commitment		0.75%
Transportation Services | Warrants Notes | Midwest Transit Equipment, Inc. | Non-control/Non-affiliate Investments
Warrant or rights percentage of outstanding debt principal to purchase				4.79%
Specialty Distribution | First Lien Debt | Bedford Precision Parts L L C | Non-control/Non-affiliate Investments
Additional interest rate on investments				4.24%
Specialty Distribution | First Lien Debt | Winona Foods Inc | Non-control/Non-affiliate Investments
Additional interest rate on investments		5.03%		5.72%
Business Services | First Lien Debt | Diversified Search LLC Member | Non-control/Non-affiliate Investments
Additional interest rate on investments		3.34%		2.32%
Business Services | First Lien Debt | Prime AE Group, Inc | Non-control/Non-affiliate Investments
Additional interest rate on investments		7.72%
Business Services | First Lien Debt | Isi Psg Holdings LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments		4.11%		4.11%
Business Services | First Lien Debt | Level Education Group LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments		3.48%		4.83%
Business Services | First Lien Debt | Aldinger Company | Non-control/Non-affiliate Investments
Additional interest rate on investments		1.20%
Business Services | First Lien Debt One | Isi Psg Holdings LLC | Non-control/Non-affiliate Investments
Secured borrowings		$ 13,500		$ 13,500
Utilities: Services | First Lien Debt | NWS Technologies, LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments		2.36%
Information Technology Services | First Lien Debt | OnePath Systems, LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments		2.25%
Information Technology Services | First Lien Debt | Ipro Tech, LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments		2.89%		2.93%
Additional interest rate on investments, PIK		0.96%		0.98%
Information Technology Services | First Lien Debt | Applied Data Corporation | Non-control/Non-affiliate Investments
Additional interest rate on investments		3.13%		3.11%
Information Technology Services | First Lien Debt | Wonderware Holdings, LLC dba CORE Business Technologies | Non-control/Non-affiliate Investments
Additional interest rate on investments		4.33%		4.45%
Information Technology Services | First Lien Debt | Two K Direct Inc | Non-control/Non-affiliate Investments
Additional interest rate on investments		2.56%		2.21%
Information Technology Services | First Lien Debt | Cardback Intermediate L L C | Non-control/Non-affiliate Investments
Additional interest rate on investments		1.62%		1.63%
Information Technology Services | First Lien Debt | Netbase Solutions Inc | Non-control/Non-affiliate Investments
Additional interest rate on investments		1.25%
Information Technology Services | First Lien Debt | Aom Intermediate Holdco Llc | Non-control/Non-affiliate Investments
Additional interest rate on investments		3.38%		4.68%
Information Technology Services | First Lien Debt | Fishbowl Solutions Llc | Non-control/Non-affiliate Investments
Additional interest rate on investments		2.72%		2.72%
Information Technology Services | First Lien Debt | Auto Crm Llc | Non-control/Non-affiliate Investments
Additional interest rate on investments		3.25%		3.26%
Information Technology Services | First Lien Debt One | Two K Direct Inc | Non-control/Non-affiliate Investments
Secured borrowings		$ 4,000		$ 4,000
Information Technology Services | First Lien Debt Six | Netbase Solutions Inc | Non-control/Non-affiliate Investments
Additional interest rate on investments				1.25%
Component Manufacturing | First Lien Debt | QED Technologies International, Inc. | Non-control/Non-affiliate Investments
Additional interest rate on investments		2.50%
Component Manufacturing | First Lien Debt | Garlock Printing And Converting Operations LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments		6.23%		7.11%
Component Manufacturing | First Lien Debt | Ameriwater LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments		3.28%		3.28%
Component Manufacturing | First Lien Debt | UPG Company, LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments				5.62%
Component Manufacturing | First Lien Debt | Micronics Filtration Holdings Inc Dba Micronics Engineered Filtration Group Inc | Non-control/Non-affiliate Investments
Additional interest rate on investments		6.32%		4.76%
Healthcare Services | First Lien Debt | Haematologic Technologies Inc | Non-control/Non-affiliate Investments
Additional interest rate on investments		2.56%		2.73%
Healthcare Services | First Lien Debt | Hallmark Health Care Solutions Inc | Non-control/Non-affiliate Investments
Additional interest rate on investments		3.31%		3.53%
Consumer Products Sector | First Lien Debt | Westerns Smokehouse LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments				1.77%
Consumer Products Sector | Delayed Draw Commitment Four | Westerns Smokehouse LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments				5.75%
Healthcare Products | Delayed Draw Commitment Two | Tedia Company LLC | Non-control/Non-affiliate Investments
Interest earning on unfunded balance commitment				1.00%
Aerospace And Defense Manufacturing | First Lien Debt | Spectra A&D Acquisition, Inc. | Non-control/Non-affiliate Investments
Additional interest rate on investments		4.57%		4.54%
Aerospace And Defense Manufacturing | First Lien Debt | Aeronix Inc | Non-control/Non-affiliate Investments
Additional interest rate on investments		4.26%		4.65%
Restaurants Member | Common And Preferred Equity Units | BurgerFi International, LLC [Member] | Non-control/Non-affiliate Investments
Percentage of non-qualifying assets fair value		1.30%
Percentage of minimum qualifying assets to purchase non qualifying assets		70.00%
Restaurants Member | Common And Preferred Equity Units | Cardboard Box Llc Dba Anthonys Coal Fired Pizza | Non-control/Non-affiliate Investments
Percentage of non-qualifying assets fair value				1.36%
Percentage of minimum qualifying assets to purchase non qualifying assets				70.00%
Building Products Manufacturing | First Lien Debt | Apm Intermediate Holdings Llc | Non-control/Non-affiliate Investments
Additional interest rate on investments		3.46%		3.50%
Retail | First Lien Debt | BP Thrift Buyer, LLC | Non-control/Non-affiliate Investments
Additional interest rate on investments		5.13%
Minimum
Ownership percentage of outstanding voting securities in portfolio investment		5.00%		5.00%
Investment, Identifier [Axis]: 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 Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 11.39% Rate PIK 0.00% Investment date 4/1/2022 Maturity Date 4/1/2027
Unfunded commitment	[1],[2],[3],[4]	$ 1,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Common Equity (10,622 shares) Investment date 4/12/2018
Investment in number of shares or units	[1],[2],[3],[4]	10,622
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (48 shares) Investment date 4/12/2019
Investment in number of shares or units	[1],[2],[3],[4]	48
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018
Investment in number of shares or units	[5],[6],[7]			779
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/2021
Investment in number of shares or units		2,012	[1],[2],[3],[4],[8],[9]	2,012	[5],[6],[7],[10],[11],[12]
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/2021
Investment in number of shares or units		5,690	[1],[2],[3],[4],[8],[9]	5,690	[5],[6],[7],[10],[11],[12]
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/2021
Investment in number of shares or units		7,113	[1],[2],[3],[4],[8],[9]	7,113	[5],[6],[7],[10],[11],[12]
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011
Investment in number of shares or units		84,997	[1],[2],[3],[4],[8],[9]	84,997	[5],[6],[7],[10],[11],[12]
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/2011
Investment in number of shares or units		252,588	[1],[2],[3],[4],[8],[9],[13]	252,588	[5],[6],[7],[10],[11],[12],[14]
Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/2013
Investment in number of shares or units		2,550	[1],[2],[3],[4],[9]	2,550	[5],[6],[7],[11],[12]
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/2021
Investment in number of shares or units		12,035	[1],[2],[3],[4],[8],[9]	12,035	[5],[6],[7],[11],[12]
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/2022
Investment in number of shares or units	[5],[6],[7],[11],[12]			38,493
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (4,633 units) Investment date 9/16/2022
Investment in number of shares or units	[5],[6],[7],[11],[12]			4,663
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,921 units) Investment date 9/16/2022
Investment in number of shares or units	[1],[2],[3],[4],[8],[9]	4,921
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (41,290 units) Investment date 12/16/2022
Investment in number of shares or units	[1],[2],[3],[4],[8],[9]	41,290
Investment, Identifier [Axis]: Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/2015
Investment in number of shares or units		1,000,000	[1],[2],[3],[4],[8],[9]	1,000,000	[5],[6],[7],[11]
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (375 units) ($375 unfunded commitment) Investment Date 10/3/2022
Investment in number of shares or units	[5],[6],[7],[12],[15]			375
Unfunded commitment	[5],[6],[7],[12],[15]			$ 375
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (75,000 units) Investment Date 7/13/2017
Investment in number of shares or units	[5],[6],[7],[12],[15]			75,000
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/2020
Investment in number of shares or units		1,022,813	[1],[2],[3],[4],[8],[16],[17]	1,022,813	[5],[6],[7],[12],[15],[18]
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/2014
Investment in number of shares or units		2,522	[1],[2],[3],[4],[8],[16],[17]	2,522	[5],[6],[7],[10],[12],[15],[18]
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/2019
Investment in number of shares or units		425,508	[1],[2],[3],[4],[16],[17]	425,508	[5],[6],[7],[12],[15],[18]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/2021
Investment in number of shares or units		1,000,000	[1],[2],[3],[4],[8]	1,000,000	[5],[6],[7]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services Common Equity (750 units) Investment date 2/1/2022
Investment in number of shares or units	[1],[2],[3],[4],[8]							750
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services Common Equity Investment date 2/1/2022
Investment in number of shares or units	[5],[6],[7],[19]			750
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc. Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/2022
Investment in number of shares or units	[5],[6],[7],[10],[12]			1,200
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity Investment date 11/8/2022
Investment in number of shares or units	[1],[2],[3],[4],[8]							1,200
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Common Equity (500,000 shares) Investment date 10/6/2021
Investment in number of shares or units				500,000	[5],[6],[7],[12]	500,000	[1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/2022
Investment in number of shares or units				77,016	[5],[6],[7],[12]	77,016	[1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.90% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026
Unfunded commitment	[1],[2],[3],[4],[8]					$ 1,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Warrant (150,000 shares) Investment date 10/6/2021
Investment in number of shares or units				150,000	[5],[6],[7],[12],[14]	150,000	[1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing Common Equity (549 units) Investment Date 6/11/2021
Investment in number of shares or units		549	[1],[2],[3],[4],[8]	549	[5],[6],[7]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services Common Equity (6800 units) Investment Date 6/30/2023
Investment in number of shares or units	[1],[2],[3],[4],[8]	6,800
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aldinger Company Business Services Preferred Equity (6800 units) Investment Date 6/30/2023
Investment in number of shares or units	[1],[2],[3],[4],[8]	6,800
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/2021
Investment in number of shares or units	[1],[2],[3],[4],[8]	39,443
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/2017
Investment in number of shares or units		570,636	[1],[2],[3],[4],[8]	570,636	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC(fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/2021
Investment in number of shares or units	[5],[6],[7],[10],[12]			39,443
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt ($2,225 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor (1.00%) Rate Cash 10.90% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026
Unfunded commitment	[1],[2],[3],[4],[8]	$ 2,225
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/2020
Investment in number of shares or units		141	[1],[2],[3],[4],[8]	141	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/2019
Investment in number of shares or units		207	[1],[2],[3],[4],[8]	207	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 5/31/2018
Investment in number of shares or units		500	[1],[2],[3],[4],[8]	500	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/2021
Investment in number of shares or units		74	[1],[2],[3],[4],[8]	74	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/2022
Investment in number of shares or units				1,000	[5],[6],[7],[10],[12]			1,000	[1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity (24 units) Investment date 11/6/2020
Investment in number of shares or units				24	[5],[6],[7]			24	[1],[2],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Preferred Equity (1,184,711 units) Investment date 11/6/2020
Investment in number of shares or units				1,184,711	[5],[6],[7]			1,184,711	[1],[2],[3],[4]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/2021
Investment in number of shares or units		500	[1],[2],[3],[4]	500	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail Common Equity (1000 units) Investment date 9/13/2022
Investment in number of shares or units		1,000	[1],[2],[3],[4]	1,000	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Common Equity (500,000 units) Investment date 3/12/2019
Investment in number of shares or units	[1],[2],[3],[4]	500,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/2019
Investment in number of shares or units	[5],[6],[7],[10],[12]			500,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Common Equity (14,201 units) Investment date 11/3/2022
Investment in number of shares or units	[1],[2],[3],[4]	14,201
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Preferred Equity (9,787 units) Investment date 11/3/2022
Investment in number of shares or units	[1],[2],[3],[4]	9,787
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/2022
Investment in number of shares or units		563	[1],[2],[3],[4]	563	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/2022
Investment in number of shares or units		563	[1],[2],[3],[4]	563	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (Class A Units) (574,929 units) Investment date 6/28/2022
Investment in number of shares or units		574,929	[1],[2],[3],[4],[8]	574,929	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Common Equity (400,000 units) Investment date 2/28/2023
Investment in number of shares or units	[1],[2],[3]	400,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/2021
Investment in number of shares or units		495	[1],[2],[3],[4]	495	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/2021
Investment in number of shares or units		495	[1],[2],[3],[4]	495	[5],[6],[7],[12]
Investment, Identifier [Axis]: 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 Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.06% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027
Unfunded commitment	[5],[6],[7],[11],[12]			$ 1,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L + 10.00%) Variable Index Floor (2.00%) Rate Cash 18.18% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025
Unfunded commitment	[1],[2],[3],[4],[20]	$ 162
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L +10.00%) Variable Index Floor (2.00%) Rate Cash 16.74% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025
Unfunded commitment	[5],[6],[7],[12],[21]			$ 162
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment date 12/11/2020
Investment in number of shares or units		1,000,000	[1],[2],[3]	1,000,000	[5],[6],[7]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/2020
Investment in number of shares or units		909	[1],[2],[3],[4]	909	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Detechtion Holdings, LLC Information Technology Services Common Equity (500,000 units) Investment date 6/21/2023
Investment in number of shares or units	[1],[2],[3],[4],[8]	500,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/2019
Investment in number of shares or units	[1],[2],[3],[4],[8]	573
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Diversified Search LLC Common Equity (573 units) Investment date 2/7/2019
Investment in number of shares or units	[5],[6],[7],[10],[12]			573
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity (1,000,000 shares) Investment date 4/30/2020
Investment in number of shares or units	[5],[6],[7],[10],[12]			1,000,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing Common Equity (515,625 units) Investment date 1/22/2021
Investment in number of shares or units		515,625	[1],[2],[3],[4],[8]	515,625	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (947 shares) Investment date 9/21/2018
Investment in number of shares or units		947	[1],[2],[3],[4],[8]	947	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Gurobi Optimization, LLC Information Technology Services Common Equity (3 shares) Investment date 12/19/2017
Investment in number of shares or units		3	[1],[2],[3]	3	[5],[6],[7]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/2019
Investment in number of shares or units		89	[1],[2],[3],[4],[8]	630	[5],[6],[7],[10],[12]			630	[1],[2],[3],[4],[8]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (750,000 units) Investment date 12/4/2020
Investment in number of shares or units		750,000	[1],[2],[3],[4]	750,000	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity (197,980 units) Investment date 11/13/2020
Investment in number of shares or units		197,980	[1],[2],[3]	197,980	[5],[6],[7]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (3,750 units) Investment date 3/23/2016
Investment in number of shares or units		3,750	[1],[2],[3]	3,750	[5],[6],[7]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/2020
Investment in number of shares or units		868	[1],[2],[3],[4]	868	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/2018
Investment in number of shares or units		150,000	[1],[2],[3]	150,000	[5],[6],[7]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/2021
Investment in number of shares or units		256,964	[1],[2],[3]	256,964	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services Preferred Equity (682,075 units) Investment date 7/28/2021
Investment in number of shares or units		682,075	[1],[2],[3]	682,075	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/2021
Investment in number of shares or units		1,000,000	[1],[2],[3],[4]	1,000,000	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (100 shares) Investment date 3/19/2021
Investment in number of shares or units		100	[1],[2],[3],[4]	100	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 shares) Investment date 2/17/2022
Investment in number of shares or units	[1],[2],[3],[4]							14,400
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 units) Investment date 2/17/2022
Investment in number of shares or units	[5],[6],[7],[12]			14,400
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NGT Acquisition Holdings, LLC (dba Techniks Industries) Component Manufacturing Common Equity (378 units) Investment date 5/24/2017
Investment in number of shares or units		378	[1],[2],[3],[4]	378	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Common Equity (1 units) Investment date 6/20/2023
Investment in number of shares or units	[1],[2],[3],[4],[8]	1
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NWS Technologies, LLC Utilities: Services Preferred Equity (0.375 units) Investment date 6/20/2023
Investment in number of shares or units	[1],[2],[3],[4],[8]	0.375
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P +4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021
Unfunded commitment	[5],[6],[7],[11],[12]			$ 1,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P +4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025
Unfunded commitment	[5],[6],[7],[11],[22],[23]			$ 3,300
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P+4.00%) Variable Index Floor (3.25%) Rate Cash 12.25% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025
Unfunded commitment	[1],[2],[3],[9],[24],[25]	$ 3,300
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/2022
Investment in number of shares or units		732,542	[1],[2],[3],[4]	732,542	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/2016
Investment in number of shares or units		499	[1],[2],[3],[4]	499	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Oil & Gas Services Common Equity (18,298 units) Investment date 10/28/2020
Investment in number of shares or units	[1],[2],[3],[4],[8]	18,298
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Specialty Distribution Common Equity (15,000 units) Investment date 10/28/2020
Investment in number of shares or units	[5],[6],[7],[10],[12]			15,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Common Equity (10,622 shares) Investment date 4/12/2018
Investment in number of shares or units	[5],[6],[7],[12]			10,622
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (392 shares) Investment date 4/12/2018
Investment in number of shares or units	[5],[6],[7],[12]			392
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (392 shares) Investment date 4/12/2018
Investment in number of shares or units	[1],[2],[3],[4]	392
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (48 shares) Investment date 12/2/2019
Investment in number of shares or units	[5],[6],[7],[12]			48
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Common Equity (5,341 units) Industry Utilities: Services Investment date 9/21/2021
Investment in number of shares or units	[4],[8]	5,341
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (5,341 units) Investment date 9/21/2021
Investment in number of shares or units	[5],[6],[7],[10],[12]			5,341
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/2019
Investment in number of shares or units	[5],[6],[7],[12]			900,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Preferred Equity (900,000 shares) Industry Business Services Investment date 11/25/2019
Investment in number of shares or units	[4]	900,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. Common Equity (140 shares) Industry Component Manufacturing Investment date 2/28/2023
Investment in number of shares or units		140
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Common Equity (280,000 units) ($70 unfunded commitment) Industry Transportation services Investment date 12/30/2022
Investment in number of shares or units	[1],[2],[3],[4]	280,000
Unfunded commitment	[1],[2],[3],[4]	$ 70
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) First Lien Debt ($1,727 unfunded commitment) Industry Transportation services Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 11.49%/0.00% Investment date 12/30/2022 Maturity 12/30/2028
Unfunded commitment	[1],[2],[3],[4],[20]	1,727
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Subordinated Debt ($417 unfunded commitment) Industry Transportation services Rate Cash/PIK 8.75%/5.00% Investment date 12/30/2022 Maturity 6/30/2029
Unfunded commitment	[1],[2],[3],[4],[20]	$ 417
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Common Equity (280,000 units) ($70 unfunded commitment) Investment date 12/30/2022
Investment in number of shares or units	[5],[6],[7],[12]			280,000
Unfunded commitment	[5],[6],[7],[12]			$ 70
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt ($2,489 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.83% Rate PIK 0.00% Investment date 12/30/2022
Unfunded commitment	[5],[6],[7],[12],[21]			2,489
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Subordinated Debt ($417 unfunded commitment) Cash 8.75% Rate PIK 5.00% Investment date 12/30/2022
Unfunded commitment	[5],[6],[7],[12],[21]			$ 417
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class F Units) (710 units) Industry Specialty Distribution Investment date 12/10/2020
Investment in number of shares or units	[5],[6],[7],[10],[12]			710
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class A Units) (10,915 units) Investment date 08/11/2017
Investment in number of shares or units	[5],[6],[7],[10],[12]			10,915
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018
Investment in number of shares or units	[1],[2],[3]	779
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (97 units) Industry Business Services Investment date 2/3/2023
Investment in number of shares or units	[1],[2],[3]	97
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Common Equity (19,099 units) Industry Information Technology Services Investment date 12/1/2021
Investment in number of shares or units	[1],[2],[3]	19,099
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (7,500 units) Investment date 12/01/2021
Investment in number of shares or units	[5],[6],[7],[10],[12]			7,500
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Product Preferred Equity (Series A) (1,000 units) Investment date 03/04/2022
Investment in number of shares or units	[5],[6],[7],[10],[12]			1,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Delayed Draw Commitment ($3,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027
Unfunded commitment	[5],[6],[7],[12],[21]			$ 3,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Revolving Loan ($2,400 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027
Unfunded commitment	[5],[6],[7],[11],[12]			$ 2,400
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Preferred Equity (Series A) (1,000 units) Investment date 3/4/2022
Investment in number of shares or units	[1],[2],[3],[4],[8]	1,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Revolving Loan ($2,400 unfunded commitment) Rate Cash 12.60% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/2027
Unfunded commitment	[1],[2],[3],[4],[9]	$ 2,400
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/2017
Investment in number of shares or units		855	[1],[2],[3],[4]	855	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Industry Business Services Common Equity (705,000 units) Investment date 4/3/2018
Investment in number of shares or units		705,000	[1],[2],[3],[4],[8]	705,000	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/2012
Investment in number of shares or units		98,377	[1],[2],[3],[4],[8]	98,377	[5],[6],[7],[10],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Warrant (57,469 units) Investment date 3/5/2012
Investment in number of shares or units		57,469	[1],[2],[3],[4],[13]	57,469	[5],[6],[7],[12],[14]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virginia Tile Company, LLC Industry Specialty Distribution Common Equity (17 units) Investment date 12/19/2014
Investment in number of shares or units		17	[1],[2],[3],[4]	17	[5],[6],[7],[12]
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Western's Smokehouse, LLC Delayed Draw Commitment ($2,702 unfunded commitment) Consumer Products Variable Index Spread/Floor(S + 5.00%)/(1.50%) Rate Cash /PIK 9.71%/ 0.00% Investment date 6/29/2022 Maturity 12/23/2024
Unfunded commitment	[5],[6],[7],[11],[12],[26]			$ 2,702
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (752,380 units) Investment date 7/26/2021
Investment in number of shares or units	[1],[2],[3],[4],[8]	752,380
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (795,000units) Investment date 7/21/2021
Investment in number of shares or units	[1],[2],[3],[4]	795,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380units) Investment date 7/26/2021
Investment in number of shares or units	[5],[6],[7],[10],[12]			752,380
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000units) Investment date 7/21/2021
Investment in number of shares or units	[5],[6],[7],[12]			795,000
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022
Investment in number of shares or units	[5],[6],[7],[10],[12]			4,987
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022
Investment in number of shares or units	[1],[2],[3],[4],[8]	4,987

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

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

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

[4] (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).

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

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

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

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

[9] (i) The disclosed commitment represents the unfunded amount as of June 30, 2023. 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.

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

[11] (i) The disclosed commitment represents the unfunded amount as of December 31, 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.

[12] (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).

[13] (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.

[14] (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.

[15] (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.

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

[17] (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.

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

[19] (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 4.68% 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.

[20] (ac) The disclosed commitment represents the unfunded amount as of June 30, 2023. 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.

[21] (ac) The disclosed commitment represents the unfunded amount as of December 31, 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.

[22] (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 1.25% 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.

[23] (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).

[24] (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 1.25% 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] (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).

[26] (ax) 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 5.75% 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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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,869)	$ (3,027)	$ (5,103)	$ (1,477)

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Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	true

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Organization and Nature of Business

6 Months Ended

Jun. 30, 2023

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

6 Months Ended

Jun. 30, 2023

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, 2022.

During fiscal year ended December 31, 2022, the Company elected to change the manner in which it presents residual investments in portfolio companies that have sold their operations and are in the process of winding down. These investments similar to escrow receivables are now included in prepaid expenses and other assets whereas previously they were included as a component of investments, at fair value, on the consolidated statements of assets and liabilities until the security was legally extinguished or relinquished. There is no change in historical net increase in net assets resulting from operations due to this change in presentation.

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 its securities, from time to time, in one or more offerings. 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, 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 generally is required to timely distribute to its stockholders at least 90% 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% excise tax if it does not distribute at least 98% 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 U.S. 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 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, that have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax at corporate rates. 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 U.S. 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 June 30, 2023 and December 31, 2022. 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 six months ended June 30, 2023 and 2022 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 six months ended June 30, 2023 and 2022. 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.

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N-2 - USD ($)
$ / shares in Units, $ in Millions

6 Months Ended

Oct. 08, 2021

Dec. 23, 2020

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

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 PRIME or SOFR 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 investments 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.

Except for the risk factors set forth below, there have been no material changes to the risk factors previously disclosed under "Item 1A. Risk Factors” previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 2, 2023, 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.

Share Price

$ 19.6

$ 17.45

NAV Per Share

$ 19.13

$ 19.43

$ 19.8

$ 19.96

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Notes

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, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $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 before October 31, 2025 (the date falling 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 June 30, 2023, 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 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 offering expenses of $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 before August 15, 2026 (the date falling 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 June 30, 2023, 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, including the Credit Facility.

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, including the Credit Facility.

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 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 before October 31, 2025 (the date falling 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.

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 before August 15, 2026 (the date falling 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.

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Portfolio Company Investments

6 Months Ended

Jun. 30, 2023

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 makes equity investments in portfolio companies organized as LLCs or other forms of pass-through entities 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 June 30, 2023, the Company had active investments in 79 portfolio companies and residual investments in two portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $928,722 and the weighted average effective yield on the Company’s debt investments was 14.5% as of such date. As of June 30, 2023, the Company held equity investments in 75.3% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 3.2%.

As of December 31, 2022, the Company had active investments in 76 portfolio companies and residual investments in two portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $860,329 and the weighted average effective yield on the Company’s debt investments was 13.8% as of such date. As of December 31, 2022, the Company held equity investments in 74.4% of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 4.0%.

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 June 30, 2023 and December 31, 2022, 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 six months ended June 30, 2023 and 2022 totaled $147,348 and $160,098, respectively. Proceeds from sales and repayments, including principal, return of capital distributions and realized gains, of portfolio investments for the six months ended June 30, 2023 and 2022 totaled $76,503 and $68,008, respectively.

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

	Fair Value								Cost
	June 30,				December 31,				June 30,				December 31,
	2023				2022				2023				2022
First Lien Debt(1)	$	521,928	56.2	%	$	456,105	53.0	%	$	519,485	58.1	%	$	453,585	54.7	%
Second Lien Debt		161,690	17.4			182,948	21.3			187,655	21.0			213,654	25.8
Subordinated Debt		124,657	13.4			101,456	11.8			124,680	13.9			100,634	12.1
Equity		117,744	12.7			117,741	13.7			60,395	6.7			57,868	7.0
Warrants		2,703	0.3			2,079	0.2			2,953	0.3			2,952	0.4
Total	$	928,722	100.0	%	$	860,329	100.0	%	$	895,168	100.0	%	$	828,693	100.0	%

(1)Includes unitranche investments, which account for 42.7% and 44.1% of the Company's portfolio on a fair value and cost basis as of June 30, 2023, respectively. Includes unitranche investments, which account for 42.1% and 43.4% of the Company's portfolio on a fair value and cost basis as of December 31, 2022, respectively.

The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.

	Fair Value								Cost
	June 30,				December 31,				June 30,				December 31,
	2023				2022				2023				2022
United States
Midwest	$	166,352	17.9	%	$	180,556	21.0	%	$	124,569	13.9	%	$	132,177	16.0	%
Southeast		287,574	31.0			265,902	31.0			277,867	31.0			258,373	31.1
Northeast		157,713	17.0			127,427	14.8			153,739	17.2			134,897	16.3
West		149,861	16.1			151,487	17.6			166,955	18.7			161,935	19.5
Southwest		154,722	16.7			122,519	14.2			159,587	17.8			128,873	15.6
Canada		12,500	1.3			12,438	1.4			12,451	1.4			12,438	1.5
Total	$	928,722	100.0	%	$	860,329	100.0	%	$	895,168	100.0	%	$	828,693	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
	June 30,			December 31,				June 30,			December 31,
	2023			2022				2023			2022
First Lien Debt		108.0	%		95.0	%	United States
Second Lien Debt		33.4			38.1		Midwest		34.4	%		37.6	%
Subordinated Debt		25.8			21.1		Southeast		59.5			55.4
Equity		24.3			24.5		Northeast		32.6			26.5
Warrants		0.6			0.4		West		31.0			31.5
Total		192.1	%		179.1	%	Southwest		32.0			25.5
							Canada		2.6			2.6
							Total		192.1	%		179.1	%

As of June 30, 2023 and December 31, 2022, 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 June 30, 2023, the Company had no investments that exceeded 5% of total assets. As of December 31, 2022, the Company's investment in Pfanstiehl, Inc. totaled $51,992 or 5.6% of total assets on a fair value basis.

As of June 30, 2023 and December 31, 2022, the Company had debt investments in four portfolio companies on non-accrual status.

	June 30, 2023						December 31, 2022
	Fair						Fair
Portfolio Company	Value			Cost			Value			Cost
EBL, LLC (EbLens)	$	—	(2)	$	—	(2)	$	—		$	9,332
US GreenFiber, LLC		—			5,222			—			5,223
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)		2,123			2,368			2,123			2,368
Allredi, LLC (fka Marco Group International OpCo, LLC)		—	(3)		—	(3)		8,144			10,281
Suited Connector LLC		5,986			15,933			—	(1)		—	(1)
Virtex Enterprises, LP		6,294			10,906			—	(1)		—	(1)
Total	$	14,403		$	34,429		$	10,267		$	27,204

(1) (2) (3) Debt investment in portfolio company was not on non-accrual status as of December 31, 2022. Portfolio company debt investment was not held as of June 30, 2023. Portfolio company debt investment was not on non-accrual status as of June 30, 2023.

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, 2022 and any additions and reductions made to such investments during the six months ended June 30, 2023, the ending fair value as of June 30, 2023, and the total investment income earned on such investments during the period.

												Year Ended June 30, 2023
Portfolio Company (1)	June 30, 2023 Principal Amount - Debt Investments		December 31, 2022 Fair Value		Gross Additions (2)		Gross Reductions (3)			June 30, 2023 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
EBL, LLC (EbLens)	$	—	$	—	$	11,458	$	(11,458	)	$	—	$	(11,458	)	$	11,083		$	—	$	—	$	—	$	—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	5,226	$	—	$	11,458	$	(11,458	)	$	—	$	(11,458	)	$	11,083		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	23,168	$	1,440	$	—		$	24,608	$	—			1,440		$	483	$	—	$	—	$	—
Medsurant Holdings, LLC		—		2,540		845		(73	)		3,312		—			845			—		—		—		—
Pfanstiehl, Inc.		10,000		51,992		5		(4,812	)		47,185		—			(4,811	)		501		—		348		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		19,118		1,511		(4,247	)		16,382		—			(2,748	)		1,173		—		—		55
Steward Holding LLC (dba Steward Advanced Materials)		—		4,772		672		—			5,444		—			672			—		—		172		—
Total Affiliate Investments	$	34,602	$	101,590	$	4,473	$	(9,132	)	$	96,931	$	—		$	(4,602	)	$	2,157	$	—	$	520	$	55

(1)	The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt 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.

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 year ended December 31, 2022, including the total investment income earned on such investments during the period.

												Year Ended December 31, 2022
Portfolio Company (1)	December 31, 2022 Principal Amount - Debt Investments		December 31, 2021 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 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
EBL, LLC (EbLens) (5)	$	9,350	$	—	$	19,628	$	(19,628	)	$	—	$	—		$	(11,083	)	$	—	$	—	$	—	$	—
Hilco Plastics Holdings, LLC (dba Hilco Technologies)		—		—		353		(353	)	$	—		(352	)		—			—		—		—		—
Mesa Line Services, LLC		—		2,151		193		(2,344	)		—		194			(2,150	)		—		—		—		—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	14,576	$	2,151	$	20,174	$	(22,325	)	$	—	$	(158	)	$	(13,233	)	$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	22,405	$	13,566	$	(12,803	)	$	23,168	$	—			763		$	973	$	—	$	—	$	—
FAR Research Inc.		—		28		—		(28	)		—		—			(28	)		—		—		—		—
Medsurant Holdings, LLC		—		3,662		—		(1,122	)		2,540		—			(1,122	)		—		—		—		—
Mirage Trailers LLC		—		10,675		355		(11,030	)		—		324			(1,694	)		248		29		—		132
Pfanstiehl, Inc.		10,000		57,639		34,335		(39,982	)		51,992		24,330			(15,432	)		421		—		—		150
Pinnergy, Ltd. (6)		—		21,178		15,300		(36,478	)		—		15,300			(18,177	)		—		—		656		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		18,359		5,487		(4,728	)		19,118		(121	)		(1,723	)		1,822		—		—		175
Steward Holding LLC (dba Steward Advanced Materials)		—		3,338		1,434		—			4,772		—			1,434			—		1		69		—
Total Affiliate Investments	$	34,602	$	137,284	$	70,477	$	(106,171	)	$	101,590	$	39,833		$	(35,979	)	$	3,464	$	30	$	725	$	457

(1)	The investment type, industry, ownership detail for equity investments, interest rate, maturity date, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2022.
(6)	Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the year ended December 31, 2022.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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 June 30, 2023. Therefore, the Company values such portfolio investments at fair value, as determined in good faith by the Board, using Level 3 inputs, with the exception of money market funds and one portfolio company that was valued using Level 1 inputs as of June 30, 2023. 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 quotations, 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.

The Board consulted with the independent third-party valuation firm(s) in arriving at our determination of fair value for 19 and 10 of our portfolio company investments representing 35.1% and 19.5% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the six months ended June 30, 2023 and 2022, respectively) as of six months ended June 30, 2023 and 2022, respectively.

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 securities 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 investments, 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:

		June 30, 2023
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		521,928	$		521,928
Second Lien Debt			—			—			161,690			161,690
Subordinated Debt			—			—			124,657			124,657
Equity			267			—			117,477			117,744
Warrants			—			—			2,703			2,703
Money Market Funds			37,650			—			—			37,650
Total	$		37,917	$		—	$		928,455	$		966,372

		December 31, 2022
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		456,105	$		456,105
Second Lien Debt			—			—			182,948			182,948
Subordinated Debt			—			—			101,456			101,456
Equity			310			—			117,431			117,741
Warrants			—			—			2,079			2,079
Money Market Funds			61,076			—			-			61,076
Total	$		61,386	$		—	$		860,019	$		921,405

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 six months ended June 30, 2023 and 2022.

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 six months ended June 30, 2023 and 2022:

	First Lien			Second Lien			Subordinated
	Debt			Debt			Debt			Equity			Warrants			Total
Balance, December 31, 2021	$	354,922		$	158,815		$	36,064		$	165,762		$	3,204		$	718,767
Net realized gains (losses) on investments		—			—			—			25,176			—			25,176
Net change in unrealized appreciation (depreciation) on investments		379			(3,862	)		54			(23,048	)		(23	)		(26,500	)
Purchase of investments		91,247			31,895			32,471			4,485			—			160,098
Proceeds from sales and repayments of investments		(14,312	)		(18,731	)		-			(34,965	)		—			(68,008	)
Interest and dividend income paid-in-kind		366			409			139			—			—			914
Proceeds from loan origination fees		(669	)		(115	)		(239	)		—			—			(1,023	)
Accretion of loan origination fees		606			86			19			—			—			711
Accretion of original issue discount		10			50			—			—			—			60
Balance, June 30, 2022	$	432,549		$	168,547		$	68,508		$	137,410		$	3,181		$	810,195
Balance, December 31, 2022	$	456,105		$	182,948		$	101,456		$	117,431		$	2,079		$	860,019
Net realized gains (losses) on investments		—			(9,333	)		—			3,850			—			(5,483	)
Net change in unrealized appreciation (depreciation) on investments		(76	)		4,737			(842	)		(2,529	)		624			1,914
Purchase of investments		92,162			25,000			23,682			6,504			—			147,348
Proceeds from sales and repayments of investments		(26,264	)		(42,413	)		—			(7,779	)		—			(76,456	)
Interest and dividend income paid-in-kind		237			823			812			—			—			1,872
Proceeds from loan origination fees		(923	)		(331	)		(508	)		—			—			(1,762	)
Accretion of loan origination fees		653			68			54			—			—			775
Accretion of original issue discount		34			191			3			—			—			228
Balance, June 30, 2023	$	521,928		$	161,690		$	124,657		$	117,477		$	2,703		$	928,455

Net change in unrealized appreciation/(depreciation) of $(5,885) and $(6,345) for the three and six months ended June 30, 2023, respectively, was attributable to Level 3 investments held at June 30, 2023. Net change in unrealized appreciation/(depreciation) of $(5,656) and $(2,974) for the three and six months ended June 30, 2022, respectively, was attributable to Level 3 investments held at June 30, 2022.

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 June 30, 2023 and December 31, 2022. 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
	June 30, 2023		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	508,153	Discounted cash flow	Weighted average cost of capital	9.8% - 24.6% (15.9%)
		11,000	Enterprise value	Asset Coverage	1.0x - 1.0x (1.0x)
		2,775	Enterprise value	EBITDA multiples	4.3x - 4.3x (4.3x)
Second Lien Debt		159,567	Discounted cash flow (2)	Weighted average cost of capital	11.3% - 25.0% (15.1%)
		2,123	Enterprise value	Asset Coverage	0.8x - 0.8x (0.8x)
Subordinated Debt		124,657	Discounted cash flow	Weighted average cost of capital	9.2% - 18.8% (12.6%)
Equity investments:
Equity		110,580	Enterprise value	EBITDA multiples	3.5x - 16.0x (8.3x)
		6,897	Enterprise value	Revenue multiples	0.9x - 7.5x (5.8x)
Warrants		2,568	Enterprise value	EBITDA multiples	6.0x - 6.0x (6.0x)
		135	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 $53.0 million of debt investments which were valued using a trading discount to par.

	Fair Value at		Valuation	Unobservable	Range
	December 31, 2022		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	441,830	Discounted cash flow	Weighted average cost of capital	8.9% - 21.9% (15.5%)
		11,000	Enterprise value	Asset Coverage	1.1x - 1.1x (1.1x)
		3,275	Enterprise value	Revenue multiples	4.3x - 4.3x (4.3x)
Second Lien Debt		180,825	Discounted cash flow (2)	Weighted average cost of capital	11.7% - 25.0% (14.5%)
		-	Enterprise value	EBITDA multiples	5.0x - 5.0x (5.0x)
		2,123	Enterprise value	Asset Coverage	0.8x - 0.8x (0.8x)
Subordinated Debt		97,706	Discounted cash flow	Weighted average cost of capital	10.0% - 15.2% (12.5%)
		3,750	Enterprise value	EBITDA multiples	8.5x - 8.5x (8.5x)
Equity investments:
Equity		111,808	Enterprise value	EBITDA multiples	4.0x - 16.8x (8.1x)
		5,623	Enterprise value	Revenue multiples	0.9x - 7.8x (6.4x)
Warrants		1,949	Enterprise value	EBITDA multiples	6.0x - 6.0x (6.0x)
		130	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.

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 June 30, 2023 and December 31, 2022.

	June 30, 2023(5)				December 31, 2022(5)
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
SBA debentures (2)	$	182,000	$	182,000	$	153,000	$	153,000
Credit Facility borrowings (3)		30,000		30,000		—		—
January 2026 Notes (4)		125,000		111,013		125,000		111,854
November 2026 Notes (4)		125,000		102,983		125,000		103,963
Total	$	462,000	$	425,996	$	403,000	$	368,817

(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 $16,552 and $16,880 of Secured Borrowings as of June 30, 2023 and December 31, 2022, respectively.

The following table summarizes the inputs used to value the Company’s debt obligations if measured at fair value as of June 30, 2023 and December 31, 2022.

	Fair Value
	June 30,		December 31,
Valuation Inputs	2023		2022
Level 1	$	—	$	—
Level 2		—		—
Level 3		425,996		368,817
Total	$	425,996	$	368,817

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Related Party Transactions

6 Months Ended

Jun. 30, 2023

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 8, 2023, the Board approved the renewal of the Investment Advisory Agreement for the period from June 20, 2023 through June 20, 2024. 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 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 effective April 1, 2021. The base management fee is payable quarterly in arrears. The base management fee under the Investment Advisory Agreement for the three and six months ended June 30, 2023 was $4,051 and $7,905, respectively, and $3,618 and $6,961 for the three and six months ended June 30, 2022, respectively. The base management fee waiver for the three and six months ended June 30, 2023 was $72 and $144, respectively, and $76 and $152 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023 and December 31, 2022, the base management fee payable (net of the base management fee waiver) was $3,979 and $3,769, 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), and 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. Under conditions such as the current rising interest rate environment, 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 for the three and six months ended June 30, 2023 was $3,834 and $7,481, respectively, and $1,183 and $2,236 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023 and December 31, 2022, the income incentive fee payable was $3,834 and $3,035, 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, but excluding income tax (provision) benefit from deemed distribution of long term capital gains), 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 tax (provision) benefit on realized gains (losses), 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 June 30, 2023 and December 31, 2022, the capital gains incentive fee payable in cash was zero and $7,556, respectively (as cumulative aggregate realized capital gains and losses on investments exceeded aggregate unrealized capital depreciation on investments plus realized losses on extinguishment of debt as of December 31, 2022). The aggregate amount of capital gains incentive fees paid from the IPO through June 30, 2023 was $14,040.

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 six months ended June 30, 2023 was $(1,174) and $(1,021), respectively, and $(605) and $(335) for the three and six months ended June 30, 2022, respectively. As of June 30, 2023 and December 31, 2022, the accrued capital gains incentive fee payable was $14,083 and $22,659, 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 8, 2023, the Board approved the renewal of the Administration Agreement for the period from June 20, 2023 through June 20, 2024. 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 six months ended June 30, 2023 was $618 and $1,091, respectively, and $510 and $932 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023 and December 31, 2022, the accrued administrative service expense payable was $419 and $700, respectively.

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Debt

6 Months Ended

Jun. 30, 2023

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 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 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 June 30, 2023 and December 31, 2022, the Company was in compliance in all material respects with the terms of the Credit Agreement.

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 June 30, 2023 and December 31, 2022, approved and unused SBA debenture commitments were $8,000 and $37,000, 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 June 30, 2023 and December 31, 2022, the Company’s issued and outstanding SBA debentures mature as follows:

Pooling	Maturity	Fixed			June 30,		December 31,
Date (1)	Date	Interest Rate			2023		2022
3/25/2015	3/1/2025		3.277	%	$	1,500	$	1,500
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
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		43,500
9/21/2022	9/1/2032		4.533			17,500		17,500
3/22/2023	3/1/2033		5.439			4,000		4,000
3/22/2023	3/1/2033		5.341			3,000		3,000
3/22/2023	3/1/2033		5.341			3,000		3,000
3/22/2023	3/1/2033		5.439			5,000		5,000
3/22/2023	3/1/2033		5.439			5,000		5,000
3/22/2023	3/1/2033		5.341			7,000		7,000
3/22/2023	3/1/2033		5.341			4,000		—
(2)	(2)	(2)				8,000		—
(2)	(2)	(2)				12,000		—
(2)	(2)	(2)				5,000		—
Total outstanding SBA debentures					$	182,000	$	153,000

(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 $8,000, $12,000, and $5,000 in SBA debentures, each of which will pool in September 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 6.047%, 5.983%, and 5.988%, respectively. The Company expects the current interim interest rate will reset to a higher long-term fixed rate on the pooling date.

Notes: 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, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2,500 and offering expenses of $366, were approximately $122,134. 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 before October 31, 2025 (the date falling 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 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 $2,500 and offering expenses of $318, were approximately $122,177. 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 before August 15, 2026 (the date falling 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, including the Credit Facility.
 

Secured Borrowing

As of June 30, 2023 and December 31, 2022, the carrying value of secured borrowings totaled $16,552 and $16,880, respectively, and the fair value of the associated loans included in investments was $16,544 and $16,875, respectively. 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 9.1% and 7.8% as of June 30, 2023, and December 31, 2022, respectively.

Senior Securities

As of June 30, 2023, and December 31, 2022, the aggregate amount outstanding of the senior securities (including secured borrowings) issued by the Company was $296,552 and $266,880, respectively, for which our asset coverage was 263.0% and 280.0%, respectively. The SBA debentures are excluded from the definition “senior securities” in the asset coverage requirement applicable to the Company under the 1940 Act pursuant to 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 six months ended June 30, 2023 and 2022 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:

	Three Months Ended June 30, 2023										Three Months Ended June 30, 2022
	SBA		Credit		Secured						SBA		Credit		Secured
	debentures		Facility		Borrowings		Notes		Total		debentures		Facility		Borrowings		Notes		Total
Stated interest expense	$	1,547	$	525	$	412	$	2,578	$	5,062	$	911	$	387	$	229	$	2,578	$	4,105
Amortization of deferred financing costs		177		74		-		278		529		144		113		-		277		534
Total interest and financing expenses	$	1,724	$	599	$	412	$	2,856	$	5,591	$	1,055	$	500	$	229	$	2,855	$	4,639

	Six Months Ended June 30, 2023															Six Months Ended June 30, 2022
	SBA debentures			Credit Facility			Secured Borrowings			Notes			Total			SBA debentures			Credit Facility			Secured Borrowings			Notes			Total
Stated interest expense	$	2,919		$	855		$	801		$	5,156		$	9,731		$	1,650		$	750		$	437		$	5,156		$	7,993
Amortization of deferred financing costs		345			147			-			553			1,045			282			225			-			551			1,058
Total interest and financing expenses	$	3,264		$	1,002		$	801		$	5,709		$	10,776		$	1,932		$	975		$	437		$	5,707		$	9,051
Weighted average stated interest rate, period end		3.905	%		7.891	%		9.101	%		4.125	%		4.450	%		2.846	%	N/A				5.119	%		4.125	%		3.753	%
Unused commitment fee rate, period end	N/A				0.655	%	N/A			N/A				0.655	%	N/A				1.375	%	N/A			N/A				1.375	%

Realized Losses on Extinguishment of Debt

During the six months ended June 30, 2023 and 2022, the Company prepaid zero and $20,000 of SBA debentures, respectively, which were scheduled to mature on dates ranging from 2025 to 2028. As a result of the prepayments, the Company recognized realized losses on extinguishment of debt of zero and $198, respectively, equal to the write-off of the related unamortized deferred financing costs, during the six months ended June 30, 2023 and 2022.

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 June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023												December 31, 2022
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
SBA debenture commitment fees	$	3,000		$	—		$	—		$	3,000		$	3,000		$	—		$	—		$	3,000
SBA debenture leverage fees		7,095			—			—			7,095			6,389			—			—			6,389
Credit Facility upfront fees		—			4,417			—			4,417			—			4,417			—			4,417
Notes underwriting discounts		—			—			5,005			5,005			—			—			5,005			5,005
Notes debt issue costs		—			—			685			685			—			—			685			685
Total deferred financing costs		10,095			4,417			5,690			20,202			9,389			4,417			5,690			19,496
Less: accumulated amortization		(5,210	)		(3,185	)		(2,370	)		(10,765	)		(4,865	)		(3,037	)		(1,818	)		(9,720	)
Unamortized deferred financing costs	$	4,885		$	1,232		$	3,320		$	9,437		$	4,524		$	1,380		$	3,872		$	9,776

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 June 30, 2023 and December 31, 2022:

	June 30, 2023(1)												December 31, 2022(1)
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
Outstanding debt	$	182,000		$	30,000		$	250,000		$	462,000		$	153,000		$	—		$	250,000		$	403,000
Less: unamortized deferred financing costs		(4,885	)		(1,232	)		(3,320	)		(9,437	)		(4,524	)		(1,380	)		(3,872	)		(9,776	)
Debt, net of deferred financing costs	$	177,115		$	28,768		$	246,680		$	452,563		$	148,476		$	(1,380	)	$	246,128		$	393,224

(1)Total excludes $16,552 and $16,880 of Secured Borrowings as of June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, the Company’s debt liabilities are scheduled to mature as follows (1):

	SBA		Credit		Secured
Year	debentures		Facility (2)		Borrowings		Notes		Total
2024	$	—	$	—	$	—	$	—	$	—
2025		1,500		—		—		—		1,500
2026		4,500		—		16,552		250,000		271,052
2027		34,000		30,000		—		—		64,000
2028		—		—		—		—		—
Thereafter		142,000		—		—		—		142,000
Total	$	182,000	$	30,000	$	16,552	$	250,000	$	478,552

(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

6 Months Ended

Jun. 30, 2023

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 $12,301 and $16,915 as of June 30, 2023 and December 31, 2022, respectively. Such outstanding commitments are summarized in the following table:

	June 30, 2023				December 31, 2022
	Total		Unfunded		Total		Unfunded
Portfolio Company - Investment	Commitment		Commitment		Commitment		Commitment
Acendre Midco, Inc. - Revolving Loan	$	1,000	$	1,000	$	1,000	$	1,000
American AllWaste LLC (dba WasteWater Transport Services) - First Lien Debt		2,500		2,225		—		—
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan		1,000		1,000		1,000		1,000
Combined Systems, Inc. - Revolving Loan		4,000		162		4,000		162
EBL, LLC (EbLens) - Common Equity (Units)		—		—		375		375
Elements Brands, LLC - Revolving Loan		1,500		—		1,500		—
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out)		300		300		300		300
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out)		3,000		3,000		3,000		3,000
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - First Lien Debt		2,489		1,727		2,489		2,489
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Senior Subordinated Debt		417		417		417		417
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Common Equity		70		70		70		70
Tedia Company, LLC - Revolving Loan		2,400		2,400		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		2,702
Total	$	18,676	$	12,301	$	24,651	$	16,915

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

6 Months Ended

Jun. 30, 2023

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, except for the issuances under the ATM Program as described further below.

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.

Equity ATM Program

On November 10, 2022, the Company established the at-the-market program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through Raymond James & Associates, Inc. and B. Riley Securities, Inc., each as sales agents, shares of the Company’s common stock having an aggregate offering price of up to $50,000. The gross proceeds raised, the related sales agent commissions and the offering expenses, the net proceeds raised, and the average price at which shares were issued under the ATM Program for the six months ended June 30, 2023 and 2022 are as follows:

			Average				Underwriting
	Number of		Offering		Gross		Fees and		Net
Six Months Ended June 30, 2022	Shares		Price		Proceeds		Commissions		Proceeds
January 1, 2022 through March 31, 2022		-	$	-	$	-	$	-	$	-
April 1, 2022 through June 30, 2022		-		-		-		-		-
Total		-	$	-	$	-	$	-	$	-
Six Months Ended June 30, 2023
January 1, 2023 through March 31, 2023		260,610	$	20.68	$	5,389	$	81	$	5,308
April 1, 2023 through June 30, 2023		246,574		19.93		4,914		74		4,840
Total		507,184	$	20.31	$	10,303	$	155	$	10,148

Cumulative to date, the Company has sold 797,572 shares of common stock under the ATM Program at a weighted-average price of $20.32, raising $16,203 of gross proceeds. Net proceeds were $15,960 after commissions to the sales agents on shares sold. As of June 30, 2023, the Company has $33,797 available under the ATM Program.

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 six months ended June 30, 2023 and 2022.

DRIP Program

The Company issued 30,836 and 30,836 shares of common stock under the DRIP during the three and six months ended June 30, 2023, respectively. No shares under the DRIP were issued during the three and six months ended June 30, 2022. Refer to Note 9 for additional information regarding the issuance of shares under the DRIP.

The Company had 25,265,808 and 24,727,788 shares of common stock outstanding as of June 30, 2023 and December 31, 2022, respectively. The proceeds receivable from stock offerings of $895 as presented on the consolidated statements of assets and liabilities as of June 30, 2023, were collected in July 2023.

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Dividends and Distributions

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023.

									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, 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		7820		7820			—	(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	$	—			—
Year Ended December 31, 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		8,902		8,902		—	(3)		—	(3)		—
8/01/2022 (2)	12/2/2022	12/16/2022		0.07		1,731		1,731		—	(3)		—	(3)		—
11/03/2022 (2)	12/2/2022	12/16/2022		0.08		1,978		1,978		—	(3)		—	(3)		—
11/03/2022 (1)	12/2/2022	12/16/2022		0.10		2,473		2,473		—	(3)		—	(3)		—
			$	2.00	$	49,052	$	49,052	$	—			—
Six Months Ended June 30, 2023:
2/15/2023	3/22/2023	3/29/2023	$	0.41	$	10,245	$	10,245	$	—	(3)		—	(3)		—
2/15/2023 (2)	3/22/2023	3/29/2023		0.15		3,748		3,748		—	(3)		—	(3)		—
2/15/2023 (1)	3/22/2023	3/29/2023		0.10		2,499		2,499		—	(3)		—	(3)		—
5/02/2023	6/21/2023	6/28/2023		0.41		10,340		9,987		353			18,061			19.56
5/02/2023 (2)	6/21/2023	6/28/2023		0.19		4,792		4,628		164			8,370			19.56
5/02/2023 (1)	6/21/2023	6/28/2023		0.10		2,522		2,436		86			4,405			19.56
			$	1.36	$	34,146	$	33,543	$	603			30,836

(1)	Special dividend
(2)	Supplemental dividend
(3)	During the six months ended June 30, 2023 and the years ended December 31, 2022 and 2021, 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
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
Year Ended December 31, 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
October 1, 2022 through December 31, 2022		23,026		18.99		437
Total		84,753	$	18.61	$	1,577

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Six Months Ended June 30, 2023:	and Reissued		Per Share		Amount Paid
January 1, 2023 through March 31, 2023		25,512	$	19.22	$	490
April 1, 2023 through June 30, 2023		—		—		—
Total		25,512	$	19.22	$	490

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Financial Highlights

6 Months Ended

Jun. 30, 2023

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 10. Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023			2022
Per share data:
Net asset value at beginning of period	$	19.43		$	19.96
Net investment income (1)		1.26			0.87
Net realized gain (loss) on investments, net of tax (provision) (1)		(0.28	)		1.03
Net unrealized appreciation (depreciation) on investments (1)		0.08			(1.09	)
Realized losses on extinguishment of debt (1)		-			(0.01	)
Total increase from investment operations (1)		1.06			0.80
Accretive (dilutive) effect of share issuances and repurchases		0.01			-
Dividends to stockholders		(1.36	)		(0.96	)
Other (11)		(0.01	)		-
Net asset value at end of period	$	19.13		$	19.80
Market value at end of period	$	19.60		$	17.45
Shares outstanding at end of period		25,265,808			24,437,400
Weighted average shares outstanding during the period		24,916,729			24,437,400
Net assets at end of period	$	483,348		$	483,975
Average net assets (6)	$	482,779		$	486,080
Ratios to average net assets:
Total expenses (2)(4)(10)		12.0	%		8.4	%
Net investment income (5)		13.1	%		8.8	%
Total return based on market value (3)		9.4	%		2.3	%
Total return based on net asset value (8)		5.5	%		4.0	%
Portfolio turnover ratio (9)		17.0	%		17.4	%
Supplemental Data:
Average debt outstanding (7)	$	448,355		$	388,781
Average debt per share (1)	$	17.99		$	15.91

(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 annualized and 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:

	Six Months Ended June 30,
Ratio to average net assets:	2023			2022
Expenses other than incentive fee (2)		9.3	%		7.6	%
Incentive fee (9)		2.7	%		0.8	%
Total expenses (2)(4)		12.0	%		8.4	%

	Six Months Ended June 30,
Ratio to average net assets:	2023			2022
Total expenses, before base management fee waiver (2)		12.0	%		8.5	%
Base management fee waiver (9)		0.0	%		(0.1	%)
Total expenses (2)(4)		12.0	%		8.4	%

(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

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

On July 19, 2023, the Company issued an additional $8,000 in SBA debentures, which will bear interest at a fixed interim interest rate of 6.035% until the pooling date in September 2023.

On July 21, 2023, the Company invested $19,000 in first lien debt, subordinated debt, common equity, and preferred equity in DealerBuilt Acquisition, LLC, a provider of Dealer Management System (DMS) software for auto dealerships.

On July 31, 2023, the Board declared a regular quarterly dividend of $0.41 per share, a supplemental dividend of $0.21 per share, and a special dividend of $0.10 per share, payable on September 27, 2023, to stockholders of record as of September 20, 2023.

For the period from July 1, 2023, to August 2, 2023, the Company sold a total of 50,264 shares of our common stock under the ATM Program for gross proceeds of approximately $990 and net proceeds of approximately $976, after deducting commissions to the sales agents on shares sold and offering expenses.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

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, 2022.

During fiscal year ended December 31, 2022, the Company elected to change the manner in which it presents residual investments in portfolio companies that have sold their operations and are in the process of winding down. These investments similar to escrow receivables are now included in prepaid expenses and other assets whereas previously they were included as a component of investments, at fair value, on the consolidated statements of assets and liabilities until the security was legally extinguished or relinquished. There is no change in historical net increase in net assets resulting from operations due to this change in presentation.

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 its securities, from time to time, in one or more offerings. 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, 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 generally is required to timely distribute to its stockholders at least 90% 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% excise tax if it does not distribute at least 98% 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 U.S. 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 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, that have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax at corporate rates. 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 U.S. 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 June 30, 2023 and December 31, 2022. 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 six months ended June 30, 2023 and 2022 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 six months ended June 30, 2023 and 2022. 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.

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Portfolio Company Investments (Tables)

6 Months Ended

Jun. 30, 2023

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
	June 30,				December 31,				June 30,				December 31,
	2023				2022				2023				2022
First Lien Debt(1)	$	521,928	56.2	%	$	456,105	53.0	%	$	519,485	58.1	%	$	453,585	54.7	%
Second Lien Debt		161,690	17.4			182,948	21.3			187,655	21.0			213,654	25.8
Subordinated Debt		124,657	13.4			101,456	11.8			124,680	13.9			100,634	12.1
Equity		117,744	12.7			117,741	13.7			60,395	6.7			57,868	7.0
Warrants		2,703	0.3			2,079	0.2			2,953	0.3			2,952	0.4
Total	$	928,722	100.0	%	$	860,329	100.0	%	$	895,168	100.0	%	$	828,693	100.0	%

(1)Includes unitranche investments, which account for 42.7% and 44.1% of the Company's portfolio on a fair value and cost basis as of June 30, 2023, respectively. Includes unitranche investments, which account for 42.1% and 43.4% of the Company's portfolio on a fair value and cost basis as of December 31, 2022, respectively.

The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.

	Fair Value								Cost
	June 30,				December 31,				June 30,				December 31,
	2023				2022				2023				2022
United States
Midwest	$	166,352	17.9	%	$	180,556	21.0	%	$	124,569	13.9	%	$	132,177	16.0	%
Southeast		287,574	31.0			265,902	31.0			277,867	31.0			258,373	31.1
Northeast		157,713	17.0			127,427	14.8			153,739	17.2			134,897	16.3
West		149,861	16.1			151,487	17.6			166,955	18.7			161,935	19.5
Southwest		154,722	16.7			122,519	14.2			159,587	17.8			128,873	15.6
Canada		12,500	1.3			12,438	1.4			12,451	1.4			12,438	1.5
Total	$	928,722	100.0	%	$	860,329	100.0	%	$	895,168	100.0	%	$	828,693	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
	June 30,			December 31,				June 30,			December 31,
	2023			2022				2023			2022
First Lien Debt		108.0	%		95.0	%	United States
Second Lien Debt		33.4			38.1		Midwest		34.4	%		37.6	%
Subordinated Debt		25.8			21.1		Southeast		59.5			55.4
Equity		24.3			24.5		Northeast		32.6			26.5
Warrants		0.6			0.4		West		31.0			31.5
Total		192.1	%		179.1	%	Southwest		32.0			25.5
							Canada		2.6			2.6
							Total		192.1	%		179.1	%

Schedule of Debt Investment on Non-Accrual Status

As of June 30, 2023 and December 31, 2022, the Company had debt investments in four portfolio companies on non-accrual status.

	June 30, 2023						December 31, 2022
	Fair						Fair
Portfolio Company	Value			Cost			Value			Cost
EBL, LLC (EbLens)	$	—	(2)	$	—	(2)	$	—		$	9,332
US GreenFiber, LLC		—			5,222			—			5,223
K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)		2,123			2,368			2,123			2,368
Allredi, LLC (fka Marco Group International OpCo, LLC)		—	(3)		—	(3)		8,144			10,281
Suited Connector LLC		5,986			15,933			—	(1)		—	(1)
Virtex Enterprises, LP		6,294			10,906			—	(1)		—	(1)
Total	$	14,403		$	34,429		$	10,267		$	27,204

(1) (2) (3) Debt investment in portfolio company was not on non-accrual status as of December 31, 2022. Portfolio company debt investment was not held as of June 30, 2023. Portfolio company debt investment was not on non-accrual status as of June 30, 2023.

Schedule of Consolidated Schedule of Investments in and Advances to Affiliates

The table below represents the fair value of control and affiliate investments as of December 31, 2022 and any additions and reductions made to such investments during the six months ended June 30, 2023, the ending fair value as of June 30, 2023, and the total investment income earned on such investments during the period.

												Year Ended June 30, 2023
Portfolio Company (1)	June 30, 2023 Principal Amount - Debt Investments		December 31, 2022 Fair Value		Gross Additions (2)		Gross Reductions (3)			June 30, 2023 Fair Value		Net Realized Gains (Losses) (4)			Net Change in Unrealized Appreciation (Depreciation)			Interest Income		Payment-in-kind Interest Income		Dividend Income		Fee Income
Control Investments
EBL, LLC (EbLens)	$	—	$	—	$	11,458	$	(11,458	)	$	—	$	(11,458	)	$	11,083		$	—	$	—	$	—	$	—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	5,226	$	—	$	11,458	$	(11,458	)	$	—	$	(11,458	)	$	11,083		$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	23,168	$	1,440	$	—		$	24,608	$	—			1,440		$	483	$	—	$	—	$	—
Medsurant Holdings, LLC		—		2,540		845		(73	)		3,312		—			845			—		—		—		—
Pfanstiehl, Inc.		10,000		51,992		5		(4,812	)		47,185		—			(4,811	)		501		—		348		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		19,118		1,511		(4,247	)		16,382		—			(2,748	)		1,173		—		—		55
Steward Holding LLC (dba Steward Advanced Materials)		—		4,772		672		—			5,444		—			672			—		—		172		—
Total Affiliate Investments	$	34,602	$	101,590	$	4,473	$	(9,132	)	$	96,931	$	—		$	(4,602	)	$	2,157	$	—	$	520	$	55

(1)	The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt 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.

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 year ended December 31, 2022, including the total investment income earned on such investments during the period.

												Year Ended December 31, 2022
Portfolio Company (1)	December 31, 2022 Principal Amount - Debt Investments		December 31, 2021 Fair Value		Gross Additions (2)		Gross Reductions (3)			December 31, 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
EBL, LLC (EbLens) (5)	$	9,350	$	—	$	19,628	$	(19,628	)	$	—	$	—		$	(11,083	)	$	—	$	—	$	—	$	—
Hilco Plastics Holdings, LLC (dba Hilco Technologies)		—		—		353		(353	)	$	—		(352	)		—			—		—		—		—
Mesa Line Services, LLC		—		2,151		193		(2,344	)		—		194			(2,150	)		—		—		—		—
US GreenFiber, LLC		5,226		—		—		—			—		—			—			—		—		—		—
Total Control Investments	$	14,576	$	2,151	$	20,174	$	(22,325	)	$	—	$	(158	)	$	(13,233	)	$	—	$	—	$	—	$	—
Affiliate Investments
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC)	$	9,602	$	22,405	$	13,566	$	(12,803	)	$	23,168	$	—			763		$	973	$	—	$	—	$	—
FAR Research Inc.		—		28		—		(28	)		—		—			(28	)		—		—		—		—
Medsurant Holdings, LLC		—		3,662		—		(1,122	)		2,540		—			(1,122	)		—		—		—		—
Mirage Trailers LLC		—		10,675		355		(11,030	)		—		324			(1,694	)		248		29		—		132
Pfanstiehl, Inc.		10,000		57,639		34,335		(39,982	)		51,992		24,330			(15,432	)		421		—		—		150
Pinnergy, Ltd. (6)		—		21,178		15,300		(36,478	)		—		15,300			(18,177	)		—		—		656		—
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.)		15,000		18,359		5,487		(4,728	)		19,118		(121	)		(1,723	)		1,822		—		—		175
Steward Holding LLC (dba Steward Advanced Materials)		—		3,338		1,434		—			4,772		—			1,434			—		1		69		—
Total Affiliate Investments	$	34,602	$	137,284	$	70,477	$	(106,171	)	$	101,590	$	39,833		$	(35,979	)	$	3,464	$	30	$	725	$	457

(1)	The investment type, industry, ownership detail for equity investments, interest rate, maturity date, and if the investment is income producing is disclosed in the consolidated schedule of investments.
(2)	Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable.
(3)	Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable.
(4)	The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities.
(5)	Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2022.
(6)	Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the year ended December 31, 2022.

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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:

		June 30, 2023
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		521,928	$		521,928
Second Lien Debt			—			—			161,690			161,690
Subordinated Debt			—			—			124,657			124,657
Equity			267			—			117,477			117,744
Warrants			—			—			2,703			2,703
Money Market Funds			37,650			—			—			37,650
Total	$		37,917	$		—	$		928,455	$		966,372

		December 31, 2022
		Level 1			Level 2			Level 3			Total
First Lien Debt	$		—	$		—	$		456,105	$		456,105
Second Lien Debt			—			—			182,948			182,948
Subordinated Debt			—			—			101,456			101,456
Equity			310			—			117,431			117,741
Warrants			—			—			2,079			2,079
Money Market Funds			61,076			—			-			61,076
Total	$		61,386	$		—	$		860,019	$		921,405

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 six months ended June 30, 2023 and 2022:

	First Lien			Second Lien			Subordinated
	Debt			Debt			Debt			Equity			Warrants			Total
Balance, December 31, 2021	$	354,922		$	158,815		$	36,064		$	165,762		$	3,204		$	718,767
Net realized gains (losses) on investments		—			—			—			25,176			—			25,176
Net change in unrealized appreciation (depreciation) on investments		379			(3,862	)		54			(23,048	)		(23	)		(26,500	)
Purchase of investments		91,247			31,895			32,471			4,485			—			160,098
Proceeds from sales and repayments of investments		(14,312	)		(18,731	)		-			(34,965	)		—			(68,008	)
Interest and dividend income paid-in-kind		366			409			139			—			—			914
Proceeds from loan origination fees		(669	)		(115	)		(239	)		—			—			(1,023	)
Accretion of loan origination fees		606			86			19			—			—			711
Accretion of original issue discount		10			50			—			—			—			60
Balance, June 30, 2022	$	432,549		$	168,547		$	68,508		$	137,410		$	3,181		$	810,195
Balance, December 31, 2022	$	456,105		$	182,948		$	101,456		$	117,431		$	2,079		$	860,019
Net realized gains (losses) on investments		—			(9,333	)		—			3,850			—			(5,483	)
Net change in unrealized appreciation (depreciation) on investments		(76	)		4,737			(842	)		(2,529	)		624			1,914
Purchase of investments		92,162			25,000			23,682			6,504			—			147,348
Proceeds from sales and repayments of investments		(26,264	)		(42,413	)		—			(7,779	)		—			(76,456	)
Interest and dividend income paid-in-kind		237			823			812			—			—			1,872
Proceeds from loan origination fees		(923	)		(331	)		(508	)		—			—			(1,762	)
Accretion of loan origination fees		653			68			54			—			—			775
Accretion of original issue discount		34			191			3			—			—			228
Balance, June 30, 2023	$	521,928		$	161,690		$	124,657		$	117,477		$	2,703		$	928,455

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 June 30, 2023 and December 31, 2022. 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
	June 30, 2023		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	508,153	Discounted cash flow	Weighted average cost of capital	9.8% - 24.6% (15.9%)
		11,000	Enterprise value	Asset Coverage	1.0x - 1.0x (1.0x)
		2,775	Enterprise value	EBITDA multiples	4.3x - 4.3x (4.3x)
Second Lien Debt		159,567	Discounted cash flow (2)	Weighted average cost of capital	11.3% - 25.0% (15.1%)
		2,123	Enterprise value	Asset Coverage	0.8x - 0.8x (0.8x)
Subordinated Debt		124,657	Discounted cash flow	Weighted average cost of capital	9.2% - 18.8% (12.6%)
Equity investments:
Equity		110,580	Enterprise value	EBITDA multiples	3.5x - 16.0x (8.3x)
		6,897	Enterprise value	Revenue multiples	0.9x - 7.5x (5.8x)
Warrants		2,568	Enterprise value	EBITDA multiples	6.0x - 6.0x (6.0x)
		135	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 $53.0 million of debt investments which were valued using a trading discount to par.

	Fair Value at		Valuation	Unobservable	Range
	December 31, 2022		Techniques	Inputs	(weighted average)(1)
Debt investments:
First Lien Debt	$	441,830	Discounted cash flow	Weighted average cost of capital	8.9% - 21.9% (15.5%)
		11,000	Enterprise value	Asset Coverage	1.1x - 1.1x (1.1x)
		3,275	Enterprise value	Revenue multiples	4.3x - 4.3x (4.3x)
Second Lien Debt		180,825	Discounted cash flow (2)	Weighted average cost of capital	11.7% - 25.0% (14.5%)
		-	Enterprise value	EBITDA multiples	5.0x - 5.0x (5.0x)
		2,123	Enterprise value	Asset Coverage	0.8x - 0.8x (0.8x)
Subordinated Debt		97,706	Discounted cash flow	Weighted average cost of capital	10.0% - 15.2% (12.5%)
		3,750	Enterprise value	EBITDA multiples	8.5x - 8.5x (8.5x)
Equity investments:
Equity		111,808	Enterprise value	EBITDA multiples	4.0x - 16.8x (8.1x)
		5,623	Enterprise value	Revenue multiples	0.9x - 7.8x (6.4x)
Warrants		1,949	Enterprise value	EBITDA multiples	6.0x - 6.0x (6.0x)
		130	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.

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 June 30, 2023 and December 31, 2022.

	June 30, 2023(5)				December 31, 2022(5)
	Carrying Value (1)		Fair Value		Carrying Value (1)		Fair Value
SBA debentures (2)	$	182,000	$	182,000	$	153,000	$	153,000
Credit Facility borrowings (3)		30,000		30,000		—		—
January 2026 Notes (4)		125,000		111,013		125,000		111,854
November 2026 Notes (4)		125,000		102,983		125,000		103,963
Total	$	462,000	$	425,996	$	403,000	$	368,817

(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 $16,552 and $16,880 of Secured Borrowings as of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022.

	Fair Value
	June 30,		December 31,
Valuation Inputs	2023		2022
Level 1	$	—	$	—
Level 2		—		—
Level 3		425,996		368,817
Total	$	425,996	$	368,817

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 and 2022 which are included in interest and financing expenses on the consolidated statements of operations, were as follows:

	Three Months Ended June 30, 2023										Three Months Ended June 30, 2022
	SBA		Credit		Secured						SBA		Credit		Secured
	debentures		Facility		Borrowings		Notes		Total		debentures		Facility		Borrowings		Notes		Total
Stated interest expense	$	1,547	$	525	$	412	$	2,578	$	5,062	$	911	$	387	$	229	$	2,578	$	4,105
Amortization of deferred financing costs		177		74		-		278		529		144		113		-		277		534
Total interest and financing expenses	$	1,724	$	599	$	412	$	2,856	$	5,591	$	1,055	$	500	$	229	$	2,855	$	4,639

	Six Months Ended June 30, 2023															Six Months Ended June 30, 2022
	SBA debentures			Credit Facility			Secured Borrowings			Notes			Total			SBA debentures			Credit Facility			Secured Borrowings			Notes			Total
Stated interest expense	$	2,919		$	855		$	801		$	5,156		$	9,731		$	1,650		$	750		$	437		$	5,156		$	7,993
Amortization of deferred financing costs		345			147			-			553			1,045			282			225			-			551			1,058
Total interest and financing expenses	$	3,264		$	1,002		$	801		$	5,709		$	10,776		$	1,932		$	975		$	437		$	5,707		$	9,051
Weighted average stated interest rate, period end		3.905	%		7.891	%		9.101	%		4.125	%		4.450	%		2.846	%	N/A				5.119	%		4.125	%		3.753	%
Unused commitment fee rate, period end	N/A				0.655	%	N/A			N/A				0.655	%	N/A				1.375	%	N/A			N/A				1.375	%

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 June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023												December 31, 2022
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
SBA debenture commitment fees	$	3,000		$	—		$	—		$	3,000		$	3,000		$	—		$	—		$	3,000
SBA debenture leverage fees		7,095			—			—			7,095			6,389			—			—			6,389
Credit Facility upfront fees		—			4,417			—			4,417			—			4,417			—			4,417
Notes underwriting discounts		—			—			5,005			5,005			—			—			5,005			5,005
Notes debt issue costs		—			—			685			685			—			—			685			685
Total deferred financing costs		10,095			4,417			5,690			20,202			9,389			4,417			5,690			19,496
Less: accumulated amortization		(5,210	)		(3,185	)		(2,370	)		(10,765	)		(4,865	)		(3,037	)		(1,818	)		(9,720	)
Unamortized deferred financing costs	$	4,885		$	1,232		$	3,320		$	9,437		$	4,524		$	1,380		$	3,872		$	9,776

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 June 30, 2023 and December 31, 2022:

	June 30, 2023(1)												December 31, 2022(1)
	SBA			Credit									SBA			Credit
	debentures			Facility			Notes			Total			debentures			Facility			Notes			Total
Outstanding debt	$	182,000		$	30,000		$	250,000		$	462,000		$	153,000		$	—		$	250,000		$	403,000
Less: unamortized deferred financing costs		(4,885	)		(1,232	)		(3,320	)		(9,437	)		(4,524	)		(1,380	)		(3,872	)		(9,776	)
Debt, net of deferred financing costs	$	177,115		$	28,768		$	246,680		$	452,563		$	148,476		$	(1,380	)	$	246,128		$	393,224

(1)Total excludes $16,552 and $16,880 of Secured Borrowings as of June 30, 2023 and December 31, 2022, respectively.

Scheduled to Mature Debt Liabilities

As of June 30, 2023, the Company’s debt liabilities are scheduled to mature as follows (1):

	SBA		Credit		Secured
Year	debentures		Facility (2)		Borrowings		Notes		Total
2024	$	—	$	—	$	—	$	—	$	—
2025		1,500		—		—		—		1,500
2026		4,500		—		16,552		250,000		271,052
2027		34,000		30,000		—		—		64,000
2028		—		—		—		—		—
Thereafter		142,000		—		—		—		142,000
Total	$	182,000	$	30,000	$	16,552	$	250,000	$	478,552

(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 June 30, 2023 and December 31, 2022, the Company’s issued and outstanding SBA debentures mature as follows:

Pooling	Maturity	Fixed			June 30,		December 31,
Date (1)	Date	Interest Rate			2023		2022
3/25/2015	3/1/2025		3.277	%	$	1,500	$	1,500
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
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		43,500
9/21/2022	9/1/2032		4.533			17,500		17,500
3/22/2023	3/1/2033		5.439			4,000		4,000
3/22/2023	3/1/2033		5.341			3,000		3,000
3/22/2023	3/1/2033		5.341			3,000		3,000
3/22/2023	3/1/2033		5.439			5,000		5,000
3/22/2023	3/1/2033		5.439			5,000		5,000
3/22/2023	3/1/2033		5.341			7,000		7,000
3/22/2023	3/1/2033		5.341			4,000		—
(2)	(2)	(2)				8,000		—
(2)	(2)	(2)				12,000		—
(2)	(2)	(2)				5,000		—
Total outstanding SBA debentures					$	182,000	$	153,000

(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 $8,000, $12,000, and $5,000 in SBA debentures, each of which will pool in September 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 6.047%, 5.983%, and 5.988%, 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)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of outstanding commitments

Such outstanding commitments are summarized in the following table:

	June 30, 2023				December 31, 2022
	Total		Unfunded		Total		Unfunded
Portfolio Company - Investment	Commitment		Commitment		Commitment		Commitment
Acendre Midco, Inc. - Revolving Loan	$	1,000	$	1,000	$	1,000	$	1,000
American AllWaste LLC (dba WasteWater Transport Services) - First Lien Debt		2,500		2,225		—		—
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan		1,000		1,000		1,000		1,000
Combined Systems, Inc. - Revolving Loan		4,000		162		4,000		162
EBL, LLC (EbLens) - Common Equity (Units)		—		—		375		375
Elements Brands, LLC - Revolving Loan		1,500		—		1,500		—
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out)		300		300		300		300
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out)		3,000		3,000		3,000		3,000
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - First Lien Debt		2,489		1,727		2,489		2,489
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Senior Subordinated Debt		417		417		417		417
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Common Equity		70		70		70		70
Tedia Company, LLC - Revolving Loan		2,400		2,400		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		2,702
Total	$	18,676	$	12,301	$	24,651	$	16,915

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Common Stock (Tables)

6 Months Ended

Jun. 30, 2023

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, except for the issuances under the ATM Program as described further below.

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.

Summary of Equity ATM Program

The gross proceeds raised, the related sales agent commissions and the offering expenses, the net proceeds raised, and the average price at which shares were issued under the ATM Program for the six months ended June 30, 2023 and 2022 are as follows:

			Average				Underwriting
	Number of		Offering		Gross		Fees and		Net
Six Months Ended June 30, 2022	Shares		Price		Proceeds		Commissions		Proceeds
January 1, 2022 through March 31, 2022		-	$	-	$	-	$	-	$	-
April 1, 2022 through June 30, 2022		-		-		-		-		-
Total		-	$	-	$	-	$	-	$	-
Six Months Ended June 30, 2023
January 1, 2023 through March 31, 2023		260,610	$	20.68	$	5,389	$	81	$	5,308
April 1, 2023 through June 30, 2023		246,574		19.93		4,914		74		4,840
Total		507,184	$	20.31	$	10,303	$	155	$	10,148

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Dividends and Distributions (Tables)

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023.

									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, 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		7820		7820			—	(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	$	—			—
Year Ended December 31, 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		8,902		8,902		—	(3)		—	(3)		—
8/01/2022 (2)	12/2/2022	12/16/2022		0.07		1,731		1,731		—	(3)		—	(3)		—
11/03/2022 (2)	12/2/2022	12/16/2022		0.08		1,978		1,978		—	(3)		—	(3)		—
11/03/2022 (1)	12/2/2022	12/16/2022		0.10		2,473		2,473		—	(3)		—	(3)		—
			$	2.00	$	49,052	$	49,052	$	—			—
Six Months Ended June 30, 2023:
2/15/2023	3/22/2023	3/29/2023	$	0.41	$	10,245	$	10,245	$	—	(3)		—	(3)		—
2/15/2023 (2)	3/22/2023	3/29/2023		0.15		3,748		3,748		—	(3)		—	(3)		—
2/15/2023 (1)	3/22/2023	3/29/2023		0.10		2,499		2,499		—	(3)		—	(3)		—
5/02/2023	6/21/2023	6/28/2023		0.41		10,340		9,987		353			18,061			19.56
5/02/2023 (2)	6/21/2023	6/28/2023		0.19		4,792		4,628		164			8,370			19.56
5/02/2023 (1)	6/21/2023	6/28/2023		0.10		2,522		2,436		86			4,405			19.56
			$	1.36	$	34,146	$	33,543	$	603			30,836

(1)	Special dividend
(2)	Supplemental dividend
(3)	During the six months ended June 30, 2023 and the years ended December 31, 2022 and 2021, 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
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
Year Ended December 31, 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
October 1, 2022 through December 31, 2022		23,026		18.99		437
Total		84,753	$	18.61	$	1,577

	Number of
	Shares		Average
	Purchased		Price Paid		Total
Six Months Ended June 30, 2023:	and Reissued		Per Share		Amount Paid
January 1, 2023 through March 31, 2023		25,512	$	19.22	$	490
April 1, 2023 through June 30, 2023		—		—		—
Total		25,512	$	19.22	$	490

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2023

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023			2022
Per share data:
Net asset value at beginning of period	$	19.43		$	19.96
Net investment income (1)		1.26			0.87
Net realized gain (loss) on investments, net of tax (provision) (1)		(0.28	)		1.03
Net unrealized appreciation (depreciation) on investments (1)		0.08			(1.09	)
Realized losses on extinguishment of debt (1)		-			(0.01	)
Total increase from investment operations (1)		1.06			0.80
Accretive (dilutive) effect of share issuances and repurchases		0.01			-
Dividends to stockholders		(1.36	)		(0.96	)
Other (11)		(0.01	)		-
Net asset value at end of period	$	19.13		$	19.80
Market value at end of period	$	19.60		$	17.45
Shares outstanding at end of period		25,265,808			24,437,400
Weighted average shares outstanding during the period		24,916,729			24,437,400
Net assets at end of period	$	483,348		$	483,975
Average net assets (6)	$	482,779		$	486,080
Ratios to average net assets:
Total expenses (2)(4)(10)		12.0	%		8.4	%
Net investment income (5)		13.1	%		8.8	%
Total return based on market value (3)		9.4	%		2.3	%
Total return based on net asset value (8)		5.5	%		4.0	%
Portfolio turnover ratio (9)		17.0	%		17.4	%
Supplemental Data:
Average debt outstanding (7)	$	448,355		$	388,781
Average debt per share (1)	$	17.99		$	15.91

(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 annualized and 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:

	Six Months Ended June 30,
Ratio to average net assets:	2023			2022
Expenses other than incentive fee (2)		9.3	%		7.6	%
Incentive fee (9)		2.7	%		0.8	%
Total expenses (2)(4)		12.0	%		8.4	%

	Six Months Ended June 30,
Ratio to average net assets:	2023			2022
Total expenses, before base management fee waiver (2)		12.0	%		8.5	%
Base management fee waiver (9)		0.0	%		(0.1	%)
Total expenses (2)(4)		12.0	%		8.4	%

(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		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Segment	Jun. 30, 2022 USD ($)
Change in Accounting Estimate [Line Items]
Number of reportable segments | Segment			1
Number of operating segments | Segment			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	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) Investment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Investment
Schedule of Investments [Line Items]
Number of investment portfolio companies | Investment	79		76
Number of residual investment porfolio companies | Investment	2		2
Aggregate fair value of total portfolio | $	$ 928,722		$ 860,329
Weighted average effective yield investment percentage	14.50%		13.80%
Average fully diluted equity ownership percentage	3.20%		4.00%
Percentage of equity investments held in portfolio companies	75.30%		74.40%
Purchases of debt and equity investments | $	$ 147,348	$ 160,098
Proceeds from sales and repayments | $	$ 76,503	$ 68,008
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	4		4
Pfanstiehl, Inc
Schedule of Investments [Line Items]
Investment | $	$ 0		$ 51,992
Investments as percentage of total assets	5.00%		5.60%
Maximum
Schedule of Investments [Line Items]
Investment maturity period	7 years
Minimum
Schedule of Investments [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	6 Months Ended		12 Months Ended
	Jun. 30, 2023		Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 928,722	[1],[2],[3],[4]	$ 860,329	[5],[6],[7],[8]
Percentage of Fair Value	100.00%		100.00%
Investments at cost	$ 895,168	[1],[2],[3]	$ 828,693	[5],[6],[7]
Percentage of Cost	100.00%		100.00%
First Lien Debt
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 521,928		$ 456,105
Percentage of Fair Value	56.20%		53.00%
Investments at cost	$ 519,485		$ 453,585
Percentage of Cost	58.10%		54.70%
Second Lien Debt
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 161,690		$ 182,948
Percentage of Fair Value	17.40%		21.30%
Investments at cost	$ 187,655		$ 213,654
Percentage of Cost	21.00%		25.80%
Subordinated Debt
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 124,657		$ 101,456
Percentage of Fair Value	13.40%		11.80%
Investments at cost	$ 124,680		$ 100,634
Percentage of Cost	13.90%		12.10%
Equity
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 117,744		$ 117,741
Percentage of Fair Value	12.70%		13.70%
Investments at cost	$ 60,395		$ 57,868
Percentage of Cost	6.70%		7.00%
Warrants
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 2,703		$ 2,079
Percentage of Fair Value	0.30%		0.20%
Investments at cost	$ 2,953		$ 2,952
Percentage of Cost	0.30%		0.40%

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

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

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

[4] (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.

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

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

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

[8] (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.

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Portfolio Company Investments - Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
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	42.70%	42.10%
Percentage of Cost	44.10%	43.40%

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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	6 Months Ended		12 Months Ended
	Jun. 30, 2023		Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 928,722	[1],[2],[3],[4]	$ 860,329	[5],[6],[7],[8]
Percentage of Fair Value	100.00%		100.00%
Investments at cost	$ 895,168	[1],[2],[3]	$ 828,693	[5],[6],[7]
Percentage of Cost	100.00%		100.00%
United States Midwest
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 166,352		$ 180,556
Percentage of Fair Value	17.90%		21.00%
Investments at cost	$ 124,569		$ 132,177
Percentage of Cost	13.90%		16.00%
United States Southeast
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 287,574		$ 265,902
Percentage of Fair Value	31.00%		31.00%
Investments at cost	$ 277,867		$ 258,373
Percentage of Cost	31.00%		31.10%
United States Northeast
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 157,713		$ 127,427
Percentage of Fair Value	17.00%		14.80%
Investments at cost	$ 153,739		$ 134,897
Percentage of Cost	17.20%		16.30%
United States West
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 149,861		$ 151,487
Percentage of Fair Value	16.10%		17.60%
Investments at cost	$ 166,955		$ 161,935
Percentage of Cost	18.70%		19.50%
United States Southwest
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 154,722		$ 122,519
Percentage of Fair Value	16.70%		14.20%
Investments at cost	$ 159,587		$ 128,873
Percentage of Cost	17.80%		15.60%
Canada
Summary of Investment Holdings [Line Items]
Investments at Fair Value	$ 12,500		$ 12,438
Percentage of Fair Value	1.30%		1.40%
Investments at cost	$ 12,451		$ 12,438
Percentage of Cost	1.40%		1.50%

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

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

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

[4] (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.

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

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

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

[8] (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.

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Portfolio Company Investments - Schedule of Portfolio Composition by Type And by Geographic Region at Fair Value (Details)	Jun. 30, 2023		Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Total net assets percentage	192.10%	[1],[2],[3]	179.10%	[4],[5],[6]
United States Midwest
Summary of Investment Holdings [Line Items]
Total net assets percentage	34.40%		37.60%
United States Southeast
Summary of Investment Holdings [Line Items]
Total net assets percentage	59.50%		55.40%
United States Northeast
Summary of Investment Holdings [Line Items]
Total net assets percentage	32.60%		26.50%
United States West
Summary of Investment Holdings [Line Items]
Total net assets percentage	31.00%		31.50%
United States Southwest
Summary of Investment Holdings [Line Items]
Total net assets percentage	32.00%		25.50%
Canada
Summary of Investment Holdings [Line Items]
Total net assets percentage	2.60%		2.60%
First Lien Debt
Summary of Investment Holdings [Line Items]
Total net assets percentage	108.00%		95.00%
Second Lien Debt
Summary of Investment Holdings [Line Items]
Total net assets percentage	33.40%		38.10%
Subordinated Debt
Summary of Investment Holdings [Line Items]
Total net assets percentage	25.80%		21.10%
Equity
Summary of Investment Holdings [Line Items]
Total net assets percentage	24.30%		24.50%
Warrants
Summary of Investment Holdings [Line Items]
Total net assets percentage	0.60%		0.40%

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

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

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

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

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

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

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Portfolio Company Investments - Schedule of Debt Investment on Non-Accrual Status (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 14,403	$ 10,267
Fair Value | K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,123	2,123
Fair Value | Allredi, LLC (fka Marco Group International OpCo, LLC)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total		8,144
Fair Value | Suited Connector LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	5,986
Fair Value | Virtex Enterprises, LP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	6,294
Cost
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	34,429	27,204
Cost | EBL, LLC (EbLens)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total		9,332
Cost | US GreenFiber, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	5,222	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	2,368
Cost | Allredi, LLC (fka Marco Group International OpCo, LLC)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total		$ 10,281
Cost | Suited Connector LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	15,933
Cost | Virtex Enterprises, LP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 10,906

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Portfolio Company Investments - Schedule of Consolidated Schedule of Investments in and Advances to Affiliates (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance	[1],[2],[3],[4]	$ 860,329
Fair Value, ending balance		928,722	[5],[6],[7],[8]	$ 860,329	[1],[2],[3],[4]
Control Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments		5,226		14,576
Fair Value, beginning balance				2,151
Gross Additions		11,458		20,174
Gross Reductions		(11,458)		(22,325)
Net Realized Gain (Losses)		(11,458)		(158)
Net Change in Unrealized Appreciation (Depreciation)		11,083		(13,233)
Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments		34,602		34,602
Fair Value, beginning balance		101,590		137,284
Gross Additions		4,473		70,477
Gross Reductions		(9,132)		(106,171)
Fair Value, ending balance		96,931		101,590
Net Realized Gain (Losses)				39,833
Net Change in Unrealized Appreciation (Depreciation)		(4,602)		(35,979)
Interest Income		2,157		3,464
Payment-in-kind Interest Income				30
Dividend Income		520		725
Fee Income		55		457
EBL, LLC (EbLens) | Control Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments				9,350
Gross Additions		11,458		19,628
Gross Reductions		(11,458)		(19,628)
Net Realized Gain (Losses)		(11,458)
Net Change in Unrealized Appreciation (Depreciation)		11,083		(11,083)
Hilco Plastics Holdings, LLC (dba Hilco Technologies) | Control Investments
Investments in and Advances to Affiliates [Line Items]
Gross Additions				353
Gross Reductions				(353)
Net Realized Gain (Losses)				(352)
Mesa Line Services, LLC | Control Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance				2,151
Gross Additions				193
Gross Reductions				(2,344)
Net Realized Gain (Losses)				194
Net Change in Unrealized Appreciation (Depreciation)				(2,150)
US GreenFiber, LLC | Control Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments		5,226		5,226
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		23,168		22,405
Gross Additions		1,440		13,566
Gross Reductions				(12,803)
Fair Value, ending balance		24,608		23,168
Net Change in Unrealized Appreciation (Depreciation)		1,440		763
Interest Income		483		973
FAR Research Inc. | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance				28
Gross Reductions				(28)
Net Change in Unrealized Appreciation (Depreciation)				(28)
Medsurant Holdings, LLC | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance		2,540		3,662
Gross Additions		845
Gross Reductions		(73)		(1,122)
Fair Value, ending balance		3,312		2,540
Net Change in Unrealized Appreciation (Depreciation)		845		(1,122)
Mirage Trailers LLC | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance				10,675
Gross Additions				355
Gross Reductions				(11,030)
Net Realized Gain (Losses)				324
Net Change in Unrealized Appreciation (Depreciation)				(1,694)
Interest Income				248
Payment-in-kind Interest Income				29
Fee Income				132
Pfanstiehl, Inc | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Principal Amount - Debt Investments		10,000		10,000
Fair Value, beginning balance		51,992		57,639
Gross Additions		5		34,335
Gross Reductions		(4,812)		(39,982)
Fair Value, ending balance		47,185		51,992
Net Realized Gain (Losses)				24,330
Net Change in Unrealized Appreciation (Depreciation)		(4,811)		(15,432)
Interest Income		501		421
Dividend Income		348
Fee Income				150
Pinnergy, Ltd. | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance				21,178
Gross Additions				15,300
Gross Reductions				(36,478)
Net Realized Gain (Losses)				15,300
Net Change in Unrealized Appreciation (Depreciation)				(18,177)
Dividend Income				656
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		15,000
Fair Value, beginning balance		19,118		18,359
Gross Additions		1,511		5,487
Gross Reductions		(4,247)		(4,728)
Fair Value, ending balance		16,382		19,118
Net Realized Gain (Losses)				(121)
Net Change in Unrealized Appreciation (Depreciation)		(2,748)		(1,723)
Interest Income		1,173		1,822
Fee Income		55		175
Steward Holding LLC (dba Steward Advanced Materials) | Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Fair Value, beginning balance		4,772		3,338
Gross Additions		672		1,434
Fair Value, ending balance		5,444		4,772
Net Change in Unrealized Appreciation (Depreciation)		672		1,434
Payment-in-kind Interest Income				1
Dividend Income		$ 172		$ 69

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

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

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

[4] (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.

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

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

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

[8] (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.

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Fair Value Measurements - Schedule of Fair Value Measuruments of Investments by Major Class According to Fair Value Hierachy (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 966,372	$ 921,405
First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	521,928	456,105
Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	161,690	182,948
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	124,657	101,456
Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	117,744	117,741
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,703	2,079
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	37,650	61,076
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	37,917	61,386
Level 1 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	267	310
Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	37,650	61,076
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	928,455	860,019
Level 3 | First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	521,928	456,105
Level 3 | Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	161,690	182,948
Level 3 | Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	124,657	101,456
Level 3 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	117,477	117,431
Level 3 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 2,703	$ 2,079

XML

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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
19 and 10 Portfolio Company Investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of portfolio investments at fair value	35.10%	19.50%	35.10%	19.50%
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net change in unrealized appreciation (depreciation) on investments	$ (5,885,000)	$ (5,656,000)	$ (6,345,000)	$ (2,974,000)

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net change in unrealized appreciation (depreciation) on investments	$ (5,885)	$ (5,656)	$ (6,345)	$ (2,974)
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			860,019	718,767
Net realized gains (losses) on investments			(5,483)	25,176
Net change in unrealized appreciation (depreciation) on investments			1,914	(26,500)
Purchase of investments			147,348	160,098
Proceeds from sales and repayments of investments			(76,456)	(68,008)
Interest and dividend income paid-in-kind			1,872	914
Proceeds from loan origination fees			(1,762)	(1,023)
Accretion of loan origination fees			775	711
Accretion of original issue discount			228	60
Ending Balance	928,455	810,195	928,455	810,195
Subordinated Debt | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			101,456	36,064
Net change in unrealized appreciation (depreciation) on investments			(842)	54
Purchase of investments			23,682	32,471
Interest and dividend income paid-in-kind			812	139
Proceeds from loan origination fees			(508)	(239)
Accretion of loan origination fees			54	19
Accretion of original issue discount			3
Ending Balance	124,657	68,508	124,657	68,508
First Lien Debt | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			456,105	354,922
Net change in unrealized appreciation (depreciation) on investments			(76)	379
Purchase of investments			92,162	91,247
Proceeds from sales and repayments of investments			(26,264)	(14,312)
Interest and dividend income paid-in-kind			237	366
Proceeds from loan origination fees			(923)	(669)
Accretion of loan origination fees			653	606
Accretion of original issue discount			34	10
Ending Balance	521,928	432,549	521,928	432,549
Second Lien Debt | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			182,948	158,815
Net realized gains (losses) on investments			(9,333)
Net change in unrealized appreciation (depreciation) on investments			4,737	(3,862)
Purchase of investments			25,000	31,895
Proceeds from sales and repayments of investments			(42,413)	(18,731)
Interest and dividend income paid-in-kind			823	409
Proceeds from loan origination fees			(331)	(115)
Accretion of loan origination fees			68	86
Accretion of original issue discount			191	50
Ending Balance	161,690	168,547	161,690	168,547
Equity | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			117,431	165,762
Net realized gains (losses) on investments			3,850	25,176
Net change in unrealized appreciation (depreciation) on investments			(2,529)	(23,048)
Purchase of investments			6,504	4,485
Proceeds from sales and repayments of investments			(7,779)	(34,965)
Ending Balance	117,477	137,410	117,477	137,410
Warrant | Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance			2,079	3,204
Net change in unrealized appreciation (depreciation) on investments			624	(23)
Ending Balance	$ 2,703	$ 3,181	$ 2,703	$ 3,181

XML

Fair Value Measurements - Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 425,996	$ 368,817
Level 3 | Enterprise Value | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity Fair Value	110,580	111,808
Equity Investments, Warrants fair value	$ 2,568	$ 1,949
Level 3 | Enterprise Value | EBITDA Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	3.5	4
Equity investments, Warrants range	6	6
Level 3 | Enterprise Value | EBITDA Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	16	16.8
Equity investments, Warrants range	6	6
Level 3 | Enterprise Value | EBITDA Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	8.3	8.1
Equity investments, Warrants range	6	6
Level 3 | Enterprise Value | Revenue Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity Fair Value	$ 6,897	$ 5,623
Equity Investments, Warrants fair value	$ 135	$ 130
Level 3 | Enterprise Value | Revenue Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity Investments, Equity, Range	0.9	0.9
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	7.5	7.8
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	5.8	6.4
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	$ 124,657	$ 97,706
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	0.092	0.10
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	0.188	0.152
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	0.126	0.125
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	$ 508,153	$ 441,830
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	0.098	0.089
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	0.246	0.219
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	0.159	0.155
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
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
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
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 2,775
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	4.3
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	4.3
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	4.3
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value		$ 3,275
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range		4.3
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range		4.3
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range		4.3
Level 3 | Second Lien Debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 53,000	$ 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	$ 159,567	$ 180,825
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	0.113	0.117
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	0.25	0.25
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	0.151	0.145
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Fair Value	$ 2,123	$ 2,123
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.8	0.8
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.8	0.8
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range	0.8	0.8
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range		5
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range		5
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt Investments, Range		5

XML

Fair Value Measurements - Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt investments	$ 425,996	$ 368,817
Level 3 | Second Lien Debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt investments	$ 53,000	$ 18,000

XML

Fair Value Measurements - Summary of Carrying Value and Fair Value of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt obligations carrying value	$ 462,000	$ 403,000
Debt obligations fair value	425,996	368,817
SBA Debentures
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt obligations carrying value	182,000	153,000
Debt obligations fair value	182,000	153,000
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	111,013	111,854
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	102,983	103,963
Credit Facility Borrowings
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt obligations carrying value	30,000	0
Debt obligations fair value	$ 30,000	$ 0

XML

Fair Value Measurements - Summary of Carrying Value and Fair Value of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Secured Borrowings	$ 16,552	$ 16,880

XML

Fair Value Measurements - Summary of Inputs Used to Value Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	$ 425,996	$ 368,817
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	$ 425,996	$ 368,817

XML

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Base management fee payable	$ 3,979		$ 3,979		$ 3,769
Base management fee waiver	72	$ 76	144	$ 152
Income incentive fee	3,834	1,183	7,481	2,236
Income Incentive fee payable	3,834		$ 3,834		3,035
Percentage of net capital gains			20.00%
Capital gains incentive fee payable	0		$ 0		7,556
Aggregate amount of capital gains incentive fees			$ 14,040
Percentage of capital gains incentive fee accrued			20.00%
Capital gains incentive fee accrued (reversed).	(1,174)	(605)	$ (1,021)	(335)
Accrued capital gains incentive fee payable	14,083		$ 14,083		22,659
Investment Advisory Agreement
Related Party Transaction [Line Items]
Management fees annual rate			1.75%
Base management fee	4,051	3,618	$ 7,905	6,961
Base management fee payable	3,979		3,979		3,769
Base management fee waiver	72	76	$ 144	152
Pre-incentive fee fixed hurdle rate			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	618	$ 510	$ 1,091	$ 932
Accrued administrative service expense payable	$ 419		$ 419		$ 700

XML

Debt - Additional Information (Details) - USD ($) $ in Thousands						3 Months Ended	6 Months Ended		12 Months Ended
	Aug. 17, 2022	Oct. 08, 2021	Dec. 23, 2020	Jun. 26, 2020	Apr. 24, 2019	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument asset coverage percentage							263.00%		280.00%
Aggregate principal amount							$ 182,000		$ 153,000
Weighted average interest rate							4.45%	3.753%
Offering expenses							$ 9,437		9,776
Loss on extinguishment of debt						$ (198)		$ (198)
Secured borrowings							16,552		16,880
Aggregate amount of outstanding of senior securities							296,552		266,880
Fair value of loans included in investments							$ 16,544		16,875
Credit facility, interest rate per annum							0.655%	1.375%
SBA Debentures
Debt Instrument [Line Items]
Weighted average interest rate							3.905%	2.846%
Offering expenses							$ 4,885		4,524
Prepayment of debentures							$ 0	$ 20,000
Debt instrument, maturity year range, start							2025	2025
Debt instrument, maturity year range, end							2028	2028
Loss on extinguishment of debt							$ 0	$ (198)
Debt instrument term							10 years
Interest rate payment term							semi-annually on March 1 and September 1
Unused commitments amount							$ 8,000		$ 37,000
Secured Borrowings
Debt Instrument [Line Items]
Weighted average interest rate							9.101%	5.119%	7.80%
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			$ 122,134
Underwriting discounts			$ 2,500
Percentage of public offering price			100.00%
Offering expenses			$ 366
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 before October 31, 2025 (the date falling 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		$ 122,177
Underwriting discounts		$ 2,500
Percentage of public offering price		99.996%
Offering expenses		$ 318
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 before August 15, 2026 (the date falling 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.
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%

XML

Debt - Summary of Issued and Outstanding SBA Debentures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total outstanding SBA debentures	$ 182,000	$ 153,000
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	1,500
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
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	43,500
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	17,500
5.439% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.439%
Total outstanding SBA debentures	$ 4,000	4,000
5.341% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.341%
Total outstanding SBA debentures	$ 3,000	3,000
5.341% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.341%
Total outstanding SBA debentures	$ 3,000	3,000
5.439% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.439%
Total outstanding SBA debentures	$ 5,000	5,000
5.439% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.439%
Total outstanding SBA debentures	$ 5,000	5,000
5.341% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.341%
Total outstanding SBA debentures	$ 7,000	$ 7,000
5.341% Fixed Interest Rate
Debt Instrument [Line Items]
Pooling Date	Mar. 22, 2023
Maturity Date	Mar. 01, 2033
Fixed Interest Rate	5.341%
Total outstanding SBA debentures	$ 4,000
6.047% Fixed Interest Rate | SBA Debentures
Debt Instrument [Line Items]
Total outstanding SBA debentures	8,000
5.983% Fixed Interest Rate | SBA Debentures
Debt Instrument [Line Items]
Total outstanding SBA debentures	12,000
5.988% Fixed Interest Rate | SBA Debentures
Debt Instrument [Line Items]
Total outstanding SBA debentures	$ 5,000

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Debt - Summary of Issued and Outstanding SBA Debentures (Parenthetical) (Details) - SBA Debentures - Forecast $ in Thousands	Sep. 30, 2023 USD ($)
6.047% Fixed Interest Rate
Debt Instrument [Line Items]
Debt instrument issued amount	$ 8,000
Debt instrument interim interest rate	6.047%
5.983% Fixed Interest Rate
Debt Instrument [Line Items]
Debt instrument issued amount	$ 12,000
Debt instrument interim interest rate	5.983%
5.988% Fixed Interest Rate
Debt Instrument [Line Items]
Debt instrument issued amount	$ 5,000
Debt instrument interim interest rate	5.988%

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Debt - Summary of Interest and Fees Related to Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Stated interest expense	$ 5,062	$ 4,105	$ 9,731	$ 7,993
Amortization of deferred financing costs	529	534	1,045	1,058
Total interest and financing expenses	$ 5,591	$ 4,639	$ 10,776	$ 9,051
Weighted average stated interest rate, period end	4.45%	3.753%	4.45%	3.753%
Unused commitment fee rate, period end			0.655%	1.375%
SBA Debentures
Debt Instrument [Line Items]
Stated interest expense	$ 1,547	$ 911	$ 2,919	$ 1,650
Amortization of deferred financing costs	177	144	345	282
Total interest and financing expenses	$ 1,724	$ 1,055	$ 3,264	$ 1,932
Weighted average stated interest rate, period end	3.905%	2.846%	3.905%	2.846%
Credit Facility
Debt Instrument [Line Items]
Stated interest expense	$ 525	$ 387	$ 855	$ 750
Amortization of deferred financing costs	74	113	147	225
Total interest and financing expenses	$ 599	500	$ 1,002	$ 975
Weighted average stated interest rate, period end	7.891%		7.891%
Unused commitment fee rate, period end			0.655%	1.375%
Secured Borrowings
Debt Instrument [Line Items]
Stated interest expense	$ 412	229	$ 801	$ 437
Total interest and financing expenses	$ 412	$ 229	$ 801	$ 437
Weighted average stated interest rate, period end	9.101%	5.119%	9.101%	5.119%	7.80%
Notes
Debt Instrument [Line Items]
Stated interest expense	$ 2,578	$ 2,578	$ 5,156	$ 5,156
Amortization of deferred financing costs	278	277	553	551
Total interest and financing expenses	$ 2,856	$ 2,855	$ 5,709	$ 5,707
Weighted average stated interest rate, period end	4.125%	4.125%	4.125%	4.125%

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Debt - Summary of Deferred Financing Costs Amortized into Interest and Financing Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
SBA debenture commitment fees	$ 3,000	$ 3,000
SBA debenture leverage fees	7,095	6,389
Credit Facility upfront fees	4,417	4,417
Notes underwriting discounts	5,005	5,005
Notes debt issue costs	685	685
Total deferred financing costs	20,202	19,496
Less: accumulated amortization	(10,765)	(9,720)
Unamortized deferred financing costs	9,437	9,776
SBA Debentures
Line of Credit Facility [Line Items]
SBA debenture commitment fees	3,000	3,000
SBA debenture leverage fees	7,095	6,389
Total deferred financing costs	10,095	9,389
Less: accumulated amortization	(5,210)	(4,865)
Unamortized deferred financing costs	4,885	4,524
Credit Facility
Line of Credit Facility [Line Items]
Credit Facility upfront fees	4,417	4,417
Total deferred financing costs	4,417	4,417
Less: accumulated amortization	(3,185)	(3,037)
Unamortized deferred financing costs	1,232	1,380
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	(2,370)	(1,818)
Unamortized deferred financing costs	$ 3,320	$ 3,872

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Debt - Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding debt	$ 462,000	$ 403,000
Less: unamortized deferred financing costs	(9,437)	(9,776)
Deferred Financing Costs Excluding Secured Borrowings, Total	452,563	393,224
SBA Debentures
Debt Instrument [Line Items]
Outstanding debt	182,000	153,000
Less: unamortized deferred financing costs	(4,885)	(4,524)
Deferred Financing Costs Excluding Secured Borrowings, Total	177,115	148,476
Credit Facility
Debt Instrument [Line Items]
Outstanding debt	30,000
Less: unamortized deferred financing costs	(1,232)	(1,380)
Debt, net of deferred financing costs	(28,768)	(1,380)
Notes
Debt Instrument [Line Items]
Outstanding debt	250,000	250,000
Less: unamortized deferred financing costs	(3,320)	(3,872)
Deferred Financing Costs Excluding Secured Borrowings, Total	$ 246,680	$ 246,128

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Debt - Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Secured Borrowings	$ 16,552	$ 16,880

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Debt - Scheduled to Mature Debt Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
2025	$ 1,500
2026	271,052
2027	64,000
Thereafter	142,000
Total	478,552
SBA Debentures
Debt Instrument [Line Items]
2025	1,500
2026	4,500
2027	34,000
Thereafter	142,000
Total	182,000
Credit Facility
Debt Instrument [Line Items]
2027	30,000
Total	30,000
Secured Borrowings
Debt Instrument [Line Items]
2026	16,552
Total	16,552
Notes
Debt Instrument [Line Items]
2026	250,000
Total	$ 250,000

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Debt - Scheduled to Mature Debt Liabilities (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Credit facility maturity date	Aug. 17, 2027

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Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments outstanding to fund various undrawn revolving loans, other debt investments and capital commitments.	$ 12,301	$ 16,915

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Commitments and Contingencies - Summary Of Outstanding Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Total Commitment	$ 18,676	$ 24,651
Unfunded Commitment	12,301	16,915
Acendre Midco, Inc. - Revolving Loan
Loss Contingencies [Line Items]
Total Commitment	1,000	1,000
Unfunded Commitment	1,000	1,000
American Allwaste Llc Dba Waste water Transport Services First Lien Debt [Member]
Loss Contingencies [Line Items]
Total Commitment	2,500
Unfunded Commitment	2,225
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - 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	162	162
EBL, LLC (EbLens) - Common Equity (Units)
Loss Contingencies [Line Items]
Total Commitment		375
Unfunded Commitment		375
Elements Brands, LLC - Revolving Loan
Loss Contingencies [Line Items]
Total Commitment	1,500	1,500
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out)
Loss Contingencies [Line Items]
Total Commitment	300	300
Unfunded Commitment	300	300
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out)
Loss Contingencies [Line Items]
Total Commitment	3,000	3,000
Unfunded Commitment	3,000	3,000
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - First Lien Debt
Loss Contingencies [Line Items]
Total Commitment	2,489	2,489
Unfunded Commitment	1,727	2,489
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Senior Subordinated Debt
Loss Contingencies [Line Items]
Total Commitment	417	417
Unfunded Commitment	417	417
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Common Equity
Loss Contingencies [Line Items]
Total Commitment	70	70
Unfunded Commitment	70	70
Tedia Company, LLC - Revolving Loan
Loss Contingencies [Line Items]
Total Commitment	2,400	4,000
Unfunded Commitment	$ 2,400	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		$ 2,702

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Common Stock - Summary of Common Stock (Details) $ / shares in Units, $ in Thousands	145 Months Ended
	Jun. 30, 2023 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	145 Months Ended
	Jun. 30, 2023 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			6 Months Ended		145 Months Ended
	May 02, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Nov. 10, 2022
Class of Stock [Line Items]
Maximum common stock can be purchased under repurchase program		$ 5,000,000			$ 5,000,000		$ 5,000,000
DRIP Shares	18,061				30,836
Common Stock, Shares, Outstanding		25,265,808			25,265,808		25,265,808	24,727,788
Proceeds receivable from stock offering		$ 895,000			$ 895,000		$ 895,000
At-the-Market Offering Program
Class of Stock [Line Items]
Weighted-average price							$ 20.32
Gross proceeds received							$ 16,203,000
Net proceeds from common stock under ATM program							15,960,000
Common Stock
Class of Stock [Line Items]
Number of Shares Sold		246,574	260,610
Maximum aggregate offering price of common stock under at-the-market program									$ 50,000,000
Maximum common stock can be purchased under repurchase program		$ 5,000,000			$ 5,000,000		$ 5,000,000
Number of shares repurchased under repurchase program		0		0	0	0
Available under ATM program					$ 33,797,000
DRIP Shares		30,836		0	30,836	0
Common Stock | At-the-Market Offering Program
Class of Stock [Line Items]
Number of Shares Sold							797,572

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Common Stock - Summary of Equity ATM Program (Details) - Common Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023
Class of Stock [Line Items]
Number of Shares	246,574	260,610
Raymond James And Associates Inc And B. Riley Securities Inc
Class of Stock [Line Items]
Number of Shares	246,574	260,610	507,184
Average Offering Price	$ 19.93	$ 20.68	$ 20.31
Gross Proceeds	$ 4,914	$ 5,389	$ 10,303
Underwriting Fees and Commissions	74	81	155
Net proceeds	$ 4,840	$ 5,308	$ 10,148

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Dividends and Distributions - Summary of Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands												3 Months Ended	6 Months Ended	12 Months Ended
	May 02, 2023	Feb. 15, 2023	Nov. 03, 2022	Oct. 03, 2022	Aug. 01, 2022	May 02, 2022	Feb. 15, 2022	Nov. 01, 2021	Aug. 02, 2021	May 03, 2021	Feb. 09, 2021	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends Payable [Line Items]
Record Date	Jun. 21, 2023	Mar. 22, 2023				Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021
Payment Date	Jun. 28, 2023	Mar. 29, 2023				Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021
Amount Per Share	$ 0.41	$ 0.41				$ 0.36	$ 0.36	$ 0.32	$ 0.32	$ 0.31	$ 0.31	$ 1.36	$ 1.36	$ 2	$ 1.6
Total Distribution	$ 10,340	$ 10,245				$ 8,797	$ 8,797	$ 7,820	$ 7,820	$ 7,576	$ 7,575		$ 34,146	$ 49,052	$ 39,100
Cash Distribution	9,987	$ 10,245				$ 8,797	$ 8,797	$ 7,820	$ 7,820	$ 7,576	$ 7,575		33,543	$ 49,052	$ 39,100
DRIP Shares Value	$ 353											$ 604	$ 603
DRIP Shares	18,061												30,836
DRIP Share Issue Price	$ 19.56
Special Dividend
Dividends Payable [Line Items]
Record Date	Jun. 21, 2023	Mar. 22, 2023	Dec. 02, 2022					Dec. 03, 2021	Sep. 14, 2021
Payment Date	Jun. 28, 2023		Dec. 16, 2022					Dec. 17, 2021	Sep. 28, 2021
Amount Per Share	$ 0.1	$ 0.1	$ 0.1					$ 0.05	$ 0.04
Total Distribution	$ 2,522	$ 2,499	$ 2,473					$ 1,222	$ 977
Cash Distribution	2,436	$ 2,499	$ 2,473					$ 1,222	$ 977
DRIP Shares Value	$ 86
DRIP Shares	4,405
DRIP Share Issue Price	$ 19.56
Supplemental Dividend
Dividends Payable [Line Items]
Record Date	Jun. 21, 2023	Mar. 22, 2023	Dec. 02, 2022			Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021
Payment Date	Jun. 28, 2023	Mar. 29, 2023	Dec. 16, 2022			Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021
Amount Per Share	$ 0.19	$ 0.15	$ 0.08			$ 0.07	$ 0.17	$ 0.04	$ 0.06	$ 0.08	$ 0.07
Total Distribution	$ 4,792	$ 3,748	$ 1,978			$ 1,712	$ 4,154	$ 978	$ 1,466	$ 1,955	$ 1,711
Cash Distribution	4,628	$ 3,748		$ 1,978		$ 1,712	$ 4,154	$ 978	$ 1,466	$ 1,955	$ 1,711
DRIP Shares Value	$ 164
DRIP Shares	8,370
DRIP Share Issue Price	$ 19.56
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
Total Distribution					$ 8,902
Cash Distribution					$ 8,902
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
Total Distribution					$ 1,731
Cash Distribution					$ 1,731

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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									6 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends Payable [Line Items]
Number of Shares Purchased and Reissued	25,512	23,026	21,114	20,233	20,380	18,283	18,201	17,042	15,562	25,512	84,753	69,088
Average Price Paid Per Share	$ 19.22	$ 18.99	$ 17.08	$ 17.89	$ 20.51	$ 17.42	$ 17.82	$ 17.2	$ 15.62	$ 19.22	$ 18.61	$ 17.05
Total Amount Paid	$ 490	$ 437	$ 360	$ 362	$ 418	$ 318	$ 324	$ 293	$ 243	$ 490	$ 1,577	$ 1,178

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Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Company, Financial Highlights [Line Items]
Net asset value at beginning of period				$ 19.43	$ 19.96
Net investment income	[1]			1.26	0.87
Net realized gain (loss) on investments, net of tax (provision)	[1]			(0.28)	1.03
Net unrealized appreciation (depreciation) on investments	[1]			0.08	(1.09)
Realized losses on extinguishment of debt	[1]				(0.01)
Total increase from investment operations	[1]			1.06	0.8
Accretive (dilutive) effect of share issuances and repurchases				0.01
Dividends to stockholders				(1.36)	(0.96)
Other	[2]			(0.01)
Net asset value at end of period		$ 19.13	$ 19.8	19.13	19.8
Market value at end of period		$ 19.6	$ 17.45	$ 19.6	$ 17.45
Shares outstanding at end of period		25,265,808	24,437,400	25,265,808	24,437,400
Weighted average number of shares outstanding - basic		25,028,268	24,437,400	24,916,729	24,437,400
Weighted average number of shares outstanding - diluted		25,028,268	24,437,400	24,916,729	24,437,400
Net assets at end of period		$ 483,348	$ 483,975	$ 483,348	$ 483,975
Average net assets	[3]	$ 482,779	$ 486,080	$ 482,779	$ 486,080
Total expenses	[4],[5],[6]			12.00%	8.40%
Net investment income	[7]			13.10%	8.80%
Total return based on market value	[8]			9.40%	2.30%
Total return based on net asset value	[9]			5.50%	4.00%
Portfolio turnover ratio	[10]			17.00%	17.40%
Average debt outstanding	[11]			$ 448,355	$ 388,781
Average debt per share	[1]			$ 17.99	$ 15.91

[1] Weighted average per share data.

[2] 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

[3] 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.

[4] Annualized with the exception of income tax (provision) benefit from realized gains on investments.

[5] The following are schedules of supplemental expense ratios to average net assets:

[6] 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.

[7] The net investment income to average net assets ratio is annualized and calculated using the net investment income caption as presented on the consolidated statements of operations, which includes incentive fee.

[8] 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.

[9] 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

[10] Annualized.

[11] 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

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Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details)		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Investment Company, Financial Highlights [Abstract]
Expenses other than incentive fee	[1]	9.30%	7.60%
Incentive fee	[2]	2.70%	0.80%
Total expenses	[1],[3],[4]	12.00%	8.40%
Total expenses, before base management fee waiver	[1]	12.00%	8.50%
Base management fee waiver	[2]	0.00%	(0.10%)

[1] Annualized with the exception of income tax (provision) benefit from realized gains on investments.

[2] Annualized.

[3] The following are schedules of supplemental expense ratios to average net assets:

[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.

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Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands												1 Months Ended	3 Months Ended			145 Months Ended
	Jul. 31, 2023	Jul. 21, 2023	May 02, 2023	Feb. 15, 2023	Nov. 03, 2022	May 02, 2022	Feb. 15, 2022	Nov. 01, 2021	Aug. 02, 2021	May 03, 2021	Feb. 09, 2021	Aug. 02, 2023	Jun. 30, 2023		Mar. 31, 2023	Jun. 30, 2023		Jul. 19, 2023	Dec. 31, 2022		Dec. 31, 2021
Subsequent Event [Line Items]
Investments at cost													$ 895,168	[1],[2],[3]		$ 895,168	[1],[2],[3]		$ 828,693	[4],[5],[6]
Dividends to stockholders			$ 0.41	$ 0.41		$ 0.36	$ 0.36	$ 0.32	$ 0.32	$ 0.31	$ 0.31		$ 1.36			$ 1.36			$ 2		$ 1.6
Dividend payable date			Jun. 28, 2023	Mar. 29, 2023		Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021
Dividend record date			Jun. 21, 2023	Mar. 22, 2023		Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021
Subsequent Events
Subsequent Event [Line Items]
Dividend declared date	Jul. 31, 2023
Dividend payable date	Sep. 27, 2023
Dividend record date	Sep. 20, 2023
Common Stock
Subsequent Event [Line Items]
Number of Shares Sold													246,574		260,610
DealerBuilt Acquisition, LLC | First Lien Debt, Subordinated Debt, Common Equity and Preferred Equity | Subsequent Events
Subsequent Event [Line Items]
Investment acquisition date		Jul. 21, 2023
Investments at cost		$ 19,000
Quarterly Dividend | Subsequent Events
Subsequent Event [Line Items]
Dividends to stockholders	$ 0.41
Supplemental Dividend
Subsequent Event [Line Items]
Dividends to stockholders			$ 0.19	$ 0.15	$ 0.08	$ 0.07	$ 0.17	$ 0.04	$ 0.06	$ 0.08	$ 0.07
Dividend payable date			Jun. 28, 2023	Mar. 29, 2023	Dec. 16, 2022	Jun. 24, 2022	Mar. 25, 2022	Dec. 17, 2021	Sep. 28, 2021	Jun. 28, 2021	Mar. 26, 2021
Dividend record date			Jun. 21, 2023	Mar. 22, 2023	Dec. 02, 2022	Jun. 10, 2022	Mar. 11, 2022	Dec. 03, 2021	Sep. 14, 2021	Jun. 14, 2021	Mar. 12, 2021
Supplemental Dividend | Subsequent Events
Subsequent Event [Line Items]
Dividends to stockholders	0.21
Special Dividend
Subsequent Event [Line Items]
Dividends to stockholders			$ 0.1	$ 0.1	$ 0.1			$ 0.05	$ 0.04
Dividend payable date			Jun. 28, 2023		Dec. 16, 2022			Dec. 17, 2021	Sep. 28, 2021
Dividend record date			Jun. 21, 2023	Mar. 22, 2023	Dec. 02, 2022			Dec. 03, 2021	Sep. 14, 2021
Special Dividend | Subsequent Events
Subsequent Event [Line Items]
Dividends to stockholders	$ 0.1
At-the-Market Offering Program
Subsequent Event [Line Items]
Gross Proceeds																$ 16,203
Net proceeds																$ 15,960
At-the-Market Offering Program | Subsequent Events
Subsequent Event [Line Items]
Gross Proceeds												$ 990
Net proceeds												$ 976
At-the-Market Offering Program | Common Stock
Subsequent Event [Line Items]
Number of Shares Sold																797,572
At-the-Market Offering Program | Common Stock | Subsequent Events
Subsequent Event [Line Items]
Number of Shares Sold												50,264
SBA Debentures | 6.035% Fixed Interest Rate | Subsequent Events
Subsequent Event [Line Items]
Debt instrument issued amount																		$ 8,000
Debt instrument interim interest rate																		6.035%

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

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

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

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

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

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