XML 43 R32.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Schedule of Investments In and Advances to Affiliates (Tables)
6 Months Ended
Jun. 30, 2024
Investments in and Advances to Affiliates [Abstract]  
Schedule of Investments in and Advances to Affiliates, Schedule of Investments
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2023 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
June 30,
2024 Fair Value (13)
Control Investments
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)$— $— $— $568 $— $— $568 
GRT Rubber Technologies LLC11.48%SF+6.00%Secured Debt (12)(8)— 76 1,182 368 — 1,550 
13.48%SF+8.00%Secured Debt(8)— (25)1,383 19,944 25 25 19,944 
Member Units(8)— — 41 21,890 — 21,889 
Harris Preston Fund InvestmentsLP Interests (2717 MH, L.P.)(8)57 2,941 278 6,050 2,998 57 8,991 
Volusion, LLC10.00%Secured Debt(8)— — 46 900 — — 900 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 798 — 3,110 799 909 3,000 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
— — — — — — — 
Total Control Investments$57 $3,719 $1,824 $53,644 $4,190 $992 $56,842 
Affiliate Investments
Analytical Systems Keco Holdings, LLC15.38%SF+10.00%Secured Debt (12)(8)— — 54 — 55 
15.38%SF+10.00%Secured Debt(8)— — 87 1,020 10 49 981 
14.13%Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 190 — 1,210 190 — 1,400 
Warrants(8)— — — — — — — 
Barfly Ventures, LLCMember Units(5)— 193 — 1,380 193 — 1,573 
Batjer TopCo, LLC10.00%Secured Debt (12)(8)— (1)— 50 49 
10.00%Secured Debt (12)(8)— — 30 — — 30 
10.00%Secured Debt(8)— (15)62 1,175 15 1,162 
Preferred Stock(8)— (50)45 680 — 50 630 
Brewer Crane Holdings, LLC15.48%SF+10.00%Secured Debt(9)— — 107 1,374 62 1,316 
Preferred Member Units(9)— (70)15 1,400 — 70 1,330 
Centre Technologies Holdings, LLCSF+10.00%Secured Debt (12)(8)— — — — — — 
15.48%SF+10.00%Secured Debt(8)— 58 344 — 5,494 378 5,116 
Secured Debt(8)— (29)84 4,394 — 4,394 — 
Preferred Member Units(8)— 120 15 2,760 120 — 2,880 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (11)12 — 11 11 — 
13.49%SF+8.00%Secured Debt(8)— — 267 3,905 — — 3,905 
Member Units(8)— 180 849 7,330 180 — 7,510 
Member Units(8)— 72 12 715 74 788 
Charps, LLCPreferred Member Units(5)— (20)39 3,920 — 20 3,900 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — — — — — — 
11.50%Secured Debt(5)— — 127 2,103 — 155 1,948 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2023 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
June 30,
2024 Fair Value (13)
10.00%Secured Debt(5)— — 13 251 — 246 
Member Units(5)— 250 105 1,300 250 — 1,550 
Member Units(5)— (45)— 282 — 45 237 
Cody Pools, Inc.Secured Debt (12)(8)— — 236 236 — 
12.50%Secured Debt(8)— (4)443 7,111 234 6,881 
Preferred Member Units(8)— 500 377 18,120 501 — 18,621 
Colonial Electric Company LLCSecured Debt (12)(6)— — — — — — 
12.00%Secured Debt(6)— 82 326 5,407 106 978 4,535 
Preferred Member Units(6)— (360)360 600 — 600 — 
Preferred Member Units(6)— 1,020 139 1,920 1,020 — 2,940 
Compass Systems & Sales, LLC13.50%Secured Debt(5)— — — 388 — 388 
13.50%Secured Debt(5)— — 306 4,175 13 — 4,188 
Preferred Equity(5)— 117 30 1,863 117 — 1,980 
Datacom, LLC7.50%Secured Debt(8)— — 49 25 45 29 
10.00%Secured Debt(8)— — 57 844 11 15 840 
Preferred Member Units(8)— 10 — 10 10 — 20 
Digital Products Holdings LLC15.38%SF+10.00%Secured Debt(5)— — 279 3,673 363 3,318 
Preferred Member Units(5)— — 25 2,459 — 2,460 
Direct Marketing Solutions, Inc.Secured Debt(9)— (1)217 226 443 — 
14.00%Secured Debt(9)— (7)354 5,002 174 4,835 
Preferred Stock(9)— (280)— 5,180 — 280 4,900 
Flame King Holdings, LLCPreferred Equity(9)— 1,970 393 6,970 1,970 — 8,940 
Freeport Financial FundsLP Interests (Freeport First Lien Loan Fund III LP) (12)(5)— — 255 3,705 — 1,109 2,596 
Gamber-Johnson Holdings, LLCSF+7.50%Secured Debt (12)(5)— — — — — — 
10.50%SF+7.50%Secured Debt(5)— (37)713 13,520 37 1,237 12,320 
Member Units(5)— 2,460 751 24,180 2,460 — 26,640 
GFG Group, LLC8.00%Secured Debt(5)— (7)102 2,336 2,336 
Preferred Member Units(5)— (410)195 2,870 — 410 2,460 
Gulf Publishing Holdings, LLCSF+9.50%Secured Debt (12)(8)— — — — — — — 
12.50%12.50%Secured Debt(8)— (84)19 571 — 84 487 
Preferred Equity(8)— (620)— 620 — 620 — 
Member Units(8)— — — — — — — 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 97 — 4,225 97 — 4,322 
IG Investor, LLCSecured Debt (12)(6)— — (27)— (24)
13.00%Secured Debt(6)— — 634 9,069 33 221 8,881 
Common Equity(6)— — — 3,600 — — 3,600 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— 150 — 6,320 150 — 6,470 
Integral Energy Services13.06%SF+7.50%Secured Debt(8)— 388 1,113 16,232 442 1,835 14,839 
10.00%10.00%Preferred Equity(8)— 153 17 350 170 — 520 
Common Stock(8)— 450 25 190 450 — 640 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 294 4,933 601 4,337 
9.00%Secured Debt(5)— — 44 951 41 987 
Preferred Equity(5)— 560 — 2,420 560 — 2,980 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2023 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
June 30,
2024 Fair Value (13)
Member Units(5)— (60)16 683 — 60 623 
MH Corbin Holding LLC14.00%Secured Debt(5)— — 92 1,256 — 40 1,216 
Preferred Member Units(5)— — — 80 — — 80 
Preferred Member Units(5)— — — — — — — 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — — — — — 
10.00%Secured Debt(6)— 73 1,436 — — 1,436 
Common Stock(6)— (68)481 6,598 — 68 6,530 
Nello Industries Investco, LLC11.88%SF+6.50%Secured Debt (12)(5)— — 22 — 2,729 — 2,729 
13.50%Secured Debt(5)— — 66 — 6,017 — 6,017 
Common Equity(5)— — — — 3,030 — 3,030 
NexRev LLC10.00%Secured Debt (12)(8)— — 11 — 400 — 400 
10.00%Secured Debt(8)— 10 132 2,435 18 — 2,453 
Preferred Member Units(8)— 457 118 1,590 460 — 2,050 
NuStep, LLC11.98%SF+6.50%Secured Debt(5)— — 55 899 — — 899 
12.00%Secured Debt(5)— — 281 4,606 — 4,608 
Preferred Member Units(5)— 240 — 2,310 240 — 2,550 
Preferred Member Units(5)— — — 1,290 — — 1,290 
Oneliance, LLC15.48%SF+10.00%Secured Debt(7)— 18 111 1,339 21 60 1,300 
Preferred Stock(7)— 128 — 282 128 — 410 
Orttech Holdings, LLCSF+11.00%Secured Debt (12)(5)— — — — — — — 
16.48%SF+11.00%Secured Debt(5)— (11)469 5,510 11 31 5,490 
Preferred Stock(5)— (490)66 4,260 — 490 3,770 
Pinnacle TopCo, LLCSecured Debt (12)(8)— — 105 115 (9)
13.00%Secured Debt(8)— — 522 7,472 18 — 7,490 
Preferred Equity(8)— 705 213 3,135 705 — 3,840 
Robbins Bros. Jewelry, Inc.10.00%Secured Debt(9)— — (6)— (5)
12.50%10.00%Secured Debt(9)— (1,444)123 3,421 1,494 1,932 
Preferred Equity(9)— — — — — — — 
SI East, LLC11.75%Secured Debt (12)(7)— 39 375 750 375 750 
Secured Debt(7)— (161)947 18,179 — 18,179 — 
12.62%Secured Debt(7)— 24 483 — 22,554 — 22,554 
Preferred Member Units(7)— (500)619 6,390 — 500 5,890 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— (1,717)— 3,543 — 1,717 1,826 
Preferred Equity(6)— — — — — — — 
Tedder Industries, LLC12.00%12.00%Secured Debt(9)— — 14 432 — — 432 
12.00%12.00%Secured Debt(9)— (2,401)115 3,565 — 2,401 1,164 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— — — — — — 
13.50%Secured Debt(7)— 17 133 1,980 — — 1,980 
Common Stock(7)— (740)15 3,180 — 740 2,440 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2023 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
June 30,
2024 Fair Value (13)
VVS Holdco LLCSF+6.00%Secured Debt (12)(5)— — — — — — 
11.50%Secured Debt(5)— — 429 6,926 26 290 6,662 
Preferred Equity(5)— — 51 3,060 — — 3,060 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
— — — — — — — 
Total Affiliate investments$— $984 $15,171 $291,279 $52,793 $41,313 $302,759 
_________________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2024 for affiliate investments located in this region was $118,468. This represented 19.0% of net assets as of June 30, 2024.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2024 for affiliate investments located in this region was $36,194. This represented 5.8% of net assets as of June 30, 2024.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2024 for affiliate investments located in this region was $35,324. This represented 5.7% of net assets as of June 30, 2024.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2024 for control investments located in this region was $56,274. This represented 9.0% of net assets as of June 30, 2024. The fair value as of June 30, 2024 for affiliate investments located in this region was $87,929. This represented 14.1% of net assets as of June 30, 2024.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of June 30, 2024 for control investments located in this region was $568. This represented 0.1% of net assets as of June 30, 2024. The fair value as of June 30, 2024 for affiliate investments located in this region was $24,844. This represented 4.0% of net assets as of June 30, 2024.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of June 30, 2024 (see Note I). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2022 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
June 30,
2023 Fair Value (13)
Control Investments
GRT Rubber Technologies LLC11.17%L+6.00%Secured Debt (12)(8)$— $$31 $330 $310 $— $640 
13.17%L+8.00%Secured Debt(8)— (24)1,304 19,943 26 25 19,944 
Member Units(8)— — 41 21,890 — — 21,890 
Harris Preston Fund InvestmentsLP Interests (2717 MH, L.P.)(8)1,677 (675)141 7,552 2,077 3,283 6,346 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 588 — — 588 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
— — — — — — — 
Total Control Investments$1,677 $(698)$1,517 $50,303 $2,413 $3,308 $49,408 
Affiliate Investments
AFG Capital Group, LLCPreferred Member Units(8)$1,800 $(2,050)$— $2,350 $1,800 $4,150 $— 
Analytical Systems Keco Holdings, LLCL+10.00%Secured Debt(8)— — — (2)— — (2)
15.25%L+10.00%Secured Debt(8)— — 95 1,135 10 35 1,110 
14.13%Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 140 — 880 140 — 1,020 
Warrants(8)— — — — — — — 
ATX Networks Corp.L+7.50%Secured Debt(6)— (102)856 6,368 545 6,913 — 
Unsecured Debt(6)— (276)1,135 2,614 1,135 3,749 — 
Common Stock(6)3,178 (3,290)— 3,290 3,178 6,468 — 
Barfly Ventures, LLCMember Units(5)— (93)— 1,107 — 94 1,013 
Batjer TopCo, LLCSecured Debt (12)(8)— — (1)— — 
10.00%Secured Debt(8)— 17 66 1,205 20 50 1,175 
Preferred Stock(8)— 225 64 455 225 — 680 
Brewer Crane Holdings, LLC15.17%L+10.00%Secured Debt(9)— (16)107 1,491 — 78 1,413 
Preferred Member Units(9)— (180)15 1,770 — 180 1,590 
Centre Technologies Holdings, LLCL+9.00%Secured Debt (12)(8)— — — — — — 
14.25%L+9.00%Secured Debt(8)— 22 266 3,731 27 — 3,758 
Preferred Member Units(8)— 430 15 2,170 430 — 2,600 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— 19 — — — — 
13.36%SF+8.00%Secured Debt(8)— (4)275 4,236 138 4,102 
Member Units(8)— 262 373 5,728 262 — 5,990 
Member Units(8)— 30 12 678 30 — 708 
Charps, LLCPreferred Member Units(5)— 120 62 3,330 120 — 3,450 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — — — — — — 
11.50%Secured Debt(5)— (21)151 2,620 — 211 2,409 
10.00%Secured Debt(5)— — 13 260 — 256 
Member Units(5)— (460)69 2,060 — 460 1,600 
Member Units(5)— 55 — 152 130 — 282 
Cody Pools, Inc.Secured Debt (12)(8)— — — — — — 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2022 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
June 30,
2023 Fair Value (13)
12.50%Secured Debt(8)— 28 79 — 7,871 — 7,871 
L+10.50%Secured Debt(8)— (11)26 273 14 287 — 
L+10.50%Secured Debt(8)— (96)500 6,882 — 6,882 — 
Preferred Member Units(8)— 1,730 362 14,550 1,730 — 16,280 
Colonial Electric Company LLCSecured Debt(6)— — 12 — 400 400 — 
12.00%Secured Debt(6)— (77)362 5,729 17 234 5,512 
Preferred Member Units(6)— 360 — — 600 — 600 
Preferred Member Units(6)— (370)(295)2,290 — 370 1,920 
Datacom, LLC7.50%Secured Debt(8)— — 25 64 10 79 
10.00%Secured Debt(8)— — 59 865 11 14 862 
Preferred Member Units(8)— (40)— 300 — 40 260 
Digital Products Holdings LLC15.25%SF+10.00%Secured Debt(5)— — 288 3,878 — 195 3,683 
Preferred Member Units(5)— — 25 2,459 — — 2,459 
Direct Marketing Solutions, Inc.Secured Debt (12)(9)— (1)— — 
13.00%Secured Debt(9)— (11)372 5,352 11 174 5,189 
Preferred Stock(9)— 280 86 5,558 282 — 5,840 
Flame King Holdings, LLCL+6.50%Secured Debt(9)— (15)121 1,900 15 1,915 — 
L+9.00%Secured Debt(9)— (123)478 5,300 123 5,423 — 
Preferred Equity(9)— 1,690 513 4,400 1,690 — 6,090 
Freeport Financial FundsLP Interests (Freeport First Lien Loan Fund III LP) (12)(5)— — 291 5,848 — 536 5,312 
Gamber-Johnson Holdings, LLCSF+8.50%Secured Debt (12)(5)— — — — — — 
11.00%SF+8.00%Secured Debt(5)— (44)925 16,020 44 1,144 14,920 
Member Units(5)— 4,820 727 12,720 4,820 — 17,540 
GFG Group, LLC9.00%Secured Debt(5)— (9)137 2,836 2,836 
Preferred Member Units(5)— 290 26 1,790 290 — 2,080 
Gulf Publishing Holdings, LLCL+9.50%Secured Debt (12)(8)— — — — — — — 
12.50%Secured Debt(8)— — 38 571 — — 571 
Preferred Equity(8)— — — 950 — — 950 
Member Units(8)— — — — — — — 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 283 — 4,331 283 508 4,106 
IG Investor, LLCSecured Debt (12)(6)— — — 170 200 (30)
13.00%Secured Debt(6)— — 39 — 9,148 — 9,148 
Common Equity(6)— — — — 3,774 — 3,774 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— — — — 6,540 — 6,540 
Integral Energy Services13.04%L+7.50%Secured Debt(8)— (265)1,208 18,425 39 265 18,199 
Common Stock(8)— (530)13 1,490 — 530 960 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 355 5,093 54 — 5,147 
9.00%Secured Debt(5)— — 44 961 — 956 
Preferred Equity(5)— 130 — 1,800 130 — 1,930 
Member Units(5)— (18)15 713 — 18 695 
Market Force Information, LLCSecured Debt(9)(6,463)6,060 — 403 6,060 6,463 — 
Member Units(9)(4,160)4,160 — — 4,160 4,160 — 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2022 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
June 30,
2023 Fair Value (13)
MH Corbin Holding LLC13.00%Secured Debt(5)— 288 98 1,137 288 49 1,376 
Preferred Member Units(5)— — — — — — — 
Preferred Member Units(5)— — — — — — — 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — — — — — 
10.00%Secured Debt(6)— — 72 1,436 — — 1,436 
Common Stock(6)— 1,080 494 5,708 1,080 — 6,788 
NexRev LLCSecured Debt (12)(8)— — — — — — — 
10.00%Secured Debt(8)— 373 156 2,119 386 413 2,092 
Preferred Member Units(8)— 580 38 280 580 — 860 
NuStep, LLC11.75%L+6.50%Secured Debt(5)— (1)63 1,100 1,100 
12.00%Secured Debt(5)— — 280 4,603 — 4,606 
Preferred Member Units(5)— 90 — 2,010 90 — 2,100 
Preferred Member Units(5)— — — 1,290 — — 1,290 
Oneliance, LLC16.25%L+11.00%Secured Debt(7)— (7)113 1,380 27 1,356 
Preferred Stock(7)— — — 264 18 — 282 
Orttech Holdings, LLCL+11.00%Secured Debt (12)(5)— — (2)— — 
16.25%L+11.00%Secured Debt(5)— 72 472 5,814 87 201 5,700 
Preferred Stock(5)— 1,200 134 2,940 1,200 — 4,140 
Robbins Bros. Jewelry, Inc.Secured Debt (12)(9)— — (8)— (7)
12.50%Secured Debt(9)— (22)255 3,902 97 3,814 
Preferred Equity(9)— (970)— 1,650 — 970 680 
SI East, LLCSecured Debt (12)(7)— — — — — — 
12.78%Secured Debt(7)— 179 100 — 18,179 — 18,179 
Secured Debt(7)— (134)1,403 29,929 — 29,929 — 
Preferred Member Units(7)— 608 213 4,550 710 — 5,260 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— — 239 5,063 237 — 5,300 
Preferred Equity(6)— — — — — — — 
Tedder Industries, LLC12.00%Secured Debt(9)— — 28 460 — — 460 
12.00%Secured Debt(9)— — 232 3,780 — 3,783 
Preferred Member Units(9)— (347)— 1,920 — 347 1,573 
Preferred Member Units(9)— 44 — — 133 — 133 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— (1)— — 
12.00%Secured Debt(7)— (7)126 1,980 1,980 
Common Stock(7)— 990 15 1,950 990 — 2,940 
Volusion, LLC10.00%Secured Debt(8)— — 23 — 900 — 900 
Secured Debt(8)(1,366)780 71 6,392 — 6,392 — 
Unsecured Convertible Debt(8)(175)175 — — 175 175 — 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— (306)— — 4,906 306 4,600 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— (1,104)— — 1,104 1,104 — 
Warrants(8)— 1,104 — — — — — 
VVS Holdco LLCL+6.00%Secured Debt (12)(5)— — (5)— (2)
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)
December 31,
2022 Fair Value
Gross
Additions (3)
Gross
Reductions (4)
June 30,
2023 Fair Value (13)
11.50%Secured Debt(5)— — 462 7,421 29 311 7,139 
Preferred Equity(5)— (30)54 2,990 — 30 2,960 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
— — (245)(6,392)6,392 — — 
Total Affiliate investments$(7,186)$17,688 $15,299 $277,000 $93,924 $92,673 $278,251 
___________________________________________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2023 for affiliate investments located in this region was $96,977. This represented 15.8% of net assets as of June 30, 2023.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2023 for affiliate investments located in this region was $40,988. This represented 6.7% of net assets as of June 30, 2023.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2023 for affiliate investments located in this region was $29,997. This represented 4.9% of net assets as of June 30, 2023.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2023 for control investments located in this region was $48,820. This represented 8.0% of net assets as of June 30, 2023. The fair value as of June 30, 2023 for affiliate investments located in this region was $79,731. This represented 13.0% of net assets as of June 30, 2023.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of June 30, 2023 for control investments located in this region was $588. This represented 0.1% of net assets as of June 30, 2023. The fair value as of June 30, 2023 for affiliate investments located in this region was $30,558. This represented 5.0% of net assets as of June 30, 2023.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of June 30, 2023 (see Note I). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.