10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x 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

Commission file number: 814-01360

FRANKLIN BSP CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware	85-2950084
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

9 West 57th Street, 49th Floor, Suite 4920 New York, New York	10019
(Address of Principal Executive Office)	(Zip Code)

(212) 588-6770 (Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	N/A	N/A

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 x 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 x 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.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x	Smaller reporting company	¨
		Emerging growth company	x

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. x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No x

There is no established market for the Registrant’s shares of common stock. The number of shares of the registrant's common stock, $0.001 par value, outstanding as of August 8, 2023 was 25,862,186.

FRANKLIN BSP CAPITAL CORPORATION

FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 2023

TABLE OF CONTENTS

	Page
Part I - Financial Information
Item 1. Consolidated Financial Statements	1
Consolidated Statements of Assets and Liabilities as of June 30, 2023 (Unaudited) and December 31, 2022	1
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2023 and 2022 (Unaudited)	2
Consolidated Statements of Changes in Net Assets for the Six Months Ended June 30, 2023 and 2022 (Unaudited)	4
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 (Unaudited)	5
Consolidated Schedules of Investments as of June 30, 2023 (Unaudited) and December 31, 2022	6
Notes to Consolidated Financial Statements (Unaudited)	18
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	49
Item 3. Quantitative and Qualitative Disclosures About Market Risk	65
Item 4. Controls and Procedures	66
Part II - Other Information
Item 1. Legal Proceedings	67
Item 1A. Risk Factors	67
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	68
Item 3. Defaults Upon Senior Securities	68
Item 4. Mine Safety Disclosures	68
Item 5. Other Information	68
Item 6. Exhibits and Financial Statement Schedules	69
Signatures	70

PART I - FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(dollars in thousands, except share and per share data)

	June 30,		December 31,
	2023		2022
	(Unaudited)
Assets:
Investments, at fair value:
Control Investments, at fair value (amortized cost of $66,208 and $62,113, respectively)	$	66,242	$	62,156
Non-Affiliate Investments, at fair value (amortized cost of $738,156 and $726,116, respectively)	729,329		720,224
Investments, at fair value (amortized cost of $804,364 and $788,229, respectively)	795,571		782,380
Cash and cash equivalents	47,693		26,239
Deferred offering costs	—		100
Interest and dividends receivable	8,123		6,444
Receivable for unsettled trades	1,550		713
Capital call receivable	31		235
Prepaid expenses and other assets	327		72
Total assets	$	853,295	$	816,183
Liabilities:
Debt (net of deferred financing costs of $1,722 and $2,320, respectively)	$	341,778	$	379,580
Short-term borrowings	41,149		20,792
Stockholder distributions payable	13		33
Management fees payable	1,040		1,007
Accounts payable and accrued expenses	3,680		2,583
Interest and debt fees payable	1,964		1,407
Directors' fees payable	151		17
Other liabilities	2,168		2,250
Total liabilities	391,943		407,669
Commitments and Contingencies (Note 6)
Redeemable convertible preferred stock Series A, $0.001 par value, 50,000,000 shares authorized; 77,500 issued and outstanding at June 30, 2023 and 36,147 issued and outstanding at December 31, 2022	77,388		36,093
Net Assets attributable to common stock:
Common stock, $0.001 par value, 450,000,000 shares authorized; 25,542,837 issued and outstanding at June 30, 2023, and 24,609,132 issued and outstanding at December 31, 2022	26		25
Additional paid in capital	389,697		375,557
Total distributable earnings (loss)	(5,759)		(3,161)
Total net assets attributable to common stock	383,964		372,421
Total liabilities, redeemable convertible preferred stock, and net assets attributable to common stock	$	853,295	$	816,183
Net asset value per share attributable to common stock	$	15.03	$	15.13

The accompanying notes are an integral part of these consolidated financial statements.

1

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except share and per share data)

(Unaudited)

	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Investment income:
From control investments:
Interest income	$	1,114	$	635	$	2,098	$	1,196
Dividend income	675		675		1,350		1,348
Fee and other income	2		1		3		1
Total investment income from control investments	1,791		1,311		3,451		2,545
From affiliate investments:
Interest income	—		1		—		7
Total investment income from affiliate investments	—		1		—		7
From non-affiliate investments:
Interest income	21,154		9,310		41,475		17,496
Dividend income	33		—		67		—
Fee and other income	553		259		861		444
Total investment income from non-affiliate investments	21,740		9,569		42,403		17,940
Interest from cash and cash equivalents	313		9		414		9
Total investment income	23,844		10,890		46,268		20,501
Operating expenses:
Management fees	1,039		774		2,043		1,454
Incentive fee on income	2,045		889		3,854		1,707
Incentive fee on capital gains	—		(316)		—		(409)
Interest and debt fees	7,627		3,209		15,603		5,454
Professional fees	511		349		1,023		758
Other general and administrative	456		347		912		644
Administrative services	91		57		149		104
Directors' fees	274		139		423		295
Total expenses before incentive fee waiver	12,043		5,448		24,007		10,007
Incentive fee waiver	(2,045)		(573)		(3,854)		(1,298)
Expenses, net of incentive fee waiver	9,998		4,875		20,153		8,709
Net investment income (loss) before income taxes	13,846		6,015		26,115		11,792
Income tax expense, including excise tax	210		91		418		414
Net investment income (loss)	13,636		5,924		25,697		11,378
Realized and unrealized gain (loss):
Net realized gain (loss)
Non-affiliate investments	31		54		(130)		66
Total net realized gain (loss)	31		54		(130)		66
Net change in unrealized appreciation (depreciation) on investments
Control investments	(2)		(37)		(9)		41
Affiliate investments	—		(3)		—		(2)

The accompanying notes are an integral part of these consolidated financial statements.

2

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except share and per share data)

(Unaudited)

	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Non-affiliate investments	(2,196)		(3,879)		(2,935)		(4,593)
Net change in deferred taxes	0(1)		—		(515)		—
Total net change in unrealized appreciation (depreciation) on investments	(2,198)		(3,919)		(3,459)		(4,554)
Net realized and unrealized gain (loss)	(2,167)		(3,865)		(3,589)		(4,488)
Net increase (decrease) in net assets resulting from operations attributable to participating securities	$	11,469	$	2,059	$	22,108	$	6,890
Accretion to redemption value of Series A redeemable convertible preferred stock	(4)		(1)		(7)		(1)
Accrual of Series A redeemable convertible preferred stock distributions	(2,197)		(253)		(3,220)		(350)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders	$	9,268	$	1,805	$	18,881	$	6,539
Per share information
Net investment income (loss)	$	0.54	$	0.37	$	1.03	$	0.73
Net increase (decrease) in net assets resulting from operations attributable to participating securities	$	0.45	$	0.12	$	0.89	$	0.44
Basic and diluted earnings (loss) per share	$	0.36	$	0.10	$	0.71	$	0.39
Weighted average common shares outstanding	25,464,807		16,026,077		25,058,806		15,668,119

–—–—–—–—–

(1) Less than $1.

The accompanying notes are an integral part of these consolidated financial statements.

3

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(dollars in thousands, except share and per share data)

(Unaudited)

	For the six months ended June 30,
	2023		2022
Operations:
Net investment income (loss)	$	25,697	$	11,378
Net realized gain (loss) from investments	(130)		66
Net change in unrealized appreciation (depreciation) on investments	(2,944)		(4,554)
Net change in deferred taxes	(515)		—
Accretion to redemption value of Series A redeemable convertible preferred stock	(7)		(1)
Accrual of Series A redeemable convertible preferred stock distributions	(3,220)		(350)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders	18,881		6,539
Stockholder distributions:
Common stockholder distributions	(21,479)		(10,569)
Net decrease in net assets attributable to common stock from stockholder distributions	(21,479)		(10,569)
Capital share transactions:
Issuance of common stock, net of issuance costs	8,073		25,000
Reinvestment of common stockholder distributions	6,068		3,258
Net increase in net assets attributable to common stock from capital share transactions	14,141		28,258
Total increase (decrease) in net assets attributable to common stock	11,543		24,228
Net assets at beginning of period attributable to common stock	372,421		235,973
Net assets at end of period attributable to common stock	$	383,964	$	260,201
Net asset value per share attributable to common stock	$	15.03	$	15.19
Common shares outstanding at end of period	25,542,837		17,125,325

The accompanying notes are an integral part of these consolidated financial statements.

4

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands, except share and per share data)

(Unaudited)

	For the six months ended June 30,
	2023		2022
Operating activities
Net increase (decrease) in net assets resulting from operations attributable to participating securities	$	22,108	$	6,890
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Payment-in-kind interest income	(1,470)		(874)
Net accretion of discount on investments	(998)		(573)
Amortization of deferred financing costs	598		519
Sales and repayments of investments	21,061		12,838
Purchases of investments	(34,823)		(157,334)
Net realized (gain) loss from investments	130		(66)
Net change in unrealized (appreciation) depreciation on investments	2,944		4,554
(Increase) decrease in operating assets:
Interest and dividends receivable	(1,679)		(3,344)
Receivable for unsettled trades	(837)		(1,024)
Prepaid expenses and other assets	(255)		(134)
(Increase) decrease in operating liabilities:
Management fees payable	33		251
Accounts payable and accrued expenses	1,097		(253)
Payable for unsettled trades	—		(9,340)
Interest and debt fees payable	557		826
Directors' fees payable	134		17
Other liabilities	(82)		(1,172)
Net cash provided by (used in) operating activities	8,518		(148,219)
Financing activities
Proceeds from issuance of shares of common stock	8,277		33,397
Proceeds from issuance of shares of preferred stock	41,353		5,000
Proceeds from debt	32,000		99,000
Payments on debt	(70,400)		(15,000)
Proceeds from short-term borrowings	41,149		62,931
Repayments on short-term borrowings	(20,792)		(27,504)
Payments of financing costs	—		(1,149)
Common stockholder distributions	(15,431)		(7,313)
Preferred stockholder distributions	(3,220)		(350)
Net cash provided by (used in) financing activities	12,936		149,012
Net increase (decrease) in cash and cash equivalents	21,454		793
Cash and cash equivalents, beginning of period	26,239		12,860
Cash and cash equivalents, end of period	$	47,693	$	13,653
Supplemental information:
Interest and non-usage fees paid during the period	$	14,366	$	3,927
Taxes, including excise tax, paid during the period	$	325	$	476
Distributions reinvested during the period	$	6,068	$	3,258

The accompanying notes are an integral part of these consolidated financial statements.

5

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

June 30, 2023

(Unaudited)

Portfolio Company (f) (g) (l)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
Senior Secured First Lien Debt - 175.1% (b)
1236904 BC, Ltd. (c) (h)	Software/Services	L+ 7.50% (12.65%), 3/4/2027	$	4,183	$	4,127	$	4,247	1.1	%
Absolute Software Corp. (a) (c) (h)	Software/Services	L+ 6.00% (11.19%), 7/1/2027	19,403		19,128		19,403		5.0	%
ADCS Clinics Intermediate Holdings, LLC (c) (h)	Healthcare	L+ 6.50% (11.87%), 5/7/2027	5,727		5,650		5,649		1.5	%
ADCS Clinics Intermediate Holdings, LLC (c) (h)	Healthcare	S+ 6.50% (11.94%), 5/7/2027	1,174		1,174		1,158		0.3	%
Alera Group Intermediate Holdings, Inc. (c) (h)	Financials	S+ 6.50% (11.70%), 10/2/2028	4,595		4,595		4,515		1.2	%
Alera Group Intermediate Holdings, Inc. (c) (h)	Financials	S+ 6.50% (11.70%), 10/2/2028	2,880		2,830		2,831		0.7	%
American Rock Salt Company, LLC (h)	Chemicals	S+ 4.00% (9.22%), 6/9/2028	2,029		2,024		1,897		0.5	%
Armada Parent, Inc. (c) (h)	Industrials	S+ 5.75% (11.11%), 10/29/2027	1,011		1,011		995		0.3	%
Armada Parent, Inc. (c) (h)	Industrials	S+ 5.75% (11.11%), 10/29/2027	20,060		19,750		19,738		5.1	%
Avalara, Inc. (c) (h)	Software/Services	S+ 7.25% (12.49%), 10/19/2028	19,896		19,447		19,456		5.1	%
Aveanna Healthcare, LLC (a) (h)	Healthcare	L+ 3.75% (9.23%), 7/17/2028	5,931		5,912		5,049		1.3	%
Aventine Holdings, LLC (c)	Media/Entertainment	10.25% PIK, 6/18/2027	11,848		11,650		11,593		3.0	%
Aventine Holdings, LLC (c) (h)	Media/Entertainment	S+ 6.00% (11.34%) 4.00% PIK, 6/18/2027	4,814		4,814		4,751		1.2	%
Aventine Holdings, LLC (c) (h)	Media/Entertainment	S+ 6.00% (11.34%) 4.00% PIK, 6/18/2027	12,159		11,981		12,000		3.1	%
BCPE Oceandrive Buyer, Inc. (c)	Healthcare	L+ 6.25% (11.52%) 3.00% PIK, 12/29/2028	790		790		763		0.2	%
BCPE Oceandrive Buyer, Inc. (c)	Healthcare	L+ 6.25% (11.46%), 12/30/2026	1,559		1,559		1,506		0.4	%
BCPE Oceandrive Buyer, Inc. (c) (h)	Healthcare	L+ 6.25% (11.52%) 3.00% PIK, 12/29/2028	1,555		1,555		1,502		0.4	%
BCPE Oceandrive Buyer, Inc. (c) (h)	Healthcare	L+ 6.25% (11.52%) 3.00% PIK, 12/29/2028	9,329		9,156		9,011		2.2	%
Center Phase Energy, LLC (c) (h)	Utilities	S+ 7.00% (12.56%), 6/23/2027	11,749		11,560		11,551		3.0	%
Center Phase Energy, LLC (c) (h)	Utilities	S+ 7.00% (12.05%), 6/23/2027	769		769		756		0.2	%
Communication Technology Intermediate, LLC (c)	Business Services	S+ 5.50% (10.70%), 5/5/2027	86		86		86		0.0	%
Communication Technology Intermediate, LLC (c) (h)	Business Services	S+ 5.50% (10.70%), 5/5/2027	7,516		7,381		7,516		2.0	%
Communication Technology Intermediate, LLC (c) (h)	Business Services	S+ 5.50% (10.70%), 5/5/2027	2,614		2,614		2,614		0.7	%
Community Brands ParentCo, LLC (c) (h)	Software/Services	S+ 5.50% (10.70%), 2/24/2028	9,106		8,958		8,942		2.3	%
Coronis Health, LLC (c)	Healthcare	S+ 6.25% (11.27%), 7/12/2028	1,406		1,406		1,381		0.4	%
Coronis Health, LLC (c) (h)	Healthcare	S+ 6.25% (11.30%), 7/27/2029	24,177		23,720		23,747		6.2	%
Division Holding Corp. (h)	Business Services	L+ 4.75% (9.90%), 5/27/2028	3,723		3,691		3,636		0.9	%

The accompanying notes are an integral part of these consolidated financial statements.

6

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

June 30, 2023

(Unaudited)

Portfolio Company (f) (g) (l)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
Eliassen Group, LLC (c)	Business Services	S+ 5.50% (10.69%), 4/14/2028	$	216	$	216	$	214	0.1	%
Eliassen Group, LLC (c) (h)	Business Services	S+ 5.50% (10.84%), 4/14/2028	5,709		5,662		5,659		1.5	%
Faraday Buyer, LLC (c)	Utilities	S+ 7.00% (12.04%), 10/11/2028	963		963		937		0.2	%
Faraday Buyer, LLC (c) (h)	Utilities	S+ 7.00% (11.87%), 10/11/2028	12,870		12,515		12,530		3.3	%
FGT Purchaser, LLC (c) (h)	Consumer	S+ 5.50% (10.84%), 9/13/2027	9,610		9,451		9,610		2.5	%
FGT Purchaser, LLC (c) (h)	Consumer	S+ 5.50% (10.84%), 9/13/2027	381		381		381		0.1	%
First Eagle Holdings, Inc. (c) (h)	Financials	S+ 6.50% (11.33%), 3/1/2027	13,860		13,514		13,526		3.5	%
Florida Food Products, LLC (c) (h)	Food & Beverage	L+ 5.00% (10.19%), 10/18/2028	12,569		12,370		11,783		3.1	%
FR Flow Control Luxco 1 SARL (c) (h)	Industrials	S+ 5.50% (10.72%), 6/28/2026	4,439		4,404		4,439		1.2	%
Galway Borrower, LLC (c) (h)	Financials	S+ 5.25% (10.59%), 9/29/2028	13,473		13,299		13,237		3.3	%
Geosyntec Consultants, Inc. (c)	Business Services	S+ 5.25% (10.35%), 5/18/2029	2,685		2,685		2,645		0.7	%
Geosyntec Consultants, Inc. (c)	Business Services	S+ 5.25% (10.35%), 5/18/2027	138		138		136		0.0	%
Geosyntec Consultants, Inc. (c) (h)	Business Services	S+ 5.25% (10.35%), 5/18/2029	11,465		11,288		11,297		2.9	%
Gordian Medical, Inc. (c) (h)	Healthcare	S+ 6.25% (11.75%), 1/31/2027	4,383		4,303		3,879		1.0	%
Green Energy Partners/Stonewall, LLC (c) (h)	Utilities	L+ 6.00% (11.54%), 11/12/2026	4,595		4,530		4,595		1.2	%
IG Investments Holdings, LLC (c) (h)	Business Services	S+ 6.00% (11.15%), 9/22/2028	7,977		7,845		7,904		2.1	%
IG Investments Holdings, LLC (c) (h)	Business Services	S+ 6.00% (11.15%), 9/22/2028	144		143		142		0.0	%
Indigo Buyer, Inc. (c)	Paper & Packaging	S+ 6.25% (11.51%), 5/23/2028	256		256		252		0.1	%
Indigo Buyer, Inc. (c) (h)	Paper & Packaging	S+ 6.25% (11.51%), 5/23/2028	8,936		8,786		8,782		2.3	%
Indigo Buyer, Inc. (c) (h)	Paper & Packaging	S+ 6.25% (11.39%), 5/23/2028	3,822		3,822		3,756		1.0	%
IQN Holding Corp. (c)	Software/Services	S+ 5.25% (10.36%), 5/2/2028	84		84		83		0.0	%
IQN Holding Corp. (c) (h)	Software/Services	S+ 5.25% (10.38%), 5/2/2029	5,528		5,482		5,482		1.4	%
Kissner Milling Co., Ltd.	Industrials	4.88%, 5/1/2028	2,275		2,275		2,034		0.5	%
Knowledge Pro Buyer, Inc. (c)	Business Services	S+ 5.75% (10.94%), 12/10/2027	1,047		1,047		1,029		0.3	%
Knowledge Pro Buyer, Inc. (c)	Business Services	S+ 5.75% (10.94%), 12/10/2027	275		275		270		0.1	%
Knowledge Pro Buyer, Inc. (c) (h)	Business Services	S+ 5.75% (10.94%), 12/10/2027	11,064		10,899		10,871		2.8	%
Liquid Tech Solutions Holdings, LLC (c) (h)	Industrials	L+ 4.75% (9.96%), 3/20/2028	5,425		5,404		5,257		1.4	%
Medical Management Resource Group, LLC (c)	Healthcare	S+ 5.75% (10.95%), 9/30/2026	241		241		238		0.1	%
Medical Management Resource Group, LLC (c) (h)	Healthcare	S+ 5.75% (11.16%), 9/30/2027	2,986		2,986		2,946		0.8	%
Medical Management Resource Group, LLC (c) (h)	Healthcare	S+ 5.75% (10.95%), 9/30/2027	7,230		7,123		7,133		1.9	%
Mirra-Primeaccess Holdings, LLC (c)	Healthcare	S+ 6.50% (11.72%), 7/29/2026	1,715		1,715		1,715		0.4	%

The accompanying notes are an integral part of these consolidated financial statements.

7

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

June 30, 2023

(Unaudited)

Portfolio Company (f) (g) (l)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
Mirra-Primeaccess Holdings, LLC (c) (h)	Healthcare	S+ 6.50% (11.72%), 7/29/2026	$	21,286	$	20,987	$	21,286	5.5	%
Monumental RSN, LLC (c) (h)	Media/Entertainment	S+ 6.00% (11.09%), 9/20/2027	12,945		12,836		13,074		3.4	%
Odessa Technologies, Inc. (c) (h)	Software/Services	S+ 5.75% (10.94%), 10/19/2027	6,491		6,394		6,376		1.7	%
Pie Buyer, Inc. (c)	Food & Beverage	S+ 5.50% (10.87%), 4/5/2027	588		588		588		0.2	%
Pie Buyer, Inc. (c)	Food & Beverage	S+ 5.50% (11.08%), 4/6/2026	222		222		222		0.1	%
Pie Buyer, Inc. (c) (h)	Food & Beverage	S+ 5.50% (11.09%), 4/5/2027	11,236		11,007		11,236		2.9	%
Pie Buyer, Inc. (c) (h)	Food & Beverage	S+ 5.50% (11.09%), 4/5/2027	2,431		2,431		2,431		0.6	%
Pie Buyer, Inc. (c) (h)	Food & Beverage	S+ 5.50% (10.57%), 4/5/2027	832		819		832		0.2	%
Pluralsight, LLC (c) (h)	Software/Services	S+ 8.00% (13.05%), 4/6/2027	7,499		7,393		7,156		1.9	%
Pluralsight, LLC (c) (h)	Software/Services	S+ 8.00% (13.04%), 4/6/2027	2,680		2,637		2,557		0.7	%
Pluralsight, LLC (c) (h)	Software/Services	S+ 8.00% (13.05%), 4/6/2027	319		319		304		0.1	%
Point Broadband Acquisition, LLC (c)	Telecom	S+ 6.00% (11.19%), 10/2/2028	3,211		3,211		3,211		0.8	%
Point Broadband Acquisition, LLC (c) (h)	Telecom	S+ 6.00% (11.02%), 10/2/2028	8,663		8,481		8,663		2.3	%
Relativity Oda, LLC (c) (h)	Software/Services	S+ 6.50% (11.70%), 5/12/2027	2,291		2,256		2,216		0.6	%
Roadsafe Holdings, Inc. (c) (h)	Industrials	S+ 5.75% (10.94%), 10/19/2027	3,313		3,265		3,259		0.8	%
Roadsafe Holdings, Inc. (c) (h)	Industrials	S+ 5.75% (11.14%), 10/19/2027	4,337		4,337		4,267		1.1	%
RSC Acquisition, Inc. (c)	Financials	S+ 5.50% (10.89%), 10/30/2026	303		303		303		0.1	%
RSC Acquisition, Inc. (c) (h)	Financials	S+ 5.50% (10.91%), 10/30/2026	1,657		1,657		1,657		0.4	%
RSC Acquisition, Inc. (c) (h)	Financials	S+ 5.50% (10.89%), 10/30/2026	6,814		6,809		6,814		1.8	%
Safe Fleet Holdings, LLC (h)	Industrials	S+ 5.00% (10.19%), 2/23/2029	6,007		5,845		5,977		1.6	%
Saturn SHC Buyer Holdings, Inc. (c) (h)	Healthcare	S+ 6.00% (11.21%), 11/18/2027	16,631		16,352		16,631		4.3	%
Saturn SHC Buyer Holdings, Inc. (c) (h)	Healthcare	S+ 6.00% (11.21%), 11/18/2027	14,817		14,581		14,817		3.9	%
SCIH Salt Holdings, Inc. (h)	Industrials	L+ 4.00% (9.19%), 3/16/2027	1,092		1,088		1,075		0.3	%
Sherlock Buyer Corp. (c) (h)	Business Services	S+ 5.75% (11.09%), 12/8/2028	4,976		4,889		4,889		1.3	%
Simplifi Holdings, Inc. (c)	Media/Entertainment	S+ 5.50% (10.75%), 10/1/2026	430		430		423		0.1	%
Simplifi Holdings, Inc. (c) (h)	Media/Entertainment	S+ 5.50% (10.64%), 10/1/2027	15,886		15,631		15,621		4.1	%
SitusAMC Holdings Corp. (c) (h)	Financials	S+ 5.50% (10.84%), 12/22/2027	6,737		6,687		6,737		1.7	%
Skillsoft Corp. (h)	Technology	S+ 5.25% (10.51%), 7/14/2028	588		581		511		0.1	%
Striper Buyer, LLC (c) (h)	Paper & Packaging	L+ 5.50% (10.65%), 12/30/2026	4,885		4,841		4,885		1.3	%
SunMed Group Holdings, LLC (c) (h)	Healthcare	S+ 5.75% (11.09%), 6/16/2028	3,844		3,793		3,787		1.0	%
The NPD Group, LP (c)	Business Services	S+ 5.75% (10.92%), 12/1/2027	75		75		74		0.0	%

The accompanying notes are an integral part of these consolidated financial statements.

8

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

June 30, 2023

(Unaudited)

Portfolio Company (f) (g) (l)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
The NPD Group, LP (c) (h)	Business Services	S+ 6.25% (11.39%) 2.75% PIK, 12/1/2028	$	16,941	$	16,649	$	16,651	4.3	%
Therapy Brands Holdings, LLC (c) (h)	Healthcare	L+ 4.00% (9.15%), 5/18/2028	1,802		1,797		1,802		0.5	%
Tivity Health, Inc. (c) (h)	Healthcare	S+ 6.00% (11.24%), 6/28/2029	31,941		31,216		31,260		8.1	%
Trinity Air Consultants Holdings Corp. (c) (h)	Business Services	L+ 5.25% (10.69%), 6/29/2027	1,768		1,768		1,742		0.4	%
Trinity Air Consultants Holdings Corp. (c) (h)	Business Services	L+ 5.25% (10.62%), 6/29/2027	8,788		8,666		8,656		2.3	%
Triple Lift, Inc. (c)	Software/Services	S+ 5.25% (10.30%), 5/5/2028	534		534		513		0.1	%
Triple Lift, Inc. (c) (h)	Software/Services	S+ 5.50% (10.87%), 5/5/2028	11,874		11,692		11,399		3.0	%
US Oral Surgery Management Holdco, LLC (c)	Healthcare	S+ 6.50% (11.94%), 11/18/2027	1,104		1,104		1,093		0.3	%
US Oral Surgery Management Holdco, LLC (c) (h)	Healthcare	S+ 6.00% (11.34%), 11/18/2027	2,176		2,176		2,154		0.6	%
US Oral Surgery Management Holdco, LLC (c) (h)	Healthcare	L+ 6.00% (11.38%), 11/18/2027	5,495		5,385		5,440		1.4	%
US Salt Investors, LLC (c) (h)	Chemicals	S+ 5.50% (10.89%), 7/19/2028	8,532		8,395		8,372		2.2	%
Vensure Employer Services, Inc. (c) (h)	Business Services	S+ 4.75% (9.99%), 4/1/2027	4,760		4,737		4,760		1.2	%
Victors CCC Buyer, LLC (c) (h)	Business Services	S+ 5.75% (11.02%), 6/1/2029	7,201		7,069		7,080		1.8	%
Victors CCC Buyer, LLC (c) (h)	Business Services	S+ 5.75% (11.02%), 6/1/2029	204		204		200		0.1	%
West Coast Dental Services, Inc. (c)	Healthcare	S+ 5.50% (10.64%), 7/1/2028	290		290		285		0.1	%
West Coast Dental Services, Inc. (c)	Healthcare	S+ 5.50% (10.73%), 7/1/2028	345		345		340		0.1	%
West Coast Dental Services, Inc. (c) (h)	Healthcare	S+ 5.50% (10.69%), 7/1/2028	8,397		8,270		8,275		2.2	%
Westwood Professional Services, Inc. (c)	Business Services	L+ 6.00% (10.38%), 5/26/2026	1,162		1,162		1,162		0.3	%
Westwood Professional Services, Inc. (c) (h)	Business Services	L+ 6.00% (10.38%), 5/26/2026	3,660		3,614		3,660		0.9	%
WHCG Purchaser III, Inc. (c)	Healthcare	L+ 5.75% (10.91%), 6/22/2028	3,035		3,035		2,226		0.6	%
WHCG Purchaser III, Inc. (c)	Healthcare	L+ 5.75% (10.91%), 6/22/2026	1,816		1,816		1,466		0.4	%
WHCG Purchaser III, Inc. (c) (h)	Healthcare	L+ 5.75% (10.91%), 6/22/2028	12,490		12,285		9,163		2.4	%
WIN Holdings III Corp. (c) (h)	Consumer	S+ 5.25% (10.69%), 7/16/2028	12,776		12,583		12,776		3.3	%
Zendesk, Inc. (c) (m)	Software/Services	S+ 7.00% (12.25%) 3.50% PIK, 11/22/2028	21,402		21,069		21,016		5.5	%
Subtotal Senior Secured First Lien Debt					$	678,046	$	672,425	175.1	%
Senior Secured Second Lien Debt - 13.9% (b)
American Rock Salt Company, LLC (h)	Chemicals	S+ 7.25% (12.47%), 6/11/2029	$	6,010	$	5,950	$	5,379	1.4	%
ASP LS Acquisition Corp. (c) (h)	Transportation	L+ 7.50% (12.69%), 5/7/2029	4,275		4,265		3,533		0.9	%
Corelogic, Inc. (h)	Business Services	L+ 6.50% (11.75%), 6/4/2029	4,645		4,604		3,727		1.0	%
Mercury Merger Sub, Inc. (c) (h)	Business Services	L+ 6.50% (11.69%), 8/2/2029	6,080		6,041		5,885		1.5	%

The accompanying notes are an integral part of these consolidated financial statements.

9

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

June 30, 2023

(Unaudited)

Portfolio Company (f) (g) (l)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
Proofpoint, Inc. (c) (h)	Software/Services	S+ 6.25% (11.47%), 8/31/2029	$	3,380	$	3,367	$	3,234	0.8	%
RealPage, Inc. (h)	Software/Services	L+ 6.50% (11.65%), 4/23/2029	5,445		5,380		5,259		1.4	%
Tecta America Corp. (c) (h)	Industrials	S+ 8.50% (13.72%), 4/9/2029	2,155		2,103		2,155		0.5	%
Therapy Brands Holdings, LLC (c) (h)	Healthcare	L+ 6.75% (11.90%), 5/18/2029	1,947		1,935		1,947		0.5	%
TRC Cos, Inc. (c) (h)	Industrials	L+ 6.75% (11.90%), 12/7/2029	7,045		6,988		6,742		1.8	%
USIC Holdings, Inc. (c) (h)	Business Services	L+ 6.50% (11.69%), 5/14/2029	2,449		2,428		2,361		0.6	%
Victory Buyer, LLC (c) (h)	Industrials	S+ 7.00% (12.51%), 11/19/2029	14,304		14,188		13,274		3.5	%
Subtotal Senior Secured Second Lien Debt					$	57,249	$	53,496	13.9	%
Subordinated Debt - 9.3% (b)
Post Road Equipment Finance, LLC (c) (k) (n)	Financials	L+ 7.75% (13.01%), 12/31/2028	$	11,000	$	11,000	$	11,000	2.9	%
Post Road Equipment Finance, LLC (c) (k) (n)	Financials	L+ 7.75% (13.01%), 12/31/2028	24,500		24,431		24,500		6.4	%
Subtotal Subordinated Debt					$	35,431	$	35,500	9.3	%
Equity/Other - 8.9% (b) (d)
Center Phase Energy, LLC (c) (i)	Utilities		1,680		$	1,680	$	1,742	0.5	%
Jakks Pacific, Inc. (c)	Consumer		783		21		116		0.0	%
Point Broadband Acquisition, LLC (c) (e) (i)	Telecom		1,159,828		1,160		1,550		0.4	%
Post Road Equipment Finance, LLC (c) (i) (k)	Financials		29,908,561		30,777		30,742		8.0	%
Subtotal Equity/Other					$	33,638	$	34,150	8.9	%
Total Investments - 207.2% (b)					$	804,364	$	795,571	207.2	%

(a)    All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may 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. At June 30, 2023, qualifying assets represent 97.1% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.

(b)    Percentages are based on net assets attributable to common stock as of June 30, 2023.

(c)    The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors (as defined below) as required by the 1940 Act. Such investments are valued using significant unobservable inputs (see Note 3 to the consolidated financial statements).

(d)    All amounts are in thousands except share amounts.

(e)    Non-income producing at June 30, 2023.

(f)    The Company has various unfunded commitments to portfolio companies. Please refer to Note 6 - Commitments and Contingencies for details of these unfunded commitments.

(g)    Unless otherwise indicated, all investments in the consolidated schedules of investments are non-affiliated, non-controlled investments.

(h)    The Company's investment or a portion thereof is pledged as collateral under the MS Credit Facility (as defined in Note 5).

(i)    Investments are held in the taxable wholly owned, consolidated subsidiary, FBCC EEF Holdings LLC.

The accompanying notes are an integral part of these consolidated financial statements.

10

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

June 30, 2023

(Unaudited)

(j)    The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L"), Secured Overnight Financing Rate (“SOFR” or “S”), or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Company has provided the spread over the relevant reference rate and the current interest rate in effect at June 30, 2023. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities, the all-in rate is disclosed within parentheses.

(k)    The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and/or does not have the power to exercise control over the management or policies of such portfolio company. A company is generally presumed to be “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The Company classifies this investment as “controlled”.

(l)    Unless otherwise indicated, all securities are restricted securities.

(m)    The Company purchased the investment, pursuant to a repurchase agreement with a rate of 0.23 basis points per day with Macquarie US Trading LLC, dated June 1, 2023 due July 31, 2023.

(n)    The Company purchased the investment, pursuant to a repurchase agreement with a rate of 0.23 basis points per day with Macquarie US Trading LLC, dated May 15, 2023 due July 14, 2023.

The following table shows the portfolio composition by industry grouping based on fair value at June 30, 2023:

	At June 30, 2023
	Investments at Fair Value		Percentage of Total Portfolio
Healthcare	$	187,649	23.6	%
Software/Services	117,643		14.8	%
Financials	115,862		14.6	%
Business Services	114,866		14.4	%
Industrials	69,212		8.7	%
Media/Entertainment	57,462		7.2	%
Utilities	32,111		4.0	%
Food & Beverage	27,092		3.4	%
Consumer	22,883		2.9	%
Paper & Packaging	17,675		2.2	%
Chemicals	15,648		2.0	%
Telecom	13,424		1.7	%
Transportation	3,533		0.4	%
Technology	511		0.1	%
Total	$	795,571	100.0	%

The accompanying notes are an integral part of these consolidated financial statements.

11

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

December 31, 2022

Portfolio Company (f) (g) (m)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
Senior Secured First Lien Debt - 178.0% (b)
1236904 BC, Ltd. (c) (h)	Software/Services	L+ 7.50% (11.85%), 3/4/2027	$	4,183	$	4,120	$	4,247	1.1	%
Absolute Software Corp. (a) (c) (h)	Software/Services	L+ 6.00% (10.73%), 7/1/2027	19,502		19,197		19,209		5.2	%
Acrisure, LLC (h)	Financials	L+ 4.25% (8.63%), 2/15/2027	4,582		4,552		4,425		1.2	%
ADCS Clinics Intermediate Holdings, LLC (c) (h)	Healthcare	L+ 6.50% (11.43%), 5/7/2027	5,756		5,667		5,649		1.5	%
ADCS Clinics Intermediate Holdings, LLC (c) (h)	Healthcare	L+ 6.50% (11.70%), 5/7/2027	1,180		1,180		1,158		0.3	%
Alera Group Intermediate Holdings, Inc. (c)	Financials	S+ 6.50% (10.92%), 10/2/2028	3,240		3,240		3,179		0.9	%
Alera Group Intermediate Holdings, Inc. (c) (h)	Financials	S+ 6.50% (10.92%), 10/2/2028	2,895		2,839		2,840		0.8	%
American Rock Salt Company, LLC (h)	Chemicals	L+ 4.00% (8.38%), 6/9/2028	2,039		2,034		1,912		0.5	%
Armada Parent, Inc. (c) (h)	Industrials	L+ 5.75% (10.13%), 10/29/2027	1,016		1,016		1,000		0.3	%
Armada Parent, Inc. (c) (h)	Industrials	L+5.75% (10.13%), 10/29/2027	20,162		19,818		19,838		5.3	%
Avalara, Inc. (c) (h)	Software/Services	S+ 7.25% (11.83%), 10/19/2028	19,896		19,409		19,415		5.2	%
Aveanna Healthcare, LLC (h)	Healthcare	L+ 3.75% (7.77%), 7/17/2028	5,961		5,937		4,560		1.2	%
Aventine Holdings, LLC (c) (h)	Media/Entertainment	L+ 6.00% (10.38%), 4.00% PIK, 6/18/2027	4,356		4,356		4,299		1.2	%
Aventine Holdings, LLC (c)	Media/Entertainment	10.25% PIK, 6/18/2027	11,270		11,052		11,028		3.0	%
Aventine Holdings, LLC (c) (h)	Media/Entertainment	L+ 6.00% (10.38%), 4.00% PIK, 6/18/2027	11,916		11,715		11,760		3.2	%
BCPE Oceandrive Buyer, Inc. (c)	Healthcare	L+ 6.25% (10.67%), 12/29/2028	786		786		759		0.2	%
BCPE Oceandrive Buyer, Inc. (c) (h)	Healthcare	L+ 6.25% (10.67%), 12/29/2028	1,547		1,547		1,495		0.4	%
BCPE Oceandrive Buyer, Inc. (c) (h)	Healthcare	L+ 6.25% (10.67%), 12/29/2028	9,286		9,100		8,969		2.4	%
BCPE Oceandrive Buyer, Inc. (c)	Healthcare	L+ 6.25% (10.99%), 12/30/2026	1,559		1,559		1,506		0.4	%
Center Phase Energy, LLC (c) (h)	Utilities	S+ 7.00% (11.98%), 6/23/2027	11,809		11,591		11,597		3.1	%
Communication Technology Intermediate, LLC (c) (h)	Business Services	L+ 5.50% (9.88%), 5/5/2027	7,554		7,417		7,554		2.0	%
Communication Technology Intermediate, LLC (c) (h)	Business Services	L+ 5.50% (9.88%), 5/5/2027	2,628		2,628		2,628		0.7	%
Communication Technology Intermediate, LLC (c)	Business Services	L+ 5.50% (9.88%), 5/5/2027	86		86		86		0.0	%
Community Brands ParentCo, LLC (c) (h)	Software/Services	S+ 5.75% (10.17%), 2/24/2028	9,152		8,987		8,987		2.4	%
Coronis Health, LLC (c) (h)	Healthcare	S+ 6.25% (10.57%), 7/27/2029	24,299		23,809		23,833		6.4	%
Division Holding Corp. (h)	Business Services	L+ 4.75% (9.13%), 5/27/2028	3,742		3,709		3,643		1.0	%
Eliassen Group, LLC (c)	Business Services	S+ 5.50% (8.88%), 4/14/2028	217		217		215		0.1	%
Eliassen Group, LLC (c) (h)	Business Services	S+ 5.50% (10.08%), 4/14/2028	5,738		5,685		5,687		1.5	%
Faraday Buyer, LLC (c) (h)	Utilities	S+ 7.00% (11.32%), 10/11/2028	12,902		12,521		12,529		3.4	%

The accompanying notes are an integral part of these consolidated financial statements.

12

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

December 31, 2022

Portfolio Company (f) (g) (m)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
FGT Purchaser, LLC (c) (h)	Consumer	S+ 5.50% (10.18%), 9/13/2027	$	9,658	$	9,496	$	9,658	2.6	%
FGT Purchaser, LLC (c)	Consumer	L+ 5.50% (10.18%), 9/13/2027	371		371		371		0.1	%
First Eagle Holdings, Inc. (c) (h)	Financials	S+ 6.50% (10.73%), 3/1/2027	13,860		13,471		13,483		3.6	%
Florida Food Products, LLC (c) (h)	Food & Beverage	L+ 5.00% (9.38%), 10/18/2028	12,633		12,413		11,938		3.2	%
FR Flow Control Luxco 1 Sarl (c) (h)	Industrials	S+ 5.50% (9.94%), 6/28/2026	4,462		4,422		4,462		1.2	%
Galway Borrower, LLC (c) (h)	Financials	L+ 5.25% (9.98%), 9/29/2028	13,541		13,355		13,304		3.6	%
Geosyntec Consultants, Inc. (c) (h)	Business Services	S+ 5.25% (9.57%), 5/18/2029	11,523		11,332		11,340		3.0	%
Gordian Medical, Inc. (c) (h)	Healthcare	L+ 6.25% (10.98%), 1/31/2027	4,405		4,314		4,057		1.1	%
Green Energy Partners/Stonewall, LLC (c) (h)	Utilities	L+ 6.00% (10.73%), 11/12/2026	4,618		4,543		4,618		1.2	%
IG Investments Holdings, LLC (c) (h)	Business Services	L+ 6.00% (10.38%), 9/22/2028	8,018		7,880		7,945		2.1	%
IG Investments Holdings, LLC (c) (h)	Business Services	L+ 6.00% (10.38%), 9/22/2028	145		143		143		0.0	%
IG Investments Holdings, LLC (c)	Business Services	L+ 6.00% (10.39%), 9/22/2027	253		253		250		0.1	%
Indigo Buyer, Inc. (c) (h)	Paper & Packaging	S+ 5.75% (10.17%), 5/23/2028	8,981		8,814		8,819		2.4	%
Indigo Buyer, Inc. (c)	Paper & Packaging	S+ 5.75% (10.17%), 5/23/2028	256		256		251		0.1	%
IQN Holding Corp. (c)	Software/Services	S+ 5.50% (9.68%), 5/2/2029	95		95		94		0.0	%
IQN Holding Corp. (c) (h)	Software/Services	P+ 4.50% (12.00%), 5/2/2029	5,460		5,410		5,412		1.5	%
Kissner Milling Co., Ltd.	Industrials	4.88%, 5/1/2028	2,275		2,275		1,955		0.5	%
Knowledge Pro Buyer, Inc. (c)	Business Services	L+ 5.75% (10.04%), 12/10/2027	1,052		1,052		1,034		0.3	%
Knowledge Pro Buyer, Inc. (c) (h)	Business Services	L+ 5.75% (10.04%), 12/10/2027	11,121		10,936		10,926		2.9	%
Liquid Tech Solutions Holdings, LLC (h)	Industrials	L+ 4.75% (8.92%), 3/20/2028	5,452		5,431		5,153		1.4	%
Medical Management Resource Group, LLC (c) (h)	Healthcare	L+ 5.75% (9.83%), 9/30/2027	3,001		3,001		2,960		0.8	%
Medical Management Resource Group, LLC (c) (h)	Healthcare	L+ 5.75% (10.17%), 9/30/2027	7,267		7,147		7,169		1.9	%
Mirra-Primeaccess Holdings, LLC (c) (h)	Healthcare	L+ 6.50% (10.88%), 7/29/2026	21,394		21,054		21,394		5.8	%
Mirra-Primeaccess Holdings, LLC (c)	Healthcare	L+ 6.50% (10.57%), 7/29/2026	1,286		1,286		1,286		0.3	%
Monumental RSN, LLC (c) (h)	Media/Entertainment	S+ 6.00% (10.32%), 9/20/2027	13,645		13,512		13,781		3.7	%
Odessa Technologies, Inc. (c) (h)	Software/Services	L+ 5.75% (10.09%), 10/19/2027	6,524		6,414		6,408		1.7	%
Pie Buyer, Inc. (c) (h)	Food & Beverage	L+ 5.50% (8.38%), 4/5/2027	11,293		11,029		11,293		3.0	%
Pie Buyer, Inc. (c) (h)	Food & Beverage	L+ 5.50% (9.67%), 4/5/2027	2,443		2,443		2,443		0.7	%
Pie Buyer, Inc. (c)	Food & Beverage	L+ 5.50% (10.67%), 4/6/2026	185		185		185		0.0	%
Pie Buyer, Inc. (c) (h)	Food & Beverage	S+ 5.50% (8.69%), 4/5/2027	837		822		837		0.2	%
Pluralsight, LLC (c) (h)	Software/Services	L+ 8.00% (11.83%), 4/6/2027	7,499		7,380		7,375		2.0	%
Pluralsight, LLC (c) (h)	Software/Services	L+ 8.00% (12.75%), 4/6/2027	2,680		2,635		2,636		0.7	%

The accompanying notes are an integral part of these consolidated financial statements.

13

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

December 31, 2022

Portfolio Company (f) (g) (m)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
Pluralsight, LLC (c)	Software/Services	L+ 8.00% (12.75%), 4/6/2027	$	319	$	319	$	314	0.1	%
Point Broadband Acquisition, LLC (c)	Telecom	L+ 6.00% (10.56%), 10/2/2028	1,733		1,733		1,697		0.5	%
Point Broadband Acquisition, LLC (c) (h)	Telecom	L+ 6.00% (9.75%), 10/2/2028	8,707		8,514		8,529		2.3	%
Relativity Oda, LLC (c) (h)	Software/Services	L+ 7.50% (11.89%) PIK, 5/12/2027	2,241		2,202		2,168		0.6	%
Roadsafe Holdings, Inc. (c) (h)	Industrials	L+ 5.75% (10.87%), 10/19/2027	3,330		3,277		3,276		0.9	%
Roadsafe Holdings, Inc. (c)	Industrials	P+ 4.75% (12.25%), 10/19/2027	2,921		2,921		2,873		0.8	%
RSC Acquisition, Inc. (c)	Financials	S+ 5.50% (10.23%), 10/30/2026	638		638		638		0.2	%
RSC Acquisition, Inc. (c) (h)	Financials	S+ 5.50% (10.23%), 10/30/2026	6,850		6,844		6,850		1.8	%
Safe Fleet Holdings, LLC (c) (h)	Industrials	S+ 5.00% (9.12%), 2/23/2029	6,038		5,863		5,856		1.6	%
Saturn SHC Buyer Holdings, Inc. (c) (h)	Healthcare	L+ 6.00% (9.29%), 11/18/2027	16,715		16,405		16,715		4.5	%
Saturn SHC Buyer Holdings, Inc. (c) (h)	Healthcare	L+ 6.00% (10.77%), 11/18/2027	14,893		14,631		14,893		4.0	%
SCIH Salt Holdings, Inc. (h)	Industrials	L+ 4.00% (8.42%), 3/16/2027	1,099		1,095		1,066		0.3	%
Sherlock Buyer Corp. (c) (h)	Business Services	L+ 5.75% (10.48%), 12/8/2028	5,001		4,906		4,914		1.3	%
Simplifi Holdings, Inc. (c) (h)	Media/Entertainment	L+ 5.50% (9.25%), 10/1/2027	15,967		15,694		15,700		4.2	%
SitusAMC Holdings Corp. (c) (h)	Financials	L+ 5.75% (9.42%), 12/22/2027	6,771		6,714		6,771		1.8	%
Skillsoft Corp. (h)	Technology	S+ 5.25% (9.58%), 7/14/2028	591		583		490		0.1	%
Striper Buyer, LLC (c) (h)	Paper & Packaging	L+ 5.50% (9.57%), 12/30/2026	4,910		4,866		4,910		1.3	%
SunMed Group Holdings, LLC (c) (h)	Healthcare	L+ 5.75% (10.48%), 6/16/2028	3,864		3,809		3,806		1.0	%
SunMed Group Holdings, LLC (c)	Healthcare	L+ 5.75% (10.49%), 6/16/2027	124		124		123		0.0	%
Tecta America Corp. (h)	Industrials	S+ 4.25% (8.69%), 4/10/2028	3,861		3,830		3,697		1.0	%
The NPD Group, LP (c) (h)	Business Services	S+ 5.75% (10.07%) 2.75% PIK, 12/1/2028	16,786		16,466		16,472		4.4	%
The NPD Group, LP (c)	Business Services	S+ 5.75% (10.07%) 2.75% PIK, 12/1/2027	113		113		111		0.0	%
Therapy Brands Holdings, LLC (c) (h)	Healthcare	L+ 4.00% (8.35%), 5/18/2028	1,811		1,805		1,811		0.5	%
Tivity Health, Inc. (c) (h)	Healthcare	S+ 6.00% (10.58%), 6/28/2029	32,102		31,346		31,357		8.4	%
Trinity Air Consultants Holdings Corp. (c) (h)	Business Services	L+ 5.25% (10.40%), 6/29/2027	1,651		1,651		1,626		0.5	%
Trinity Air Consultants Holdings Corp. (c) (h)	Business Services	L+ 5.25% (10.18%), 6/29/2027	8,788		8,653		8,656		2.3	%
Triple Lift, Inc. (c) (h)	Software/Services	S+ 5.50% (10.45%), 5/5/2028	11,934		11,734		11,731		3.1	%
Triple Lift, Inc. (c)	Software/Services	S+ 5.25% (9.58%), 5/5/2028	534		534		525		0.1	%
US Oral Surgery Management Holdco, LLC (c)	Healthcare	L+ 5.50% (10.72%), 11/18/2027	1,591		1,591		1,575		0.4	%
US Oral Surgery Management Holdco, LLC (c) (h)	Healthcare	L+ 6.00% (10.68%), 11/18/2027	5,495		5,385		5,440		1.5	%

The accompanying notes are an integral part of these consolidated financial statements.

14

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

December 31, 2022

Portfolio Company (f) (g) (m)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares		Amortized Cost		Fair Value		% of Net Assets (b)
US Salt Investors, LLC (c) (h)	Chemicals	L+ 5.50% (9.17%), 7/19/2028	$	8,575	$	8,429	$	8,415	2.3	%
Vensure Employer Services, Inc. (c) (h)	Business Services	S+ 4.75% (8.71%), 4/1/2027	4,784		4,757		4,784		1.3	%
Victors CCC Buyer, LLC (c) (h)	Business Services	S+ 5.75% (10.69%), 6/1/2029	7,238		7,101		7,105		1.9	%
West Coast Dental Services, Inc. (c)	Healthcare	S+ 5.75% (9.99%), 7/1/2028	109		109		107		0.0	%
West Coast Dental Services, Inc. (c) (h)	Healthcare	S+ 5.75% (9.99%), 7/1/2028	8,440		8,300		8,305		2.2	%
Westwood Professional Services, Inc. (c)	Business Services	L+ 6.00% (9.75%), 5/26/2026	433		433		433		0.1	%
Westwood Professional Services, Inc. (c) (h)	Business Services	L+ 6.00% (9.75%), 5/26/2026	3,679		3,624		3,679		1.0	%
WHCG Purchaser III, Inc. (c) (h)	Healthcare	L+ 5.75% (9.42%), 6/22/2028	12,554		12,340		11,181		3.0	%
WHCG Purchaser III, Inc. (c)	Healthcare	L+ 5.75% (9.42%), 6/22/2028	3,051		3,051		2,717		0.7	%
WHCG Purchaser III, Inc. (c)	Healthcare	L+ 5.75% (10.48%), 6/22/2026	715		715		654		0.2	%
WIN Holdings III Corp. (c) (h)	Consumer	L+ 5.25% (10.40%), 7/16/2028	13,430		13,204		13,218		3.6	%
Zendesk, Inc. (c) (l)	Software/Services	S+ 6.50% (11.04%) 3.50% PIK, 11/22/2028	21,216		20,792		20,800		5.6	%
Subtotal Senior Secured First Lien Debt					$	666,045	$	662,975	178.0	%
Senior Secured Second Lien Debt - 14.5% (b)
American Rock Salt Company, LLC (c) (h)	Chemicals	L+ 7.25% (11.63%), 6/11/2029	$	6,010	$	5,950	$	5,746	1.5	%
Asp Ls Acquisition Corp. (c) (h)	Transportation	L+ 7.50% (12.23%), 5/7/2029	4,275		4,263		3,533		0.9	%
Corelogic, Inc. (c) (h)	Business Services	L+ 6.50% (10.94%), 6/4/2029	4,645		4,603		3,976		1.1	%
Mercury Merger Sub, Inc. (c) (h)	Business Services	L+ 6.50% (10.25%), 8/2/2029	6,080		6,037		5,885		1.6	%
Proofpoint, Inc. (h)	Software/Services	L+ 6.25% (10.99%), 8/31/2029	3,380		3,367		3,234		0.9	%
RealPage, Inc. (h)	Software/Services	L+ 6.50% (10.88%), 4/23/2029	5,445		5,374		5,214		1.4	%
Tecta America Corp. (c) (h)	Industrials	S+ 8.50% (12.94%), 4/9/2029	2,155		2,104		2,110		0.6	%
Therapy Brands Holdings, LLC (c) (h)	Healthcare	L+ 6.75% (11.10%), 5/18/2029	1,947		1,935		1,947		0.5	%
TRC Cos, Inc. (c) (h)	Industrials	L+ 6.75% (11.13%), 12/7/2029	7,045		6,980		6,742		1.8	%
USIC Holdings, Inc. (c) (h)	Business Services	L+ 6.50% (10.57%), 5/14/2029	2,449		2,426		2,361		0.6	%
Victory Buyer, LLC (c) (h)	Industrials	L+ 7.00% (11.35%), 11/19/2029	14,304		14,174		13,274		3.6	%
Subtotal Senior Secured Second Lien Debt					$	57,213	$	54,022	14.5	%
Subordinated Debt - 8.5% (b)
Post Road Equipment Finance, LLC (c) (k)	Financials	L+ 7.75% (11.94%), 12/31/2028	$	6,914	$	6,914	$	6,914	1.9	%
Post Road Equipment Finance, LLC (c) (k)	Financials	L+ 7.75% (11.94%), 12/31/2028	24,500		24,422		24,500		6.6	%
Subtotal Subordinated Debt					$	31,336	$	31,414	8.5	%

The accompanying notes are an integral part of these consolidated financial statements.

15

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

December 31, 2022

Portfolio Company (f) (g) (m)	Industry	Investment Coupon Rate/ Maturity (j)	Principal/ Numbers of Shares	Amortized Cost		Fair Value		% of Net Assets (b)
Equity/Other - 9.1% (b) (d)
Center Phase Energy, LLC (c) (i)	Utilities		1,680	$	1,680	$	1,742	0.5	%
Jakks Pacific, Inc. (c)	Consumer		783	18		116		0.0	%
Point Broadband Acquisition, LLC (c) (e) (i)	Telecom		1,159,828	1,160		1,369		0.4	%
Post Road Equipment Finance, LLC (c) (i) (k)	Financials		29,908,561	30,777		30,742		8.2	%
Subtotal Equity/Other				$	33,635	$	33,969	9.1	%
Total Investments - 210.1% (b)				$	788,229	$	782,380	210.1	%

(a)    All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may 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. At December 31, 2022, qualifying assets represent 97.6% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.

(b)    Percentages are based on net assets attributable to common stock as of December 31, 2022.

(c)    The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors (as defined below) as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

(d)    All amounts are in thousands except share amounts.

(e)    Non-income producing at December 31, 2022.

(f)    The Company has various unfunded commitments to portfolio companies. Please refer to Note 6 - Commitments and Contingencies for details of these unfunded commitments.

(g)    Unless otherwise indicated, all investments in the consolidated schedules of investments are non-affiliated, non-controlled investments.

(h)    The Company's investment or a portion thereof is pledged as collateral under the MS Credit Facility (as defined in Note 5).

(i)    Investments are held in the taxable wholly owned, consolidated subsidiary, FBCC EEF Holdings LLC.

(j)    The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L"), Secured Overnight Financing Rate (“SOFR” or “S”), or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Company has provided the spread over the relevant reference rate and the current interest rate in effect at December 31, 2022. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities, the all-in rate is disclosed within parentheses.

(k)    The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and/or does not have the power to exercise control over the management or policies of such portfolio company. A company is generally presumed to be “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The Company classifies this investment as “controlled”.

(l)    The Company purchased the investment, pursuant to a repurchase agreement with a rate of 0.22 basis points per day with Macquarie US Trading LLC, dated December 5, 2022 due January 19, 2023.

(m)    Unless otherwise indicated, all securities are restricted securities.

The accompanying notes are an integral part of these consolidated financial statements.

16

FRANKLIN BSP CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS

(dollars in thousands, except share and per share data)

December 31, 2022

The following table shows the portfolio composition by industry grouping based on fair value at December 31, 2022:

	At December 31, 2022
	Investments at Fair Value		Percentage of Total Portfolio
Healthcare	$	185,426	23.7	%
Software/Services	117,768		15.1	%
Financials	113,646		14.4	%
Business Services	111,454		14.2	%
Industrials	71,302		9.1	%
Media/Entertainment	56,568		7.2	%
Utilities	30,486		3.9	%
Food & Beverage	26,696		3.4	%
Consumer	23,363		3.0	%
Chemicals	16,073		2.1	%
Paper & Packaging	13,980		1.8	%
Telecom	11,595		1.5	%
Transportation	3,533		0.5	%
Technology	490		0.1	%
Total	$	782,380	100.0	%

The accompanying notes are an integral part of these consolidated financial statements.

17

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Note 1 - Organization

Franklin BSP Capital Corporation (the “Company”) is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and has elected to be treated for U.S. federal income tax purposes, and to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed as a Delaware limited liability company on January 29, 2020 and converted to a Delaware corporation on September 23, 2020 pursuant to which Franklin BSP Capital Corporation succeeded to the business of Franklin BSP Capital L.L.C. The Company commenced investment operations on January 7, 2021.

The Company is managed by Franklin BSP Capital Adviser L.L.C. (the “Adviser”), a Delaware limited liability company and an affiliate of Benefit Street Partners L.L.C. (“Benefit Street Partners” or “BSP”) pursuant to an investment advisory agreement (the “Investment Advisory Agreement”). The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser oversees the management of the Company’s activities and is responsible for making investment decisions with respect to the Company’s portfolio.

The Company’s investment objective is to generate both current income capital and capital appreciation through debt and equity investments. The Company invests primarily in first and second lien senior secured loans, and to a lesser extent, mezzanine loans, unsecured loans and equity of predominantly private U.S. middle market companies. The Company defines middle market companies as those with EBITDA of between $25 million and $100 million annually, although the Company may invest in larger or smaller companies. The Company also may purchase interests in loans or corporate bonds through secondary market transactions.

The Company is conducting a private placement of shares of its common stock, par value $0.001 per share (the “Common Stock”), to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Each investor in the private placement will make a capital commitment (the “Capital Commitments”) to purchase shares of Common Stock pursuant to a subscription agreement (a “Subscription Agreement”). Investors will be required to make capital contributions to purchase shares of Common Stock (the “Drawdown Purchase Price”) each time the Company delivers a drawdown notice (the “Drawdown Notice”), which will be delivered at least ten business days prior to the required funding date, in an aggregate amount not to exceed their respective Capital Commitments.

The Company is also conducting a private placement of shares of its preferred stock designated as series A convertible preferred stock (the “Series A Preferred Stock”) in reliance on exemption from the registration requirements of the Securities Act. See Note 10 - Preferred Stock for the terms of such preferred stock, including liquidation preference, distributions, and rights regarding conversion to shares of Common Stock.

18

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

The following is a summary of significant accounting policies followed by the Company in the preparation of its consolidated financial statements. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. The Company is an investment company and accordingly applies specific accounting and financial reporting requirements under Financial Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies (“ASC 946”).

We have also formed and expect to continue to form consolidated subsidiaries (the "Consolidated Holding Companies"). The Company consolidates the following subsidiaries for accounting purposes: FBCC Lending I, LLC and FBCC EEF Holdings LLC. All intercompany balances and transactions have been eliminated in consolidation.

Interim financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by U.S. GAAP for annual consolidated financial statements. U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets, and any other parameters used in determining these estimates could cause actual results to differ materially. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s financial position or result of operations as previously reported.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates.

Consolidation

As provided under ASC 946, the Company will generally not consolidate its investment in a company other than a substantially or wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's substantially wholly owned subsidiaries in its consolidated financial statements.

Valuation of Portfolio Investments

Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. The board of directors (the “Board of Directors”) has delegated to the Adviser as valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. On a quarterly basis, the Valuation Designee performs an analysis of each investment to determine fair value as follows:

Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Valuation Designee may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Valuation Designee determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined to be readily available, the Valuation Designee uses the quote obtained.

19

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

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

•Each portfolio company or investment will be valued by the Valuation Designee, with assistance from one or more independent valuation firms engaged by the Company's Board of Directors; and

•The independent valuation firm(s) conduct independent appraisals and make an independent assessment of the value of each investment; and

•The Valuation Designee, under the supervision of the Board of Directors, determines the fair value of each investment, in good faith, based on the input of independent valuation firms (to the extent applicable) and the Valuation Designee’s own analysis. The Valuation Designee also has established a Valuation Committee to assist the Valuation Designee in carrying out its designated responsibilities, subject to oversight of the Board of Directors.

Because there is not a readily available market value for most of the investments in its portfolio, the Valuation Designee values substantially all of its portfolio investments at fair value as determined in good faith by its Board of Directors, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it.

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control” is defined as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. In addition, in accordance with Section 2(a)(9) of the 1940 Act, any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25% of the voting securities of any company shall be presumed not to control such company. Any person who does not so own more than 25% of the voting securities of any company and/or does not have the power to exercise control over the management or policies of such portfolio company shall be presumed not to control such company. Consistent with the 1940 Act, “Affiliated Investments” are defined as those investments in companies in which the Company owns 5% or more of the voting securities. Consistent with the 1940 Act, “Non-affiliated Investments” are defined as investments that are neither Control Investments nor Affiliated Investments.

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks and short-term, liquid investments in a money market deposit account. Cash and cash equivalents are carried at cost which approximates fair value.

20

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Organization and Offering Costs

Organization costs consist of costs incurred to establish the Company and enable it legally to do business. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of common shares of the Company. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations.

The Company will bear the organization and offering expenses incurred in connection with the formation of the Company and the offering of shares of its Common Stock, including the out-of-pocket expenses of the Adviser and its agents and affiliates. In addition, the Company will reimburse the Adviser for the organization and offering costs it incurs on the Company’s behalf. If actual organization and offering costs incurred exceed the greater of $1 million or 0.10% of the Company’s total capital commitments, the Adviser or its affiliate will bear the excess costs. To the extent the Company’s capital commitments later increase, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf provided that the total organization and offering costs borne by the Company do not exceed 0.10% of total capital commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the three and six months ended June 30, 2023 and 2022, respectively, there were no reimbursements from the Adviser.

In connection with the Company’s private placement of shares of its Series A Preferred Stock, the Company incurred various offering costs. These costs are capitalized as a deferred cost and included within redeemable convertible preferred stock Series A on the consolidated statement of assets and liabilities as the preferred shares are issued. The costs are not subject to reimbursement from the Adviser.

Deferred Financing Costs

Financing costs incurred in connection with the Company’s revolving credit facilities are capitalized and amortized into expense using the straight-line method, which approximates the effective yield method over the life of the respective facility. See Note 5 - Borrowings.

Convertible Preferred Stock

We record shares of convertible preferred stock based on proceeds received net of offering costs on the date of issuance. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity and is reported separately from liabilities and net assets attributable to common stock within the consolidated statements of assets and liabilities.

Distributions

The Company’s Board of Directors authorizes and declares cash distributions payable on a quarterly basis to stockholders of record on each record date. The amount of each such distribution is subject to the discretion of the Board of Directors and applicable legal restrictions related to the payment of distributions. The Company calculates each stockholder’s specific distribution amount for the quarter using record and declaration dates. From time to time, the Company may also pay interim distributions, including capital gains distributions, at the discretion of the Company’s Board of Directors. The Company’s distributions may exceed earnings, especially during the period before it has substantially invested the proceeds from the offering. As a result, a portion of the distributions made by the Company may represent a return of capital for U.S. federal income tax purposes. A return of capital is a return of each stockholder’s investment rather than earnings or gains derived from the Company’s investment activities.

The Company may fund cash distributions to stockholders from any sources of funds available to the Company, including advances from the Adviser that are subject to reimbursement, as well as offering proceeds, borrowings, net investment income from operations, capital gain proceeds from the sale of assets, and non-capital gain proceeds from the sale of assets. The Company has not established limits on the amount of funds it may use from available sources to make distributions. See Note 13 - Income Tax Information and Distributions to Stockholders for additional information.

21

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Revenue Recognition

Interest Income

Investment transactions are accounted for on the trade date. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discount and amortization of premium on investments.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

Fee Income

Fee income, such as structuring fees, origination, closing, amendment fees, commitment, termination, and other upfront fees are generally non-recurring and are recognized as income when earned, either upon receipt or amortized into income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan origination, structuring, closing, commitment, and other upfront fees are recorded as income.

Payment-in-Kind Interest

The Company may hold debt investments in its portfolio that contain payment-in-kind (“PIK”) interest and dividend provisions. PIK interest, which represents contractually deferred interest that add to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected.

Non-accrual Income

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued interest, which may include un-capitalized PIK interest is generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

Net Realized Gain or Loss and Net Change in Unrealized Appreciation or Depreciation

Gain or loss on the sale of investments is calculated using the specific identification method. The Company measures realized gain or loss by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when a gain or loss is realized.

Income Taxes

The Company has elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes in respect of each taxable year if it distributes dividends for federal income tax purposes to stockholders of an amount generally equal to at least 90% of “investment company taxable income,” as defined in the Code, and determined without regard to any deduction for dividends paid. Distributions declared prior to the filing of the previous year's tax return and paid up to twelve months after the previous tax year can be carried back to the prior tax year in determining the distributions paid in such tax year. The Company intends to make sufficient distributions to maintain its ability to be subject to be taxed as a RIC each year. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts.

22

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Company did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities on-going analysis of and changes to tax laws, regulations and interpretations thereof. See Note 13 - Income Tax Information and Distributions to Stockholders for additional information.

Note 3 - Fair Value of Financial Instruments

The Company’s fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820 (“ASC 820”), Fair Value Measurement, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:

•Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

•Level 3—Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.

For investments for which Level 1 inputs, such as quoted prices, were not available at June 30, 2023 and December 31, 2022, the investments were valued at fair value as determined in good faith using the valuation policy approved by the Board of Directors using Level 2 and Level 3 inputs. The Company evaluates the source of inputs, including any markets in which the Company's investments are trading, in determining fair value. Due to the inherent uncertainty in the valuation process, the estimate of fair value of the Company’s investment portfolio at June 30, 2023 and December 31, 2022 may differ materially from values that would have been used had a ready market for the securities existed.

In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the Board of Directors. Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. On a quarterly basis the Company performs an analysis of each investment to determine fair value as described below.

Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Company may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined readily available, the Company uses the quote obtained.

23

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

As part of the Company's quarterly valuation process, the Valuation Designee may be assisted by one or more independent valuation firms. The Valuation Designee under the supervision of the Board of Directors determines the fair value of each investment, in good faith, based on the input of the independent valuation firm(s) (to the extent applicable) and the Valuation Designee’s own analysis.

Determination of fair values involves subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements.

For discussion of the fair value measurement of the Company's borrowings, refer to Note 5 - Borrowings.

The following table presents fair value measurements of investments, by major class, as of June 30, 2023, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Debt	$	—	$	20,179	$	652,246	$	672,425
Senior Secured Second Lien Debt	—		14,365		39,131		53,496
Subordinated Debt	—		—		35,500		35,500
Equity/Other	—		—		34,150		34,150
Total	$	—	$	34,544	$	761,027	$	795,571

The following table presents fair value measurements of investments, by major class, as of December 31, 2022, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Debt	$	—	$	26,901	$	636,074	$	662,975
Senior Secured Second Lien Debt	—		8,447		45,575		54,022
Subordinated Debt	—		—		31,414		31,414
Equity/Other	—		—		33,969		33,969
Total	$	—	$	35,348	$	747,032	$	782,380

24

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2023:

	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Equity/Other		Total
Balance as of January 1, 2023	$	636,074	$	45,575	$	31,414	$	33,969	$	747,032
Purchases and other adjustments to cost	33,169		28		4,095		3		37,295
Sales and repayments	(12,757)		—		—		—		(12,757)
Net realized gain (loss)	53		—		—		—		53
Transfers in	5,153		3,233		—		—		8,386
Transfers out	(5,857)		(9,722)		—		—		(15,579)
Net change in unrealized appreciation (depreciation) on investments	(3,589)		17		(9)		178		(3,403)
Balance as of June 30, 2023	$	652,246	$	39,131	$	35,500	$	34,150	$	761,027
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year:	$	(3,594)	$	17	$	(9)	$	178	$	(3,408)

For the six months ended June 30, 2023, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the six months ended June 30, 2023, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2022:

	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Equity/Other		Total
Balance as of January 1, 2022	$	358,083	$	42,360	$	24,412	$	31,813	$	456,668
Purchases and other adjustments to cost	317,946		3,941		6,924		1,891		330,702
Sales and repayments	(54,420)		—		—		35		(54,385)
Net realized gain (loss)	426		—		—		—		426
Transfers in	21,533		11,641		—		—		33,174
Transfers out	(5,508)		(9,170)		—		—		(14,678)
Net change in unrealized appreciation (depreciation) on investments	(1,986)		(3,197)		78		230		(4,875)
Balance as of December 31, 2022	$	636,074	$	45,575	$	31,414	$	33,969	$	747,032
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year:	$	(1,978)	$	(3,197)	$	78	$	230	$	(4,867)

For the year ended December 31, 2022, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the year ended December 31, 2022, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs.

25

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The composition of the Company’s investments as of June 30, 2023, at amortized cost and fair value, were as follows:

	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	678,046	$	672,425	84.5	%
Senior Secured Second Lien Debt	57,249		53,496		6.7
Subordinated Debt	35,431		35,500		4.5
Equity/Other	33,638		34,150		4.3
Total	$	804,364	$	795,571	100.0	%

The composition of the Company’s investments as of December 31, 2022, at amortized cost and fair value, were as follows:

	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	666,045	$	662,975	84.8	%
Senior Secured Second Lien Debt	57,213		54,022		6.9
Subordinated Debt	31,336		31,414		4.0
Equity/Other	33,635		33,969		4.3
Total	$	788,229	$	782,380	100.0	%

Significant Unobservable Inputs

The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of June 30, 2023. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average (a)
Senior Secured First Lien Debt	$	652,246	Yield Analysis	Market Yield	8.85%	19.98%	10.79%
Senior Secured Second Lien Debt	39,131		Yield Analysis	Market Yield	11.66%	21.50%	14.76%
Subordinated Debt	35,500		Waterfall Analysis	EBITDA Multiple	1.85x	1.85x	1.85x
Equity/Other	34,034		Waterfall Analysis	EBITDA Multiple	1.85x	25.00x	3.51x
Equity/Other (b)	116		Yield Analysis	Market Yield	13.25%	13.25%	13.25%
Total	$	761,027

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

26

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of December 31, 2022. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average (a)
Senior Secured First Lien Debt	$	636,074	Yield Analysis	Market Yield	8.57%	13.33%	10.57%
Senior Secured Second Lien Debt	45,575		Yield Analysis	Market Yield	12.20%	19.80%	14.82%
Subordinated Debt	31,414		Waterfall Analysis	Tangible Net Asset Value Multiple	1.87x	1.87x	1.87x
Equity/Other (b)	30,742		Waterfall Analysis	Tangible Net Asset Value Multiple	1.87x	1.87x	1.87x
Equity/Other	3,111		Waterfall Analysis	EBITDA Multiple	14.25x	20.75x	17.11x
Equity/Other (b)	116		Yield Analysis	Market Yield	13.00%	13.00%	13.00%
Total	$	747,032

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

Level 3 inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities where the fair value is based on unobservable inputs.

The income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2023 and December 31, 2022. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, respectively, in the fair value.

Valuations of loans, corporate debt, and other debt obligations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analysis, which incorporate comparisons to other debt instruments for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis. The Company also considers the use of EBITDA multiples, revenue multiples, tangible net asset value multiples, TBV multiples, and other relevant multiples on its debt and equity investments to determine any credit gains or losses in certain instances. Increases or decreases in either of these inputs in isolation may result in a significantly lower or higher fair value measurement of the respective subject instrument.

As of June 30, 2023 and December 31, 2022, the Company had no portfolio companies on non-accrual status, respectively. Refer to Note 2 - Summary of Significant Accounting Policies - for additional details regarding the Company’s non-accrual policy.

27

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Note 4 - Related Party Transactions

Investment Advisory Agreement

The Company entered into an Investment Advisory Agreement with the Adviser pursuant to which the Adviser, subject to the overall supervision of the Company’s Board of Directors, manages the day-to-day operations of, and provides investment advisory services to the Company. The Investment Advisory Agreement was approved by the Board of Directors and the sole stockholder for an initial two year term on September 23, 2020. The Board of Directors most recently renewed the Investment Advisory Agreement on January 30, 2023.

Pursuant to the Investment Advisory Agreement, the Company pays the Adviser a fee for investment advisory and management services consisting of two components - a base management fee (the “Management Fee”) and an incentive fee, which consists of two components (together, the “Incentive Fee”).

Management Fee

The Management Fee is payable quarterly in arrears and is calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, where gross assets includes the total assets of the Company, including any borrowings for investment purposes.

Prior to a liquidity event, the Management Fee payable under the Investment Advisory Agreement will be calculated at an annual rate of 0.5% of the Company’s average gross assets. A “1iquidity event” is defined as any of: (1) a merger or another transaction approved by the Board of Directors in which the Company’s stockholders will receive cash or shares of a publicly traded company (or a company that becomes publicly traded concurrently with the closing of such transaction), which may include an entity advised by the Adviser or its affiliates, (2) an initial public offering (“IPO”) or a listing (an “Exchange Listing”) of the Common Stock on a national securities exchange, or (3) the sale of all or substantially all of the Company’s assets either on a complete portfolio basis or individually followed by a liquidation.

After a liquidity event, the Management Fee payable under the Investment Advisory Agreement will be calculated at an annual rate of 1.50% of the Company’s average gross assets, provided, that the Management Fee will be calculated at an annual rate of 1.00% of the Company’s average gross assets purchased with borrowed funds above 1.0x debt-to-equity (equivalent to $1 of debt outstanding for each $1 of equity), and provided further that for a period of 15 months commencing on the date of the closing of a liquidity event, the Adviser will irrevocably waive Management Fees in excess of 0.5% of the Company’s average gross assets. Any fees waived under the Investment Advisory Agreement are not subject to reimbursement to the Adviser.

As of June 30, 2023 and December 31, 2022, $1.0 million and $1.0 million was payable to the Adviser for Management Fees, respectively.

For the three and six months ended June 30, 2023, the Company incurred $1.0 million and $2.0 million, respectively, in Management Fees under the Investment Advisory Agreement. For the three and six months ended June 30, 2022, the Company incurred $0.8 million and $1.5 million, respectively, in Management Fees under the Investment Advisory Agreement.

Incentive Fee

The Company will also pay the Adviser an Incentive Fee consisting of two parts, which are described below. Notwithstanding anything herein to the contrary, the Adviser will waive all Incentive Fees for the first twelve calendar quarters of operations of the Company.

The incentive fee consists of two parts. The first part is referred to as the “incentive fee on income” and it is calculated and payable quarterly in arrears based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter.

28

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement (as defined below) and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing the Company’s Pre-Incentive Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Company owned the referenced assets directly.

For periods ending on or prior to the date of the closing of a liquidity event, the incentive fee on income with respect to the Company’s Pre-Incentive Fee Net Investment Income will be calculated as follows:

•No incentive fee on income in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the preferred return rate of 1.50%, or 6.00% annualized (the “Preferred Return”), on net assets;

•100% of Pre-Incentive Fee Net Investment Income, if any, that exceeds the Preferred Return but is less than or equal to 1.765% in any calendar quarter (7.06% annualized). This portion of the incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 15% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 1.765% (7.06% annualized) in any calendar quarter; and

•For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 1.765% (7.06% annualized), the incentive fee on income equals 15% of the amount of Pre-Incentive Fee Net Investment Income, as the Preferred Return and catch-up will have been achieved.

For any period ending after the closing of a liquidity event, the incentive fee on income for each quarter will be calculated as follows:

•No incentive fee on income in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the Preferred Return of 1.50%, or 6.00% annualized, on net assets;

•100% of Pre-Incentive Fee Net Investment Income, if any, that exceeds the Preferred Return but is less than or equal to 1.8175% in any calendar quarter (7.27% annualized), which portion of the incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 17.5% on all of Pre-Incentive Fee Net Investment Income when Pre-Incentive Fee Net Investment Income reaches 1.8175% (7.27% annualized) in any calendar quarter; and

•For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 1.8175% (7.27% annualized), the incentive fee on income equals 17.5% of the amount of Pre-Incentive Fee Net Investment Income, as the Preferred Return and catch-up will have been achieved.

Notwithstanding the foregoing, for a period of 15 months commencing on the date of the closing of a liquidity event, the Adviser will irrevocably waive any incentive fee on income otherwise payable in excess of any amounts calculated at the pre-IPO or pre-Exchange Listing rates. Any fees waived under the Investment Advisory Agreement are not subject to reimbursement to the Adviser. For the three and six months ended June 30, 2023, the Company incurred $2.0 million and $3.9 million, respectively, in incentive fees on income, none of which was payable to the Adviser under the Investment Advisory Agreement. For the three and six months ended June 30, 2022, the Company incurred $0.9 million and $1.7 million, respectively, in incentive fees on income, none of which was payable to the Adviser under the Investment Advisory Agreement.

29

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The second part of the incentive fee, referred to as the “incentive fee on capital gains during operations,” is an incentive fee on capital gains earned on cumulative realized capital gains of the Company net of cumulative realized capital losses and unrealized capital depreciation and is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, if earlier). Prior to a liquidity event, this fee equals 15% of the Company’s incentive fee capital gains, which equals realized capital gains of the Company on a cumulative basis from the date of the Company’s election to be regulated as a BDC, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains during operations. Following a liquidity event, the incentive fee on capital gains during operations equals 17.5% of the Company’s incentive fee capital gains calculated as described above, on a cumulative basis from the date of the Company’s election to be regulated as a BDC.

U.S. GAAP requires that the incentive fee accrual be calculated assuming a hypothetical liquidation of the Company based upon investments held at the end of each period. In such a calculation, in order to calculate the accrual for the capital gains incentive fee in accordance with U.S. GAAP for a given period, the Company includes unrealized appreciation in calculating the accrual for the capital gains incentive fee even though such unrealized appreciation is not included in in calculating the capital gains incentive fee payable under the Investment Advisory Agreement. There can be no assurance that such unrealized appreciation will be realized in the future. Accordingly, the accrual for the capital gains incentive fee, as calculated and accrued in accordance with U.S. GAAP, does not necessarily represent amounts that will be payable under the Investment Advisory Agreement.

For the three and six months ended June 30, 2023, the Company accrued $0 and $0, respectively, in incentive fees on capital gains in accordance with U.S. GAAP, none of which was payable to the Adviser under the Investment Advisory Agreement. For the three and six months ended June 30, 2022, the Company accrued $(0.3) million and $(0.4) million, respectively, in incentive fees on capital gains in accordance with U.S. GAAP, none of which was payable to the Adviser under the Investment Advisory Agreement.

Administration Agreement

The Company entered into an administration agreement with Benefit Street Partners (the “Administration Agreement”), pursuant to which Benefit Street Partners (in such capacity, the “Administrator”) provides the Company with office facilities and certain administrative services necessary for the Company to conduct its business.

As of June 30, 2023 and December 31, 2022, $0.6 million and $0.8 million was payable to BSP under the Administration Agreement, respectively.

For the three and six months ended June 30, 2023, the Company incurred $0.3 million and $0.6 million, respectively, in administrative service fees under the Administration Agreement, which are included in the other general and administrative expenses on the consolidated statements of operations. For the three and six months ended June 30, 2022, the Company incurred $0.2 million and $0.4 million, respectively, in administrative service fees under the Administration Agreement, which are included in the other general and administrative expenses on the consolidated statements of operations.

Co-Investment Relief

The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. The SEC staff has granted the Company exemptive relief that allows it to enter into certain negotiated co-investment transactions alongside with other funds managed by the Adviser or its affiliates (“Affiliated Funds”) in a manner consistent with its 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, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of its eligible 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 the Company and the Company’s stockholders and do not involve overreaching in respect of the Company or the Company’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objective and strategies.

30

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Note 5 - Borrowings

MS Credit Facility

On March 15, 2021, the Company, FBCC Lending I, LLC, a wholly-owned, special purpose financing subsidiary of the Company (“FBCC Lending”), and the Adviser, as the servicer, entered into a loan and servicing agreement (together with the other documents executed in connection therewith, the “MS Credit Facility”) with Morgan Stanley Asset Funding, Inc. as administrative agent, Morgan Stanley Bank, N.A., as the lender, and U.S. Bank National Association as collateral agent, account bank and collateral custodian, that provides for borrowings of up to $100.0 million on a committed basis. Obligations under the MS Credit Facility are secured by a first priority security interest in substantially all of the assets of FBCC Lending, including its portfolio of investments and the Company’s equity interest in FBCC Lending. The obligations of FBCC Lending under the MS Credit Facility are nonrecourse to the Company. Any amounts borrowed under the MS Credit Facility will mature, and will be due and payable, on the maturity date, which is March 15, 2025. Prior to the Third Amendment (defined below), borrowings under the MS Credit Facility bore interest at three-month LIBOR, with a LIBOR floor of zero, plus a spread of 2.25%. Interest is payable quarterly in arrears. FBCC Lending is subject to a non-usage fee of 0.50% on the difference between total commitments and the greater of the (i) drawn amounts and (ii) minimum utilization requirement, and, in addition, after the ramp-up period, FBCC Lending would pay interest on undrawn amounts up to the minimum utilization requirement under the MS Credit Facility if drawn amounts are less than such minimum utilization requirement. The Company paid an upfront fee and incurred other customary costs and expenses in connection with the MS Credit Facility.

On July 1, 2021, FBCC Lending amended the MS Credit Facility to, among other things, increase the maximum permissible borrowings under the MS Credit Facility from $100.0 million to $200.0 million on a committed basis (the “First Amendment”).

On December 15, 2021, FBCC Lending amended the MS Credit Facility to, among other things, increase the maximum permissible borrowings under the MS Credit Facility from $200.0 million to $250.0 million on a committed basis (the “Second Amendment”).

On January 31, 2022, FBCC Lending amended the MS Credit Facility to, among other things, increase the maximum permissible borrowings from $250.0 million to $300.0 million on a committed basis, transition the benchmark rate to Adjusted Term SOFR and included the Canadian Imperial Bank of Commerce ("CIBC") as a lender (the “Third Amendment”). Following the Third Amendment, borrowings under the MS Credit Facility bear interest at Adjusted Term SOFR, with an Adjusted Term SOFR floor of zero, plus a spread of 2.00%. FBCC Lending is subject to non-usage fee of 0.50% on the difference between total commitments and the greater of the (i) drawn amounts and (ii) minimum utilization requirement, and, in addition after the ramp-up period, FBCC Lending would pay interest on undrawn amounts up to the minimum utilization requirement under the MS Credit Facility, at three month SOFR floor of zero, plus spread of 1.125%, if drawn amounts are less than such minimum utilization requirement. The entire facility is subject to a 0.25% administrative agent fee.

On June 28, 2022, FBCC Lending entered into a fourth amendment (together with any documents executed in connection therewith, the “Fourth Amendment”) to the MS Credit Facility. The Fourth Amendment, among other things, increases the maximum permissible borrowings under the MS Credit Facility to $400.0 million from $300.0 million on a committed basis and amends the spread on borrowings under the MS Credit Facility to 2.25%.

31

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

MS Subscription Facility

On April 22, 2021, the Company entered into a $50.0 million revolving credit agreement (the “MS Subscription Facility”) with Morgan Stanley Asset Funding, Inc., as administrative agent and sole lead arranger, and Morgan Stanley Bank, N.A., as the letter of credit issuer and lender. The MS Subscription Facility is subject to certain restrictions, including availability under the borrowing base, which is based on unfunded capital commitments. The amount of permissible borrowings under the MS Subscription Facility may be increased up to an aggregate of $150.0 million with the consent of the lenders. The MS Subscription Facility had a maturity date of April 22, 2022, which may be extended for an additional two terms of not more than 12 months each with the consent of the administrative agent and lenders. On April 20, 2022, the Company entered into a first amendment (the “First Amendment”) to the MS Subscription Facility, which extended the maturity date to April 21, 2023, which may be extended for an additional term of not more than 12 months each with the consent of the administrative agent and lenders. On September 30, 2022, pursuant to the terms of the agreement, the Company voluntarily reduced commitments from $50.0 million to $44.5 million and on December 9, 2022, pursuant to the terms of the agreement, the Company voluntarily reduced commitments from $44.5 million to $25.5 million (together, the “MS Subscription Facility Downsizes”).

Prior to the First Amendment, the MS Subscription Facility bore interest at a rate of: (i) with respect LIBOR Rate Loans, Adjusted LIBOR (as defined in the MS Subscription Facility) for the applicable interest period plus 2.00% per annum and (ii) with respect to Base Rate Loans, the greatest of (a) the Prime Rate in effect on such day plus 1.00% per annum, (b) the Federal Funds Rate in effect on such day plus 0.50%, plus 1.00% per annum and (c) except during any period of time during which LIBOR is unavailable, one-month Adjusted LIBOR plus, without duplication, 100 basis points per annum. The Company paid an upfront fee and incurred other customary costs and expenses in connection with the MS Subscription Facility. Subsequent to the First Amendment, the MS Subscription Facility bore interest at a rate of: (i) with respect to Term SOFR Loans, Term SOFR with a one-month Interest Period plus 2.10% per annum and (ii) with respect to Base Rate Loans, the greatest of (a) the Prime Rate in effect on such day plus 100 basis points (1.00%) per annum, (b) the Federal Funds Rate in effect on such day plus 0.50% plus 1.00% per annum and (c) except during any period of time during which Term SOFR is unavailable, Term SOFR for a one-month tenor in effect on such day plus without duplication, 100 basis points (1.00%) per annum plus 100 basis points (1.00%) per annum. The Company paid an upfront fee and incurred other customary costs and expenses in connection with the First Amendment to MS Subscription Facility. In addition, the Company was subject to an unused commitment fee of 0.30%.

The MS Subscription Facility was terminated on March 29, 2023.

The following table represents facility borrowings as of June 30, 2023:

	Maturity Date	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Consolidated Statements of Assets and Liabilities
MS Credit Facility	3/15/2025	$	400,000	$	343,500	$	(1,722)	$	341,778
Total		$	400,000	$	343,500	$	(1,722)	$	341,778

The following table represents facility borrowings as of December 31, 2022:

	Maturity Date	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Consolidated Statements of Assets and Liabilities
MS Credit Facility	3/15/2025	$	400,000	$	356,500	$	(2,222)	$	354,278
MS Subscription Facility	4/21/2023	25,500		25,400		(98)		25,302
Total		$	425,500	$	381,900	$	(2,320)	$	379,580

32

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The weighted average annualized interest cost for all facility borrowings for the six months ended June 30, 2023 and 2022 was 7.53% and 2.76%, respectively. The average daily debt outstanding for facility borrowings for the six months ended June 30, 2023 and 2022 was $357.1 million and $280.4 million, respectively. The maximum debt outstanding for facility borrowings for the six months ended June 30, 2023 and 2022 was $381.9 million and $323.9 million, respectively.

Short-term Borrowings

From time to time, the Company finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Company enters into a trade to sell an investment and contemporaneously enter into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the consolidated statements of assets and liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of June 30, 2023 and December 31, 2022, the Company had short-term borrowings outstanding of $41.1 million and $20.8 million, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded interest expense of $1.3 million and $0.7 million, respectively, in connection with short-term borrowings. For the six months ended June 30, 2023, the Company had an average outstanding balance of short-term borrowings of $31.0 million and bore interest at a weighted average rate of 0.02%. For the six months ended June 30, 2022, the Company had an average outstanding balance of short-term borrowings of $38.2 million and bore interest at a weighted average rate of 0.01%.

The following table represents interest and debt fees for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023									Six Months Ended June 30, 2023
	Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)		Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)
MS Credit Facility	(3)	0.50	%	$	6,198	$	252	$	371	(3)	0.50	%	$	12,607	$	500	$	724
MS Subscription Facility (5)	—	—		—		—		—		(4)	0.30	%	404		98		—
Short-term borrowings				806		—		—					1,270		—		—
Totals				$	7,004	$	252	$	371				$	14,281	$	598	$	724

(1) Amortization of deferred financing costs.

(2) Includes non-usage fees, custody fees, and administrative agent fees.

(3) From January 1, 2023 to June 30, 2023, the MS Credit Facility had an interest rate priced at Term SOFR, plus a spread of 2.25%.

(4) From January 1, 2023 to March 29, 2023, the MS Subscription Facility bore interest at a rate of Term SOFR with a one-month Interest Period plus 2.10% per annum.

(5) Amount presented represents activity prior to termination on March 29, 2023.

33

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The following table represents interest and debt fees for the three and six months ended June 30, 2022:

	Three Months Ended June 30, 2022									Six Months Ended June 30, 2022
	Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)		Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)
MS Credit Facility	(3)	0.50	%	$	2,001	$	200	$	88	(3)	0.50	%	$	3,370	$	385	$	204
MS Subscription Facility	(4)	0.30	%	399		76		—		(4)	0.30	%	670		133		N/A
Short-term borrowings				445		—		—					692		N/A		N/A
Total				$	2,845	$	276	$	88				$	4,732	$	518	$	204

______________

(1) Amortization of deferred financing costs.

(2) Includes non-usage fees and custody fees.

(3) From January 1, 2022 through January 30, 2022, the MS Credit Facility had an interest rate priced at three-month LIBOR, with a LIBOR floor of zero, plus a spread of 2.25%. From January 31, 2022 through June 27, 2022, the MS Credit Facility transitioned the benchmark rate to Adjusted Term SOFR. Borrowings under the MS Credit Facility bore interest at Adjusted Term SOFR, with an Adjusted Term SOFR floor of zero, plus a spread of 2.25%. From June 28, 2022 to June 30, 2022, the MS Credit Facility had an interest rate priced at Term SOFR, plus a spread of 2.50%.

(4) From January 1, 2022 through April 19, 2022, the MS Subscription Facility bore interest at a rate of Adjusted LIBOR for the applicable interest period plus 2.00% per annum. From April 20, 2022 through June 30, 2022, the MS Subscription Facility bore interest at a rate of Term SOFR with a one-month Interest Period plus 2.10% per annum.

The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate fair value. The fair value of short-term financial instruments such as cash and cash equivalents, due to affiliates, accounts payable, and short-term borrowings approximate their carrying value on the accompanying consolidated statements of assets and liabilities due to their short-term nature.

At June 30, 2023, the carrying amount of the Company's secured borrowings approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's borrowings is estimated based upon market interest rates for the Company's own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of June 30, 2023 and December 31, 2022, the Company's borrowings would be deemed to be Level 3, as defined in Note 3 - Fair Value of Financial Instruments.

The fair values of the Company’s remaining financial instruments that are not reported at fair value on the accompanying consolidated statements of assets and liabilities are reported below:

	Level	Carrying Amount as of June 30, 2023		Fair Value as of June 30, 2023
MS Credit Facility	3	$	343,500	$	343,500
Total		$	343,500	$	343,500

	Level	Carrying Amount as of December 31, 2022		Fair Value as of December 31, 2022
MS Credit Facility	3	$	356,500	$	356,500
MS Subscription Facility	3	25,400		25,400
Total		$	381,900	$	381,900

34

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Note 6 - Commitments and Contingencies

Commitments

In the ordinary course of business, the Company may enter into future funding commitments. As of June 30, 2023, the Company had unfunded commitments on delayed draw term loans of $27.3 million, and unfunded commitments on revolver term loans of $42.5 million. As of December 31, 2022, the Company had unfunded commitments on delayed draw term loans of $56.1 million, and unfunded commitments on revolver term loans of $47.5 million. The Company maintains sufficient cash on hand, unfunded Capital Commitments, and available borrowings to fund such unfunded commitments.

As of June 30, 2023, the Company's unfunded commitments consisted of the following:

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	$	1,246	$	1,246
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	533		533
Alera Group Intermediate Holdings, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,769		1,175
Armada Parent, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,029		1,019
Armada Parent, Inc.	Senior Secured First Lien Debt	Revolver	2,444		2,444
Avalara, Inc.	Senior Secured First Lien Debt	Revolver	1,990		1,990
Center Phase Energy, LLC	Senior Secured First Lien Debt	Revolver	6,593		5,824
Communication Technology Intermediate, LLC	Senior Secured First Lien Debt	Revolver	998		912
Community Brands ParentCo, LLC	Senior Secured First Lien Debt	Delayed Draw	1,085		1,085
Community Brands ParentCo, LLC	Senior Secured First Lien Debt	Revolver	542		542
Coronis Health, LLC	Senior Secured First Lien Debt	Revolver	1,968		562
Eliassen Group, LLC	Senior Secured First Lien Debt	Delayed Draw	1,451		1,235
Faraday Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,258		295
FGT Purchaser, LLC	Senior Secured First Lien Debt	Revolver	976		595
Galway Borrower, LLC	Senior Secured First Lien Debt	Delayed Draw	125		125
Galway Borrower, LLC	Senior Secured First Lien Debt	Revolver	861		861
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,499		2,814
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Revolver	2,017		1,879
Gogo Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	452		452
IG Investments Holdings, LLC	Senior Secured First Lien Debt	Revolver	632		632
Indigo Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,536		1,280
IQN Holding Corp.	Senior Secured First Lien Debt	Delayed Draw	912		912
IQN Holding Corp.	Senior Secured First Lien Debt	Revolver	503		419
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,285		1,238
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,147		872
Medical Management Resource Group, LLC	Senior Secured First Lien Debt	Revolver	603		362
Mirra-Primeaccess Holdings, LLC	Senior Secured First Lien Debt	Revolver	3,429		1,715
Monumental RSN, LLC	Senior Secured First Lien Debt	Revolver	1,590		1,590
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,217		1,217
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Revolver	1,704		1,704
Pie Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,905		2,317
Pie Buyer, Inc.	Senior Secured First Lien Debt	Revolver	741		519

35

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
Pluralsight, LLC	Senior Secured First Lien Debt	Revolver	$	638	$	319
Point Broadband Acquisition, LLC	Senior Secured First Lien Debt	Delayed Draw	3,651		440
Relativity Oda, LLC	Senior Secured First Lien Debt	Revolver	196		196
RSC Acquisition, Inc.	Senior Secured First Lien Debt	Delayed Draw	515		212
Saturn SHC Buyer Holdings, Inc.	Senior Secured First Lien Debt	Revolver	4,012		4,012
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Delayed Draw	1,454		1,454
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Revolver	581		581
Simplifi Holdings, Inc.	Senior Secured First Lien Debt	Revolver	1,720		1,290
SunMed Group Holdings, LLC	Senior Secured First Lien Debt	Revolver	259		259
The NPD Group, LP	Senior Secured First Lien Debt	Revolver	943		868
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Delayed Draw	3,001		1,233
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Revolver	857		857
Triple Lift, Inc.	Senior Secured First Lien Debt	Revolver	1,393		859
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Delayed Draw	1,896		792
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Revolver	527		527
US Salt Investors, LLC	Senior Secured First Lien Debt	Revolver	934		934
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,875		1,875
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Revolver	1,358		1,154
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,448		1,158
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Revolver	1,087		742
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,299		137
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Revolver	162		162
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Revolver	1,821		5
WIN Holdings III Corp.	Senior Secured First Lien Debt	Revolver	1,908		1,908
Zendesk, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,304		5,304
Zendesk, Inc.	Senior Secured First Lien Debt	Revolver	2,184		2,184
			$	98,063	$	69,827

36

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

As of December 31, 2022, the Company's unfunded commitments consisted of the following:

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	$	1,513	$	333
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	1,246		1,246
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	533		533
Alera Group Intermediate Holdings, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,793		2,552
Armada Parent, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,034		1,019
Armada Parent, Inc.	Senior Secured First Lien Debt	Revolver	2,444		2,444
Avalara, Inc.	Senior Secured First Lien Debt	Revolver	1,990		1,990
Aventine Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	4,722		366
BCPE Oceandrive Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,194		4,408
Center Phase Energy, LLC	Senior Secured First Lien Debt	Revolver	6,593		6,593
Communication Technology Intermediate, LLC	Senior Secured First Lien Debt	Revolver	998		912
Community Brands Parentco, LLC	Senior Secured First Lien Debt	Delayed Draw	1,085		1,085
Community Brands Parentco, LLC	Senior Secured First Lien Debt	Revolver	542		542
Coronis Health, LLC	Senior Secured First Lien Debt	Revolver	1,968		1,968
Eliassen Group, LLC	Senior Secured First Lien Debt	Delayed Draw	1,452		1,235
Faraday Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,260		1,260
FGT Purchaser, LLC	Senior Secured First Lien Debt	Revolver	976		605
Galway Borrower, LLC	Senior Secured First Lien Debt	Delayed Draw	125		125
Galway Borrower, LLC	Senior Secured First Lien Debt	Revolver	861		861
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,503		5,503
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Revolver	2,017		2,017
Gogo Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	452		452
IG Investments Holdings, LLC	Senior Secured First Lien Debt	Revolver	632		379
Indigo Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	3,841		3,841
Indigo Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,536		1,280
IQN Holding Corp.	Senior Secured First Lien Debt	Delayed Draw	1,258		1,163
IQN Holding Corp.	Senior Secured First Lien Debt	Revolver	503		503
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,290		1,238
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,147		1,147
Medical Management Resource Group, LLC	Senior Secured First Lien Debt	Revolver	603		603
Mirra-Primeaccess Holdings, LLC	Senior Secured First Lien Debt	Revolver	3,429		2,143
Monumental RSN, LLC	Senior Secured First Lien Debt	Revolver	1,590		1,590
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,217		1,217
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Revolver	1,704		1,704
Pie Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,905		2,905
Pie Buyer, Inc.	Senior Secured First Lien Debt	Revolver	741		556
Pluralsight, LLC	Senior Secured First Lien Debt	Revolver	638		319
Point Broadband Acquisition, LLC	Senior Secured First Lien Debt	Delayed Draw	3,663		1,930

37

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
Post Road Equipment Finance, LLC	Subordinated Debt	Delayed Draw	$	11,000	$	4,086
Relativity Oda, LLC	Senior Secured First Lien Debt	Revolver	196		196
Roadsafe Holdings, Inc.	Senior Secured First Lien Debt	Delayed Draw	4,357		1,437
RSC Acquisition, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,179		1,541
Saturn SHC Buyer Holdings, Inc.	Senior Secured First Lien Debt	Revolver	4,012		4,012
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Delayed Draw	1,454		1,454
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Revolver	581		581
Simplifi Holdings, Inc.	Senior Secured First Lien Debt	Revolver	1,720		1,720
SunMed Group Holdings, LLC	Senior Secured First Lien Debt	Revolver	259		135
The NPD Group, LP	Senior Secured First Lien Debt	Revolver	943		830
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Delayed Draw	3,001		1,350
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Revolver	857		857
Triple Lift, Inc.	Senior Secured First Lien Debt	Revolver	1,393		859
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Delayed Draw	2,176		585
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Delayed Draw	1,896		1,896
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Revolver	527		527
US Salt Investors, LLC	Senior Secured First Lien Debt	Revolver	934		934
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,875		1,875
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Revolver	1,358		1,358
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,448		1,448
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Revolver	1,087		978
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,299		866
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Revolver	162		162
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,886		2,836
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Revolver	1,821		1,106
WIN Holdings III Corp.	Senior Secured First Lien Debt	Revolver	1,908		1,908
Zendesk, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,304		5,304
Zendesk, Inc.	Senior Secured First Lien Debt	Revolver	2,184		2,184
			$	138,815	$	103,592

Litigation and Regulatory Matters

In the ordinary course of business, the Company may become subject to litigation, claims, and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time.

Indemnifications

In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote.

38

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Note 7 - Economic Dependency

Under various agreements, the Company has engaged or will engage the Adviser and its affiliates to provide certain services that are essential to the Company, including asset management services, asset acquisition and disposition decisions, the sale of shares of the Company’s Common Stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations.

As a result of these relationships, the Company is dependent upon the Adviser and its affiliates. In the event that these companies were unable to provide the Company with the respective services, the Company would be required to find alternative providers of these services.

Note 8 - Capital

Investor Commitments

The following table summarizes the total capital commitments and unfunded capital commitments of Common Stock and Series A Preferred Stock as of June 30, 2023 and as of December 31, 2022:

	As of June 30, 2023				As of December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		Capital Commitments		Unfunded Capital Commitments
Common Stock	$	592,099	$	219,151	$	586,156	$	221,281
Series A Preferred Stock	77,500		—		77,500		41,354
Total	$	669,599	$	219,151	$	663,656	$	262,635

Capital Drawdowns

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	532,871	$	8,073
Total Capital Drawdowns	532,871	$	8,073

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
May 27, 2022	1,653,439	$	25,000
July 15, 2022	2,621,233	40,000
September 28, 2022	3,289,476	50,000
November 23, 2022	1,256,895	18,854
Total Capital Drawdowns	8,821,043	$	133,854

The issuances of Common Stock described above were exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relied, in part, upon representations from investors in the relevant Subscription Agreements that each investor is an "accredited investor," as defined in Regulation D under the Securities Act.

39

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	41,353	$	41,291
Total Capital Drawdowns	41,353	$	41,291

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
April 7, 2022	5,000	$	4,993
July 15, 2022	10,000	9,985
November 23, 2022	16,147	16,123
Total Capital Drawdowns	31,147	$	31,101

Note 9 - Common Stock

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2023:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2022	24,609,132	$	25	$	375,557	$	(3,161)	$	372,421
Net investment income (loss)	—	—		—		12,061		12,061
Net realized gain (loss) from investment transactions	—	—		—		(161)		(161)
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(1,261)		(1,261)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(3)		(3)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(1,023)		(1,023)
Distributions to common stockholders	—	—		—		(10,584)		(10,584)
Issuance of common stock, net of issuance costs	532,871	1		8,072		—		8,073
Reinvested dividends	197,903	0(1)		2,994		—		2,994
Balance as of March 31, 2023	25,339,906	$	26	$	386,623	$	(4,132)	$	382,517
Net investment income (loss)	—	—		—		13,636		13,636
Net realized gain (loss) from investment transactions	—	—		—		31		31
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(2,198)		(2,198)

40

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(4)		(4)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(2,197)		(2,197)
Distributions to common stockholders	—	—		—		(10,895)		(10,895)
Reinvested dividends	202,931	0(1)		3,074		—		3,074
Balance as of June 30, 2023	25,542,837	$	26	$	389,697	$	(5,759)	$	383,964

(1) Less than $1.

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2022:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2021	15,260,764	$	15	$	231,200	$	4,758	$	235,973
Net investment income (loss)	—	—		—		5,455		5,455
Net realized gain (loss) from investment transactions	—	—		—		12		12
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(634)		(634)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		0(1)		0(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(97)		(97)
Distributions to common stockholders	—	—		—		(4,575)		(4,575)
Reinvested dividends	99,702	—		1,534		—		1,534
Balance as of March 31, 2022	15,360,466	$	15	$	232,734	$	4,919	$	237,668
Net investment income (loss)	—	—		—		5,924		5,924
Net realized gain (loss) from investment transactions	—	—		—		54		54
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(3,919)		(3,919)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(1)		(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(253)		(253)
Distributions to common stockholders	—	—		—		(5,996)		(5,996)
Issuance of common stock, net of issuance costs	1,653,439	2		24,998		—		25,000
Reinvested dividends	111,420	—		1,724		—		1,724
Balance as of June 30, 2022	17,125,325	$	17	$	259,456	$	728	$	260,201

(1) Less than $1.

41

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The Company has adopted a distribution reinvestment plan (the “DRIP”) pursuant to which all cash dividends or distributions (“Distributions”) declared by the Board of Directors are reinvested on behalf of investors who do not elect to receive their Distributions in cash (the “Participants”). As a result, if the Board of Directors declares a Distribution, then stockholders who have not elected to “opt out” of the DRIP will have their Distributions automatically reinvested in additional shares of the Company's Common Stock at a price equal to net asset value (“NAV”) per share as estimated in good faith by the Company on the payment date. The timing and amount of Distributions to stockholders are subject to applicable legal restrictions and the sole discretion of our Board of Directors.

The following table reflects the Common Stock activity for the six months ended June 30, 2023:

	Shares	Value
Shares Sold	532,871	$	8,073
Shares Issued through DRIP	400,834	6,068
	933,705	$	14,141

The following table reflects the Common Stock activity for the year ended December 31, 2022:

	Shares	Value
Shares Sold	8,821,043	$	133,854
Shares Issued through DRIP	527,325	8,073
	9,348,368	$	141,927

Note 10 – Preferred Stock

On August 25, 2021, the Company filed with the Secretary of State of the State of Delaware the Certificate of Designation for the Series A Preferred Stock, which designates a total of 50.0 million shares of preferred stock as Series A Preferred Stock, par value $0.001 per share. On the same day, the Company entered into subscription agreements (collectively, the “Preferred Subscription Agreements”) with certain investors, pursuant to which the investors made new capital commitments (the “Preferred Capital Commitments”) to purchase shares of the Company’s Series A Preferred Stock. As of June 30, 2023, the Company has received total Preferred Capital Commitments of $77.5 million, which has and will continue to call from time to time. Pursuant to their respective Preferred Subscription Agreements, each investor is required to fund drawdowns to purchase shares of the Series A Preferred Stock up to the amount of their respective capital commitments on an as-needed basis, upon a minimum of 10 business days prior notice at a per-share price equal to the liquidation preference (the “Liquidation Preference”). The sale and issuance of shares of Series A Preferred Stock is exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company shall rely, in part, upon representations from the Investors in the relevant Preferred Subscription Agreements that each Investor is an “accredited investor,” as defined in Regulation D under the Securities Act.

As of June 30, 2023, there were 50.0 million shares of preferred stock authorized, par value $0.001 per share, of which 77,500 shares of Series A Preferred Stock were issued and outstanding. As of December 31, 2022, there were 50.0 million shares of preferred stock authorized, par value $0.001 per share, of which 36,147 shares of Series A Preferred Stock were issued and outstanding. No shares outstanding of Series A Preferred Stock are redeemable before December 31, 2026.

Each holder of Series A Preferred Stock is entitled to a Liquidation Preference of $1,000.00 per share plus all dividends accrued and unpaid thereon. With respect to distributions, including the payment of dividends and distribution of the Company’s assets upon liquidation, dissolution, or winding-up, whether voluntary or involuntary, the Series A Preferred Stock will be senior to shares of Common Stock, will rank on parity with any other class or series of preferred stock that the Company is authorized to issue pursuant to its certificate of incorporation, whether such class or series is now existing or is created in the future, to the extent of the aggregate Liquidation Preference, which amount includes all accrued but unpaid dividends and will be subordinate to the rights of holders of our senior indebtedness.

42

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Dividends are payable on each outstanding share of Series A Preferred Stock quarterly in arrears at a rate equal to (1) for each fiscal quarter ending on or before September 30, 2022 (the “Initial Dividend Period”), the dividends that would have been paid in respect of each share of Series A Preferred Stock if it had been converted into a share of the Company’s Common Stock, on the first day of such quarter (or the date of issuance in the case of shares of Series A Preferred Stock issued after the first day of such quarter) at the applicable Conversion Rate (as defined below) and (2) for each quarter after the Initial Dividend Period, the greater of (i) an amount equal to $10.00 per share, subject to proration if such share is not outstanding for the full quarter, and (ii) the dividends that would have been paid in respect of such share of Series A Preferred Stock if it had been converted into a share of Common Stock on the first day of such quarter (or the date of issuance in the case of shares of Series A Preferred Stock issued after the first day of such quarter) at the applicable Conversion Rate.

The Series A Preferred Stock is convertible (a) by the Company, in its sole discretion, at any time commencing on the closing date of a liquidity event, as defined by the Confidential Private Placement Memorandum of Franklin BSP Capital Corporation, dated September 2020, or (b) by the holders thereof at any time commencing six months following the closing date of a liquidity event, in each case, into the number of shares of Common Stock equal to (1) the Liquidation Preference divided by (2) the price paid by investors for shares of Common Stock at the time of the purchase of such share of Series A Preferred Stock or if the purchase of such share of Series A Preferred Stock did not occur concurrent with a sale of Common Stock by the Company at the net asset value per share of Common Stock determined within 48 hours (excluding Sundays and holidays) of the purchase of such share of Series A Preferred Stock (the “Conversion Rate”). The Company has the right to redeem the Series A Preferred Stock at any time, and from time to time, on or after August 23, 2029 upon 90 days prior notice to holders of Series A Preferred Stock. As of June 30, 2023 and December 31, 2022, a liquidity event had not commenced.

The holders of the Preferred Stock are generally entitled to vote with the holders of the shares of Common Stock on all matters submitted for a vote to the common stockholders (voting together with the holders of shares of Common Stock as one class) on an as-converted basis, subject to certain limitations.

The following table presents the activity in the Company’s Series A Preferred Stock for the six months ended June 30, 2023:

Series A Preferred Stock	Shares	Amount
Beginning Balance, December 31, 2022	36,147	$	36,093
Issuance of Preferred Stock	41,353	41,353
Offering costs	—	(65)
Amortization of offering costs	—	7
Ending Balance, June 30, 2023	77,500	$	77,388

The following table presents the activity in the Company’s Series A Preferred Stock for the six months ended June 30, 2022:

Series A Preferred Stock	Shares	Amount
Beginning Balance, December 31, 2021	5,000	$	4,992
Issuance of Preferred Stock	5,000	5,000
Amortization of offering costs	—	(7)
Ending Balance, June 30, 2022	10,000	$	9,985

43

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

Note 11 - Earnings Per Share

Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which considers participating securities as a separate class of shares. The two-class method is an earnings allocation formula that determines EPS for common stock according to dividends distributed and participation rights in undistributed earnings. The Company’s participating securities consist of its Series A Preferred Stock. Basic earnings per share is computed by dividing earnings available to common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted average number of shares outstanding during the period. Other potentially dilutive shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following information sets forth the computation of the weighted average basic and diluted net increase in net assets per share resulting from operations for the three and six months ended June 30, 2023 and 2022.

	For the three months ended June 30,				For the six months ended June 30,
Numerator	2023		2022		2023		2022
Net increase (decrease) in net assets resulting from operations	$	11,469	$	2,059	$	22,108	$	6,890
Less: cumulative preferred stock dividends	(2,197)		(508)		(4,394)		(761)
Less: changes in carrying value of redeemable securities	(4)		(1)		(7)		(1)
Numerator for EPS - income available to common stockholders	$	9,268	$	1,550	$	17,707	$	6,128
Denominator
Weighted average common shares outstanding	25,464,807		16,026,077		25,058,806		15,668,119
Basic and diluted earnings per share	$	0.36	$	0.10	$	0.71	$	0.39

Note 12 — Distributions

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$0.43
April 27, 2023	April 27, 2023	May 5, 2023	$0.43

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$0.30
May 11, 2022	May 11, 2022	May 24, 2022	$0.39

44

FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$28.31
April 27, 2023	April 27, 2023	May 5, 2023	$28.35

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$19.49
May 11, 2022	May 11, 2022	May 24, 2022	$25.28

Note 13 — Income Tax Information and Distributions to Stockholders

The Company has elected to be treated for federal income tax purposes as a RIC under the Code. Generally, a RIC is exempt from federal income taxes if it meets, certain quarterly asset diversification requirements, annual income tests, and distributes to stockholders its ‘‘investment company taxable income,’’ as defined in the Code, each taxable year. Distributions declared prior to the filing of the previous year's tax return and paid up to one year after the previous tax year can be carried back to the prior tax year for determining the distributions paid in such tax year. The Company intends to make sufficient distributions to maintain its RIC status each year. The Company may also be subject to federal excise taxes of 4%.

A RIC is limited in its ability to deduct expenses in excess of its “investment company taxable income” (which is, generally, ordinary income plus net realized short-term capital gains in excess of net realized long-term capital losses). If the Company's expenses in a given taxable year exceed gross taxable income (e.g., as the result of large amounts of equity-based compensation), it would incur a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to the RIC’s stockholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset the RIC’s investment company taxable income, but may carry forward such net capital losses, and use them to offset capital gains indefinitely. Due to these limits on the deductibility of expenses and net capital losses, the Company may for tax purposes have aggregate taxable income for several taxable years that it is required to distribute and that is taxable to stockholders even if such taxable income is greater than the aggregate net income the Company actually earned during those taxable years. Such required distributions may be made from the Company cash assets or by liquidation of investments, if necessary. The Company may realize gains or losses from such liquidations. In the event the Company realizes net capital gains from such transactions, the Company may make a larger capital gain distribution than it would have made in the absence of such transactions.

Depending on the level of taxable income earned in a tax year, for excise tax purposes the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and incur a 4% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned.

The Company did not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740-10-25, Income Taxes (“ASC Topic 740”), nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company’s current tax year, 2022, and 2021 federal and state tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue.

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FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

As of June 30, 2023, the Company's domestic subsidiary had a cumulative net operating loss and unrealized gain. As a result, the Company has a deferred tax asset of $5.6 million and a deferred tax liability of $(6.5) million. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. As of June 30, 2023, deferred tax assets have been offset by valuation allowances of $0.5 million.

As of December 31, 2022, the Company’s domestic subsidiary is expected to have a net operating loss and unrealized gain. As a result, the Company has a deferred tax asset of $2.9 million and a deferred tax liability of $(3.7) million. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The future realization of the tax benefits of existing deductible temporary differences or carryforwards ultimately depend on the existence of sufficient taxable income in the carryback (if permitted under the tax law) and carryforward periods. The Company has concluded future reversal of existing taxable temporary differences is sufficient to support a conclusion that a valuation allowance is not necessary as of December 31, 2022. As a result, no valuation allowance for the deferred tax assets is necessary. As of December 31, 2021, the Company did not have any deferred tax assets or deferred tax liabilities.

The deferred tax asset valuation allowance, if applicable, has been determined pursuant to the provisions of ASC Topic 740, including the Company's estimation of future taxable income, if necessary, and is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized.

Note 14 - Financial Highlights

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

	For the the six months ended June 30,
	2023			2022
Per share data:
Net asset value attributable to common stock, beginning of period	$	15.13		$	15.46
Results of operations (1)
Net investment income (loss)	1.03			0.73
Net realized and unrealized gain (loss) on investments, net of change in deferred taxes	(0.14)			(0.29)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities	0.89			0.44
Accretion to redemption value of Series A redeemable convertible preferred stock (1)(8)	—			—
Accrual of Series A redeemable convertible preferred stock distributions (1)	(0.13)			(0.02)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders	0.76			0.42
Stockholder distributions (2)
Common stockholder distributions from net investment income	(0.86)			(0.69)
Net decrease in net assets resulting from stockholder distributions	(0.86)			(0.69)
Net asset value attributable to common stock, end of period	$	15.03		$	15.19
Common shares outstanding at end of period	25,542,837			17,125,325
Total return (3)	5.08		%	2.72		%
Ratio/Supplemental data attributable to common stock:
Total net assets attributable to common stock, end of period	$	383,964		$	260,201

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FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

	For the the six months ended June 30,
	2023		2022
Ratio of net investment income to average net assets attributable to common stock (4)	13.65	%	9.38	%
Ratio of total expenses to average net assets attributable to common stock (4)(5)	11.94	%	8.05	%
Ratio of net expenses to average net assets attributable to common stock (4)(6)	10.93	%	7.52	%
Portfolio turnover rate (7)	2.67	%	2.24	%

—–—–—–—–—–

(1) The per share data was derived by using the weighted average common shares outstanding during the period.

(2) The per share data for distributions reflects the actual amount of distributions declared per share during the period.

(3) Total return is calculated assuming a purchase of shares of Common Stock at the current net asset value attributable to Common Stock on the first day and a sale at the current net asset value attributable to Common Stock on the last day of the periods reported. Common Stock distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total return is not annualized.

(4) Ratios are annualized, except for incentive fees and waivers.

(5) Ratio of total expenses to average net assets attributable to common stock is calculated using total operating expenses, including income tax expense over average net assets attributable to common stock.

(6) Ratio of net expenses to average net assets attributable to common stock is calculated using total operating expenses, including income tax expense, less applicable waivers over average net assets attributable to common stock.

(7) Portfolio turnover rate is calculated using the lesser of year-to-date purchases or sales over the average of the invested

assets at fair value.

(8) Rounds to less than $0.01 per share.

Note 15 - Schedules of Investments and Advances to Affiliates

The following table presents the Schedule of Investments and Advances to Affiliates for the six months ended June 30, 2023:

Portfolio Company (1)	Type of Asset	Amount of dividends and interest included in income		Beginning Fair Value at December 31, 2022		Gross additions*		Gross reductions**		Realized Gain/(Loss)		Change in Unrealized Gain (Loss)		Fair Value at June 30, 2023
Control Investments
Post Road Equipment Finance, LLC (2)	Equity/Other	$	1,350	$	30,742	$	—	$	—	$	—	$	—	$	30,742
Post Road Equipment Finance, LLC (2)	Subordinated Debt	530		6,914		4,086		—		—		—		11,000
Post Road Equipment Finance, LLC (2)	Subordinated Debt	1,571		24,500		9		—		—		(9)		24,500
Total Control Investments		$	3,451	$	62,156	$	4,095	$	—	$	—	$	(9)	$	66,242

—–—–—–—–—–

* Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

(1) The principal/share amount and ownership detail are shown in the consolidated schedules of investments.

(2) The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

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FRANKLIN BSP CAPITAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts, percentages and as otherwise indicated)

For the period ended June 30, 2023

(Unaudited)

The following table presents the Schedule of Investments and Advances to Affiliates for the year ended December 31, 2022:

Portfolio Company (1)	Type of Asset	Amount of dividends and interest included in income		Beginning Fair Value at December 31, 2021		Gross additions*		Gross reductions**		Realized Gain/(Loss)		Change in Unrealized Gain		Fair Value at December 31, 2022
Control Investments
Post Road Equipment Finance, LLC (2)	Equity/Other	$	2,698	$	30,742	$	—	$	35	$	—	$	(35)	$	30,742
Post Road Equipment Finance, LLC (2)	Subordinated Debt	409		—		6,914		—		—		—		6,914
Post Road Equipment Finance, LLC (2)	Subordinated Debt	2,493		24,412		10		—		—		78		24,500
Total Control Investments		$	5,600	$	55,154	$	6,924	$	35	$	—	$	43	$	62,156
Affiliate Investments
Jakks Pacific, Inc. (2) (3)	Equity/Other	$	4	$	116	$	5	$	(121)	$	—	$	—	$	—
Total Affiliate Investments		$	4	$	116	$	5	$	(121)	$	—	$	—	$	—

—–—–—–—–—–

* Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

(1) The principal/share amount and ownership detail are shown in the consolidated schedules of investments.

(2) The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

(3) Includes $4 of interest income from Jakks Pacific, Inc. subordinated debt.

Note 16 - Subsequent Events

In preparing these financial statements, the Company’s management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On July 28, 2023, the Board of Directors declared a distribution of $0.43 per share of Common Stock, which is payable on or around August 7, 2023 to stockholders of record as of July 28, 2023.

On July 28, 2023, the Board of Directors declared a distribution of $28.35 per share of Series A Preferred Stock, which is payable on or around August 7, 2023 to stockholders of record as of July 28, 2023.

On July 17, 2023, the Company delivered drawdown notices to the Company’s Common Stock investors for an aggregate offering price of approximately $1.6 million.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements of Franklin BSP Capital Corporation (including, for periods prior the Conversion, Franklin BSP Capital L.L.C., a Delaware limited liability company, the "Company," "FBCC," "we," “us,” or "our") and the notes thereto and other financial information included elsewhere in this Quarterly Report on Form 10-Q. We are externally managed by our adviser, Franklin BSP Capital Adviser L.L.C. (the “Adviser”).

Forward Looking Statements

This report, and other statements that we may make, may contain forward-looking statements with respect to future financial or business performance, strategies, or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “potential,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions.

Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously disclosed in our U.S. Securities and Exchange Commission (“SEC”) reports and those identified elsewhere in this report, including the “Risk Factors” section, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

•our future operating results;

•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of rising interest rates and a potential global recession;

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and Ukraine;

•the impact that the discontinuation of London Interbank Offered Rate (“LIBOR”) and the transition to new reference rates could have on the value of any LIBOR-indexed portfolio investments we may hold and the cost of borrowing under any credit facilities we may enter into;

•the impact of the investments that we expect to make;

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

•our contractual arrangements and relationships with third parties;

•our expected financings and investments;

•the adequacy of our cash resources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•our repurchase of shares;

•actual and potential conflicts of interest with our Adviser and its affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we invest;

•the ability to qualify and maintain our qualifications as a regulated investment company (“RIC”) and a business development company (“BDC”);

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

•the impact of fluctuations in interest rates on our business;

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

•the impact of changes to generally accepted accounting principles;

•the impact of changes to tax legislation and, generally, our tax position;

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

•the ability of our Adviser and its affiliates to attract and retain highly talented professionals.

You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligations to update any forward-looking statement to reflect events or circumstances occurring after the date of this Quarterly Report on Form 10-Q.

Overview

We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC, and has elected to be treated for U.S. federal income tax purposes, as a RIC under the Internal Revenue Code of 1986, as amended (the “Code”). We are managed by the Adviser. The Adviser is an affiliate of Benefit Street Partners (“Benefit Street Partners” or “BSP”). Our Adviser is a Delaware limited liability company that is registered as an investment adviser under the Advisers Act. Our Adviser oversees the management of our activities and is responsible for making investment decisions with respect to our portfolio.

Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We intend to invest primarily in first and second lien senior secured loans, and to a lesser extent, mezzanine loans, unsecured loans and equity of predominantly private U.S. middle market companies. We define middle market companies as those with EBITDA of between $25 million and $100 million annually, although we may invest in larger or smaller companies. We also may purchase interests in loans or corporate bonds through secondary market transactions. We expect that each investment generally will range between approximately 0.5% and 3.0% of our total assets. As of June 30, 2023, 91.2% of our portfolio was invested in senior secured loans.

Senior secured loans generally are senior debt instruments that rank ahead of subordinated debt and equity in priority of payments and are generally secured by liens on the operating assets of a borrower which may include inventory, receivables, plant, property and equipment. Mezzanine debt is subordinated to senior loans and is generally unsecured.

On December 18, 2020, we completed our initial closing (“Initial Closing”) of capital commitments (“Capital Commitments”) to purchase shares of our common stock (“Common Stock”) to investors in a private placement in reliance on exemptions from the registration requirements of the Securities Act. Since our Initial Closing, we held additional closings and received aggregate Capital Commitments to purchase Common Stock. As of June 30, 2023, investors had made aggregate Capital Commitments to purchase Common Stock of $592.1 million. At each closing of the private placement, each investor will make a Capital Commitment to purchase shares of Common Stock pursuant to a Subscription Agreement entered into with us. Investors will be required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective Capital Commitments on an as-needed basis each time we deliver a notice to the investors. Closings of the private placement of our Common Stock are expected to occur, from time to time, during the Initial Closing Period which our board of directors (“Board of Directors”) has extended such that it currently will end December 18, 2023. After the Initial Closing Period, we may permit one or more additional closings of the private placement of our Common Stock with the approval of our Board of Directors.

On August 25, 2021, we filed the Certificate of Designation for the Series A Preferred Stock (the “Series A Preferred Stock”). On the same day, we entered into the preferred subscription agreements (the “Preferred Subscription Agreements”) with certain investors, pursuant to which investors made new preferred capital commitments (“Preferred Capital Commitments") to purchase shares of our Series A Preferred Stock. As of June 30, 2023, total Preferred Capital Commitments of Series A Preferred Stock were $77.5 million.

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Financial and Operating Highlights

(Dollars in thousands, except per share amounts)
At June 30, 2023:
Investment Portfolio	$	795,571
Net assets attributable to common stock	383,964
Debt (net of deferred financing costs)	341,778
Short-term borrowings	41,149
Net asset value per share attributable to common stock	15.03
Portfolio Activity for the Six Months Ended June 30, 2023:
Purchases during the year	34,823
Sales, repayments, and other exits during the year	21,061
Number of portfolio companies at end of year	74
Operating Results for the Six Months Ended June 30, 2023:
Net investment income (loss) per share - basic	1.03
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities	0.89
Net investment income (loss)	25,697
Net realized and unrealized gain (loss)	(3,589)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders	18,881

Portfolio and Investment Activity

We invest primarily in first and second lien senior secured loans, and to a lesser extent, mezzanine loans, unsecured loans and equity of predominantly private U.S. middle market companies. We define middle market companies as those with EBITDA of between $25 million and $100 million annually, although we may invest in larger or smaller companies. We also may purchase interests in loans or corporate bonds through secondary market transactions.

During the six months ended June 30, 2023, we made $34.8 million of investments in new portfolio companies and had $21.1 million in aggregate amount of sales and repayments, resulting in net investments of $13.8 million for the period. The total portfolio of debt investments at fair value consisted of 98.2% bearing variable interest rates and 1.8% bearing fixed interest rates.

Our portfolio composition, based on fair value at June 30, 2023 was as follows:

	June 30, 2023
	Percentage of Total Portfolio(1)		Weighted Average Current Yield for Total Portfolio (2)
Senior Secured First Lien Debt	84.5	%	11.7	%
Senior Secured Second Lien Debt	6.7		13.3
Subordinated Debt	4.5		13.0
Debt Subtotal	95.7	%	11.9	%
Equity/Other	4.3		8.3
Total	100.0	%	11.7	%

(1) As of June 30, 2023, we held investments in Post Road Equipment Finance, LLC (“Post Road”) consisting of subordinated debt and equity, which represented 4.5% and 3.9% of our total portfolio, respectively. Post Road’s primary business involves equipment finance transactions secured by mission-critical equipment of middle market companies. If we were to treat the investments in Post Road as senior secured first lien investments, given the underlying business of this portfolio company, then our portfolio composition as of June 30, 2023 would be as follows:

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	June 30, 2023
	Percentage of Total Portfolio
Senior Secured First Lien Debt	92.9	%
Senior Secured Second Lien Debt	6.7
Senior Secured - Subtotal	99.6	%
Equity/Other	0.4
Total	100.0	%

(2) Includes the effect of the amortization or accretion of loan premiums or discounts.

During the year ended December 31, 2022, we made $327.9 million of investments in new portfolio companies and had $58.6 million in aggregate amount of sales and repayments, resulting in net investments of $269.3 million for the period. The total portfolio of debt investments at fair value consisted of 98.3% bearing variable interest rates and 1.7% bearing fixed interest rates.

Our portfolio composition, based on fair value at December 31, 2022 was as follows:

	December 31, 2022
	Percentage of Total Portfolio(1)		Weighted Average Current Yield for Total Portfolio (2)
Senior Secured First Lien Debt	84.8	%	10.8	%
Senior Secured Second Lien Debt	6.9		12.1
Subordinated Debt	4.0		12.0
Debt Subtotal	95.7	%	11.0	%
Equity/Other	4.3		7.9
Total	100.0	%	10.8	%

(1) As of December 31, 2022, we held investments in Post Road Equipment Finance, LLC consisting of subordinated debt and equity, which represented 4.0% and 3.9% of our total portfolio, respectively. Post Road’s primary business involves equipment finance transactions secured by mission-critical equipment of middle market companies. If we were to treat the investments in Post Road as senior secured first lien investments, given the underlying business of this portfolio company, then our portfolio composition as of December 31, 2022 would be as follows:

	December 31, 2022
	Percentage of Total Portfolio
Senior Secured First Lien Debt	92.7	%
Senior Secured Second Lien Debt	6.9
Senior Secured - Subtotal	99.6	%
Equity/Other	0.4
Total	100.0	%

(2) Includes the effect of the amortization or accretion of loan premiums or discounts.

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Portfolio Asset Quality

Our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser grades the credit risk of all debt investments on a scale of 1 to 5 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio debt investment relative to the inherent risk at the time the original debt investment was made (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors.

Loan Rating	Summary Description
1	Debt investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since the time of investment are favorable.
2	Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. All investments are initially rated a “2”.
3	Performing debt investment requiring closer monitoring. Trends and risk factors show some deterioration.
4	Underperforming debt investment. Some loss of interest or dividend expected, but still expecting a positive return on investment. Trends and risk factors are negative.
5	Underperforming debt investment with expected loss of interest and some principal.

The weighted average risk rating of our investments based on fair value was 2.2 and 2.1 as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company had no portfolio companies on non-accrual status, respectively. Refer to Note 2 - Summary of Significant Accounting Policies - for additional details regarding the Company’s non-accrual policy.

RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in first and second lien senior secured loans, and to a lesser extent, mezzanine loans, unsecured loans and equity of predominantly private U.S. middle market companies. We define middle market companies as those with EBITDA of between $25 million and $100 million annually, although we may invest in larger or smaller companies. We also may purchase interests in loans or corporate bonds through secondary market transactions, which refers to acquisitions from secondary market participants rather than from the portfolio company directly.

As a BDC, we are generally required to invest at least 70% of our total assets primarily in securities of private and certain U.S. public companies (other than certain financial institutions), cash, cash equivalents and U.S. government securities and other limited float high quality debt investments that mature in one year or less.

Revenues

We generate revenues primarily in the form of interest income on debt investments we hold, and to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) income.

In addition, we may generate revenue in the form of fee income such as structuring fees, origination, closing, amendment fees, commitment, termination, and other upfront fees. We do not expect to receive material fee income as it is not our principal investment strategy. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan origination, structuring, closing, commitment, and other upfront fees are recorded as income.

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Expenses

We will bear all out-of-pocket costs and expenses of our operations and transactions, including, but not limited to:

•expenses incurred by the Adviser and payable to third parties, including agents, consultants and other advisors, in monitoring the financial and legal affairs of the Company, news and quotation subscriptions, and market or industry research expenses;

•the cost of calculating the Company’s net asset value (“NAV”); the cost of effecting sales and repurchases of shares of our Common Stock and other securities;

•management and incentive fees payable pursuant to the Investment Advisory Agreement; fees payable to third parties, including agents, consultants and other advisors, relating to, or associated with, making investments, and, if necessary, enforcing its rights, and valuing investments (including third-party valuation firms);

•expenses related to consummated or unconsummated investments, including dead deal or broken deal expenses; rating agency expenses; fees to arrange debt financings for the Company;

•distributions on the Company’s shares; administration fees payable under the Administration Agreement;

•the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it; transfer agent and custodial fees; fees and expenses associated with marketing efforts (including attendance at investment conferences and similar events); accounting, audit and tax preparation expenses;

•federal and state registration fees; any exchange listing fees; federal, state, local, and other taxes;

•costs and expenses incurred in relation to compliance with applicable laws and regulations and the operation and administration of the Company generally;

•independent directors’ fees and expenses;

•brokerage commissions; costs of proxy statements, stockholders’ reports and notices; costs of preparing government filings, including periodic and current reports with the SEC; the Company’s fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; indemnification payments;

•expenses relating to the development and maintenance of the Company’s website, if any; other operations and technology costs;

•direct costs and expenses of administration, including printing, mailing, copying, telephone, fees of independent accountants and outside legal costs; and

•all other expenses incurred by the Company or the Administrator in connection with administering the Company’s business, including, but not limited to, payments under the Administration Agreement based upon the Company’s allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent, travel and the allocable portion of the cost of the Company’s chief compliance officer and chief financial officer and their respective staffs, including operations and tax professionals and administrative staff who provide support services in respect of the Company.

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Our operating results for the three and six months ended June 30, 2023 and 2022, were as follows (dollars in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Total investment income	$	23,844	$	10,890	$	46,268	$	20,501
Expenses, net of incentive fee waiver	9,998		4,875		20,153		8,709
Income tax expense, including excise tax	210		91		418		414
Net investment income (loss)	$	13,636	$	5,924	$	25,697	$	11,378

Investment Income

For the three and six months ended June 30, 2023, total investment income was $23.8 million and $46.3 million, respectively, and was primarily attributable to interest income from investments in portfolio companies with an average portfolio fair value of $789.0 million and a weighted average current yield of 11.7%. Included within total investment income was $0.6 million and $0.9 million, respectively, of fee income for the three and six months ended June 30, 2023. Fee income consists primarily of commitment fees. For the three and six months ended June 30, 2022, total investment income was $10.9 million and $20.5 million, respectively, and was primarily attributable to interest income from investments in portfolio companies with an average portfolio fair value of $588.0 million and a weighted average current yield of 8.1%. Included within total investment income was $0.3 million and $0.4 million, respectively, of fee income for the three and six months ended June 30, 2022. Fee income consists primarily of commitment fees. The increase in investment income for the three and six months ended June 30, 2022 to the three and six months ended June 30, 2023 was primarily driven by our deployment of capital and increasing invested balance as well as the rising rate environment.

Operating Expenses

The composition of our operating expenses for the three and six months ended June 30, 2023 and 2022, were as follows (dollars in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Management fees	$	1,039	$	774	$	2,043	$	1,454
Incentive fee on income	2,045		889		3,854		1,707
Incentive fee on capital gains	—		(316)		—		(409)
Interest and debt fees	7,627		3,209		15,603		5,454
Professional fees	511		349		1,023		758
Other general and administrative	456		347		912		644
Administrative services	91		57		149		104
Directors' fees	274		139		423		295
Incentive fee waiver	(2,045)		(573)		(3,854)		(1,298)
Expenses, net of incentive fee waiver	$	9,998	$	4,875	$	20,153	$	8,709

Interest and debt fees

For the three and six months ended June 30, 2023, we incurred interest and debt fees of $7.6 million and $15.6 million, respectively. For the three and six months ended June 30, 2022, we incurred interest and debt fees of $3.2 million and $5.5 million, respectively. The increase in interest and debt fees for the three and six months ended June 30, 2022 to the three and six months ended June 30, 2023 was primarily driven by the increase in our average daily borrowings, and rising rate environment.

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Management Fees

For the three and six months ended June 30, 2023, we incurred management fees of $1.0 million and $2.0 million, respectively. For the three and six months ended June 30, 2022, we incurred management fees of $0.8 million and $1.5 million, respectively. The increase in management fees for the three and six months ended June 30, 2022 to the three and six months ended June 30, 2023 was primarily driven by an increase in the size of our portfolio.

Professional Fees and Other General and Administrative Expenses

For the three and six months ended June 30, 2023, we incurred professional fees and other general and administrative expenses of $1.0 million and $1.9 million, respectively. For the three and six months ended June 30, 2022, we incurred professional fees and other general and administrative expenses of $0.7 million and $1.4 million, respectively. The increase in professional fees and other general and administrative expenses for the three and six months ended June 30, 2022 to the three and six months ended June 30, 2023 was primarily driven by an increase in the size of the portfolio and an increase in costs associated with servicing a larger investment portfolio.

Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation) on Investments

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments for the three and six months ended June 30, 2023 and 2022, were as follows (dollars in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2023		2022		2023		2022
Net realized gain (loss)
Non-affiliate investments	$	31	$	54	$	(130)	$	66
Total net realized gain (loss)	$	31	$	54	$	(130)	$	66
Net change in unrealized appreciation (depreciation) on investments
Control investments	$	(2)	$	(37)	$	(9)	$	41
Affiliate Investments	$	—	$	(3)	$	—	$	(2)
Non-affiliate investments	$	(2,196)	$	(3,879)	$	(2,935)	$	(4,593)
Net change in deferred taxes	0(1)		$	—	$	(515)	$	—
Total net change in unrealized appreciation (depreciation) on investments	$	(2,198)	$	(3,919)	$	(3,459)	$	(4,554)
Net realized and unrealized gain (loss)	$	(2,167)	$	(3,865)	$	(3,589)	$	(4,488)

The net realized and unrealized loss for the three and six months ended June 30, 2023 was primarily driven by unrealized losses on senior secured investments.

The net realized and unrealized loss for the three and six months ended June 30, 2022 was primarily driven by unrealized losses on senior secured investments.

Recent Developments

On July 28, 2023, our Board of Directors declared a distribution of $0.43 per share of Common Stock, which is payable on or around August 7, 2023 to stockholders of record as of July 28, 2023.

On July 28, 2023, our Board of Directors declared a distribution of $28.35 per share of Series A Preferred Stock, which is payable on or around August 7, 2023 to stockholders of record as of July 28, 2023.

On July 17, 2023, we delivered drawdown notices to our Common Stock investors for an aggregate offering price of approximately $1.6 million.

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Liquidity and Capital Resources

We generate cash primarily from the net proceeds of the purchase of shares of our Common Stock and Series A Preferred Stock via drawdowns on our investors’ capital commitments, cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. As of June 30, 2023, we had issued 25.5 million shares of our Common Stock for net proceeds of $387.9 million, including shares issued pursuant to the DRIP. We had also issued 77,500 shares of Series A Preferred Stock for net proceeds of $77.4 million. As of June 30, 2022, we had issued 17.1 million shares of our Common Stock for net proceeds of $260.1 million, including shares issued pursuant to the DRIP. We had also issued 10,000 shares of Series A Preferred Stock for net proceeds of $10.0 million.

As of June 30, 2023, we had $47.7 million of cash. For the six months ended June 30, 2023, net cash provided by operating activities was $8.5 million. The level of cash flows used in or provided by operating activities is affected by the timing of purchases, redemptions, and sales of portfolio investments. The cash flows provided by operating activities for the six months ended June 30, 2023 was primarily a result of purchases of investments of $34.8 million, partially offset by sales and repayments of investments of $21.1 million. As of June 30, 2022, we had $13.7 million of cash. For the six months ended June 30, 2022, net cash used in operating activities was $148.2 million. The level of cash flows used in operating activities is affected by the timing of purchases, redemptions, and sales of portfolio investments. The cash flows used in operating activities for the six months ended June 30, 2022 was primarily a result of purchases of investments of $157.3 million, partially offset by sales and repayments of investments of $12.8 million.

Net cash provided by financing activities of $12.9 million during the six months ended June 30, 2023 primarily related to proceeds from issuance of shares of common stock of $8.3 million, proceeds from issuance of shares of preferred stock of $41.4 million, proceeds from debt of $32.0 million, and proceeds from short-term borrowings of $41.1 million partially offset by payments on debt of $70.4 million, repayments on short-term borrowings of $20.8 million, common stockholder distributions of $15.4 million, and preferred stockholder distributions of $3.2 million. Net cash provided by financing activities of $149.0 million during the six months ended June 30, 2022 primarily related to proceeds from debt of $99.0 million, proceeds from short-term borrowings of $62.9 million, proceeds from issuance of shares of common stock of $33.4 million, proceeds from issuance of shares of preferred stock of $5.0 million partially offset by payments on debt of $15.0 million, repayments on short-term borrowings of $27.5 million, payments on financing costs of $1.1 million, common stockholder distributions of $7.3 million, and preferred stockholder distributions of $0.4 million.

We also fund a portion of our investments through borrowings from banks. Our primary use of cash will be investments in portfolio companies, payments of our expenses and payment of cash distributions to our stockholders. As of June 30, 2023, we are party to the MS Credit Facility, which is defined in and described in more detail in Note 5 - Borrowings.

As of June 30, 2023, we had $56.5 million of availability under the MS Credit Facility (subject to borrowing base availability), and had approximately $219.2 million of uncalled capital commitments to purchase shares of our Common Stock. We believe that it is unlikely that an investor with unfunded capital commitments of $217.5 million as of June 30, 2023 will be able to fund all of its unfunded capital commitment. As of June 30, 2022, we had $126.0 million of availability under the MS Credit Facility (subject to borrowing base availability), $0.1 million of availability under the MS Subscription Facility and had approximately $390.4 million of uncalled capital commitments to purchase shares of our Common Stock and Series A Preferred Stock. We expect to have sufficient liquidity for our investing activities and to conduct our operations in the near term.

Taxation as a RIC

We have elected to be treated as a RIC under Subchapter M of the Code. As a RIC, we generally will not be subject to corporate-level U.S. federal income taxes on any income that we distribute as dividends for U.S. federal income tax purposes to our stockholders. To maintain our qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, in order to maintain RIC tax treatment, we must distribute to our stockholders, for each tax year, an amount equal to at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short-term capital gain over realized net long-term capital loss and determined without regard to any deduction for dividends paid, or the annual distribution requirement. Even if we qualify as a RIC, we generally will be subject to corporate-level U.S. federal income tax on our undistributed taxable income and could be subject to state, local, and foreign taxes.

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Additionally, in order to avoid the imposition of a U.S. federal excise tax, we are required to distribute, in respect of each calendar year, dividends to our stockholders of an amount at least equal to the sum of 98% of our calendar year net ordinary income (taking into account certain deferrals and elections); 98.2% of our capital gain net income (adjusted for certain ordinary losses) for the one year period ending on December 31 of such calendar year; and any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which we previously did not incur any U.S. federal income tax. If we fail to qualify as a RIC for any reason and become subject to corporate tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and our stockholders. In addition, we could be required to recognize unrealized gains, incur substantial taxes and interest and make substantial distributions in order to re-qualify as a RIC. We cannot assure stockholders that they will receive any distributions.

Distributions

The amount of each distribution is subject to the discretion of the Board of Directors and applicable legal restrictions related to the payment of distributions. The Company calculates each stockholder’s specific distribution amount for the quarter using record and declaration dates.

The table shows the components of the distributions we have declared and/or paid to common stockholders for the six months ended June 30, 2023 and 2022 (dollars in thousands):

	For the six months ended June 30,
	2023		2022
Distributions declared	$	21,479	$	10,569
Distributions paid	$	21,499	$	10,569
Portion of distributions paid in cash	$	15,431	$	7,300
Portion of distributions paid in DRIP shares	$	6,068	$	3,269

The table shows the components of the distributions we have declared and/or paid to preferred stockholders during the six months ended June 30, 2023 and 2022 (dollars in thousands):

	For the six months ended June 30,
	2023		2022
Distributions declared	$	3,220	$	350
Distributions paid	$	3,220	$	350
Portion of distributions paid in cash	$	3,220	$	350
Portion of distributions paid in DRIP shares	$	—	$	—

We may fund our cash distributions to stockholders from any sources of funds available to us, including advances from the Adviser that are subject to reimbursement, as well as offering proceeds, borrowings, net investment income from operations, capital gain proceeds from the sale of assets, and non-capital gain proceeds from the sale of assets. We have not established limits on the amount of funds we may use from available sources to make distributions. We may have distributions which could be characterized as a return of capital for tax purposes. During the six months ended June 30, 2023 and 2022, no portion of our distributions was characterized as return of capital for tax purposes. The specific tax characteristics of our distributions made in respect of our anticipated fiscal year ending December 31, 2023 will be reported to stockholders shortly after the end of the calendar year 2023 as well as in our periodic reports with the SEC. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is our ordinary income or gain. Moreover, you should understand that any such distributions were not based on our investment performance and can only be sustained if we achieve positive investment performance in future periods and/or our Adviser continues to make such reimbursements. There can be no assurance that we will achieve the performance necessary to sustain our distributions or that we will be able to pay distributions at all.

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Related Party Transactions and Agreements

Investment Advisory Agreement

We entered into an Investment Advisory Agreement, dated as of September 23, 2020, which was approved by our Board of Directors and our sole stockholder for an initial two year term, under which the Adviser, subject to the overall supervision of our Board of Directors manages the day-to-day operations of, and provides investment advisory services to us. Affiliates of the Adviser also provide investment advisory services to other funds that have investment mandates that are similar, in whole and in part, with ours, including Franklin BSP Lending Corporation, a BDC advised by an affiliate of the Adviser. Affiliates of the Adviser also serve as investment adviser or sub-adviser to private funds and registered open-end funds, and as an investment adviser to a public real estate investment trust. The Adviser has adopted policies designed to manage and mitigate the conflicts of interest associated with the allocation of investment opportunities. In addition, any affiliated fund currently formed or formed in the future and managed by the Adviser or its affiliates may have overlapping investment objectives with our own and, accordingly, may invest in asset classes similar to those targeted by us. However, in certain instances due to regulatory, tax, investment, or other restrictions, certain investment opportunities may not be appropriate for either us or other funds managed by the Adviser or its affiliates. The Board of Directors most recently renewed the Investment Advisory Agreement on January 30, 2023.

Administration Agreement

On September 23, 2020, we entered into the Administration Agreement with BSP, pursuant to which BSP provides us with office facilities and administrative services. The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other. For the three and six months ended June 30, 2023, the Company incurred $0.3 million and $0.6 million, respectively, in administrative service fees under the administrative agreement, which are included in other general and administrative expenses on the consolidated statements of operations in the accompanying consolidated financial statements. For the three and six months ended June 30, 2022, the Company incurred $0.2 million and $0.4 million, respectively, in administrative service fees under the administrative agreement, which are included in other general and administrative expenses on the consolidated statements of operations in the accompanying consolidated financial statements.

Co-Investment Relief

The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. The SEC has granted exemptive relief to affiliates of the Adviser that allows us to enter into certain negotiated co-investment transactions alongside other funds managed by the Adviser 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) of our eligible 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 in respect of 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.

Borrowings

We are only allowed to borrow money such that our asset coverage, which, as defined in the 1940 Act, measures the ratio of total assets less total liabilities not represented by senior securities to total borrowings, equals at least 150% after such borrowing, with certain limited exceptions. We are continually exploring forms of debt financing which could include new or expanded credit facilities or the issuance of senior securities that are debt or stock. We may use borrowed funds, known as “leverage,” to make investments and to attempt to increase returns to our stockholders by reducing our overall cost of capital. We currently have credit facilities with Morgan Stanley.

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MS Credit Facility

On March 15, 2021, the Company, FBCC Lending I, LLC, a wholly-owned, special purpose financing subsidiary of the Company (“FBCC Lending”), and the Adviser, as the servicer, entered into a loan and servicing agreement (together with the other documents executed in connection therewith, the “MS Credit Facility”) with Morgan Stanley Asset Funding, Inc. as administrative agent, Morgan Stanley Bank, N.A., as the lender, and U.S. Bank National Association as collateral agent, account bank and collateral custodian, that provides for borrowings of up to $100.0 million on a committed basis. Obligations under the MS Credit Facility are secured by a first priority security interest in substantially all of the assets of FBCC Lending, including its portfolio of investments and the Company’s equity interest in FBCC Lending. The obligations of FBCC Lending under the MS Credit Facility are nonrecourse to us. Any amounts borrowed under the MS Credit Facility will mature, and will be due and payable, on the maturity date, which is March 15, 2025. Prior to the Third Amendment (defined below), borrowings under the MS Credit Facility bore interest at three-month LIBOR, with a LIBOR floor of zero, plus a spread of 2.25%. Interest is payable quarterly in arrears. FBCC Lending is subject to a non-usage fee of 0.50% on the difference between total commitments and the greater of the (i) drawn amounts and (ii) minimum utilization requirement, and, in addition, after the ramp-up period, FBCC Lending would pay interest on undrawn amounts up to the minimum utilization requirement under the MS Credit Facility if drawn amounts are less than such minimum utilization requirement. The Company paid an upfront fee and incurred other customary costs and expenses in connection with the MS Credit Facility.

On July 1, 2021, FBCC Lending amended the MS Credit Facility to, among other things, increase the maximum permissible borrowings under the MS Credit Facility from $100.0 million to $200.0 million on a committed basis (the “First Amendment”).

On December 15, 2021, FBCC Lending amended the MS Credit Facility to, among other things, increase the maximum permissible borrowings under the MS Credit Facility from $200.0 million to $250.0 million on a committed basis (the “Second Amendment”).

On January 31, 2022, FBCC Lending amended the MS Credit Facility to, among other things, increase the maximum permissible borrowings from $250.0 million to $300.0 million on a committed basis, transition the benchmark rate to Adjusted Term SOFR and included the Canadian Imperial Bank of Commerce (“CIBC”) as a lender (the “Third Amendment”). Following the Third Amendment, borrowings under the MS Credit Facility bear interest at Adjusted Term SOFR, with an Adjusted Term SOFR floor of zero, plus a spread of 2.00%. FBCC Lending is subject to non-usage fee of 0.50% on the difference between total commitments and the greater of the (i) drawn amounts and (ii) minimum utilization requirement, and, in addition after the ramp-up period, FBCC Lending would pay interest on undrawn amounts up to the minimum utilization requirement under the MS Credit Facility, at three month SOFR floor of zero, plus spread of 1.125%, if drawn amounts are less than such minimum utilization requirement. The entire facility is subject to a 0.25% administrative agent fee.

On June 28, 2022, FBCC Lending entered into a fourth amendment (together with any documents executed in connection therewith, the “Fourth Amendment”) to the MS Credit Facility. The Fourth Amendment, among other things, increases the maximum permissible borrowings under the MS Credit Facility to $400.0 million from $300.0 million on a committed basis and amends the spread on borrowings under the MS Credit Facility to 2.25%.

MS Subscription Facility

On April 22, 2021, we entered into a $50.0 million revolving credit agreement (the “MS Subscription Facility”) with Morgan Stanley Asset Funding, Inc., as administrative agent and sole lead arranger, and Morgan Stanley Bank, N.A., as the letter of credit issuer and lender. The MS Subscription Facility is subject to certain restrictions, including availability under the borrowing base, which is based on unfunded capital commitments. The amount of permissible borrowings under the MS Subscription Facility may be increased up to an aggregate of $150.0 million with the consent of the lenders. The MS Subscription Facility had a maturity date of April 22, 2022, which may be extended for an additional two terms of not more than 12 months each with the consent of the administrative agent and lenders. On April 20, 2022, we entered into a first amendment (the “First Amendment”) to the MS Subscription Facility, which extended the maturity date to April 21, 2023, which may be extended for an additional term of not more than 12 months each with the consent of the administrative agent and lenders. On September 30, 2022, pursuant to the terms of the agreement, we voluntarily reduced commitments from $50.0 million to $44.5 million and on December 9, 2022, pursuant to the terms of the agreement, we voluntarily reduced commitments from $44.5 million to $25.5 million (together, the “MS Subscription Facility Downsizes”).

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Prior to the First Amendment, the MS Subscription Facility bore interest at a rate of: (i) with respect LIBOR Rate Loans, Adjusted LIBOR (as defined in the MS Subscription Facility) for the applicable interest period plus 2.00% per annum and (ii) with respect to Base Rate Loans, the greatest of (a) the Prime Rate in effect on such day plus 1.00% per annum, (b) the Federal Funds Rate in effect on such day plus 0.50%, plus 1.00% per annum and (c) except during any period of time during which LIBOR is unavailable, one-month Adjusted LIBOR plus, without duplication, 100 basis points per annum. The Company paid an upfront fee and incurred other customary costs and expenses in connection with the MS Subscription Facility. Subsequent to the First Amendment, the MS Subscription Facility bore interest at a rate of: (i) with respect to Term SOFR Loans, Term SOFR with a one-month Interest Period plus 2.10% per annum and (ii) with respect to Base Rate Loans, the greatest of (a) the Prime Rate in effect on such day plus 100 basis points (1.00%) per annum, (b) the Federal Funds Rate in effect on such day plus 0.50% plus 1.00% per annum and (c) except during any period of time during which Term SOFR is unavailable, Term SOFR for a one-month tenor in effect on such day plus without duplication, 100 basis points (1.00%) per annum plus 100 basis points (1.00%) per annum. The Company paid an upfront fee and incurred other customary costs and expenses in connection with the First Amendment to MS Subscription Facility. In addition, the Company was subject to an unused commitment fee of 0.30%.

The MS Subscription Facility was terminated on March 29, 2023.

Short-Term Borrowings

From time to time, the Company finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Company enters into a trade to sell an investment and contemporaneously enter into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the consolidated statements of assets and liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of June 30, 2023 and December 31, 2022, the Company had short-term borrowings outstanding of $41.1 million and $20.8 million, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded interest expense of $1.3 million and $0.7 million, respectively, in connection with short-term borrowings. For the six months ended June 30, 2023, the Company had an average outstanding balance of short-term borrowings of $31.0 million and bore interest at a weighted average rate of 0.02%. For the six months ended June 30, 2022, the Company had an average outstanding balance of short-term borrowings of $38.2 million and bore interest at a weighted average rate of 0.01%.

Contractual Obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations as of June 30, 2023 (dollars in thousands):

			Payment Due by Period
	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
MS Credit Facility (1)	$	343,500	$	—	$	343,500	$	—	$	—
Short-term borrowings	41,149		41,149		—		—		—
Total			$	41,149	$	343,500	$	—	$	—

—–—–—–—–—–

(1) As of June 30, 2023, we had $56.5 million in unused borrowing capacity under the MS Credit Facility, subject to borrowing base limits.

Commitments

In the ordinary course of business, we may enter into future funding commitments. As of June 30, 2023, we had unfunded commitments on delayed draw term loans of $27.3 million and unfunded commitments on revolver term loans of $42.5 million. As of December 31, 2022, we had unfunded commitments on delayed draw term loans of $56.1 million and unfunded commitments on revolver term loans of $47.5 million. We maintain sufficient cash on hand, unfunded commitments to purchase our Common Stock, and available borrowings to fund such unfunded commitments. Please refer to Note 6 - Commitments and Contingencies in the notes to our consolidated financial statements for further detail of these unfunded commitments.

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Significant Accounting Estimates and Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP (defined below). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. 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 financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we will evaluate our estimates, including those related to the matters described below. Actual results could differ from those estimates.

While our significant accounting policies are also described in Note 2 - Summary of Significant Accounting Policies of our notes to our consolidated financial statements appearing elsewhere in this report, we believe the following accounting policies require the most significant judgment in the preparation of our consolidated financial statements.

Valuation of Portfolio Investments

Portfolio investments are reported on the statements of assets and liabilities at fair value. The Board of Directors has delegated to the Adviser as valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, our Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. On a quarterly basis our Valuation Designee performs an analysis of each investment to determine fair value as follows:

Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. Our Valuation Designee may also obtain quotes with respect to certain of our investments from pricing services or brokers or dealers in order to value assets. When doing so, our Valuation Designee determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined readily available, our Valuation Designee uses the quote obtained.

Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that our Valuation Designee may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

As part of our quarterly valuation process our Valuation Designee may be assisted by one or more independent valuation firms engaged by us. Our Valuation Designee under the supervision of the Board of Directors determines the fair value of each investment, in good faith, based on the input of the independent valuation firm(s) (to the extent applicable) and our Valuation Designee’s own analysis.

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

•Each portfolio company or investment will be valued by our Valuation Designee, with assistance from one or more independent valuation firms engaged by our Board of Directors;

•The independent valuation firm(s) conduct independent appraisals and make an independent assessment of the value of each investment; and

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•Our Valuation Designee, under the supervision of the Board of Directors determines the fair value of each investment, in good faith, based on the input of independent valuation firms (to the extent applicable) and our Valuation Designee’s own analysis. Our Valuation Designee also has established a Valuation Committee to assist our Valuation Designee in carrying out its designated responsibilities, subject to oversight of the Board of Directors.

Because there is not a readily available market value for most of the investments in our portfolio, our Valuation Designee values substantially all of our portfolio investments at fair value as determined in good faith by our Board of Directors, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it.

Revenue Recognition

Interest Income

Investment transactions are accounted for on the trade date. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discount and amortization of premium on investments.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on ex-dividend date for publicly traded portfolio companies.

Fee Income

Fee income, such as structuring fees, origination, closing, amendment fees, commitment, termination, and other upfront fees are generally non-recurring and are recognized as income when earned, either upon receipt or amortized into income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan origination, structuring, closing, commitment, and other upfront fees are recorded as income.

Payment-in-Kind Interest

The Company may hold debt investments in its portfolio that contain PIK interest and dividend provisions. PIK interest, which represents contractually deferred interest that add to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected.

Non-accrual Income

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued interest, which may include un-capitalized PIK interest is generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

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Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

Gains or losses on the sale of investments are calculated using the specific identification method. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

See Note 2 - Summary of Significant Accounting Policies for a description of other accounting policies and recently issued accounting pronouncements.

Organization and Offering Expenses

Organization costs consist of costs incurred to establish the Company and enable it legally to do business. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of common shares of the Company. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations.

We will bear the organization and offering expenses incurred in connection with the formation of the Company and the offering of shares of our Common Stock, including the out-of-pocket expenses of the Adviser and its agents and affiliates. In addition, we will reimburse the Adviser for the organizational and offering costs it incurs on our behalf. If actual organization and offering costs incurred exceed the greater of $1 million or 0.10% of the Company’s total capital commitments, the Adviser or its affiliate will bear the excess costs. To the extent the Company’s capital commitments later increase, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf provided that the total organization and offering costs borne by the Company do not exceed 0.10% of total capital commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. In general, we may not deduct organizational expenses, and instead amortize organizational expenses over at least a 180-month period for tax purposes.

In connection with the private placement of shares of our preferred stock designated as Series A Preferred Stock, we incurred various offering costs. These costs are capitalized as a deferred cost and included within redeemable convertible preferred stock Series A on the consolidated statement of assets and liabilities as the preferred shares are issued. The costs are not subject to reimbursement from the Adviser.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

The market risk associated with financial instruments and derivative financial instruments is the risk of loss from adverse changes in market prices or interest rates. We expect our market risk will arise primarily from interest rate risk relating to interest rate fluctuations. Many factors including governmental monetary and tax policies, domestic and international economic and political considerations and other factors that are beyond our control contribute to interest rate risk. To meet our short and long-term liquidity requirements, we may borrow funds at a combination of fixed and variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes in earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as swaps, collars and treasury lock agreements, subject to the requirements of the 1940 Act, in order to mitigate our interest rate risk with respect to various debt instruments. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates. During the periods covered by this report, we did not engage in interest rate hedging activities. We would not hold or issue these derivative contracts for trading or speculative purposes.

As of June 30, 2023, our debt included variable-rate debt, bearing a weighted average interest rate of SOFR plus 2.25% with a total carrying value (net of deferred financing costs) of $341.8 million. The following table quantifies the potential changes in interest income net of interest expense should base interest rates increase or decrease by the amounts below assuming that our current consolidated statement of assets and liabilities was to remain constant and no actions were taken to alter our existing interest rate sensitivity. Interest rate floors, if applicable, are not reflected in the sensitivity analysis below.

Change in Base Interest Rates	Estimated Change in Interest Income net of Interest Expense (in thousands)
(-) 555 Basis Points	$	(23,493)
(-) 200 Basis Points	$	(8,473)
(-) 100 Basis Points	$	(4,236)
(-) 50 Basis Points	$	(2,118)
(+) 50 Basis Points	$	2,118
(+) 100 Basis Points	$	4,236
(+) 200 Basis Points	$	8,473

Because we may borrow money to make investments, our net investment income may be dependent on the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of increasing interest rates, our cost of funds would increase, which may reduce our net investment income. As a result, 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.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and our Adviser, as our Valuation Designee under Rule 2a-5, values these investments at fair value as determined in good faith subject to the oversight of our Board, based on, among other things, the input of the Adviser and independent third-party valuation firms, in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented.

Inflation and Supply Chain Risk

Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of acceleration in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies profit margins.

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ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of 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) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were (a) designed to ensure that the information we are required to disclose in our reports under the Exchange Act is recorded, processed, and reported in an accurate manner and on a timely basis and the information that we are required to disclose in our Exchange Act reports is accumulated and communicated to management to permit timely decisions with respect to required disclosure and (b) operating in an effective manner.

Change in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the quarter ended June 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

As of June 30, 2023, we were not defendants in any material pending legal proceeding, and no such material proceedings are known to be contemplated. However, from time to time, we may be party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under the contracts with our portfolio companies. Third parties may also seek to impose liability on us in connection with the activities of our portfolio companies.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed below and in Part I., “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, which could materially affect our business, financial condition, and/or operating results. The risks described below and in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.

Because we borrow money, the potential for gain or loss on amounts invested in us will be magnified and may increase the risk of investing in us.

The use of borrowings, also known as leverage, including through the issuance of senior securities that are debt or stock, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. Because we use leverage to partially finance our investments, through borrowing from banks and other lenders, you will experience increased risks of investing in our Common Stock. If the value of our assets increases, leveraging would cause the NAV to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause our NAV to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net income to increase more than it would without the leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make Common Stock distribution payments. Leverage is generally considered a speculative investment technique.

The following table illustrates the effects of leverage on returns from an investment in shares of Common Stock, assuming various hypothetical annual returns, net of expenses. The calculations are hypothetical and actual returns may be higher or lower than those appearing below. The calculation assumes (i) $899.8 million in total assets, (ii) a weighted average cost of funds of 7.53%, (iii) $400.0 million of debt outstanding (i.e. assumes that the full amount is available to us under our MS Credit Facility as of June 30, 2023) and (iv) $384.0 million in stockholders’ equity and (v) no incentive fees payable by the Company to the Adviser. In order to compute the “Corresponding return to stockholders,” the “Assumed Return on Our Portfolio (net of expenses)” is multiplied by the assumed total assets to obtain an assumed return to us. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds by the assumed debt outstanding, and the product is subtracted from the assumed return to us in order to determine the return available to stockholders. The return available to stockholders is then divided by our stockholders’ equity to determine the “Corresponding return to stockholders.” Actual interest payments may be different.

Assumed Return on Our Portfolio (net of expenses)	(10)%	(5)%	—%	5%	10%
Corresponding return to stockholders (1)	(31.28)%	(19.56)%	(7.84)%	3.87%	15.59%

(1) In order for us to cover our hypothetical annual interest payments on indebtedness, we would need to achieve annual returns on our June 30, 2023 total assets of at least 3.35%.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Previously disclosed on Form 8-K filings.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2023, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the six months ended June 30, 2023 (and are numbered in accordance with Item 601 of Regulation S-K).

Exhibit No.	Description
3.1	Form of Certificate of Incorporation (previously filed as Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56205) filed on September 23, 2020 and incorporated herein by reference).
3.2	Certificate of Designation of Series A Convertible Preferred Stock (previously filed as Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 814-01360) filed on August 25, 2021 and incorporated herein by reference).
3.3	Amended and Restated Bylaws (previously filed as Exhibit 3.2 to the Company’s Annual Report on Form 10-K (File No. 814-01360) filed on March 29, 2021 and incorporated herein by reference).
31.1	Certification of the Principal Executive Officer of the Company pursuant to Securities Exchange Act Rule 13a-14 (a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of the Principal Financial Officer of the Company pursuant to Securities Exchange Act Rule 13a-14 (a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32	Written statement of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
101.INS	XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document (filed herewith).
101.SCH	Inline XBRL Taxonomy Extension Schema Document (filed herewith).
101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document (filed herewith).
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith).
101.LAB	Inline XBRL Taxonomy Label Linkbase Document (filed herewith).
101.PRE	Inline XBRL Taxonomy Presentation Linkbase Document (filed herewith).
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) (filed herewith).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

Signature	Title	Date
/s/ Richard J. Byrne Richard J. Byrne	Chief Executive Officer, President and Chairman of the Board of Directors (Principal Executive Officer)	August 11, 2023
/s/ Nina Kang Baryski Nina Kang Baryski	Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)	August 11, 2023

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EX-31.1

Exhibit 31.1

I, Richard J. Byrne, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarter period ended June 30, 2023 of Franklin BSP Capital 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)) 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)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

(c)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 11, 2023	/s/ Richard J. Byrne
		Richard J. Byrne
		Chief Executive Officer, President, and Chairman of the Board of Directors (Principal Executive Officer)

EX-31.2

Exhibit 31.2

I, Nina Kang Baryski, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarter period ended June 30, 2023 of Franklin BSP Capital 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)) 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)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

(c)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 11, 2023	/s/ Nina Kang Baryski
		Nina Kang Baryski Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

EX-32

Exhibit 32

SECTION 1350 CERTIFICATIONS

This Certificate is being delivered pursuant to the requirements of Section 1350 of Chapter 63 (Mail Fraud) of Title 18 (Crimes and Criminal Procedures) of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed for purposes of Section 18 of the Securities Act of 1934, as amended.

The undersigned, who are the Principal Executive Officer and Principal Financial Officer of Franklin BSP Capital Corporation (the “Company”), each hereby certify as follows:

To the best of their knowledge, the Quarterly Report on Form 10-Q of the Company, which accompanies this Certificate, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and all information contained in this quarterly report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated this 11th day of August 2023

/s/ Richard J Byrne

Richard J. Byrne

Chief Executive Officer, President, and Chairman of the Board of Directors

(Principal Executive Officer)

/s/ Nina Kang Baryski

Nina Kang Baryski

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Securities Act File Number	814-01360
Entity Registrant Name	FRANKLIN BSP CAPITAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2950084
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	49th Floor
Entity Address, Address Line Three	Suite 4920
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	588-6770
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,862,186
Entity Central Index Key	0001825248
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false

XML

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Assets:
Investments, at fair value	$ 795,571	[1]	$ 782,380
Cash and cash equivalents	47,693		26,239
Deferred offering costs	0		100
Interest and dividends receivable	8,123		6,444
Receivable for unsettled trades	1,550		713
Capital call receivable	31		235
Prepaid expenses and other assets	327		72
Total assets	853,295		816,183
Liabilities:
Debt (net of deferred financing costs of $1,722 and $2,320, respectively)	341,778		379,580
Short-term borrowings	41,149		20,792
Stockholder distributions payable	13		33
Management fees payable	1,040		1,007
Accounts payable and accrued expenses	3,680		2,583
Interest and debt fees payable	1,964		1,407
Directors' fees payable	151		17
Other liabilities	2,168		2,250
Total liabilities	391,943		407,669
Commitments and Contingencies (Note 6)
Redeemable convertible preferred stock Series A, $0.001 par value, 50,000,000 shares authorized; 77,500 issued and outstanding at June 30, 2023 and 36,147 issued and outstanding at December 31, 2022	77,388		36,093
Net Assets attributable to common stock:
Common stock, $0.001 par value, 450,000,000 shares authorized; 25,542,837 issued and outstanding at June 30, 2023, and 24,609,132 issued and outstanding at December 31, 2022	26		25
Additional paid in capital	389,697		375,557
Total distributable earnings (loss)	(5,759)		(3,161)
Total net assets attributable to common stock	383,964		372,421
Total liabilities, redeemable convertible preferred stock, and net assets attributable to common stock	$ 853,295		$ 816,183
Net asset value per share attributable to common stock	$ 15.03		$ 15.13
Series A Preferred Stock
Liabilities:
Redeemable convertible preferred stock Series A, $0.001 par value, 50,000,000 shares authorized; 77,500 issued and outstanding at June 30, 2023 and 36,147 issued and outstanding at December 31, 2022	$ 77,388		$ 36,093
Controlled
Assets:
Investments, at fair value	66,242		62,156
Non-Affiliated
Assets:
Investments, at fair value	$ 729,329		$ 720,224

[1] Percentages are based on net assets attributable to common stock as of June 30, 2023.

XML

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Amortized Cost	$ 804,364	[1]	$ 788,229
Deferred financing costs	$ 1,722		$ 2,320
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001
Redeemable convertible preferred stock, authorized (in shares)	50,000,000		50,000,000
Redeemable convertible preferred stock, outstanding (in shares)	77,500		36,147
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, authorized (in shares)	450,000,000		450,000,000
Common stock, issued (in shares)	25,542,837		24,609,132
Common stock, outstanding (in shares)	25,542,837		24,609,132
Series A Preferred Stock
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001
Redeemable convertible preferred stock, authorized (in shares)	50,000,000		50,000,000
Redeemable convertible preferred stock, issued (in shares)	77,500		36,147
Redeemable convertible preferred stock, outstanding (in shares)	77,500		36,147
Controlled
Amortized Cost	$ 66,208		$ 62,113
Non-Affiliated
Amortized Cost	$ 738,156		$ 726,116

[1] Percentages are based on net assets attributable to common stock as of June 30, 2023.

XML

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:
Interest from cash and cash equivalents	$ 313		$ 9	$ 414	$ 9
Total investment income from control investments	23,844		10,890	46,268	20,501
Operating expenses:
Management fees	1,039		774	2,043	1,454
Incentive fee on income	2,045		889	3,854	1,707
Incentive fee on capital gains	0		(316)	0	(409)
Interest and debt fees	7,627		3,209	15,603	5,454
Professional fees	511		349	1,023	758
Other general and administrative	456		347	912	644
Administrative services	91		57	149	104
Directors' fees	274		139	423	295
Total expenses before incentive fee waiver	12,043		5,448	24,007	10,007
Incentive fee waiver	(2,045)		(573)	(3,854)	(1,298)
Expenses, net of incentive fee waiver	9,998		4,875	20,153	8,709
Net investment income (loss) before income taxes	13,846		6,015	26,115	11,792
Income tax expense, including excise tax	210		91	418	414
Net investment income (loss)	13,636		5,924	25,697	11,378
Net realized gain (loss)
Net realized gain (loss) from investments	31		54	(130)	66
Net change in unrealized appreciation (depreciation) on investments
Net change in deferred taxes	1	[1]	0	(515)	0
Total net change in unrealized appreciation (depreciation) on investments	(2,198)		(3,919)	(3,459)	(4,554)
Net realized and unrealized gain (loss)	(2,167)		(3,865)	(3,589)	(4,488)
Net increase (decrease) in net assets resulting from operations attributable to participating securities	11,469		2,059	22,108	6,890
Accretion to redemption value of Series A redeemable convertible preferred stock	(4)		(1)	(7)	(1)
Accrual of Series A redeemable convertible preferred stock distributions	(2,197)		(253)	(3,220)	(350)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders	$ 9,268		$ 1,805	$ 18,881	$ 6,539
Net investment income (loss) (in dollars per share)	$ 0.54		$ 0.37	$ 1.03	$ 0.73
Net increase (decrease) in net assets resulting from operations attributable to participating securities (in dollars per share)	0.45		0.12	0.89	0.44
Basic earnings (loss) per share (in dollar per share)	0.36		0.10	0.71	0.39
Diluted earnings (loss) per share (in dollar per share)	$ 0.36		$ 0.10	$ 0.71	$ 0.39
Weighted average common shares outstanding, Basic (in shares)	25,464,807		16,026,077	25,058,806	15,668,119
Weighted average common shares outstanding, Diluted (in shares)	25,464,807		16,026,077	25,058,806	15,668,119
Controlled
Investment income:
Interest income	$ 1,114		$ 635	$ 2,098	$ 1,196
Dividend income	675		675	1,350	1,348
Fee and other income	2		1	3	1
Total investment income from control investments	1,791		1,311	3,451	2,545
Net change in unrealized appreciation (depreciation) on investments
Net change in unrealized appreciation (depreciation) on investments	(2)		(37)	(9)	41
Affiliated
Investment income:
Interest income	0		1	0	7
Total investment income from control investments	0		1	0	7
Net change in unrealized appreciation (depreciation) on investments
Net change in unrealized appreciation (depreciation) on investments	0		(3)	0	(2)
Non-Affiliated
Investment income:
Interest income	21,154		9,310	41,475	17,496
Dividend income	33		0	67	0
Fee and other income	553		259	861	444
Total investment income from control investments	21,740		9,569	42,403	17,940
Net realized gain (loss)
Net realized gain (loss) from investments	31		54	(130)	66
Net change in unrealized appreciation (depreciation) on investments
Net change in unrealized appreciation (depreciation) on investments	$ (2,196)		$ (3,879)	$ (2,935)	$ (4,593)

[1] Less than $1.

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CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operations:
Net investment income (loss)	$ 13,636	$ 12,061	$ 5,924	$ 5,455	$ 25,697	$ 11,378
Net realized gain (loss) from investments	31	(161)	54	12	(130)	66
Net change in unrealized appreciation (depreciation) on investments					(2,944)	(4,554)
Net change in deferred taxes					(515)	0
Accretion to redemption value of Series A redeemable convertible preferred stock	(4)	(3)	(1)	1	(7)	(1)
Accrual of Series A redeemable convertible preferred stock distributions	(2,197)	(1,023)	(253)	(97)	(3,220)	(350)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders	9,268		1,805		18,881	6,539
Stockholder distributions:
Net decrease in net assets attributable to common stock from stockholder distributions	(10,895)	(10,584)	(5,996)	(4,575)	(21,479)	(10,569)
Capital share transactions:
Issuance of common stock, net of issuance costs		8,073	25,000		8,073	25,000	$ 133,854
Reinvestment of common stockholder distributions	3,074	2,994	1,724	1,534	6,068	3,258	8,073
Net increase in net assets attributable to common stock from capital share transactions					14,141	28,258
Total increase (decrease) in net assets attributable to common stock					11,543	24,228
Beginning balance (less than)	382,517	372,421	237,668	235,973	372,421	235,973	235,973
Ending balance (less than)	$ 383,964	$ 382,517	$ 260,201	$ 237,668	$ 383,964	$ 260,201	$ 372,421
Net asset value per share attributable to common stock	$ 15.03		$ 15.19		$ 15.03	$ 15.19	$ 15.13	$ 15.46
Common shares outstanding at end of period (in shares)	25,542,837		17,125,325		25,542,837	17,125,325	24,609,132

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating activities
Net increase (decrease) in net assets resulting from operations attributable to participating securities	$ 11,469		$ 2,059		$ 22,108	$ 6,890
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Payment-in-kind interest income					(1,470)	(874)
Net accretion of discount on investments					(998)	(573)
Amortization of deferred financing costs	252				598	519
Sales and repayments of investments					21,061	12,838
Purchases of investments					(34,823)	(157,334)
Net realized (gain) loss from investments	(31)	$ 161	(54)	$ (12)	130	(66)
Net change in unrealized (appreciation) depreciation on investments					2,944	4,554
(Increase) decrease in operating assets:
Interest and dividends receivable					(1,679)	(3,344)
Receivable for unsettled trades					(837)	(1,024)
Prepaid expenses and other assets					(255)	(134)
(Increase) decrease in operating liabilities:
Management fees payable					33	251
Accounts payable and accrued expenses					1,097	(253)
Payable for unsettled trades					0	(9,340)
Interest and debt fees payable					557	826
Directors' fees payable					134	17
Other liabilities					(82)	(1,172)
Net cash provided by (used in) operating activities					8,518	(148,219)
Financing activities
Proceeds from issuance of shares of common stock					8,277	33,397
Proceeds from issuance of shares of preferred stock					41,353	5,000
Proceeds from debt					32,000	99,000
Payments on debt					(70,400)	(15,000)
Proceeds from short-term borrowings					41,149	62,931
Repayments on short-term borrowings					(20,792)	(27,504)
Payments of financing costs					0	(1,149)
Common stockholder distributions					(15,431)	(7,313)
Preferred stockholder distributions					(3,220)	(350)
Net cash provided by (used in) financing activities					12,936	149,012
Net increase (decrease) in cash and cash equivalents					21,454	793
Cash and cash equivalents, beginning of period		26,239		12,860	26,239	12,860	$ 12,860
Cash and cash equivalents, end of period	47,693		13,653		47,693	13,653	26,239
Supplemental information:
Interest and non-usage fees paid during the period					14,366	3,927
Taxes, including excise tax, paid during the period					325	476
Distributions reinvested during the period	$ 3,074	$ 2,994	$ 1,724	$ 1,534	$ 6,068	$ 3,258	$ 8,073

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CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Mar. 31, 2023	Jun. 30, 2023		Dec. 31, 2022		Dec. 31, 2021
Schedule of Investments [Line Items]
Amortized Cost			$ 804,364	[1]	$ 788,229
Fair Value			$ 795,571	[1]	$ 782,380
Fair Value Percentage of Total Portfolio			207.20%	[1],[2],[3]	210.10%	[4]
Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 795,571		$ 782,380
Percentage of Total Portfolio		100.00%	100.00%
Investment, Identifier [Axis]: 1236904 BC, Ltd., Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.50%	[5],[6],[7]	7.50%	[8],[9],[10],[11]
Investment Coupon Rate			12.65%	[5],[6],[7]	11.85%	[8],[9],[10],[11]
Principal			$ 4,183	[5],[6]	$ 4,183	[8],[9],[10]
Amortized Cost			4,127	[5],[6]	4,120	[8],[9],[10]
Fair Value			$ 4,247	[5],[6]	$ 4,247	[8],[9],[10]
Fair Value Percentage of Total Portfolio			1.10%	[1],[5],[6]	1.10%	[4],[8],[9],[10]
Investment, Identifier [Axis]: ADCS Clinics Intermediate Holdings, LLC, Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[6],[7]	6.50%	[8],[9],[10],[11]
Investment Coupon Rate			11.87%	[5],[6],[7]	11.43%	[8],[9],[10],[11]
Principal			$ 5,727	[5],[6]	$ 5,756	[8],[9],[10]
Amortized Cost			5,650	[5],[6]	5,667	[8],[9],[10]
Fair Value			$ 5,649	[5],[6]	$ 5,649	[8],[9],[10]
Fair Value Percentage of Total Portfolio			1.50%	[1],[5],[6]	1.50%	[4],[8],[9],[10]
Investment, Identifier [Axis]: ADCS Clinics Intermediate Holdings, LLC, Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[6],[7]	6.50%	[8],[9],[10],[11]
Investment Coupon Rate			11.94%	[5],[6],[7]	11.70%	[8],[9],[10],[11]
Principal			$ 1,174	[5],[6]	$ 1,180	[8],[9],[10]
Amortized Cost			1,174	[5],[6]	1,180	[8],[9],[10]
Fair Value			$ 1,158	[5],[6]	$ 1,158	[8],[9],[10]
Fair Value Percentage of Total Portfolio			0.30%	[1],[5],[6]	0.30%	[4],[8],[9],[10]
Investment, Identifier [Axis]: Absolute Software Corp, Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[8],[9],[10],[11]				6.00%
Investment Coupon Rate	[8],[9],[10],[11]				10.73%
Principal	[8],[9],[10]				$ 19,502
Amortized Cost	[8],[9],[10]				19,197
Fair Value	[8],[9],[10]				$ 19,209
Fair Value Percentage of Total Portfolio	[4],[8],[9],[10]				5.20%
Investment, Identifier [Axis]: Absolute Software Corp., Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7],[12]		6.00%
Investment Coupon Rate	[5],[6],[7],[12]		11.19%
Principal	[5],[6],[12]		$ 19,403
Amortized Cost	[5],[6],[12]		19,128
Fair Value	[5],[6],[12]		$ 19,403
Fair Value Percentage of Total Portfolio	[1],[5],[6],[12]		5.00%
Investment, Identifier [Axis]: Acrisure, LLC, Financials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[11]				4.25%
Investment Coupon Rate	[9],[11]				8.63%
Principal	[9]				$ 4,582
Amortized Cost	[9]				4,552
Fair Value	[9]				$ 4,425
Fair Value Percentage of Total Portfolio	[4],[9]				1.20%
Investment, Identifier [Axis]: Alera Group Intermediate Holdings, Inc., Financials 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[6],[7]	6.50%	[8],[10],[11]
Investment Coupon Rate			11.70%	[5],[6],[7]	10.92%	[8],[10],[11]
Principal			$ 4,595	[5],[6]	$ 3,240	[8],[10]
Amortized Cost			4,595	[5],[6]	3,240	[8],[10]
Fair Value			$ 4,515	[5],[6]	$ 3,179	[8],[10]
Fair Value Percentage of Total Portfolio			1.20%	[1],[5],[6]	0.90%	[4],[8],[10]
Investment, Identifier [Axis]: Alera Group Intermediate Holdings, Inc., Financials 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[6],[7]	6.50%	[8],[9],[10],[11]
Investment Coupon Rate			11.70%	[5],[6],[7]	10.92%	[8],[9],[10],[11]
Principal			$ 2,880	[5],[6]	$ 2,895	[8],[9],[10]
Amortized Cost			2,830	[5],[6]	2,839	[8],[9],[10]
Fair Value			$ 2,831	[5],[6]	$ 2,840	[8],[9],[10]
Fair Value Percentage of Total Portfolio			0.70%	[1],[5],[6]	0.80%	[4],[8],[9],[10]
Investment, Identifier [Axis]: American Rock Salt Company, LLC, Chemicals 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			4.00%	[5],[6],[7]	4.00%	[9],[11]
Investment Coupon Rate			9.22%	[5],[6],[7]	8.38%	[9],[11]
Principal			$ 2,029	[5]	$ 2,039	[9]
Amortized Cost			2,024	[5]	2,034	[9]
Fair Value			$ 1,897	[5]	$ 1,912	[9]
Fair Value Percentage of Total Portfolio			0.50%	[1],[5]	0.50%	[4],[9]
Investment, Identifier [Axis]: American Rock Salt Company, LLC, Chemicals 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.25%	[5],[7]	7.25%	[9],[10],[11]
Investment Coupon Rate			12.47%	[5],[7]	11.63%	[9],[10],[11]
Principal			$ 6,010	[5]	$ 6,010	[9],[10]
Amortized Cost			5,950	[5]	5,950	[9],[10]
Fair Value			$ 5,379	[5]	$ 5,746	[9],[10]
Fair Value Percentage of Total Portfolio			1.40%	[1],[5]	1.50%	[4],[9],[10]
Investment, Identifier [Axis]: Armada Parent, Inc., Industrials 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[5],[6],[7]	5.75%	[8],[9],[11]
Investment Coupon Rate			11.11%	[5],[6],[7]	10.13%	[8],[9],[11]
Principal			$ 1,011	[5],[6]	$ 1,016	[8],[9]
Amortized Cost			1,011	[5],[6]	1,016	[8],[9]
Fair Value			$ 995	[5],[6]	$ 1,000	[8],[9]
Fair Value Percentage of Total Portfolio			0.30%	[1],[5],[6]	0.30%	[4],[8],[9]
Investment, Identifier [Axis]: Armada Parent, Inc., Industrials 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[5],[6],[7]	5.75%	[8],[9],[10],[11]
Investment Coupon Rate			11.11%	[5],[6],[7]	10.13%	[8],[9],[11]
Principal			$ 20,060	[5],[6]	$ 20,162	[8],[9],[10]
Amortized Cost			19,750	[5],[6]	19,818	[8],[9],[10]
Fair Value			$ 19,738	[5],[6]	$ 19,838	[8],[9],[10]
Fair Value Percentage of Total Portfolio			5.10%	[1],[5],[6]	5.30%	[4],[8],[9],[10]
Investment, Identifier [Axis]: Asp Ls Acquisition Corp., Transportation
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.50%	[5],[6],[7]	7.50%	[9],[10],[11]
Investment Coupon Rate			12.69%	[5],[6],[7]	12.23%	[9],[10],[11]
Principal			$ 4,275	[5],[6]	$ 4,275	[9],[10]
Amortized Cost			4,265	[5],[6]	4,263	[9],[10]
Fair Value			$ 3,533	[5],[6]	$ 3,533	[9],[10]
Fair Value Percentage of Total Portfolio			0.90%	[1],[5],[6]	0.90%	[4],[9],[10]
Investment, Identifier [Axis]: Avalara, Inc., Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.25%	[5],[6],[7]	7.25%	[8],[9],[10],[11]
Investment Coupon Rate			12.49%	[5],[6],[7]	11.83%	[8],[9],[10],[11]
Principal			$ 19,896	[5],[6]	$ 19,896	[8],[9],[10]
Amortized Cost			19,447	[5],[6]	19,409	[8],[9],[10]
Fair Value			$ 19,456	[5],[6]	$ 19,415	[8],[9],[10]
Fair Value Percentage of Total Portfolio			5.10%	[1],[5],[6]	5.20%	[4],[8],[9],[10]
Investment, Identifier [Axis]: Aveanna Healthcare, LLC, Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			3.75%	[5],[7],[12]	3.75%	[9],[10],[11]
Investment Coupon Rate			9.23%	[5],[7],[12]	7.77%	[9],[10],[11]
Principal			$ 5,931	[5],[12]	$ 5,961	[9],[10]
Amortized Cost			5,912	[5],[12]	5,937	[9],[10]
Fair Value			$ 5,049	[5],[12]	$ 4,560	[9],[10]
Fair Value Percentage of Total Portfolio			1.30%	[1],[5],[12]	1.20%	[4],[9],[10]
Investment, Identifier [Axis]: Aventine Holdings, LLC, Media/Entertainment
Schedule of Investments [Line Items]
Investment Coupon Rate, PIK			10.25%
Principal	[6]		$ 11,848
Amortized Cost	[6]		11,650
Fair Value	[6]		$ 11,593
Fair Value Percentage of Total Portfolio	[1],[6]		3.00%
Investment, Identifier [Axis]: Aventine Holdings, LLC, Media/Entertainment 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[8],[9],[10],[11]
Investment Coupon Rate			11.34%	[5],[6],[7]	10.38%	[8],[9],[10],[11]
Investment Coupon Rate, PIK			4.00%	[5],[6],[7]	4.00%	[8],[9],[11]
Principal			$ 4,814	[5],[6]	$ 4,356	[8],[9],[10]
Amortized Cost			4,814	[5],[6]	4,356	[8],[9],[10]
Fair Value			$ 4,751	[5],[6]	$ 4,299	[8],[9],[10]
Fair Value Percentage of Total Portfolio			1.20%	[1],[5],[6]	1.20%	[4],[8],[9],[10]
Investment, Identifier [Axis]: Aventine Holdings, LLC, Media/Entertainment 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		6.00%
Investment Coupon Rate	[5],[6],[7]		11.34%
Investment Coupon Rate, PIK			4.00%	[5],[6],[7]	10.25%	[8],[11]
Principal			$ 12,159	[5],[6]	$ 11,270	[8],[10]
Amortized Cost			11,981	[5],[6]	11,052	[8],[10]
Fair Value			$ 12,000	[5],[6]	$ 11,028	[8],[10]
Fair Value Percentage of Total Portfolio			3.10%	[1],[5],[6]	3.00%	[4],[8],[10]
Investment, Identifier [Axis]: Aventine Holdings, LLC, Media/Entertainment 3
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[8],[9],[10],[11]				6.00%
Investment Coupon Rate	[8],[9],[10],[11]				10.38%
Investment Coupon Rate, PIK	[8],[9],[11]				4.00%
Principal	[8],[9],[10]				$ 11,916
Amortized Cost	[8],[9],[10]				11,715
Fair Value	[8],[9],[10]				$ 11,760
Fair Value Percentage of Total Portfolio	[4],[8],[9],[10]				3.20%
Investment, Identifier [Axis]: BCPE Oceandrive Buyer, Inc., Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[6],[7]	6.25%	[8],[10],[11]
Investment Coupon Rate			11.52%	[6],[7]	10.67%	[8],[10],[11]
Investment Coupon Rate, PIK	[6],[7]		3.00%
Principal			$ 790	[6]	$ 786	[8],[10]
Amortized Cost			790	[6]	786	[8],[10]
Fair Value			$ 763	[6]	$ 759	[8],[10]
Fair Value Percentage of Total Portfolio			0.20%	[1],[6]	0.20%	[4],[8],[10]
Investment, Identifier [Axis]: BCPE Oceandrive Buyer, Inc., Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[6],[7]	6.25%	[8],[10],[11]
Investment Coupon Rate			11.46%	[6],[7]	10.67%	[8],[10],[11]
Principal			$ 1,559	[6]	$ 1,547	[8],[10]
Amortized Cost			1,559	[6]	1,547	[8],[10]
Fair Value			$ 1,506	[6]	$ 1,495	[8],[10]
Fair Value Percentage of Total Portfolio			0.40%	[1],[6]	0.40%	[4],[8],[10]
Investment, Identifier [Axis]: BCPE Oceandrive Buyer, Inc., Healthcare 3
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[5],[6],[7]	6.25%	[8],[11]
Investment Coupon Rate			11.52%	[5],[6],[7]	10.67%	[8],[11]
Investment Coupon Rate, PIK	[5],[6],[7]		3.00%
Principal			$ 1,555	[5],[6]	$ 9,286	[8]
Amortized Cost			1,555	[5],[6]	9,100	[8]
Fair Value			$ 1,502	[5],[6]	$ 8,969	[8]
Fair Value Percentage of Total Portfolio			0.40%	[1],[5],[6]	2.40%	[4],[8]
Investment, Identifier [Axis]: BCPE Oceandrive Buyer, Inc., Healthcare 4
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[5],[6],[7]	6.25%	[8],[10],[11]
Investment Coupon Rate			11.52%	[5],[6],[7]	10.99%	[8],[10],[11]
Investment Coupon Rate, PIK	[5],[6],[7]		3.00%
Principal			$ 9,329	[5],[6]	$ 1,559	[8],[10]
Amortized Cost			9,156	[5],[6]	1,559	[8],[10]
Fair Value			$ 9,011	[5],[6]	$ 1,506	[8],[10]
Fair Value Percentage of Total Portfolio			2.20%	[1],[5],[6]	0.40%	[4],[8],[10]
Investment, Identifier [Axis]: Center Phase Energy, LLC, Utilities
Schedule of Investments [Line Items]
Number of Shares (in shares)	[6],[13]		1,680
Amortized Cost	[6],[13]		$ 1,680
Fair Value	[6],[13]		$ 1,742
Fair Value Percentage of Total Portfolio	[6],[13]		0.50%
Investment, Identifier [Axis]: Center Phase Energy, LLC, Utilities 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.00%	[5],[6],[7]	7.00%	[8],[9],[10],[11]
Investment Coupon Rate			12.56%	[5],[6],[7]	11.98%	[8],[9],[10],[11]
Principal			$ 11,749	[5],[6]	$ 11,809	[8],[9],[10]
Amortized Cost			11,560	[5],[6]	11,591	[8],[9],[10]
Fair Value			$ 11,551	[5],[6]	$ 11,597	[8],[9],[10]
Fair Value Percentage of Total Portfolio			3.00%	[1],[5],[6]	3.10%	[4],[8],[9],[10]
Investment, Identifier [Axis]: Center Phase Energy, LLC, Utilities 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		7.00%
Investment Coupon Rate	[5],[6],[7]		12.05%
Principal	[5],[6]		$ 769
Number of Shares (in shares)	[4],[10],[14],[15],[16]				1,680
Amortized Cost			769	[5],[6]	$ 1,680	[4],[10],[14],[15],[16]
Fair Value			$ 756	[5],[6]	$ 1,742	[4],[10],[14],[15],[16]
Fair Value Percentage of Total Portfolio			0.20%	[1],[5],[6]	0.50%	[4],[10],[14],[15],[16]
Investment, Identifier [Axis]: Communication Technology Intermediate, LLC, Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		5.50%
Investment Coupon Rate	[6],[7]		10.70%
Principal	[6]		$ 86
Amortized Cost	[6]		86
Fair Value	[6]		$ 86
Fair Value Percentage of Total Portfolio	[1],[6]		0.00%
Investment, Identifier [Axis]: Communication Technology Intermediate, LLC, Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[8],[9],[11]
Investment Coupon Rate			10.70%	[5],[6],[7]	9.88%	[8],[9],[11]
Principal			$ 7,516	[5],[6]	$ 7,554	[8],[9]
Amortized Cost			7,381	[5],[6]	7,417	[8],[9]
Fair Value			$ 7,516	[5],[6]	$ 7,554	[8],[9]
Fair Value Percentage of Total Portfolio			2.00%	[1],[5],[6]	2.00%	[4],[8],[9]
Investment, Identifier [Axis]: Communication Technology Intermediate, LLC, Business Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[8],[9],[10],[11]
Investment Coupon Rate			10.70%	[5],[6],[7]	9.88%	[8],[9],[10],[11]
Principal			$ 2,614	[5],[6]	$ 2,628	[8],[9],[10]
Amortized Cost			2,614	[5],[6]	2,628	[8],[9],[10]
Fair Value			$ 2,614	[5],[6]	$ 2,628	[8],[9],[10]
Fair Value Percentage of Total Portfolio			0.70%	[1],[5],[6]	0.70%	[4],[8],[9],[10]
Investment, Identifier [Axis]: Communication Technology Intermediate, LLC, Business Services 3
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[8],[11]				5.50%
Investment Coupon Rate	[8],[11]				9.88%
Principal	[8]				$ 86
Amortized Cost	[8]				86
Fair Value	[8]				$ 86
Fair Value Percentage of Total Portfolio	[4],[8]				0.00%
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.75%	[8],[9],[11]
Investment Coupon Rate			10.70%	[5],[6],[7]	10.17%	[8],[9],[11]
Principal			$ 9,106	[5],[6]	$ 9,152	[8],[9]
Amortized Cost			8,958	[5],[6]	8,987	[8],[9]
Fair Value			$ 8,942	[5],[6]	$ 8,987	[8],[9]
Fair Value Percentage of Total Portfolio			2.30%	[1],[5],[6]	2.40%	[4],[8],[9]
Investment, Identifier [Axis]: Corelogic, Inc., Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[7]	6.50%	[9],[10],[11]
Investment Coupon Rate			11.75%	[5],[7]	10.94%	[9],[10],[11]
Principal			$ 4,645	[5]	$ 4,645	[9],[10]
Amortized Cost			4,604	[5]	4,603	[9],[10]
Fair Value			$ 3,727	[5]	$ 3,976	[9],[10]
Fair Value Percentage of Total Portfolio			1.00%	[1],[5]	1.10%	[4],[9],[10]
Investment, Identifier [Axis]: Coronis Health, LLC, Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[6],[7]	6.25%	[8],[9],[11]
Investment Coupon Rate			11.27%	[6],[7]	10.57%	[8],[9],[11]
Principal			$ 1,406	[6]	$ 24,299	[8],[9]
Amortized Cost			1,406	[6]	23,809	[8],[9]
Fair Value			$ 1,381	[6]	$ 23,833	[8],[9]
Fair Value Percentage of Total Portfolio			0.40%	[1],[6]	6.40%	[4],[8],[9]
Investment, Identifier [Axis]: Coronis Health, LLC, Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		6.25%
Investment Coupon Rate	[5],[6],[7]		11.30%
Principal	[5],[6]		$ 24,177
Amortized Cost	[5],[6]		23,720
Fair Value	[5],[6]		$ 23,747
Fair Value Percentage of Total Portfolio	[1],[5],[6]		6.20%
Investment, Identifier [Axis]: Division Holding Corp., Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			4.75%	[5],[7]	4.75%	[9],[10],[11]
Investment Coupon Rate			9.90%	[5],[7]	9.13%	[9],[10],[11]
Principal			$ 3,723	[5]	$ 3,742	[9],[10]
Amortized Cost			3,691	[5]	3,709	[9],[10]
Fair Value			$ 3,636	[5]	$ 3,643	[9],[10]
Fair Value Percentage of Total Portfolio			0.90%	[1],[5]	1.00%	[4],[9],[10]
Investment, Identifier [Axis]: Eliassen Group, LLC, Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		5.50%
Investment Coupon Rate	[6],[7]		10.69%
Principal	[6]		$ 216
Amortized Cost	[6]		216
Fair Value	[6]		$ 214
Fair Value Percentage of Total Portfolio	[1],[6]		0.10%
Investment, Identifier [Axis]: Eliassen Group, LLC, Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[8],[10],[11]				5.50%
Investment Coupon Rate	[8],[10],[11]				8.88%
Principal	[8],[10]				$ 217
Amortized Cost	[8],[10]				217
Fair Value	[8],[10]				$ 215
Fair Value Percentage of Total Portfolio	[4],[8],[10]				0.10%
Investment, Identifier [Axis]: Eliassen Group, LLC, Business Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[8],[9],[11]
Investment Coupon Rate			10.84%	[5],[6],[7]	10.08%	[8],[9],[11]
Principal			$ 5,709	[5],[6]	$ 5,738	[8],[9]
Amortized Cost			5,662	[5],[6]	5,685	[8],[9]
Fair Value			$ 5,659	[5],[6]	$ 5,687	[8],[9]
Fair Value Percentage of Total Portfolio			1.50%	[1],[5],[6]	1.50%	[4],[8],[9]
Investment, Identifier [Axis]: FGT Purchaser, LLC, Consumer 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[9],[10],[11]
Investment Coupon Rate			10.84%	[5],[6],[7]	10.18%	[9],[10],[11]
Principal			$ 9,610	[5],[6]	$ 9,658	[9],[10]
Amortized Cost			9,451	[5],[6]	9,496	[9],[10]
Fair Value			$ 9,610	[5],[6]	$ 9,658	[9],[10]
Fair Value Percentage of Total Portfolio			2.50%	[1],[5],[6]	2.60%	[4],[9],[10]
Investment, Identifier [Axis]: FGT Purchaser, LLC, Consumer 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[10],[11]
Investment Coupon Rate			10.84%	[5],[6],[7]	10.18%	[10],[11]
Principal			$ 381	[5],[6]	$ 371	[10]
Amortized Cost			381	[5],[6]	371	[10]
Fair Value			$ 381	[5],[6]	$ 371	[10]
Fair Value Percentage of Total Portfolio			0.10%	[1],[5],[6]	0.10%	[4],[10]
Investment, Identifier [Axis]: FR Flow Control Luxco 1 SARL, Industrials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		5.50%
Investment Coupon Rate	[5],[6],[7]		10.72%
Principal	[5],[6]		$ 4,439
Amortized Cost	[5],[6]		4,404
Fair Value	[5],[6]		$ 4,439
Fair Value Percentage of Total Portfolio	[1],[5],[6]		1.20%
Investment, Identifier [Axis]: FR Flow Control Luxco 1 Sarl, Industrials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				5.50%
Investment Coupon Rate	[9],[10],[11]				9.94%
Principal	[9],[10]				$ 4,462
Amortized Cost	[9],[10]				4,422
Fair Value	[9],[10]				$ 4,462
Fair Value Percentage of Total Portfolio	[4],[9],[10]				1.20%
Investment, Identifier [Axis]: Faraday Buyer, LLC, Utilities
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.00%	[6],[7]	7.00%	[8],[9],[10],[11]
Investment Coupon Rate			12.04%	[6],[7]	11.32%	[8],[9],[10],[11]
Principal			$ 963	[6]	$ 12,902	[8],[9],[10]
Amortized Cost			963	[6]	12,521	[8],[9],[10]
Fair Value			$ 937	[6]	$ 12,529	[8],[9],[10]
Fair Value Percentage of Total Portfolio			0.20%	[1],[6]	3.40%	[4],[8],[9],[10]
Investment, Identifier [Axis]: Faraday Buyer, LLC, Utilities 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		7.00%
Investment Coupon Rate	[5],[6],[7]		11.87%
Principal	[5],[6]		$ 12,870
Amortized Cost	[5],[6]		12,515
Fair Value	[5],[6]		$ 12,530
Fair Value Percentage of Total Portfolio	[1],[5],[6]		3.30%
Investment, Identifier [Axis]: First Eagle Holdings, Inc., Financials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[6],[7]	6.50%	[9],[10],[11]
Investment Coupon Rate			11.33%	[5],[6],[7]	10.73%	[9],[10],[11]
Principal			$ 13,860	[5],[6]	$ 13,860	[9],[10]
Amortized Cost			13,514	[5],[6]	13,471	[9],[10]
Fair Value			$ 13,526	[5],[6]	$ 13,483	[9],[10]
Fair Value Percentage of Total Portfolio			3.50%	[1],[5],[6]	3.60%	[4],[9],[10]
Investment, Identifier [Axis]: Florida Food Products, LLC, Food & Beverage
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.00%	[5],[6],[7]	5.00%	[9],[10],[11]
Investment Coupon Rate			10.19%	[5],[6],[7]	9.38%	[9],[10],[11]
Principal			$ 12,569	[5],[6]	$ 12,633	[9],[10]
Amortized Cost			12,370	[5],[6]	12,413	[9],[10]
Fair Value			$ 11,783	[5],[6]	$ 11,938	[9],[10]
Fair Value Percentage of Total Portfolio			3.10%	[1],[5],[6]	3.20%	[4],[9],[10]
Investment, Identifier [Axis]: Galway Borrower, LLC, Financials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.25%	[5],[6],[7]	5.25%	[9],[10],[11]
Investment Coupon Rate			10.59%	[5],[6],[7]	9.98%	[9],[10],[11]
Principal			$ 13,473	[5],[6]	$ 13,541	[9],[10]
Amortized Cost			13,299	[5],[6]	13,355	[9],[10]
Fair Value			$ 13,237	[5],[6]	$ 13,304	[9],[10]
Fair Value Percentage of Total Portfolio			3.30%	[1],[5],[6]	3.60%	[4],[9],[10]
Investment, Identifier [Axis]: Geosyntec Consultants, Inc., Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.25%	[5],[6],[7]	5.25%	[9],[10],[11]
Investment Coupon Rate			10.35%	[5],[6],[7]	9.57%	[9],[10],[11]
Principal			$ 11,465	[5],[6]	$ 11,523	[9],[10]
Amortized Cost			11,288	[5],[6]	11,332	[9],[10]
Fair Value			$ 11,297	[5],[6]	$ 11,340	[9],[10]
Fair Value Percentage of Total Portfolio			2.90%	[1],[5],[6]	3.00%	[4],[9],[10]
Investment, Identifier [Axis]: Geosyntec Consultants, Inc., Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		5.25%
Investment Coupon Rate	[6],[7]		10.35%
Principal	[6]		$ 2,685
Amortized Cost	[6]		2,685
Fair Value	[6]		$ 2,645
Fair Value Percentage of Total Portfolio	[1],[6]		0.70%
Investment, Identifier [Axis]: Geosyntec Consultants, Inc., Business Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		5.25%
Investment Coupon Rate	[6],[7]		10.35%
Principal	[6]		$ 138
Amortized Cost	[6]		138
Fair Value	[6]		$ 136
Fair Value Percentage of Total Portfolio	[1],[6]		0.00%
Investment, Identifier [Axis]: Gordian Medical, Inc., Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[5],[6],[7]	6.25%	[9],[10],[11]
Investment Coupon Rate			11.75%	[5],[6],[7]	10.98%	[9],[10],[11]
Principal			$ 4,383	[5],[6]	$ 4,405	[9],[10]
Amortized Cost			4,303	[5],[6]	4,314	[9],[10]
Fair Value			$ 3,879	[5],[6]	$ 4,057	[9],[10]
Fair Value Percentage of Total Portfolio			1.00%	[1],[5],[6]	1.10%	[4],[9],[10]
Investment, Identifier [Axis]: Green Energy Partners/Stonewall, LLC, Utilities
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[9],[10],[11]
Investment Coupon Rate			11.54%	[5],[6],[7]	10.73%	[9],[10],[11]
Principal			$ 4,595	[5],[6]	$ 4,618	[9],[10]
Amortized Cost			4,530	[5],[6]	4,543	[9],[10]
Fair Value			$ 4,595	[5],[6]	$ 4,618	[9],[10]
Fair Value Percentage of Total Portfolio			1.20%	[1],[5],[6]	1.20%	[4],[9],[10]
Investment, Identifier [Axis]: IG Investments Holdings, LLC, Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[9],[10],[11]
Investment Coupon Rate			11.15%	[5],[6],[7]	10.38%	[9],[10],[11]
Principal			$ 7,977	[5],[6]	$ 8,018	[9],[10]
Amortized Cost			7,845	[5],[6]	7,880	[9],[10]
Fair Value			$ 7,904	[5],[6]	$ 7,945	[9],[10]
Fair Value Percentage of Total Portfolio			2.10%	[1],[5],[6]	2.10%	[4],[9],[10]
Investment, Identifier [Axis]: IG Investments Holdings, LLC, Business Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[9],[10],[11]
Investment Coupon Rate			11.15%	[5],[6],[7]	10.38%	[9],[10],[11]
Principal			$ 144	[5],[6]	$ 145	[9],[10]
Amortized Cost			143	[5],[6]	143	[9],[10]
Fair Value			$ 142	[5],[6]	$ 143	[9],[10]
Fair Value Percentage of Total Portfolio			0.00%	[1],[5],[6]	0.00%	[4],[9],[10]
Investment, Identifier [Axis]: IG Investments Holdings, LLC, Business Services 3
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[10],[11]				6.00%
Investment Coupon Rate	[10],[11]				10.39%
Principal	[10]				$ 253
Amortized Cost	[10]				253
Fair Value	[10]				$ 250
Fair Value Percentage of Total Portfolio	[4],[10]				0.10%
Investment, Identifier [Axis]: IQN Holding Corp., Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		5.25%
Investment Coupon Rate	[6],[7]		10.36%
Principal			$ 84
Amortized Cost			84
Fair Value			$ 83
Fair Value Percentage of Total Portfolio	[1]		0.00%
Investment, Identifier [Axis]: IQN Holding Corp., Software/Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.25%	[5],[6],[7]	5.50%	[10],[11]
Investment Coupon Rate			10.38%	[5],[6],[7]	9.68%	[10],[11]
Principal			$ 5,528	[6]	$ 95	[10]
Amortized Cost			5,482	[6]	95	[10]
Fair Value			$ 5,482	[6]	$ 94	[10]
Fair Value Percentage of Total Portfolio			1.40%	[1],[6]	0.00%	[4],[10]
Investment, Identifier [Axis]: IQN Holding Corp., Software/Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				4.50%
Investment Coupon Rate	[9],[10],[11]				12.00%
Principal	[9],[10]				$ 5,460
Amortized Cost	[9],[10]				5,410
Fair Value	[9],[10]				$ 5,412
Fair Value Percentage of Total Portfolio	[4],[9],[10]				1.50%
Investment, Identifier [Axis]: Indigo Buyer, Inc., Paper & Packaging
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		6.25%
Investment Coupon Rate	[6],[7]		11.51%
Principal	[6]		$ 256
Amortized Cost	[6]		256
Fair Value	[6]		$ 252
Fair Value Percentage of Total Portfolio	[1],[6]		0.10%
Investment, Identifier [Axis]: Indigo Buyer, Inc., Paper & Packaging 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[5],[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate	[5],[6],[7]		11.51%
Investment Coupon Rate, PIK	[9],[10],[11]				10.17%
Principal			$ 8,936	[5],[6]	$ 8,981	[9],[10]
Amortized Cost			8,786	[5],[6]	8,814	[9],[10]
Fair Value			$ 8,782	[5],[6]	$ 8,819	[9],[10]
Fair Value Percentage of Total Portfolio			2.30%	[1],[5],[6]	2.40%	[4],[9],[10]
Investment, Identifier [Axis]: Indigo Buyer, Inc., Paper & Packaging 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[5],[6],[7]	5.75%	[10],[11]
Investment Coupon Rate			11.39%	[5],[6],[7]	10.17%	[10],[11]
Principal			$ 3,822	[5],[6]	$ 256	[10]
Amortized Cost			3,822	[5],[6]	256	[10]
Fair Value			$ 3,756	[5],[6]	$ 251	[10]
Fair Value Percentage of Total Portfolio			1.00%	[1],[5],[6]	0.10%	[4],[10]
Investment, Identifier [Axis]: Jakks Pacific, Inc., Consumer
Schedule of Investments [Line Items]
Number of Shares (in shares)			783	[6]	783	[4],[10],[14],[16]
Amortized Cost			$ 21	[6]	$ 18	[4],[10],[14],[16]
Fair Value			$ 116	[6]	$ 116	[4],[10],[14],[16]
Fair Value Percentage of Total Portfolio			0.00%	[6]	0.00%	[4],[10],[14],[16]
Investment, Identifier [Axis]: Jakks Pacific, Inc., Equity/Other
Schedule of Investments [Line Items]
Fair Value					$ 0		$ 116
Investment, Identifier [Axis]: Kissner Milling Co., Ltd., Industrials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		4.88%
Investment Coupon Rate	[10],[11]				4.88%
Principal			$ 2,275	[6]	$ 2,275	[10]
Amortized Cost			2,275	[6]	2,275	[10]
Fair Value			$ 2,034	[6]	$ 1,955	[10]
Fair Value Percentage of Total Portfolio			0.50%	[1],[6]	0.50%	[4],[10]
Investment, Identifier [Axis]: Knowledge Pro Buyer, Inc., Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		5.75%
Investment Coupon Rate	[5],[6],[7]		10.94%
Principal	[5],[6]		$ 11,064
Amortized Cost	[5],[6]		10,899
Fair Value	[5],[6]		$ 10,871
Fair Value Percentage of Total Portfolio	[1],[5],[6]		2.80%
Investment, Identifier [Axis]: Knowledge Pro Buyer, Inc., Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[6],[7]	5.75%	[10],[11]
Investment Coupon Rate			10.94%	[6],[7]	10.04%	[10],[11]
Principal			$ 1,047	[6]	$ 1,052	[10]
Amortized Cost			1,047	[6]	1,052	[10]
Fair Value			$ 1,029	[6]	$ 1,034	[10]
Fair Value Percentage of Total Portfolio			0.30%	[1],[6]	0.30%	[4],[10]
Investment, Identifier [Axis]: Knowledge Pro Buyer, Inc., Business Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate			10.94%	[6],[7]	10.04%	[9],[10],[11]
Principal			$ 275	[6]	$ 11,121	[9],[10]
Amortized Cost			275	[6]	10,936	[9],[10]
Fair Value			$ 270	[6]	$ 10,926	[9],[10]
Fair Value Percentage of Total Portfolio			0.10%	[1],[6]	2.90%	[4],[9],[10]
Investment, Identifier [Axis]: Liquid Tech Solutions Holdings, LLC, Industrials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			4.75%	[5],[6],[7]	4.75%	[9],[10],[11]
Investment Coupon Rate			9.96%	[5],[6],[7]	8.92%	[9],[10],[11]
Principal			$ 5,425	[5],[6]	$ 5,452	[9],[10]
Amortized Cost			5,404	[5],[6]	5,431	[9],[10]
Fair Value			$ 5,257	[5],[6]	$ 5,153	[9],[10]
Fair Value Percentage of Total Portfolio			1.40%	[1],[5],[6]	1.40%	[4],[9],[10]
Investment, Identifier [Axis]: Medical Management Resource Group, LLC, Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		5.75%
Investment Coupon Rate	[6],[7]		10.95%
Principal	[6]		$ 241
Amortized Cost	[6]		241
Fair Value	[6]		$ 238
Fair Value Percentage of Total Portfolio	[1],[6]		0.10%
Investment, Identifier [Axis]: Medical Management Resource Group, LLC, Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[5],[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate			11.16%	[5],[6],[7]	9.83%	[9],[10],[11]
Principal			$ 2,986	[5],[6]	$ 3,001	[9],[10]
Amortized Cost			2,986	[5],[6]	3,001	[9],[10]
Fair Value			$ 2,946	[5],[6]	$ 2,960	[9],[10]
Fair Value Percentage of Total Portfolio			0.80%	[1],[5],[6]	0.80%	[4],[9],[10]
Investment, Identifier [Axis]: Medical Management Resource Group, LLC, Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[5],[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate			10.95%	[5],[6],[7]	10.17%	[9],[10],[11]
Principal			$ 7,230	[5],[6]	$ 7,267	[9],[10]
Amortized Cost			7,123	[5],[6]	7,147	[9],[10]
Fair Value			$ 7,133	[5],[6]	$ 7,169	[9],[10]
Fair Value Percentage of Total Portfolio			1.90%	[1],[5],[6]	1.90%	[4],[9],[10]
Investment, Identifier [Axis]: Mercury Merger Sub, Inc., Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[6],[7]	6.50%	[9],[10],[11]
Investment Coupon Rate			11.69%	[5],[6],[7]	10.25%	[9],[10],[11]
Principal			$ 6,080	[5],[6]	$ 6,080	[9],[10]
Amortized Cost			6,041	[5],[6]	6,037	[9],[10]
Fair Value			$ 5,885	[5],[6]	$ 5,885	[9],[10]
Fair Value Percentage of Total Portfolio			1.50%	[1],[5],[6]	1.60%	[4],[9],[10]
Investment, Identifier [Axis]: Mirra-Primeaccess Holdings, LLC, Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		6.50%
Investment Coupon Rate	[6],[7]		11.72%
Principal	[6]		$ 1,715
Amortized Cost	[6]		1,715
Fair Value	[6]		$ 1,715
Fair Value Percentage of Total Portfolio	[1],[6]		0.40%
Investment, Identifier [Axis]: Mirra-Primeaccess Holdings, LLC, Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				6.50%
Investment Coupon Rate	[9],[10],[11]				10.88%
Principal	[9],[10]				$ 21,394
Amortized Cost	[9],[10]				21,054
Fair Value	[9],[10]				$ 21,394
Fair Value Percentage of Total Portfolio	[4],[9],[10]				5.80%
Investment, Identifier [Axis]: Mirra-Primeaccess Holdings, LLC, Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[6],[7]	6.50%	[10],[11]
Investment Coupon Rate			11.72%	[5],[6],[7]	10.57%	[10],[11]
Principal			$ 21,286	[5],[6]	$ 1,286	[10]
Amortized Cost			20,987	[5],[6]	1,286	[10]
Fair Value			$ 21,286	[5],[6]	$ 1,286	[10]
Fair Value Percentage of Total Portfolio			5.50%	[1],[5],[6]	0.30%	[4],[10]
Investment, Identifier [Axis]: Monumental RSN, LLC, Media/Entertainment
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[8],[9],[10],[11]
Investment Coupon Rate			11.09%	[5],[6],[7]	10.32%	[8],[9],[10],[11]
Principal			$ 12,945	[5],[6]	$ 13,645	[8],[9],[10]
Amortized Cost			12,836	[5],[6]	13,512	[8],[9],[10]
Fair Value			$ 13,074	[5],[6]	$ 13,781	[8],[9],[10]
Fair Value Percentage of Total Portfolio			3.40%	[1],[5],[6]	3.70%	[4],[8],[9],[10]
Investment, Identifier [Axis]: Odessa Technologies, Inc., Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[5],[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate			10.94%	[5],[6],[7]	10.09%	[9],[10],[11]
Principal			$ 6,491	[5],[6]	$ 6,524	[9],[10]
Amortized Cost			6,394	[5],[6]	6,414	[9],[10]
Fair Value			$ 6,376	[5],[6]	$ 6,408	[9],[10]
Fair Value Percentage of Total Portfolio			1.70%	[1],[5],[6]	1.70%	[4],[9],[10]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[6],[7]	5.50%	[9],[10],[11]
Investment Coupon Rate			10.87%	[6],[7]	8.38%	[9],[10],[11]
Principal			$ 588	[6]	$ 11,293	[9],[10]
Amortized Cost			588	[6]	11,029	[9],[10]
Fair Value			$ 588	[6]	$ 11,293	[9],[10]
Fair Value Percentage of Total Portfolio			0.20%	[1],[6]	3.00%	[4],[9],[10]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[9],[10],[11]
Investment Coupon Rate			11.09%	[5],[6],[7]	9.67%	[9],[10],[11]
Principal			$ 11,236	[5],[6]	$ 2,443	[9],[10]
Amortized Cost			11,007	[5],[6]	2,443	[9],[10]
Fair Value			$ 11,236	[5],[6]	$ 2,443	[9],[10]
Fair Value Percentage of Total Portfolio			2.90%	[1],[5],[6]	0.70%	[4],[9],[10]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 3
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[10],[11]
Investment Coupon Rate			10.57%	[5],[6],[7]	10.67%	[10],[11]
Principal			$ 832	[5],[6]	$ 185	[10]
Amortized Cost			819	[5],[6]	185	[10]
Fair Value			$ 832	[5],[6]	$ 185	[10]
Fair Value Percentage of Total Portfolio			0.20%	[1],[5],[6]	0.00%	[4],[10]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 4
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[6],[7]	5.50%	[9],[10],[11]
Investment Coupon Rate			11.08%	[6],[7]	8.69%	[9],[10],[11]
Principal			$ 222	[6]	$ 837	[9],[10]
Amortized Cost			222	[6]	822	[9],[10]
Fair Value			$ 222	[6]	$ 837	[9],[10]
Fair Value Percentage of Total Portfolio			0.10%	[1],[6]	0.20%	[4],[9],[10]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 5
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		5.50%
Investment Coupon Rate	[5],[6],[7]		11.09%
Principal	[5],[6]		$ 2,431
Amortized Cost	[5],[6]		2,431
Fair Value	[5],[6]		$ 2,431
Fair Value Percentage of Total Portfolio	[1],[5],[6]		0.60%
Investment, Identifier [Axis]: Pluralsight, LLC, Software/Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			8.00%	[5],[6],[7]	8.00%	[9],[10],[11]
Investment Coupon Rate			13.05%	[5],[6],[7]	11.83%	[9],[10],[11]
Principal			$ 7,499	[5],[6]	$ 7,499	[9],[10]
Amortized Cost			7,393	[5],[6]	7,380	[9],[10]
Fair Value			$ 7,156	[5],[6]	$ 7,375	[9],[10]
Fair Value Percentage of Total Portfolio			1.90%	[1],[5],[6]	2.00%	[4],[9],[10]
Investment, Identifier [Axis]: Pluralsight, LLC, Software/Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			8.00%	[5],[6],[7]	8.00%	[9],[10],[11]
Investment Coupon Rate			13.04%	[5],[6],[7]	12.75%	[9],[10],[11]
Principal			$ 2,680	[5],[6]	$ 2,680	[9],[10]
Amortized Cost			2,637	[5],[6]	2,635	[9],[10]
Fair Value			$ 2,557	[5],[6]	$ 2,636	[9],[10]
Fair Value Percentage of Total Portfolio			0.70%	[1],[5],[6]	0.70%	[4],[9],[10]
Investment, Identifier [Axis]: Pluralsight, LLC, Software/Services 3
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			8.00%	[5],[6],[7]	8.00%	[10],[11]
Investment Coupon Rate			13.05%	[5],[6],[7]	12.75%	[10],[11]
Principal			$ 319	[5],[6]	$ 319	[10]
Amortized Cost			319	[5],[6]	319	[10]
Fair Value			$ 304	[5],[6]	$ 314	[10]
Fair Value Percentage of Total Portfolio			0.10%	[1],[5],[6]	0.10%	[4],[10]
Investment, Identifier [Axis]: Point Broadband Acquisition, LLC, Telecom
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		6.00%
Investment Coupon Rate	[6],[7]		11.19%
Principal	[6]		$ 3,211
Number of Shares (in shares)	[10],[15],[16]				1,159,828
Amortized Cost			3,211	[6]	$ 1,160	[10],[15],[16]
Fair Value			$ 3,211	[6]	$ 1,369	[10],[15],[16]
Fair Value Percentage of Total Portfolio			0.80%	[1],[6]	0.40%	[4],[10],[15],[16]
Investment, Identifier [Axis]: Point Broadband Acquisition, LLC, Telecom 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[10],[11]				6.00%
Investment Coupon Rate	[10],[11]				10.56%
Principal	[10]				$ 1,733
Amortized Cost	[10]				1,733
Fair Value	[10]				$ 1,697
Fair Value Percentage of Total Portfolio	[4],[10]				0.50%
Investment, Identifier [Axis]: Point Broadband Acquisition, LLC, Telecom 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[9],[10],[11]
Investment Coupon Rate			11.02%	[5],[6],[7]	9.75%	[9],[10],[11]
Principal			$ 8,663	[5],[6]	$ 8,707	[9],[10]
Amortized Cost			8,481	[5],[6]	8,514	[9],[10]
Fair Value			$ 8,663	[5],[6]	$ 8,529	[9],[10]
Fair Value Percentage of Total Portfolio			2.30%	[1],[5],[6]	2.30%	[4],[9],[10]
Investment, Identifier [Axis]: Point Broadband Acquisition, LLC, Telecom 3
Schedule of Investments [Line Items]
Number of Shares (in shares)	[6],[13],[17]		1,159,828
Amortized Cost	[6],[13],[17]		$ 1,160
Fair Value	[6],[13],[17]		$ 1,550
Fair Value Percentage of Total Portfolio	[6],[13],[17]		0.40%
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Equity/Other
Schedule of Investments [Line Items]
Fair Value			$ 30,742		$ 30,742		30,742
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Financials 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.75%	[6],[7],[18]	7.75%	[10],[11],[19]
Investment Coupon Rate			13.01%	[6],[7],[18]	11.94%	[10],[11],[19]
Principal			$ 11,000	[6],[18]	$ 6,914	[10],[19]
Amortized Cost			11,000	[6],[18]	6,914	[10],[19]
Fair Value			$ 11,000	[6],[18]	$ 6,914	[10],[19]
Fair Value Percentage of Total Portfolio			2.90%	[6],[18]	1.90%	[4],[10],[19]
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Financials 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.75%	[6],[7],[18],[20]	7.75%	[10],[11],[19]
Investment Coupon Rate			13.01%	[6],[7],[18],[20]	11.94%	[10],[11],[19]
Principal			$ 24,500	[6],[18],[20]	$ 24,500	[10],[19]
Amortized Cost			24,431	[6],[18],[20]	24,422	[10],[19]
Fair Value			$ 24,500	[6],[18],[20]	$ 24,500	[10],[19]
Fair Value Percentage of Total Portfolio			6.40%	[6],[18],[20]	6.60%	[4],[10],[19]
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Financials 3
Schedule of Investments [Line Items]
Number of Shares (in shares)			29,908,561	[6],[13],[18]	29,908,561	[4],[10],[14],[15],[16],[19]
Amortized Cost			$ 30,777	[6],[13],[18]	$ 30,777	[4],[10],[14],[15],[16],[19]
Fair Value			$ 30,742	[6],[13],[18]	$ 30,742	[4],[10],[14],[15],[16],[19]
Fair Value Percentage of Total Portfolio			8.00%	[6],[13],[18]	8.20%	[4],[10],[14],[15],[16],[19]
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Subordinated Debt 1
Schedule of Investments [Line Items]
Fair Value			$ 11,000		$ 6,914		0
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Subordinated Debt 2
Schedule of Investments [Line Items]
Fair Value			$ 24,500		$ 24,500		$ 24,412
Investment, Identifier [Axis]: Proofpoint, Inc., Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[5],[6],[7]	6.25%	[9],[10],[11]
Investment Coupon Rate			11.47%	[5],[6],[7]	10.99%	[9],[10],[11]
Principal			$ 3,380	[5],[6]	$ 3,380	[9],[10]
Amortized Cost			3,367	[5],[6]	3,367	[9],[10]
Fair Value			$ 3,234	[5],[6]	$ 3,234	[9],[10]
Fair Value Percentage of Total Portfolio			0.80%	[1],[5],[6]	0.90%	[4],[9],[10]
Investment, Identifier [Axis]: RSC Acquisition, Inc., Financials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		5.50%
Investment Coupon Rate	[6],[7]		10.89%
Principal	[6]		$ 303
Amortized Cost	[6]		303
Fair Value	[6]		$ 303
Fair Value Percentage of Total Portfolio	[1],[6]		0.10%
Investment, Identifier [Axis]: RSC Acquisition, Inc., Financials 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[10],[11]
Investment Coupon Rate			10.91%	[5],[6],[7]	10.23%	[10],[11]
Principal			$ 1,657	[5],[6]	$ 638	[10]
Amortized Cost			1,657	[5],[6]	638	[10]
Fair Value			$ 1,657	[5],[6]	$ 638	[10]
Fair Value Percentage of Total Portfolio			0.40%	[1],[5],[6]	0.20%	[4],[10]
Investment, Identifier [Axis]: RSC Acquisition, Inc., Financials 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[9],[10],[11]
Investment Coupon Rate			10.89%	[5],[6],[7]	10.23%	[9],[10],[11]
Principal			$ 6,814	[5],[6]	$ 6,850	[9],[10]
Amortized Cost			6,809	[5],[6]	6,844	[9],[10]
Fair Value			$ 6,814	[5],[6]	$ 6,850	[9],[10]
Fair Value Percentage of Total Portfolio			1.80%	[1],[5],[6]	1.80%	[4],[9],[10]
Investment, Identifier [Axis]: RealPage, Inc., Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[7]	6.50%	[9],[10],[11]
Investment Coupon Rate			11.65%	[5],[7]	10.88%	[9],[10],[11]
Principal			$ 5,445	[5]	$ 5,445	[9],[10]
Amortized Cost			5,380	[5]	5,374	[9],[10]
Fair Value			$ 5,259	[5]	$ 5,214	[9],[10]
Fair Value Percentage of Total Portfolio			1.40%	[1],[5]	1.40%	[4],[9],[10]
Investment, Identifier [Axis]: Relativity Oda, LLC, Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[6],[7]	7.50%	[9],[10],[11]
Investment Coupon Rate	[5],[6],[7]		11.70%
Investment Coupon Rate, PIK	[9],[10],[11]				11.89%
Principal			$ 2,291	[5],[6]	$ 2,241	[9],[10]
Amortized Cost			2,256	[5],[6]	2,202	[9],[10]
Fair Value			$ 2,216	[5],[6]	$ 2,168	[9],[10]
Fair Value Percentage of Total Portfolio			0.60%	[1],[5],[6]	0.60%	[4],[9],[10]
Investment, Identifier [Axis]: Roadsafe Holdings, Inc., Industrials 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[5],[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate			10.94%	[5],[6],[7]	10.87%	[9],[10],[11]
Principal			$ 3,313	[5],[6]	$ 3,330	[9],[10]
Amortized Cost			3,265	[5],[6]	3,277	[9],[10]
Fair Value			$ 3,259	[5],[6]	$ 3,276	[9],[10]
Fair Value Percentage of Total Portfolio			0.80%	[1],[5],[6]	0.90%	[4],[9],[10]
Investment, Identifier [Axis]: Roadsafe Holdings, Inc., Industrials 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[5],[6],[7]	4.75%	[10],[11]
Investment Coupon Rate			11.14%	[5],[6],[7]	12.25%	[10],[11]
Principal			$ 4,337	[5],[6]	$ 2,921	[10]
Amortized Cost			4,337	[5],[6]	2,921	[10]
Fair Value			$ 4,267	[5],[6]	$ 2,873	[10]
Fair Value Percentage of Total Portfolio			1.10%	[1],[5],[6]	0.80%	[4],[10]
Investment, Identifier [Axis]: SCIH Salt Holdings, Inc., Industrials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			4.00%	[5],[7]	4.00%	[9],[10],[11]
Investment Coupon Rate			9.19%	[5],[7]	8.42%	[9],[10],[11]
Principal			$ 1,092	[5]	$ 1,099	[9],[10]
Amortized Cost			1,088	[5]	1,095	[9],[10]
Fair Value			$ 1,075	[5]	$ 1,066	[9],[10]
Fair Value Percentage of Total Portfolio			0.30%	[1],[5]	0.30%	[4],[9],[10]
Investment, Identifier [Axis]: Safe Fleet Holdings, LLC, Industrials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.00%	[5],[7]	5.00%	[9],[10],[11]
Investment Coupon Rate			10.19%	[5],[7]	9.12%	[9],[10],[11]
Principal			$ 6,007	[5]	$ 6,038	[9],[10]
Amortized Cost			5,845	[5]	5,863	[9],[10]
Fair Value			$ 5,977	[5]	$ 5,856	[9],[10]
Fair Value Percentage of Total Portfolio			1.60%	[1],[5]	1.60%	[4],[9],[10]
Investment, Identifier [Axis]: Saturn SHC Buyer Holdings, Inc., Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[9],[10],[11]
Investment Coupon Rate			11.21%	[5],[6],[7]	9.29%	[9],[10],[11]
Principal			$ 16,631	[5],[6]	$ 16,715	[9],[10]
Amortized Cost			16,352	[5],[6]	16,405	[9],[10]
Fair Value			$ 16,631	[5],[6]	$ 16,715	[9],[10]
Fair Value Percentage of Total Portfolio			4.30%	[1],[5],[6]	4.50%	[4],[9],[10]
Investment, Identifier [Axis]: Saturn SHC Buyer Holdings, Inc., Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[9],[10],[11]
Investment Coupon Rate			11.21%	[5],[6],[7]	10.77%	[9],[10],[11]
Principal			$ 14,817	[5],[6]	$ 14,893	[9],[10]
Amortized Cost			14,581	[5],[6]	14,631	[9],[10]
Fair Value			$ 14,817	[5],[6]	$ 14,893	[9],[10]
Fair Value Percentage of Total Portfolio			3.90%	[1],[5],[6]	4.00%	[4],[9],[10]
Investment, Identifier [Axis]: Sherlock Buyer Corp., Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[5],[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate			11.09%	[5],[6],[7]	10.48%	[9],[10],[11]
Principal			$ 4,976	[5],[6]	$ 5,001	[9],[10]
Amortized Cost			4,889	[5],[6]	4,906	[9],[10]
Fair Value			$ 4,889	[5],[6]	$ 4,914	[9],[10]
Fair Value Percentage of Total Portfolio			1.30%	[1],[5],[6]	1.30%	[4],[9],[10]
Investment, Identifier [Axis]: Simplifi Holdings, Inc., Media/Entertainment
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[7]	5.50%	[9],[10],[11]
Investment Coupon Rate			10.75%	[7]	9.25%	[9],[10],[11]
Principal			$ 430		$ 15,967	[9],[10]
Amortized Cost			430		15,694	[9],[10]
Fair Value			$ 423		$ 15,700	[9],[10]
Fair Value Percentage of Total Portfolio			0.10%	[1]	4.20%	[4],[9],[10]
Investment, Identifier [Axis]: Simplifi Holdings, Inc., Media/Entertainment 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		5.50%
Investment Coupon Rate	[5],[6],[7]		10.64%
Principal	[5],[6]		$ 15,886
Amortized Cost	[5],[6]		15,631
Fair Value	[5],[6]		$ 15,621
Fair Value Percentage of Total Portfolio	[1],[5],[6]		4.10%
Investment, Identifier [Axis]: SitusAMC Holdings Corp., Financials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate			10.84%	[5],[6],[7]	9.42%	[9],[10],[11]
Principal			$ 6,737	[5],[6]	$ 6,771	[9],[10]
Amortized Cost			6,687	[5],[6]	6,714	[9],[10]
Fair Value			$ 6,737	[5],[6]	$ 6,771	[9],[10]
Fair Value Percentage of Total Portfolio			1.70%	[1],[5],[6]	1.80%	[4],[9],[10]
Investment, Identifier [Axis]: Skillsoft Corp., Technology
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.25%	[5],[7]	5.25%	[9],[10],[11]
Investment Coupon Rate			10.51%	[5],[7]	9.58%	[9],[10],[11]
Principal			$ 588	[5]	$ 591	[9],[10]
Amortized Cost			581	[5]	583	[9],[10]
Fair Value			$ 511	[5]	$ 490	[9],[10]
Fair Value Percentage of Total Portfolio			0.10%	[1],[5]	0.10%	[4],[9],[10]
Investment, Identifier [Axis]: Striper Buyer, LLC, Paper & Packaging
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[9],[10],[11]
Investment Coupon Rate			10.65%	[5],[6],[7]	9.57%	[9],[10],[11]
Principal			$ 4,885	[5],[6]	$ 4,910	[9],[10]
Amortized Cost			4,841	[5],[6]	4,866	[9],[10]
Fair Value			$ 4,885	[5],[6]	$ 4,910	[9],[10]
Fair Value Percentage of Total Portfolio			1.30%	[1],[5],[6]	1.30%	[4],[9],[10]
Investment, Identifier [Axis]: SunMed Group Holdings, LLC, Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		5.75%
Investment Coupon Rate	[5],[6],[7]		11.09%
Principal	[5],[6]		$ 3,844
Amortized Cost	[5],[6]		3,793
Fair Value	[5],[6]		$ 3,787
Fair Value Percentage of Total Portfolio	[1],[5],[6]		1.00%
Investment, Identifier [Axis]: SunMed Group Holdings, LLC, Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				5.75%
Investment Coupon Rate	[9],[10],[11]				10.48%
Principal	[9],[10]				$ 3,864
Amortized Cost	[9],[10]				3,809
Fair Value	[9],[10]				$ 3,806
Fair Value Percentage of Total Portfolio	[4],[9],[10]				1.00%
Investment, Identifier [Axis]: SunMed Group Holdings, LLC, Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[10],[11]				5.75%
Investment Coupon Rate	[10],[11]				10.49%
Principal	[10]				$ 124
Amortized Cost	[10]				124
Fair Value	[10]				$ 123
Fair Value Percentage of Total Portfolio	[4],[10]				0.00%
Investment, Identifier [Axis]: TRC Cos, Inc., Industrials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.75%	[5],[6],[7]	6.75%	[9],[10],[11]
Investment Coupon Rate			11.90%	[5],[6],[7]	11.13%	[9],[10],[11]
Principal			$ 7,045	[5],[6]	$ 7,045	[9],[10]
Amortized Cost			6,988	[5],[6]	6,980	[9],[10]
Fair Value			$ 6,742	[5],[6]	$ 6,742	[9],[10]
Fair Value Percentage of Total Portfolio			1.80%	[1],[5],[6]	1.80%	[4],[9],[10]
Investment, Identifier [Axis]: Tecta America Corp., Industrials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		8.50%
Investment Coupon Rate	[5],[6],[7]		13.72%
Principal	[5],[6]		$ 2,155
Amortized Cost	[5],[6]		2,103
Fair Value	[5],[6]		$ 2,155
Fair Value Percentage of Total Portfolio	[1],[5],[6]		0.50%
Investment, Identifier [Axis]: Tecta America Corp., Industrials 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[11]				4.25%
Investment Coupon Rate	[9],[11]				8.69%
Principal	[9]				$ 3,861
Amortized Cost	[9]				3,830
Fair Value	[9]				$ 3,697
Fair Value Percentage of Total Portfolio	[4],[9]				1.00%
Investment, Identifier [Axis]: Tecta America Corp., Industrials 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				8.50%
Investment Coupon Rate	[9],[10],[11]				12.94%
Principal	[9],[10]				$ 2,155
Amortized Cost	[9],[10]				2,104
Fair Value	[9],[10]				$ 2,110
Fair Value Percentage of Total Portfolio	[4],[9],[10]				0.60%
Investment, Identifier [Axis]: The NPD Group, LP, Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		5.75%
Investment Coupon Rate	[6],[7]		10.92%
Principal	[6]		$ 75
Amortized Cost	[6]		75
Fair Value	[6]		$ 74
Fair Value Percentage of Total Portfolio	[1],[6]		0.00%
Investment, Identifier [Axis]: The NPD Group, LP, Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				5.75%
Investment Coupon Rate	[9],[10],[11]				10.07%
Investment Coupon Rate, PIK	[9],[10],[11]				2.75%
Principal	[9],[10]				$ 16,786
Amortized Cost	[9],[10]				16,466
Fair Value	[9],[10]				$ 16,472
Fair Value Percentage of Total Portfolio	[4],[9],[10]				4.40%
Investment, Identifier [Axis]: The NPD Group, LP, Business Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.25%	[5],[6],[7]	5.75%	[10],[11]
Investment Coupon Rate			11.39%	[5],[6],[7]	10.07%	[10],[11]
Investment Coupon Rate, PIK			2.75%	[5],[6],[7]	2.75%	[10],[11]
Principal			$ 16,941	[5],[6]	$ 113	[10]
Amortized Cost			16,649	[5],[6]	113	[10]
Fair Value			$ 16,651	[5],[6]	$ 111	[10]
Fair Value Percentage of Total Portfolio			4.30%	[1],[5],[6]	0.00%	[4],[10]
Investment, Identifier [Axis]: Therapy Brands Holdings, LLC, Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			4.00%	[5],[6],[7]	4.00%	[9],[10],[11]
Investment Coupon Rate			9.15%	[5],[6],[7]	8.35%	[9],[10],[11]
Principal			$ 1,802	[5],[6]	$ 1,811	[9],[10]
Amortized Cost			1,797	[5],[6]	1,805	[9],[10]
Fair Value			$ 1,802	[5],[6]	$ 1,811	[9],[10]
Fair Value Percentage of Total Portfolio			0.50%	[1],[5],[6]	0.50%	[4],[9],[10]
Investment, Identifier [Axis]: Therapy Brands Holdings, LLC, Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.75%	[5],[6],[7]	6.75%	[9],[10],[11]
Investment Coupon Rate			11.90%	[5],[6],[7]	11.10%	[9],[10],[11]
Principal			$ 1,947	[5],[6]	$ 1,947	[9],[10]
Amortized Cost			1,935	[5],[6]	1,935	[9],[10]
Fair Value			$ 1,947	[5],[6]	$ 1,947	[9],[10]
Fair Value Percentage of Total Portfolio			0.50%	[1],[5],[6]	0.50%	[4],[9],[10]
Investment, Identifier [Axis]: Tivity Health, Inc., Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[9],[10],[11]
Investment Coupon Rate			11.24%	[5],[6],[7]	10.58%	[9],[10],[11]
Principal			$ 31,941	[5],[6]	$ 32,102	[9],[10]
Amortized Cost			31,216	[5],[6]	31,346	[9],[10]
Fair Value			$ 31,260	[5],[6]	$ 31,357	[9],[10]
Fair Value Percentage of Total Portfolio			8.10%	[1],[5],[6]	8.40%	[4],[9],[10]
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corp.), Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		5.25%
Investment Coupon Rate	[5],[6],[7]		10.69%
Principal	[5],[6]		$ 1,768
Amortized Cost	[5],[6]		1,768
Fair Value	[5],[6]		$ 1,742
Fair Value Percentage of Total Portfolio	[1],[5],[6]		0.40%
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corp., Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				5.25%
Investment Coupon Rate	[9],[10],[11]				10.40%
Principal	[9],[10]				$ 1,651
Amortized Cost	[9],[10]				1,651
Fair Value	[9],[10]				$ 1,626
Fair Value Percentage of Total Portfolio	[4],[9],[10]				0.50%
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corp., Business Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.25%	[5],[6],[7]	5.25%	[9],[10],[11]
Investment Coupon Rate			10.62%	[5],[6],[7]	10.18%	[9],[10],[11]
Principal			$ 8,788	[5],[6]	$ 8,788	[9],[10]
Amortized Cost			8,666	[5],[6]	8,653	[9],[10]
Fair Value			$ 8,656	[5],[6]	$ 8,656	[9],[10]
Fair Value Percentage of Total Portfolio			2.30%	[1],[5],[6]	2.30%	[4],[9],[10]
Investment, Identifier [Axis]: Triple Lift, Inc., Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		5.25%
Investment Coupon Rate	[6],[7]		10.30%
Principal	[6]		$ 534
Amortized Cost	[6]		534
Fair Value	[6]		$ 513
Fair Value Percentage of Total Portfolio	[1],[6]		0.10%
Investment, Identifier [Axis]: Triple Lift, Inc., Software/Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				5.50%
Investment Coupon Rate	[9],[10],[11]				10.45%
Principal	[9],[10]				$ 11,934
Amortized Cost	[9],[10]				11,734
Fair Value	[9],[10]				$ 11,731
Fair Value Percentage of Total Portfolio	[4],[9],[10]				3.10%
Investment, Identifier [Axis]: Triple Lift, Inc., Software/Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.25%	[10],[11]
Investment Coupon Rate			10.87%	[5],[6],[7]	9.58%	[10],[11]
Principal			$ 11,874	[5],[6]	$ 534	[10]
Amortized Cost			11,692	[5],[6]	534	[10]
Fair Value			$ 11,399	[5],[6]	$ 525	[10]
Fair Value Percentage of Total Portfolio			3.00%	[1],[5],[6]	0.10%	[4],[10]
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		6.50%
Investment Coupon Rate	[6],[7]		11.94%
Principal	[6]		$ 1,104
Amortized Cost	[6]		1,104
Fair Value	[6]		$ 1,093
Fair Value Percentage of Total Portfolio	[1],[6]		0.30%
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	5.50%	[10],[11]
Investment Coupon Rate			11.34%	[5],[6],[7]	10.72%	[10],[11]
Principal			$ 2,176	[5],[6]	$ 1,591	[10]
Amortized Cost			2,176	[5],[6]	1,591	[10]
Fair Value			$ 2,154	[5],[6]	$ 1,575	[10]
Fair Value Percentage of Total Portfolio			0.60%	[1],[5],[6]	0.40%	[4],[10]
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.00%	[5],[6],[7]	6.00%	[9],[10],[11]
Investment Coupon Rate			11.38%	[5],[6],[7]	10.68%	[9],[10],[11]
Principal			$ 5,495	[5],[6]	$ 5,495	[9],[10]
Amortized Cost			5,385	[5],[6]	5,385	[9],[10]
Fair Value			$ 5,440	[5],[6]	$ 5,440	[9],[10]
Fair Value Percentage of Total Portfolio			1.40%	[1],[5],[6]	1.50%	[4],[9],[10]
Investment, Identifier [Axis]: US Salt Investors, LLC, Chemicals
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[5],[6],[7]	5.50%	[9],[10],[11]
Investment Coupon Rate			10.89%	[5],[6],[7]	9.17%	[9],[10],[11]
Principal			$ 8,532	[5],[6]	$ 8,575	[9],[10]
Amortized Cost			8,395	[5],[6]	8,429	[9],[10]
Fair Value			$ 8,372	[5],[6]	$ 8,415	[9],[10]
Fair Value Percentage of Total Portfolio			2.20%	[1],[5],[6]	2.30%	[4],[9],[10]
Investment, Identifier [Axis]: USIC Holdings, Inc., Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			6.50%	[5],[6],[7]	6.50%	[9],[10],[11]
Investment Coupon Rate			11.69%	[5],[6],[7]	10.57%	[9],[10],[11]
Principal			$ 2,449	[5],[6]	$ 2,449	[9],[10]
Amortized Cost			2,428	[5],[6]	2,426	[9],[10]
Fair Value			$ 2,361	[5],[6]	$ 2,361	[9],[10]
Fair Value Percentage of Total Portfolio			0.60%	[1],[5],[6]	0.60%	[4],[9],[10]
Investment, Identifier [Axis]: Vensure Employer Services, Inc., Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			4.75%	[5],[6],[7]	4.75%	[9],[10],[11]
Investment Coupon Rate			9.99%	[5],[6],[7]	8.71%	[9],[10],[11]
Principal			$ 4,760	[5],[6]	$ 4,784	[9],[10]
Amortized Cost			4,737	[5],[6]	4,757	[9],[10]
Fair Value			$ 4,760	[5],[6]	$ 4,784	[9],[10]
Fair Value Percentage of Total Portfolio			1.20%	[1],[5],[6]	1.30%	[4],[9],[10]
Investment, Identifier [Axis]: Victors CCC Buyer, LLC, Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				5.75%
Investment Coupon Rate	[9],[10],[11]				10.69%
Principal	[9],[10]				$ 7,238
Amortized Cost	[9],[10]				7,101
Fair Value	[9],[10]				$ 7,105
Fair Value Percentage of Total Portfolio	[4],[9],[10]				1.90%
Investment, Identifier [Axis]: Victors CCC Buyer, LLC, Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		5.75%
Investment Coupon Rate	[5],[6],[7]		11.02%
Principal	[5],[6]		$ 7,201
Amortized Cost	[5],[6]		7,069
Fair Value	[5],[6]		$ 7,080
Fair Value Percentage of Total Portfolio	[1],[5],[6]		1.80%
Investment, Identifier [Axis]: Victors CCC Buyer, LLC, Business Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7],[21]		5.75%
Investment Coupon Rate	[5],[6],[7],[21]		11.02%
Principal	[5],[6]		$ 204
Amortized Cost	[5],[6]		204
Fair Value	[5],[6]		$ 200
Fair Value Percentage of Total Portfolio	[1],[5],[6]		0.10%
Investment, Identifier [Axis]: Victory Buyer, LLC, Industrials
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.00%	[5],[6],[7]	7.00%	[9],[10],[11]
Investment Coupon Rate			12.51%	[5],[6],[7]	11.35%	[9],[10],[11]
Principal			$ 14,304	[5],[6]	$ 14,304	[9],[10]
Amortized Cost			14,188	[5],[6]	14,174	[9],[10]
Fair Value			$ 13,274	[5],[6]	$ 13,274	[9],[10]
Fair Value Percentage of Total Portfolio			3.50%	[1],[5],[6]	3.60%	[4],[9],[10]
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		5.75%
Investment Coupon Rate	[5],[6],[7]		10.91%
Principal	[5],[6]		$ 12,490
Amortized Cost	[5],[6]		12,285
Fair Value	[5],[6]		$ 9,163
Fair Value Percentage of Total Portfolio	[1],[5],[6]		2.40%
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate			10.91%	[6],[7]	9.42%	[9],[10],[11]
Principal			$ 3,035	[6]	$ 12,554	[9],[10]
Amortized Cost			3,035	[6]	12,340	[9],[10]
Fair Value			$ 2,226	[6]	$ 11,181	[9],[10]
Fair Value Percentage of Total Portfolio			0.60%	[1],[6]	3.00%	[4],[9],[10]
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.75%	[6],[7]	5.75%	[10],[11]
Investment Coupon Rate			10.91%	[6],[7]	9.42%	[10],[11]
Principal			$ 1,816	[6]	$ 3,051	[10]
Amortized Cost			1,816	[6]	3,051	[10]
Fair Value			$ 1,466	[6]	$ 2,717	[10]
Fair Value Percentage of Total Portfolio			0.40%	[1],[6]	0.70%	[4],[10]
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Healthcare 3
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[10],[11]				5.75%
Investment Coupon Rate	[10],[11]				10.48%
Principal	[10]				$ 715
Amortized Cost	[10]				715
Fair Value	[10]				$ 654
Fair Value Percentage of Total Portfolio	[4],[10]				0.20%
Investment, Identifier [Axis]: WIN Holdings III Corp., Consumer
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.25%	[5],[6],[7]	5.25%	[9],[10],[11]
Investment Coupon Rate			10.69%	[5],[6],[7]	10.40%	[9],[10],[11]
Principal			$ 12,776	[5],[6]	$ 13,430	[9],[10]
Amortized Cost			12,583	[5],[6]	13,204	[9],[10]
Fair Value			$ 12,776	[5],[6]	$ 13,218	[9],[10]
Fair Value Percentage of Total Portfolio			3.30%	[1],[5],[6]	3.60%	[4],[9],[10]
Investment, Identifier [Axis]: West Coast Dental Services, Inc., Healthcare
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		5.50%
Investment Coupon Rate	[5],[6],[7]		10.69%
Principal	[5],[6]		$ 8,397
Amortized Cost	[5],[6]		8,270
Fair Value	[5],[6]		$ 8,275
Fair Value Percentage of Total Portfolio	[1],[5],[6]		2.20%
Investment, Identifier [Axis]: West Coast Dental Services, Inc., Healthcare 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[6],[7]	5.75%	[10],[11]
Investment Coupon Rate			10.64%	[6],[7]	9.99%	[10],[11]
Principal			$ 290	[6]	$ 109	[10]
Amortized Cost			290	[6]	109	[10]
Fair Value			$ 285	[6]	$ 107	[10]
Fair Value Percentage of Total Portfolio			0.10%	[1],[6]	0.00%	[4],[10]
Investment, Identifier [Axis]: West Coast Dental Services, Inc., Healthcare 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			5.50%	[6],[7]	5.75%	[9],[10],[11]
Investment Coupon Rate			10.73%	[6],[7]	9.99%	[9],[10],[11]
Principal			$ 345	[6]	$ 8,440	[9],[10]
Amortized Cost			345	[6]	8,300	[9],[10]
Fair Value			$ 340	[6]	$ 8,305	[9],[10]
Fair Value Percentage of Total Portfolio			0.10%	[1],[6]	2.20%	[4],[9],[10]
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Business Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[6],[7]		6.00%
Investment Coupon Rate	[6],[7]		10.38%
Principal	[6]		$ 1,162
Amortized Cost	[6]		1,162
Fair Value	[6]		$ 1,162
Fair Value Percentage of Total Portfolio	[1],[6]		0.30%
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Business Services 1
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[10],[11]				6.00%
Investment Coupon Rate	[10],[11]				9.75%
Principal	[10]				$ 433
Amortized Cost	[10]				433
Fair Value	[10]				$ 433
Fair Value Percentage of Total Portfolio	[4],[10]				0.10%
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Business Services 2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[9],[10],[11]				6.00%
Investment Coupon Rate	[9],[10],[11]				9.75%
Principal	[9],[10]				$ 3,679
Amortized Cost	[9],[10]				3,624
Fair Value	[9],[10]				$ 3,679
Fair Value Percentage of Total Portfolio	[4],[9],[10]				1.00%
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Business Services.2
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable	[5],[6],[7]		6.00%
Investment Coupon Rate	[5],[6],[7]		10.38%
Principal	[5],[6]		$ 3,660
Amortized Cost	[5],[6]		3,614
Fair Value	[5],[6]		$ 3,660
Fair Value Percentage of Total Portfolio	[1],[5],[6]		0.90%
Investment, Identifier [Axis]: Zendesk, Inc., Software/Services
Schedule of Investments [Line Items]
Investment Coupon Rate, Variable			7.00%	[6],[7],[22]	6.50%	[10],[11]
Investment Coupon Rate			12.25%	[6],[7],[22]	11.04%	[10],[11]
Investment Coupon Rate, PIK			3.50%	[6],[7],[22]	3.50%	[10],[11]
Principal			$ 21,402	[6],[22]	$ 21,216	[10]
Amortized Cost			21,069	[6],[22]	20,792	[10]
Fair Value			$ 21,016	[6],[22]	$ 20,800	[10]
Fair Value Percentage of Total Portfolio			5.50%	[1],[6],[22]	5.60%	[4],[10]
Healthcare | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 187,649		$ 185,426
Percentage of Total Portfolio		23.70%	23.60%
Software/Services | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 117,643		117,768
Percentage of Total Portfolio		15.10%	14.80%
Financials | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 115,862		113,646
Percentage of Total Portfolio		14.40%	14.60%
Business Services | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 114,866		111,454
Percentage of Total Portfolio		14.20%	14.40%
Industrials | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 69,212		71,302
Percentage of Total Portfolio		9.10%	8.70%
Media/Entertainment | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 57,462		56,568
Percentage of Total Portfolio		7.20%	7.20%
Utilities | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 32,111		30,486
Percentage of Total Portfolio		3.90%	4.00%
Food & Beverage | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 27,092		26,696
Percentage of Total Portfolio		3.40%	3.40%
Consumer | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 22,883		23,363
Percentage of Total Portfolio		3.00%	2.90%
Paper & Packaging | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 17,675		13,980
Percentage of Total Portfolio		1.80%	2.20%
Chemicals | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 15,648		16,073
Percentage of Total Portfolio		2.10%	2.00%
Telecom | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 13,424		11,595
Percentage of Total Portfolio		1.50%	1.70%
Transportation | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 3,533		3,533
Percentage of Total Portfolio		0.50%	0.40%
Technology | Investment Owned, At Fair Value | Industry Concentration Risk
Schedule of Investments [Line Items]
Fair Value			$ 511		490
Percentage of Total Portfolio		0.10%	0.10%
Senior Secured First Lien Debt
Schedule of Investments [Line Items]
Amortized Cost			$ 678,046		666,045
Fair Value			$ 672,425		$ 662,975
Fair Value Percentage of Total Portfolio			175.10%	[1],[2],[3]	178.00%	[4]
Senior Secured Second Lien Debt
Schedule of Investments [Line Items]
Amortized Cost			$ 57,249		$ 57,213
Fair Value			$ 53,496		$ 54,022
Fair Value Percentage of Total Portfolio			13.90%	[1],[2],[3]	14.50%	[4]
Subordinated Debt
Schedule of Investments [Line Items]
Amortized Cost			$ 35,431		$ 31,336	[10]
Fair Value			$ 35,500		$ 31,414	[10]
Fair Value Percentage of Total Portfolio			9.30%	[1],[2],[3]	8.50%	[4],[10]
Equity/Other
Schedule of Investments [Line Items]
Amortized Cost			$ 33,638		$ 33,635
Fair Value			$ 34,150		$ 33,969
Fair Value Percentage of Total Portfolio			8.90%	[1],[2],[3],[23]	9.10%	[4],[14]

[1] Percentages are based on net assets attributable to common stock as of June 30, 2023.

[2] The Company has various unfunded commitments to portfolio companies. Please refer to Note 6 - Commitments and Contingencies for details of these unfunded commitments.

[3] Unless otherwise indicated, all investments in the consolidated schedules of investments are non-affiliated, non-controlled investments.

[4] Percentages are based on net assets attributable to common stock as of December 31, 2022.

[5] The Company's investment or a portion thereof is pledged as collateral under the MS Credit Facility (as defined in Note 5).

[6] The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors (as defined below) as required by the 1940 Act. Such investments are valued using significant unobservable inputs (see Note 3 to the consolidated financial statements).

[7] The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L"), Secured Overnight Financing Rate (“SOFR” or “S”), or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Company has provided the spread over the relevant reference rate and the current interest rate in effect at June 30, 2023. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities, the all-in rate is disclosed within parentheses.

[8] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may 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. At December 31, 2022, qualifying assets represent 97.6% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.

[9] The Company's investment or a portion thereof is pledged as collateral under the MS Credit Facility (as defined in Note 5).

[10] The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors (as defined below) as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

[11] The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate ("LIBOR" or "L"), Secured Overnight Financing Rate (“SOFR” or “S”), or Prime ("P") and which reset daily, monthly, quarterly, or semiannually. For each, the Company has provided the spread over the relevant reference rate and the current interest rate in effect at December 31, 2022. Certain investments are subject to reference rate floors. For fixed rate loans, a spread above a reference rate is not applicable. For floating rate securities, the all-in rate is disclosed within parentheses.

[12] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may 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. At June 30, 2023, qualifying assets represent 97.1% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.

[13] Investments are held in the taxable wholly owned, consolidated subsidiary, FBCC EEF Holdings LLC.

[14] All amounts are in thousands except share amounts.

[15] Investments are held in the taxable wholly owned, consolidated subsidiary, FBCC EEF Holdings LLC.

[16] Non-income producing at December 31, 2022.

[17] Non-income producing at June 30, 2023.

[18] The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and/or does not have the power to exercise control over the management or policies of such portfolio company. A company is generally presumed to be “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The Company classifies this investment as “controlled”.

[19] The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and/or does not have the power to exercise control over the management or policies of such portfolio company. A company is generally presumed to be “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The Company classifies this investment as “controlled”.

[20] The Company purchased the investment, pursuant to a repurchase agreement with a rate of 0.23 basis points per day with Macquarie US Trading LLC, dated May 15, 2023 due July 14, 2023.

[21] The Company purchased the investment, pursuant to a repurchase agreement with a rate of 0.23 basis points per day with Macquarie US Trading LLC, dated May 15, 2023 due July 14, 2023.

[22] The Company purchased the investment, pursuant to a repurchase agreement with a rate of 0.23 basis points per day with Macquarie US Trading LLC, dated June 1, 2023 due July 31, 2023.

[23] All amounts are in thousands except share amounts.

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CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical)	Jun. 30, 2023	[1]	Mar. 16, 2023	Mar. 03, 2023	Dec. 31, 2022	[2]	Dec. 05, 2022
Schedule of Investments [Line Items]
Percent of total assets, qualifying	97.10%				97.60%
Macquarie US Trading LLC
Schedule of Investments [Line Items]
Rate per day			23.00%	23.00%			22.00%

[1] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may 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. At June 30, 2023, qualifying assets represent 97.1% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.

[2] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may 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. At December 31, 2022, qualifying assets represent 97.6% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.

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Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Franklin BSP Capital Corporation (the “Company”) is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) and has elected to be treated for U.S. federal income tax purposes, and to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed as a Delaware limited liability company on January 29, 2020 and converted to a Delaware corporation on September 23, 2020 pursuant to which Franklin BSP Capital Corporation succeeded to the business of Franklin BSP Capital L.L.C. The Company commenced investment operations on January 7, 2021.

The Company is managed by Franklin BSP Capital Adviser L.L.C. (the “Adviser”), a Delaware limited liability company and an affiliate of Benefit Street Partners L.L.C. (“Benefit Street Partners” or “BSP”) pursuant to an investment advisory agreement (the “Investment Advisory Agreement”). The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser oversees the management of the Company’s activities and is responsible for making investment decisions with respect to the Company’s portfolio.

The Company’s investment objective is to generate both current income capital and capital appreciation through debt and equity investments. The Company invests primarily in first and second lien senior secured loans, and to a lesser extent, mezzanine loans, unsecured loans and equity of predominantly private U.S. middle market companies. The Company defines middle market companies as those with EBITDA of between $25 million and $100 million annually, although the Company may invest in larger or smaller companies. The Company also may purchase interests in loans or corporate bonds through secondary market transactions.

The Company is conducting a private placement of shares of its common stock, par value $0.001 per share (the “Common Stock”), to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Each investor in the private placement will make a capital commitment (the “Capital Commitments”) to purchase shares of Common Stock pursuant to a subscription agreement (a “Subscription Agreement”). Investors will be required to make capital contributions to purchase shares of Common Stock (the “Drawdown Purchase Price”) each time the Company delivers a drawdown notice (the “Drawdown Notice”), which will be delivered at least ten business days prior to the required funding date, in an aggregate amount not to exceed their respective Capital Commitments.

The Company is also conducting a private placement of shares of its preferred stock designated as series A convertible preferred stock (the “Series A Preferred Stock”) in reliance on exemption from the registration requirements of the Securities Act. See Note 10 - Preferred Stock for the terms of such preferred stock, including liquidation preference, distributions, and rights regarding conversion to shares of Common Stock.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The following is a summary of significant accounting policies followed by the Company in the preparation of its consolidated financial statements. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. The Company is an investment company and accordingly applies specific accounting and financial reporting requirements under Financial Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies (“ASC 946”).

We have also formed and expect to continue to form consolidated subsidiaries (the "Consolidated Holding Companies"). The Company consolidates the following subsidiaries for accounting purposes: FBCC Lending I, LLC and FBCC EEF Holdings LLC. All intercompany balances and transactions have been eliminated in consolidation.

Interim financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by U.S. GAAP for annual consolidated financial statements. U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets, and any other parameters used in determining these estimates could cause actual results to differ materially. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s financial position or result of operations as previously reported.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates.

Consolidation

As provided under ASC 946, the Company will generally not consolidate its investment in a company other than a substantially or wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's substantially wholly owned subsidiaries in its consolidated financial statements.

Valuation of Portfolio Investments

Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. The board of directors (the “Board of Directors”) has delegated to the Adviser as valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. On a quarterly basis, the Valuation Designee performs an analysis of each investment to determine fair value as follows:

Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Valuation Designee may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Valuation Designee determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined to be readily available, the Valuation Designee uses the quote obtained.

Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

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

•Each portfolio company or investment will be valued by the Valuation Designee, with assistance from one or more independent valuation firms engaged by the Company's Board of Directors; and

•The independent valuation firm(s) conduct independent appraisals and make an independent assessment of the value of each investment; and

•The Valuation Designee, under the supervision of the Board of Directors, determines the fair value of each investment, in good faith, based on the input of independent valuation firms (to the extent applicable) and the Valuation Designee’s own analysis. The Valuation Designee also has established a Valuation Committee to assist the Valuation Designee in carrying out its designated responsibilities, subject to oversight of the Board of Directors.

Because there is not a readily available market value for most of the investments in its portfolio, the Valuation Designee values substantially all of its portfolio investments at fair value as determined in good faith by its Board of Directors, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it.

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control” is defined as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. In addition, in accordance with Section 2(a)(9) of the 1940 Act, any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25% of the voting securities of any company shall be presumed not to control such company. Any person who does not so own more than 25% of the voting securities of any company and/or does not have the power to exercise control over the management or policies of such portfolio company shall be presumed not to control such company. Consistent with the 1940 Act, “Affiliated Investments” are defined as those investments in companies in which the Company owns 5% or more of the voting securities. Consistent with the 1940 Act, “Non-affiliated Investments” are defined as investments that are neither Control Investments nor Affiliated Investments.

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks and short-term, liquid investments in a money market deposit account. Cash and cash equivalents are carried at cost which approximates fair value.

Organization and Offering Costs

Organization costs consist of costs incurred to establish the Company and enable it legally to do business. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of common shares of the Company. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations.

The Company will bear the organization and offering expenses incurred in connection with the formation of the Company and the offering of shares of its Common Stock, including the out-of-pocket expenses of the Adviser and its agents and affiliates. In addition, the Company will reimburse the Adviser for the organization and offering costs it incurs on the Company’s behalf. If actual organization and offering costs incurred exceed the greater of $1 million or 0.10% of the Company’s total capital commitments, the Adviser or its affiliate will bear the excess costs. To the extent the Company’s capital commitments later increase, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf provided that the total organization and offering costs borne by the Company do not exceed 0.10% of total capital commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the three and six months ended June 30, 2023 and 2022, respectively, there were no reimbursements from the Adviser.

In connection with the Company’s private placement of shares of its Series A Preferred Stock, the Company incurred various offering costs. These costs are capitalized as a deferred cost and included within redeemable convertible preferred stock Series A on the consolidated statement of assets and liabilities as the preferred shares are issued. The costs are not subject to reimbursement from the Adviser.

Deferred Financing Costs

Financing costs incurred in connection with the Company’s revolving credit facilities are capitalized and amortized into expense using the straight-line method, which approximates the effective yield method over the life of the respective facility. See Note 5 - Borrowings.

Convertible Preferred Stock

We record shares of convertible preferred stock based on proceeds received net of offering costs on the date of issuance. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity and is reported separately from liabilities and net assets attributable to common stock within the consolidated statements of assets and liabilities.

Distributions

The Company’s Board of Directors authorizes and declares cash distributions payable on a quarterly basis to stockholders of record on each record date. The amount of each such distribution is subject to the discretion of the Board of Directors and applicable legal restrictions related to the payment of distributions. The Company calculates each stockholder’s specific distribution amount for the quarter using record and declaration dates. From time to time, the Company may also pay interim distributions, including capital gains distributions, at the discretion of the Company’s Board of Directors. The Company’s distributions may exceed earnings, especially during the period before it has substantially invested the proceeds from the offering. As a result, a portion of the distributions made by the Company may represent a return of capital for U.S. federal income tax purposes. A return of capital is a return of each stockholder’s investment rather than earnings or gains derived from the Company’s investment activities.

The Company may fund cash distributions to stockholders from any sources of funds available to the Company, including advances from the Adviser that are subject to reimbursement, as well as offering proceeds, borrowings, net investment income from operations, capital gain proceeds from the sale of assets, and non-capital gain proceeds from the sale of assets. The Company has not established limits on the amount of funds it may use from available sources to make distributions. See Note 13 - Income Tax Information and Distributions to Stockholders for additional information.

Revenue Recognition

Interest Income

Investment transactions are accounted for on the trade date. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discount and amortization of premium on investments.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

Fee Income

Fee income, such as structuring fees, origination, closing, amendment fees, commitment, termination, and other upfront fees are generally non-recurring and are recognized as income when earned, either upon receipt or amortized into income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan origination, structuring, closing, commitment, and other upfront fees are recorded as income.

Payment-in-Kind Interest

The Company may hold debt investments in its portfolio that contain payment-in-kind (“PIK”) interest and dividend provisions. PIK interest, which represents contractually deferred interest that add to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected.

Non-accrual Income

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued interest, which may include un-capitalized PIK interest is generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

Net Realized Gain or Loss and Net Change in Unrealized Appreciation or Depreciation

Gain or loss on the sale of investments is calculated using the specific identification method. The Company measures realized gain or loss by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when a gain or loss is realized.

Income Taxes

The Company has elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes in respect of each taxable year if it distributes dividends for federal income tax purposes to stockholders of an amount generally equal to at least 90% of “investment company taxable income,” as defined in the Code, and determined without regard to any deduction for dividends paid. Distributions declared prior to the filing of the previous year's tax return and paid up to twelve months after the previous tax year can be carried back to the prior tax year in determining the distributions paid in such tax year. The Company intends to make sufficient distributions to maintain its ability to be subject to be taxed as a RIC each year. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Company did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities on-going analysis of and changes to tax laws, regulations and interpretations thereof. See Note 13 - Income Tax Information and Distributions to Stockholders for additional information.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company’s fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820 (“ASC 820”), Fair Value Measurement, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:

•Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

•Level 3—Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.

For investments for which Level 1 inputs, such as quoted prices, were not available at June 30, 2023 and December 31, 2022, the investments were valued at fair value as determined in good faith using the valuation policy approved by the Board of Directors using Level 2 and Level 3 inputs. The Company evaluates the source of inputs, including any markets in which the Company's investments are trading, in determining fair value. Due to the inherent uncertainty in the valuation process, the estimate of fair value of the Company’s investment portfolio at June 30, 2023 and December 31, 2022 may differ materially from values that would have been used had a ready market for the securities existed.

In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the Board of Directors. Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. On a quarterly basis the Company performs an analysis of each investment to determine fair value as described below.

Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Company may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined readily available, the Company uses the quote obtained.

Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

As part of the Company's quarterly valuation process, the Valuation Designee may be assisted by one or more independent valuation firms. The Valuation Designee under the supervision of the Board of Directors determines the fair value of each investment, in good faith, based on the input of the independent valuation firm(s) (to the extent applicable) and the Valuation Designee’s own analysis.

Determination of fair values involves subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements.

For discussion of the fair value measurement of the Company's borrowings, refer to Note 5 - Borrowings.

The following table presents fair value measurements of investments, by major class, as of June 30, 2023, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Debt	$	—	$	20,179	$	652,246	$	672,425
Senior Secured Second Lien Debt	—		14,365		39,131		53,496
Subordinated Debt	—		—		35,500		35,500
Equity/Other	—		—		34,150		34,150
Total	$	—	$	34,544	$	761,027	$	795,571

The following table presents fair value measurements of investments, by major class, as of December 31, 2022, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Debt	$	—	$	26,901	$	636,074	$	662,975
Senior Secured Second Lien Debt	—		8,447		45,575		54,022
Subordinated Debt	—		—		31,414		31,414
Equity/Other	—		—		33,969		33,969
Total	$	—	$	35,348	$	747,032	$	782,380

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2023:

	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Equity/Other		Total
Balance as of January 1, 2023	$	636,074	$	45,575	$	31,414	$	33,969	$	747,032
Purchases and other adjustments to cost	33,169		28		4,095		3		37,295
Sales and repayments	(12,757)		—		—		—		(12,757)
Net realized gain (loss)	53		—		—		—		53
Transfers in	5,153		3,233		—		—		8,386
Transfers out	(5,857)		(9,722)		—		—		(15,579)
Net change in unrealized appreciation (depreciation) on investments	(3,589)		17		(9)		178		(3,403)
Balance as of June 30, 2023	$	652,246	$	39,131	$	35,500	$	34,150	$	761,027
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year:	$	(3,594)	$	17	$	(9)	$	178	$	(3,408)

For the six months ended June 30, 2023, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the six months ended June 30, 2023, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2022:

	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Equity/Other		Total
Balance as of January 1, 2022	$	358,083	$	42,360	$	24,412	$	31,813	$	456,668
Purchases and other adjustments to cost	317,946		3,941		6,924		1,891		330,702
Sales and repayments	(54,420)		—		—		35		(54,385)
Net realized gain (loss)	426		—		—		—		426
Transfers in	21,533		11,641		—		—		33,174
Transfers out	(5,508)		(9,170)		—		—		(14,678)
Net change in unrealized appreciation (depreciation) on investments	(1,986)		(3,197)		78		230		(4,875)
Balance as of December 31, 2022	$	636,074	$	45,575	$	31,414	$	33,969	$	747,032
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year:	$	(1,978)	$	(3,197)	$	78	$	230	$	(4,867)

For the year ended December 31, 2022, transfers from Level 2 to Level 3 were due to current assessments of investment liquidity and a decrease in the number of observable market inputs. For the year ended December 31, 2022, transfers from Level 3 to Level 2 were due to an increase in the number of observable market inputs.

The composition of the Company’s investments as of June 30, 2023, at amortized cost and fair value, were as follows:

	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	678,046	$	672,425	84.5	%
Senior Secured Second Lien Debt	57,249		53,496		6.7
Subordinated Debt	35,431		35,500		4.5
Equity/Other	33,638		34,150		4.3
Total	$	804,364	$	795,571	100.0	%

The composition of the Company’s investments as of December 31, 2022, at amortized cost and fair value, were as follows:

	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	666,045	$	662,975	84.8	%
Senior Secured Second Lien Debt	57,213		54,022		6.9
Subordinated Debt	31,336		31,414		4.0
Equity/Other	33,635		33,969		4.3
Total	$	788,229	$	782,380	100.0	%

Significant Unobservable Inputs

The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of June 30, 2023. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average (a)
Senior Secured First Lien Debt	$	652,246	Yield Analysis	Market Yield	8.85%	19.98%	10.79%
Senior Secured Second Lien Debt	39,131		Yield Analysis	Market Yield	11.66%	21.50%	14.76%
Subordinated Debt	35,500		Waterfall Analysis	EBITDA Multiple	1.85x	1.85x	1.85x
Equity/Other	34,034		Waterfall Analysis	EBITDA Multiple	1.85x	25.00x	3.51x
Equity/Other (b)	116		Yield Analysis	Market Yield	13.25%	13.25%	13.25%
Total	$	761,027

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of December 31, 2022. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average (a)
Senior Secured First Lien Debt	$	636,074	Yield Analysis	Market Yield	8.57%	13.33%	10.57%
Senior Secured Second Lien Debt	45,575		Yield Analysis	Market Yield	12.20%	19.80%	14.82%
Subordinated Debt	31,414		Waterfall Analysis	Tangible Net Asset Value Multiple	1.87x	1.87x	1.87x
Equity/Other (b)	30,742		Waterfall Analysis	Tangible Net Asset Value Multiple	1.87x	1.87x	1.87x
Equity/Other	3,111		Waterfall Analysis	EBITDA Multiple	14.25x	20.75x	17.11x
Equity/Other (b)	116		Yield Analysis	Market Yield	13.00%	13.00%	13.00%
Total	$	747,032

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

Level 3 inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities where the fair value is based on unobservable inputs.

The income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2023 and December 31, 2022. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, respectively, in the fair value.

Valuations of loans, corporate debt, and other debt obligations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analysis, which incorporate comparisons to other debt instruments for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis. The Company also considers the use of EBITDA multiples, revenue multiples, tangible net asset value multiples, TBV multiples, and other relevant multiples on its debt and equity investments to determine any credit gains or losses in certain instances. Increases or decreases in either of these inputs in isolation may result in a significantly lower or higher fair value measurement of the respective subject instrument.

As of June 30, 2023 and December 31, 2022, the Company had no portfolio companies on non-accrual status, respectively. Refer to Note 2 - Summary of Significant Accounting Policies - for additional details regarding the Company’s non-accrual policy.

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Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Investment Advisory Agreement

The Company entered into an Investment Advisory Agreement with the Adviser pursuant to which the Adviser, subject to the overall supervision of the Company’s Board of Directors, manages the day-to-day operations of, and provides investment advisory services to the Company. The Investment Advisory Agreement was approved by the Board of Directors and the sole stockholder for an initial two year term on September 23, 2020. The Board of Directors most recently renewed the Investment Advisory Agreement on January 30, 2023.

Pursuant to the Investment Advisory Agreement, the Company pays the Adviser a fee for investment advisory and management services consisting of two components - a base management fee (the “Management Fee”) and an incentive fee, which consists of two components (together, the “Incentive Fee”).

Management Fee

The Management Fee is payable quarterly in arrears and is calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, where gross assets includes the total assets of the Company, including any borrowings for investment purposes.

Prior to a liquidity event, the Management Fee payable under the Investment Advisory Agreement will be calculated at an annual rate of 0.5% of the Company’s average gross assets. A “1iquidity event” is defined as any of: (1) a merger or another transaction approved by the Board of Directors in which the Company’s stockholders will receive cash or shares of a publicly traded company (or a company that becomes publicly traded concurrently with the closing of such transaction), which may include an entity advised by the Adviser or its affiliates, (2) an initial public offering (“IPO”) or a listing (an “Exchange Listing”) of the Common Stock on a national securities exchange, or (3) the sale of all or substantially all of the Company’s assets either on a complete portfolio basis or individually followed by a liquidation.

After a liquidity event, the Management Fee payable under the Investment Advisory Agreement will be calculated at an annual rate of 1.50% of the Company’s average gross assets, provided, that the Management Fee will be calculated at an annual rate of 1.00% of the Company’s average gross assets purchased with borrowed funds above 1.0x debt-to-equity (equivalent to $1 of debt outstanding for each $1 of equity), and provided further that for a period of 15 months commencing on the date of the closing of a liquidity event, the Adviser will irrevocably waive Management Fees in excess of 0.5% of the Company’s average gross assets. Any fees waived under the Investment Advisory Agreement are not subject to reimbursement to the Adviser.

As of June 30, 2023 and December 31, 2022, $1.0 million and $1.0 million was payable to the Adviser for Management Fees, respectively.

For the three and six months ended June 30, 2023, the Company incurred $1.0 million and $2.0 million, respectively, in Management Fees under the Investment Advisory Agreement. For the three and six months ended June 30, 2022, the Company incurred $0.8 million and $1.5 million, respectively, in Management Fees under the Investment Advisory Agreement.

Incentive Fee

The Company will also pay the Adviser an Incentive Fee consisting of two parts, which are described below. Notwithstanding anything herein to the contrary, the Adviser will waive all Incentive Fees for the first twelve calendar quarters of operations of the Company.

The incentive fee consists of two parts. The first part is referred to as the “incentive fee on income” and it is calculated and payable quarterly in arrears based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement (as defined below) and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing the Company’s Pre-Incentive Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Company owned the referenced assets directly.

For periods ending on or prior to the date of the closing of a liquidity event, the incentive fee on income with respect to the Company’s Pre-Incentive Fee Net Investment Income will be calculated as follows:

•No incentive fee on income in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the preferred return rate of 1.50%, or 6.00% annualized (the “Preferred Return”), on net assets;

•100% of Pre-Incentive Fee Net Investment Income, if any, that exceeds the Preferred Return but is less than or equal to 1.765% in any calendar quarter (7.06% annualized). This portion of the incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 15% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 1.765% (7.06% annualized) in any calendar quarter; and

•For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 1.765% (7.06% annualized), the incentive fee on income equals 15% of the amount of Pre-Incentive Fee Net Investment Income, as the Preferred Return and catch-up will have been achieved.

For any period ending after the closing of a liquidity event, the incentive fee on income for each quarter will be calculated as follows:

•No incentive fee on income in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the Preferred Return of 1.50%, or 6.00% annualized, on net assets;

•100% of Pre-Incentive Fee Net Investment Income, if any, that exceeds the Preferred Return but is less than or equal to 1.8175% in any calendar quarter (7.27% annualized), which portion of the incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 17.5% on all of Pre-Incentive Fee Net Investment Income when Pre-Incentive Fee Net Investment Income reaches 1.8175% (7.27% annualized) in any calendar quarter; and

•For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 1.8175% (7.27% annualized), the incentive fee on income equals 17.5% of the amount of Pre-Incentive Fee Net Investment Income, as the Preferred Return and catch-up will have been achieved.

Notwithstanding the foregoing, for a period of 15 months commencing on the date of the closing of a liquidity event, the Adviser will irrevocably waive any incentive fee on income otherwise payable in excess of any amounts calculated at the pre-IPO or pre-Exchange Listing rates. Any fees waived under the Investment Advisory Agreement are not subject to reimbursement to the Adviser. For the three and six months ended June 30, 2023, the Company incurred $2.0 million and $3.9 million, respectively, in incentive fees on income, none of which was payable to the Adviser under the Investment Advisory Agreement. For the three and six months ended June 30, 2022, the Company incurred $0.9 million and $1.7 million, respectively, in incentive fees on income, none of which was payable to the Adviser under the Investment Advisory Agreement.

The second part of the incentive fee, referred to as the “incentive fee on capital gains during operations,” is an incentive fee on capital gains earned on cumulative realized capital gains of the Company net of cumulative realized capital losses and unrealized capital depreciation and is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, if earlier). Prior to a liquidity event, this fee equals 15% of the Company’s incentive fee capital gains, which equals realized capital gains of the Company on a cumulative basis from the date of the Company’s election to be regulated as a BDC, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains during operations. Following a liquidity event, the incentive fee on capital gains during operations equals 17.5% of the Company’s incentive fee capital gains calculated as described above, on a cumulative basis from the date of the Company’s election to be regulated as a BDC.

U.S. GAAP requires that the incentive fee accrual be calculated assuming a hypothetical liquidation of the Company based upon investments held at the end of each period. In such a calculation, in order to calculate the accrual for the capital gains incentive fee in accordance with U.S. GAAP for a given period, the Company includes unrealized appreciation in calculating the accrual for the capital gains incentive fee even though such unrealized appreciation is not included in in calculating the capital gains incentive fee payable under the Investment Advisory Agreement. There can be no assurance that such unrealized appreciation will be realized in the future. Accordingly, the accrual for the capital gains incentive fee, as calculated and accrued in accordance with U.S. GAAP, does not necessarily represent amounts that will be payable under the Investment Advisory Agreement.

For the three and six months ended June 30, 2023, the Company accrued $0 and $0, respectively, in incentive fees on capital gains in accordance with U.S. GAAP, none of which was payable to the Adviser under the Investment Advisory Agreement. For the three and six months ended June 30, 2022, the Company accrued $(0.3) million and $(0.4) million, respectively, in incentive fees on capital gains in accordance with U.S. GAAP, none of which was payable to the Adviser under the Investment Advisory Agreement.

Administration Agreement

The Company entered into an administration agreement with Benefit Street Partners (the “Administration Agreement”), pursuant to which Benefit Street Partners (in such capacity, the “Administrator”) provides the Company with office facilities and certain administrative services necessary for the Company to conduct its business.

As of June 30, 2023 and December 31, 2022, $0.6 million and $0.8 million was payable to BSP under the Administration Agreement, respectively.

For the three and six months ended June 30, 2023, the Company incurred $0.3 million and $0.6 million, respectively, in administrative service fees under the Administration Agreement, which are included in the other general and administrative expenses on the consolidated statements of operations. For the three and six months ended June 30, 2022, the Company incurred $0.2 million and $0.4 million, respectively, in administrative service fees under the Administration Agreement, which are included in the other general and administrative expenses on the consolidated statements of operations.

Co-Investment Relief

The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. The SEC staff has granted the Company exemptive relief that allows it to enter into certain negotiated co-investment transactions alongside with other funds managed by the Adviser or its affiliates (“Affiliated Funds”) in a manner consistent with its 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, the Company is permitted to co-invest with its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of its eligible 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 the Company and the Company’s stockholders and do not involve overreaching in respect of the Company or the Company’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objective and strategies.

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Borrowings

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowings

Borrowings

MS Credit Facility

On March 15, 2021, the Company, FBCC Lending I, LLC, a wholly-owned, special purpose financing subsidiary of the Company (“FBCC Lending”), and the Adviser, as the servicer, entered into a loan and servicing agreement (together with the other documents executed in connection therewith, the “MS Credit Facility”) with Morgan Stanley Asset Funding, Inc. as administrative agent, Morgan Stanley Bank, N.A., as the lender, and U.S. Bank National Association as collateral agent, account bank and collateral custodian, that provides for borrowings of up to $100.0 million on a committed basis. Obligations under the MS Credit Facility are secured by a first priority security interest in substantially all of the assets of FBCC Lending, including its portfolio of investments and the Company’s equity interest in FBCC Lending. The obligations of FBCC Lending under the MS Credit Facility are nonrecourse to the Company. Any amounts borrowed under the MS Credit Facility will mature, and will be due and payable, on the maturity date, which is March 15, 2025. Prior to the Third Amendment (defined below), borrowings under the MS Credit Facility bore interest at three-month LIBOR, with a LIBOR floor of zero, plus a spread of 2.25%. Interest is payable quarterly in arrears. FBCC Lending is subject to a non-usage fee of 0.50% on the difference between total commitments and the greater of the (i) drawn amounts and (ii) minimum utilization requirement, and, in addition, after the ramp-up period, FBCC Lending would pay interest on undrawn amounts up to the minimum utilization requirement under the MS Credit Facility if drawn amounts are less than such minimum utilization requirement. The Company paid an upfront fee and incurred other customary costs and expenses in connection with the MS Credit Facility.

On July 1, 2021, FBCC Lending amended the MS Credit Facility to, among other things, increase the maximum permissible borrowings under the MS Credit Facility from $100.0 million to $200.0 million on a committed basis (the “First Amendment”).

On December 15, 2021, FBCC Lending amended the MS Credit Facility to, among other things, increase the maximum permissible borrowings under the MS Credit Facility from $200.0 million to $250.0 million on a committed basis (the “Second Amendment”).

On January 31, 2022, FBCC Lending amended the MS Credit Facility to, among other things, increase the maximum permissible borrowings from $250.0 million to $300.0 million on a committed basis, transition the benchmark rate to Adjusted Term SOFR and included the Canadian Imperial Bank of Commerce ("CIBC") as a lender (the “Third Amendment”). Following the Third Amendment, borrowings under the MS Credit Facility bear interest at Adjusted Term SOFR, with an Adjusted Term SOFR floor of zero, plus a spread of 2.00%. FBCC Lending is subject to non-usage fee of 0.50% on the difference between total commitments and the greater of the (i) drawn amounts and (ii) minimum utilization requirement, and, in addition after the ramp-up period, FBCC Lending would pay interest on undrawn amounts up to the minimum utilization requirement under the MS Credit Facility, at three month SOFR floor of zero, plus spread of 1.125%, if drawn amounts are less than such minimum utilization requirement. The entire facility is subject to a 0.25% administrative agent fee.

On June 28, 2022, FBCC Lending entered into a fourth amendment (together with any documents executed in connection therewith, the “Fourth Amendment”) to the MS Credit Facility. The Fourth Amendment, among other things, increases the maximum permissible borrowings under the MS Credit Facility to $400.0 million from $300.0 million on a committed basis and amends the spread on borrowings under the MS Credit Facility to 2.25%.

MS Subscription Facility

On April 22, 2021, the Company entered into a $50.0 million revolving credit agreement (the “MS Subscription Facility”) with Morgan Stanley Asset Funding, Inc., as administrative agent and sole lead arranger, and Morgan Stanley Bank, N.A., as the letter of credit issuer and lender. The MS Subscription Facility is subject to certain restrictions, including availability under the borrowing base, which is based on unfunded capital commitments. The amount of permissible borrowings under the MS Subscription Facility may be increased up to an aggregate of $150.0 million with the consent of the lenders. The MS Subscription Facility had a maturity date of April 22, 2022, which may be extended for an additional two terms of not more than 12 months each with the consent of the administrative agent and lenders. On April 20, 2022, the Company entered into a first amendment (the “First Amendment”) to the MS Subscription Facility, which extended the maturity date to April 21, 2023, which may be extended for an additional term of not more than 12 months each with the consent of the administrative agent and lenders. On September 30, 2022, pursuant to the terms of the agreement, the Company voluntarily reduced commitments from $50.0 million to $44.5 million and on December 9, 2022, pursuant to the terms of the agreement, the Company voluntarily reduced commitments from $44.5 million to $25.5 million (together, the “MS Subscription Facility Downsizes”).

Prior to the First Amendment, the MS Subscription Facility bore interest at a rate of: (i) with respect LIBOR Rate Loans, Adjusted LIBOR (as defined in the MS Subscription Facility) for the applicable interest period plus 2.00% per annum and (ii) with respect to Base Rate Loans, the greatest of (a) the Prime Rate in effect on such day plus 1.00% per annum, (b) the Federal Funds Rate in effect on such day plus 0.50%, plus 1.00% per annum and (c) except during any period of time during which LIBOR is unavailable, one-month Adjusted LIBOR plus, without duplication, 100 basis points per annum. The Company paid an upfront fee and incurred other customary costs and expenses in connection with the MS Subscription Facility. Subsequent to the First Amendment, the MS Subscription Facility bore interest at a rate of: (i) with respect to Term SOFR Loans, Term SOFR with a one-month Interest Period plus 2.10% per annum and (ii) with respect to Base Rate Loans, the greatest of (a) the Prime Rate in effect on such day plus 100 basis points (1.00%) per annum, (b) the Federal Funds Rate in effect on such day plus 0.50% plus 1.00% per annum and (c) except during any period of time during which Term SOFR is unavailable, Term SOFR for a one-month tenor in effect on such day plus without duplication, 100 basis points (1.00%) per annum plus 100 basis points (1.00%) per annum. The Company paid an upfront fee and incurred other customary costs and expenses in connection with the First Amendment to MS Subscription Facility. In addition, the Company was subject to an unused commitment fee of 0.30%.

The MS Subscription Facility was terminated on March 29, 2023.

The following table represents facility borrowings as of June 30, 2023:

	Maturity Date	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Consolidated Statements of Assets and Liabilities
MS Credit Facility	3/15/2025	$	400,000	$	343,500	$	(1,722)	$	341,778
Total		$	400,000	$	343,500	$	(1,722)	$	341,778

The following table represents facility borrowings as of December 31, 2022:

	Maturity Date	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Consolidated Statements of Assets and Liabilities
MS Credit Facility	3/15/2025	$	400,000	$	356,500	$	(2,222)	$	354,278
MS Subscription Facility	4/21/2023	25,500		25,400		(98)		25,302
Total		$	425,500	$	381,900	$	(2,320)	$	379,580

The weighted average annualized interest cost for all facility borrowings for the six months ended June 30, 2023 and 2022 was 7.53% and 2.76%, respectively. The average daily debt outstanding for facility borrowings for the six months ended June 30, 2023 and 2022 was $357.1 million and $280.4 million, respectively. The maximum debt outstanding for facility borrowings for the six months ended June 30, 2023 and 2022 was $381.9 million and $323.9 million, respectively.

Short-term Borrowings

From time to time, the Company finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Company enters into a trade to sell an investment and contemporaneously enter into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the consolidated statements of assets and liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of June 30, 2023 and December 31, 2022, the Company had short-term borrowings outstanding of $41.1 million and $20.8 million, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded interest expense of $1.3 million and $0.7 million, respectively, in connection with short-term borrowings. For the six months ended June 30, 2023, the Company had an average outstanding balance of short-term borrowings of $31.0 million and bore interest at a weighted average rate of 0.02%. For the six months ended June 30, 2022, the Company had an average outstanding balance of short-term borrowings of $38.2 million and bore interest at a weighted average rate of 0.01%.

The following table represents interest and debt fees for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023									Six Months Ended June 30, 2023
	Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)		Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)
MS Credit Facility	(3)	0.50	%	$	6,198	$	252	$	371	(3)	0.50	%	$	12,607	$	500	$	724
MS Subscription Facility (5)	—	—		—		—		—		(4)	0.30	%	404		98		—
Short-term borrowings				806		—		—					1,270		—		—
Totals				$	7,004	$	252	$	371				$	14,281	$	598	$	724

(1) Amortization of deferred financing costs.

(2) Includes non-usage fees, custody fees, and administrative agent fees.

(3) From January 1, 2023 to June 30, 2023, the MS Credit Facility had an interest rate priced at Term SOFR, plus a spread of 2.25%.

(4) From January 1, 2023 to March 29, 2023, the MS Subscription Facility bore interest at a rate of Term SOFR with a one-month Interest Period plus 2.10% per annum.

(5) Amount presented represents activity prior to termination on March 29, 2023.

The following table represents interest and debt fees for the three and six months ended June 30, 2022:

	Three Months Ended June 30, 2022									Six Months Ended June 30, 2022
	Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)		Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)
MS Credit Facility	(3)	0.50	%	$	2,001	$	200	$	88	(3)	0.50	%	$	3,370	$	385	$	204
MS Subscription Facility	(4)	0.30	%	399		76		—		(4)	0.30	%	670		133		N/A
Short-term borrowings				445		—		—					692		N/A		N/A
Total				$	2,845	$	276	$	88				$	4,732	$	518	$	204

______________

(1) Amortization of deferred financing costs.

(2) Includes non-usage fees and custody fees.

(3) From January 1, 2022 through January 30, 2022, the MS Credit Facility had an interest rate priced at three-month LIBOR, with a LIBOR floor of zero, plus a spread of 2.25%. From January 31, 2022 through June 27, 2022, the MS Credit Facility transitioned the benchmark rate to Adjusted Term SOFR. Borrowings under the MS Credit Facility bore interest at Adjusted Term SOFR, with an Adjusted Term SOFR floor of zero, plus a spread of 2.25%. From June 28, 2022 to June 30, 2022, the MS Credit Facility had an interest rate priced at Term SOFR, plus a spread of 2.50%.

(4) From January 1, 2022 through April 19, 2022, the MS Subscription Facility bore interest at a rate of Adjusted LIBOR for the applicable interest period plus 2.00% per annum. From April 20, 2022 through June 30, 2022, the MS Subscription Facility bore interest at a rate of Term SOFR with a one-month Interest Period plus 2.10% per annum.

The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate fair value. The fair value of short-term financial instruments such as cash and cash equivalents, due to affiliates, accounts payable, and short-term borrowings approximate their carrying value on the accompanying consolidated statements of assets and liabilities due to their short-term nature.

At June 30, 2023, the carrying amount of the Company's secured borrowings approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's borrowings is estimated based upon market interest rates for the Company's own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of June 30, 2023 and December 31, 2022, the Company's borrowings would be deemed to be Level 3, as defined in Note 3 - Fair Value of Financial Instruments.

The fair values of the Company’s remaining financial instruments that are not reported at fair value on the accompanying consolidated statements of assets and liabilities are reported below:

	Level	Carrying Amount as of June 30, 2023		Fair Value as of June 30, 2023
MS Credit Facility	3	$	343,500	$	343,500
Total		$	343,500	$	343,500

	Level	Carrying Amount as of December 31, 2022		Fair Value as of December 31, 2022
MS Credit Facility	3	$	356,500	$	356,500
MS Subscription Facility	3	25,400		25,400
Total		$	381,900	$	381,900

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Commitment and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Commitments

In the ordinary course of business, the Company may enter into future funding commitments. As of June 30, 2023, the Company had unfunded commitments on delayed draw term loans of $27.3 million, and unfunded commitments on revolver term loans of $42.5 million. As of December 31, 2022, the Company had unfunded commitments on delayed draw term loans of $56.1 million, and unfunded commitments on revolver term loans of $47.5 million. The Company maintains sufficient cash on hand, unfunded Capital Commitments, and available borrowings to fund such unfunded commitments.

As of June 30, 2023, the Company's unfunded commitments consisted of the following:

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	$	1,246	$	1,246
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	533		533
Alera Group Intermediate Holdings, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,769		1,175
Armada Parent, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,029		1,019
Armada Parent, Inc.	Senior Secured First Lien Debt	Revolver	2,444		2,444
Avalara, Inc.	Senior Secured First Lien Debt	Revolver	1,990		1,990
Center Phase Energy, LLC	Senior Secured First Lien Debt	Revolver	6,593		5,824
Communication Technology Intermediate, LLC	Senior Secured First Lien Debt	Revolver	998		912
Community Brands ParentCo, LLC	Senior Secured First Lien Debt	Delayed Draw	1,085		1,085
Community Brands ParentCo, LLC	Senior Secured First Lien Debt	Revolver	542		542
Coronis Health, LLC	Senior Secured First Lien Debt	Revolver	1,968		562
Eliassen Group, LLC	Senior Secured First Lien Debt	Delayed Draw	1,451		1,235
Faraday Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,258		295
FGT Purchaser, LLC	Senior Secured First Lien Debt	Revolver	976		595
Galway Borrower, LLC	Senior Secured First Lien Debt	Delayed Draw	125		125
Galway Borrower, LLC	Senior Secured First Lien Debt	Revolver	861		861
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,499		2,814
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Revolver	2,017		1,879
Gogo Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	452		452
IG Investments Holdings, LLC	Senior Secured First Lien Debt	Revolver	632		632
Indigo Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,536		1,280
IQN Holding Corp.	Senior Secured First Lien Debt	Delayed Draw	912		912
IQN Holding Corp.	Senior Secured First Lien Debt	Revolver	503		419
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,285		1,238
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,147		872
Medical Management Resource Group, LLC	Senior Secured First Lien Debt	Revolver	603		362
Mirra-Primeaccess Holdings, LLC	Senior Secured First Lien Debt	Revolver	3,429		1,715
Monumental RSN, LLC	Senior Secured First Lien Debt	Revolver	1,590		1,590
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,217		1,217
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Revolver	1,704		1,704
Pie Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,905		2,317
Pie Buyer, Inc.	Senior Secured First Lien Debt	Revolver	741		519

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
Pluralsight, LLC	Senior Secured First Lien Debt	Revolver	$	638	$	319
Point Broadband Acquisition, LLC	Senior Secured First Lien Debt	Delayed Draw	3,651		440
Relativity Oda, LLC	Senior Secured First Lien Debt	Revolver	196		196
RSC Acquisition, Inc.	Senior Secured First Lien Debt	Delayed Draw	515		212
Saturn SHC Buyer Holdings, Inc.	Senior Secured First Lien Debt	Revolver	4,012		4,012
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Delayed Draw	1,454		1,454
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Revolver	581		581
Simplifi Holdings, Inc.	Senior Secured First Lien Debt	Revolver	1,720		1,290
SunMed Group Holdings, LLC	Senior Secured First Lien Debt	Revolver	259		259
The NPD Group, LP	Senior Secured First Lien Debt	Revolver	943		868
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Delayed Draw	3,001		1,233
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Revolver	857		857
Triple Lift, Inc.	Senior Secured First Lien Debt	Revolver	1,393		859
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Delayed Draw	1,896		792
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Revolver	527		527
US Salt Investors, LLC	Senior Secured First Lien Debt	Revolver	934		934
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,875		1,875
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Revolver	1,358		1,154
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,448		1,158
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Revolver	1,087		742
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,299		137
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Revolver	162		162
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Revolver	1,821		5
WIN Holdings III Corp.	Senior Secured First Lien Debt	Revolver	1,908		1,908
Zendesk, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,304		5,304
Zendesk, Inc.	Senior Secured First Lien Debt	Revolver	2,184		2,184
			$	98,063	$	69,827

As of December 31, 2022, the Company's unfunded commitments consisted of the following:

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	$	1,513	$	333
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	1,246		1,246
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	533		533
Alera Group Intermediate Holdings, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,793		2,552
Armada Parent, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,034		1,019
Armada Parent, Inc.	Senior Secured First Lien Debt	Revolver	2,444		2,444
Avalara, Inc.	Senior Secured First Lien Debt	Revolver	1,990		1,990
Aventine Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	4,722		366
BCPE Oceandrive Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,194		4,408
Center Phase Energy, LLC	Senior Secured First Lien Debt	Revolver	6,593		6,593
Communication Technology Intermediate, LLC	Senior Secured First Lien Debt	Revolver	998		912
Community Brands Parentco, LLC	Senior Secured First Lien Debt	Delayed Draw	1,085		1,085
Community Brands Parentco, LLC	Senior Secured First Lien Debt	Revolver	542		542
Coronis Health, LLC	Senior Secured First Lien Debt	Revolver	1,968		1,968
Eliassen Group, LLC	Senior Secured First Lien Debt	Delayed Draw	1,452		1,235
Faraday Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,260		1,260
FGT Purchaser, LLC	Senior Secured First Lien Debt	Revolver	976		605
Galway Borrower, LLC	Senior Secured First Lien Debt	Delayed Draw	125		125
Galway Borrower, LLC	Senior Secured First Lien Debt	Revolver	861		861
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,503		5,503
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Revolver	2,017		2,017
Gogo Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	452		452
IG Investments Holdings, LLC	Senior Secured First Lien Debt	Revolver	632		379
Indigo Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	3,841		3,841
Indigo Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,536		1,280
IQN Holding Corp.	Senior Secured First Lien Debt	Delayed Draw	1,258		1,163
IQN Holding Corp.	Senior Secured First Lien Debt	Revolver	503		503
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,290		1,238
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,147		1,147
Medical Management Resource Group, LLC	Senior Secured First Lien Debt	Revolver	603		603
Mirra-Primeaccess Holdings, LLC	Senior Secured First Lien Debt	Revolver	3,429		2,143
Monumental RSN, LLC	Senior Secured First Lien Debt	Revolver	1,590		1,590
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,217		1,217
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Revolver	1,704		1,704
Pie Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,905		2,905
Pie Buyer, Inc.	Senior Secured First Lien Debt	Revolver	741		556
Pluralsight, LLC	Senior Secured First Lien Debt	Revolver	638		319
Point Broadband Acquisition, LLC	Senior Secured First Lien Debt	Delayed Draw	3,663		1,930

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
Post Road Equipment Finance, LLC	Subordinated Debt	Delayed Draw	$	11,000	$	4,086
Relativity Oda, LLC	Senior Secured First Lien Debt	Revolver	196		196
Roadsafe Holdings, Inc.	Senior Secured First Lien Debt	Delayed Draw	4,357		1,437
RSC Acquisition, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,179		1,541
Saturn SHC Buyer Holdings, Inc.	Senior Secured First Lien Debt	Revolver	4,012		4,012
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Delayed Draw	1,454		1,454
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Revolver	581		581
Simplifi Holdings, Inc.	Senior Secured First Lien Debt	Revolver	1,720		1,720
SunMed Group Holdings, LLC	Senior Secured First Lien Debt	Revolver	259		135
The NPD Group, LP	Senior Secured First Lien Debt	Revolver	943		830
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Delayed Draw	3,001		1,350
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Revolver	857		857
Triple Lift, Inc.	Senior Secured First Lien Debt	Revolver	1,393		859
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Delayed Draw	2,176		585
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Delayed Draw	1,896		1,896
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Revolver	527		527
US Salt Investors, LLC	Senior Secured First Lien Debt	Revolver	934		934
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,875		1,875
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Revolver	1,358		1,358
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,448		1,448
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Revolver	1,087		978
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,299		866
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Revolver	162		162
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,886		2,836
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Revolver	1,821		1,106
WIN Holdings III Corp.	Senior Secured First Lien Debt	Revolver	1,908		1,908
Zendesk, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,304		5,304
Zendesk, Inc.	Senior Secured First Lien Debt	Revolver	2,184		2,184
			$	138,815	$	103,592

Litigation and Regulatory Matters

In the ordinary course of business, the Company may become subject to litigation, claims, and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time.

Indemnifications

In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote.

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Economic Dependency

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Economic Dependency

Economic Dependency

Under various agreements, the Company has engaged or will engage the Adviser and its affiliates to provide certain services that are essential to the Company, including asset management services, asset acquisition and disposition decisions, the sale of shares of the Company’s Common Stock available for issuance, as well as other administrative responsibilities for the Company including accounting services and investor relations.

As a result of these relationships, the Company is dependent upon the Adviser and its affiliates. In the event that these companies were unable to provide the Company with the respective services, the Company would be required to find alternative providers of these services.

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Capital

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Capital

Capital

Investor Commitments

The following table summarizes the total capital commitments and unfunded capital commitments of Common Stock and Series A Preferred Stock as of June 30, 2023 and as of December 31, 2022:

	As of June 30, 2023				As of December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		Capital Commitments		Unfunded Capital Commitments
Common Stock	$	592,099	$	219,151	$	586,156	$	221,281
Series A Preferred Stock	77,500		—		77,500		41,354
Total	$	669,599	$	219,151	$	663,656	$	262,635

Capital Drawdowns

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	532,871	$	8,073
Total Capital Drawdowns	532,871	$	8,073

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
May 27, 2022	1,653,439	$	25,000
July 15, 2022	2,621,233	40,000
September 28, 2022	3,289,476	50,000
November 23, 2022	1,256,895	18,854
Total Capital Drawdowns	8,821,043	$	133,854

The issuances of Common Stock described above were exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relied, in part, upon representations from investors in the relevant Subscription Agreements that each investor is an "accredited investor," as defined in Regulation D under the Securities Act.

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	41,353	$	41,291
Total Capital Drawdowns	41,353	$	41,291

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
April 7, 2022	5,000	$	4,993
July 15, 2022	10,000	9,985
November 23, 2022	16,147	16,123
Total Capital Drawdowns	31,147	$	31,101

Common Stock

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2023:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2022	24,609,132	$	25	$	375,557	$	(3,161)	$	372,421
Net investment income (loss)	—	—		—		12,061		12,061
Net realized gain (loss) from investment transactions	—	—		—		(161)		(161)
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(1,261)		(1,261)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(3)		(3)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(1,023)		(1,023)
Distributions to common stockholders	—	—		—		(10,584)		(10,584)
Issuance of common stock, net of issuance costs	532,871	1		8,072		—		8,073
Reinvested dividends	197,903	0(1)		2,994		—		2,994
Balance as of March 31, 2023	25,339,906	$	26	$	386,623	$	(4,132)	$	382,517
Net investment income (loss)	—	—		—		13,636		13,636
Net realized gain (loss) from investment transactions	—	—		—		31		31
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(2,198)		(2,198)

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(4)		(4)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(2,197)		(2,197)
Distributions to common stockholders	—	—		—		(10,895)		(10,895)
Reinvested dividends	202,931	0(1)		3,074		—		3,074
Balance as of June 30, 2023	25,542,837	$	26	$	389,697	$	(5,759)	$	383,964

(1) Less than $1.

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2022:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2021	15,260,764	$	15	$	231,200	$	4,758	$	235,973
Net investment income (loss)	—	—		—		5,455		5,455
Net realized gain (loss) from investment transactions	—	—		—		12		12
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(634)		(634)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		0(1)		0(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(97)		(97)
Distributions to common stockholders	—	—		—		(4,575)		(4,575)
Reinvested dividends	99,702	—		1,534		—		1,534
Balance as of March 31, 2022	15,360,466	$	15	$	232,734	$	4,919	$	237,668
Net investment income (loss)	—	—		—		5,924		5,924
Net realized gain (loss) from investment transactions	—	—		—		54		54
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(3,919)		(3,919)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(1)		(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(253)		(253)
Distributions to common stockholders	—	—		—		(5,996)		(5,996)
Issuance of common stock, net of issuance costs	1,653,439	2		24,998		—		25,000
Reinvested dividends	111,420	—		1,724		—		1,724
Balance as of June 30, 2022	17,125,325	$	17	$	259,456	$	728	$	260,201

(1) Less than $1.

The Company has adopted a distribution reinvestment plan (the “DRIP”) pursuant to which all cash dividends or distributions (“Distributions”) declared by the Board of Directors are reinvested on behalf of investors who do not elect to receive their Distributions in cash (the “Participants”). As a result, if the Board of Directors declares a Distribution, then stockholders who have not elected to “opt out” of the DRIP will have their Distributions automatically reinvested in additional shares of the Company's Common Stock at a price equal to net asset value (“NAV”) per share as estimated in good faith by the Company on the payment date. The timing and amount of Distributions to stockholders are subject to applicable legal restrictions and the sole discretion of our Board of Directors.

The following table reflects the Common Stock activity for the six months ended June 30, 2023:

	Shares	Value
Shares Sold	532,871	$	8,073
Shares Issued through DRIP	400,834	6,068
	933,705	$	14,141

The following table reflects the Common Stock activity for the year ended December 31, 2022:

	Shares	Value
Shares Sold	8,821,043	$	133,854
Shares Issued through DRIP	527,325	8,073
	9,348,368	$	141,927

Distributions

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$0.43
April 27, 2023	April 27, 2023	May 5, 2023	$0.43

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$0.30
May 11, 2022	May 11, 2022	May 24, 2022	$0.39

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$28.31
April 27, 2023	April 27, 2023	May 5, 2023	$28.35

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$19.49
May 11, 2022	May 11, 2022	May 24, 2022	$25.28

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Common Stock

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Common Stock

Capital

Investor Commitments

The following table summarizes the total capital commitments and unfunded capital commitments of Common Stock and Series A Preferred Stock as of June 30, 2023 and as of December 31, 2022:

	As of June 30, 2023				As of December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		Capital Commitments		Unfunded Capital Commitments
Common Stock	$	592,099	$	219,151	$	586,156	$	221,281
Series A Preferred Stock	77,500		—		77,500		41,354
Total	$	669,599	$	219,151	$	663,656	$	262,635

Capital Drawdowns

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	532,871	$	8,073
Total Capital Drawdowns	532,871	$	8,073

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
May 27, 2022	1,653,439	$	25,000
July 15, 2022	2,621,233	40,000
September 28, 2022	3,289,476	50,000
November 23, 2022	1,256,895	18,854
Total Capital Drawdowns	8,821,043	$	133,854

The issuances of Common Stock described above were exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relied, in part, upon representations from investors in the relevant Subscription Agreements that each investor is an "accredited investor," as defined in Regulation D under the Securities Act.

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	41,353	$	41,291
Total Capital Drawdowns	41,353	$	41,291

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
April 7, 2022	5,000	$	4,993
July 15, 2022	10,000	9,985
November 23, 2022	16,147	16,123
Total Capital Drawdowns	31,147	$	31,101

Common Stock

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2023:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2022	24,609,132	$	25	$	375,557	$	(3,161)	$	372,421
Net investment income (loss)	—	—		—		12,061		12,061
Net realized gain (loss) from investment transactions	—	—		—		(161)		(161)
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(1,261)		(1,261)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(3)		(3)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(1,023)		(1,023)
Distributions to common stockholders	—	—		—		(10,584)		(10,584)
Issuance of common stock, net of issuance costs	532,871	1		8,072		—		8,073
Reinvested dividends	197,903	0(1)		2,994		—		2,994
Balance as of March 31, 2023	25,339,906	$	26	$	386,623	$	(4,132)	$	382,517
Net investment income (loss)	—	—		—		13,636		13,636
Net realized gain (loss) from investment transactions	—	—		—		31		31
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(2,198)		(2,198)

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(4)		(4)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(2,197)		(2,197)
Distributions to common stockholders	—	—		—		(10,895)		(10,895)
Reinvested dividends	202,931	0(1)		3,074		—		3,074
Balance as of June 30, 2023	25,542,837	$	26	$	389,697	$	(5,759)	$	383,964

(1) Less than $1.

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2022:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2021	15,260,764	$	15	$	231,200	$	4,758	$	235,973
Net investment income (loss)	—	—		—		5,455		5,455
Net realized gain (loss) from investment transactions	—	—		—		12		12
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(634)		(634)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		0(1)		0(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(97)		(97)
Distributions to common stockholders	—	—		—		(4,575)		(4,575)
Reinvested dividends	99,702	—		1,534		—		1,534
Balance as of March 31, 2022	15,360,466	$	15	$	232,734	$	4,919	$	237,668
Net investment income (loss)	—	—		—		5,924		5,924
Net realized gain (loss) from investment transactions	—	—		—		54		54
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(3,919)		(3,919)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(1)		(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(253)		(253)
Distributions to common stockholders	—	—		—		(5,996)		(5,996)
Issuance of common stock, net of issuance costs	1,653,439	2		24,998		—		25,000
Reinvested dividends	111,420	—		1,724		—		1,724
Balance as of June 30, 2022	17,125,325	$	17	$	259,456	$	728	$	260,201

(1) Less than $1.

The Company has adopted a distribution reinvestment plan (the “DRIP”) pursuant to which all cash dividends or distributions (“Distributions”) declared by the Board of Directors are reinvested on behalf of investors who do not elect to receive their Distributions in cash (the “Participants”). As a result, if the Board of Directors declares a Distribution, then stockholders who have not elected to “opt out” of the DRIP will have their Distributions automatically reinvested in additional shares of the Company's Common Stock at a price equal to net asset value (“NAV”) per share as estimated in good faith by the Company on the payment date. The timing and amount of Distributions to stockholders are subject to applicable legal restrictions and the sole discretion of our Board of Directors.

The following table reflects the Common Stock activity for the six months ended June 30, 2023:

	Shares	Value
Shares Sold	532,871	$	8,073
Shares Issued through DRIP	400,834	6,068
	933,705	$	14,141

The following table reflects the Common Stock activity for the year ended December 31, 2022:

	Shares	Value
Shares Sold	8,821,043	$	133,854
Shares Issued through DRIP	527,325	8,073
	9,348,368	$	141,927

Distributions

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$0.43
April 27, 2023	April 27, 2023	May 5, 2023	$0.43

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$0.30
May 11, 2022	May 11, 2022	May 24, 2022	$0.39

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$28.31
April 27, 2023	April 27, 2023	May 5, 2023	$28.35

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$19.49
May 11, 2022	May 11, 2022	May 24, 2022	$25.28

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Preferred Stock

6 Months Ended

Jun. 30, 2023

Temporary Equity [Abstract]

Preferred Stock

Preferred Stock

On August 25, 2021, the Company filed with the Secretary of State of the State of Delaware the Certificate of Designation for the Series A Preferred Stock, which designates a total of 50.0 million shares of preferred stock as Series A Preferred Stock, par value $0.001 per share. On the same day, the Company entered into subscription agreements (collectively, the “Preferred Subscription Agreements”) with certain investors, pursuant to which the investors made new capital commitments (the “Preferred Capital Commitments”) to purchase shares of the Company’s Series A Preferred Stock. As of June 30, 2023, the Company has received total Preferred Capital Commitments of $77.5 million, which has and will continue to call from time to time. Pursuant to their respective Preferred Subscription Agreements, each investor is required to fund drawdowns to purchase shares of the Series A Preferred Stock up to the amount of their respective capital commitments on an as-needed basis, upon a minimum of 10 business days prior notice at a per-share price equal to the liquidation preference (the “Liquidation Preference”). The sale and issuance of shares of Series A Preferred Stock is exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company shall rely, in part, upon representations from the Investors in the relevant Preferred Subscription Agreements that each Investor is an “accredited investor,” as defined in Regulation D under the Securities Act.

As of June 30, 2023, there were 50.0 million shares of preferred stock authorized, par value $0.001 per share, of which 77,500 shares of Series A Preferred Stock were issued and outstanding. As of December 31, 2022, there were 50.0 million shares of preferred stock authorized, par value $0.001 per share, of which 36,147 shares of Series A Preferred Stock were issued and outstanding. No shares outstanding of Series A Preferred Stock are redeemable before December 31, 2026.

Each holder of Series A Preferred Stock is entitled to a Liquidation Preference of $1,000.00 per share plus all dividends accrued and unpaid thereon. With respect to distributions, including the payment of dividends and distribution of the Company’s assets upon liquidation, dissolution, or winding-up, whether voluntary or involuntary, the Series A Preferred Stock will be senior to shares of Common Stock, will rank on parity with any other class or series of preferred stock that the Company is authorized to issue pursuant to its certificate of incorporation, whether such class or series is now existing or is created in the future, to the extent of the aggregate Liquidation Preference, which amount includes all accrued but unpaid dividends and will be subordinate to the rights of holders of our senior indebtedness.

Dividends are payable on each outstanding share of Series A Preferred Stock quarterly in arrears at a rate equal to (1) for each fiscal quarter ending on or before September 30, 2022 (the “Initial Dividend Period”), the dividends that would have been paid in respect of each share of Series A Preferred Stock if it had been converted into a share of the Company’s Common Stock, on the first day of such quarter (or the date of issuance in the case of shares of Series A Preferred Stock issued after the first day of such quarter) at the applicable Conversion Rate (as defined below) and (2) for each quarter after the Initial Dividend Period, the greater of (i) an amount equal to $10.00 per share, subject to proration if such share is not outstanding for the full quarter, and (ii) the dividends that would have been paid in respect of such share of Series A Preferred Stock if it had been converted into a share of Common Stock on the first day of such quarter (or the date of issuance in the case of shares of Series A Preferred Stock issued after the first day of such quarter) at the applicable Conversion Rate.

The Series A Preferred Stock is convertible (a) by the Company, in its sole discretion, at any time commencing on the closing date of a liquidity event, as defined by the Confidential Private Placement Memorandum of Franklin BSP Capital Corporation, dated September 2020, or (b) by the holders thereof at any time commencing six months following the closing date of a liquidity event, in each case, into the number of shares of Common Stock equal to (1) the Liquidation Preference divided by (2) the price paid by investors for shares of Common Stock at the time of the purchase of such share of Series A Preferred Stock or if the purchase of such share of Series A Preferred Stock did not occur concurrent with a sale of Common Stock by the Company at the net asset value per share of Common Stock determined within 48 hours (excluding Sundays and holidays) of the purchase of such share of Series A Preferred Stock (the “Conversion Rate”). The Company has the right to redeem the Series A Preferred Stock at any time, and from time to time, on or after August 23, 2029 upon 90 days prior notice to holders of Series A Preferred Stock. As of June 30, 2023 and December 31, 2022, a liquidity event had not commenced.

The holders of the Preferred Stock are generally entitled to vote with the holders of the shares of Common Stock on all matters submitted for a vote to the common stockholders (voting together with the holders of shares of Common Stock as one class) on an as-converted basis, subject to certain limitations.

The following table presents the activity in the Company’s Series A Preferred Stock for the six months ended June 30, 2023:

Series A Preferred Stock	Shares	Amount
Beginning Balance, December 31, 2022	36,147	$	36,093
Issuance of Preferred Stock	41,353	41,353
Offering costs	—	(65)
Amortization of offering costs	—	7
Ending Balance, June 30, 2023	77,500	$	77,388

The following table presents the activity in the Company’s Series A Preferred Stock for the six months ended June 30, 2022:

Series A Preferred Stock	Shares	Amount
Beginning Balance, December 31, 2021	5,000	$	4,992
Issuance of Preferred Stock	5,000	5,000
Amortization of offering costs	—	(7)
Ending Balance, June 30, 2022	10,000	$	9,985

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Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which considers participating securities as a separate class of shares. The two-class method is an earnings allocation formula that determines EPS for common stock according to dividends distributed and participation rights in undistributed earnings. The Company’s participating securities consist of its Series A Preferred Stock. Basic earnings per share is computed by dividing earnings available to common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted average number of shares outstanding during the period. Other potentially dilutive shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following information sets forth the computation of the weighted average basic and diluted net increase in net assets per share resulting from operations for the three and six months ended June 30, 2023 and 2022.

	For the three months ended June 30,				For the six months ended June 30,
Numerator	2023		2022		2023		2022
Net increase (decrease) in net assets resulting from operations	$	11,469	$	2,059	$	22,108	$	6,890
Less: cumulative preferred stock dividends	(2,197)		(508)		(4,394)		(761)
Less: changes in carrying value of redeemable securities	(4)		(1)		(7)		(1)
Numerator for EPS - income available to common stockholders	$	9,268	$	1,550	$	17,707	$	6,128
Denominator
Weighted average common shares outstanding	25,464,807		16,026,077		25,058,806		15,668,119
Basic and diluted earnings per share	$	0.36	$	0.10	$	0.71	$	0.39

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Distributions

6 Months Ended

Jun. 30, 2023

Distributed Earnings [Abstract]

Distributions

Capital

Investor Commitments

The following table summarizes the total capital commitments and unfunded capital commitments of Common Stock and Series A Preferred Stock as of June 30, 2023 and as of December 31, 2022:

	As of June 30, 2023				As of December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		Capital Commitments		Unfunded Capital Commitments
Common Stock	$	592,099	$	219,151	$	586,156	$	221,281
Series A Preferred Stock	77,500		—		77,500		41,354
Total	$	669,599	$	219,151	$	663,656	$	262,635

Capital Drawdowns

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	532,871	$	8,073
Total Capital Drawdowns	532,871	$	8,073

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
May 27, 2022	1,653,439	$	25,000
July 15, 2022	2,621,233	40,000
September 28, 2022	3,289,476	50,000
November 23, 2022	1,256,895	18,854
Total Capital Drawdowns	8,821,043	$	133,854

The issuances of Common Stock described above were exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relied, in part, upon representations from investors in the relevant Subscription Agreements that each investor is an "accredited investor," as defined in Regulation D under the Securities Act.

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	41,353	$	41,291
Total Capital Drawdowns	41,353	$	41,291

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
April 7, 2022	5,000	$	4,993
July 15, 2022	10,000	9,985
November 23, 2022	16,147	16,123
Total Capital Drawdowns	31,147	$	31,101

Common Stock

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2023:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2022	24,609,132	$	25	$	375,557	$	(3,161)	$	372,421
Net investment income (loss)	—	—		—		12,061		12,061
Net realized gain (loss) from investment transactions	—	—		—		(161)		(161)
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(1,261)		(1,261)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(3)		(3)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(1,023)		(1,023)
Distributions to common stockholders	—	—		—		(10,584)		(10,584)
Issuance of common stock, net of issuance costs	532,871	1		8,072		—		8,073
Reinvested dividends	197,903	0(1)		2,994		—		2,994
Balance as of March 31, 2023	25,339,906	$	26	$	386,623	$	(4,132)	$	382,517
Net investment income (loss)	—	—		—		13,636		13,636
Net realized gain (loss) from investment transactions	—	—		—		31		31
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(2,198)		(2,198)

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(4)		(4)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(2,197)		(2,197)
Distributions to common stockholders	—	—		—		(10,895)		(10,895)
Reinvested dividends	202,931	0(1)		3,074		—		3,074
Balance as of June 30, 2023	25,542,837	$	26	$	389,697	$	(5,759)	$	383,964

(1) Less than $1.

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2022:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2021	15,260,764	$	15	$	231,200	$	4,758	$	235,973
Net investment income (loss)	—	—		—		5,455		5,455
Net realized gain (loss) from investment transactions	—	—		—		12		12
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(634)		(634)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		0(1)		0(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(97)		(97)
Distributions to common stockholders	—	—		—		(4,575)		(4,575)
Reinvested dividends	99,702	—		1,534		—		1,534
Balance as of March 31, 2022	15,360,466	$	15	$	232,734	$	4,919	$	237,668
Net investment income (loss)	—	—		—		5,924		5,924
Net realized gain (loss) from investment transactions	—	—		—		54		54
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(3,919)		(3,919)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(1)		(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(253)		(253)
Distributions to common stockholders	—	—		—		(5,996)		(5,996)
Issuance of common stock, net of issuance costs	1,653,439	2		24,998		—		25,000
Reinvested dividends	111,420	—		1,724		—		1,724
Balance as of June 30, 2022	17,125,325	$	17	$	259,456	$	728	$	260,201

(1) Less than $1.

The Company has adopted a distribution reinvestment plan (the “DRIP”) pursuant to which all cash dividends or distributions (“Distributions”) declared by the Board of Directors are reinvested on behalf of investors who do not elect to receive their Distributions in cash (the “Participants”). As a result, if the Board of Directors declares a Distribution, then stockholders who have not elected to “opt out” of the DRIP will have their Distributions automatically reinvested in additional shares of the Company's Common Stock at a price equal to net asset value (“NAV”) per share as estimated in good faith by the Company on the payment date. The timing and amount of Distributions to stockholders are subject to applicable legal restrictions and the sole discretion of our Board of Directors.

The following table reflects the Common Stock activity for the six months ended June 30, 2023:

	Shares	Value
Shares Sold	532,871	$	8,073
Shares Issued through DRIP	400,834	6,068
	933,705	$	14,141

The following table reflects the Common Stock activity for the year ended December 31, 2022:

	Shares	Value
Shares Sold	8,821,043	$	133,854
Shares Issued through DRIP	527,325	8,073
	9,348,368	$	141,927

Distributions

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$0.43
April 27, 2023	April 27, 2023	May 5, 2023	$0.43

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$0.30
May 11, 2022	May 11, 2022	May 24, 2022	$0.39

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$28.31
April 27, 2023	April 27, 2023	May 5, 2023	$28.35

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$19.49
May 11, 2022	May 11, 2022	May 24, 2022	$25.28

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Income Tax Information and Distributions to Stockholders

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax Information and Distributions to Stockholders

Income Tax Information and Distributions to Stockholders

The Company has elected to be treated for federal income tax purposes as a RIC under the Code. Generally, a RIC is exempt from federal income taxes if it meets, certain quarterly asset diversification requirements, annual income tests, and distributes to stockholders its ‘‘investment company taxable income,’’ as defined in the Code, each taxable year. Distributions declared prior to the filing of the previous year's tax return and paid up to one year after the previous tax year can be carried back to the prior tax year for determining the distributions paid in such tax year. The Company intends to make sufficient distributions to maintain its RIC status each year. The Company may also be subject to federal excise taxes of 4%.

A RIC is limited in its ability to deduct expenses in excess of its “investment company taxable income” (which is, generally, ordinary income plus net realized short-term capital gains in excess of net realized long-term capital losses). If the Company's expenses in a given taxable year exceed gross taxable income (e.g., as the result of large amounts of equity-based compensation), it would incur a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to the RIC’s stockholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset the RIC’s investment company taxable income, but may carry forward such net capital losses, and use them to offset capital gains indefinitely. Due to these limits on the deductibility of expenses and net capital losses, the Company may for tax purposes have aggregate taxable income for several taxable years that it is required to distribute and that is taxable to stockholders even if such taxable income is greater than the aggregate net income the Company actually earned during those taxable years. Such required distributions may be made from the Company cash assets or by liquidation of investments, if necessary. The Company may realize gains or losses from such liquidations. In the event the Company realizes net capital gains from such transactions, the Company may make a larger capital gain distribution than it would have made in the absence of such transactions.

Depending on the level of taxable income earned in a tax year, for excise tax purposes the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and incur a 4% U.S. federal excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned.

The Company did not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740-10-25, Income Taxes (“ASC Topic 740”), nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company’s current tax year, 2022, and 2021 federal and state tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue.

As of June 30, 2023, the Company's domestic subsidiary had a cumulative net operating loss and unrealized gain. As a result, the Company has a deferred tax asset of $5.6 million and a deferred tax liability of $(6.5) million. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. As of June 30, 2023, deferred tax assets have been offset by valuation allowances of $0.5 million.

As of December 31, 2022, the Company’s domestic subsidiary is expected to have a net operating loss and unrealized gain. As a result, the Company has a deferred tax asset of $2.9 million and a deferred tax liability of $(3.7) million. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The future realization of the tax benefits of existing deductible temporary differences or carryforwards ultimately depend on the existence of sufficient taxable income in the carryback (if permitted under the tax law) and carryforward periods. The Company has concluded future reversal of existing taxable temporary differences is sufficient to support a conclusion that a valuation allowance is not necessary as of December 31, 2022. As a result, no valuation allowance for the deferred tax assets is necessary. As of December 31, 2021, the Company did not have any deferred tax assets or deferred tax liabilities.

The deferred tax asset valuation allowance, if applicable, has been determined pursuant to the provisions of ASC Topic 740, including the Company's estimation of future taxable income, if necessary, and is adequate to reduce the total deferred tax asset to an amount that will more likely than not be realized.

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Financial Highlights

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

Financial Highlights

Financial Highlights

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

	For the the six months ended June 30,
	2023			2022
Per share data:
Net asset value attributable to common stock, beginning of period	$	15.13		$	15.46
Results of operations (1)
Net investment income (loss)	1.03			0.73
Net realized and unrealized gain (loss) on investments, net of change in deferred taxes	(0.14)			(0.29)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities	0.89			0.44
Accretion to redemption value of Series A redeemable convertible preferred stock (1)(8)	—			—
Accrual of Series A redeemable convertible preferred stock distributions (1)	(0.13)			(0.02)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders	0.76			0.42
Stockholder distributions (2)
Common stockholder distributions from net investment income	(0.86)			(0.69)
Net decrease in net assets resulting from stockholder distributions	(0.86)			(0.69)
Net asset value attributable to common stock, end of period	$	15.03		$	15.19
Common shares outstanding at end of period	25,542,837			17,125,325
Total return (3)	5.08		%	2.72		%
Ratio/Supplemental data attributable to common stock:
Total net assets attributable to common stock, end of period	$	383,964		$	260,201

	For the the six months ended June 30,
	2023		2022
Ratio of net investment income to average net assets attributable to common stock (4)	13.65	%	9.38	%
Ratio of total expenses to average net assets attributable to common stock (4)(5)	11.94	%	8.05	%
Ratio of net expenses to average net assets attributable to common stock (4)(6)	10.93	%	7.52	%
Portfolio turnover rate (7)	2.67	%	2.24	%

—–—–—–—–—–

(1) The per share data was derived by using the weighted average common shares outstanding during the period.

(2) The per share data for distributions reflects the actual amount of distributions declared per share during the period.

(3) Total return is calculated assuming a purchase of shares of Common Stock at the current net asset value attributable to Common Stock on the first day and a sale at the current net asset value attributable to Common Stock on the last day of the periods reported. Common Stock distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total return is not annualized.

(4) Ratios are annualized, except for incentive fees and waivers.

(5) Ratio of total expenses to average net assets attributable to common stock is calculated using total operating expenses, including income tax expense over average net assets attributable to common stock.

(6) Ratio of net expenses to average net assets attributable to common stock is calculated using total operating expenses, including income tax expense, less applicable waivers over average net assets attributable to common stock.

(7) Portfolio turnover rate is calculated using the lesser of year-to-date purchases or sales over the average of the invested

assets at fair value.

(8) Rounds to less than $0.01 per share.

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Schedules of Investments and Advances to Affiliates

6 Months Ended

Jun. 30, 2023

Investments in and Advances to Affiliates [Abstract]

Schedules of Investments and Advances to Affiliates

Schedules of Investments and Advances to Affiliates

The following table presents the Schedule of Investments and Advances to Affiliates for the six months ended June 30, 2023:

Portfolio Company (1)	Type of Asset	Amount of dividends and interest included in income		Beginning Fair Value at December 31, 2022		Gross additions*		Gross reductions**		Realized Gain/(Loss)		Change in Unrealized Gain (Loss)		Fair Value at June 30, 2023
Control Investments
Post Road Equipment Finance, LLC (2)	Equity/Other	$	1,350	$	30,742	$	—	$	—	$	—	$	—	$	30,742
Post Road Equipment Finance, LLC (2)	Subordinated Debt	530		6,914		4,086		—		—		—		11,000
Post Road Equipment Finance, LLC (2)	Subordinated Debt	1,571		24,500		9		—		—		(9)		24,500
Total Control Investments		$	3,451	$	62,156	$	4,095	$	—	$	—	$	(9)	$	66,242

—–—–—–—–—–

* Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

(1) The principal/share amount and ownership detail are shown in the consolidated schedules of investments.

(2) The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

The following table presents the Schedule of Investments and Advances to Affiliates for the year ended December 31, 2022:

Portfolio Company (1)	Type of Asset	Amount of dividends and interest included in income		Beginning Fair Value at December 31, 2021		Gross additions*		Gross reductions**		Realized Gain/(Loss)		Change in Unrealized Gain		Fair Value at December 31, 2022
Control Investments
Post Road Equipment Finance, LLC (2)	Equity/Other	$	2,698	$	30,742	$	—	$	35	$	—	$	(35)	$	30,742
Post Road Equipment Finance, LLC (2)	Subordinated Debt	409		—		6,914		—		—		—		6,914
Post Road Equipment Finance, LLC (2)	Subordinated Debt	2,493		24,412		10		—		—		78		24,500
Total Control Investments		$	5,600	$	55,154	$	6,924	$	35	$	—	$	43	$	62,156
Affiliate Investments
Jakks Pacific, Inc. (2) (3)	Equity/Other	$	4	$	116	$	5	$	(121)	$	—	$	—	$	—
Total Affiliate Investments		$	4	$	116	$	5	$	(121)	$	—	$	—	$	—

—–—–—–—–—–

* Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

(1) The principal/share amount and ownership detail are shown in the consolidated schedules of investments.

(2) The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

(3) Includes $4 of interest income from Jakks Pacific, Inc. subordinated debt.

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Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In preparing these financial statements, the Company’s management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On July 28, 2023, the Board of Directors declared a distribution of $0.43 per share of Common Stock, which is payable on or around August 7, 2023 to stockholders of record as of July 28, 2023.

On July 28, 2023, the Board of Directors declared a distribution of $28.35 per share of Series A Preferred Stock, which is payable on or around August 7, 2023 to stockholders of record as of July 28, 2023.

On July 17, 2023, the Company delivered drawdown notices to the Company’s Common Stock investors for an aggregate offering price of approximately $1.6 million.

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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 increase (decrease) in net assets resulting from operations	$ 11,469	$ 2,059	$ 22,108	$ 6,890

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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N-2 - $ / shares

6 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Cover [Abstract]

Entity Central Index Key

0001825248

Amendment Flag

false

Securities Act File Number

814-01360

Document Type

10-Q

Entity Registrant Name

FRANKLIN BSP CAPITAL CORPORATION

Entity Address, Address Line One

9 West 57th Street

Entity Address, Address Line Two

49th Floor

Entity Address, Address Line Three

Suite 4920

Entity Address, City or Town

New York

Entity Address, State or Province

NY

Entity Address, Postal Zip Code

10019

City Area Code

212

Local Phone Number

588-6770

Entity Emerging Growth Company

true

Entity Ex Transition Period

true

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

The Company’s investment objective is to generate both current income capital and capital appreciation through debt and equity investments. The Company invests primarily in first and second lien senior secured loans, and to a lesser extent, mezzanine loans, unsecured loans and equity of predominantly private U.S. middle market companies. The Company defines middle market companies as those with EBITDA of between $25 million and $100 million annually, although the Company may invest in larger or smaller companies. The Company also may purchase interests in loans or corporate bonds through secondary market transactions.

Risk Factors [Table Text Block]

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed below and in Part I., “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, which could materially affect our business, financial condition, and/or operating results. The risks described below and in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.

Because we borrow money, the potential for gain or loss on amounts invested in us will be magnified and may increase the risk of investing in us.

The use of borrowings, also known as leverage, including through the issuance of senior securities that are debt or stock, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. Because we use leverage to partially finance our investments, through borrowing from banks and other lenders, you will experience increased risks of investing in our Common Stock. If the value of our assets increases, leveraging would cause the NAV to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause our NAV to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net income to increase more than it would without the leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make Common Stock distribution payments. Leverage is generally considered a speculative investment technique.

The following table illustrates the effects of leverage on returns from an investment in shares of Common Stock, assuming various hypothetical annual returns, net of expenses. The calculations are hypothetical and actual returns may be higher or lower than those appearing below. The calculation assumes (i) $899.8 million in total assets, (ii) a weighted average cost of funds of 7.53%, (iii) $400.0 million of debt outstanding (i.e. assumes that the full amount is available to us under our MS Credit Facility as of June 30, 2023) and (iv) $384.0 million in stockholders’ equity and (v) no incentive fees payable by the Company to the Adviser. In order to compute the “Corresponding return to stockholders,” the “Assumed Return on Our Portfolio (net of expenses)” is multiplied by the assumed total assets to obtain an assumed return to us. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds by the assumed debt outstanding, and the product is subtracted from the assumed return to us in order to determine the return available to stockholders. The return available to stockholders is then divided by our stockholders’ equity to determine the “Corresponding return to stockholders.” Actual interest payments may be different.

Assumed Return on Our Portfolio (net of expenses)	(10)%	(5)%	—%	5%	10%
Corresponding return to stockholders (1)	(31.28)%	(19.56)%	(7.84)%	3.87%	15.59%

(1) In order for us to cover our hypothetical annual interest payments on indebtedness, we would need to achieve annual returns on our June 30, 2023 total assets of at least 3.35%.

Effects of Leverage [Table Text Block]

Assumed Return on Our Portfolio (net of expenses)	(10)%	(5)%	—%	5%	10%
Corresponding return to stockholders (1)	(31.28)%	(19.56)%	(7.84)%	3.87%	15.59%

(1) In order for us to cover our hypothetical annual interest payments on indebtedness, we would need to achieve annual returns on our June 30, 2023 total assets of at least 3.35%.

Return at Minus Ten [Percent]

(31.28%)

Return at Minus Five [Percent]

(19.56%)

Return at Zero [Percent]

(7.84%)

Return at Plus Five [Percent]

3.87%

Return at Plus Ten [Percent]

15.59%

NAV Per Share

$ 15.03

$ 15.13

$ 15.19

$ 15.46

Effects Of Leverage Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Because we borrow money, the potential for gain or loss on amounts invested in us will be magnified and may increase the risk of investing in us.

The use of borrowings, also known as leverage, including through the issuance of senior securities that are debt or stock, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. Because we use leverage to partially finance our investments, through borrowing from banks and other lenders, you will experience increased risks of investing in our Common Stock. If the value of our assets increases, leveraging would cause the NAV to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause our NAV to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net income to increase more than it would without the leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make Common Stock distribution payments. Leverage is generally considered a speculative investment technique.

The following table illustrates the effects of leverage on returns from an investment in shares of Common Stock, assuming various hypothetical annual returns, net of expenses. The calculations are hypothetical and actual returns may be higher or lower than those appearing below. The calculation assumes (i) $899.8 million in total assets, (ii) a weighted average cost of funds of 7.53%, (iii) $400.0 million of debt outstanding (i.e. assumes that the full amount is available to us under our MS Credit Facility as of June 30, 2023) and (iv) $384.0 million in stockholders’ equity and (v) no incentive fees payable by the Company to the Adviser. In order to compute the “Corresponding return to stockholders,” the “Assumed Return on Our Portfolio (net of expenses)” is multiplied by the assumed total assets to obtain an assumed return to us. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds by the assumed debt outstanding, and the product is subtracted from the assumed return to us in order to determine the return available to stockholders. The return available to stockholders is then divided by our stockholders’ equity to determine the “Corresponding return to stockholders.” Actual interest payments may be different.

Assumed Return on Our Portfolio (net of expenses)	(10)%	(5)%	—%	5%	10%
Corresponding return to stockholders (1)	(31.28)%	(19.56)%	(7.84)%	3.87%	15.59%

(1) In order for us to cover our hypothetical annual interest payments on indebtedness, we would need to achieve annual returns on our June 30, 2023 total assets of at least 3.35%.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The following is a summary of significant accounting policies followed by the Company in the preparation of its consolidated financial statements. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. The Company is an investment company and accordingly applies specific accounting and financial reporting requirements under Financial Accounting Standards Codification (“ASC”) Topic 946, Financial Services-Investment Companies (“ASC 946”).

We have also formed and expect to continue to form consolidated subsidiaries (the "Consolidated Holding Companies"). The Company consolidates the following subsidiaries for accounting purposes: FBCC Lending I, LLC and FBCC EEF Holdings LLC. All intercompany balances and transactions have been eliminated in consolidation.

Interim financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, the consolidated financial statements may not include all of the information and notes required by U.S. GAAP for annual consolidated financial statements. U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets, and any other parameters used in determining these estimates could cause actual results to differ materially. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s financial position or result of operations as previously reported.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates.

Consolidation

Consolidation

As provided under ASC 946, the Company will generally not consolidate its investment in a company other than a substantially or wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's substantially wholly owned subsidiaries in its consolidated financial statements.

Valuation of Portfolio Investments and Investment Classification

Valuation of Portfolio Investments

Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. The board of directors (the “Board of Directors”) has delegated to the Adviser as valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. On a quarterly basis, the Valuation Designee performs an analysis of each investment to determine fair value as follows:

Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Valuation Designee may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Valuation Designee determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined to be readily available, the Valuation Designee uses the quote obtained.

Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

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

•Each portfolio company or investment will be valued by the Valuation Designee, with assistance from one or more independent valuation firms engaged by the Company's Board of Directors; and

•The independent valuation firm(s) conduct independent appraisals and make an independent assessment of the value of each investment; and

•The Valuation Designee, under the supervision of the Board of Directors, determines the fair value of each investment, in good faith, based on the input of independent valuation firms (to the extent applicable) and the Valuation Designee’s own analysis. The Valuation Designee also has established a Valuation Committee to assist the Valuation Designee in carrying out its designated responsibilities, subject to oversight of the Board of Directors.

Because there is not a readily available market value for most of the investments in its portfolio, the Valuation Designee values substantially all of its portfolio investments at fair value as determined in good faith by its Board of Directors, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period. Additionally, the fair value of the Company's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which the Company has recorded it.

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control” is defined as the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. In addition, in accordance with Section 2(a)(9) of the 1940 Act, any person who owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of a company shall be presumed to control such company. Any person who does not so own more than 25% of the voting securities of any company shall be presumed not to control such company. Any person who does not so own more than 25% of the voting securities of any company and/or does not have the power to exercise control over the management or policies of such portfolio company shall be presumed not to control such company. Consistent with the 1940 Act, “Affiliated Investments” are defined as those investments in companies in which the Company owns 5% or more of the voting securities. Consistent with the 1940 Act, “Non-affiliated Investments” are defined as investments that are neither Control Investments nor Affiliated Investments.

Cash and Cash Equivalents

Cash and Cash EquivalentsCash and cash equivalents include cash held in banks and short-term, liquid investments in a money market deposit account. Cash and cash equivalents are carried at cost which approximates fair value.

Organization and Offering Costs and Distributions

Organization and Offering Costs

Organization costs consist of costs incurred to establish the Company and enable it legally to do business. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of common shares of the Company. Offering costs are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations.

The Company will bear the organization and offering expenses incurred in connection with the formation of the Company and the offering of shares of its Common Stock, including the out-of-pocket expenses of the Adviser and its agents and affiliates. In addition, the Company will reimburse the Adviser for the organization and offering costs it incurs on the Company’s behalf. If actual organization and offering costs incurred exceed the greater of $1 million or 0.10% of the Company’s total capital commitments, the Adviser or its affiliate will bear the excess costs. To the extent the Company’s capital commitments later increase, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf provided that the total organization and offering costs borne by the Company do not exceed 0.10% of total capital commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the three and six months ended June 30, 2023 and 2022, respectively, there were no reimbursements from the Adviser.

In connection with the Company’s private placement of shares of its Series A Preferred Stock, the Company incurred various offering costs. These costs are capitalized as a deferred cost and included within redeemable convertible preferred stock Series A on the consolidated statement of assets and liabilities as the preferred shares are issued. The costs are not subject to reimbursement from the Adviser.

Distributions

The Company’s Board of Directors authorizes and declares cash distributions payable on a quarterly basis to stockholders of record on each record date. The amount of each such distribution is subject to the discretion of the Board of Directors and applicable legal restrictions related to the payment of distributions. The Company calculates each stockholder’s specific distribution amount for the quarter using record and declaration dates. From time to time, the Company may also pay interim distributions, including capital gains distributions, at the discretion of the Company’s Board of Directors. The Company’s distributions may exceed earnings, especially during the period before it has substantially invested the proceeds from the offering. As a result, a portion of the distributions made by the Company may represent a return of capital for U.S. federal income tax purposes. A return of capital is a return of each stockholder’s investment rather than earnings or gains derived from the Company’s investment activities.

The Company may fund cash distributions to stockholders from any sources of funds available to the Company, including advances from the Adviser that are subject to reimbursement, as well as offering proceeds, borrowings, net investment income from operations, capital gain proceeds from the sale of assets, and non-capital gain proceeds from the sale of assets. The Company has not established limits on the amount of funds it may use from available sources to make distributions. See Note 13 - Income Tax Information and Distributions to Stockholders for additional information.

Deferred Financing Costs

Deferred Financing CostsFinancing costs incurred in connection with the Company’s revolving credit facilities are capitalized and amortized into expense using the straight-line method, which approximates the effective yield method over the life of the respective facility.

Convertible Preferred Stock

Convertible Preferred Stock

We record shares of convertible preferred stock based on proceeds received net of offering costs on the date of issuance. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity and is reported separately from liabilities and net assets attributable to common stock within the consolidated statements of assets and liabilities.

Revenue Recognition

Revenue Recognition

Interest Income

Investment transactions are accounted for on the trade date. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium on investments purchased are accreted/amortized over the expected life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discount and amortization of premium on investments.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

Fee Income

Fee income, such as structuring fees, origination, closing, amendment fees, commitment, termination, and other upfront fees are generally non-recurring and are recognized as income when earned, either upon receipt or amortized into income. Upon the re-payment of a loan or debt security, any prepayment penalties and unamortized loan origination, structuring, closing, commitment, and other upfront fees are recorded as income.

Payment-in-Kind Interest

The Company may hold debt investments in its portfolio that contain payment-in-kind (“PIK”) interest and dividend provisions. PIK interest, which represents contractually deferred interest that add to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected.

Non-accrual Income

Investments may be placed on non-accrual status when principal or interest payments are past due and/or when there is reasonable doubt that principal or interest will be collected. Accrued interest, which may include un-capitalized PIK interest is generally reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate outcome. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current.

Net Realized Gain or Loss and Net Change in Unrealized Appreciation or Depreciation

Gain or loss on the sale of investments is calculated using the specific identification method. The Company measures realized gain or loss by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when a gain or loss is realized.

Income Taxes

Income Taxes

The Company has elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes in respect of each taxable year if it distributes dividends for federal income tax purposes to stockholders of an amount generally equal to at least 90% of “investment company taxable income,” as defined in the Code, and determined without regard to any deduction for dividends paid. Distributions declared prior to the filing of the previous year's tax return and paid up to twelve months after the previous tax year can be carried back to the prior tax year in determining the distributions paid in such tax year. The Company intends to make sufficient distributions to maintain its ability to be subject to be taxed as a RIC each year. The Company may be subject to federal excise tax imposed at a rate of 4% on certain undistributed amounts.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Company did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities on-going analysis of and changes to tax laws, regulations and interpretations thereof.

Fair Value of Financial Instruments

The Company’s fair value measurements are classified into a fair value hierarchy in accordance with ASC Topic 820 (“ASC 820”), Fair Value Measurement, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

The Company determines fair value based on quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. This alternative approach also reflects the contractual terms of the derivatives, if any, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The guidance defines three levels of inputs that may be used to measure fair value:

•Level 1—Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.

•Level 3—Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.

For investments for which Level 1 inputs, such as quoted prices, were not available at June 30, 2023 and December 31, 2022, the investments were valued at fair value as determined in good faith using the valuation policy approved by the Board of Directors using Level 2 and Level 3 inputs. The Company evaluates the source of inputs, including any markets in which the Company's investments are trading, in determining fair value. Due to the inherent uncertainty in the valuation process, the estimate of fair value of the Company’s investment portfolio at June 30, 2023 and December 31, 2022 may differ materially from values that would have been used had a ready market for the securities existed.

In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the Board of Directors. Portfolio investments are reported on the consolidated statements of assets and liabilities at fair value. On a quarterly basis the Company performs an analysis of each investment to determine fair value as described below.

Securities for which market quotations are readily available on an exchange are valued at the reported closing price on the valuation date. The Company may also obtain quotes with respect to certain of the Company's investments from pricing services or brokers or dealers in order to value assets. When doing so, the Company determines whether the quote obtained is readily available according to U.S. GAAP to determine the fair value of the security. If determined readily available, the Company uses the quote obtained.

Investments without a readily determined market value are primarily valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in fair value pricing the Company's investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

As part of the Company's quarterly valuation process, the Valuation Designee may be assisted by one or more independent valuation firms. The Valuation Designee under the supervision of the Board of Directors determines the fair value of each investment, in good faith, based on the input of the independent valuation firm(s) (to the extent applicable) and the Valuation Designee’s own analysis.

Determination of fair values involves subjective judgments and estimates. Accordingly, the notes to the consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations on the consolidated financial statements.

Earnings Per Share

Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which considers participating securities as a separate class of shares. The two-class method is an earnings allocation formula that determines EPS for common stock according to dividends distributed and participation rights in undistributed earnings. The Company’s participating securities consist of its Series A Preferred Stock. Basic earnings per share is computed by dividing earnings available to common stockholders, adjusted to exclude earnings allocated to participating securities, by the weighted average number of shares outstanding during the period. Other potentially dilutive shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

Subsequent Events

In preparing these financial statements, the Company’s management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Investments, by Major Class

The following table presents fair value measurements of investments, by major class, as of June 30, 2023, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Debt	$	—	$	20,179	$	652,246	$	672,425
Senior Secured Second Lien Debt	—		14,365		39,131		53,496
Subordinated Debt	—		—		35,500		35,500
Equity/Other	—		—		34,150		34,150
Total	$	—	$	34,544	$	761,027	$	795,571

The following table presents fair value measurements of investments, by major class, as of December 31, 2022, according to the fair value hierarchy:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Debt	$	—	$	26,901	$	636,074	$	662,975
Senior Secured Second Lien Debt	—		8,447		45,575		54,022
Subordinated Debt	—		—		31,414		31,414
Equity/Other	—		—		33,969		33,969
Total	$	—	$	35,348	$	747,032	$	782,380

Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2023:

	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Equity/Other		Total
Balance as of January 1, 2023	$	636,074	$	45,575	$	31,414	$	33,969	$	747,032
Purchases and other adjustments to cost	33,169		28		4,095		3		37,295
Sales and repayments	(12,757)		—		—		—		(12,757)
Net realized gain (loss)	53		—		—		—		53
Transfers in	5,153		3,233		—		—		8,386
Transfers out	(5,857)		(9,722)		—		—		(15,579)
Net change in unrealized appreciation (depreciation) on investments	(3,589)		17		(9)		178		(3,403)
Balance as of June 30, 2023	$	652,246	$	39,131	$	35,500	$	34,150	$	761,027
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year:	$	(3,594)	$	17	$	(9)	$	178	$	(3,408)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2022:

	Senior Secured First Lien Debt		Senior Secured Second Lien Debt		Subordinated Debt		Equity/Other		Total
Balance as of January 1, 2022	$	358,083	$	42,360	$	24,412	$	31,813	$	456,668
Purchases and other adjustments to cost	317,946		3,941		6,924		1,891		330,702
Sales and repayments	(54,420)		—		—		35		(54,385)
Net realized gain (loss)	426		—		—		—		426
Transfers in	21,533		11,641		—		—		33,174
Transfers out	(5,508)		(9,170)		—		—		(14,678)
Net change in unrealized appreciation (depreciation) on investments	(1,986)		(3,197)		78		230		(4,875)
Balance as of December 31, 2022	$	636,074	$	45,575	$	31,414	$	33,969	$	747,032
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year:	$	(1,978)	$	(3,197)	$	78	$	230	$	(4,867)

Schedule of Investment Holdings

The composition of the Company’s investments as of June 30, 2023, at amortized cost and fair value, were as follows:

	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	678,046	$	672,425	84.5	%
Senior Secured Second Lien Debt	57,249		53,496		6.7
Subordinated Debt	35,431		35,500		4.5
Equity/Other	33,638		34,150		4.3
Total	$	804,364	$	795,571	100.0	%

The composition of the Company’s investments as of December 31, 2022, at amortized cost and fair value, were as follows:

	Investments at Amortized Cost		Investments at Fair Value		Fair Value Percentage of Total Portfolio
Senior Secured First Lien Debt	$	666,045	$	662,975	84.8	%
Senior Secured Second Lien Debt	57,213		54,022		6.9
Subordinated Debt	31,336		31,414		4.0
Equity/Other	33,635		33,969		4.3
Total	$	788,229	$	782,380	100.0	%

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of June 30, 2023. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average (a)
Senior Secured First Lien Debt	$	652,246	Yield Analysis	Market Yield	8.85%	19.98%	10.79%
Senior Secured Second Lien Debt	39,131		Yield Analysis	Market Yield	11.66%	21.50%	14.76%
Subordinated Debt	35,500		Waterfall Analysis	EBITDA Multiple	1.85x	1.85x	1.85x
Equity/Other	34,034		Waterfall Analysis	EBITDA Multiple	1.85x	25.00x	3.51x
Equity/Other (b)	116		Yield Analysis	Market Yield	13.25%	13.25%	13.25%
Total	$	761,027

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

The following table summarizes the significant unobservable inputs used to value the majority of the Level 3 investments as of December 31, 2022. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

					Range
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum	Maximum	Weighted Average (a)
Senior Secured First Lien Debt	$	636,074	Yield Analysis	Market Yield	8.57%	13.33%	10.57%
Senior Secured Second Lien Debt	45,575		Yield Analysis	Market Yield	12.20%	19.80%	14.82%
Subordinated Debt	31,414		Waterfall Analysis	Tangible Net Asset Value Multiple	1.87x	1.87x	1.87x
Equity/Other (b)	30,742		Waterfall Analysis	Tangible Net Asset Value Multiple	1.87x	1.87x	1.87x
Equity/Other	3,111		Waterfall Analysis	EBITDA Multiple	14.25x	20.75x	17.11x
Equity/Other (b)	116		Yield Analysis	Market Yield	13.00%	13.00%	13.00%
Total	$	747,032

______________

(a) Weighted averages are calculated based on fair value of investments.

(b) This asset category contains one investment.

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Borrowings (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Facility Borrowings

The following table represents facility borrowings as of June 30, 2023:

	Maturity Date	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Consolidated Statements of Assets and Liabilities
MS Credit Facility	3/15/2025	$	400,000	$	343,500	$	(1,722)	$	341,778
Total		$	400,000	$	343,500	$	(1,722)	$	341,778

The following table represents facility borrowings as of December 31, 2022:

	Maturity Date	Total Aggregate Borrowing Capacity		Total Principal Outstanding		Less Deferred Financing Costs		Amount per Consolidated Statements of Assets and Liabilities
MS Credit Facility	3/15/2025	$	400,000	$	356,500	$	(2,222)	$	354,278
MS Subscription Facility	4/21/2023	25,500		25,400		(98)		25,302
Total		$	425,500	$	381,900	$	(2,320)	$	379,580

Schedule of Interest and Debt Fees

The following table represents interest and debt fees for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023									Six Months Ended June 30, 2023
	Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)		Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)
MS Credit Facility	(3)	0.50	%	$	6,198	$	252	$	371	(3)	0.50	%	$	12,607	$	500	$	724
MS Subscription Facility (5)	—	—		—		—		—		(4)	0.30	%	404		98		—
Short-term borrowings				806		—		—					1,270		—		—
Totals				$	7,004	$	252	$	371				$	14,281	$	598	$	724

(1) Amortization of deferred financing costs.

(2) Includes non-usage fees, custody fees, and administrative agent fees.

(3) From January 1, 2023 to June 30, 2023, the MS Credit Facility had an interest rate priced at Term SOFR, plus a spread of 2.25%.

(4) From January 1, 2023 to March 29, 2023, the MS Subscription Facility bore interest at a rate of Term SOFR with a one-month Interest Period plus 2.10% per annum.

(5) Amount presented represents activity prior to termination on March 29, 2023.

The following table represents interest and debt fees for the three and six months ended June 30, 2022:

	Three Months Ended June 30, 2022									Six Months Ended June 30, 2022
	Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)		Interest Rate	Non-Usage Rate		Interest Expense		Deferred Financing Costs (1)		Other Fees (2)
MS Credit Facility	(3)	0.50	%	$	2,001	$	200	$	88	(3)	0.50	%	$	3,370	$	385	$	204
MS Subscription Facility	(4)	0.30	%	399		76		—		(4)	0.30	%	670		133		N/A
Short-term borrowings				445		—		—					692		N/A		N/A
Total				$	2,845	$	276	$	88				$	4,732	$	518	$	204

______________

(1) Amortization of deferred financing costs.

(2) Includes non-usage fees and custody fees.

(3) From January 1, 2022 through January 30, 2022, the MS Credit Facility had an interest rate priced at three-month LIBOR, with a LIBOR floor of zero, plus a spread of 2.25%. From January 31, 2022 through June 27, 2022, the MS Credit Facility transitioned the benchmark rate to Adjusted Term SOFR. Borrowings under the MS Credit Facility bore interest at Adjusted Term SOFR, with an Adjusted Term SOFR floor of zero, plus a spread of 2.25%. From June 28, 2022 to June 30, 2022, the MS Credit Facility had an interest rate priced at Term SOFR, plus a spread of 2.50%.

(4) From January 1, 2022 through April 19, 2022, the MS Subscription Facility bore interest at a rate of Adjusted LIBOR for the applicable interest period plus 2.00% per annum. From April 20, 2022 through June 30, 2022, the MS Subscription Facility bore interest at a rate of Term SOFR with a one-month Interest Period plus 2.10% per annum.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair values of the Company’s remaining financial instruments that are not reported at fair value on the accompanying consolidated statements of assets and liabilities are reported below:

	Level	Carrying Amount as of June 30, 2023		Fair Value as of June 30, 2023
MS Credit Facility	3	$	343,500	$	343,500
Total		$	343,500	$	343,500

	Level	Carrying Amount as of December 31, 2022		Fair Value as of December 31, 2022
MS Credit Facility	3	$	356,500	$	356,500
MS Subscription Facility	3	25,400		25,400
Total		$	381,900	$	381,900

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Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unfunded Commitments

As of June 30, 2023, the Company's unfunded commitments consisted of the following:

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	$	1,246	$	1,246
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	533		533
Alera Group Intermediate Holdings, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,769		1,175
Armada Parent, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,029		1,019
Armada Parent, Inc.	Senior Secured First Lien Debt	Revolver	2,444		2,444
Avalara, Inc.	Senior Secured First Lien Debt	Revolver	1,990		1,990
Center Phase Energy, LLC	Senior Secured First Lien Debt	Revolver	6,593		5,824
Communication Technology Intermediate, LLC	Senior Secured First Lien Debt	Revolver	998		912
Community Brands ParentCo, LLC	Senior Secured First Lien Debt	Delayed Draw	1,085		1,085
Community Brands ParentCo, LLC	Senior Secured First Lien Debt	Revolver	542		542
Coronis Health, LLC	Senior Secured First Lien Debt	Revolver	1,968		562
Eliassen Group, LLC	Senior Secured First Lien Debt	Delayed Draw	1,451		1,235
Faraday Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,258		295
FGT Purchaser, LLC	Senior Secured First Lien Debt	Revolver	976		595
Galway Borrower, LLC	Senior Secured First Lien Debt	Delayed Draw	125		125
Galway Borrower, LLC	Senior Secured First Lien Debt	Revolver	861		861
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,499		2,814
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Revolver	2,017		1,879
Gogo Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	452		452
IG Investments Holdings, LLC	Senior Secured First Lien Debt	Revolver	632		632
Indigo Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,536		1,280
IQN Holding Corp.	Senior Secured First Lien Debt	Delayed Draw	912		912
IQN Holding Corp.	Senior Secured First Lien Debt	Revolver	503		419
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,285		1,238
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,147		872
Medical Management Resource Group, LLC	Senior Secured First Lien Debt	Revolver	603		362
Mirra-Primeaccess Holdings, LLC	Senior Secured First Lien Debt	Revolver	3,429		1,715
Monumental RSN, LLC	Senior Secured First Lien Debt	Revolver	1,590		1,590
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,217		1,217
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Revolver	1,704		1,704
Pie Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,905		2,317
Pie Buyer, Inc.	Senior Secured First Lien Debt	Revolver	741		519

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
Pluralsight, LLC	Senior Secured First Lien Debt	Revolver	$	638	$	319
Point Broadband Acquisition, LLC	Senior Secured First Lien Debt	Delayed Draw	3,651		440
Relativity Oda, LLC	Senior Secured First Lien Debt	Revolver	196		196
RSC Acquisition, Inc.	Senior Secured First Lien Debt	Delayed Draw	515		212
Saturn SHC Buyer Holdings, Inc.	Senior Secured First Lien Debt	Revolver	4,012		4,012
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Delayed Draw	1,454		1,454
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Revolver	581		581
Simplifi Holdings, Inc.	Senior Secured First Lien Debt	Revolver	1,720		1,290
SunMed Group Holdings, LLC	Senior Secured First Lien Debt	Revolver	259		259
The NPD Group, LP	Senior Secured First Lien Debt	Revolver	943		868
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Delayed Draw	3,001		1,233
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Revolver	857		857
Triple Lift, Inc.	Senior Secured First Lien Debt	Revolver	1,393		859
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Delayed Draw	1,896		792
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Revolver	527		527
US Salt Investors, LLC	Senior Secured First Lien Debt	Revolver	934		934
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,875		1,875
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Revolver	1,358		1,154
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,448		1,158
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Revolver	1,087		742
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,299		137
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Revolver	162		162
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Revolver	1,821		5
WIN Holdings III Corp.	Senior Secured First Lien Debt	Revolver	1,908		1,908
Zendesk, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,304		5,304
Zendesk, Inc.	Senior Secured First Lien Debt	Revolver	2,184		2,184
			$	98,063	$	69,827

As of December 31, 2022, the Company's unfunded commitments consisted of the following:

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	$	1,513	$	333
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	1,246		1,246
ADCS Clinics Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	533		533
Alera Group Intermediate Holdings, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,793		2,552
Armada Parent, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,034		1,019
Armada Parent, Inc.	Senior Secured First Lien Debt	Revolver	2,444		2,444
Avalara, Inc.	Senior Secured First Lien Debt	Revolver	1,990		1,990
Aventine Holdings, LLC	Senior Secured First Lien Debt	Delayed Draw	4,722		366
BCPE Oceandrive Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,194		4,408
Center Phase Energy, LLC	Senior Secured First Lien Debt	Revolver	6,593		6,593
Communication Technology Intermediate, LLC	Senior Secured First Lien Debt	Revolver	998		912
Community Brands Parentco, LLC	Senior Secured First Lien Debt	Delayed Draw	1,085		1,085
Community Brands Parentco, LLC	Senior Secured First Lien Debt	Revolver	542		542
Coronis Health, LLC	Senior Secured First Lien Debt	Revolver	1,968		1,968
Eliassen Group, LLC	Senior Secured First Lien Debt	Delayed Draw	1,452		1,235
Faraday Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,260		1,260
FGT Purchaser, LLC	Senior Secured First Lien Debt	Revolver	976		605
Galway Borrower, LLC	Senior Secured First Lien Debt	Delayed Draw	125		125
Galway Borrower, LLC	Senior Secured First Lien Debt	Revolver	861		861
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,503		5,503
Geosyntec Consultants, Inc.	Senior Secured First Lien Debt	Revolver	2,017		2,017
Gogo Intermediate Holdings, LLC	Senior Secured First Lien Debt	Revolver	452		452
IG Investments Holdings, LLC	Senior Secured First Lien Debt	Revolver	632		379
Indigo Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	3,841		3,841
Indigo Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,536		1,280
IQN Holding Corp.	Senior Secured First Lien Debt	Delayed Draw	1,258		1,163
IQN Holding Corp.	Senior Secured First Lien Debt	Revolver	503		503
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,290		1,238
Knowledge Pro Buyer, Inc.	Senior Secured First Lien Debt	Revolver	1,147		1,147
Medical Management Resource Group, LLC	Senior Secured First Lien Debt	Revolver	603		603
Mirra-Primeaccess Holdings, LLC	Senior Secured First Lien Debt	Revolver	3,429		2,143
Monumental RSN, LLC	Senior Secured First Lien Debt	Revolver	1,590		1,590
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,217		1,217
Odessa Technologies, Inc.	Senior Secured First Lien Debt	Revolver	1,704		1,704
Pie Buyer, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,905		2,905
Pie Buyer, Inc.	Senior Secured First Lien Debt	Revolver	741		556
Pluralsight, LLC	Senior Secured First Lien Debt	Revolver	638		319
Point Broadband Acquisition, LLC	Senior Secured First Lien Debt	Delayed Draw	3,663		1,930

Portfolio Company Name	Investment Type	Commitment Type	Total Commitment		Remaining Commitment
Post Road Equipment Finance, LLC	Subordinated Debt	Delayed Draw	$	11,000	$	4,086
Relativity Oda, LLC	Senior Secured First Lien Debt	Revolver	196		196
Roadsafe Holdings, Inc.	Senior Secured First Lien Debt	Delayed Draw	4,357		1,437
RSC Acquisition, Inc.	Senior Secured First Lien Debt	Delayed Draw	2,179		1,541
Saturn SHC Buyer Holdings, Inc.	Senior Secured First Lien Debt	Revolver	4,012		4,012
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Delayed Draw	1,454		1,454
Sherlock Buyer Corp.	Senior Secured First Lien Debt	Revolver	581		581
Simplifi Holdings, Inc.	Senior Secured First Lien Debt	Revolver	1,720		1,720
SunMed Group Holdings, LLC	Senior Secured First Lien Debt	Revolver	259		135
The NPD Group, LP	Senior Secured First Lien Debt	Revolver	943		830
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Delayed Draw	3,001		1,350
Trinity Air Consultants Holdings Corp.	Senior Secured First Lien Debt	Revolver	857		857
Triple Lift, Inc.	Senior Secured First Lien Debt	Revolver	1,393		859
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Delayed Draw	2,176		585
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Delayed Draw	1,896		1,896
US Oral Surgery Management Holdco, LLC	Senior Secured First Lien Debt	Revolver	527		527
US Salt Investors, LLC	Senior Secured First Lien Debt	Revolver	934		934
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Delayed Draw	1,875		1,875
Victors CCC Buyer, LLC	Senior Secured First Lien Debt	Revolver	1,358		1,358
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,448		1,448
West Coast Dental Services, Inc.	Senior Secured First Lien Debt	Revolver	1,087		978
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Delayed Draw	1,299		866
Westwood Professional Services, Inc.	Senior Secured First Lien Debt	Revolver	162		162
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,886		2,836
WHCG Purchaser III, Inc.	Senior Secured First Lien Debt	Revolver	1,821		1,106
WIN Holdings III Corp.	Senior Secured First Lien Debt	Revolver	1,908		1,908
Zendesk, Inc.	Senior Secured First Lien Debt	Delayed Draw	5,304		5,304
Zendesk, Inc.	Senior Secured First Lien Debt	Revolver	2,184		2,184
			$	138,815	$	103,592

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Capital (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Investor Commitments

The following table summarizes the total capital commitments and unfunded capital commitments of Common Stock and Series A Preferred Stock as of June 30, 2023 and as of December 31, 2022:

	As of June 30, 2023				As of December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		Capital Commitments		Unfunded Capital Commitments
Common Stock	$	592,099	$	219,151	$	586,156	$	221,281
Series A Preferred Stock	77,500		—		77,500		41,354
Total	$	669,599	$	219,151	$	663,656	$	262,635

Schedule of Total Shares Related to Common Stock

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	532,871	$	8,073
Total Capital Drawdowns	532,871	$	8,073

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
May 27, 2022	1,653,439	$	25,000
July 15, 2022	2,621,233	40,000
September 28, 2022	3,289,476	50,000
November 23, 2022	1,256,895	18,854
Total Capital Drawdowns	8,821,043	$	133,854

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	41,353	$	41,291
Total Capital Drawdowns	41,353	$	41,291

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
April 7, 2022	5,000	$	4,993
July 15, 2022	10,000	9,985
November 23, 2022	16,147	16,123
Total Capital Drawdowns	31,147	$	31,101

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Common Stock (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Net Assets Attributable to Common Stock Activity

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2023:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2022	24,609,132	$	25	$	375,557	$	(3,161)	$	372,421
Net investment income (loss)	—	—		—		12,061		12,061
Net realized gain (loss) from investment transactions	—	—		—		(161)		(161)
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(1,261)		(1,261)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(3)		(3)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(1,023)		(1,023)
Distributions to common stockholders	—	—		—		(10,584)		(10,584)
Issuance of common stock, net of issuance costs	532,871	1		8,072		—		8,073
Reinvested dividends	197,903	0(1)		2,994		—		2,994
Balance as of March 31, 2023	25,339,906	$	26	$	386,623	$	(4,132)	$	382,517
Net investment income (loss)	—	—		—		13,636		13,636
Net realized gain (loss) from investment transactions	—	—		—		31		31
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(2,198)		(2,198)

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(4)		(4)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(2,197)		(2,197)
Distributions to common stockholders	—	—		—		(10,895)		(10,895)
Reinvested dividends	202,931	0(1)		3,074		—		3,074
Balance as of June 30, 2023	25,542,837	$	26	$	389,697	$	(5,759)	$	383,964

(1) Less than $1.

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2022:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2021	15,260,764	$	15	$	231,200	$	4,758	$	235,973
Net investment income (loss)	—	—		—		5,455		5,455
Net realized gain (loss) from investment transactions	—	—		—		12		12
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(634)		(634)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		0(1)		0(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(97)		(97)
Distributions to common stockholders	—	—		—		(4,575)		(4,575)
Reinvested dividends	99,702	—		1,534		—		1,534
Balance as of March 31, 2022	15,360,466	$	15	$	232,734	$	4,919	$	237,668
Net investment income (loss)	—	—		—		5,924		5,924
Net realized gain (loss) from investment transactions	—	—		—		54		54
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(3,919)		(3,919)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(1)		(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(253)		(253)
Distributions to common stockholders	—	—		—		(5,996)		(5,996)
Issuance of common stock, net of issuance costs	1,653,439	2		24,998		—		25,000
Reinvested dividends	111,420	—		1,724		—		1,724
Balance as of June 30, 2022	17,125,325	$	17	$	259,456	$	728	$	260,201

(1) Less than $1.

The following table reflects the Common Stock activity for the six months ended June 30, 2023:

	Shares	Value
Shares Sold	532,871	$	8,073
Shares Issued through DRIP	400,834	6,068
	933,705	$	14,141

The following table reflects the Common Stock activity for the year ended December 31, 2022:

	Shares	Value
Shares Sold	8,821,043	$	133,854
Shares Issued through DRIP	527,325	8,073
	9,348,368	$	141,927

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Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2023

Temporary Equity [Abstract]

Activity of Series A Preferred Stock

The following table presents the activity in the Company’s Series A Preferred Stock for the six months ended June 30, 2023:

Series A Preferred Stock	Shares	Amount
Beginning Balance, December 31, 2022	36,147	$	36,093
Issuance of Preferred Stock	41,353	41,353
Offering costs	—	(65)
Amortization of offering costs	—	7
Ending Balance, June 30, 2023	77,500	$	77,388

The following table presents the activity in the Company’s Series A Preferred Stock for the six months ended June 30, 2022:

Series A Preferred Stock	Shares	Amount
Beginning Balance, December 31, 2021	5,000	$	4,992
Issuance of Preferred Stock	5,000	5,000
Amortization of offering costs	—	(7)
Ending Balance, June 30, 2022	10,000	$	9,985

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following information sets forth the computation of the weighted average basic and diluted net increase in net assets per share resulting from operations for the three and six months ended June 30, 2023 and 2022.

	For the three months ended June 30,				For the six months ended June 30,
Numerator	2023		2022		2023		2022
Net increase (decrease) in net assets resulting from operations	$	11,469	$	2,059	$	22,108	$	6,890
Less: cumulative preferred stock dividends	(2,197)		(508)		(4,394)		(761)
Less: changes in carrying value of redeemable securities	(4)		(1)		(7)		(1)
Numerator for EPS - income available to common stockholders	$	9,268	$	1,550	$	17,707	$	6,128
Denominator
Weighted average common shares outstanding	25,464,807		16,026,077		25,058,806		15,668,119
Basic and diluted earnings per share	$	0.36	$	0.10	$	0.71	$	0.39

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Distributions (Tables)

6 Months Ended

Jun. 30, 2023

Distributed Earnings [Abstract]

Schedule of Distributions Declared

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$0.43
April 27, 2023	April 27, 2023	May 5, 2023	$0.43

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$0.30
May 11, 2022	May 11, 2022	May 24, 2022	$0.39

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$28.31
April 27, 2023	April 27, 2023	May 5, 2023	$28.35

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$19.49
May 11, 2022	May 11, 2022	May 24, 2022	$25.28

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

Schedule of Financial Highlights

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

	For the the six months ended June 30,
	2023			2022
Per share data:
Net asset value attributable to common stock, beginning of period	$	15.13		$	15.46
Results of operations (1)
Net investment income (loss)	1.03			0.73
Net realized and unrealized gain (loss) on investments, net of change in deferred taxes	(0.14)			(0.29)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities	0.89			0.44
Accretion to redemption value of Series A redeemable convertible preferred stock (1)(8)	—			—
Accrual of Series A redeemable convertible preferred stock distributions (1)	(0.13)			(0.02)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders	0.76			0.42
Stockholder distributions (2)
Common stockholder distributions from net investment income	(0.86)			(0.69)
Net decrease in net assets resulting from stockholder distributions	(0.86)			(0.69)
Net asset value attributable to common stock, end of period	$	15.03		$	15.19
Common shares outstanding at end of period	25,542,837			17,125,325
Total return (3)	5.08		%	2.72		%
Ratio/Supplemental data attributable to common stock:
Total net assets attributable to common stock, end of period	$	383,964		$	260,201

	For the the six months ended June 30,
	2023		2022
Ratio of net investment income to average net assets attributable to common stock (4)	13.65	%	9.38	%
Ratio of total expenses to average net assets attributable to common stock (4)(5)	11.94	%	8.05	%
Ratio of net expenses to average net assets attributable to common stock (4)(6)	10.93	%	7.52	%
Portfolio turnover rate (7)	2.67	%	2.24	%

—–—–—–—–—–

(1) The per share data was derived by using the weighted average common shares outstanding during the period.

(2) The per share data for distributions reflects the actual amount of distributions declared per share during the period.

(3) Total return is calculated assuming a purchase of shares of Common Stock at the current net asset value attributable to Common Stock on the first day and a sale at the current net asset value attributable to Common Stock on the last day of the periods reported. Common Stock distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total return is not annualized.

(4) Ratios are annualized, except for incentive fees and waivers.

(5) Ratio of total expenses to average net assets attributable to common stock is calculated using total operating expenses, including income tax expense over average net assets attributable to common stock.

(6) Ratio of net expenses to average net assets attributable to common stock is calculated using total operating expenses, including income tax expense, less applicable waivers over average net assets attributable to common stock.

(7) Portfolio turnover rate is calculated using the lesser of year-to-date purchases or sales over the average of the invested

assets at fair value.

(8) Rounds to less than $0.01 per share.

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Schedules of Investments and Advances to Affiliates (Tables)

6 Months Ended

Jun. 30, 2023

Investments in and Advances to Affiliates [Abstract]

Schedule of Investments and Advances to Affiliates

The following table presents the Schedule of Investments and Advances to Affiliates for the six months ended June 30, 2023:

Portfolio Company (1)	Type of Asset	Amount of dividends and interest included in income		Beginning Fair Value at December 31, 2022		Gross additions*		Gross reductions**		Realized Gain/(Loss)		Change in Unrealized Gain (Loss)		Fair Value at June 30, 2023
Control Investments
Post Road Equipment Finance, LLC (2)	Equity/Other	$	1,350	$	30,742	$	—	$	—	$	—	$	—	$	30,742
Post Road Equipment Finance, LLC (2)	Subordinated Debt	530		6,914		4,086		—		—		—		11,000
Post Road Equipment Finance, LLC (2)	Subordinated Debt	1,571		24,500		9		—		—		(9)		24,500
Total Control Investments		$	3,451	$	62,156	$	4,095	$	—	$	—	$	(9)	$	66,242

—–—–—–—–—–

* Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

(1) The principal/share amount and ownership detail are shown in the consolidated schedules of investments.

(2) The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

The following table presents the Schedule of Investments and Advances to Affiliates for the year ended December 31, 2022:

Portfolio Company (1)	Type of Asset	Amount of dividends and interest included in income		Beginning Fair Value at December 31, 2021		Gross additions*		Gross reductions**		Realized Gain/(Loss)		Change in Unrealized Gain		Fair Value at December 31, 2022
Control Investments
Post Road Equipment Finance, LLC (2)	Equity/Other	$	2,698	$	30,742	$	—	$	35	$	—	$	(35)	$	30,742
Post Road Equipment Finance, LLC (2)	Subordinated Debt	409		—		6,914		—		—		—		6,914
Post Road Equipment Finance, LLC (2)	Subordinated Debt	2,493		24,412		10		—		—		78		24,500
Total Control Investments		$	5,600	$	55,154	$	6,924	$	35	$	—	$	43	$	62,156
Affiliate Investments
Jakks Pacific, Inc. (2) (3)	Equity/Other	$	4	$	116	$	5	$	(121)	$	—	$	—	$	—
Total Affiliate Investments		$	4	$	116	$	5	$	(121)	$	—	$	—	$	—

—–—–—–—–—–

* Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category.

(1) The principal/share amount and ownership detail are shown in the consolidated schedules of investments.

(2) The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

(3) Includes $4 of interest income from Jakks Pacific, Inc. subordinated debt.

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Organization - (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Minimum
Schedule of Investments [Line Items]
Middle market companies, EBITDA	$ 25
Maximum
Schedule of Investments [Line Items]
Middle market companies, EBITDA	$ 100

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Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Reimbursement threshold for excess costs to be reimbursed by the Advisor	$ 1,000,000		$ 1,000,000
Reimbursement threshold of costs as a percentage of total commitments for excess costs to be reimbursed by the Advisor	0.10%		0.10%
Offering costs subject to the Adviser limitation	$ 0	$ 0	$ 0	$ 0

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Fair Value of Financial Instruments - Schedule of Fair Value Measurements of Investments, by Major Class (Details) - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 795,571	[1]	$ 782,380
Senior Secured First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	672,425		662,975
Senior Secured Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	53,496		54,022
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	35,500		31,414
Equity/Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	34,150		33,969
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | Senior Secured First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | Senior Secured Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | Equity/Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	34,544		35,348
Level 2 | Senior Secured First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	20,179		26,901
Level 2 | Senior Secured Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	14,365		8,447
Level 2 | Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2 | Equity/Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	761,027		747,032
Level 3 | Senior Secured First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	652,246		636,074
Level 3 | Senior Secured Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	39,131		45,575
Level 3 | Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	35,500		31,414
Level 3 | Equity/Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 34,150		$ 33,969

[1] Percentages are based on net assets attributable to common stock as of June 30, 2023.

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Fair Value of Financial Instruments - Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 747,032	$ 456,668
Purchases and other adjustments to cost	37,295	330,702
Sales and repayments	(12,757)	(54,385)
Transfers in	8,386	33,174
Transfers out	(15,579)	(14,678)
Ending balance	761,027	747,032
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year	(3,408)	(4,867)
Total | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	53	426
Total | Net change in unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	(3,403)	(4,875)
Senior Secured First Lien Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	636,074	358,083
Purchases and other adjustments to cost	33,169	317,946
Sales and repayments	(12,757)	(54,420)
Transfers in	5,153	21,533
Transfers out	(5,857)	(5,508)
Ending balance	652,246	636,074
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year	(3,594)	(1,978)
Senior Secured First Lien Debt | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	53	426
Senior Secured First Lien Debt | Net change in unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	(3,589)	(1,986)
Senior Secured Second Lien Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	45,575	42,360
Purchases and other adjustments to cost	28	3,941
Sales and repayments	0	0
Transfers in	3,233	11,641
Transfers out	(9,722)	(9,170)
Ending balance	39,131	45,575
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year	17	(3,197)
Senior Secured Second Lien Debt | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	0	0
Senior Secured Second Lien Debt | Net change in unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	17	(3,197)
Subordinated Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	31,414	24,412
Purchases and other adjustments to cost	4,095	6,924
Sales and repayments	0	0
Transfers in	0	0
Transfers out	0	0
Ending balance	35,500	31,414
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year	(9)	78
Subordinated Debt | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	0	0
Subordinated Debt | Net change in unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	(9)	78
Equity/Other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	33,969	31,813
Purchases and other adjustments to cost	3	1,891
Sales and repayments	0	35
Transfers in	0	0
Transfers out	0	0
Ending balance	34,150	33,969
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the year	178	230
Equity/Other | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	0	0
Equity/Other | Net change in unrealized appreciation (depreciation) on investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized and unrealized gain (loss)	$ 178	$ 230

XML

Fair Value of Financial Instruments - Investments at Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 804,364	[1]	$ 788,229
Fair Value	$ 795,571	[1]	$ 782,380
Investment Owned, At Fair Value | Investment Type Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Percentage of Total Portfolio	100.00%		100.00%
Senior Secured First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 678,046		$ 666,045
Fair Value	$ 672,425		$ 662,975
Senior Secured First Lien Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Percentage of Total Portfolio	84.50%		84.80%
Senior Secured Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 57,249		$ 57,213
Fair Value	$ 53,496		$ 54,022
Senior Secured Second Lien Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Percentage of Total Portfolio	6.70%		6.90%
Subordinated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 35,431		$ 31,336
Fair Value	$ 35,500		$ 31,414
Subordinated Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Percentage of Total Portfolio	4.50%		4.00%
Equity/Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 33,638		$ 33,635
Fair Value	$ 34,150		$ 33,969
Equity/Other | Investment Owned, At Fair Value | Investment Type Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Percentage of Total Portfolio	4.30%		4.30%

[1] Percentages are based on net assets attributable to common stock as of June 30, 2023.

XML

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	Jun. 30, 2023 USD ($) investment		Dec. 31, 2022 USD ($) investment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 795,571	[1]	$ 782,380
Number of investments | investment	1		1
Senior Secured First Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 672,425		$ 662,975
Senior Secured Second Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	53,496		54,022
Subordinated Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	35,500		31,414
Equity/Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	34,150		33,969
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	761,027		747,032
Level 3 | Senior Secured First Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	652,246		636,074
Level 3 | Senior Secured First Lien Debt | Yield Analysis | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 652,246		$ 636,074
Level 3 | Senior Secured First Lien Debt | Yield Analysis | Market Yield | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	8.85		8.57
Level 3 | Senior Secured First Lien Debt | Yield Analysis | Market Yield | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	19.98		13.33
Level 3 | Senior Secured First Lien Debt | Yield Analysis | Market Yield | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	10.79		10.57
Level 3 | Senior Secured Second Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 39,131		$ 45,575
Level 3 | Senior Secured Second Lien Debt | Yield Analysis | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 39,131		$ 45,575
Level 3 | Senior Secured Second Lien Debt | Yield Analysis | Market Yield | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	11.66		12.2
Level 3 | Senior Secured Second Lien Debt | Yield Analysis | Market Yield | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	21.5		19.8
Level 3 | Senior Secured Second Lien Debt | Yield Analysis | Market Yield | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	14.76		14.82
Level 3 | Subordinated Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 35,500		$ 31,414
Level 3 | Subordinated Debt | Waterfall Analysis | Tangible Net Asset Value Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 31,414
Level 3 | Subordinated Debt | Waterfall Analysis | Tangible Net Asset Value Multiple | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			1.87
Level 3 | Subordinated Debt | Waterfall Analysis | Tangible Net Asset Value Multiple | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			1.87
Level 3 | Subordinated Debt | Waterfall Analysis | Tangible Net Asset Value Multiple | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			1.87
Level 3 | Subordinated Debt | Waterfall Analysis | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 35,500
Level 3 | Subordinated Debt | Waterfall Analysis | EBITDA Multiple | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.85
Level 3 | Subordinated Debt | Waterfall Analysis | EBITDA Multiple | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.85
Level 3 | Subordinated Debt | Waterfall Analysis | EBITDA Multiple | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.85
Level 3 | Equity/Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 34,150		$ 33,969
Level 3 | Equity/Other | Yield Analysis | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 116		$ 116
Level 3 | Equity/Other | Yield Analysis | Market Yield | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	13.25		13
Level 3 | Equity/Other | Yield Analysis | Market Yield | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	13.25		13
Level 3 | Equity/Other | Yield Analysis | Market Yield | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	13.25		13
Level 3 | Equity/Other | Waterfall Analysis | Tangible Net Asset Value Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value			$ 30,742
Level 3 | Equity/Other | Waterfall Analysis | Tangible Net Asset Value Multiple | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			1.87
Level 3 | Equity/Other | Waterfall Analysis | Tangible Net Asset Value Multiple | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			1.87
Level 3 | Equity/Other | Waterfall Analysis | Tangible Net Asset Value Multiple | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			1.87
Level 3 | Equity/Other | Waterfall Analysis | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 34,034		$ 3,111
Level 3 | Equity/Other | Waterfall Analysis | EBITDA Multiple | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.85		14.25
Level 3 | Equity/Other | Waterfall Analysis | EBITDA Multiple | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	25		20.75
Level 3 | Equity/Other | Waterfall Analysis | EBITDA Multiple | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	3.51		17.11

[1] Percentages are based on net assets attributable to common stock as of June 30, 2023.

XML

Related Party Transactions (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Sep. 23, 2020	Jun. 30, 2023 USD ($) component	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) component	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Debt-to-equity ratio		1.0		1.0
Management fees payable		$ 1,040		$ 1,040		$ 1,007
Management fees		1,039	$ 774	2,043	$ 1,454
Incentive fee on income		2,045	889	3,854	1,707
Incentive fee on capital gains		0	(316)	0	(409)
Other general and administrative		456	347	912	644
Investment Advisory Agreement
Related Party Transaction [Line Items]
Management fees payable		$ 1,000		$ 1,000		1,000
Investment Advisory Agreement | Affiliated entity
Related Party Transaction [Line Items]
Investment advisory agreement term	2 years
Number of components | component		2		2
Incentive fee | Affiliated entity
Related Party Transaction [Line Items]
Number of incentive fee components | component		2		2
Period from liquidity event				15 months
Incentive fee, pre-liquidity event, preferred return, quarterly | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				1.50%
Incentive fee, pre-liquidity event, preferred return, annualized | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				6.00%
Incentive fee, pre-liquidity event, pre-incentive fee net investment income below catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				100.00%
Incentive fee, pre-liquidity event, quarterly catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				1.765%
Incentive fee, pre-liquidity event, annualized catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				7.06%
Incentive fee, pre-liquidity event, pre-incentive fee net investment income exceeds catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				15.00%
Incentive fee, post-liquidity event, preferred return, quarterly | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				1.50%
Incentive fee, post-liquidity event, preferred return, annualized | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				6.00%
Incentive fee, post-liquidity event, pre-incentive fee net investment income below catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				100.00%
Incentive fee, post-liquidity event, quarterly catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				1.8175%
Incentive fee, post-liquidity event, annualized catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				7.27%
Incentive fee, post-liquidity event, pre-incentive fee net investment income exceeds catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				17.50%
Incentive fee, pre-liquidity event, capital gains | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				15.00%
Incentive fee, post-liquidity event, capital gains | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee rate				17.50%
Management fee | Affiliated entity
Related Party Transaction [Line Items]
Management fee rate				1.00%
Period from liquidity event				15 months
Management fee, pre-liquidity event | Affiliated entity
Related Party Transaction [Line Items]
Management fee rate				0.50%
Management fee, post-liquidity event | Affiliated entity
Related Party Transaction [Line Items]
Management fee rate				1.50%
Management fees waived | Affiliated entity
Related Party Transaction [Line Items]
Management fee rate				0.50%
Administration Agreement
Related Party Transaction [Line Items]
Accounts payable		$ 600		$ 600		$ 800
Other general and administrative		$ 300	$ 200	$ 600	$ 400

XML

Borrowings - Narrative (Details) $ in Thousands							1 Months Ended	2 Months Ended	3 Months Ended			4 Months Ended	5 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 28, 2022 USD ($)	Apr. 20, 2022	Jan. 31, 2022 USD ($)	Apr. 22, 2021 USD ($) extension	Mar. 15, 2021 USD ($)	Jan. 30, 2022	Jun. 30, 2022	Jun. 30, 2023 USD ($)	Mar. 29, 2023	Jun. 30, 2022	Apr. 19, 2022	Jun. 27, 2022	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 09, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 15, 2021 USD ($)	Jul. 01, 2021 USD ($)
Debt Instrument [Line Items]
Short-term borrowings									$ 41,149					$ 41,149		$ 20,792
Interest expense, short-term borrowings														1,300	$ 700
Short-term debt, average outstanding amount														$ 31,000	$ 38,200
Short-term debt, weighted average interest rate														0.02%	0.01%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity									400,000					$ 400,000		425,500
Average daily debt outstanding														357,100	$ 280,400
Maximum debt outstanding														$ 381,900	$ 323,900
Revolving Credit Facility | Line of Credit | Weighted Average
Debt Instrument [Line Items]
Weighted average annualized interest cost percentage														7.53%	2.76%
Revolving Credit Facility | MS Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 400,000		$ 300,000		$ 100,000			$ 400,000					$ 400,000		400,000			$ 250,000	$ 200,000
Unused commitment fee				0.50%		0.50%			0.50%		0.50%			0.50%	0.50%
Administrative agent fee percentage				0.25%
Revolving Credit Facility | MS Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Floor on interest rate						0.00%	0.00%
Interest rate spread						2.25%	2.25%					2.00%
Revolving Credit Facility | MS Credit Facility | Line of Credit | SOFR
Debt Instrument [Line Items]
Floor on interest rate													0.00%
Interest rate spread	2.50%	2.25%		2.00%									2.25%	2.25%
Revolving Credit Facility | MS Credit Facility | Line of Credit | SOFR | Interest Rate Scenario One
Debt Instrument [Line Items]
Floor on interest rate				0.00%
Interest rate spread				1.125%
Revolving Credit Facility | MS Subscription Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 50,000											$ 25,500	$ 25,500	$ 44,500
Unused commitment fee			0.30%						0.00%		0.30%			0.30%	0.30%
Maximum borrowing capacity, increase limit					$ 150,000
Number of extension terms | extension					2
Revolving Credit Facility | MS Subscription Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Interest rate spread					2.00%
Revolving Credit Facility | MS Subscription Facility | Line of Credit | LIBOR | Interest Rate Scenario One
Debt Instrument [Line Items]
Interest rate spread					1.00%
Revolving Credit Facility | MS Subscription Facility | Line of Credit | SOFR
Debt Instrument [Line Items]
Interest rate spread			2.10%					2.10%		2.10%
Revolving Credit Facility | MS Subscription Facility | Line of Credit | SOFR | Interest Rate Scenario One
Debt Instrument [Line Items]
Interest rate spread			1.00%
Revolving Credit Facility | MS Subscription Facility | Line of Credit | Prime Rate
Debt Instrument [Line Items]
Interest rate spread			1.00%		1.00%
Revolving Credit Facility | MS Subscription Facility | Line of Credit | Federal Funds Rate
Debt Instrument [Line Items]
Interest rate spread			0.50%		0.50%
Revolving Credit Facility | MS Subscription Facility | Line of Credit | Federal Funds Rate | Interest Rate Scenario One
Debt Instrument [Line Items]
Interest rate spread			1.00%		1.00%

XML

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 09, 2022	Sep. 30, 2022	Jun. 28, 2022	Jan. 31, 2022	Dec. 15, 2021	Jul. 01, 2021	Apr. 22, 2021	Mar. 15, 2021
Debt Instrument [Line Items]
Less Deferred Financing Costs	$ (1,722)	$ (2,320)
Amount per Consolidated Statements of Assets and Liabilities	341,778	379,580
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total Aggregate Borrowing Capacity	400,000	425,500
Total Principal Outstanding	343,500	381,900
Less Deferred Financing Costs	(1,722)	(2,320)
Amount per Consolidated Statements of Assets and Liabilities	341,778	379,580
MS Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total Aggregate Borrowing Capacity	400,000	400,000			$ 400,000	$ 300,000	$ 250,000	$ 200,000		$ 100,000
Total Principal Outstanding	343,500	356,500
Less Deferred Financing Costs	(1,722)	(2,222)
Amount per Consolidated Statements of Assets and Liabilities	$ 341,778	354,278
MS Subscription Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total Aggregate Borrowing Capacity		25,500	$ 25,500	$ 44,500					$ 50,000
Total Principal Outstanding		25,400
Less Deferred Financing Costs		(98)
Amount per Consolidated Statements of Assets and Liabilities		$ 25,302

XML

Borrowings - Schedule of Interest and Debt Fees (Details) - USD ($) $ in Thousands							1 Months Ended	2 Months Ended	3 Months Ended			4 Months Ended	5 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 28, 2022	Apr. 20, 2022	Jan. 31, 2022	Apr. 22, 2021	Mar. 15, 2021	Jan. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Mar. 29, 2023	Jun. 30, 2022	Apr. 19, 2022	Jun. 27, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Interest Expense									$ 7,004		$ 2,845			$ 14,281	$ 4,732
Deferred Financing Costs									252					598	519
Other Fees									371		88			724	204
Previously Reported
Debt Instrument [Line Items]
Deferred Financing Costs											276				518
Short-term borrowings
Debt Instrument [Line Items]
Interest Expense									$ 806		$ 445			$ 1,270	$ 692
Revolving Credit Facility | MS Credit Facility | Line of Credit
Debt Instrument [Line Items]
Non-Usage Rate				0.50%		0.50%			0.50%		0.50%			0.50%	0.50%
Interest Expense									$ 6,198		$ 2,001			$ 12,607	$ 3,370
Deferred Financing Costs									252		200			500	385
Other Fees									$ 371		$ 88			$ 724	$ 204
Revolving Credit Facility | MS Credit Facility | Line of Credit | SOFR
Debt Instrument [Line Items]
Floor on interest rate													0.00%
Interest rate spread	2.50%	2.25%		2.00%									2.25%	2.25%
Revolving Credit Facility | MS Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Floor on interest rate						0.00%	0.00%
Interest rate spread						2.25%	2.25%					2.00%
Revolving Credit Facility | MS Subscription Facility | Line of Credit
Debt Instrument [Line Items]
Non-Usage Rate			0.30%						0.00%		0.30%			0.30%	0.30%
Interest Expense									$ 0		$ 399			$ 404	$ 670
Deferred Financing Costs									0		76			98	$ 133
Other Fees									$ 0		$ 0			$ 0
Revolving Credit Facility | MS Subscription Facility | Line of Credit | SOFR
Debt Instrument [Line Items]
Interest rate spread			2.10%					2.10%		2.10%
Revolving Credit Facility | MS Subscription Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Interest rate spread					2.00%

XML

Borrowings - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - Level 3 - Line of Credit - Revolving Credit Facility - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount
Debt Instrument [Line Items]
Long-term debt, fair value	$ 343,500	$ 381,900
Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	343,500	381,900
MS Credit Facility | Carrying Amount
Debt Instrument [Line Items]
Long-term debt, fair value	343,500	356,500
MS Credit Facility | Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value	$ 343,500	356,500
MS Subscription Facility | Carrying Amount
Debt Instrument [Line Items]
Long-term debt, fair value		25,400
MS Subscription Facility | Fair Value
Debt Instrument [Line Items]
Long-term debt, fair value		$ 25,400

XML

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 69,827	$ 103,592
Debt Securities, Delayed Draw Term Loan
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	27,300	56,100
Debt Securities, Revolver Term Loan
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 42,500	$ 47,500

XML

Commitment and Contingencies - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	$ 98,063	$ 138,815
Remaining Commitment	69,827	103,592
Investment, Identifier [Axis]: ADCS Clinics Intermediate Holdings, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,246
Remaining Commitment	1,246
Investment, Identifier [Axis]: ADCS Clinics Intermediate Holdings, LLC, Senior Secured First Lien Debt, Delayed Draw 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		1,513
Remaining Commitment		333
Investment, Identifier [Axis]: ADCS Clinics Intermediate Holdings, LLC, Senior Secured First Lien Debt, Delayed Draw 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		1,246
Remaining Commitment		1,246
Investment, Identifier [Axis]: ADCS Clinics Intermediate Holdings, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	533	533
Remaining Commitment	533	533
Investment, Identifier [Axis]: Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	5,769	5,793
Remaining Commitment	1,175	2,552
Investment, Identifier [Axis]: Armada Parent, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	2,029	2,034
Remaining Commitment	1,019	1,019
Investment, Identifier [Axis]: Armada Parent, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	2,444	2,444
Remaining Commitment	2,444	2,444
Investment, Identifier [Axis]: Avalara, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,990	1,990
Remaining Commitment	1,990	1,990
Investment, Identifier [Axis]: Aventine Holdings, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		4,722
Remaining Commitment		366
Investment, Identifier [Axis]: BCPE Oceandrive Buyer, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		5,194
Remaining Commitment		4,408
Investment, Identifier [Axis]: Center Phase Energy, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	6,593	6,593
Remaining Commitment	5,824	6,593
Investment, Identifier [Axis]: Communication Technology Intermediate, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	998	998
Remaining Commitment	912	912
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,085
Remaining Commitment	1,085
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	542
Remaining Commitment	542
Investment, Identifier [Axis]: Community Brands Parentco, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		1,085
Remaining Commitment		1,085
Investment, Identifier [Axis]: Community Brands Parentco, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		542
Remaining Commitment		542
Investment, Identifier [Axis]: Coronis Health, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,968	1,968
Remaining Commitment	562	1,968
Investment, Identifier [Axis]: Eliassen Group, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,451	1,452
Remaining Commitment	1,235	1,235
Investment, Identifier [Axis]: FGT Purchaser, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	976	976
Remaining Commitment	595	605
Investment, Identifier [Axis]: Faraday Buyer, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,258	1,260
Remaining Commitment	295	1,260
Investment, Identifier [Axis]: Galway Borrower, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	125	125
Remaining Commitment	125	125
Investment, Identifier [Axis]: Galway Borrower, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	861	861
Remaining Commitment	861	861
Investment, Identifier [Axis]: Geosyntec Consultants, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	5,499	5,503
Remaining Commitment	2,814	5,503
Investment, Identifier [Axis]: Geosyntec Consultants, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	2,017	2,017
Remaining Commitment	1,879	2,017
Investment, Identifier [Axis]: Gogo Intermediate Holdings, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	452	452
Remaining Commitment	452	452
Investment, Identifier [Axis]: IG Investments Holdings, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	632	632
Remaining Commitment	632	379
Investment, Identifier [Axis]: IQN Holding Corp., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	912	1,258
Remaining Commitment	912	1,163
Investment, Identifier [Axis]: IQN Holding Corp., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	503	503
Remaining Commitment	419	503
Investment, Identifier [Axis]: Indigo Buyer, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		3,841
Remaining Commitment		3,841
Investment, Identifier [Axis]: Indigo Buyer, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,536	1,536
Remaining Commitment	1,280	1,280
Investment, Identifier [Axis]: Knowledge Pro Buyer, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	2,285	2,290
Remaining Commitment	1,238	1,238
Investment, Identifier [Axis]: Knowledge Pro Buyer, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,147	1,147
Remaining Commitment	872	1,147
Investment, Identifier [Axis]: Medical Management Resource Group, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	603	603
Remaining Commitment	362	603
Investment, Identifier [Axis]: Mirra-Primeaccess Holdings, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	3,429	3,429
Remaining Commitment	1,715	2,143
Investment, Identifier [Axis]: Monumental RSN, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,590	1,590
Remaining Commitment	1,590	1,590
Investment, Identifier [Axis]: Odessa Technologies, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,217	1,217
Remaining Commitment	1,217	1,217
Investment, Identifier [Axis]: Odessa Technologies, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,704	1,704
Remaining Commitment	1,704	1,704
Investment, Identifier [Axis]: Pie Buyer, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	2,905	2,905
Remaining Commitment	2,317	2,905
Investment, Identifier [Axis]: Pie Buyer, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	741	741
Remaining Commitment	519	556
Investment, Identifier [Axis]: Pluralsight, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	638	638
Remaining Commitment	319	319
Investment, Identifier [Axis]: Point Broadband Acquisition, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	3,651	3,663
Remaining Commitment	440	1,930
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Subordinated Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		11,000
Remaining Commitment		4,086
Investment, Identifier [Axis]: RSC Acquisition, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	515	2,179
Remaining Commitment	212	1,541
Investment, Identifier [Axis]: Relativity Oda, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	196	196
Remaining Commitment	196	196
Investment, Identifier [Axis]: Roadsafe Holdings, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		4,357
Remaining Commitment		1,437
Investment, Identifier [Axis]: Saturn SHC Buyer Holdings, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	4,012	4,012
Remaining Commitment	4,012	4,012
Investment, Identifier [Axis]: Sherlock Buyer Corp., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,454	1,454
Remaining Commitment	1,454	1,454
Investment, Identifier [Axis]: Sherlock Buyer Corp., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	581	581
Remaining Commitment	581	581
Investment, Identifier [Axis]: Simplifi Holdings, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,720	1,720
Remaining Commitment	1,290	1,720
Investment, Identifier [Axis]: SunMed Group Holdings, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	259	259
Remaining Commitment	259	135
Investment, Identifier [Axis]: The NPD Group, LP, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	943	943
Remaining Commitment	868	830
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corp., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	3,001	3,001
Remaining Commitment	1,233	1,350
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corp., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	857	857
Remaining Commitment	857	857
Investment, Identifier [Axis]: Triple Lift, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,393	1,393
Remaining Commitment	859	859
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,896
Remaining Commitment	792
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Senior Secured First Lien Debt, Delayed Draw 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		2,176
Remaining Commitment		585
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Senior Secured First Lien Debt, Delayed Draw 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		1,896
Remaining Commitment		1,896
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	527	527
Remaining Commitment	527	527
Investment, Identifier [Axis]: US Salt Investors, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	934	934
Remaining Commitment	934	934
Investment, Identifier [Axis]: Victors CCC Buyer, LLC, Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,875	1,875
Remaining Commitment	1,875	1,875
Investment, Identifier [Axis]: Victors CCC Buyer, LLC, Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,358	1,358
Remaining Commitment	1,154	1,358
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment		5,886
Remaining Commitment		2,836
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,821	1,821
Remaining Commitment	5	1,106
Investment, Identifier [Axis]: WIN Holdings III Corp., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,908	1,908
Remaining Commitment	1,908	1,908
Investment, Identifier [Axis]: West Coast Dental Services, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,448	1,448
Remaining Commitment	1,158	1,448
Investment, Identifier [Axis]: West Coast Dental Services, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,087	1,087
Remaining Commitment	742	978
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	1,299	1,299
Remaining Commitment	137	866
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	162	162
Remaining Commitment	162	162
Investment, Identifier [Axis]: Zendesk, Inc., Senior Secured First Lien Debt, Delayed Draw
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	5,304	5,304
Remaining Commitment	5,304	5,304
Investment, Identifier [Axis]: Zendesk, Inc., Senior Secured First Lien Debt, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total Commitment	2,184	2,184
Remaining Commitment	$ 2,184	$ 2,184

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Capital - Schedule of Investor Commitments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Investment Company, Changes in Net Assets [Line Items]
Capital Commitments	$ 669,599	$ 663,656
Unfunded Capital Commitments	219,151	262,635
Common Stock
Investment Company, Changes in Net Assets [Line Items]
Capital Commitments	592,099	586,156
Unfunded Capital Commitments	219,151	221,281
Series A Preferred Stock
Investment Company, Changes in Net Assets [Line Items]
Capital Commitments	77,500	77,500
Unfunded Capital Commitments	$ 0	$ 41,354

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Capital - Schedule of Capital Drawdowns (Details) - USD ($) $ in Thousands							6 Months Ended	12 Months Ended
	Mar. 27, 2023	Nov. 23, 2022	Sep. 28, 2022	Jul. 15, 2022	May 27, 2022	Apr. 07, 2022	Jun. 30, 2023	Dec. 31, 2022
Common Stock
Investment Company, Changes in Net Assets [Line Items]
Shares Issued (in shares)	532,871	1,256,895	3,289,476	2,621,233	1,653,439		532,871	8,821,043
Net Proceeds Received	$ 8,073	$ 18,854	$ 50,000	$ 40,000	$ 25,000		$ 8,073	$ 133,854
Series A Preferred Stock
Investment Company, Changes in Net Assets [Line Items]
Shares Issued (in shares)	41,353	16,147		10,000		5,000	41,353	31,147
Net Proceeds Received	$ 41,291	$ 16,123		$ 9,985		$ 4,993	$ 41,291	$ 31,101

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Common Stock - Schedule of Stockholders Equity Activity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		24,609,132			24,609,132
Beginning balance (less than)	$ 382,517	$ 372,421	$ 237,668	$ 235,973	$ 372,421	$ 235,973	$ 235,973
Net investment income (loss)	13,636	12,061	5,924	5,455	25,697	11,378
Net realized gain (loss) from investment transactions	31	(161)	54	12	(130)	66
Net change in unrealized appreciation (depreciation) on investments	(2,198)	(1,261)	(3,919)	(634)	(3,459)	(4,554)
Accretion to redemption value of Series A redeemable convertible preferred stock	(4)	(3)	(1)	1	(7)	(1)
Accrual of Series A redeemable convertible preferred stock distributions	(2,197)	(1,023)	(253)	(97)	(3,220)	(350)
Distributions to common stockholders	(10,895)	(10,584)	(5,996)	(4,575)	$ (21,479)	(10,569)
Issuance of common stock, net of issuance costs (in shares)					532,871		8,821,043
Issuance of common stock, net of issuance costs		8,073	25,000		$ 8,073	25,000	$ 133,854
Reinvested dividends (in shares)					400,834		527,325
Reinvested dividends	$ 3,074	2,994	$ 1,724	1,534	$ 6,068	$ 3,258	$ 8,073
Ending balance (in shares)	25,542,837		17,125,325		25,542,837	17,125,325	24,609,132
Ending balance (less than)	$ 383,964	$ 382,517	$ 260,201	$ 237,668	$ 383,964	$ 260,201	$ 372,421
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	25,339,906	24,609,132	15,360,466	15,260,764	24,609,132	15,260,764	15,260,764
Beginning balance (less than)	$ 26	$ 25	$ 15	$ 15	$ 25	$ 15	$ 15
Issuance of common stock, net of issuance costs (in shares)		532,871	1,653,439
Issuance of common stock, net of issuance costs		$ 1	$ 2
Reinvested dividends (in shares)	202,931	197,903	111,420	99,702
Reinvested dividends	$ 1	$ 1
Ending balance (in shares)	25,542,837	25,339,906	17,125,325	15,360,466	25,542,837	17,125,325	24,609,132
Ending balance (less than)	$ 26	$ 26	$ 17	$ 15	$ 26	$ 17	$ 25
Additional paid in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (less than)	386,623	375,557	232,734	231,200	375,557	231,200	231,200
Issuance of common stock, net of issuance costs		8,072	24,998
Reinvested dividends	3,074	2,994	1,724	1,534
Ending balance (less than)	389,697	386,623	259,456	232,734	389,697	259,456	375,557
Total distributable earnings (loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (less than)	(4,132)	(3,161)	4,919	4,758	(3,161)	4,758	4,758
Net investment income (loss)	13,636	12,061
Net realized gain (loss) from investment transactions	31	(161)	54	12
Net change in unrealized appreciation (depreciation) on investments	(2,198)	(1,261)	(3,919)	(634)
Accretion to redemption value of Series A redeemable convertible preferred stock	(4)	(3)	(1)	1
Accrual of Series A redeemable convertible preferred stock distributions	(2,197)	(1,023)	(253)	(97)
Distributions to common stockholders	(10,895)	(10,584)	(5,996)	(4,575)
Ending balance (less than)	$ (5,759)	$ (4,132)	$ 728	$ 4,919	$ (5,759)	$ 728	$ (3,161)

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Common Stock - Schedule of Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Equity [Abstract]
Shares Sold (in shares)					532,871		8,821,043
Shares Issued through DRIP (in shares)					400,834		527,325
Common stock activity (in shares)					933,705		9,348,368
Shares Sold		$ 8,073	$ 25,000		$ 8,073	$ 25,000	$ 133,854
Distributions reinvested during the period	$ 3,074	$ 2,994	$ 1,724	$ 1,534	6,068	$ 3,258	8,073
Common stock activity, value					$ 14,141		$ 141,927

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Preferred Stock - Narrative (Details)	Aug. 25, 2021 USD ($) business_day $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Jun. 30, 2022 shares	Dec. 31, 2021 shares
Temporary Equity [Line Items]
Redeemable convertible preferred stock, authorized (in shares)	50,000,000	50,000,000	50,000,000
Redeemable convertible preferred stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001	$ 0.001
Committed capital received | $		$ 77,500,000
Minimum number of business days with prior notice | business_day	10
Redeemable convertible preferred stock, outstanding (in shares)		77,500	36,147	10,000	5,000
Liquidation preference | $	$ 1,000
Dividends payable in arrears, per share threshold (in dollars per share) | $ / shares	$ 10.00
Period of prior notice for company redemption	90 days
Series A Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, authorized (in shares)		50,000,000	50,000,000
Redeemable convertible preferred stock, par value (in dollars per share) | $ / shares		$ 0.001	$ 0.001
Redeemable convertible preferred stock, outstanding (in shares)		77,500	36,147
Redeemable convertible preferred stock, issued (in shares)		77,500	36,147

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Preferred Stock - Schedule of Conversions of Stock (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Shares
Beginning balance (in shares)	36,147	5,000
Issuance of Preferred Stock (in shares)	41,353	5,000
Ending balance (in shares)	77,500	10,000
Amount
Beginning balance	$ 36,093	$ 4,992
Issuance of Preferred Stock	41,353	5,000
Offering costs	(65)
Amortization of offering costs	7	(7)
Ending balance	$ 77,388	$ 9,985

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Earnings Per Share (Details) - USD ($) $ / shares in Units, $ 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
Numerator
Net increase (decrease) in net assets resulting from operations	$ 11,469		$ 2,059		$ 22,108	$ 6,890
Less: cumulative preferred stock dividends	(2,197)		(508)		(4,394)	(761)
Less: changes in carrying value of redeemable securities	(4)	$ (3)	(1)	$ 1	(7)	(1)
Numerator for EPS - income available to common stockholders, basic	9,268		1,550		17,707	6,128
Numerator for EPS - income available to common stockholders, diluted	$ 9,268		$ 1,550		$ 17,707	$ 6,128
Denominator
Weighted average common shares outstanding, Basic (in shares)	25,464,807		16,026,077		25,058,806	15,668,119
Weighted average common shares outstanding, Diluted (in shares)	25,464,807		16,026,077		25,058,806	15,668,119
Basic earnings (loss) per share (in dollar per share)	$ 0.36		$ 0.10		$ 0.71	$ 0.39
Diluted earnings (loss) per share (in dollar per share)	$ 0.36		$ 0.10		$ 0.71	$ 0.39

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Distributions (Details) - $ / shares	May 05, 2023	Apr. 27, 2023	Mar. 24, 2023	Feb. 24, 2023	May 24, 2022	May 11, 2022	Feb. 22, 2022	Feb. 04, 2022
Distributed Earnings [Abstract]
Common stock, dividends declared per share (in dollars per share)		$ 0.43		$ 0.43		$ 0.39		$ 0.30
Common stock, dividends paid per share (in dollars per share)	$ 0.43		$ 0.43		$ 0.39		$ 0.30
Preferred stock, dividends declared per share (in dollars per share)		$ 28.35		$ 28.31		$ 25.28		$ 19.49
Preferred stock, dividends paid per share (in dollars per share)	$ 28.35		$ 28.31		$ 25.28		$ 19.49

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Income Tax Information and Distributions to Stockholders - (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 5.6	$ 2.9
Deferred tax liability	(6.5)	(3.7)
Valuation allowance period change	$ 0.5	$ 0.0

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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	Dec. 31, 2022
Per share data:
Net asset value attributable to common stock, beginning of period (in dollars per share)			$ 15.13	$ 15.46
Results of operations
Net investment income (loss) (in dollars per share)	$ 0.54	$ 0.37	1.03	0.73
Net realized and unrealized gain (loss) on investments, net of change in deferred taxes (in dollars per share)			(0.14)	(0.29)
Net increase in net assets resulting from operations attributable to common stockholders and participating securities (in dollars per share)	0.45	0.12	0.89	0.44
Accretion to redemption value of Series A redeemable convertible preferred stock (in dollars per share) (less than $0.01)			0.01	0.01
Accrual of Series A redeemable convertible preferred stock distributions (in dollars per share)			(0.13)	(0.02)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders (in dollars per share)			0.76	0.42
Stockholder distributions
Net decrease in net assets resulting from stockholder distributions (in dollars per share)			(0.86)	(0.69)
Net asset value attributable to common stock, end of period (in dollars per share)	$ 15.03	$ 15.19	$ 15.03	$ 15.19
Common shares outstanding at end of period (in shares)	25,542,837	17,125,325	25,542,837	17,125,325	24,609,132
Total return			5.08%	2.72%
Ratio/Supplemental data attributable to common stock:
Total net assets attributable to common stock, end of period	$ 383,964	$ 260,201	$ 383,964	$ 260,201
Ratio of net investment income to average net assets attributable to common stock			13.65%	9.38%
Ratio of total expenses to average net assets attributable to common stock			11.94%	8.05%
Ratio of net expenses to average net assets attributable to common stock			10.93%	7.52%
Portfolio turnover rate			2.67%	2.24%

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Schedules of Investments 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, at Fair Value [Roll Forward]
Fair value, beginning balance		$ 782,380
Fair value, ending balance		795,571	[1]	$ 782,380
Total Control Investments
Investments in and Advances to Affiliates [Line Items]
Amount of dividends and interest included in income		3,451		5,600
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		62,156		55,154
Gross additions		4,095		6,924
Gross reductions		0		35
Realized Gain/(Loss)		0		0
Change in Unrealized Gain (Loss)		(9)		43
Fair value, ending balance		66,242		62,156
Total Affiliate Investments
Investments in and Advances to Affiliates [Line Items]
Amount of dividends and interest included in income				4
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0		116
Gross additions				5
Gross reductions				(121)
Realized Gain/(Loss)				0
Change in Unrealized Gain (Loss)				0
Fair value, ending balance				0
Investment, Identifier [Axis]: 1236904 BC, Ltd., Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	4,247
Fair value, ending balance		4,247	[5],[6]	4,247	[2],[3],[4]
Investment, Identifier [Axis]: ADCS Clinics Intermediate Holdings, LLC, Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	5,649
Fair value, ending balance		5,649	[5],[6]	5,649	[2],[3],[4]
Investment, Identifier [Axis]: ADCS Clinics Intermediate Holdings, LLC, Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	1,158
Fair value, ending balance		1,158	[5],[6]	1,158	[2],[3],[4]
Investment, Identifier [Axis]: Absolute Software Corp, Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	19,209
Fair value, ending balance	[2],[3],[4]			19,209
Investment, Identifier [Axis]: Absolute Software Corp., Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6],[7]	19,403
Investment, Identifier [Axis]: Acrisure, LLC, Financials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3]	4,425
Fair value, ending balance	[3]			4,425
Investment, Identifier [Axis]: Alera Group Intermediate Holdings, Inc., Financials 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[4]	3,179
Fair value, ending balance		4,515	[5],[6]	3,179	[2],[4]
Investment, Identifier [Axis]: Alera Group Intermediate Holdings, Inc., Financials 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	2,840
Fair value, ending balance		2,831	[5],[6]	2,840	[2],[3],[4]
Investment, Identifier [Axis]: American Rock Salt Company, LLC, Chemicals 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3]	1,912
Fair value, ending balance		1,897	[5]	1,912	[3]
Investment, Identifier [Axis]: American Rock Salt Company, LLC, Chemicals 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	5,746
Fair value, ending balance		5,379	[5]	5,746	[3],[4]
Investment, Identifier [Axis]: Armada Parent, Inc., Industrials 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3]	1,000
Fair value, ending balance		995	[5],[6]	1,000	[2],[3]
Investment, Identifier [Axis]: Armada Parent, Inc., Industrials 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	19,838
Fair value, ending balance		19,738	[5],[6]	19,838	[2],[3],[4]
Investment, Identifier [Axis]: Asp Ls Acquisition Corp., Transportation
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	3,533
Fair value, ending balance		3,533	[5],[6]	3,533	[3],[4]
Investment, Identifier [Axis]: Avalara, Inc., Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	19,415
Fair value, ending balance		19,456	[5],[6]	19,415	[2],[3],[4]
Investment, Identifier [Axis]: Aveanna Healthcare, LLC, Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	4,560
Fair value, ending balance		5,049	[5],[7]	4,560	[3],[4]
Investment, Identifier [Axis]: Aventine Holdings, LLC, Media/Entertainment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	11,593
Investment, Identifier [Axis]: Aventine Holdings, LLC, Media/Entertainment 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	4,299
Fair value, ending balance		4,751	[5],[6]	4,299	[2],[3],[4]
Investment, Identifier [Axis]: Aventine Holdings, LLC, Media/Entertainment 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[4]	11,028
Fair value, ending balance		12,000	[5],[6]	11,028	[2],[4]
Investment, Identifier [Axis]: Aventine Holdings, LLC, Media/Entertainment 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	11,760
Fair value, ending balance	[2],[3],[4]			11,760
Investment, Identifier [Axis]: BCPE Oceandrive Buyer, Inc., Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[4]	759
Fair value, ending balance		763	[6]	759	[2],[4]
Investment, Identifier [Axis]: BCPE Oceandrive Buyer, Inc., Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[4]	1,495
Fair value, ending balance		1,506	[6]	1,495	[2],[4]
Investment, Identifier [Axis]: BCPE Oceandrive Buyer, Inc., Healthcare 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2]	8,969
Fair value, ending balance		1,502	[5],[6]	8,969	[2]
Investment, Identifier [Axis]: BCPE Oceandrive Buyer, Inc., Healthcare 4
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[4]	1,506
Fair value, ending balance		9,011	[5],[6]	1,506	[2],[4]
Investment, Identifier [Axis]: Center Phase Energy, LLC, Utilities
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6],[8]	1,742
Investment, Identifier [Axis]: Center Phase Energy, LLC, Utilities 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	11,597
Fair value, ending balance		11,551	[5],[6]	11,597	[2],[3],[4]
Investment, Identifier [Axis]: Center Phase Energy, LLC, Utilities 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4],[9],[10],[11],[12]	1,742
Fair value, ending balance		756	[5],[6]	1,742	[4],[9],[10],[11],[12]
Investment, Identifier [Axis]: Communication Technology Intermediate, LLC, Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	86
Investment, Identifier [Axis]: Communication Technology Intermediate, LLC, Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3]	7,554
Fair value, ending balance		7,516	[5],[6]	7,554	[2],[3]
Investment, Identifier [Axis]: Communication Technology Intermediate, LLC, Business Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	2,628
Fair value, ending balance		2,614	[5],[6]	2,628	[2],[3],[4]
Investment, Identifier [Axis]: Communication Technology Intermediate, LLC, Business Services 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2]	86
Fair value, ending balance	[2]			86
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3]	8,987
Fair value, ending balance		8,942	[5],[6]	8,987	[2],[3]
Investment, Identifier [Axis]: Corelogic, Inc., Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	3,976
Fair value, ending balance		3,727	[5]	3,976	[3],[4]
Investment, Identifier [Axis]: Coronis Health, LLC, Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3]	23,833
Fair value, ending balance		1,381	[6]	23,833	[2],[3]
Investment, Identifier [Axis]: Coronis Health, LLC, Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	23,747
Investment, Identifier [Axis]: Division Holding Corp., Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	3,643
Fair value, ending balance		3,636	[5]	3,643	[3],[4]
Investment, Identifier [Axis]: Eliassen Group, LLC, Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	214
Investment, Identifier [Axis]: Eliassen Group, LLC, Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[4]	215
Fair value, ending balance	[2],[4]			215
Investment, Identifier [Axis]: Eliassen Group, LLC, Business Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3]	5,687
Fair value, ending balance		5,659	[5],[6]	5,687	[2],[3]
Investment, Identifier [Axis]: FGT Purchaser, LLC, Consumer 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	9,658
Fair value, ending balance		9,610	[5],[6]	9,658	[3],[4]
Investment, Identifier [Axis]: FGT Purchaser, LLC, Consumer 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	371
Fair value, ending balance		381	[5],[6]	371	[4]
Investment, Identifier [Axis]: FR Flow Control Luxco 1 SARL, Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	4,439
Investment, Identifier [Axis]: FR Flow Control Luxco 1 Sarl, Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	4,462
Fair value, ending balance	[3],[4]			4,462
Investment, Identifier [Axis]: Faraday Buyer, LLC, Utilities
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	12,529
Fair value, ending balance		937	[6]	12,529	[2],[3],[4]
Investment, Identifier [Axis]: Faraday Buyer, LLC, Utilities 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	12,530
Investment, Identifier [Axis]: First Eagle Holdings, Inc., Financials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	13,483
Fair value, ending balance		13,526	[5],[6]	13,483	[3],[4]
Investment, Identifier [Axis]: Florida Food Products, LLC, Food & Beverage
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	11,938
Fair value, ending balance		11,783	[5],[6]	11,938	[3],[4]
Investment, Identifier [Axis]: Galway Borrower, LLC, Financials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	13,304
Fair value, ending balance		13,237	[5],[6]	13,304	[3],[4]
Investment, Identifier [Axis]: Geosyntec Consultants, Inc., Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	11,340
Fair value, ending balance		11,297	[5],[6]	11,340	[3],[4]
Investment, Identifier [Axis]: Geosyntec Consultants, Inc., Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	2,645
Investment, Identifier [Axis]: Geosyntec Consultants, Inc., Business Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	136
Investment, Identifier [Axis]: Gordian Medical, Inc., Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	4,057
Fair value, ending balance		3,879	[5],[6]	4,057	[3],[4]
Investment, Identifier [Axis]: Green Energy Partners/Stonewall, LLC, Utilities
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	4,618
Fair value, ending balance		4,595	[5],[6]	4,618	[3],[4]
Investment, Identifier [Axis]: IG Investments Holdings, LLC, Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	7,945
Fair value, ending balance		7,904	[5],[6]	7,945	[3],[4]
Investment, Identifier [Axis]: IG Investments Holdings, LLC, Business Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	143
Fair value, ending balance		142	[5],[6]	143	[3],[4]
Investment, Identifier [Axis]: IG Investments Holdings, LLC, Business Services 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	250
Fair value, ending balance	[4]			250
Investment, Identifier [Axis]: IQN Holding Corp., Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance		83
Investment, Identifier [Axis]: IQN Holding Corp., Software/Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	94
Fair value, ending balance		5,482	[6]	94	[4]
Investment, Identifier [Axis]: IQN Holding Corp., Software/Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	5,412
Fair value, ending balance	[3],[4]			5,412
Investment, Identifier [Axis]: Indigo Buyer, Inc., Paper & Packaging
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	252
Investment, Identifier [Axis]: Indigo Buyer, Inc., Paper & Packaging 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	8,819
Fair value, ending balance		8,782	[5],[6]	8,819	[3],[4]
Investment, Identifier [Axis]: Indigo Buyer, Inc., Paper & Packaging 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	251
Fair value, ending balance		3,756	[5],[6]	251	[4]
Investment, Identifier [Axis]: Jakks Pacific, Inc., Consumer
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4],[9],[11],[12]	116
Fair value, ending balance		116	[6]	116	[4],[9],[11],[12]
Investment, Identifier [Axis]: Jakks Pacific, Inc., Equity/Other
Investments in and Advances to Affiliates [Line Items]
Amount of dividends and interest included in income				4
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0		116
Gross additions				5
Gross reductions				(121)
Realized Gain/(Loss)				0
Change in Unrealized Gain (Loss)				0
Fair value, ending balance				0
Interest income				4
Investment, Identifier [Axis]: Kissner Milling Co., Ltd., Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	1,955
Fair value, ending balance		2,034	[6]	1,955	[4]
Investment, Identifier [Axis]: Knowledge Pro Buyer, Inc., Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	10,871
Investment, Identifier [Axis]: Knowledge Pro Buyer, Inc., Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	1,034
Fair value, ending balance		1,029	[6]	1,034	[4]
Investment, Identifier [Axis]: Knowledge Pro Buyer, Inc., Business Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	10,926
Fair value, ending balance		270	[6]	10,926	[3],[4]
Investment, Identifier [Axis]: Liquid Tech Solutions Holdings, LLC, Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	5,153
Fair value, ending balance		5,257	[5],[6]	5,153	[3],[4]
Investment, Identifier [Axis]: Medical Management Resource Group, LLC, Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	238
Investment, Identifier [Axis]: Medical Management Resource Group, LLC, Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	2,960
Fair value, ending balance		2,946	[5],[6]	2,960	[3],[4]
Investment, Identifier [Axis]: Medical Management Resource Group, LLC, Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	7,169
Fair value, ending balance		7,133	[5],[6]	7,169	[3],[4]
Investment, Identifier [Axis]: Mercury Merger Sub, Inc., Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	5,885
Fair value, ending balance		5,885	[5],[6]	5,885	[3],[4]
Investment, Identifier [Axis]: Mirra-Primeaccess Holdings, LLC, Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	1,715
Investment, Identifier [Axis]: Mirra-Primeaccess Holdings, LLC, Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	21,394
Fair value, ending balance	[3],[4]			21,394
Investment, Identifier [Axis]: Mirra-Primeaccess Holdings, LLC, Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	1,286
Fair value, ending balance		21,286	[5],[6]	1,286	[4]
Investment, Identifier [Axis]: Monumental RSN, LLC, Media/Entertainment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[2],[3],[4]	13,781
Fair value, ending balance		13,074	[5],[6]	13,781	[2],[3],[4]
Investment, Identifier [Axis]: Odessa Technologies, Inc., Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	6,408
Fair value, ending balance		6,376	[5],[6]	6,408	[3],[4]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	11,293
Fair value, ending balance		588	[6]	11,293	[3],[4]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	2,443
Fair value, ending balance		11,236	[5],[6]	2,443	[3],[4]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	185
Fair value, ending balance		832	[5],[6]	185	[4]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 4
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	837
Fair value, ending balance		222	[6]	837	[3],[4]
Investment, Identifier [Axis]: Pie Buyer, Inc., Food & Beverage 5
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	2,431
Investment, Identifier [Axis]: Pluralsight, LLC, Software/Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	7,375
Fair value, ending balance		7,156	[5],[6]	7,375	[3],[4]
Investment, Identifier [Axis]: Pluralsight, LLC, Software/Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	2,636
Fair value, ending balance		2,557	[5],[6]	2,636	[3],[4]
Investment, Identifier [Axis]: Pluralsight, LLC, Software/Services 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	314
Fair value, ending balance		304	[5],[6]	314	[4]
Investment, Identifier [Axis]: Point Broadband Acquisition, LLC, Telecom
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4],[10],[11]	1,369
Fair value, ending balance		3,211	[6]	1,369	[4],[10],[11]
Investment, Identifier [Axis]: Point Broadband Acquisition, LLC, Telecom 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	1,697
Fair value, ending balance	[4]			1,697
Investment, Identifier [Axis]: Point Broadband Acquisition, LLC, Telecom 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	8,529
Fair value, ending balance		8,663	[5],[6]	8,529	[3],[4]
Investment, Identifier [Axis]: Point Broadband Acquisition, LLC, Telecom 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6],[8],[13]	1,550
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Equity/Other
Investments in and Advances to Affiliates [Line Items]
Amount of dividends and interest included in income		1,350		2,698
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		30,742		30,742
Gross additions		0		0
Gross reductions		0		35
Realized Gain/(Loss)		0		0
Change in Unrealized Gain (Loss)		0		(35)
Fair value, ending balance		30,742		30,742
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Financials 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4],[14]	6,914
Fair value, ending balance		11,000	[6],[15]	6,914	[4],[14]
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Financials 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4],[14]	24,500
Fair value, ending balance		24,500	[6],[15],[16]	24,500	[4],[14]
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Financials 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4],[9],[10],[11],[12],[14]	30,742
Fair value, ending balance		30,742	[6],[8],[15]	30,742	[4],[9],[10],[11],[12],[14]
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Subordinated Debt 1
Investments in and Advances to Affiliates [Line Items]
Amount of dividends and interest included in income		530		409
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		6,914		0
Gross additions		4,086		6,914
Gross reductions		0		0
Realized Gain/(Loss)		0		0
Change in Unrealized Gain (Loss)		0		0
Fair value, ending balance		11,000		6,914
Investment, Identifier [Axis]: Post Road Equipment Finance, LLC, Subordinated Debt 2
Investments in and Advances to Affiliates [Line Items]
Amount of dividends and interest included in income		1,571		2,493
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		24,500		24,412
Gross additions		9		10
Gross reductions		0		0
Realized Gain/(Loss)		0		0
Change in Unrealized Gain (Loss)		(9)		78
Fair value, ending balance		24,500		24,500
Investment, Identifier [Axis]: Proofpoint, Inc., Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	3,234
Fair value, ending balance		3,234	[5],[6]	3,234	[3],[4]
Investment, Identifier [Axis]: RSC Acquisition, Inc., Financials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	303
Investment, Identifier [Axis]: RSC Acquisition, Inc., Financials 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	638
Fair value, ending balance		1,657	[5],[6]	638	[4]
Investment, Identifier [Axis]: RSC Acquisition, Inc., Financials 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	6,850
Fair value, ending balance		6,814	[5],[6]	6,850	[3],[4]
Investment, Identifier [Axis]: RealPage, Inc., Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	5,214
Fair value, ending balance		5,259	[5]	5,214	[3],[4]
Investment, Identifier [Axis]: Relativity Oda, LLC, Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	2,168
Fair value, ending balance		2,216	[5],[6]	2,168	[3],[4]
Investment, Identifier [Axis]: Roadsafe Holdings, Inc., Industrials 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	3,276
Fair value, ending balance		3,259	[5],[6]	3,276	[3],[4]
Investment, Identifier [Axis]: Roadsafe Holdings, Inc., Industrials 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	2,873
Fair value, ending balance		4,267	[5],[6]	2,873	[4]
Investment, Identifier [Axis]: SCIH Salt Holdings, Inc., Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	1,066
Fair value, ending balance		1,075	[5]	1,066	[3],[4]
Investment, Identifier [Axis]: Safe Fleet Holdings, LLC, Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	5,856
Fair value, ending balance		5,977	[5]	5,856	[3],[4]
Investment, Identifier [Axis]: Saturn SHC Buyer Holdings, Inc., Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	16,715
Fair value, ending balance		16,631	[5],[6]	16,715	[3],[4]
Investment, Identifier [Axis]: Saturn SHC Buyer Holdings, Inc., Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	14,893
Fair value, ending balance		14,817	[5],[6]	14,893	[3],[4]
Investment, Identifier [Axis]: Sherlock Buyer Corp., Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	4,914
Fair value, ending balance		4,889	[5],[6]	4,914	[3],[4]
Investment, Identifier [Axis]: Simplifi Holdings, Inc., Media/Entertainment
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	15,700
Fair value, ending balance		423		15,700	[3],[4]
Investment, Identifier [Axis]: Simplifi Holdings, Inc., Media/Entertainment 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	15,621
Investment, Identifier [Axis]: SitusAMC Holdings Corp., Financials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	6,771
Fair value, ending balance		6,737	[5],[6]	6,771	[3],[4]
Investment, Identifier [Axis]: Skillsoft Corp., Technology
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	490
Fair value, ending balance		511	[5]	490	[3],[4]
Investment, Identifier [Axis]: Striper Buyer, LLC, Paper & Packaging
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	4,910
Fair value, ending balance		4,885	[5],[6]	4,910	[3],[4]
Investment, Identifier [Axis]: SunMed Group Holdings, LLC, Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	3,787
Investment, Identifier [Axis]: SunMed Group Holdings, LLC, Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	3,806
Fair value, ending balance	[3],[4]			3,806
Investment, Identifier [Axis]: SunMed Group Holdings, LLC, Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	123
Fair value, ending balance	[4]			123
Investment, Identifier [Axis]: TRC Cos, Inc., Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	6,742
Fair value, ending balance		6,742	[5],[6]	6,742	[3],[4]
Investment, Identifier [Axis]: Tecta America Corp., Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	2,155
Investment, Identifier [Axis]: Tecta America Corp., Industrials 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3]	3,697
Fair value, ending balance	[3]			3,697
Investment, Identifier [Axis]: Tecta America Corp., Industrials 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	2,110
Fair value, ending balance	[3],[4]			2,110
Investment, Identifier [Axis]: The NPD Group, LP, Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	74
Investment, Identifier [Axis]: The NPD Group, LP, Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	16,472
Fair value, ending balance	[3],[4]			16,472
Investment, Identifier [Axis]: The NPD Group, LP, Business Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	111
Fair value, ending balance		16,651	[5],[6]	111	[4]
Investment, Identifier [Axis]: Therapy Brands Holdings, LLC, Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	1,811
Fair value, ending balance		1,802	[5],[6]	1,811	[3],[4]
Investment, Identifier [Axis]: Therapy Brands Holdings, LLC, Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	1,947
Fair value, ending balance		1,947	[5],[6]	1,947	[3],[4]
Investment, Identifier [Axis]: Tivity Health, Inc., Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	31,357
Fair value, ending balance		31,260	[5],[6]	31,357	[3],[4]
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corp.), Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	1,742
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corp., Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	1,626
Fair value, ending balance	[3],[4]			1,626
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corp., Business Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	8,656
Fair value, ending balance		8,656	[5],[6]	8,656	[3],[4]
Investment, Identifier [Axis]: Triple Lift, Inc., Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	513
Investment, Identifier [Axis]: Triple Lift, Inc., Software/Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	11,731
Fair value, ending balance	[3],[4]			11,731
Investment, Identifier [Axis]: Triple Lift, Inc., Software/Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	525
Fair value, ending balance		11,399	[5],[6]	525	[4]
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	1,093
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	1,575
Fair value, ending balance		2,154	[5],[6]	1,575	[4]
Investment, Identifier [Axis]: US Oral Surgery Management Holdco, LLC, Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	5,440
Fair value, ending balance		5,440	[5],[6]	5,440	[3],[4]
Investment, Identifier [Axis]: US Salt Investors, LLC, Chemicals
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	8,415
Fair value, ending balance		8,372	[5],[6]	8,415	[3],[4]
Investment, Identifier [Axis]: USIC Holdings, Inc., Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	2,361
Fair value, ending balance		2,361	[5],[6]	2,361	[3],[4]
Investment, Identifier [Axis]: Vensure Employer Services, Inc., Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	4,784
Fair value, ending balance		4,760	[5],[6]	4,784	[3],[4]
Investment, Identifier [Axis]: Victors CCC Buyer, LLC, Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	7,105
Fair value, ending balance	[3],[4]			7,105
Investment, Identifier [Axis]: Victors CCC Buyer, LLC, Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	7,080
Investment, Identifier [Axis]: Victors CCC Buyer, LLC, Business Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	200
Investment, Identifier [Axis]: Victory Buyer, LLC, Industrials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	13,274
Fair value, ending balance		13,274	[5],[6]	13,274	[3],[4]
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	9,163
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	11,181
Fair value, ending balance		2,226	[6]	11,181	[3],[4]
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	2,717
Fair value, ending balance		1,466	[6]	2,717	[4]
Investment, Identifier [Axis]: WHCG Purchaser III, Inc., Healthcare 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	654
Fair value, ending balance	[4]			654
Investment, Identifier [Axis]: WIN Holdings III Corp., Consumer
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	13,218
Fair value, ending balance		12,776	[5],[6]	13,218	[3],[4]
Investment, Identifier [Axis]: West Coast Dental Services, Inc., Healthcare
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	8,275
Investment, Identifier [Axis]: West Coast Dental Services, Inc., Healthcare 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	107
Fair value, ending balance		285	[6]	107	[4]
Investment, Identifier [Axis]: West Coast Dental Services, Inc., Healthcare 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	8,305
Fair value, ending balance		340	[6]	8,305	[3],[4]
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Business Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[6]	1,162
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Business Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	433
Fair value, ending balance	[4]			433
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Business Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[3],[4]	3,679
Fair value, ending balance	[3],[4]			3,679
Investment, Identifier [Axis]: Westwood Professional Services, Inc., Business Services.2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[5],[6]	3,660
Investment, Identifier [Axis]: Zendesk, Inc., Software/Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[4]	20,800
Fair value, ending balance		$ 21,016	[6],[17]	$ 20,800	[4]

[1] Percentages are based on net assets attributable to common stock as of June 30, 2023.

[2] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may 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. At December 31, 2022, qualifying assets represent 97.6% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.

[3] The Company's investment or a portion thereof is pledged as collateral under the MS Credit Facility (as defined in Note 5).

[4] The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors (as defined below) as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements).

[5] The Company's investment or a portion thereof is pledged as collateral under the MS Credit Facility (as defined in Note 5).

[6] The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors (as defined below) as required by the 1940 Act. Such investments are valued using significant unobservable inputs (see Note 3 to the consolidated financial statements).

[7] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may 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. At June 30, 2023, qualifying assets represent 97.1% of the Company's total assets. The significant majority of all investments held are deemed to be illiquid.

[8] Investments are held in the taxable wholly owned, consolidated subsidiary, FBCC EEF Holdings LLC.

[9] All amounts are in thousands except share amounts.

[10] Investments are held in the taxable wholly owned, consolidated subsidiary, FBCC EEF Holdings LLC.

[11] Non-income producing at December 31, 2022.

[12] Percentages are based on net assets attributable to common stock as of December 31, 2022.

[13] Non-income producing at June 30, 2023.

[14] The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and/or does not have the power to exercise control over the management or policies of such portfolio company. A company is generally presumed to be “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The Company classifies this investment as “controlled”.

[15] The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and/or does not have the power to exercise control over the management or policies of such portfolio company. A company is generally presumed to be “controlled” when the Company owns more than 25% of the portfolio company’s voting securities and/or has the power to exercise control over the management or policies of such portfolio company. The Company classifies this investment as “controlled”.

[16] The Company purchased the investment, pursuant to a repurchase agreement with a rate of 0.23 basis points per day with Macquarie US Trading LLC, dated May 15, 2023 due July 14, 2023.

[17] The Company purchased the investment, pursuant to a repurchase agreement with a rate of 0.23 basis points per day with Macquarie US Trading LLC, dated June 1, 2023 due July 31, 2023.

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Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands												6 Months Ended	12 Months Ended
	Jul. 28, 2023	Jul. 17, 2023	Apr. 27, 2023	Mar. 27, 2023	Feb. 24, 2023	Nov. 23, 2022	Sep. 28, 2022	Jul. 15, 2022	May 27, 2022	May 11, 2022	Feb. 04, 2022	Jun. 30, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common stock, dividends declared per share (in dollars per share)			$ 0.43		$ 0.43					$ 0.39	$ 0.30
Preferred stock, dividends declared per share (in dollars per share)			$ 28.35		$ 28.31					$ 25.28	$ 19.49
Common Stock
Subsequent Event [Line Items]
Net Proceeds Received				$ 8,073		$ 18,854	$ 50,000	$ 40,000	$ 25,000			$ 8,073	$ 133,854
Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends declared per share (in dollars per share)	$ 0.43
Preferred stock, dividends declared per share (in dollars per share)	$ 28.35
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Net Proceeds Received		$ 1,600