Annual report pursuant to Section 13 and 15(d)

Consolidated Schedule of Investments In and Advances to Affiliates

v3.24.0.1
Consolidated Schedule of Investments In and Advances to Affiliates
12 Months Ended
Dec. 31, 2023
Investments in and Advances to Affiliates [Abstract]  
Consolidated Schedule of Investments In and Advances to Affiliates
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)
December 31,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2023 Fair Value (13)
Control Investments
Copper Trail Fund Investments LP Interests (CTMH, LP) (9) $ —  $ —  $ 38  $ 588  $ —  $ 20  $ 568 
GRT Rubber Technologies LLC 11.48% SF+ 6.00% Secured Debt (12) (8) —  88  330  852  —  1,182 
13.48% SF+ 8.00% Secured Debt (8) —  (50) 2,696  19,943  51  50  19,944 
Member Units (8) —  —  90  21,890  —  —  21,890 
Harris Preston Fund Investments LP Interests (2717 MH, L.P.) (8) 2,223  (952) 142  7,552  2,796  4,298  6,050 
Volusion, LLC 10.00% Secured Debt (8) —  —  69  —  900  —  900 
11.50% Secured Debt (8) (1,366) 780  71  6,392  —  6,392  — 
8.00% Unsecured Convertible Debt (8) (175) 175  —  —  175  175  — 
Preferred Member Units (8) —  —  —  —  —  — 
Preferred Member Units (8) —  (596) —  —  4,906  1,796  3,110 
Preferred Member Units (8) —  —  —  —  —  —  — 
Common Stock (8) —  (1,104) —  —  1,104  1,104  — 
Warrants (8) —  1,104  —  —  —  —  — 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
1,541  (649) (94) (6,392) 6,392  —  — 
Total Control Investments $ 2,223  $ (1,289) $ 3,101  $ 50,303  $ 17,176  $ 13,835  $ 53,644 
Affiliate Investments
AFG Capital Group, LLC Preferred Member Units (8) $ 1,800  $ (2,050) $ —  $ 2,350  $ 1,800  $ 4,150  $ — 
Analytical Systems Keco Holdings, LLC 15.38% SF+ 10.00% Secured Debt (12) (8) —  —  (2) 56  —  54 
15.38% SF+ 10.00% Secured Debt (8) —  —  188  1,135  21  136  1,020 
14.13% Preferred Member Units (8) —  —  —  —  —  —  — 
Preferred Member Units (8) —  330  —  880  330  —  1,210 
Warrants (8) —  —  —  —  —  —  — 
ATX Networks Corp. L+ 7.50% Secured Debt (6) —  (102) 856  6,368  545  6,913  — 
10.00% Unsecured Debt (6) —  (276) 1,135  2,614  1,135  3,749  — 
Common Stock (6) 3,178  (3,290) —  3,290  3,178  6,468  — 
Barfly Ventures, LLC Member Units (5) —  273  —  1,107  273  —  1,380 
Batjer TopCo, LLC 10.00% Secured Debt (12) (8) —  —  (1) —  — 
10.00% Secured Debt (12) (8) —  —  —  70  40  30 
10.00% Secured Debt (8) —  15  129  1,205  21  51  1,175 
Preferred Stock (8) —  225  76  455  225  —  680 
Brewer Crane Holdings, LLC 15.46% L+ 10.00% Secured Debt (9) —  —  224  1,491  125  1,374 
Preferred Member Units (9) —  (370) 30  1,770  —  370  1,400 
Centre Technologies Holdings, LLC SF+ 9.00% Secured Debt (12) (8) —  —  —  —  —  — 
14.48% SF+ 9.00% Secured Debt (8) —  29  572  3,731  663  —  4,394 
Preferred Member Units (8) —  590  30  2,170  590  —  2,760 
Chamberlin Holding LLC SF+ 6.00% Secured Debt (12) (8) —  49  11  —  —  —  — 
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)
December 31,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2023 Fair Value (13)
13.49% SF+ 8.00% Secured Debt (8) —  (4) 553  4,236  335  3,905 
Member Units (8) —  1,599  1,045  5,728  1,602  —  7,330 
Member Units (8) —  37  23  678  38  715 
Charps, LLC Preferred Member Units (5) —  590  366  3,330  590  —  3,920 
Clad-Rex Steel, LLC 11.50% Secured Debt (12) (5) —  —  —  —  —  —  — 
11.50% Secured Debt (5) —  (37) 284  2,620  —  517  2,103 
10.00% Secured Debt (5) —  —  26  260  —  251 
Member Units (5) —  (760) 69  2,060  —  760  1,300 
Member Units (5) —  55  —  152  130  —  282 
Cody Pools, Inc. 12.50% Secured Debt (12) (8) —  —  —  —  — 
12.50% Secured Debt (8) —  22  562  —  7,872  761  7,111 
L+ 10.50% Secured Debt (8) —  (11) 26  273  14  287  — 
L+ 10.50% Secured Debt (8) —  (96) 500  6,882  —  6,882  — 
Preferred Member Units (8) —  3,570  1,219  14,550  3,570  —  18,120 
Colonial Electric Company LLC Secured Debt (6) —  —  12  —  400  400  — 
12.00% Secured Debt (6) —  (41) 471  5,729  34  356  5,407 
Preferred Member Units (6) —  360  —  —  600  —  600 
Preferred Member Units (6) —  (370) —  2,290  —  370  1,920 
Compass Systems & Sales, LLC 13.50% Secured Debt (5) —  —  —  —  —  —  — 
13.50% Secured Debt (5) —  —  69  —  4,175  —  4,175 
Preferred Equity (5) —  —  —  —  1,863  —  1,863 
Datacom, LLC 7.50% Secured Debt (8) —  —  25  89  65  49 
10.00% Secured Debt (8) —  (14) 107  865  22  43  844 
Preferred Member Units (8) —  (290) —  300  —  290  10 
Digital Products Holdings LLC 15.38% SF+ 10.00% Secured Debt (5) —  (17) 586  3,878  —  205  3,673 
Preferred Member Units (5) —  —  50  2,459  —  —  2,459 
Direct Marketing Solutions, Inc. 14.00% Secured Debt (9) —  (2) 13  —  227  10  217 
14.00% Secured Debt (9) —  (19) 730  5,352  19  369  5,002 
Preferred Stock (9) —  (380) 43  5,558  —  378  5,180 
Flame King Holdings, LLC L+ 6.50% Secured Debt (9) —  (15) 121  1,900  15  1,915  — 
L+ 9.00% Secured Debt (9) —  (123) 478  5,300  123  5,423  — 
Preferred Equity (9) —  2,570  814  4,400  2,570  —  6,970 
Freeport Financial Funds LP Interests (Freeport First Lien Loan Fund III LP) (12) (5) —  —  598  5,848  —  2,143  3,705 
Gamber-Johnson Holdings, LLC SF+ 7.50% Secured Debt (12) (5) —  —  —  —  —  — 
10.50% SF+ 7.50% Secured Debt (5) —  (88) 1,727  16,020  88  2,588  13,520 
Member Units (5) —  11,460  1,491  12,720  11,460  —  24,180 
GFG Group, LLC 8.00% Secured Debt (5) —  (25) 263  2,836  25  525  2,336 
Preferred Member Units (5) —  1,080  200  1,790  1,080  —  2,870 
Gulf Publishing Holdings, LLC SF+ 9.50% Secured Debt (12) (8) —  —  —  —  —  —  — 
12.50% Secured Debt (8) —  —  73  571  —  —  571 
Preferred Equity (8) —  (330) —  950  —  330  620 
Member Units (8) —  —  —  —  —  —  — 
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)
December 31,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2023 Fair Value (13)
HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (12) (8) —  156  4,331  403  509  4,225 
IG Investor, LLC Secured Debt (12) (6) —  —  —  173  200  (27)
13.00% Secured Debt (6) —  —  692  —  9,179  110  9,069 
Common Equity (6) —  —  —  —  3,774  174  3,600 
Independent Pet Partners Intermediate Holdings, LLC Common Equity (6) —  (220) —  —  6,540  220  6,320 
Integral Energy Services 13.16% SF+ 7.50% Secured Debt (8) —  (787) 2,773  18,425  94  2,287  16,232 
10.00% 10.00% Preferred Equity (8) —  85  —  —  350  —  350 
Common Stock (8) —  (1,300) 50  1,490  —  1,300  190 
Kickhaefer Manufacturing Company, LLC 12.00% Secured Debt (5) —  (18) 668  5,093  58  218  4,933 
9.00% Secured Debt (5) —  —  86  961  —  10  951 
Preferred Equity (5) —  620  —  1,800  620  —  2,420 
Member Units (5) —  (30) 29  713  —  30  683 
Market Force Information, LLC L+ 11.00% Secured Debt (9) (6,465) 6,060  —  403  6,060  6,463  — 
Member Units (9) (4,160) 4,160  —  —  4,160  4,160  — 
MH Corbin Holding LLC 13.00% Secured Debt (5) —  307  190  1,137  308  189  1,256 
Preferred Member Units (5) —  80  —  —  80  —  80 
Preferred Member Units (5) —  —  —  —  —  —  — 
Mystic Logistics Holdings, LLC Secured Debt (12) (6) —  —  —  —  —  — 
10.00% Secured Debt (6) —  —  146  1,436  —  —  1,436 
Common Stock (6) —  890  1,131  5,708  890  —  6,598 
NexRev LLC 10.00% Secured Debt (12) (8) —  —  —  —  —  —  — 
10.00% Secured Debt (8) —  708  289  2,119  729  413  2,435 
Preferred Member Units (8) —  1,310  166  280  1,310  —  1,590 
NuStep, LLC 11.98% SF+ 6.50% Secured Debt (5) —  (2) 120  1,100  202  899 
12.00% Secured Debt (5) —  —  564  4,603  —  4,606 
Preferred Member Units (5) —  300  —  2,010  300  —  2,310 
Preferred Member Units (5) —  —  —  1,290  —  —  1,290 
Oneliance, LLC 16.48% SF+ 11.00% Secured Debt (7) —  (7) 231  1,380  47  1,339 
Preferred Stock (7) —  —  —  264  18  —  282 
Orttech Holdings, LLC SF+ 11.00% Secured Debt (12) (5) —  (2) —  — 
16.48% SF+ 11.00% Secured Debt (5) —  58  955  5,814  86  390  5,510 
Preferred Stock (5) —  1,320  274  2,940  1,320  —  4,260 
Pinnacle TopCo, LLC 8.00% Secured Debt (12) (8) —  —  —  105  —  105 
13.00% Secured Debt (8) —  —  34  —  7,472  —  7,472 
Preferred Equity (8) —  —  —  —  3,135  —  3,135 
Robbins Bros. Jewelry, Inc. 12.50% Secured Debt (9) —  —  (8) —  (6)
12.50% Secured Debt (9) —  (323) 507  3,902  18  499  3,421 
Preferred Equity (9) —  (1,650) —  1,650  —  1,650  — 
SI East, LLC 11.25% Secured Debt (12) (7) —  28  —  625  250  375 
12.47% Secured Debt (7) —  161  1,278  —  18,179  —  18,179 
9.50% Secured Debt (7) —  (134) 1,403  29,929  —  29,929  — 
Preferred Member Units (7) —  1,737  399  4,550  1,840  —  6,390 
Student Resource Center, LLC 8.50% 8.50% Secured Debt (6) —  (1,881) 364  5,063  244  1,764  3,543 
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)
December 31,
2022 Fair Value (13)
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2023 Fair Value (13)
Preferred Equity (6) —  —  —  —  —  —  — 
Tedder Industries, LLC 12.00% Secured Debt (9) —  (28) 56  460  —  28  432 
12.00% Secured Debt (9) —  (218) 466  3,780  218  3,565 
Preferred Member Units (9) —  (1,920) —  1,920  —  1,920  — 
Preferred Member Units (9) —  (141) —  —  124  124  — 
Preferred Member Units (9) —  (165) —  —  165  165  — 
Trantech Radiator Topco, LLC 8.00% Secured Debt (12) (7) —  (2) —  — 
12.00% Secured Debt (7) —  (14) 255  1,980  14  14  1,980 
Common Stock (7) —  1,230  29  1,950  1,230  —  3,180 
VVS Holdco LLC SF+ 6.00% Secured Debt (12) (5) —  —  10  (5) —  — 
11.50% Secured Debt (5) —  —  904  7,421  55  550  6,926 
Preferred Equity (5) —  (30) 54  2,990  100  30  3,060 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
(1,541) 649  (151) —  —  —  — 
Total Affiliate investments $ (7,188) $ 25,116  $ 29,805  $ 277,000  $ 115,308  $ 101,029  $ 291,279 
___________________________________________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 8. Consolidated Financial Statements of this Annual Report on Form 10-K.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2023 for affiliate investments located in this region was $107,201. This represented 17.2% of net assets as of December 31, 2023.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of December 31, 2023 for affiliate investments located in this region was $38,466. This represented 6.2% of net assets as of December 31, 2023.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of December 31, 2023 for affiliate investments located in this region was $31,725. This represented 5.1% of net assets as of December 31, 2023.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2023 for control investments located in this region was $53,076. This represented 8.5% of net assets as of December 31, 2023. The fair value as of December 31, 2023 for affiliate investments located in this region was $86,332. This represented 13.9% of net assets as of December 31, 2023.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of December 31, 2023 for control investments located in this region was $568. This represented 0.1% of net assets as of December 31, 2023. The fair value as of December 31, 2023 for affiliate investments located in this region was $27,555. This represented 4.4% of net assets as of December 31, 2023.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 8. Consolidated Financial Statements of this Annual Report on Form 10-K. Supplemental information can be located within the Consolidated Schedule of
Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of December 31, 2023 (see Note J — Commitments and Contingencies in Item 8. Consolidated Financial Statements of this Annual Report on Form 10-K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)
December 31,
2021 Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2022 Fair Value (13)
Control Investments
GRT Rubber Technologies LLC 10.12% L+ 6.00% Secured Debt (8) $ —  $ $ $ —  $ 330  $ —  $ 330 
12.12% L+ 8.00% Secured Debt (8) —  (32) 1,972  19,152  824  33  19,943 
Member Units (8) —  (860) 1,244  22,750  —  860  21,890 
Harris Preston Fund Investments LP Interests (2717 MH, L.P.) (8) —  2,389  —  3,971  3,581  —  7,552 
Copper Trail Fund Investments LP Interests (CTMH, LP) (9) —  —  —  710  —  122  588 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
—  —  —  —  —  —  — 
Total Control Investments $ —  $ 1,503  $ 3,223  $ 46,583  $ 4,735  $ 1,015  $ 50,303 
Affiliate Investments
AFG Capital Group, LLC 10.00% Secured Debt (8) $ —  $ —  $ $ 36  $ —  $ 36  $ — 
Preferred Member Units (8) —  420  50  1,930  420  —  2,350 
Analytical Systems Keco Holdings, LLC L+ 10.00% Secured Debt (8) —  —  (4) —  (2)
14.13% L+ 10.00% Secured Debt (8) —  —  174  1,182  23  70  1,135 
14.13% Preferred Member Units (8) —  —  —  —  —  —  — 
Preferred Member Units (8) —  (340) —  1,220  —  340  880 
Warrants (8) —  —  —  —  —  —  — 
ATX Networks Corp. 12.23% L+ 7.50% Secured Debt (6) —  135  756  7,121  364  1,117  6,368 
10.00% 10.00% Unsecured Debt (6) —  309  327  1,977  637  —  2,614 
Common Stock (6) —  3,290  —  —  3,290  —  3,290 
Barfly Ventures, LLC Member Units (5) —  463  —  643  464  —  1,107 
Batjer TopCo, LLC Secured Debt (8) —  —  —  —  50  51  (1)
11.00% Secured Debt (8) —  —  116  —  1,205  —  1,205 
Preferred Stock (8) —  —  70  —  455  —  455 
Brewer Crane Holdings, LLC 14.12% L+ 10.00% Secured Debt (9) —  —  220  2,005  10  524  1,491 
Preferred Member Units (9) —  (160) 207  1,930  —  160  1,770 
Centre Technologies Holdings, LLC L+ 9.00% Secured Debt (8) —  —  —  360  360  — 
13.13% L+ 9.00% Secured Debt (8) —  115  445  2,216  1,612  97  3,731 
Preferred Member Units (8) —  639  30  1,460  710  —  2,170 
Chamberlin Holding LLC L+ 6.00% Secured Debt (8) —  —  —  —  —  — 
12.13% L+ 8.00% Secured Debt (8) —  (42) 486  4,454  42  260  4,236 
Member Units (8) —  (300) 463  6,030  —  302  5,728 
Member Units (8) —  180  19  385  293  —  678 
Charps, LLC Preferred Member Units (5) —  (170) 190  3,500  —  170  3,330 
Clad-Rex Steel, LLC SF+ 9.00% Secured Debt (5) —  —  —  —  —  — 
13.23% SF+ 9.00% Secured Debt (5) —  —  304  2,620  —  —  2,620 
10.00% Secured Debt (5) —  —  27  268  —  260 
Member Units (5) —  (500) 190  2,560  —  500  2,060 
Member Units (5) —  20  —  133  19  —  152 
Cody Pools, Inc. 15.38% L+ 10.50% Secured Debt (8) —  11  20  (6) 1,033  754  273 
15.38% L+ 10.50% Secured Debt (8) —  (30) 963  7,187  30  335  6,882 
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)
December 31,
2021 Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2022 Fair Value (13)
Preferred Member Units (8) —  2,640  1,004  11,910  2,640  —  14,550 
Colonial Electric Company LLC Secured Debt (6) —  —  12  —  400  400  — 
12.00% Secured Debt (6) —  —  761  6,007  37  315  5,729 
Preferred Member Units (6) —  10  349  2,280  10  —  2,290 
Datacom, LLC 7.50% Secured Debt (8) —  —  —  —  25  —  25 
7.50% Secured Debt (8) —  20  98  852  43  30  865 
Preferred Member Units (8) —  10  11  290  10  —  300 
Digital Products Holdings LLC 14.13% L+ 10.00% Secured Debt (5) —  —  510  4,186  22  330  3,878 
Preferred Member Units (5) —  —  50  2,459  —  —  2,459 
Direct Marketing Solutions, Inc. L+ 11.00% Secured Debt (9) —  42  (7) 757  750  — 
15.13% L+ 11.00% Secured Debt (9) —  46  —  —  5,352  —  5,352 
L+ 11.00% Secured Debt (9) —  (54) 661  4,705  —  4,705  — 
Preferred Stock (9) —  970  343  4,590  968  —  5,558 
Flame King Holdings, LLC 10.75% L+ 6.50% Secured Debt (9) —  15  167  1,581  319  —  1,900 
13.25% L+ 9.00% Secured Debt (9) —  123  706  5,145  155  —  5,300 
Preferred Equity (9) —  1,800  538  2,600  1,800  —  4,400 
Freeport Financial Funds LP Interests (Freeport First Lien Loan Fund III LP) (5) —  (57) 421  7,231  —  1,383  5,848 
Gamber-Johnson Holdings, LLC SF+ 8.50% Secured Debt (5) —  —  —  —  —  — 
11.50% SF+ 8.50% Secured Debt (5) —  272  113  —  16,020  —  16,020 
L+ 7.50% Secured Debt (5) —  (17) 559  5,400  —  5,400  — 
Member Units (5) —  290  224  12,430  290  —  12,720 
GFG Group, LLC 9.00% Secured Debt (5) —  (26) 329  3,136  26  326  2,836 
Preferred Member Units (5) —  40  144  1,750  40  —  1,790 
Gulf Publishing Holdings, LLC L+ 9.50% Secured Debt (8) —  —  64  —  64  — 
6.25% Secured Debt (8) (1,455) 962  126  2,429  —  2,429  — 
12.50% Secured Debt (8) —  (29) 19  —  600  29  571 
Member Units (8) —  —  —  —  —  —  — 
Preferred Equity (8) —  (450) —  —  1,400  450  950 
HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (8) 779  254  (50) 4,712  587  968  4,331 
Kickhaefer Manufacturing Company, LLC 11.50% Secured Debt (5) —  18  630  5,040  53  —  5,093 
9.00% Secured Debt (5) —  —  88  970  —  961 
Preferred Equity (5) —  (1,280) —  3,080  —  1,280  1,800 
Member Units (5) —  98  28  615  99  713 
Market Force Information, LLC 12.00% 12.00% Secured Debt (9) —  (1,831) —  2,234  —  1,831  403 
Member Units (9) —  —  —  —  —  —  — 
MH Corbin Holding LLC 13.00% Secured Debt (5) —  175  250  1,484  177  524  1,137 
Preferred Member Units (5) —  —  —  —  —  —  — 
Preferred Member Units (5) —  —  —  —  —  —  — 
Mystic Logistics Holdings, LLC Secured Debt (6) —  —  —  —  —  — 
10.00% Secured Debt (6) —  —  152  1,595  —  159  1,436 
Common Stock (6) —  3,500  1,050  2,210  3,498  —  5,708 
NexRev LLC Secured Debt (8) —  —  199  —  199  — 
11.00% Secured Debt (8) —  (188) 486  3,311  —  1,192  2,119 
Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of
Realized
Gain/(Loss)
Amount of
Unrealized
Gain/(Loss)
Amount of
Interest,
Fees or
Dividends
Credited to
Income(2)
December 31,
2021 Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2022 Fair Value (13)
Preferred Member Units (8) —  (723) 20  670  333  723  280 
NuStep, LLC 10.63% L+ 6.50% Secured Debt (5) —  78  430  670  —  1,100 
12.00% Secured Debt (5) —  (1) 545  4,310  294  4,603 
Preferred Member Units (5) —  (1,370) —  3,380  —  1,370  2,010 
Preferred Member Units (5) —  775  —  —  1,290  —  1,290 
Oneliance, LLC 15.13% L+ 11.00% Secured Debt (7) —  —  190  1,374  —  1,380 
Preferred Stock (7) —  —  264  —  —  264 
Orttech Holdings, LLC L+ 11.00% Secured Debt (5) —  —  41  44  (2)
15.13% L+ 11.00% Secured Debt (5) —  —  815  5,937  27  150  5,814 
Preferred Stock (5) —  440  225  2,500  440  —  2,940 
Robbins Bros. Jewelry, Inc. Secured Debt (9) —  —  —  10  (8)
12.50% Secured Debt (9) —  —  529  —  3,977  75  3,902 
Preferred Equity (9) —  420  62  —  1,650  —  1,650 
SI East, LLC Secured Debt (7) —  —  78  750  1,250  2,000  — 
9.50% Secured Debt (7) —  76  2,708  21,200  10,375  1,646  29,929 
Preferred Member Units (7) —  690  216  3,860  690  —  4,550 
Sonic Systems International, LLC 11.24% L+ 7.50% Secured Debt (8) —  282  1,676  13,738  4,687  —  18,425 
Common Stock (8) —  (94) 50  1,250  334  94  1,490 
Student Resource Center, LLC 13.27% L+ 8.50% Secured Debt (6) —  —  —  —  5,063  —  5,063 
Secured Debt (6) (6,651) 4,438  12  —  6,524  6,524  — 
Preferred Equity (6) —  —  —  —  —  —  — 
Tedder Industries, LLC 12.00% Secured Debt (9) —  —  55  259  201  —  460 
12.00% Secured Debt (9) —  (17) 505  3,754  43  17  3,780 
Preferred Member Units (9) —  (391) —  2,145  166  391  1,920 
Trantech Radiator Topco, LLC Secured Debt (7) —  (6) —  — 
12.00% Secured Debt (7) —  (17) 273  2,180  17  217  1,980 
Common Stock (7) —  (210) 29  2,160  —  210  1,950 
VVS Holdco LLC L+ 6.00% Secured Debt (5) —  —  13  292  203  500  (5)
11.50% Secured Debt (5) —  —  932  7,375  46  —  7,421 
Preferred Equity (5) —  30  129  2,960  30  —  2,990 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period
—  —  —  —  —  —  — 
Total Affiliate investments $ (7,327) $ 15,689  $ 24,057  $ 234,158  $ 84,672  $ 41,830  $ 277,000 
___________________________________________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 8. Consolidated Financial Statements of this Annual Report on Form 10-K.
(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2022 for affiliate investments located in this region was $92,945. This represented 15.2% of net assets as of December 31, 2022.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of December 31, 2022 for affiliate investments located in this region was $32,498. This represented 5.3% of net assets as of December 31, 2022.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of December 31, 2022 for affiliate investments located in this region was $40,053. This represented 6.6% of net assets as of December 31, 2022.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2022 for control investments located in this region was $49,715. This represented 8.2% of net assets as of December 31, 2022. The fair value as of December 31, 2022 for affiliate investments located in this region was $73,626. This represented 12.1% of net assets as of December 31, 2022.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of December 31, 2022 for control investments located in this region was $588. This represented 0.1% of net assets as of December 31, 2022. The fair value as of December 31, 2022 for affiliate investments located in this region was $37,878. This represented 6.2% of net assets as of December 31, 2022.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 8. Consolidated Financial Statements of this Annual Report on Form 10-K. Supplemental information can be located within the Consolidated Schedule of
Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of December 31, 2022 (see Note J — Commitments and Contingencies in Item 8. Consolidated Financial Statements of this Annual Report on Form 10-K). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.