Annual report pursuant to Section 13 and 15(d)

Consolidated Schedule of Investments In and Advances to Affiliates

v3.22.4
Consolidated Schedule of Investments In and Advances to Affiliates
12 Months Ended
Dec. 31, 2022
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,
2021 Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2022 Fair Value (13)
Majority-owned investments
ASK (Analytical Systems Keco Holdings, LLC) L+ 10.00% Secured Debt (8) $ —  $ —  $ $ (4) $ $ —  $ (3)
14.13% L+ 10.00% Secured Debt (8) —  —  690  4,740  85  280  4,545 
14.13% Preferred Member Units (8) —  —  —  —  —  —  — 
Preferred Member Units (8) —  (1,390) —  4,894  —  1,390  3,504 
Warrants (8) —  —  —  —  —  —  — 
Brewer Crane Holdings, LLC 14.12% L+ 10.00% Secured Debt (9) —  —  862  8,037  23  2,096  5,964 
Preferred Member Units (9) —  (630) 828  7,710  —  630  7,080 
Café Brazil, LLC Member Units (8) —  (360) 178  2,570  —  360  2,210 
California Splendor Holdings LLC 13.75% L+ 10.00% Secured Debt (9) —  49  3,454  27,915  85  —  28,000 
Preferred Member Units (9) —  12,220  250  13,275  12,220  —  25,495 
15.00% 15.00% Preferred Member Units (9) —  —  933  9,510  933  6,449  3,994 
Clad-Rex Steel, LLC SF+ 9.00% Secured Debt (5) —  —  —  —  —  — 
13.23% SF+ 9.00% Secured Debt (5) —  —  1,255  10,401  39  —  10,440 
10.00% Secured Debt (5) —  —  107  1,071  33  1,039 
Member Units (5) —  (2,030) 758  10,250  —  2,030  8,220 
Member Units (5) —  80  —  530  80  —  610 
CMS Minerals Investments Member Units (9) —  230  198  1,974  230  534  1,670 
Cody Pools, Inc. 15.38% L+ 10.50% Secured Debt (8) —  19  119  (13) 4,971  3,496  1,462 
15.38% L+ 10.50% Secured Debt (8) —  (86) 5,615  42,497  86  1,782  40,801 
Preferred Member Units (8) —  10,540  4,015  47,640  10,540  —  58,180 
CompareNetworks Topco, LLC L+ 9.00% Secured Debt (9) —  —  —  —  —  —  — 
13.13% L+ 9.00% Secured Debt (9) —  (16) 642  6,477  16  1,252  5,241 
Preferred Member Units (9) —  7,830  632  12,000  7,830  —  19,830 
Datacom, LLC 7.50% Secured Debt (8) —  —  —  223  —  223 
7.50% Secured Debt (8) —  228  829  7,668  391  270  7,789 
Preferred Member Units (8) —  60  96  2,610  60  —  2,670 
Direct Marketing Solutions, Inc. L+ 11.00% Secured Debt (9) —  88  235  (22) 4,272  4,250  — 
15.13% L+ 11.00% Secured Debt (9) —  145  327  —  27,267  —  27,267 
L+ 11.00% Secured Debt (9) —  (137) 2,953  24,070  —  24,070  — 
Preferred Stock (9) —  3,870  1,371  18,350  3,870  —  22,220 
Elgin AcquireCo, LLC SF+ 6.00% Secured Debt (5) —  —  —  —  (9)
12.00% Secured Debt (5) —  —  948  —  18,594  —  18,594 
9.00% Secured Debt (5) —  —  144  —  6,301  6,294 
Common Stock (5) —  —  —  —  9,668  2,065  7,603 
Common Stock (5) —  —  —  —  1,558  —  1,558 
Gamber-Johnson Holdings, LLC SF+ 8.50% Secured Debt (5) —  —  —  —  —  — 
11.50% SF+ 8.50% Secured Debt (5) —  393  1,152  —  64,078  —  64,078 
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)
L+ 7.50% Secured Debt (5) —  (63) 2,233  21,598  —  21,598  — 
Member Units (5) —  1,190  895  49,700  1,190  —  50,890 
GRT Rubber Technologies LLC 10.12% L+ 6.00% Secured Debt (8) —  —  25  —  670  —  670 
12.12% L+ 8.00% Secured Debt (8) —  (33) 3,973  38,885  1,641  33  40,493 
Member Units (8) —  (1,750) 2,525  46,190  —  1,750  44,440 
Gulf Publishing Holdings, LLC L+ 9.50% Secured Debt (8) —  —  257  —  257  — 
6.25% Secured Debt (8) (5,822) 3,848  503  9,717  —  9,717  — 
12.50% Secured Debt (8) —  (116) 77  —  2,400  116  2,284 
Member Units (8) —  —  —  —  —  —  — 
Preferred Equity (8) —  (1,820) —  —  5,600  1,820  3,780 
Jensen Jewelers of Idaho, LLC P+ 6.75% Secured Debt (9) —  —  —  —  —  — 
13.75% P+ 6.75% Secured Debt (9) —  (8) 292  2,550  108  2,450 
Member Units (9) —  2,550  2,784  12,420  2,550  —  14,970 
Kickhaefer Manufacturing Company, LLC 11.50% Secured Debt (5) —  —  2,430  20,324  50  —  20,374 
9.00% Secured Debt (5) —  —  352  3,876  36  3,842 
Preferred Equity (5) —  (5,090) —  12,310  —  5,090  7,220 
Member Units (5) —  390  113  2,460  390  —  2,850 
Market Force Information, LLC 15.13% L+ 11.00% Secured Debt (9) —  (163) 592  3,400  2,853  163  6,090 
12.00% 12.00% Secured Debt (9) —  (7,325) —  8,936  —  7,326  1,610 
Member Units (9) —  —  —  —  —  —  — 
MetalForming AcquireCo, LLC Secured Debt (7) —  —  16  —  —  —  — 
12.75% Secured Debt (7) —  —  1,143  —  23,576  —  23,576 
8.00% 8.00% Preferred Equity (7) —  —  95  —  6,010  —  6,010 
Common Stock (7) —  —  —  —  1,537  —  1,537 
MH Corbin Holding LLC 13.00% Secured Debt (5) —  699  999  5,934  708  2,094  4,548 
Preferred Member Units (5) —  —  —  —  —  —  — 
Preferred Member Units (5) —  —  —  —  —  —  — 
MSC Adviser I, LLC Member Units (8) —  (17,470) 9,297  140,400  —  17,470  122,930 
Mystic Logistics Holdings, LLC Secured Debt (6) —  —  —  —  —  — 
10.00% Secured Debt (6) —  (1) 607  6,378  633  5,746 
Common Stock (6) —  13,990  4,202  8,840  13,990  —  22,830 
OMi Topco, LLC 12.00% Secured Debt (8) —  (53) 2,135  18,000  53  2,303  15,750 
Preferred Member Units (8) —  2,600  2,154  20,210  2,600  —  22,810 
PPL RVs, Inc. L+ 7.00% Secured Debt (8) —  79  727  1,273  2,000  — 
10.25% L+ 7.00% Secured Debt (8) —  247  1,714  11,655  10,000  —  21,655 
Common Stock (8) —  4,590  1,627  14,360  4,590  —  18,950 
Common Stock (8) —  —  —  —  238  —  238 
Principle Environmental, LLC Secured Debt (8) —  —  104  1,465  1,474  — 
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)
13.00% Secured Debt (8) —  —  804  5,808  24  26  5,806 
Preferred Member Units (8) —  1,260  1,355  11,160  1,260  —  12,420 
Common Stock (8) —  (120) —  710  —  120  590 
Quality Lease Service, LLC Member Units (7) —  76  —  2,148  77  1,700  525 
Robbins Bros. Jewelry, Inc.   Secured Debt (9) —  —  32  (44) —  (35)
12.50%   Secured Debt (9) —  —  4,678  36,000  78  674  35,404 
Preferred Equity (9) —  3,810  558  11,070  3,810  —  14,880 
Trantech Radiator Topco, LLC Secured Debt (7) —  (8) —  — 
12.00% Secured Debt (7) —  (23) 1,044  8,720  23  823  7,920 
Common Stock (7) —  (860) 116  8,660  —  860  7,800 
Ziegler’s NYPD, LLC 12.00% Secured Debt (8) —  —  71  625  —  175  450 
6.50% Secured Debt (8) —  (55) 66  1,000  —  55  945 
14.00% Secured Debt (8) —  (74) 390  2,750  —  74  2,676 
Preferred Member Units (8) —  (1,890) —  2,130  —  1,890  240 
Warrants (8) —  —  —  —  —  —  — 
Other controlled investments
2717 MH, L.P. LP Interests (2717 MH, L.P.) (8) —  2,389  —  3,971  3,581  —  7,552 
LP Interests (2717 HPP-MS, L.P.) (8) —  —  —  —  248  —  248 
ASC Interests, LLC 13.00% Secured Debt (8) —  —  36  200  230  30  400 
13.00% Secured Debt (8) —  —  266  1,636  13  —  1,649 
Member Units (8) —  80  —  720  80  —  800 
ATS Workholding, LLC 5.00% Secured Debt (9) —  (620) —  1,088  188  642  634 
5.00% Secured Debt (9) —  (869) —  1,917  —  912  1,005 
Preferred Member Units (9) —  —  —  —  —  —  — 
Barfly Ventures, LLC 7.00% Secured Debt (5) —  —  51  710  —  711 
Member Units (5) —  1,390  —  1,930  1,390  —  3,320 
Batjer TopCo, LLC Secured Debt (8) —  —  —  451  459  (8)
Secured Debt (8) —  —  —  —  —  —  — 
11.00% Secured Debt (8) —  —  1,139  —  10,933  —  10,933 
Preferred Stock (8) —  —  631  —  4,095  —  4,095 
Bolder Panther Group, LLC Secured Debt (9) —  —  23  —  —  —  — 
13.39% SF+ 9.26% Secured Debt (9) —  305  9,164  39,000  60,194  —  99,194 
Class A Preferred Member Units (9) —  —  2,466  10,194  —  10,194  — 
8.00% Class B Preferred Member Units (9) —  8,250  1,210  23,170  8,250  —  31,420 
Bridge Capital Solutions Corporation 13.00% Secured Debt (6) —  —  1,162  8,813  —  —  8,813 
13.00% Secured Debt (6) —  —  132  1,000  —  —  1,000 
Preferred Member Units (6) —  —  100  1,000  —  —  1,000 
Warrants (6) —  117  —  1,712  116  —  1,828 
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)
Warrants (6) —  163  —  2,348  164  —  2,512 
CBT Nuggets, LLC Member Units (9) —  (1,620) 3,305  50,620  —  1,618  49,002 
Centre Technologies Holdings, LLC L+ 9.00% Secured Debt (8) —  —  28  —  1,440  1,440  — 
13.13% L+ 9.00% Secured Debt (8) —  507  1,767  8,864  6,476  386  14,954 
Preferred Member Units (8) —  2,578  120  5,840  2,860  —  8,700 
Chamberlin Holding LLC L+ 6.00% Secured Debt (8) —  —  —  —  —  — 
12.13% L+ 8.00% Secured Debt (8) —  (68) 1,845  17,817  68  940  16,945 
Member Units (8) —  (1,220) 1,853  24,140  —  1,220  22,920 
Member Units (8) —  719  78  1,540  1,170  —  2,710 
Charps, LLC 10.00% Unsecured Debt (5) —  (44) 613  5,694  44  44  5,694 
Preferred Member Units (5) —  (650) 764  13,990  —  650  13,340 
Colonial Electric Company LLC Secured Debt (6) —  —  48  —  1,600  1,600  — 
12.00% Secured Debt (6) —  —  2,953  24,351  60  1,260  23,151 
Preferred Member Units (6) —  30  1,397  9,130  30  —  9,160 
Copper Trail Energy Fund I, LP - CTMH LP Interests (CTMH, LP) (9) —  —  —  710  —  122  588 
Digital Products Holdings LLC 14.13% L+ 10.00% Secured Debt (5) —  —  1,991  16,801  43  1,321  15,523 
Preferred Member Units (5) —  —  200  9,835  —  —  9,835 
Garreco, LLC 9.50% L+ 8.00% Secured Debt (8) —  —  383  4,196  —  370  3,826 
Member Units (8) —  (470) 240  2,270  —  470  1,800 
Gulf Manufacturing, LLC Member Units (8) —  1,150  1,715  5,640  1,150  —  6,790 
Harrison Hydra-Gen, Ltd. Common Stock (8) —  (250) —  3,530  —  250  3,280 
Johnson Downie Opco, LLC L+ 11.50% Secured Debt (8) —  14  13  (18) 18  —  — 
15.63% L+ 11.50% Secured Debt (8) —  79  1,503  11,362  114  1,477  9,999 
Preferred Equity (8) —  2,390  1,062  3,150  2,390  —  5,540 
JorVet Holdings, LLC 12.00% Secured Debt (9) —  —  2,680  —  25,432  —  25,432 
Preferred Equity (9) —  —  922  —  10,741  —  10,741 
KBK Industries, LLC Member Units (5) —  1,950  1,671  13,620  1,950  —  15,570 
MS Private Loan Fund Secured Debt (8) —  —  28  —  5,300  5,300  — 
Secured Debt (8) —  —  431  63,151  13,700  76,851  — 
LP Interests (8) —  502  742  2,581  12,252  —  14,833 
MSC Income Fund, Inc. Common Equity (8) —  30  —  753  —  753 
NAPCO Precast, LLC Member Units (8) —  (1,730) 13,560  —  1,730  11,830 
Nebraska Vet AcquireCo, LLC (NVS) L+ 7.00% Secured Debt (5) —  —  10  —  —  —  — 
12.00% Secured Debt (5) —  122  1,778  4,829  15,265  —  20,094 
12.00% Secured Debt (5) —  66  1,299  10,412  88  —  10,500 
Preferred Member Units (5) —  —  —  7,700  —  —  7,700 
NexRev LLC Secured Debt (8) —  —  29  800  —  800  — 
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)
11.00% Secured Debt (8) —  (729) 1,923  13,245  —  4,768  8,477 
Preferred Member Units (8) —  (2,913) 81  2,690  1,333  2,913  1,110 
NRP Jones, LLC 12.00% Secured Debt (5) —  —  253  2,080  —  —  2,080 
Member Units (5) —  (1,585) 578  6,200  —  1,585  4,615 
Member Units (5) —  (65) 17  240  —  65  175 
NuStep, LLC 10.63% L+ 6.50% Secured Debt (5) —  —  323  1,720  2,679  —  4,399 
12.00% Secured Debt (5) —  (4) 2,180  17,240  1,178  18,414 
Preferred Member Units (5) —  (5,460) —  13,500  —  5,460  8,040 
Preferred Member Units (5) —  3,088  —  —  5,150  —  5,150 
Orttech Holdings, LLC L+ 11.00% Secured Debt (5) —  —  16  175  —  175  — 
15.13% L+ 11.00% Secured Debt (5) —  —  3,207  23,976  53  600  23,429 
Preferred Stock (5) —  1,750  900  10,000  1,750  —  11,750 
Pearl Meyer Topco LLC Secured Debt (6) —  —  31  —  1,500  1,500  — 
Secured Debt (6) —  —  —  —  —  —  — 
12.00% Secured Debt (6) —  (92) 3,714  32,674  92  4,085  28,681 
Preferred Equity (6) —  16,290  8,204  26,970  16,290  —  43,260 
River Aggregates, LLC Member Units (8) —  340  —  3,280  340  —  3,620 
Tedder Industries, LLC 12.00% Secured Debt (9) —  —  215  1,040  800  —  1,840 
12.00% Secured Debt (9) —  (71) 1,900  15,141  51  72  15,120 
Preferred Member Units (9) —  (1,564) —  8,579  666  1,564  7,681 
Televerde, LLC Member Units (8) —  (1,872) 7,280  —  1,872  5,408 
Preferred Stock (8) —  1,076  —  —  1,794  —  1,794 
Vision Interests, Inc. Series A Preferred Stock (9) —  —  144  3,000  —  —  3,000 
VVS Holdco LLC L+ 6.00% Secured Debt (5) —  —  55  1,169  811  2,001  (21)
11.50% Secured Debt (5) —  —  3,606  30,100  61  —  30,161 
Preferred Equity (5) —  100  518  11,840  100  —  11,940 
—  —  —  —  —  —  — 
—  —  —  —  —  —  — 
Other —  —  —  —  —  —  — 
Amounts related to investments transferred to or from other 1940 Act classification during the period —  3,677  1,491  6,123  —  —  — 
Total Control investments $ (5,822) $ 56,682  $ 155,967  $ 1,489,257  $ 488,176  $ 268,138  $ 1,703,172 
Affiliate Investments
AAC Holdings, Inc. 18.00% 18.00% Secured Debt (7) $ —  $ 178  $ 2,032  $ 9,794  $ 1,756  $ —  $ 11,550 
Common Stock (7) —  (2,079) —  2,079  —  2,079  — 
Warrants (7) —  (1,940) —  1,940  —  1,940  — 
AFG Capital Group, LLC Secured Debt (8) —  —  144  —  144  — 
Preferred Member Units (8) —  1,660  200  7,740  1,660  —  9,400 
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)
ATX Networks Corp. 12.23% L+ 7.50% Secured Debt (6) —  134  758  7,092  362  1,111  6,343 
10.00% 10.00% Unsecured Debt (6) —  306  329  1,963  635  —  2,598 
Common Stock (6) —  3,270  —  —  3,270  —  3,270 
BBB Tank Services, LLC 15.12% L+ 11.00% Unsecured Debt (8) —  —  105  800  —  —  800 
15.12% L+ 11.00% Unsecured Debt (8) —  379  527  1,707  379  —  2,086 
Member Units (8) —  —  —  —  —  —  — 
15.00%   Preferred Stock (non-voting) (8) —  —  —  —  —  —  — 
Boccella Precast Products LLC 10.00% Secured Debt (6) —  —  32  320  —  —  320 
Member Units (6) —  (1,860) 66  4,830  —  1,860  2,970 
Buca C, LLC 9.00% Secured Debt (7) —  103  1,894  14,370  103  2,136  12,337 
6.00% 6.00% Preferred Member Units (7) —  —  —  —  —  —  — 
Career Team Holdings, LLC L+ 6.00% Secured Debt (6) —  —  10  —  621  630  (9)
12.50% Secured Debt (6) —  —  2,607  20,050  40  —  20,090 
Common Stock (6) —  —  —  4,500  —  —  4,500 
Chandler Signs Holdings, LLC Class A Units (8) —  1,330  —  460  1,330  —  1,790 
Classic H&G Holdings, LLC 9.75% L+ 6.00% Secured Debt (6) —  —  639  4,000  11,720  11,160  4,560 
8.00% Secured Debt (6) —  (43) 1,606  19,274  43  43  19,274 
Preferred Member Units (6) —  9,380  1,711  15,260  9,377  —  24,637 
Congruent Credit Opportunities Funds LP Interests (Congruent Credit Opportunities Fund
  III, LP)
(8) —  (142) 566  9,959  —  2,302  7,657 
DMA Industries, LLC 12.00% Secured Debt (7) —  165  2,621  20,993  207  —  21,200 
Preferred Equity (7) —  1,316  —  5,944  1,316  —  7,260 
Dos Rios Partners LP Interests (Dos Rios Partners, LP) (8) 202  (1,055) 10,329  202  1,404  9,127 
LP Interests (Dos Rios Partners - A, LP) (8) 64  (335) —  3,280  64  446  2,898 
Dos Rios Stone Products LLC Class A Preferred Units (8) —  690  —  640  690  —  1,330 
EIG Fund Investments LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) 20  —  103  547  1,102  636  1,013 
Flame King Holdings, LLC 10.75% L+ 6.50% Secured Debt (9) —  60  669  6,324  1,276  —  7,600 
13.25% L+ 9.00% Secured Debt (9) —  162  2,739  20,996  204  —  21,200 
Preferred Equity (9) —  7,180  2,153  10,400  7,180  —  17,580 
Freeport Financial SBIC Fund LP LP Interests (Freeport Financial SBIC Fund LP) (5) —  (128) 6,078  —  2,595  3,483 
LP Interests (Freeport First Lien Loan Fund III LP) (5) —  (57) 442  7,231  —  1,383  5,848 
GFG Group, LLC. 9.00% Secured Debt (5) —  (34) 1,248  12,545  34  1,234  11,345 
Preferred Member Units (5) —  150  577  6,990  150  —  7,140 
Hawk Ridge Systems, LLC 10.13% L+ 6.00% Secured Debt (9) —  230  2,585  600  —  3,185 
9.00% Secured Debt (9) —  (13) 3,054  34,800  3,013  13  37,800 
Preferred Member Units (9) —  2,780  803  14,680  2,780  —  17,460 
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 (9) —  150  —  770  150  —  920 
Houston Plating and Coatings, LLC 8.00% Unsecured Convertible Debt (8) —  40  243  2,960  40  —  3,000 
Member Units (8) —  (810) 17  3,210  —  810  2,400 
HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (8) 779  254  (48) 4,712  1,033  1,414  4,331 
LP Interests (HPEP 4, L.P.) (8) —  —  —  —  2,332  —  2,332 
LP Interests (423 COR, LP) (8) —  —  —  —  1,400  —  1,400 
I-45 SLF LLC
Member Units (Fully diluted 20.0%; 21.75% profits interest)
(8) —  (2,629) 2,028  14,387  —  2,629  11,758 
Iron-Main Investments, LLC 12.50% Secured Debt (5) —  —  591  4,557  10  67  4,500 
12.50% Secured Debt (5) —  —  411  3,170  47  3,130 
12.50% Secured Debt (5) —  —  1,134  8,944  —  —  8,944 
12.50% Secured Debt (5) —  —  2,572  19,805  42  288  19,559 
Common Stock (5) —  —  —  1,798  —  —  1,798 
L.F. Manufacturing Holdings, LLC 14.00% Preferred Member Units (non-voting) (8) —  —  107  10  117  — 
Member Units (8) 617  (541) 224  2,560  617  3,177  — 
OnAsset Intelligence, Inc. 12.00% 12.00% Secured Debt (8) —  (395) 28  935  28  394  569 
12.00% 12.00% Secured Debt (8) —  (403) 29  954  29  403  580 
12.00% 12.00% Secured Debt (8) —  (867) 62  2,055  62  868  1,249 
12.00% 12.00% Secured Debt (8) —  (1,809) 129  4,285  129  1,808  2,606 
10.00% 10.00% Unsecured Debt (8) —  —  192  113  —  305 
7.00% 7.00% Preferred Stock (8) —  —  —  —  —  —  — 
Common Stock (8) —  —  —  —  —  —  — 
Warrants (8) —  —  —  —  —  —  — 
Oneliance, LLC L+ 11.00% Secured Debt (7) —  —  —  —  —  —  — 
15.13% L+ 11.00% Secured Debt (7) —  —  750  5,547  12  —  5,559 
Preferred Stock (7) —  —  1,056  —  —  1,056 
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC) 12.00% Secured Debt (8) (86) —  —  —  —  —  — 
Preferred Member Units (8) —  —  —  —  —  —  — 
SI East, LLC (Stavig) Secured Debt (7) —  —  237  2,250  3,750  6,000  — 
9.50% Secured Debt (7) —  (34) 8,409  63,600  31,159  4,973  89,786 
Preferred Member Units (7) —  2,080  647  11,570  2,080  —  13,650 
Slick Innovations, LLC 14.00% Secured Debt (6) —  70  936  5,320  10,080  1,560  13,840 
Common Stock (6) —  264  456  1,510  264  244  1,530 
Warrants (6) 1,219  (219) —  400  1,219  1,619  — 
Sonic Systems International, LLC 11.24% L+ 7.50% Secured Debt (8) —  242  1,434  11,757  4,012  —  15,769 
Common Stock (8) —  (76) 43  1,070  286  76  1,280 
Student Resource Center, LLC 13.27% L+ 8.50% Secured Debt (6) —  —  —  —  4,556  —  4,556 
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)
Secured Debt (6) (5,991) 4,000  10,839  5,877  16,716  — 
Preferred Equity (6) —  —  —  —  —  —  — 
Superior Rigging & Erecting Co. 12.00% Secured Debt (7) —  —  2,662  21,332  46  —  21,378 
Preferred Member Units (7) —  —  —  4,500  —  —  4,500 
The Affiliati Network, LLC 13.00% Secured Debt (9) —  —  32  262  3,764  3,920  106 
13.00% Secured Debt (9) —  —  1,520  12,834  48  3,440  9,442 
Preferred Stock (9) —  —  403  6,400  —  —  6,400 
UnionRock Energy Fund II, LP LP Interests (9) —  (174) 596  6,123  2,491  2,759  5,855 
UniTek Global Services, Inc. 10.76% SF+ 5.50% 2.00% Secured Debt (6) —  40  371  11  —  382 
10.76% SF+ 5.50% 2.00% Secured Debt (6) —  26  201  1,852  72  212  1,712 
15.00% 15.00% Secured Convertible Debt (6) —  1,011  269  2,375  2,217  —  4,592 
20.00% 20.00% Preferred Stock (6) —  (384) 384  2,832  385  384  2,833 
20.00% 20.00% Preferred Stock (6) —  493  —  1,498  493  —  1,991 
19.00% 19.00% Preferred Stock (6) —  —  —  —  —  —  — 
13.50% 13.50% Preferred Stock (6) —  —  —  —  —  —  — 
Common Stock (6) —  —  —  —  —  —  — 
Universal Wellhead Services Holdings, LLC 14.00% 14.00% Preferred Member Units (8) —  220  —  —  220  —  220 
Member Units (8) —  —  —  —  —  —  — 
Volusion, LLC 11.50% Secured Debt (8) —  (1,821) 1,982  17,434  —  2,520  14,914 
8.00% Unsecured Convertible Debt (8) (143) (409) 33  409  —  409  — 
Preferred Member Units (8) —  (5,990) 5,990  —  5,990  — 
Warrants (8) —  —  —  —  —  —  — 
World Micro Holdings, LLC 13.00% Secured Debt (7) —  —  248  —  14,140  —  14,140 
Preferred Equity (7) —  —  —  —  3,845  —  3,845 
Other —  —  —  —  —  —  — 
Amounts related to investments transferred to or from other 1940 Act classification during the period —  (3,538) (1,491) (15,962) 10,853  10,853  — 
Total Affiliate investments $ (3,319) $ 10,314  $ 54,963  $ 549,214  $ 157,996  $ 104,813  $ 618,359 
______________________
(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 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 control investments located in this region was $346,535. This represented 21.7% of net assets as of December 31, 2022. The fair value as of December 31, 2022 for affiliate investments located in this region was $67,491. This represented 12.2% of net assets as of December 31, 2022.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of December 31, 2022 for control investments located in this region was $144,681. This represented 9.0% of net assets as of December 31, 2022. The fair value as of December 31, 2022 for affiliate investments located in this region was $105,372. This represented 19.1% 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 control investments located in this region was $16,360. This represented 1.0% of net assets as of December 31, 2022. The fair value as of December 31, 2022 for affiliate investments located in this region was $196,507. This represented 35.6% 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 $593,513. This represented 37.1% of net assets as of December 31, 2022. The fair value as of December 31, 2022 for affiliate investments located in this region was $99,261. This represented 18.0% 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 $498,340. This represented 31.2% of net assets as of December 31, 2022. The fair value as of December 31, 2022 for affiliate investments located in this region was $83,950. This represented 15.2% 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 K — 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,
2020
Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2021
Fair Value
Majority-owned investments
ASK (Analytical Systems Keco Holdings, LLC) 12.00% L+ 10.00% Secured Debt (8) $ —  $ —  $ 691  $ 4,873  $ 153  $ 290  $ 4,736 
Preferred Member Units (8) —  (733) —  3,200  4,894  3,200  4,894 
Warrants (8) —  (10) —  10  —  10  — 
Brewer Crane Holdings, LLC 11.00% L+ 10.00% Secured Debt (9) —  —  940  8,513  20  496  8,037 
Preferred Member Units (9) —  1,860  927  5,850  1,860  —  7,710 
Café Brazil, LLC Member Units (8) —  540  1,012  2,030  540  —  2,570 
California Splendor Holdings LLC 11.00% L+ 10.00% Secured Debt (9) —  36  3,381  35,833  211  8,129  27,915 
Preferred Member Units (9) —  7,034  1,505  14,496  8,289  —  22,785 
Clad-Rex Steel, LLC 10.00% Secured Debt (5) —  —  110  1,100  —  29  1,071 
10.50% L+ 9.50% Secured Debt (5) —  —  1,167  10,853  (52) 400  10,401 
Member Units (5) —  1,640  2,391  9,140  1,640  —  10,780 
CMS Minerals Investments Member Units (9) —  691  50  1,624  691  341  1,974 
Cody Pools, Inc. 12.25% L+ 10.50% Secured Debt (8) —  242  2,357  14,216  32,737  4,469  42,484 
Preferred Member Units (8) —  32,700  3,100  14,940  32,700  —  47,640 
CompareNetworks Topco, LLC 10.00% L+ 9.00% Secured Debt (9) —  (18) 777  7,954  18  1,495  6,477 
Preferred Member Units (9) —  5,220  474  6,780  5,220  —  12,000 
Datacom, LLC 5.00% Secured Debt (8) —  (628) 793  —  8,404  736  7,668 
8.00% Secured Debt (8) (3,601) 2,130  12,146  2,130  14,276  — 
Preferred Member Units (8) (7,324) 7,324  —  —  9,934  7,324  2,610 
Direct Marketing Solutions, Inc. 12.00% L+ 11.00% Secured Debt (9) —  137  2,034  15,006  9,512  470  24,048 
Preferred Stock (9) —  (1,030) 672  19,380  —  1,030  18,350 
Gamber-Johnson Holdings, LLC 9.50% L+ 7.50% Secured Debt (5) —  32  2,019  19,838  1,761  21,598 
Member Units (5) —  (5,638) 3,921  52,490  2,848  5,638  49,700 
GRT Rubber Technologies LLC 8.10% L+ 8.00% Secured Debt (8) —  213  1,786  16,775  22,110  —  38,885 
Member Units (8) —  1,290  4,264  44,900  1,290  —  46,190 
Jensen Jewelers of Idaho, LLC 10.00% P+ 6.75% Secured Debt (9) —  (13) 313  3,400  13  863  2,550 
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,
2020
Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2021
Fair Value
10.00% P+ 6.75% Secured Debt (9) —  —  —  —  —  — 
Member Units (9) —  4,800  1,937  7,620  4,800  —  12,420 
Kickhaefer Manufacturing Company, LLC 11.50% Secured Debt (5) —  —  2,526  22,269  55  2,000  20,324 
9.00% Secured Debt (5) —  —  354  3,909  —  33  3,876 
Member Units (5) —  1,370  92  13,400  1,370  —  14,770 
Market Force Information, LLC 12.00% L+ 11.00% Secured Debt (9) —  —  387  1,600  1,800  —  3,400 
12.00% 12.00% Secured Debt (9) —  (4,626) —  13,562  —  4,626  8,936 
MH Corbin Holding LLC 13.00% Secured Debt (5) —  (2,059) 1,137  8,280  34  2,380  5,934 
Preferred Member Units (5) —  (2,370) —  2,370  —  2,370  — 
MSC Adviser I, LLC Member Units (8) —  23,638  6,216  116,760  23,640  —  140,400 
Mystic Logistics Holdings, LLC 12.00% Secured Debt (6) —  820  6,723  10  355  6,378 
Common Stock (6) —  (150) 1,271  8,990  —  150  8,840 
OMi Holdings, Inc. 12.00% Secured Debt (8) —  169  1,109  —  18,000  —  18,000 
Preferred Member Units (8) —  (170) 1,578  20,380  —  170  20,210 
PPL RVs, Inc. 7.50% L+ 7.00% Secured Debt (8) —  (25) 957  11,806  801  225  12,382 
Common Stock (8) —  2,860  555  11,500  2,860  —  14,360 
Principle Environmental, LLC 13.00% Secured Debt (8) —  (62) 929  6,397  2,938  2,062  7,273 
Common Stock (8) —  (490) —  —  1,200  490  710 
Preferred Member Units (8) —  (449) —  10,500  1,109  449  11,160 
Warrants (8) —  330  —  870  330  1,200  — 
Quality Lease Service, LLC Member Units (7) —  (461) —  4,460  —  2,312  2,148 
Robbins Bros. Jewelry, Inc. 12.00% L+ 11.00% Secured Debt (9) —  —  621  —  35,956  —  35,956 
Preferred Equity (9) —  —  —  —  11,070  —  11,070 
Trantech Radiator Topco, LLC 12.00% Secured Debt (7) —  49  1,084  8,644  68  —  8,712 
Common Stock (7) —  2,630  116  6,030  2,630  —  8,660 
Ziegler’s NYPD, LLC 12.00% Secured Debt (8) —  —  76  625  —  —  625 
14.00% Secured Debt (8) —  —  390  2,750  —  —  2,750 
6.50% Secured Debt (8) —  21  66  979  21  —  1,000 
Preferred Member Units (8) —  350  —  1,780  350  —  2,130 
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,
2020
Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2021
Fair Value
Other controlled investments
2717 MH, L.P. LP Interests (2717 HPP-MS, L.P.) (8) —  —  —  250  —  250  — 
LP Interests (2717 MH, L.P.) (8) —  1,165  —  2,702  1,269  —  3,971 
ASC Interests, LLC 13.00% Secured Debt (8) —  —  261  1,715  121  —  1,836 
Member Units (8) —  (400) —  1,120  —  400  720 
ATS Workholding, LLC 5.00% Secured Debt (9) —  (154) —  3,347  —  342  3,005 
Barfly Ventures, LLC 7.00% Secured Debt (5) —  —  49  343  367  —  710 
Member Units (5) —  346  —  1,584  346  —  1,930 
Bolder Panther Group, LLC 10.50% L+ 9.00% Secured Debt (9) —  313  3,686  27,225  12,275  500  39,000 
Class A Preferred Member Units (9) —  —  1,427  10,194  —  —  10,194 
Class B Preferred Member Units (9) —  9,170  3,100  14,000  9,170  —  23,170 
Bond-Coat, Inc. Common Stock (8) (2,320) 4,310  —  2,040  4,310  6,350  — 
Bridge Capital Solutions Corporation 13.00% Preferred Member Units (6) —  —  1,705  9,401  412  —  9,813 
Preferred Member Units (6) —  —  100  1,000  —  —  1,000 
Warrants (6) —  840  —  3,220  840  —  4,060 
CBT Nuggets, LLC Member Units (9) —  4,540  2,308  46,080  4,540  —  50,620 
Centre Technologies Holdings, LLC 12.00% L+ 10.00% Secured Debt (8) —  (507) 1,266  11,549  33  2,718  8,864 
Preferred Member Units (8) —  (320) 120  6,160  —  320  5,840 
Chamberlin Holding LLC 9.00% L+ 8.00% Secured Debt (8) —  1,544  15,212  4,001  1,396  17,817 
Member Units (8) —  (3,660) 3,922  29,340  270  3,930  25,680 
Charps, LLC 10.00% Unsecured Debt (5) —  260  1,007  8,475  559  3,340  5,694 
15.00% Secured Debt (5) —  —  669  —  669  — 
Preferred Member Units (5) —  1,907  4,839  10,520  3,470  —  13,990 
Colonial Electric Company LLC 12.00% Secured Debt (6) —  —  2,705  —  24,981  630  24,351 
Preferred Member Units (6) —  1,450  1,480  —  9,130  —  9,130 
Copper Trail Energy Fund I, LP - CTMH LP Interests (CTMH, LP) (9) —  —  —  747  —  37  710 
Digital Products Holdings LLC 11.00% L+ 10.00% Secured Debt (5) —  —  1,978  18,077  44  1,320  16,801 
Preferred Member Units (5) —  —  200  9,835  —  —  9,835 
Garreco, LLC 9.00% L+ 8.00% Secured Debt (8) —  —  405  4,519  —  323  4,196 
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,
2020
Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2021
Fair Value
Member Units (8) —  860  300  1,410  860  —  2,270 
Gulf Manufacturing, LLC Member Units (8) —  1,130  2,109  4,510  1,130  —  5,640 
Gulf Publishing Holdings, LLC 10.50% L+ 9.50% Secured Debt (8) —  —  21  250  14  257 
12.50% 6.25% Secured Debt (8) —  (2,757) 1,282  12,044  849  3,176  9,717 
Harrison Hydra-Gen, Ltd. Common Stock (8) —  (1,920) —  5,450  —  1,920  3,530 
J&J Services, Inc. 11.50% Secured Debt (7) —  (103) 1,264  12,800  103  12,903  — 
Preferred Stock (7) 10,952  (5,595) —  12,680  —  12,680  — 
Johnson Downie Opco, LLC 13.00% L+ 11.50% Secured Debt (8) —  —  208  —  11,344  —  11,344 
Preferred Equity (8) —  —  —  —  3,150  —  3,150 
KBK Industries, LLC Member Units (5) —  420  992  13,200  420  —  13,620 
MS Private Loan Fund 5.00% Unsecured Debt (8) —  —  1,402  —  66,726  3,575  63,151 
LP Interests (8) —  81  —  —  2,581  —  2,581 
MSC Income Fund Inc. 5.00% Unsecured Debt (8) —  —  2,179  —  60,000  60,000  — 
NAPCO Precast, LLC Member Units (8) —  (2,540) 1,553  16,100  —  2,540  13,560 
Nebraska Vet AcquireCo, LLC (NVS) 12.00% Secured Debt (5) —  —  1,466  10,395  4,846  —  15,241 
Preferred Member Units (5) —  713  —  6,500  1,200  —  7,700 
NexRev LLC 11.00% Secured Debt (8) —  (1,839) 1,883  16,727  38  2,720  14,045 
Preferred Member Units (8) —  1,220  80  1,470  1,220  —  2,690 
NRI Clinical Research, LLC 9.00% Secured Debt (9) —  (48) 380  5,620  48  5,668  — 
Member Units (9) 8,787  (4,835) 2,805  5,600  (749) 4,851  — 
Warrants (9) —  (1,238) —  1,490  —  1,490  — 
NRP Jones, LLC 12.00% Secured Debt (5) —  —  253  2,080  —  —  2,080 
Member Units (5) —  3,619  (45) 2,821  3,619  —  6,440 
NuStep, LLC 11.00% Secured Debt (5) —  1,991  17,193  47  —  17,240 
7.50% L+ 6.50% Secured Debt (5) —  —  58  —  2,120  400  1,720 
Preferred Member Units (5) —  2,720  —  10,780  2,720  —  13,500 
Orttech Holdings, LLC 12.00% L+ 11.00% Secured Debt (5) —  —  1,522  —  24,151  —  24,151 
Preferred Stock (5) —  —  130  —  12,600  2,600  10,000 
Pearl Meyer Topco LLC 12.00% Secured Debt (6) —  236  4,259  37,201  311  4,838  32,674 
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,
2020
Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2021
Fair Value
Member Units (6) —  11,030  3,599  15,940  11,030  —  26,970 
Pegasus Research Group, LLC Member Units (8) —  (1,550) —  8,830  —  1,550  7,280 
River Aggregates, LLC Member Units (8) —  40  125  3,240  40  —  3,280 
Tedder Industries, LLC 12.00% Secured Debt (9) —  —  2,009  16,301  2,280  2,400  16,181 
Preferred Member Units (9) —  —  —  8,136  443  —  8,579 
UnionRock Energy Fund II, LP LP Interests (9) —  2,295  273  2,894  3,669  440  6,123 
Vision Interests, Inc. 13.00% Secured Debt (9) —  —  244  2,028  —  2,028  — 
Series A Preferred Stock (9) —  (160) —  3,160  —  160  3,000 
VVS Holdco LLC 11.50% Secured Debt (5) —  —  913  —  30,100  —  30,100 
7.00% L+ 6.00% Secured Debt (5) —  —  —  1,169  —  1,169 
Preferred Equity (5) —  —  —  —  11,840  —  11,840 
Other —  —  —  —  —  —  — 
Amounts related to investments transferred to or from other 1940 Act classification during the period —  —  —  —  —  —  — 
Total Control investments $ 6,494  $ 99,420  $ 122,277  $ 1,113,725  $ 592,022  $ 216,490  $ 1,489,257 
Affiliate Investments
AAC Holdings, Inc. 18.00% 8.00% Secured Debt (7) —  (217) 1,817  9,187  1,095  488  9,794 
Common Stock (7) $ —  $ (1,069) $ —  $ 3,148  $ —  $ 1,069  $ 2,079 
Warrants (7) —  (998) —  2,938  —  998  1,940 
AFG Capital Group, LLC 10.00% Secured Debt (8) —  —  31  491  —  347  144 
Preferred Member Units (8) —  1,930  200  5,810  1,930  —  7,740 
ATX Networks Corp. 10.00% 10.00% Unsecured Debt (6) —  —  —  —  1,963  —  1,963 
8.50% L+ 7.50% Secured Debt (6) —  —  168  —  7,092  —  7,092 
8.75% L+ 6.25% 1.50% Secured Debt (6) (4,528) 1,133  —  12,263  1,521  13,784  — 
BBB Tank Services, LLC 12.00% L+ 11.00% Unsecured Debt (8) —  (2,242) 612  4,722  27  2,242  2,507 
Member Units (8) —  (280) —  280  —  280  — 
Preferred Stock (non-voting) (8) —  (162) 11  151  11  162  — 
Boccella Precast Products LLC 10.00% Secured Debt (6) —  —  —  320  —  320 
Member Units (6) —  (1,210) 398  6,040  —  1,210  4,830 
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,
2020
Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2021
Fair Value
Brightwood Capital Fund Investments - Fund V LP Interests (Brightwood Capital Fund V, LP) (6) —  —  —  —  1,000  —  1,000 
Buca C, LLC 10.25% L+ 9.25% Secured Debt (7) —  (373) 1,782  14,256  487  373  14,370 
CAI Software LLC 12.50% Secured Debt (6) —  (340) 7,570  47,474  23,940  71,414  — 
Member Units (6) 10,252  (5,095) 2,380  7,190  —  7,190  — 
Career Team Holdings, LLC 12.50% Secured Debt (6) —  —  513  —  20,050  —  20,050 
Class A Common Units (6) —  —  —  —  4,500  —  4,500 
Chandler Signs Holdings, LLC Class A Units (8) —  (1,000) —  1,460  —  1,000  460 
Charlotte Russe, Inc Common Stock (9) (3,141) 3,141  —  —  3,141  3,141  — 
Classic H&G Holdings, LLC 7.00% L+ 6.00% Secured Debt (6) —  —  83  —  4,000  —  4,000 
8.00% Secured Debt (6) —  (82) 2,210  24,800  82  5,608  19,274 
Preferred Member Units (6) —  5,750  1,070  9,510  5,750  —  15,260 
Congruent Credit Opportunities Funds LP Interests (Congruent Credit Opportunities Fund III, LP) (8) —  (96) 776  11,540  —  1,581  9,959 
LP Interests (Congruent Credit Opportunities Fund II, LP) (8) (4,449) 4,355  —  94  4,355  4,449  — 
Copper Trail Energy Fund I, LP LP Interests (Copper Trail Energy Fund I, LP) (9) (203) 379  378  1,782  379  2,161  — 
DMA Industries, LLC 12.00% Secured Debt (7) —  —  521  —  20,993  —  20,993 
Preferred Equity (7) —  —  —  —  5,944  —  5,944 
Dos Rios Partners LP Interests (Dos Rios Partners - A, LP) (8) 715  1,560  —  1,720  1,560  —  3,280 
LP Interests (Dos Rios Partners, LP) (8) 2,252  4,912  —  5,417  4,912  —  10,329 
Dos Rios Stone Products LLC Class A Preferred Units (8) —  (610) —  1,250  —  610  640 
East Teak Fine Hardwoods, Inc. Common Stock (7) (80) 180  100  300  180  480  — 
EIG Fund Investments LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) 166  53  526  200  179  547 
Flame King Holdings, LLC 12.00% L+ 11.00% Secured Debt (9) —  —  884  —  20,996  —  20,996 
7.50% L+ 6.50% Secured Debt (9) —  —  77  —  6,324  —  6,324 
Preferred Equity (9) —  —  —  —  10,400  —  10,400 
Freeport Financial SBIC Fund LP LP Interests (Freeport Financial SBIC Fund LP) (5) —  814  —  5,264  814  —  6,078 
LP Interests (Freeport First Lien Loan Fund III LP) (5) —  66  751  10,321  66  3,156  7,231 
GFG Group, LLC. 12.00% Secured Debt (5) —  110  1,601  —  15,745  3,200  12,545 
Preferred Member Units (5) —  2,090  629  —  6,990  —  6,990 
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,
2020
Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2021
Fair Value
Hawk Ridge Systems, LLC 7.00% L+ 6.00% Secured Debt (9) —  —  70  —  2,585  —  2,585 
8.00% Secured Debt (9) —  94  2,023  18,400  16,400  —  34,800 
Preferred Member Units (9) —  7,000  1,914  8,450  7,000  —  15,450 
Houston Plating and Coatings, LLC 8.00% Unsecured Convertible Debt (8) —  60  243  2,900  60  —  2,960 
Member Units (8) —  (1,870) 261  5,080  —  1,870  3,210 
HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (8) —  1,332  177  3,258  1,706  252  4,712 
I-45 SLF LLC
Member Units (Fully diluted 20.0%; 24.40% profits interest)
(8) —  (202) 1,861  15,789  800  2,202  14,387 
Iron-Main Investments, LLC 12.50% Secured Debt (5) —  —  201  —  3,170  —  3,170 
12.50% 12.50% Secured Debt (5) —  —  408  —  9,088  144  8,944 
12.50% Secured Debt (5) —  —  731  —  19,805  —  19,805 
13.00% Secured Debt (5) —  —  346  —  4,557  —  4,557 
Common Stock (5) —  —  —  —  1,798  —  1,798 
L.F. Manufacturing Holdings, LLC Member Units (8) —  510  —  2,050  510  —  2,560 
Preferred Member Units (non-voting) (8) —  —  14  93  14  —  107 
Meisler Operating LLC Common Stock (5) 17,048  (7,413) —  16,010  (550) 15,460  — 
OnAsset Intelligence, Inc. 10.00% 10.00% Unsecured Debt (8) —  —  11  64  139  11  192 
12.00% 12.00% Secured Debt (8) —  —  930  7,299  930  —  8,229 
Common Stock (8) —  (830) —  —  830  830  — 
Warrants (8) —  830  —  —  830  830  — 
Oneliance, LLC 12.00% L+ 11.00% Secured Debt (7) —  —  335  —  5,547  —  5,547 
Preferred Stock (7) —  —  —  —  1,056  —  1,056 
PCI Holding Company, Inc. Preferred Stock (9) —  (203) 2,852  4,130  —  4,130  — 
SI East, LLC (Stavig) 10.25% Secured Debt (7) —  (90) 4,032  32,962  36,765  3,877  65,850 
Preferred Member Units (7) —  6,572  2,340  9,780  6,572  4,782  11,570 
Slick Innovations, LLC 13.00% Secured Debt (6) —  (42) 731  5,720  42  442  5,320 
Common Stock (6) —  180  —  1,330  180  —  1,510 
Warrants (6) —  40  —  360  40  —  400 
Sonic Systems International, LLC 8.50% L+ 7.50% Secured Debt (8) —  —  394  —  11,757  —  11,757 
Common Stock (8) —  —  37  —  1,070  —  1,070 
Superior Rigging & Erecting Co. 12.00% Secured Debt (7) —  —  2,650  21,298  34  —  21,332 
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,
2020
Fair Value
Gross
Additions(3)
Gross
Reductions(4)
December 31,
2021
Fair Value
Preferred Member Units (7) —  —  —  4,500  —  —  4,500 
The Affiliati Network, LLC 11.83% Secured Debt (9) —  —  842  —  13,873  1,039  12,834 
7.00% Secured Debt (9) —  —  —  1,462  1,200  262 
Preferred Stock (9) —  —  270  —  6,400  —  6,400 
UniTek Global Services, Inc. 15.00% 15.00% Secured Convertible Debt (6) —  1,178  151  —  2,461  86  2,375 
8.50% L+ 5.50% 2.00% Secured Debt (6) —  115  236  2,425  259  462  2,222 
Preferred Stock (6) —  807  315  3,208  1,439  316  4,331 
Volusion, LLC 11.50% Secured Debt (8) —  991  2,248  19,243  991  2,800  17,434 
8.00% Unsecured Convertible Debt (8) —  118  33  291  118  —  409 
Preferred Member Units (8) —  —  —  5,990  —  —  5,990 
Other —  —  —  —  —  —  — 
Amounts related to investments transferred to or from other 1940 Act classification during the period (694) —  (11) (12,263) —  —  — 
Total Affiliate investments $ 17,181  $ 21,989  $ 51,278  $ 366,301  $ 336,505  $ 165,855  $ 549,214 
______________________
(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 from investments transferred from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2021 for control investments located in this region was $297,953. This represented 25.9% of net assets as of December 31, 2021. The fair value as of December 31, 2021 for affiliate investments located in this region was $41,535. This represented 13.9% of net assets as of December 31, 2021.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of December 31, 2021 for control investments located in this region was $117,017. This represented 10.8% of net assets as of December 31, 2021. The fair value as of December 31, 2021 for affiliate investments located in this region was $144,241. This represented 21.7% of net assets as of December 31, 2021.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of December 31, 2021 for control investments located in this region was $44,538. This represented 1.2% of net assets as of December 31, 2021. The fair value as of December 31, 2021 for affiliate investments located in this region was $134,602. This represented 40.5% of net assets as of December 31, 2021.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2021 for control investments located in this region was $573,437. This represented 44.4% of net assets as of December 31, 2021. The fair value as of December 31, 2021 for affiliate investments located in this region was $109,522. This represented 20.5% of net assets as of December 31, 2021.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of December 31, 2021 for control investments located in this region was $303,273. This represented 37.3% of net assets as of December 31, 2021. The fair value as of December 31, 2021 for affiliate investments located in this region was $55,239. This represented 17.3% of net assets as of December 31, 2021.
(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, 2021 (see Note K — 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.