Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS - Secured Borrowing Narrative (Details)

v3.22.4
BORROWINGS - Secured Borrowing Narrative (Details) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended
Dec. 31, 2022
Aug. 31, 2022
Jul. 31, 2022
Jun. 30, 2022
May 31, 2014
Dec. 31, 2022
Dec. 31, 2021
Mar. 31, 2022
Aug. 31, 2012
Debt Instrument [Line Items]                  
Cost $ 722,380         $ 722,380   $ 669,248 [1]  
Purchase of investments           133,506 $ 84,550    
Secured borrowing 0         0   5,096  
Secured Second Lien Debt                  
Debt Instrument [Line Items]                  
Cost 84,158         84,158   81,147  
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants                  
Debt Instrument [Line Items]                  
Cost [2],[3],[4]               0  
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit                  
Debt Instrument [Line Items]                  
Cost 2,800 [5],[6]         2,800 [5],[6]   2,800 [3],[4],[7]  
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost [2],[3],[4]               4,722  
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost [3],[4],[7]               14,000  
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Common Stock Warrants                  
Debt Instrument [Line Items]                  
Cost [5],[6],[8],[9] 0         0      
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Term Debt 2                  
Debt Instrument [Line Items]                  
Cost [5],[6] 14,000         14,000      
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock                  
Debt Instrument [Line Items]                  
Cost [5],[6],[9] 4,722         4,722      
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost [2],[3]               4,900  
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost [3]               48,000  
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 6,653 [5],[9]         6,653 [5],[9]   6,653 [2],[3]  
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1                  
Debt Instrument [Line Items]                  
Cost 17,700 [5]         17,700 [5]   17,700 [3]  
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2                  
Debt Instrument [Line Items]                  
Cost 6,850 [5]         6,850 [5]   6,850 [3]  
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 6,995 [5],[9]         6,995 [5],[9]   6,995 [2],[3]  
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1                  
Debt Instrument [Line Items]                  
Cost 21,100 [5]         21,100 [5]   21,100 [3]  
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2                  
Debt Instrument [Line Items]                  
Cost 6,400 [5]         6,400 [5]   6,400 [3]  
Investment, Identifier [Axis]: Country Club Enterprises, LLC - Guaranty                  
Debt Instrument [Line Items]                  
Cost [10]               0  
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt                  
Debt Instrument [Line Items]                  
Cost [11]               1,500  
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity                  
Debt Instrument [Line Items]                  
Cost [5],[9] 21,000         21,000      
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt                  
Debt Instrument [Line Items]                  
Cost [5] 38,250         38,250      
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc.                  
Debt Instrument [Line Items]                  
Purchase of investments     $ 39,100 $ 21,000          
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants                  
Debt Instrument [Line Items]                  
Cost 500 [5],[9]         500 [5],[9]   500 [2],[3]  
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt                  
Debt Instrument [Line Items]                  
Cost 13,000 [12]         13,000 [12]   12,987 [11]  
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 8,199 [5],[6],[9]         8,199 [5],[6],[9]   8,199 [2],[3],[4],[7]  
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost [4],[11]               9,210  
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt                  
Debt Instrument [Line Items]                  
Cost [5],[6],[13] 9,210         9,210      
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 8,560 [5],[9]         8,560 [5],[9]   8,560 [2],[3]  
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost 20,000 [5]         20,000 [5]   20,000 [3]  
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units                  
Debt Instrument [Line Items]                  
Cost 21 [6],[9],[14]         21 [6],[9],[14]   30 [2],[4],[15],[16]  
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock                  
Debt Instrument [Line Items]                  
Cost 11,513 [5],[9]         11,513 [5],[9]   11,513 [2],[3]  
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1                  
Debt Instrument [Line Items]                  
Cost 6,900 [5]         6,900 [5]   6,500 [3]  
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2                  
Debt Instrument [Line Items]                  
Cost 18,796 [5]         18,796 [5]   18,796 [3]  
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc.                  
Debt Instrument [Line Items]                  
Cost                 $ 5,000
Purchase of investments   $ 4,000              
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | Secured Second Lien Debt                  
Debt Instrument [Line Items]                  
Cost   $ 13,300           13,300 [4],[17]  
Purchase of investments         $ 100        
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock                  
Debt Instrument [Line Items]                  
Cost 8 [5],[9]         8 [5],[9]   8 [2],[3]  
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 9,583 [5],[9]         9,583 [5],[9]   9,583 [2],[3]  
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost [5] 12,200         12,200      
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock(                  
Debt Instrument [Line Items]                  
Cost [5],[9] 620         620      
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 0 [5],[9]         0 [5],[9]   10,080 [2],[3]  
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost 57,700 [5]         57,700 [5]   27,700 [3]  
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 6,749 [5],[9]         6,749 [5],[9]   6,749 [2],[3],[7]  
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost 22,000 [5]         22,000 [5]   22,000 [3],[7]  
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty                  
Debt Instrument [Line Items]                  
Cost [7],[10]               0  
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1                  
Debt Instrument [Line Items]                  
Cost 16,500 [5],[13]         16,500 [5],[13]   16,500 [3],[7],[18]  
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2                  
Debt Instrument [Line Items]                  
Cost [3],[7],[18]               26,000  
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3                  
Debt Instrument [Line Items]                  
Cost [3],[7],[18]               2,438  
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit                  
Debt Instrument [Line Items]                  
Cost [5],[13] 5,000         5,000      
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2                  
Debt Instrument [Line Items]                  
Cost [5],[13] 26,000         26,000      
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3                  
Debt Instrument [Line Items]                  
Cost [5],[13] 2,438         2,438      
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 10,920 [5],[9]         10,920 [5],[9]   10,920 [2],[3],[7]  
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 11,206 [5],[9]         11,206 [5],[9]   11,206 [2],[3]  
Investment, Identifier [Axis]: Mason West, LLC – Term Debt                  
Debt Instrument [Line Items]                  
Cost 25,250 [5]         25,250 [5]   25,250 [3]  
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit                  
Debt Instrument [Line Items]                  
Cost 2,000 [5]         2,000 [5]   0 [3]  
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 6,600 [5],[9]         6,600 [5],[9]   6,600 [2],[3]  
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost 42,450 [5]         42,450 [5]   27,700 [3]  
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock                  
Debt Instrument [Line Items]                  
Cost 1,219 [5],[9]         1,219 [5],[9]   1,219 [2],[3]  
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 0 [5],[9]         0 [5],[9]   0 [2],[3],[7]  
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan                  
Debt Instrument [Line Items]                  
Cost 40,500 [5]         40,500 [5]   25,000 [3],[7]  
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost [2],[3],[7]               19,730  
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock(                  
Debt Instrument [Line Items]                  
Cost [5],[9] 19,730         19,730      
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost 26,618 [5]         26,618 [5]   26,618 [3]  
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit                  
Debt Instrument [Line Items]                  
Cost [12] 2,550         2,550      
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit,                  
Debt Instrument [Line Items]                  
Cost [11]               2,000  
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock                  
Debt Instrument [Line Items]                  
Cost 1,830 [5],[9]         1,830 [5],[9]   1,452 [2],[3]  
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost 3,200 [12]         3,200 [12]   3,200 [11]  
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock                  
Debt Instrument [Line Items]                  
Cost 222 [5],[9]         222 [5],[9]   222 [2],[3],[16]  
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 4,643 [5],[9]         4,643 [5],[9]   4,643 [2],[3]  
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1                  
Debt Instrument [Line Items]                  
Cost 3,128 [5]         3,128 [5]   3,128 [11],[18]  
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2                  
Debt Instrument [Line Items]                  
Cost 12,516 [5]         12,516 [5]   11,736 [11],[18]  
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 4,000 [5],[9]         4,000 [5],[9]   4,000 [2],[3]  
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt                  
Debt Instrument [Line Items]                  
Cost 27,981 [5]         27,981 [5]   27,981 [3]  
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 6,640 [5],[9]         6,640 [5],[9]   6,640 [2],[3],[7]  
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt                  
Debt Instrument [Line Items]                  
Cost [3],[7]               28,560  
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt                  
Debt Instrument [Line Items]                  
Cost [5] 28,560         28,560      
Investment, Identifier [Axis]: The Mountain Corporation | Secured Second Lien Debt                  
Debt Instrument [Line Items]                  
Cost 13,200         13,200      
Purchase of investments 3,200                
Investment, Identifier [Axis]: The Mountain Corporation 1                  
Debt Instrument [Line Items]                  
Cost [3],[7],[18]               3,400  
Investment, Identifier [Axis]: The Mountain Corporation 2                  
Debt Instrument [Line Items]                  
Cost [3],[7],[18]               800  
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock                  
Debt Instrument [Line Items]                  
Cost 1 [5],[9]         1 [5],[9]   1 [2],[3]  
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt                  
Debt Instrument [Line Items]                  
Cost [3],[7],[18]               1,500  
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1                  
Debt Instrument [Line Items]                  
Cost [5],[13] 3,400         3,400      
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2                  
Debt Instrument [Line Items]                  
Cost [5],[13] 900         900      
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock                  
Debt Instrument [Line Items]                  
Cost [2],[3]               6,899  
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock(                  
Debt Instrument [Line Items]                  
Cost [5],[9] 6,899         6,899      
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt                  
Debt Instrument [Line Items]                  
Cost [3],[7],[18]               11,700  
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt                  
Debt Instrument [Line Items]                  
Cost [5],[13] 3,200         3,200      
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock                  
Debt Instrument [Line Items]                  
Cost 6,000 [5],[9]         6,000 [5],[9]   6,000 [2],[3],[7]  
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2                  
Debt Instrument [Line Items]                  
Cost [3],[7]               18,250  
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1                  
Debt Instrument [Line Items]                  
Cost [3],[7]               $ 0  
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2                  
Debt Instrument [Line Items]                  
Cost [5] $ 18,250         $ 18,250      
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.
[2] .
[3] Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
[4] One of our affiliated funds, Gladstone Capital Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.
[5] Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
[6] One of our affiliated funds, Gladstone Capital Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.
[7] Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.
[8] Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.
[9] non-income producing.
[10] Refer to Note 10—Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty.
[11] Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
[12] Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
[13] Debt security is on non-accrual status.
[14] Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
[15] Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
[16] Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.
[17] $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022.
[18] Debt security is on non-accrual status.