Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | TCW DIRECT LENDING LLC | |
Entity Central Index Key | 0001603480 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 18,034,649 | |
Entity File Number | 814-01069 | |
Entity Tax Identification Number | 46-5327366 | |
Entity Address, Address Line One | 200 Clarendon Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02116 | |
City Area Code | 617 | |
Local Phone Number | 936-2275 | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | ||||
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.24% Net Assets 1.6% | ||||||
% of Net Assets | 0.60% | |||||
Shares | 2,308,824 | |||||
Amortized Cost | $ 2,308,824 | |||||
Fair Value | $ 2,308,824 | |||||
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.30% Net Assets 0.6% | ||||||
% of Net Assets | 0.60% | |||||
Shares | 2,372,278 | |||||
Amortized Cost | $ 2,372,278 | |||||
Fair Value | $ 2,372,278 | |||||
Investment, Identifier [Axis]: Cash Equivalents Net Assets 0.6% | ||||||
% of Net Assets | 0.60% | |||||
Amortized Cost | $ 2,372,278 | |||||
Fair Value | $ 2,372,278 | |||||
Investment, Identifier [Axis]: Cash Equivalents Net Assets 1.6% | ||||||
% of Net Assets | 0.60% | |||||
Amortized Cost | $ 2,308,824 | |||||
Fair Value | $ 2,308,824 | |||||
Investment, Identifier [Axis]: Debt Investments and Equity Investments- United States Net Assets 120.5% | ||||||
% of Net Assets | [1] | 120.50% | ||||
Amortized Cost | [1] | $ 466,791,590 | ||||
Fair Value | [1] | $ 442,194,609 | ||||
Investment, Identifier [Axis]: Debt Investments and Equity Investments- United States Net Assets 121.0% | ||||||
% of Net Assets | [2] | 121% | ||||
Amortized Cost | [2] | $ 475,334,569 | ||||
Fair Value | [2] | $ 438,708,243 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Distributors Animal Supply Company, LLC Date 08/14/20 Term Loan - 14.15% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK) Net Assets 5.2% Maturity 08/14/25 | ||||||
Acquisition Date | [3],[4],[5] | Aug. 14, 2020 | ||||
Investment interest rate | [3],[4],[5] | 14.15% | ||||
Investment interest, basis spread variable rate | [3],[4],[5] | 8.50% | ||||
Investment interest, floor | [3],[4],[5] | 1% | ||||
% of Net Assets | [3],[4],[5] | 5.20% | ||||
Par Amount | [3],[4],[5] | $ 28,354,729 | ||||
Maturity Date | [3],[4],[5] | Aug. 14, 2025 | ||||
Amortized Cost | [3],[4],[5] | $ 27,414,761 | ||||
Fair Value | [3],[4],[5] | $ 19,054,378 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Distributors Animal Supply Company, LLC Date 08/14/20 Term Loan – 14.10% inc PIK (SOFR + 8.50%, 1.00% Floor, all PIK) Net Assets 4.9% Maturity 08/14/25 | ||||||
Acquisition Date | [6],[7],[8] | Aug. 14, 2020 | ||||
Investment interest rate | [6],[7],[8] | 14.10% | ||||
Investment interest, basis spread variable rate | [6],[7],[8] | 8.50% | ||||
Investment interest, floor | [6],[7],[8] | 1% | ||||
% of Net Assets | [6],[7],[8] | 4.90% | ||||
Par Amount | [6],[7],[8] | $ 29,368,590 | ||||
Maturity Date | [6],[7],[8] | Aug. 14, 2025 | ||||
Amortized Cost | [6],[7],[8] | $ 27,625,723 | ||||
Fair Value | [6],[7],[8] | $ 17,797,366 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Distributors Net Assets 4.9% | ||||||
% of Net Assets | [7] | 4.90% | ||||
Amortized Cost | [7] | $ 30,442,028 | ||||
Fair Value | [7] | $ 17,797,366 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Distributors Net Assets 5.2% | ||||||
% of Net Assets | [4] | 5.20% | ||||
Amortized Cost | [4] | $ 30,231,066 | ||||
Fair Value | [4] | $ 19,054,378 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Distributors Retail & Animal Intermediate, LLC Date 07/29/22 Delayed Draw Priming Term Loan - 20.00% inc PIK (20.00%, Fixed Coupon, all PIK) Net Assets 0.0% Maturity 11/14/25 | ||||||
Acquisition Date | [3],[4],[5] | Jul. 29, 2022 | ||||
Investment interest rate | [3],[4],[5] | 20% | ||||
% of Net Assets | [3],[4],[5] | 0% | ||||
Par Amount | [3],[4],[5] | $ 2,816,305 | ||||
Maturity Date | [3],[4],[5] | Nov. 14, 2025 | ||||
Amortized Cost | [3],[4],[5] | $ 2,816,305 | ||||
Fair Value | [3],[4],[5] | $ 0 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Distributors Retail & Animal Intermediate, LLC Date 07/29/22 Delayed Draw Printing Term Loan - 20.00% inc PIK (20.00%, Fixed Coupon, all PIK) Net Assets 0.0% Maturity 11/14/25 | ||||||
Acquisition Date | [6],[7] | Jul. 29, 2022 | ||||
Investment interest rate | [6],[7] | 20% | ||||
% of Net Assets | [6],[7] | 0% | ||||
Par Amount | [6],[7] | $ 2,961,093 | ||||
Maturity Date | [6],[7] | Nov. 14, 2025 | ||||
Amortized Cost | [6],[7] | $ 2,816,305 | ||||
Fair Value | [6],[7] | $ 0 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services Net Assets 2.4% | ||||||
% of Net Assets | 2.40% | [7] | 2.40% | [4] | ||
Amortized Cost | $ 8,606,060 | [7] | $ 8,788,376 | [4] | ||
Fair Value | $ 8,622,686 | [7] | $ 8,808,264 | [4] | ||
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Date 09/15/20 Term Loan – 13.44% (SOFR + 8.00%, 1.25% Floor) Net Assets 2.4% Maturity 12/29/26 | ||||||
Acquisition Date | [7],[9] | Sep. 15, 2020 | ||||
Investment interest rate | [7],[9] | 13.44% | ||||
Investment interest, basis spread variable rate | [7],[9] | 8% | ||||
Investment interest, floor | [7],[9] | 1.25% | ||||
% of Net Assets | [7],[9] | 2.40% | ||||
Par Amount | [7],[9] | $ 8,622,686 | ||||
Maturity Date | [7],[9] | Dec. 29, 2026 | ||||
Amortized Cost | [7],[9] | $ 8,606,060 | ||||
Fair Value | [7],[9] | $ 8,622,686 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc.) Date 09/15/20 Term Loan - 13.46% (SOFR + 8.00%, 1.25% Floor) Net Assets 2.4% Maturity 12/29/26 | ||||||
Acquisition Date | [4],[10] | Sep. 15, 2020 | ||||
Investment interest rate | [4],[10] | 13.46% | ||||
Investment interest, basis spread variable rate | [4],[10] | 8% | ||||
Investment interest, floor | [4],[10] | 1.25% | ||||
% of Net Assets | [4],[10] | 2.40% | ||||
Par Amount | [4],[10] | $ 8,808,264 | ||||
Maturity Date | [4],[10] | Dec. 29, 2026 | ||||
Amortized Cost | [4],[10] | $ 8,788,376 | ||||
Fair Value | [4],[10] | $ 8,808,264 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Net Assets 2.6% | ||||||
% of Net Assets | [4] | 2.60% | ||||
Amortized Cost | [4] | $ 8,447,138 | ||||
Fair Value | [4] | $ 9,636,512 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Net Assets 2.7% | ||||||
% of Net Assets | [7] | 2.70% | ||||
Amortized Cost | [7] | $ 8,645,863 | ||||
Fair Value | [7] | $ 9,726,327 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan - 21.46% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 0.8% Maturity 02/24/25 | ||||||
Acquisition Date | [3],[4],[5] | Feb. 01, 2023 | ||||
Investment interest rate | [3],[4],[5] | 21.46% | ||||
Investment interest, basis spread variable rate | [3],[4],[5] | 16% | ||||
Investment interest, floor | [3],[4],[5] | 1.25% | ||||
% of Net Assets | [3],[4],[5] | 0.80% | ||||
Par Amount | [3],[4],[5] | $ 1,750,883 | ||||
Maturity Date | [3],[4],[5] | Feb. 24, 2025 | ||||
Amortized Cost | [3],[4],[5] | $ 1,750,883 | ||||
Fair Value | [3],[4],[5] | $ 2,940,257 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/01/23 Incremental Term Loan – 21.44% inc PIK (SOFR + 16.00%, 1.25% Floor, all PIK) Net Assets 0.8% Maturity 02/24/25 | ||||||
Acquisition Date | [7],[9] | Feb. 01, 2023 | ||||
Investment interest rate | [7],[9] | 21.44% | ||||
Investment interest, basis spread variable rate | [7],[9] | 16% | ||||
Investment interest, floor | [7],[9] | 1.25% | ||||
% of Net Assets | [7],[9] | 0.80% | ||||
Par Amount | [7],[9] | $ 1,847,537 | ||||
Maturity Date | [7],[9] | Feb. 24, 2025 | ||||
Amortized Cost | [7],[9] | $ 1,847,537 | ||||
Fair Value | [7],[9] | $ 2,928,001 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan - 17.46% inc PIK (SOFR + 12.00%, 1.25% Floor, 6.00% PIK) Net Assets 1.8% Maturity 02/24/25 | ||||||
Acquisition Date | [4],[10] | Feb. 24, 2021 | ||||
Investment interest rate | [4],[10] | 17.46% | ||||
Investment interest, basis spread variable rate | [4],[10] | 12% | ||||
Investment interest, floor | [4],[10] | 1.25% | ||||
Investment interest, PIK | [4],[10] | 6% | ||||
% of Net Assets | [4],[10] | 1.80% | ||||
Par Amount | [4],[10] | $ 6,696,255 | ||||
Maturity Date | [4],[10] | Feb. 24, 2025 | ||||
Amortized Cost | [4],[10] | $ 6,696,255 | ||||
Fair Value | [4],[10] | $ 6,696,255 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Hotels, Restaurants & Leisure Ruby Tuesday Operations LLC Date 02/24/21 Term Loan – 17.34% inc PIK (SOFR + 12.00%, 1.25% Floor, 6.00% PIK) Net Assets 1.9% Maturity 02/24/25 | ||||||
Acquisition Date | [7],[9] | Feb. 24, 2021 | ||||
Investment interest rate | [7],[9] | 17.34% | ||||
Investment interest, basis spread variable rate | [7],[9] | 12% | ||||
Investment interest, floor | [7],[9] | 1.25% | ||||
Investment interest, PIK | [7],[9] | 6% | ||||
% of Net Assets | [7],[9] | 1.90% | ||||
Par Amount | [7],[9] | $ 6,798,326 | ||||
Maturity Date | [7],[9] | Feb. 24, 2025 | ||||
Amortized Cost | [7],[9] | $ 6,798,326 | ||||
Fair Value | [7],[9] | $ 6,798,326 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 01/30/19 Incremental Term Loan - 15.00% inc PIK (15.00%, Fixed Coupon, all PIK) Net Assets 1.4% Maturity 12/31/26 | ||||||
Acquisition Date | Jan. 30, 2019 | [7],[9] | Jan. 30, 2019 | [4],[10] | ||
Investment interest rate | 15% | [7],[9] | 15% | [4],[10] | ||
% of Net Assets | 1.40% | [7],[9] | 1.40% | [4],[10] | ||
Par Amount | $ 5,213,211 | [7],[9] | $ 5,020,439 | [4],[10] | ||
Maturity Date | Dec. 31, 2026 | [7],[9] | Dec. 31, 2026 | [4],[10] | ||
Amortized Cost | $ 5,213,211 | [7],[9] | $ 5,020,439 | [4],[10] | ||
Fair Value | $ 5,213,211 | [7],[9] | $ 5,020,439 | [4],[10] | ||
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 05/19/15 Term Loan - 13.46% (SOFR + 8.00%, 1.50% Floor) Net Assets 3.8% Maturity 12/31/26 | ||||||
Acquisition Date | [4],[10] | May 19, 2015 | ||||
Investment interest rate | [4],[10] | 13.46% | ||||
Investment interest, basis spread variable rate | [4],[10] | 8% | ||||
Investment interest, floor | [4],[10] | 1.50% | ||||
% of Net Assets | [4],[10] | 3.80% | ||||
Par Amount | [4],[10] | $ 14,018,452 | ||||
Maturity Date | [4],[10] | Dec. 31, 2026 | ||||
Amortized Cost | [4],[10] | $ 14,018,421 | ||||
Fair Value | [4],[10] | $ 14,018,452 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Date 05/19/15 Term Loan – 13.43% (SOFR + 8.00%, 1.50% Floor) Net Assets 3.9% Maturity 12/31/26 | ||||||
Acquisition Date | [7],[9] | May 19, 2015 | ||||
Investment interest rate | [7],[9] | 13.43% | ||||
Investment interest, basis spread variable rate | [7],[9] | 8% | ||||
Investment interest, floor | [7],[9] | 1.50% | ||||
% of Net Assets | [7],[9] | 3.90% | ||||
Par Amount | [7],[9] | $ 14,018,452 | ||||
Maturity Date | [7],[9] | Dec. 31, 2026 | ||||
Amortized Cost | [7],[9] | $ 14,018,421 | ||||
Fair Value | [7],[9] | $ 14,018,452 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Net Assets 4.9% | ||||||
% of Net Assets | [4] | 5.20% | ||||
Amortized Cost | [4] | $ 19,038,860 | ||||
Fair Value | [4] | $ 19,038,891 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Household Durables Cedar Electronics Holdings, Corp. Net Assets 5.3% | ||||||
% of Net Assets | [7] | 5.30% | ||||
Amortized Cost | [7] | $ 19,231,632 | ||||
Fair Value | [7] | $ 19,231,663 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates H-D Advanced Manufacturing Company Date 06/30/15 Term Loan - 13.96% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) Net Assets 26.8% Maturity 11/12/25 | ||||||
Acquisition Date | [4] | Jun. 30, 2015 | ||||
Investment interest rate | [4] | 13.96% | ||||
Investment interest, basis spread variable rate | [4] | 8.50% | ||||
Investment interest, floor | [4] | 1.50% | ||||
% of Net Assets | [4] | 26.80% | ||||
Par Amount | [4] | $ 98,278,214 | ||||
Maturity Date | [4] | Nov. 12, 2025 | ||||
Amortized Cost | [4] | $ 98,230,450 | ||||
Fair Value | [4] | $ 98,278,214 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates H-D Advanced Manufacturing Company Date 06/30/15 Term Loan – 13.93% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) Net Assets 28.0% Maturity 11/12/25 | ||||||
Acquisition Date | [7] | Jun. 30, 2015 | ||||
Investment interest rate | [7] | 13.93% | ||||
Investment interest, basis spread variable rate | [7] | 8.50% | ||||
Investment interest, floor | [7] | 1.50% | ||||
% of Net Assets | [7] | 28% | ||||
Par Amount | [7] | $ 101,742,840 | ||||
Maturity Date | [7] | Nov. 12, 2025 | ||||
Amortized Cost | [7] | $ 101,701,459 | ||||
Fair Value | [7] | $ 101,539,355 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates H-D Advanced Manufacturing Company Date 1/27/21 Revolver - 13.92% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) Net Assets 0.7% Maturity 11/12/25 | ||||||
Acquisition Date | [7] | Jan. 27, 2021 | ||||
Investment interest rate | [7] | 13.92% | ||||
Investment interest, basis spread variable rate | [7] | 8.50% | ||||
Investment interest, floor | [7] | 1.50% | ||||
% of Net Assets | [7] | 0.70% | ||||
Par Amount | [7] | $ 2,550,000 | ||||
Amortized Cost | [7] | 2,550,000 | ||||
Fair Value | [7] | $ 2,544,900 | ||||
Maturity Date | [7] | Nov. 12, 2025 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates H-D Advanced Manufacturing Company Net Assets 26.8% | ||||||
% of Net Assets | [4] | 26.80% | ||||
Amortized Cost | [4] | $ 98,230,450 | ||||
Fair Value | [4] | $ 98,278,214 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Industrial Conglomerates Net Assets 28.7% | ||||||
% of Net Assets | [7] | 28.70% | ||||
Amortized Cost | [7] | $ 104,251,459 | ||||
Fair Value | [7] | $ 104,084,255 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Net Assets 21.3% | ||||||
% of Net Assets | [4] | 21.30% | ||||
Amortized Cost | [4] | $ 159,688,516 | ||||
Fair Value | [4] | $ 78,055,829 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Net Assets 22.8% | ||||||
% of Net Assets | [7] | 22.80% | ||||
Amortized Cost | [7] | $ 162,851,253 | ||||
Fair Value | [7] | $ 82,436,058 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 HoldCo Term Loan - 7.53% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK) Net Assets 0.0% Maturity 06/01/40 | ||||||
Acquisition Date | [4],[5],[10] | Jun. 01, 2020 | ||||
Investment interest rate | [4],[5],[10] | 7.53% | ||||
Investment interest, basis spread variable rate | [4],[5],[10] | 2% | ||||
Investment interest, floor | [4],[5],[10] | 1.50% | ||||
% of Net Assets | [4],[5],[10] | 0% | ||||
Par Amount | [4],[5],[10] | $ 95,788,448 | ||||
Maturity Date | [4],[5],[10] | Jun. 01, 2040 | ||||
Amortized Cost | [4],[5],[10] | $ 78,137,869 | ||||
Fair Value | [4],[5],[10] | $ 0 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 HoldCo Term Loan – 7.48% inc PIK (SOFR + 2.00%, 1.50% Floor, all PIK) Net Assets 0.0% Maturity 06/01/40 | ||||||
Acquisition Date | [7],[8],[9] | Jun. 01, 2020 | ||||
Investment interest rate | [7],[8],[9] | 7.48% | ||||
Investment interest, basis spread variable rate | [7],[8],[9] | 2% | ||||
Investment interest, floor | [7],[8],[9] | 1.50% | ||||
% of Net Assets | [7],[8],[9] | 0% | ||||
Par Amount | [7],[8],[9] | $ 97,610,789 | ||||
Maturity Date | [7],[8],[9] | Jun. 01, 2040 | ||||
Amortized Cost | [7],[8],[9] | $ 78,137,869 | ||||
Fair Value | [7],[8],[9] | $ 0 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan - 13.78% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 17.2% Maturity 06/01/25 | ||||||
Acquisition Date | [4],[10] | Jun. 01, 2020 | ||||
Investment interest rate | [4],[10] | 13.78% | ||||
Investment interest, basis spread variable rate | [4],[10] | 8.25% | ||||
Investment interest, floor | [4],[10] | 1.50% | ||||
% of Net Assets | [4],[10] | 17.20% | ||||
Par Amount | [4],[10] | $ 65,816,181 | ||||
Maturity Date | [4],[10] | Jun. 01, 2025 | ||||
Amortized Cost | [4],[10] | $ 65,803,789 | ||||
Fair Value | [4],[10] | $ 62,986,086 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 06/01/20 Term Loan – 13.73% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 18.3% Maturity 06/01/25 | ||||||
Acquisition Date | [7],[9] | Jun. 01, 2020 | ||||
Investment interest rate | [7],[9] | 13.73% | ||||
Investment interest, basis spread variable rate | [7],[9] | 8.25% | ||||
Investment interest, floor | [7],[9] | 1.50% | ||||
% of Net Assets | [7],[9] | 18.30% | ||||
Par Amount | [7],[9] | $ 68,108,115 | ||||
Maturity Date | [7],[9] | Jun. 01, 2025 | ||||
Amortized Cost | [7],[9] | $ 68,097,904 | ||||
Fair Value | [7],[9] | $ 66,269,196 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 13.73% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 4.5% Maturity 06/01/25 | ||||||
Acquisition Date | [7],[9] | Oct. 07, 2022 | ||||
Investment interest rate | [7],[9] | 13.73% | ||||
Investment interest, basis spread variable rate | [7],[9] | 8.25% | ||||
Investment interest, floor | [7],[9] | 1.50% | ||||
% of Net Assets | [7],[9] | 4.50% | ||||
Par Amount | [7],[9] | $ 16,615,480 | ||||
Maturity Date | [7],[9] | Jun. 01, 2025 | ||||
Amortized Cost | [7],[9] | $ 16,615,480 | ||||
Fair Value | [7],[9] | $ 16,166,862 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Metals & Mining Pace Industries, Inc. Date 10/07/22 Revolver - 13.81% inc PIK (SOFR + 8.25%, 1.50% Floor, all PIK) Net Assets 4.1% Maturity 06/01/25 | ||||||
Acquisition Date | [4],[10] | Oct. 07, 2022 | ||||
Investment interest rate | [4],[10] | 13.81% | ||||
Investment interest, basis spread variable rate | [4],[10] | 8.25% | ||||
Investment interest, floor | [4],[10] | 1.50% | ||||
% of Net Assets | [4],[10] | 4.10% | ||||
Par Amount | [4],[10] | $ 15,746,858 | ||||
Maturity Date | [4],[10] | Jun. 01, 2025 | ||||
Amortized Cost | [4],[10] | $ 15,746,858 | ||||
Fair Value | [4],[10] | $ 15,069,743 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Net Assets 75.4% | ||||||
% of Net Assets | [4] | 75.40% | ||||
Amortized Cost | [4] | $ 368,324,509 | ||||
Fair Value | [4] | $ 276,377,090 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Net Assets 78.6% | ||||||
% of Net Assets | [7] | 78.60% | ||||
Amortized Cost | [7] | $ 377,947,488 | ||||
Fair Value | [7] | $ 284,851,259 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Net Assets 11.8% | ||||||
% of Net Assets | [7] | 11.80% | ||||
Amortized Cost | [7] | $ 43,919,193 | ||||
Fair Value | [7] | $ 42,952,904 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Net Assets 11.9% | ||||||
% of Net Assets | [4] | 11.90% | ||||
Amortized Cost | [4] | $ 43,900,103 | ||||
Fair Value | [4] | $ 43,505,002 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 13.86% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 11.8% Maturity 01/31/26 | ||||||
Acquisition Date | [7] | Jul. 01, 2016 | ||||
Investment interest rate | [7] | 13.86% | ||||
Investment interest, basis spread variable rate | [7] | 8.38% | ||||
Investment interest, floor | [7] | 1% | ||||
Investment interest, PIK | [7] | 0.38% | ||||
% of Net Assets | [7] | 11.80% | ||||
Par Amount | [7] | $ 43,919,126 | ||||
Maturity Date | [7] | Jan. 31, 2026 | ||||
Amortized Cost | [7] | $ 43,919,193 | ||||
Fair Value | [7] | $ 42,952,904 | ||||
Investment, Identifier [Axis]: Debt Investments- United States Pharmaceuticals Noramco, LLC Date 07/01/16 Term Loan – 13.92% inc PIK (SOFR + 8.38%, 1.00% Floor, 0.38% PIK) Net Assets 11.9% Maturity 01/31/25 | ||||||
Acquisition Date | [4] | Jul. 01, 2016 | ||||
Investment interest rate | [4] | 13.92% | ||||
Investment interest, basis spread variable rate | [4] | 8.38% | ||||
Investment interest, floor | [4] | 1% | ||||
Investment interest, PIK | [4] | 0.38% | ||||
% of Net Assets | [4] | 11.90% | ||||
Par Amount | [4] | $ 43,900,104 | ||||
Maturity Date | [4] | Jan. 31, 2025 | ||||
Amortized Cost | [4] | $ 43,900,103 | ||||
Fair Value | [4] | $ 43,505,002 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services Net Assets 13.4% | ||||||
% of Net Assets | 13.40% | |||||
Amortized Cost | $ 8,473,161 | |||||
Fair Value | $ 48,901,476 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Class A Preferred Stock Net Assets 4.2% | ||||||
% of Net Assets | [5],[10],[11],[12] | 4.20% | ||||
Shares | [5],[10],[11],[12] | 806,264 | ||||
Amortized Cost | [5],[10],[11],[12] | $ 8,062,637 | ||||
Fair Value | [5],[10],[11],[12] | $ 15,399,637 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Class B Preferred Stock Net Assets 1.3% | ||||||
% of Net Assets | [5],[10],[11],[12] | 1.30% | ||||
Shares | [5],[10],[11],[12] | 359,474 | ||||
Amortized Cost | [5],[10],[11],[12] | $ 356,635 | ||||
Fair Value | [5],[10],[11],[12] | $ 4,888,847 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Common Stock Net Assets 8.7% | ||||||
% of Net Assets | [5],[10],[11],[12] | 8.70% | ||||
Shares | [5],[10],[11],[12] | 80,700 | ||||
Amortized Cost | [5],[10],[11],[12] | $ 53,889 | ||||
Fair Value | [5],[10],[11],[12] | $ 31,928,148 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fka School Specialty, Inc. Net Assets 14.2% | ||||||
% of Net Assets | 14.20% | |||||
Amortized Cost | $ 8,473,161 | |||||
Fair Value | $ 52,216,632 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fks School Specialty, Inc.) Class A Preferred Stock Net Assets 4.2% | ||||||
% of Net Assets | [9],[13],[14] | 4.20% | ||||
Shares | [9],[13],[14] | 806,264 | ||||
Amortized Cost | [9],[13],[14] | $ 8,062,637 | ||||
Fair Value | [9],[13],[14] | $ 15,399,637 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fks School Specialty, Inc.) Class B Preferred Stock Net Assets 1.3% | ||||||
% of Net Assets | [9],[13],[14] | 1.30% | ||||
Shares | [9],[13],[14] | 359,474 | ||||
Amortized Cost | [9],[13],[14] | $ 356,635 | ||||
Fair Value | [9],[13],[14] | $ 4,888,847 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Diversified Consumer Services SSI Parent, LLC (fks School Specialty, Inc.) Common Stock Net Assets 7.9% | ||||||
% of Net Assets | [9],[13],[14] | 7.90% | ||||
Shares | [9],[13],[14] | 80,700 | ||||
Amortized Cost | [9],[13],[14] | $ 53,889 | ||||
Fair Value | [9],[13],[14] | $ 28,612,992 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure Net Assets 6.3% | ||||||
% of Net Assets | 6.30% | |||||
Amortized Cost | $ 5,333,708 | |||||
Fair Value | $ 22,862,051 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class A Units Net Assets 5.3% | ||||||
% of Net Assets | 5.30% | [8],[9],[13] | 5.30% | [5],[10],[11] | ||
Shares | 5,475,885 | [8],[9],[13] | 5,475,885 | [5],[10],[11] | ||
Amortized Cost | $ 5,133,708 | [8],[9],[13] | $ 5,133,708 | [5],[10],[11] | ||
Fair Value | $ 19,186,953 | [8],[9],[13] | $ 19,487,032 | [5],[10],[11] | ||
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-1 Units Net Assets 0.1% | ||||||
% of Net Assets | 0.10% | [8],[9],[13] | 0.10% | [5],[10],[11] | ||
Shares | 105,624 | [8],[9],[13] | 105,624 | [5],[10],[11] | ||
Amortized Cost | $ 133,086 | [8],[9],[13] | $ 133,086 | [5],[10],[11] | ||
Fair Value | $ 370,001 | [8],[9],[13] | $ 376,000 | [5],[10],[11] | ||
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Class P-2 Units Net Assets 0.0% | ||||||
% of Net Assets | [8],[9],[13] | 0% | ||||
Shares | [8],[9],[13] | 53,104 | ||||
Amortized Cost | [8],[9],[13] | $ 66,914 | ||||
Fair Value | [8],[9],[13] | $ 106,999 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Net Assets 6.3% | ||||||
% of Net Assets | 6.30% | |||||
Amortized Cost | $ 5,333,708 | |||||
Fair Value | $ 23,220,960 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 12/21/27 Net Assets 0.9% | ||||||
% of Net Assets | [5],[10],[11] | 0.90% | ||||
Shares | [5],[10],[11] | 912,647 | ||||
Amortized Cost | [5],[10],[11] | $ 0 | ||||
Fair Value | [5],[10],[11] | $ 3,247,928 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 12/21/27 Net Assets 0.9% Shares 912,647 | ||||||
Maturity Date | [5],[10],[11] | Dec. 21, 2027 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure RT Holdings Parent, LLC Warrant, expires 2/24/25 Net Assets 0.9% | ||||||
% of Net Assets | [8],[9],[13] | 0.90% | ||||
Shares | [8],[9],[13] | 912,647 | ||||
Amortized Cost | [8],[9],[13] | $ 0 | ||||
Fair Value | [8],[9],[13] | $ 3,198,098 | ||||
Maturity Date | [8],[9],[13] | Feb. 24, 2025 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Hotels, Restaurants & Leisure SSI Parent, LLC (fka School Specialty, Inc. Class P-2 Units Net Assets 0.0% | ||||||
% of Net Assets | [5],[10],[11] | 0% | ||||
Shares | [5],[10],[11] | 53,104 | ||||
Amortized Cost | [5],[10],[11] | $ 66,914 | ||||
Fair Value | [5],[10],[11] | $ 110,000 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 4.5% | ||||||
% of Net Assets | [8],[9],[13] | 4.50% | ||||
Shares | [8],[9],[13] | 9,297,990 | ||||
Amortized Cost | [8],[9],[13] | $ 9,187,902 | ||||
Fair Value | [8],[9],[13] | $ 16,169,019 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class A Preferred Units Net Assets 5.4% | ||||||
% of Net Assets | [5],[10],[11] | 5.40% | ||||
Shares | [5],[10],[11] | 9,297,990 | ||||
Amortized Cost | [5],[10],[11] | $ 9,187,902 | ||||
Fair Value | [5],[10],[11] | $ 19,981,009 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class D Preferred Units Net Assets 0.0% | ||||||
% of Net Assets | 0% | [8],[9],[13] | 0% | [5],[10],[11] | ||
Shares | 2,900,000 | [8],[9],[13] | 2,900,000 | [5],[10],[11] | ||
Amortized Cost | $ 0 | [8],[9],[13] | $ 0 | [5],[10],[11] | ||
Fair Value | $ 0 | [8],[9],[13] | $ 0 | [5],[10],[11] | ||
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Class E Common Units Net Assets 0.0% | ||||||
% of Net Assets | 0% | [8],[9],[13] | 0% | [5],[10],[11] | ||
Shares | 300,000 | [8],[9],[13] | 300,000 | [5],[10],[11] | ||
Amortized Cost | $ 0 | [8],[9],[13] | $ 0 | [5],[10],[11] | ||
Fair Value | $ 0 | [8],[9],[13] | $ 0 | [5],[10],[11] | ||
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Cedar Ultimate Parent, LLC Net Assets 5.4% | ||||||
% of Net Assets | 5.40% | |||||
Amortized Cost | $ 9,187,902 | |||||
Fair Value | $ 19,981,009 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Household Durables Net Assets 4.5% | ||||||
% of Net Assets | 4.50% | |||||
Amortized Cost | $ 9,187,902 | |||||
Fair Value | $ 16,169,019 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles Net Assets 17.9% | ||||||
% of Net Assets | 17.90% | |||||
Amortized Cost | $ 65,800,000 | |||||
Fair Value | $ 64,864,642 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Common membership Interests Net Assets 0.0% | ||||||
% of Net Assets | 0% | [8],[9],[15] | 0% | [5],[10],[16] | ||
Shares | 800 | [8],[9],[15] | 800 | [5],[10],[16] | ||
Amortized Cost | $ 0 | [8],[9],[15] | $ 0 | [5],[10],[16] | ||
Fair Value | $ 0 | [8],[9],[15] | $ 0 | [5],[10],[16] | ||
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Net Assets 19.0% | ||||||
% of Net Assets | 19% | |||||
Amortized Cost | [10],[16] | $ 66,880,000 | ||||
Fair Value | [10],[16] | $ 69,780,704 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Preferred membership Interests Net Assets 17.9% | ||||||
% of Net Assets | [9],[15] | 17.90% | ||||
Shares | [9],[15] | 65,800 | ||||
Amortized Cost | [9],[15] | $ 65,800,000 | ||||
Fair Value | [9],[15] | $ 64,864,642 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Investment Funds & Vehicles TCW Direct Lending Strategic Ventures Preferred membership Interests Net Assets 19.0% | ||||||
% of Net Assets | [10],[16] | 19% | ||||
Shares | [10],[16] | 66,880 | ||||
Amortized Cost | [10],[16] | $ 66,880,000 | ||||
Fair Value | [10],[16] | $ 69,780,704 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Net Assets 0.0% | ||||||
% of Net Assets | 0% | |||||
Amortized Cost | $ 2,110,522 | |||||
Fair Value | $ 0 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Pace Industries, Inc. Common Stock Net Assets 0.0% | ||||||
% of Net Assets | 0% | [8],[9],[13] | 0% | [5],[10],[11] | ||
Shares | 971,418 | [8],[9],[13] | 971,418 | [5],[10],[11] | ||
Amortized Cost | $ 2,110,522 | [8],[9],[13] | $ 2,110,522 | [5],[10],[11] | ||
Fair Value | $ 0 | [8],[9],[13] | $ 0 | [5],[10],[11] | ||
Investment, Identifier [Axis]: Equity Investments- United States Metals & Mining Pace Industries, Inc. Net Assets 0.0% | ||||||
% of Net Assets | 0% | |||||
Amortized Cost | $ 2,110,522 | |||||
Fair Value | $ 0 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Net Assets 42.4% | ||||||
% of Net Assets | 42.40% | |||||
Amortized Cost | $ 97,387,081 | |||||
Fair Value | $ 153,856,984 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Net Assets 45.1% | ||||||
% of Net Assets | 45.10% | |||||
Amortized Cost | $ 98,467,081 | |||||
Fair Value | $ 165,817,519 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Technologies Hardware, Storage and Peripherals Net Assets 0.3% | ||||||
% of Net Assets | 0.30% | |||||
Amortized Cost | $ 6,481,788 | |||||
Fair Value | $ 1,059,796 | |||||
Investment, Identifier [Axis]: Equity Investments- United States Technologies Hardware, Storage and Peripherals Quantum Corporation Common Stock Net Assets 0.2% | ||||||
% of Net Assets | [5] | 0.20% | ||||
Shares | [5] | 1,766,327 | ||||
Amortized Cost | [5] | $ 6,481,788 | ||||
Fair Value | [5] | $ 618,214 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Technologies Hardware, Storage and Peripherals Quantum Corporation Common Stock Net Assets 0.3% | ||||||
% of Net Assets | [8] | 0.30% | ||||
Shares | [8] | 1,766,327 | ||||
Amortized Cost | [8] | $ 6,481,788 | ||||
Fair Value | [8] | 1,059,796 | ||||
Investment, Identifier [Axis]: Equity Investments- United States Technologies Hardware, Storage and Peripherals Quantum Corporation Net Assets 0.2% | ||||||
% of Net Assets | 0.20% | |||||
Amortized Cost | $ 6,481,788 | |||||
Fair Value | 618,214 | |||||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets (-154.0%) | ||||||
Liabilities in Excess of Other Assets | (567,393,553) | |||||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets(-150.0%) | ||||||
Liabilities in Excess of Other Assets | (544,213,705) | |||||
Investment, Identifier [Axis]: Net Assets 100.0% | ||||||
Net Assets | 362,752,273 | 366,739,455 | ||||
Investment, Identifier [Axis]: Net unrealized depreciation on unfunded commitments (-0.6%) | ||||||
Net unrealized depreciation on unfunded commitments | $ (2,350,027) | |||||
Investment, Identifier [Axis]: Net unrealized depreciation on unfunded commitments (-0.7%) | ||||||
Net unrealized depreciation on unfunded commitments | $ (2,399,435) | |||||
Investment, Identifier [Axis]: Short-term Investments Net Assets 129.1% | ||||||
% of Net Assets | 129.10% | |||||
Amortized Cost | $ 468,298,938 | |||||
Fair Value | $ 468,298,938 | |||||
Investment, Identifier [Axis]: Short-term Investments Net Assets 134.1% | ||||||
% of Net Assets | 134.10% | |||||
Amortized Cost | $ 491,965,556 | |||||
Fair Value | $ 491,965,556 | |||||
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.24% Net Assets 129.1% | ||||||
% of Net Assets | 129.10% | |||||
Shares | 475,000,000 | |||||
Amortized Cost | $ 468,298,938 | |||||
Fair Value | 468,298,938 | |||||
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.26% Net Assets 134.1% | ||||||
% of Net Assets | 134.10% | |||||
Shares | 500,000,000 | |||||
Amortized Cost | $ 491,965,556 | |||||
Fair Value | 491,965,556 | |||||
Investment, Identifier [Axis]: Total Investments (250.7%) | ||||||
Amortized Cost | 945,942,331 | |||||
Fair Value | $ 909,316,005 | |||||
Investment, Identifier [Axis]: Total Investments (255.4%) | ||||||
Amortized Cost | 961,129,424 | |||||
Fair Value | $ 936,532,443 | |||||
[1] The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer’s stock as of December 31, 2023 . Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, the fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.” The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer’s stock as of March 31, 2024 . Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, the fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.” As defined in the Investment Company Act of 1940, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, between 5 % and 25 % of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2022 and December 31, 2023 along with transactions during the year ended December 31, 2023 in these affiliated investments are as follows: Name of Investment Fair Value at December 31, 2022 Gross Addition (a) Gross Reduction (b) Realized Gains Net Change in Fair Value at December 31, 2023 Interest/Dividend/ Animal Supply Holdings LLC Class A Common $ — $ — $ — $ ( 1,572,727 ) $ 1,572,727 $ — $ — Animal Supply Company, LLC Term Loan - 9.50% 22,624,644 2,742,303 — — ( 6,312,569 ) 19,054,378 2,748,900 Guardia LLC (fka Carrier & Technology, LLC) Revolver - 8.75 % 2,604,562 1,072 — ( 1,928,556 ) ( 677,078 ) — — PNI Litigation Trust (fka Guardia) Preferred Equity — — — ( 115,715 ) 115,715 — — Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan — 2,816,304 — — ( 2,816,304 ) — 312,939 Retail and Animal Intermediate Subordinated Loan - 7.00 % — — — ( 23,151,201 ) 23,151,201 — — Total Non-Controlled Affiliated Investments $ 25,229,206 $ 5,559,679 $ — $ ( 26,768,199 ) $ 15,033,692 $ 19,054,378 $ 3,061,839 (a) Gross additions include new purchases, PIK income and amortization of original issue and market discounts. (b) Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium. Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. Non-income producing. As defined in the Investment Company Act of 1940, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, between 5 % and 25 % of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and March 31, 2024 along with transactions during the period ended March 31, 2024 in these affiliated investments are as follows: Name of Investment Fair Value at December 31, 2023 Gross Addition (a) Gross Reduction (b) Realized Gains Net Change in Fair Value at March 31, 2024 Interest/Dividend/ Animal Supply Holdings LLC Term Loan - 8.5% $ 19,054,378 $ 210,963 $ — $ — $ ( 1,467,975 ) $ 17,797,366 $ 206,268 Retail & Animal Intermediate, LLC Delayed Draw Priming Term Loan — — — — — — — Total Non-Controlled Affiliated Investments $ 19,054,378 $ 210,963 $ — $ — $ ( 1,467,975 ) $ 17,797,366 $ 206,268 Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. Non-income producing. As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled person” of the Company because the Company owns, either directly or indirectly, 25 % or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2023 and March 31, 2024 along with transactions during the period ended March 31, 2024 in these controlled investments are as follows: Name of Investment Fair Value at December 31, 2023 Gross Addition (a) Gross Reduction (b) Realized Gains Net Change Fair Value at March 31, 2024 Interest/Dividend/ Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00 % $ 5,020,439 $ 192,772 $ — $ — $ — $ 5,213,211 $ 195,262 Cedar Electronics Holdings, Corp Term Loan - 9.50 % 14,018,452 — — — — 14,018,452 536,205 Cedar Ultimate Parent, LLC Class A Preferred Unit 19,981,009 — — — ( 3,811,990 ) 16,169,019 — Cedar Ultimate Parent, LLC Class D Preferred Unit — — — — — — — Cedar Ultimate Parent, LLC Class E Preferred Unit — — — — — — — Pace Industries, Inc. Common Stock — — — — — — — Pace Industries, Inc. Term Loan - 3.50 % — — — — — — — Pace Industries, Inc. Term Loan - 9.75 % 62,986,086 2,294,115 — — 988,995 66,269,196 2,314,466 Pace Industries, LLC Revolver Opco 15,069,743 868,623 — — 228,496 16,166,862 575,066 RT Holdings Parent, LLC Class A Unit 19,487,032 — — — ( 300,079 ) 19,186,953 — RT Holdings Parent, LLC Warrant 3,247,928 — — — ( 49,831 ) 3,198,097 — Ruby Tuesday Operations, LLC Term Loan 6,696,255 102,071 — — — 6,798,326 413,676 Ruby Tuesday Operations, LLC Incremental Term Loan 2,940,257 96,655 — ( 108,911 ) 2,928,001 3,708 Ruby Tuesday P-1 Units 376,000 — — — ( 5,999 ) 370,001 — Ruby Tuesday P-2 Units 110,000 — — — ( 3,000 ) 107,000 — School Specialty, Inc. Common Stock 31,928,148 — — — ( 3,315,156 ) 28,612,992 — School Specialty, Inc. Preferred Stock A 15,399,637 — — — — 15,399,637 — School Specialty, Inc. Preferred Stock B 4,888,847 — — — — 4,888,847 — School Specialty, Inc. Term Loan - 9.25 % 8,808,264 2,229 ( 184,544 ) — ( 3,263 ) 8,622,686 302,310 TCW Direct Lending Strategic Ventures LLC Common Membership Interests — — — — — — — TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests 69,780,704 — ( 1,080,000 ) — ( 3,836,062 ) 64,864,642 2,320,000 Total Controlled Affiliated Investments $ 280,738,801 $ 3,556,465 $ ( 1,264,544 ) $ — $ ( 10,216,800 ) $ 272,813,922 $ 6,660,693 As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled person” of the Company because the Company owns, either directly or indirectly, 25 % or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. Fair value as of December 31, 2022 and December 31, 2023 along with transactions during the year ended December 31, 2023 in these controlled investments are as follows: Name of Investment Fair Value at December 31, 2022 Gross Addition (a) Gross Reduction (b) Realized Gains Net Change Fair Value at December 31, 2023 Interest/Dividend/ Cedar Electronics Holdings, Corp Incremental Term Loan - 15.00 % $ 4,316,274 $ 704,165 $ — $ — $ — $ 5,020,439 $ 773,261 Cedar Electronics Holdings, Corp Term Loan - 9.50 % 15,126,452 532 ( 1,107,870 ) — ( 662 ) 14,018,452 2,083,627 Cedar Ultimate Parent, LLC Class A Preferred Unit 11,753,031 — — — 8,227,978 19,981,009 — Cedar Ultimate Parent, LLC Class D Preferred Unit — — — — — — — Cedar Ultimate Parent, LLC Class E Preferred Unit — — — — — — — Pace Industries, Inc. Common Stock — — — — — — — Pace Industries, Inc. Term Loan - 3.50 % 31,455,178 — — — ( 31,455,178 ) — 17,031 Pace Industries, Inc. Term Loan - 9.75 % 57,579,326 8,245,605 — — ( 2,838,845 ) 62,986,086 8,439,162 Pace Industries, LLC Revolver Opco 8,616,757 7,130,100 — — ( 677,114 ) 15,069,743 1,831,440 RT Holdings Parent, LLC Class A Unit 19,103,720 — — — 383,312 19,487,032 — RT Holdings Parent, LLC Warrant 3,184,225 — — — 63,703 3,247,928 — Ruby Tuesday Operations, LLC Term Loan 6,715,899 999,628 ( 1,019,272 ) — — 6,696,255 1,327,622 Ruby Tuesday Operations, LLC Incremental Term Loan — 1,750,882 — — 1,189,375 2,940,257 318,000 Ruby Tuesday Operations, LLC Revolver - 2.78 % — — — — — — 62,186 Ruby Tuesday P-1 Units 368,005 — — — 7,995 376,000 — Ruby Tuesday P-2 Units 106,999 — — — 3,001 110,000 — SSI Parent, LLC (fka School Specialty, Inc.) Common Stock 27,419,241 — — — 4,508,907 31,928,148 6,196,400 SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock A 13,061,335 — — — 2,338,302 15,399,637 — SSI Parent, LLC (fka School Specialty, Inc.) Preferred Stock B 4,529,373 — — — 359,474 4,888,847 — SSI Parent, LLC (fka School Specialty, Inc.) Term Loan - 9.25 % 35,383,037 — ( 26,467,962 ) — ( 106,811 ) 8,808,264 2,351,953 TCW Direct Lending Strategic Ventures LLC Common Membership Interests — — — — — — — TCW Direct Lending Strategic Ventures LLC Preferred Membership Interests 84,141,713 — ( 18,000,000 ) — 3,638,991 69,780,704 2,400,000 Total Controlled Affiliated Investments $ 322,860,565 $ 18,830,912 $ ( 46,595,104 ) $ — $ ( 14,357,572 ) $ 280,738,801 $ 25,800,682 All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933 and may be deemed “restricted securities” under the Securities Act. As of December 31, 2023, the aggregate fair value of these securities was $ 95,418,601 , or 10.2 % of the Company’s total assets. Holdings of SSI Parent, LLC (fka School Specialty, Inc.) Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle. All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933, and may be deemed “restricted securities” under the Securities Act. As of March 31, 2024, the aggregate fair value of these securities was $ 87,932,546 , or 9.6 % of the Company’s total assets. Holdings of SSI Parent, LLC (fka School Specialty, Inc.) Class A & B preferred stock and common stock are held through TCW DL SSP LLC, a special purpose vehicle. The investment is not a qualifying asset as defined in Section 55(a) under the Investment Company Act of 1940, as amended. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70 % of the company’s total assets. As of March 31, 2024, $ 64,864,642 or 7.1 % of the Company’s total assets were represented by “non-qualifying assets.” The investment is not a qualifying asset as defined in Section 55(a) under the Investment Company Act of 1940, as amended. A business development company may not acquire an asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70 % of the company’s total assets. As of December 31, 2023, $ 69,780,704 or 7.4 % of the Company’s total assets were represented by “non-qualifying assets.” |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | ||||
% of Net Assets | 100% | 100% | ||||
Percentage of net unrealized depreciation on unfunded commitments | (0.60%) | (0.70%) | ||||
Percentage of liabilities in excess of other assets | (150.00%) | (154.70%) | ||||
Percentage of minimum qualifying assets | 70% | 70% | ||||
Non-qualifying assets | $ 64,864,642 | $ 69,780,704 | ||||
Percentage of non-qualifying assets | 7.10% | 7.40% | ||||
Aggregate fair value on restricted securities | $ 87,932,546 | $ 95,418,601 | ||||
Percentage of restricted securities on net assets | 9.60% | 10.20% | ||||
U.S. Treasury Bill | ||||||
Percentage of yield on investment | 5.24% | 5.26% | ||||
Investments | ||||||
% of Net Assets | 250.70% | 255.40% | ||||
Non-Controlled Affiliated Investments | ||||||
Fair Value | $ 17,797,366 | $ 19,054,378 | $ 25,229,206 | |||
Gross Addition | 210,963 | [1] | 5,559,679 | [2] | ||
Gross Reduction | 0 | [3] | 0 | [4] | ||
Realized Gains (Losses) | 0 | (26,768,199) | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | (1,467,975) | 15,033,692 | ||||
Fair Value | 17,797,366 | 19,054,378 | 25,229,206 | |||
Interest/Dividend/ Other income | $ 206,268 | $ 3,061,839 | ||||
Non-Controlled Affiliated Investments | Minimum | ||||||
Percentage of voting interests on investment securities owned | 5% | 5% | ||||
Non-Controlled Affiliated Investments | Maximum | ||||||
Percentage of voting interests on investment securities owned | 25% | 25% | ||||
Controlled Affiliated Investments | ||||||
Fair Value | $ 272,813,922 | $ 280,738,801 | 322,860,565 | |||
Gross Addition | 3,556,465 | [5] | 18,830,912 | [2] | ||
Gross Reduction | (1,264,544) | [6] | (46,595,104) | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | (10,216,800) | (14,357,572) | ||||
Fair Value | 272,813,922 | 280,738,801 | 322,860,565 | |||
Interest/Dividend/ Other income | $ 6,660,693 | $ 25,800,682 | ||||
Controlled Affiliated Investments | Minimum | ||||||
Percentage of voting interests on investment securities owned | 25% | 25% | ||||
First American Government Obligation Fund | Cash Equivalents | ||||||
Percentage of yield on investment | 5.24% | 5.30% | ||||
Animal Supply Holdings LLC | Non-Controlled Affiliated Investments | Class A Common | ||||||
Fair Value | $ 0 | |||||
Gross Addition | [2] | 0 | ||||
Gross Reduction | [4] | 0 | ||||
Realized Gains (Losses) | (1,572,727) | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | 1,572,727 | |||||
Fair Value | 0 | |||||
Interest/Dividend/ Other income | 0 | |||||
Animal Supply Holdings LLC | Non-Controlled Affiliated Investments | Term Loan | ||||||
Fair Value | $ 17,797,366 | 19,054,378 | ||||
Gross Addition | [1] | 210,963 | ||||
Gross Reduction | [3] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | (1,467,975) | |||||
Fair Value | 17,797,366 | 19,054,378 | ||||
Interest/Dividend/ Other income | 206,268 | |||||
Animal Supply Company, LLC | Non-Controlled Affiliated Investments | Term Loan - 9.50% | ||||||
Fair Value | 19,054,378 | 22,624,644 | ||||
Gross Addition | [2] | 2,742,303 | ||||
Gross Reduction | [4] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | (6,312,569) | |||||
Fair Value | 19,054,378 | 22,624,644 | ||||
Interest/Dividend/ Other income | 2,748,900 | |||||
Retail & Animal Supply Holdings LLC | Non-Controlled Affiliated Investments | Delayed Draw Priming Term Loan | ||||||
Fair Value | 0 | 0 | ||||
Gross Addition | 2,816,304 | |||||
Gross Reduction | 0 | |||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | (2,816,304) | |||||
Fair Value | 0 | 0 | ||||
Interest/Dividend/ Other income | 312,939 | |||||
Cedar Electronics Holdings, Corp. | Controlled Affiliated Investments | Incremental Term Loan - 15.00% | ||||||
Fair Value | 5,213,211 | 5,020,439 | 4,316,274 | |||
Gross Addition | 192,772 | [5] | 704,165 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | 0 | ||||
Fair Value | 5,213,211 | 5,020,439 | 4,316,274 | |||
Interest/Dividend/ Other income | $ 195,262 | $ 773,261 | ||||
Investment interest rate | 15% | 15% | ||||
Cedar Electronics Holdings, Corp. | Controlled Affiliated Investments | Term Loan - 9.50% | ||||||
Fair Value | $ 14,018,452 | $ 14,018,452 | 15,126,452 | |||
Gross Addition | 0 | [5] | 532 | [2] | ||
Gross Reduction | 0 | [6] | (1,107,870) | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | (662) | ||||
Fair Value | 14,018,452 | 14,018,452 | 15,126,452 | |||
Interest/Dividend/ Other income | $ 536,205 | $ 2,083,627 | ||||
Investment interest rate | 9.50% | 9.50% | ||||
Guardia LLC (fka Carrier & Technology, LLC) | Non-Controlled Affiliated Investments | Revolver | ||||||
Fair Value | $ 0 | 2,604,562 | ||||
Gross Addition | [2] | 1,072 | ||||
Gross Reduction | [4] | 0 | ||||
Realized Gains (Losses) | (1,928,556) | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | (677,078) | |||||
Fair Value | 0 | 2,604,562 | ||||
Interest/Dividend/ Other income | $ 0 | |||||
Investment interest rate | 8.75% | |||||
PNI Litigation Trust (fka Guardia) | Non-Controlled Affiliated Investments | Preferred Equity | ||||||
Fair Value | $ 0 | 0 | ||||
Gross Addition | [2] | 0 | ||||
Gross Reduction | [4] | 0 | ||||
Realized Gains (Losses) | (115,715) | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | 115,715 | |||||
Fair Value | 0 | 0 | ||||
Interest/Dividend/ Other income | 0 | |||||
Retail & Animal Intermediate, LLC | Non-Controlled Affiliated Investments | Subordinated Loan | ||||||
Fair Value | $ 0 | 0 | 0 | |||
Gross Addition | 0 | [1] | 0 | [2] | ||
Gross Reduction | 0 | [3] | 0 | [2] | ||
Realized Gains (Losses) | 0 | (23,151,201) | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | (23,151,201) | ||||
Fair Value | 0 | 0 | 0 | |||
Interest/Dividend/ Other income | 0 | $ 0 | ||||
Investment interest rate | 7% | |||||
Cedar Ultimate Parent, LLC | Controlled Affiliated Investments | Class A Preferred Units | ||||||
Fair Value | 16,169,019 | $ 19,981,009 | 11,753,031 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | (3,811,990) | 8,227,978 | ||||
Fair Value | 16,169,019 | 19,981,009 | 11,753,031 | |||
Interest/Dividend/ Other income | 0 | 0 | ||||
Cedar Ultimate Parent, LLC | Controlled Affiliated Investments | Class D Preferred Units | ||||||
Fair Value | 0 | 0 | 0 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | 0 | ||||
Fair Value | 0 | 0 | 0 | |||
Interest/Dividend/ Other income | 0 | 0 | ||||
Cedar Ultimate Parent, LLC | Controlled Affiliated Investments | Class E Preferred Units | ||||||
Fair Value | 0 | 0 | 0 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | 0 | ||||
Fair Value | 0 | 0 | 0 | |||
Interest/Dividend/ Other income | 0 | 0 | ||||
Pace Industries, Inc. | Controlled Affiliated Investments | Common Stock | ||||||
Fair Value | 0 | 0 | 0 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | 0 | ||||
Fair Value | 0 | 0 | 0 | |||
Interest/Dividend/ Other income | 0 | 0 | ||||
Pace Industries, Inc. | Controlled Affiliated Investments | Term Loan - 3.50% | ||||||
Fair Value | 0 | 0 | 31,455,178 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | (31,455,178) | ||||
Fair Value | 0 | 0 | 31,455,178 | |||
Interest/Dividend/ Other income | $ 0 | $ 17,031 | ||||
Investment interest rate | 3.50% | 3.50% | ||||
Pace Industries, Inc. | Controlled Affiliated Investments | Term Loan - 9.75% | ||||||
Fair Value | $ 66,269,196 | $ 62,986,086 | 57,579,326 | |||
Gross Addition | 2,294,115 | [5] | 8,245,605 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 988,995 | (2,838,845) | ||||
Fair Value | 66,269,196 | 62,986,086 | 57,579,326 | |||
Interest/Dividend/ Other income | $ 2,314,466 | $ 8,439,162 | ||||
Investment interest rate | 9.75% | 9.75% | ||||
Pace Industries, LLC | Controlled Affiliated Investments | Revolver | ||||||
Fair Value | $ 15,069,743 | |||||
Gross Reduction | [4] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | (677,114) | |||||
Fair Value | 15,069,743 | |||||
Interest/Dividend/ Other income | 1,831,440 | |||||
Pace Industries, LLC | Controlled Affiliated Investments | Revolver Opco | ||||||
Fair Value | $ 16,166,862 | 15,069,743 | 8,616,757 | |||
Gross Addition | 868,623 | [5] | 7,130,100 | [2] | ||
Gross Reduction | [6] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | 228,496 | |||||
Fair Value | 16,166,862 | 15,069,743 | 8,616,757 | |||
Interest/Dividend/ Other income | 575,066 | |||||
RT Holdings Parent, LLC | Controlled Affiliated Investments | Class A Units | ||||||
Fair Value | 19,186,953 | 19,487,032 | 19,103,720 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | (300,079) | 383,312 | ||||
Fair Value | 19,186,953 | 19,487,032 | 19,103,720 | |||
Interest/Dividend/ Other income | 0 | 0 | ||||
RT Holdings Parent, LLC | Controlled Affiliated Investments | Warrant | ||||||
Fair Value | 3,198,097 | 3,247,928 | 3,184,225 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | (49,831) | 63,703 | ||||
Fair Value | 3,198,097 | 3,247,928 | 3,184,225 | |||
Interest/Dividend/ Other income | 0 | 0 | ||||
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | P-1 Units | ||||||
Fair Value | 370,001 | 376,000 | 368,005 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | (5,999) | 7,995 | ||||
Fair Value | 370,001 | 376,000 | 368,005 | |||
Interest/Dividend/ Other income | 0 | 0 | ||||
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | P-2 Units | ||||||
Fair Value | 107,000 | 110,000 | 106,999 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | (3,000) | 3,001 | ||||
Fair Value | 107,000 | 110,000 | 106,999 | |||
Interest/Dividend/ Other income | 0 | 0 | ||||
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | Revolver - 2.78% | ||||||
Fair Value | 0 | 0 | ||||
Gross Addition | [2] | 0 | ||||
Gross Reduction | [4] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | |||||
Fair Value | 0 | 0 | ||||
Interest/Dividend/ Other income | $ 62,186 | |||||
Investment interest rate | 2.78% | |||||
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | Term Loan | ||||||
Fair Value | 6,798,326 | $ 6,696,255 | 6,715,899 | |||
Gross Addition | 102,071 | [5] | 999,628 | [2] | ||
Gross Reduction | 0 | [6] | (1,019,272) | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | 0 | ||||
Fair Value | 6,798,326 | 6,696,255 | 6,715,899 | |||
Interest/Dividend/ Other income | 413,676 | 1,327,622 | ||||
Ruby Tuesday Operations LLC | Controlled Affiliated Investments | Incremental Term Loan | ||||||
Fair Value | 2,928,001 | 2,940,257 | 0 | |||
Gross Addition | 96,655 | [5] | 1,750,882 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | (108,911) | 1,189,375 | ||||
Fair Value | 2,928,001 | 2,940,257 | 0 | |||
Interest/Dividend/ Other income | 3,708 | 318,000 | ||||
School Specialty, Inc. | Controlled Affiliated Investments | Class A Preferred Stock | ||||||
Fair Value | 15,399,637 | 15,399,637 | ||||
Gross Addition | [5] | 0 | ||||
Gross Reduction | [6] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | |||||
Fair Value | 15,399,637 | 15,399,637 | ||||
Interest/Dividend/ Other income | 0 | |||||
School Specialty, Inc. | Controlled Affiliated Investments | Class B Preferred Stock | ||||||
Fair Value | 4,888,847 | 4,888,847 | ||||
Gross Addition | [5] | 0 | ||||
Gross Reduction | [6] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | |||||
Fair Value | 4,888,847 | 4,888,847 | ||||
Interest/Dividend/ Other income | 0 | |||||
School Specialty, Inc. | Controlled Affiliated Investments | Common Stock | ||||||
Fair Value | 28,612,992 | 31,928,148 | ||||
Gross Addition | [5] | 0 | ||||
Gross Reduction | [6] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | (3,315,156) | |||||
Fair Value | 28,612,992 | 31,928,148 | ||||
Interest/Dividend/ Other income | 0 | |||||
School Specialty, Inc. | Controlled Affiliated Investments | Term Loan - 9.25% | ||||||
Fair Value | 8,622,686 | 8,808,264 | ||||
Gross Addition | [5] | 2,229 | ||||
Gross Reduction | [6] | (184,544) | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | (3,263) | |||||
Fair Value | 8,622,686 | $ 8,808,264 | ||||
Interest/Dividend/ Other income | $ 302,310 | |||||
Investment interest rate | 9.25% | 9.25% | ||||
SSI Parent, LLC (fka School Specialty, Inc.) | Controlled Affiliated Investments | Class A Preferred Stock | ||||||
Fair Value | $ 15,399,637 | 13,061,335 | ||||
Gross Addition | [2] | 0 | ||||
Gross Reduction | [4] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | 2,338,302 | |||||
Fair Value | 15,399,637 | 13,061,335 | ||||
Interest/Dividend/ Other income | 0 | |||||
SSI Parent, LLC (fka School Specialty, Inc.) | Controlled Affiliated Investments | Class B Preferred Stock | ||||||
Fair Value | 4,888,847 | 4,529,373 | ||||
Gross Addition | [2] | 0 | ||||
Gross Reduction | [4] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | 359,474 | |||||
Fair Value | 4,888,847 | 4,529,373 | ||||
Interest/Dividend/ Other income | 0 | |||||
SSI Parent, LLC (fka School Specialty, Inc.) | Controlled Affiliated Investments | Common Stock | ||||||
Fair Value | 31,928,148 | 27,419,241 | ||||
Gross Addition | [2] | 0 | ||||
Gross Reduction | [4] | 0 | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | 4,508,907 | |||||
Fair Value | 31,928,148 | 27,419,241 | ||||
Interest/Dividend/ Other income | 6,196,400 | |||||
SSI Parent, LLC (fka School Specialty, Inc.) | Controlled Affiliated Investments | Term Loan - 9.25% | ||||||
Fair Value | 8,808,264 | 35,383,037 | ||||
Gross Addition | [2] | 0 | ||||
Gross Reduction | [4] | (26,467,962) | ||||
Realized Gains (Losses) | 0 | |||||
Net Change in Unrealized Appreciation/ (Depreciation) | (106,811) | |||||
Fair Value | 8,808,264 | 35,383,037 | ||||
Interest/Dividend/ Other income | 2,351,953 | |||||
TCW Direct Lending Strategic Ventures | Controlled Affiliated Investments | Common Membership Interests | ||||||
Fair Value | $ 0 | 0 | 0 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | 0 | [6] | 0 | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | 0 | 0 | ||||
Fair Value | 0 | 0 | 0 | |||
Interest/Dividend/ Other income | 0 | 0 | ||||
TCW Direct Lending Strategic Ventures | Controlled Affiliated Investments | Preferred Membership Interests | ||||||
Fair Value | 64,864,642 | 69,780,704 | 84,141,713 | |||
Gross Addition | 0 | [5] | 0 | [2] | ||
Gross Reduction | (1,080,000) | [6] | (18,000,000) | [4] | ||
Realized Gains (Losses) | 0 | 0 | ||||
Net Change in Unrealized Appreciation/ (Depreciation) | (3,836,062) | 3,638,991 | ||||
Fair Value | 64,864,642 | 69,780,704 | $ 84,141,713 | |||
Interest/Dividend/ Other income | $ 2,320,000 | $ 2,400,000 | ||||
[1] Gross additions include new purchases, payment-in-kind (“PIK”) income and amortization of original issue and market discounts. Gross additions include new purchases, PIK income and amortization of original issue and market discounts Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium. Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium Gross additions include new purchases, PIK income and amortization of original issue and market discounts. Gross reductions include decreases in the cost basis from sales, paydown and the amortization of premium. |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments (Parenthetical 2) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Aggregate dispositions of investments | $ 1,288,000 | |
Other Than Government Securities | ||
Aggregate acquisitions of investments | 9,608,294 | $ 27,282,868 |
Aggregate dispositions of investments | $ 1,288,169 | $ 81,882,519 |
United States | ||
Percentage of portfolio breakdown on investment | 100% | 100% |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, at fair value | ||
Cash and cash equivalents | $ 2,309,000 | $ 2,372,000 |
Short-term investments | 468,299,000 | 491,966,000 |
Interest receivable | 2,398,000 | 2,466,000 |
Deferred financing costs | 9,000 | 122,000 |
Prepaid and other assets | 17,000 | 34,000 |
Total Assets | 911,740,000 | 939,154,000 |
Liabilities | ||
Payable for short-term investments purchased | 468,299,000 | 491,966,000 |
Credit facility payable | 77,050,000 | 77,050,000 |
Unrealized depreciation on unfunded commitments | 2,350,000 | 2,399,000 |
Interest and credit facility expense payable | 575,000 | 571,000 |
Directors' fees payable | 68,000 | 0 |
Other accrued expenses and other liabilities | 646,000 | 429,000 |
Total Liabilities | 548,988,000 | 572,415,000 |
Members’ Capital | ||
Common Unitholders' commitment: (18,034,649 units issued and outstanding) | 1,803,465,000 | 1,803,465,000 |
Common Unitholders' undrawn commitment: (18,034,649 units issued and outstanding) | (199,120,000) | (199,120,000) |
Common Unitholders' return of capital | (1,115,045,000) | (1,115,045,000) |
Common Unitholders' offering costs | (853,000) | (853,000) |
Accumulated Common Unitholders' tax reclassification | (13,904,000) | (13,904,000) |
Common Unitholders’ capital | 474,543,000 | 474,543,000 |
Accumulated overdistributed earnings | (111,791,000) | (107,804,000) |
Total Members’ Capital | 362,752,000 | 366,739,000 |
Total Liabilities and Members’ Capital | $ 911,740,000 | $ 939,154,000 |
Net Asset Value Per Unit (accrual base) (Note 10) | $ 31.15 | $ 31.38 |
Non-controlled/non-affiliated investments | ||
Investments, at fair value | ||
Fair Value | $ 148,097,000 | $ 142,401,000 |
Non-Controlled Affiliated Investments | ||
Investments, at fair value | ||
Fair Value | 17,797,366 | 19,054,378 |
Controlled Affiliated Investments | ||
Investments, at fair value | ||
Fair Value | $ 272,813,922 | $ 280,738,801 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Common unitholder's commitment units outstanding | 18,034,649 | |
Common Commitment | ||
Common unitholder's commitment units issued | 18,034,649 | 18,034,649 |
Common unitholder's commitment units outstanding | 18,034,649 | 18,034,649 |
Common Undrawn Commitment | ||
Common unitholder's commitment units issued | 18,034,649 | 18,034,649 |
Common unitholder's commitment units outstanding | 18,034,649 | 18,034,649 |
Non-controlled/non-affiliated investments | ||
Amortized Cost | $ 154,652 | $ 148,612 |
Non-Controlled Affiliated Investments | ||
Amortized Cost | 30,442 | 30,231 |
Controlled Affiliated Investments | ||
Amortized Cost | $ 290,240 | $ 287,948 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income paid-in-kind | $ 6,691 | $ 3,441 |
Total investment income | 12,659 | 11,559 |
Interest expense on repurchase transactions | 1,735 | 1,347 |
Interest and credit facility expenses | 1,679 | 2,306 |
Management fees | 873 | 0 |
Professional fees | 133 | 197 |
Administrative fees | 128 | 142 |
Directors’ fees | 68 | 68 |
Other expenses | 30 | 54 |
Total expenses | 4,646 | 4,114 |
Expenses waived by the Adviser | (873) | 0 |
Net expenses | 3,773 | 4,114 |
Net investment income | 8,886 | 7,445 |
Net realized gain on short-term investments | 1,607 | 954 |
Net realized and unrealized loss on investments | (10,373) | (11,234) |
Net decrease in Members' Capital from operations | $ (1,487) | $ (3,789) |
Loss per unit, basic | $ (0.09) | $ (0.21) |
Loss per unit, diluted | $ (0.09) | $ (0.21) |
Non-controlled/non-affiliated investments | ||
Interest income | $ 2,236 | $ 5,915 |
Interest income paid-in-kind | 3,135 | 2,582 |
Other fee income | 0 | 108 |
Net change in unrealized appreciation/(depreciation) | (295) | 7,934 |
Non-Controlled Affiliated Investments | ||
Interest income | 206 | 0 |
Interest income paid-in-kind | 0 | 832 |
Other fee income | 0 | 6 |
Net change in unrealized appreciation/(depreciation) | (1,468) | (4,530) |
Controlled affiliated investments | ||
Interest income | 1,206 | 2,048 |
Interest income paid-in-kind | 3,556 | 27 |
Dividend income | 2,320 | 0 |
Other fee income | 0 | 41 |
Net change in unrealized appreciation/(depreciation) | $ (10,217) | $ (15,592) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Members' Capital - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Members’ Capital Beginning Balance | $ 366,739 | $ 389,304 |
Net Increase (Decrease) in Members' Capital Resulting from Operations: | ||
Net investment income | 8,886 | 7,445 |
Net realized gain (loss) on investments | 1,607 | 954 |
Net change in unrealized appreciation/(depreciation) on investments | (11,980) | (12,188) |
Distributions to Members from: | ||
Distributable earnings | (2,500) | |
Total (Decrease) Increase in Members' Capital for the period end | (3,987) | (3,789) |
Members’ Capital Ending Balance | 362,752 | 389,426 |
Common Unitholders' Capital | ||
Members’ Capital Beginning Balance | 474,543 | 490,088 |
Net Increase (Decrease) in Members' Capital Resulting from Operations: | ||
Net investment income | 0 | 0 |
Net realized gain (loss) on investments | 0 | 0 |
Net change in unrealized appreciation/(depreciation) on investments | 0 | 0 |
Distributions to Members from: | ||
Distributable earnings | 0 | |
Total (Decrease) Increase in Members' Capital for the period end | 0 | 0 |
Members’ Capital Ending Balance | 474,543 | 477,458 |
Accumulated Undistributed (Overdistributed) Earnings | ||
Members’ Capital Beginning Balance | (107,804) | (100,784) |
Net Increase (Decrease) in Members' Capital Resulting from Operations: | ||
Net investment income | 8,886 | 7,445 |
Net realized gain (loss) on investments | 1,607 | 954 |
Net change in unrealized appreciation/(depreciation) on investments | (11,980) | (12,188) |
Distributions to Members from: | ||
Distributable earnings | (2,500) | |
Total (Decrease) Increase in Members' Capital for the period end | (3,987) | (3,789) |
Members’ Capital Ending Balance | $ (111,791) | $ (88,032) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash Flows from Operating Activities | |||
Net decrease in net assets resulting from operations | $ (1,487) | $ (3,789) | |
Adjustments to reconcile the net decrease in net assets resulting from operations to net cash provided by operating activities: | |||
Purchases of investments | (2,917) | (5,125) | |
Purchases of short-term investments | (468,299) | (508,202) | |
Interest income paid in-kind | (6,691) | (3,441) | |
Proceeds from sales and paydowns of investments | 1,288 | 60 | |
Proceeds from sales of short-term investments | 491,966 | 501,075 | |
Change in net unrealized (appreciation)/depreciation on investments | 11,980 | 12,188 | |
Amortization of premium and accretion of discount, net | (223) | (36) | |
Amortization of deferred financing costs | 113 | 137 | |
Increase (decrease) in operating assets and liabilities: | |||
(Increase) decrease in interest receivable | 68 | (359) | |
(Increase) decrease in prepaid and other assets | 17 | 26 | |
Increase (decrease) in payable for short-term investments purchased | (23,667) | 7,127 | |
Increase (decrease) in management fees payable | 0 | (999) | |
Increase (decrease) in interest and credit facility expense payable | 4 | 75 | |
Increase (decrease) in directors' fees payable | 68 | 68 | |
Increase (decrease) in other accrued expenses and liabilities | 217 | 181 | |
Net cash provided by (used in) operating activities | 2,437 | (1,014) | |
Cash Flows from Financing Activities | |||
Distributions to Members | (2,500) | 0 | |
Deferred financing costs paid | 0 | (25) | |
Proceeds from credit facility | 0 | 2,000 | |
Net cash (used in) provided by financing activities | (2,500) | 1,975 | |
Net (decrease) increase in cash and cash equivalents | (63) | 961 | |
Cash and cash equivalents, beginning of period | 2,372 | 4,223 | $ 4,223 |
Cash and cash equivalents, end of period | 2,309 | 5,184 | $ 2,372 |
Supplemental and non-cash financing activities | |||
Interest expense paid | $ 1,473 | $ 2,028 |
N-2
N-2 - $ / shares | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Cover [Abstract] | ||||
Entity Central Index Key | 0001603480 | |||
Amendment Flag | false | |||
Securities Act File Number | 814-01069 | |||
Document Type | 10-Q | |||
Entity Registrant Name | TCW DIRECT LENDING LLC | |||
Entity Address, Address Line One | 200 Clarendon Street | |||
Entity Address, City or Town | Boston | |||
Entity Address, State or Province | MA | |||
Entity Address, Postal Zip Code | 02116 | |||
City Area Code | 617 | |||
Local Phone Number | 936-2275 | |||
Entity Emerging Growth Company | false | |||
General Description of Registrant [Abstract] | ||||
Risk Factors [Table Text Block] | Item 1A. Risk Factors There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K. | |||
NAV Per Share | $ 31.15 | $ 31.38 | $ 32.63 | $ 32.84 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Organization : TCW Direct Lending LLC (“Company”) was formed as a Delaware corporation on March 20, 2014 and converted to a Delaware limited liability company on April 1, 2014. The Company conducted a private offering of its limited liability company units (the “Common Units”) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). In addition, the Company may issue preferred units, though it currently has no intention to do so. The Company has engaged TCW Asset Management Company LLC (“TAMCO”), an affiliate of The TCW Group, Inc. (“TCW”) to be its adviser (the “Adviser”). On May 13, 2014 (“Inception Date”), the Company sold and issued 10 Common Units at an aggregate purchase price of $ 1 to TAMCO. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company has also elected to be treated for U.S. federal income tax purposes as a Regulated Investment Company (a “RIC”) under Subchapter M of the U.S Internal Revenue Code of 1986, as amended (the “Code”) for the taxable year ending December 31, 2015 and subsequent years. The Company is required to meet the minimum distribution and other requirements for RIC qualification and as a BDC and a RIC, the Company is required to comply with certain regulatory requirements. As of March 31, 2024 , the Company has two wholly-owned subsidiaries, each of which is a Delaware limited liability company designed to hold an equity investment of the Company. The consolidated financial statements in this quarterly report on Form 10-Q include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Term: The initial term of the Company continued until the sixth anniversary of the Initial Closing Date (as defined below), September 19, 2020. The Company may extend the term for two additional one-year periods upon written notice to the holders of the Common Units and holders of preferred units, if any, (collectively the “Unitholders” or “Members”) at least 90 days prior to the expiration of the term or the end of the first one-year period. Thereafter, the term may be extended for successive one-year periods, with the vote or consent of a supermajority in interest of the holders of the Common Units. On April 30, 2021, the Company’s Board of Directors approved the second one year extension of the Company’s term from September 19, 2021 to September 19, 2022. On July 11, 2022 the term of the Company was extended for a one-year period from September 19, 2022 to September 19, 2023 via a supermajority vote of the Unitholders. On May 11, 2023 the term of the Company was extended for an additional one-year period from September 19, 2023 to September 19, 2024 via a supermajority vote of the Unitholders. Commitment Period: The Commitment Period commenced on September 19, 2014 (the “Initial Closing Date”) and ended on September 19, 2017, the third anniversary of the Initial Closing Date. In accordance with the Company’s Limited Liability Company Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments up to an aggregate maximum of 10 % of Capital Commitments (as defined below), provided that any such follow-on investment to be made after the third anniversary of the expiration of the Commitment Period shall require the prior consent of a majority in interest of the Common Unitholders. In October 2022, the Company’s Members approved a proposal to allow the Company to make pre-identified follow-on investments in specific portfolio companies as well as their holding companies, subsidiaries, successors or other affiliates, up to an aggregate maximum of 10 % of Capital Commitments. Such approval is valid throughout the remaining Company term. Capital Commitments: On September 19, 2014 (“the Initial Closing Date”), the Company began accepting subscription agreements from investors for the private sale of its Common Units. On March 19, 2015, the Company completed its final private placement of its Common Units. Subscription agreements with commitments (“Commitments”) from investors (each a “Common Unitholder”) totaling $ 2,013,470 for the purchase of Common Units were accepted. Each Common Unitholder is obligated to contribute capital equal to their Commitment and each Unit’s Commitment obligation is $ 100.00 per unit. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment”. On July 11, 2022 the Company’s Members approved a reduction in Undrawn Commitments by $ 10.43 per unit, resulting in an approximately 41.18 % reduction of overall remaining available capital commitments. The Company effected this commitment reduction by reducing the number of outstanding undrawn units and thereby reducing total Units from 20,134,698 to 18,034,649 . Such Unit reduction was proportionately affected for each Member and therefore has no impact on each Member’s percentage in interest in the Company. 1. Organization and Basis of Presentation (Continued) The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Company did not consummate and therefore returned to the Members’ as unused capital. As of March 31, 2024, aggregate Commitments, Undrawn Commitments, the percentage of Commitments funded and the number of subscribed for Units of the Company were as follows: Commitments Undrawn % of Units Common Unitholder $ 1,803,465 $ 199,120 89.0 % 18,034,649 Recallable Amount: A Common Unitholder may be required to re-contribute amounts distributed equal to 75 % of the principal amount or the cost portion of any Portfolio Investment that is fully repaid to or otherwise fully recouped by the Company within one year of the Company’s investment. The Recallable Amount is excluded from the calculation of the accrual based net asset value. The Recallable Amount as of March 31, 2024 was $ 100,875 . |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation: The consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The Company has consolidated the results of its wholly owned subsidiary in its consolidated financial statements in accordance with ASC 946. Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the years presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material. Investments : The Company measures the value of its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. Transactions : The Company records investment transactions on the trade date. The Company considers trade date for investments not traded on a recognizable exchange, or traded in the over-the-counter markets, to be the date on which the Company receives legal or contractual title to the asset and bears the risk of loss. Income Recognition : Interest income and interest income paid-in-kind are recorded on an accrual basis unless doubtful of collection or the related investment is in default. Realized gains and losses on investments are recorded on a specific identification basis. The Company typically receives a fee in the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to collectability, and reflected in the amortized cost basis of the investment. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized as interest income in the period in which the fees were earned. Income received in exchange for the provision of services such as administration and managerial services is recognized as other fee income in the period in which it was earned. The Company has entered into certain intercreditor agreements that entitle the Company to the “last out” tranche of first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. In certain cases, the Company may receive a higher interest rate than the contractual stated interest rate as disclosed on the Company’s Consolidated Schedule of Investments. 2. Significant Accounting Policies (Continued) Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. The Company earns an unused commitment fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5—Commitments and Contingencies. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Deferred Financing Costs: Deferred financing costs incurred by the Company in connection with the revolving credit facility, including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the revolving credit facility. Organization and Offering Costs: The Company did not bear more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses. Cash and Cash Equivalents: The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of March 31, 2024 , cash and cash equivalents is comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are carried at amortized costs which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy. Short-term investments: The Company considers all investments with original maturities beyond three months at the date of purchase and one year or less from the balance sheet date to be short-term investments. As of March 31, 2024 , short-term investments is comprised of U.S. Treasury bills, all of which are carried at fair value and are classified as Level 1 in the GAAP valuation hierarchy. Income Taxes: So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. Federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Members as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s Members and will not be reflected in the consolidated financial statements of the Company. Recent Accounting Pronouncements: In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. On January 1, 2024 , the Company adopted ASU 2022-03 and the adoption did not have a material impact on the consolidated financial statements. |
Investment Valuations and Fair
Investment Valuations and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Investment Valuations And Fair Value Measurements [Abstract] | |
Investment Valuations and Fair Value Measurements | 3. Investment Valuations and Fair Value Measurements Investments at Fair Value: Investments held by the Company are valued at fair value. Fair value is generally determined on the basis of last reported sales prices or official closing prices on the primary exchange in which each security trades, or if no sales are reported, generally based on the midpoint of the valuation range obtained for debt investments from a quotation reporting system, established market makers or pricing service. Investments for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by the Board based on similar instruments, internal assumptions and the weighting of the best available pricing inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" with respect to the fair valuation of the Company's portfolio securities, subject to oversight by and periodic reporting to the Board. 3. Investment Valuations and Fair Value Measurements (Continued) Fair Value Hierarchy: Assets and liabilities are classified into three levels by the Company based on valuation inputs used to determine fair value: Level 1 values are based on unadjusted quoted market prices in active markets for identical assets. Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs. Level 3 values are based on significant unobservable inputs that reflect the Company’s determination of assumptions that market participants might reasonably use in valuing the assets. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation levels are not necessarily an indication of the risk associated with investing in those securities. Level 1 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows: Equity, (Level 1), includes common stock valued at the closing price on the primary exchange in which the security trades. Level 3 Assets (Investments): The following valuation techniques and significant inputs are used to determine the fair value of investments in private debt and equity for which reliable market quotations are not available. Some of the inputs are independently observable however, a significant portion of the inputs and the internal assumptions applied are unobservable. Debt, (Level 3) , include investments in privately originated senior secured debt. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. An income method approach incorporating a weighted average cost of capital and discount rate or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets are generally used to determine fair value, though some cases use an enterprise value waterfall method. Valuation may also include a shadow rating method. Standard pricing inputs include but are not limited to the financial health of the issuer, place in the capital structure, value of other issuer debt, credit, industry, and market risk and events. Equity , (Level 3), includes common stock, preferred stock and warrants. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. A market approach is generally used to determine fair value. Pricing inputs include, but are not limited to, financial health and relevant business developments of the issuer; EBITDA; market multiples of comparable companies; comparable market transactions and recent trades or transactions; issuer, industry and market events; and contractual or legal restrictions on the sale of the security. When a Black-Scholes pricing model is used it follows the income approach. The pricing model takes into account the contract terms as well as multiple inputs, including: time value, implied volatility, equity prices and interest rates. A liquidity discount based on current market expectations, future events, minority ownership position and the period management reasonably expects to hold the investment may be applied. Pricing inputs and weightings applied to determine value require subjective determination. Accordingly, valuations do not necessarily represent the amounts that may eventually be realized from sales or other dispositions of investments. Net Asset Value (“NAV”) (Investment Funds and Vehicles) : Equity investments in affiliated investment fund (Strategic Ventures) are valued based on the NAV reported by the investment fund. Investments held by the affiliated fund include debt investments in privately originated senior secured debt. Such investments held by the affiliated fund are valued using the same methods, approach and standards applied above to debt investments held by the Company. The Company’s ability to withdraw from the fund is subject to restrictions. The term of the fund will continue until June 5, 2021 unless dissolved earlier or extended for two additional one-year periods by the Company, in its full discretion. The Company can further extend the term of the fund for additional one-year periods upon notice to and consent from the fund’s management committee. On February 25, 2021, Company extended the fund’s term one additional year, until June 5, 2022. On February 1, 2022, the Company further extended the fund's term one additional year, until June 5, 2023. On April 17, 2023, the Company further extended the fund's term one additional year, until June 5, 2024. The Company is entitled to income and principal distributed by the fund. 3. Investment Valuations and Fair Value Measurements (Continued) The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of March 31, 2024: Investments Level 1 Level 2 Level 3 NAV Total Debt $ — $ — $ 284,851 $ — $ 284,851 Equity 1,060 — 87,932 — 88,992 Investment funds & vehicles (1) — — — 64,865 64,865 Short- term investments 468,299 — — — 468,299 Cash equivalents 2,309 — — — 2,309 Total $ 471,668 $ — $ 372,783 $ 64,865 $ 909,316 (1) Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2023: Investments Level 1 Level 2 Level 3 NAV Total Debt $ — $ — $ 276,377 $ — $ 276,377 Equity 618 — 95,419 — 96,037 Investment funds & vehicles (1) — — — 69,781 69,781 Short- term investments 491,966 — — — 491,966 Cash equivalents 2,372 — — — 2,372 Total $ 494,956 $ — $ 371,796 $ 69,781 $ 936,533 (1) Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2024: Debt Equity Total Balance, January 1, 2024 $ 276,377 $ 95,419 $ 371,796 Purchases, including payments received in-kind 9,608 — 9,608 Sales and paydowns of investments ( 208 ) — ( 208 ) Amortization of premium and accretion of discount, net 223 — 223 Net change in unrealized appreciation/(depreciation) ( 1,149 ) ( 7,487 ) ( 8,636 ) Balance, March 31, 2024 $ 284,851 $ 87,932 $ 372,783 Change in net unrealized appreciation/(depreciation) in investments held as of March 31, 2024 $ ( 1,149 ) $ ( 7,487 ) $ ( 8,636 ) 3. Investment Valuations and Fair Value Measurements (Continued) The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2023: Debt Equity Total Balance, January 1, 2023 $ 349,861 $ 79,526 $ 429,387 Purchases, including payments received in-kind 8,566 — 8,566 Sales and paydowns of investments ( 60 ) — ( 60 ) Amortization of premium and accretion of discount, net 36 — 36 Net change in unrealized appreciation/(depreciation) ( 3,431 ) ( 6,301 ) ( 9,732 ) Balance, March 31, 2023 $ 354,972 $ 73,225 $ 428,197 Change in net unrealized appreciation/(depreciation) in investments held as of March 31, 2023 $ ( 3,431 ) $ ( 6,301 ) $ ( 9,732 ) The Company did no t have any transfers between levels during the three months ended March 31, 2024 and 2023. Level 3 Valuation and Quantitative Information: The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of March 31, 2024. Investment Type Fair Value Valuation Unobservable Range Weighted Impact to Debt $ 42,953 Income Method Discount Rate 13.8 to 17.1 % 15.5 % Decrease Debt $ 131,938 Market Method EBITDA Multiple 5.5 x to 8.5 x N/A Increase Debt $ 109,960 Market Method Revenue Multiple 0.1 x to 0.8 x N/A Increase Equity $ 65,070 Market Method EBITDA Multiple 5.5 x to 7.8 x N/A Increase Equity $ 22,862 Market Method Revenue Multiple 0.1 x to 0.8 x N/A Increase * Weighted based on fair value The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2023. Investment Type Fair Value Valuation Unobservable Range Weighted Impact to Debt $ 43,506 Income Method Discount Rate 13.6 % to 16.5 % 15.1 % Decrease Debt $ 126,124 Market Method EBITDA Multiple 5.8 x to 9.5 x N/A Increase Debt $ 106,747 Market Method Revenue Multiple 0.1 x to 0.7 x N/A Increase Equity $ 72,198 Market Method EBITDA Multiple 5.8 x to 8.5 x N/A Increase Equity $ 23,221 Market Method Revenue Multiple 0.1 x to 0.7 x N/A Increase * Weighted based on fair value Unless noted, the Company generally utilizes the midpoint of a valuation range provided by an external, independent valuation firm. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | 4. Agreements and Related Party Transactions Advisory Agreement: On September 15, 2014, the Company entered into an Investment Advisory and Management Agreement (the “Advisory Agreement”) with the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Advisory Agreement was approved by the Board at an in-person meeting. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of the independent directors of the Board. On August 10, 2023, the Company’s Board reapproved the Advisory Agreement. 4. Agreements and Related Party Transactions (Continued) Management Fee : Pursuant to the Advisory Agreement, and subject to the overall supervision of the Board, the Adviser will manage the Company’s day-to-day operations and provide investment advisory services to the Company. The Company will pay to the Adviser, quarterly in advance, a management fee (the “Management Fee”) calculated as follows: (i) for the period starting on the initial closing date and ending on the earlier of (A) the last day of the calendar quarter during which the Commitment Period (as defined below) ends or (B) the last day of the calendar quarter during which the Adviser or an affiliate thereof begins to accrue a management fee with respect to a successor fund, 0.375 % (i.e., 1.50 % per annum) of the aggregate commitments determined as of the end of the Closing Period, and (ii) for each calendar quarter thereafter during the term of the Company (but not beyond the tenth anniversary of the initial closing date), 0.1875 % (i.e., 0.75 % per annum) of the aggregate cost basis (whether acquired by the Company with contributions from members, other Company funds or borrowings) of all portfolio investments that have not been sold, distributed to the members, or written off for tax purposes (but reduced by any portion of such cost basis that has been written down to reflect a permanent impairment of value of any portfolio investment), determined in each case as of the first day of such calendar quarter. The Management Fee in respect of the Closing Period will be calculated as if all capital commitments of the Company were made on the initial closing date, regardless of when Common Units were actually funded. The actual payment of the Management Fee with respect to the Closing Period will not be made prior to the first day of the first full calendar quarter following the end of the Closing Period. The “Commitment Period” of the Company will begin on the initial closing date and end on the earlier of (a) three years from the initial closing date and (b) the date on which the undrawn Commitment of each Common Unit has been reduced to zero. While the Management Fee will accrue from the initial closing date, the Adviser intends to defer payment of such fees to the extent that such fees cannot be paid from interest and fee income generated by the Company’s investments. During the three months ended March 31, 2024 and 2023, Management Fees incurred were $ 873 and $ 1,013 , respectively. As described in Note 1, the Company's term was extended from September 19, 2023 to September 19, 2024 via a supermajority vote of the Unitholders. In connection with such extension, the Adviser agreed to waive management fees earned from and after December 31, 2022. Incentive Fee: In addition, the Adviser will receive an incentive fee (the “Incentive Fee”) as follows: (a) First, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative distributions pursuant to this clause (a) equal to their aggregate capital contributions in respect of all Common Units; (b) Second, no Incentive Fee will be owed until the Common Unitholders have collectively received cumulative distributions equal to a 9 % internal rate of return on their aggregate capital contributions in respect of all Common Units (the “Hurdle”); (c) Third, the Adviser will be entitled to an Incentive Fee out of 100 % of additional amounts otherwise distributable to Common Unitholders until such time as the cumulative Incentive Fee paid to the Adviser is equal to 20 % of the sum of (i) the amount by which the Hurdle exceeds the aggregate capital contributions of the Common Unitholders in respect of all Common Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and (d) Thereafter, the Adviser will be entitled to an Incentive Fee equal to 20 % of additional amounts otherwise distributable to Unitholders, with the remaining 80 % distributed to the Unitholders. The Incentive Fee will be calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any distribution (or deemed distribution) will be determined and, if applicable, paid in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders. If the Advisory Agreement terminates early for any reason other than (i) the Adviser voluntarily terminating the agreement or (ii) our terminating the agreement for cause (as set out in the Advisory Agreement), we will be required to pay the Adviser a final incentive fee payment (the “Final Incentive Fee Payment”). The Final Incentive Fee Payment will be calculated as of the date the Advisory Agreement is so terminated and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all our investments were liquidated for their current value (but without taking into account any unrealized appreciation of any portfolio investment), and any unamortized deferred portfolio investment-related fees would be deemed accelerated, (B) the proceeds from such liquidation were used to pay all our outstanding liabilities, and (C) the remainder were distributed to Unitholders and paid as Incentive Fee in accordance with the “waterfall” (i.e., clauses (a) through (d)) described above for determining the amount of the Incentive Fee. We will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated. The Adviser Return Obligation (defined below) will not apply in connection with a Final Incentive Fee Payment. 4. Agreements and Related Party Transactions (Continued) No Incentive Fees were incurred during the three months ended March 31, 2024 and 2023. Administration Agreement: On September 15, 2014, the Company entered into the Administration Agreement with the Adviser under which the Adviser (or one or more delegated service providers) will oversee the maintenance of our financial records and otherwise assist on the Company’s compliance with regulations applicable to a BDC under the 1940 Act, and a RIC under the Code, to prepare reports to our Members, monitor the payment of our expenses and the performance of other administrative or professional service providers, and generally provide us with administrative and back office support. The Company will reimburse the Administrator for expenses incurred by it on behalf of the Company in performing its obligations under the Administration Agreement. Amounts paid pursuant to the Administration Agreement are subject to the annual cap on Company Expenses (as defined below), as described more fully below. On August 10, 2023, the Company’s Board reapproved the Administrative Agreement. The Company, and indirectly the Unitholders, will bear (including by reimbursing the Adviser or Administrator) all other costs and expenses of its operations, administration and transactions, including, without limitation, organizational and offering expenses, management fees, costs of reporting required under applicable securities laws, legal fees of the Company’s counsel and accounting fees. However, the Company will not bear (a) more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses in connection with the offering of Common Units through the Closing Period and (b) more than an amount equal to 12.5 basis points of the aggregate Commitments of the Company per annum (pro-rated for partial years) for its costs and expenses other than ordinary operating expenses (“Company Expenses”), including amounts paid to the Administrator under the Administration Agreement and reimbursement of expenses to the Adviser. All expenses that the Company will not bear will be borne by the Adviser or its affiliates. Notwithstanding the foregoing, the cap on Company Expenses does not apply to payments of the Management Fee, Incentive Fee, organizational and offering expenses (which are subject to the separate cap), amounts payable in connection with the Company’s borrowings (including interest, bank fees, legal fees and other transactional expenses related to any borrowing or borrowing facility and similar costs), costs and expenses relating to the liquidation of the Company, taxes, or extraordinary expenses (such as litigation expenses and indemnification payments). TCW Direct Lending Strategic Ventures LLC: On June 5, 2015, the Company, together with an affiliate of Security Benefit Corporation and accounts managed by Oak Hill Advisors, L.P., entered into an Amended and Restated Limited Liability Company Agreement (the “Agreement”) to become members of TCW Direct Lending Strategic Ventures LLC (“Strategic Ventures”). Strategic Ventures focuses primarily on making senior secured floating rate loans to middle-market borrowers. The Agreement was effective June 5, 2015. The Company’s investment in Strategic Ventures is restricted from redemption until the termination of Strategic Ventures. The Company’s capital commitment is $ 481,600 , representing approximately 80 % of the preferred and common equity ownership of Strategic Ventures, with the third-party investors representing the remaining capital commitments and preferred and common equity ownership. A portion of the Company’s capital commitment was satisfied by the contribution of two loans to Strategic Ventures. Strategic Ventures also entered into a revolving credit facility to finance a portion of certain eligible investments on June 5, 2015. On April 30, 2021, Strategic Ventures’ revolving credit facility was terminated. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies The Company had the following unfunded commitments and unrealized depreciation by investment as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Unfunded Commitments Maturity/ Amount Unrealized Amount Unrealized H-D Advanced Manufacturing Company November 2025 $ 10,300 $ 20 $ — $ — Pace Industries, Inc. June 2025 3,254 88 3,671 158 Retail & Animal Intermediate, LLC November 2025 2,242 2,242 2,242 2,241 Ruby Tuesday Operations LLC (fka Ruby Tuesday, Inc.) February 2025 4,921 — 4,921 — Total $ 20,717 $ 2,350 $ 10,834 $ 2,399 The Company’s total capital commitment to its underlying investment in Strategic Ventures is $ 481,600 . As of March 31, 2024 and December 31, 2023 , the Company’s unfunded commitment to Strategic Ventures is $ 219,646 . From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2024, management is not aware of any pending or threatened litigation. In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications. |
Members Capital
Members Capital | 3 Months Ended |
Mar. 31, 2024 | |
Statement of Stockholders' Equity [Abstract] | |
Members Capital | 6. Members’ Capital During the three months ended March 31, 2024 and 2023, the Company did not sell or issue any Common Units. As described in Note 1, o n July 11, 2022 the Company’s Members approved a reduction in Undrawn Commitments by $ 10.43 per unit, resulting in an approximately 41.18 % reduction of overall remaining available capital commitments. The activity for the three months ended March 31, 2024 and 2023 was as follows: Three months ended March 31, 2024 2023 Units at beginning of period 18,034,649 18,034,649 Units issued and committed at end of period 18,034,649 18,034,649 The Company did no t process any deemed distributions and re-contributions during the three months ended March 31, 2024 and 2023 . |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Credit Facility | 7. Credit Facility The Company has a secured revolving credit agreement (the “Credit Agreement”) with Natixis, New York Branch (“Natixis”) as administrative agent and committed lender. The Credit Agreement provides for a revolving credit line of up to $ 750,000 (the “Maximum Commitment”) (the “Credit Facility”), subject to the lesser of the “Borrowing Base” assets or the Maximum Commitment (the “Available Commitment”). The Borrowing Base assets generally equal the sum of (a) a percentage of certain eligible investments in a controlled account, (b) a percentage of unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Credit Agreement is generally secured by the Borrowing Base assets. 7. Credit Facility (Continued) On April 10, 2017, the Company and Natixis entered into a Third Amended and Restated Revolving Credit Agreement. Under the Third Amended and Restated Revolving Credit Agreement borrowings bear interest at a rate equal to either the (a) adjusted eurodollar rate calculated in a customary manner plus 2.35 %, (b) commercial paper rate plus 2.35 %, or (c) a base rate calculated in a customary manner (using the higher of the Federal Funds Rate plus 0.50 %, the Prime Rate and the Floating LIBOR Rate plus 1.00 %) plus 1.35 %. Moreover, the Credit Agreement’s stated maturity date was extended from November 10, 2017 to April 10, 2020 . On April 6, 2020, the Company entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement (the “Amended Credit Agreement”), by and among the Company, as borrower, and Natixis, New York Branch, as administrative agent and the lenders party thereto. The Amended Credit Agreement provides for a revolving credit line of up to $ 375,000 (with an option for the Company to increase this amount to $ 450,000 subject to consent of the lenders and satisfaction of certain other conditions), subject to the available borrowing base, which is generally the sum of (a) a percentage of certain eligible investments, (b) a percentage of remaining unfunded commitments from certain eligible investors in the Company and (c) cash in a controlled account. The Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company’s investors, portfolio investments and substantially all other assets of the Company. The stated maturity date of the Amended Credit Agreement was April 9, 2021 , which date (subject to the satisfaction of certain conditions) could have been extended by the Company for up to an additional 364 days. Borrowings under the Amended Credit Agreement bore interest at a rate equal to either (a) adjusted eurodollar rate calculated in a customary manner plus 2.50 %, (b) commercial paper rate plus 2.50 %, or (c) a base rate calculated in a customary manner (which will never be less than the adjusted eurodollar rate plus 1.00 %) plus 1.50 %, provided however in each case the commercial paper rate and the eurocurrency rate shall have a floor of 1.00 %. On May 27, 2020, the Company entered into a Lender Group Joinder Agreement pursuant to which Zions Bancorporation, N.A. d/b/a California Bank & Trust was added as a committed lender (with a commitment of $ 25,000 ) under the Amended Credit Agreement. Concurrently therewith, the Company elected to increase the size of its revolving credit line under the Amended Credit Agreement to $ 400,000 . On December 29, 2020, the Company elected to permanently decrease the size of its revolving credit line under the Amended Credit Agreement to $ 177,000 . On April 6, 2021, the Company entered into a Third Amendment to the Amended Credit Agreement (the “Third Amended Credit Agreement”). The Third Amended Credit Agreement provides for a revolving credit line of up to $ 177,000 , subject to the available borrowing base, which is generally a percentage of remaining unfunded commitments from certain eligible investors in the Company. The Third Amended Credit Agreement is generally secured by the unfunded commitments (together with the recallable amounts) of the Company’s investors. The stated maturity date of the Third Amended Credit Agreement is April 8, 2022 , which (subject to the satisfaction of certain conditions) may be extended by the Company for up to an additional 364 days. On March 23, 2022, the Company exercised its final extension option, and extended the maturity date of the Third Amended Credit Agreement to April 7, 2023. Borrowings under the Third Amended Credit Agreement bear interest at a rate equal to either (a) Eurocurrency Rate calculated in a customary manner plus 1.95 %, (b) commercial paper (“CP”) rate plus 1.95 %, or (c) a base rate calculated in a customary manner (which will never be less than the Eurocurrency Rate plus 1.00 %) plus 0.95 %, provided however in each case the CP Rate and the Eurocurrency Rate shall have a floor of 0.00 %. The Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of March 31, 2024, the Company was in compliance with such covenants. On January 10, 2023, the Company entered into a Fourth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fourth Amended Credit Agreement"). The Fourth Amended Credit Agreement replaces the Eurocurrency Rate with a Daily Simple SOFR Rate, Term SOFR Rate and Adjusted Term SOFR Rate (each as defined in the Fourth Amended Credit Agreement) for purposes of calculating interest on the loan. Each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Adjusted Term SOFR Rate for such Interest Period plus the interest rate spread or "Applicable Margin." Each Daily SOFR Loan will bear interest on the outstanding principal amount thereof at a rate per annum equal to Daily Simple SOFR plus the Applicable Margin. The Term SOFR Loan and Daily SOFR Loan have an Applicable Margin of 1.95 %. 7. Credit Facility (Continued) On April 7, 2023, the Company entered into the Fifth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Fifth Amended Credit Agreement"). The Fifth Amended Credit Agreement removed the Adjusted Term SOFR Rate for purposes of calculating interest on the loan but kept the Daily Simple SOFR and Term SOFR rates as is. It also updated the Applicable Margin from 0.95 % to 1.15 % for Base Rate Loans and from 1.95 % to 2.15 % for all other loan types. The revolving credit line was also reduced from $ 177,000 to $ 152,000 and lastly, the maturity date of the loan was extended 364 days to April 5, 2024 . As of March 31, 2024 and December 31, 2023, the Available Commitment under the Amended Credit Agreement was $ 74,950 and $ 74,950 , respectively. As of March 31, 2024 and December 31, 2023, the amounts outstanding under the Credit Facility were $ 77,050 and $ 77,050 , respectively. The carrying amount of the Credit Facility, which is categorized as Level 2 within the fair value hierarchy as of March 31, 2024 and December 31, 2023, approximates its fair value. Valuation techniques and significant inputs used to determine fair value include Company details; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and terms and conditions of the Credit Facility. Costs associated with the Credit Facility are recorded as deferred financing costs on our Consolidated Statements of Assets and Liabilities and the costs are being amortized over the life of the Credit Facility. As of March 31, 2024 and December 31, 2023, $ 9 and $ 122 , respectively, of such prepaid deferred financing costs has yet to be amortized. The summary information regarding the Credit Facility for the three months ended March 31, 2024 and 2023 was as follows: Three months ended March 31, 2024 2023 Credit facility interest expense $ 1,473 $ 2,104 Undrawn commitment fees 77 49 Administrative fees 16 16 Amortization of deferred financing costs 113 137 Total $ 1,679 $ 2,306 Weighted average interest rate 7.56 % 6.61 % Average outstanding balance $ 77,050 $ 127,583 |
Repurchase Transactions
Repurchase Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure of Repurchase Agreements [Abstract] | |
Repurchase Transactions | 8. Repurchase Transactions The Company may, from time to time, enter into repurchase agreements with Barclays Bank PLC (“Barclays”), whereby the Company sells to Barclays its short-term investments and concurrently enters into an agreement to repurchase the same investments at an agreed-upon price at a future date, generally within 30-days (each, a “Repurchase Transaction”). In accordance with ASC 860, Transfers and Servicing , these Repurchase Transactions meet the criteria for secured borrowings. Accordingly, the short-term investments remain on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Barclays (the “Repurchase Obligation”). The Repurchase Obligation is secured by the short-term investments that are the subject of the repurchase agreement. The Company had no outstanding Repurchase Obligations as of March 31, 2024 and December 31, 2023. Interest expense incurred under these Repurchase Transactions was $ 1,735 and $ 1,347 for the three months ended March 31, 2024 and 2023 , respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company has elected to be treated as a BDC under the 1940 Act and has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. Federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its common unitholders as dividends. The Company elected to be taxed as a RIC in 2015. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Federal Income Taxes : It is the policy of the Company to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and distribute all of its net taxable income and any net realized gains on investments to its shareholders. Therefore, no federal income tax provision is required As of March 31, 2024 and December 31, 2023, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows: March 31, 2024 December 31, 2023 Cost of investments for federal income tax purposes $ 945,942 $ 983,943 Unrealized appreciation $ 66,035 $ 76,582 Unrealized depreciation $ ( 105,011 ) $ ( 123,992 ) Net unrealized depreciation on investments $ ( 38,976 ) $ ( 47,410 ) The Company did no t have any unrecognized tax benefits at December 31, 2023 , nor were there any increases or decreases in unrecognized tax benefits for the period then ended; and therefore no interest or penalties were accrued. The Company is subject to examination by U.S. federal and state tax authorities regarding returns filed for the prior three and four years , respectively. |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | 10. Financial Highlights Selected data for a unit outstanding throughout the three months ended March 31, 2024 and 2023 is presented below. The accrual base Net Asset Value is calculated by subtracting the per unit loss from investment operations from the beginning Net Asset Value per unit and reflects all units issued and outstanding. For the three months ended March 31, 2024 (1) 2023 (1) Net Asset Value Per Unit (accrual base), Beginning of Period $ 31.38 $ 32.84 Income from Investment Operations: Net investment income 0.49 0.41 Net realized and unrealized loss ( 0.58 ) ( 0.62 ) Total loss from investment operations ( 0.09 ) ( 0.21 ) Less Distributions: From net investment income ( 0.14 ) — Total distributions ( 0.14 ) — Net Asset Value Per Unit (accrual base), End of Period $ 31.15 $ 32.63 Common Unitholder Total Return (2)(3) ( 0.47 )% ( 1.18 )% Common Unitholder IRR (4) 8.23 % 8.32 % Ratios and Supplemental Data: Members’ Capital, end of period $ 362,752 $ 389,426 Units outstanding, end of period 18,034,649 18,034,649 Ratios based on average net assets of Members’ Capital: Ratio of total expenses to average net assets (5) 5.07 % 4.24 % Expenses waived by Investment Adviser (5) ( 0.24 )% — Ratio of net expenses to average net assets (5) 4.83 % 4.24 % Ratio of financing cost to average net assets (3) 0.46 % 0.59 % Ratio of net investment income to average net assets (5) 9.70 % 7.67 % Credit facility payable 77,050 128,250 Asset coverage ratio 5.71 4.04 Portfolio turnover rate (3) 0.29 % 0.01 % (1) Per unit data was calculated using the number of Common Units issued and outstanding as of March 31, 2024 and 2023. (2) The Total Return for the three months ended March 31, 2024 and 2023 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses. (3) Not annualized. (4) The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, is 8.23 % through March 31, 2024. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization. (5) Annualized. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that require recognition or disclosure in these consolidated financial statements other than those described below. On April 1, 2024 , the Company entered into a Repurchase Transaction with Barclays which settled on April 25, 2024 in the amount of $ 468,469 . On April 5, 2024, the Company entered into the Sixth Amendment to the Third Amended and Restated Revolving Credit Agreement (the "Sixth Amended Credit Agreement"). The Sixth Amended Credit Agreement updated the Applicable Margin from 1.15 % to 1.50 % for Base Rate Loans and from 2.15 % to 2.50 % for all other loan types. The maturity date of the loan was also extended 364 days to April 4, 2025 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Line Items] | |
Basis of Presentation | Basis of Presentation: The consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The Company has consolidated the results of its wholly owned subsidiary in its consolidated financial statements in accordance with ASC 946. |
Use of Estimates | Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the years presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material. |
Investments | Investments : The Company measures the value of its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. |
Transactions | Transactions : The Company records investment transactions on the trade date. The Company considers trade date for investments not traded on a recognizable exchange, or traded in the over-the-counter markets, to be the date on which the Company receives legal or contractual title to the asset and bears the risk of loss. |
Income Recognition | Income Recognition : Interest income and interest income paid-in-kind are recorded on an accrual basis unless doubtful of collection or the related investment is in default. Realized gains and losses on investments are recorded on a specific identification basis. The Company typically receives a fee in the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to collectability, and reflected in the amortized cost basis of the investment. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized as interest income in the period in which the fees were earned. Income received in exchange for the provision of services such as administration and managerial services is recognized as other fee income in the period in which it was earned. The Company has entered into certain intercreditor agreements that entitle the Company to the “last out” tranche of first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. In certain cases, the Company may receive a higher interest rate than the contractual stated interest rate as disclosed on the Company’s Consolidated Schedule of Investments. 2. Significant Accounting Policies (Continued) Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. The Company earns an unused commitment fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5—Commitments and Contingencies. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. |
Deferred Financing Costs | Deferred Financing Costs: Deferred financing costs incurred by the Company in connection with the revolving credit facility, including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the revolving credit facility. |
Organizational and Offering Costs | Organization and Offering Costs: The Company did not bear more than an amount equal to 10 basis points of the aggregate capital commitments of the Company for organization and offering expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents: The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of March 31, 2024 , cash and cash equivalents is comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are carried at amortized costs which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy. |
Income Taxes | Income Taxes: So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. Federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Members as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s Members and will not be reflected in the consolidated financial statements of the Company. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. On January 1, 2024 , the Company adopted ASU 2022-03 and the adoption did not have a material impact on the consolidated financial statements. |
Short-Term Investments | |
Summary of Significant Accounting Policies [Line Items] | |
Investments | Short-term investments: The Company considers all investments with original maturities beyond three months at the date of purchase and one year or less from the balance sheet date to be short-term investments. As of March 31, 2024 , short-term investments is comprised of U.S. Treasury bills, all of which are carried at fair value and are classified as Level 1 in the GAAP valuation hierarchy. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Aggregate Commitments, Undrawn Commitments, Percentage of Commitments Funded and Number of Subscribed for Units | As of March 31, 2024, aggregate Commitments, Undrawn Commitments, the percentage of Commitments funded and the number of subscribed for Units of the Company were as follows: Commitments Undrawn % of Units Common Unitholder $ 1,803,465 $ 199,120 89.0 % 18,034,649 |
Investment Valuations and Fai_2
Investment Valuations and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Valuations And Fair Value Measurements [Abstract] | |
Summary by Major Security Type of Fair Valuation According to Inputs Used in Valuing Investments | The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of March 31, 2024: Investments Level 1 Level 2 Level 3 NAV Total Debt $ — $ — $ 284,851 $ — $ 284,851 Equity 1,060 — 87,932 — 88,992 Investment funds & vehicles (1) — — — 64,865 64,865 Short- term investments 468,299 — — — 468,299 Cash equivalents 2,309 — — — 2,309 Total $ 471,668 $ — $ 372,783 $ 64,865 $ 909,316 (1) Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2023: Investments Level 1 Level 2 Level 3 NAV Total Debt $ — $ — $ 276,377 $ — $ 276,377 Equity 618 — 95,419 — 96,037 Investment funds & vehicles (1) — — — 69,781 69,781 Short- term investments 491,966 — — — 491,966 Cash equivalents 2,372 — — — 2,372 Total $ 494,956 $ — $ 371,796 $ 69,781 $ 936,533 (1) Includes equity investments in Strategic Ventures. In accordance with ASC Topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. |
Summary of Reconciliation of Balances for Total Investments | The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2024: Debt Equity Total Balance, January 1, 2024 $ 276,377 $ 95,419 $ 371,796 Purchases, including payments received in-kind 9,608 — 9,608 Sales and paydowns of investments ( 208 ) — ( 208 ) Amortization of premium and accretion of discount, net 223 — 223 Net change in unrealized appreciation/(depreciation) ( 1,149 ) ( 7,487 ) ( 8,636 ) Balance, March 31, 2024 $ 284,851 $ 87,932 $ 372,783 Change in net unrealized appreciation/(depreciation) in investments held as of March 31, 2024 $ ( 1,149 ) $ ( 7,487 ) $ ( 8,636 ) 3. Investment Valuations and Fair Value Measurements (Continued) The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2023: Debt Equity Total Balance, January 1, 2023 $ 349,861 $ 79,526 $ 429,387 Purchases, including payments received in-kind 8,566 — 8,566 Sales and paydowns of investments ( 60 ) — ( 60 ) Amortization of premium and accretion of discount, net 36 — 36 Net change in unrealized appreciation/(depreciation) ( 3,431 ) ( 6,301 ) ( 9,732 ) Balance, March 31, 2023 $ 354,972 $ 73,225 $ 428,197 Change in net unrealized appreciation/(depreciation) in investments held as of March 31, 2023 $ ( 3,431 ) $ ( 6,301 ) $ ( 9,732 ) |
Summary of Valuation Techniques and Quantitative Information | The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of March 31, 2024. Investment Type Fair Value Valuation Unobservable Range Weighted Impact to Debt $ 42,953 Income Method Discount Rate 13.8 to 17.1 % 15.5 % Decrease Debt $ 131,938 Market Method EBITDA Multiple 5.5 x to 8.5 x N/A Increase Debt $ 109,960 Market Method Revenue Multiple 0.1 x to 0.8 x N/A Increase Equity $ 65,070 Market Method EBITDA Multiple 5.5 x to 7.8 x N/A Increase Equity $ 22,862 Market Method Revenue Multiple 0.1 x to 0.8 x N/A Increase * Weighted based on fair value The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2023. Investment Type Fair Value Valuation Unobservable Range Weighted Impact to Debt $ 43,506 Income Method Discount Rate 13.6 % to 16.5 % 15.1 % Decrease Debt $ 126,124 Market Method EBITDA Multiple 5.8 x to 9.5 x N/A Increase Debt $ 106,747 Market Method Revenue Multiple 0.1 x to 0.7 x N/A Increase Equity $ 72,198 Market Method EBITDA Multiple 5.8 x to 8.5 x N/A Increase Equity $ 23,221 Market Method Revenue Multiple 0.1 x to 0.7 x N/A Increase * Weighted based on fair value |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unfunded Commitments and Unrealized Depreciation by Investment | The Company had the following unfunded commitments and unrealized depreciation by investment as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Unfunded Commitments Maturity/ Amount Unrealized Amount Unrealized H-D Advanced Manufacturing Company November 2025 $ 10,300 $ 20 $ — $ — Pace Industries, Inc. June 2025 3,254 88 3,671 158 Retail & Animal Intermediate, LLC November 2025 2,242 2,242 2,242 2,241 Ruby Tuesday Operations LLC (fka Ruby Tuesday, Inc.) February 2025 4,921 — 4,921 — Total $ 20,717 $ 2,350 $ 10,834 $ 2,399 |
Members Capital (Table)
Members Capital (Table) | 3 Months Ended |
Mar. 31, 2024 | |
Statement of Stockholders' Equity [Abstract] | |
Summary of Company Unit Activity | During the three months ended March 31, 2024 and 2023, the Company did not sell or issue any Common Units. As described in Note 1, o n July 11, 2022 the Company’s Members approved a reduction in Undrawn Commitments by $ 10.43 per unit, resulting in an approximately 41.18 % reduction of overall remaining available capital commitments. The activity for the three months ended March 31, 2024 and 2023 was as follows: Three months ended March 31, 2024 2023 Units at beginning of period 18,034,649 18,034,649 Units issued and committed at end of period 18,034,649 18,034,649 |
Credit Facility (Tables)
Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary Information Regarding Credit Facility | The summary information regarding the Credit Facility for the three months ended March 31, 2024 and 2023 was as follows: Three months ended March 31, 2024 2023 Credit facility interest expense $ 1,473 $ 2,104 Undrawn commitment fees 77 49 Administrative fees 16 16 Amortization of deferred financing costs 113 137 Total $ 1,679 $ 2,306 Weighted average interest rate 7.56 % 6.61 % Average outstanding balance $ 77,050 $ 127,583 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Aggregate Investment Unrealized Appreciation and Depreciation for Federal Income Tax Purposes | As of March 31, 2024 and December 31, 2023, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows: March 31, 2024 December 31, 2023 Cost of investments for federal income tax purposes $ 945,942 $ 983,943 Unrealized appreciation $ 66,035 $ 76,582 Unrealized depreciation $ ( 105,011 ) $ ( 123,992 ) Net unrealized depreciation on investments $ ( 38,976 ) $ ( 47,410 ) |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Net Asset Value Per Unit and Reflects all Units Issued and Outstanding | Selected data for a unit outstanding throughout the three months ended March 31, 2024 and 2023 is presented below. The accrual base Net Asset Value is calculated by subtracting the per unit loss from investment operations from the beginning Net Asset Value per unit and reflects all units issued and outstanding. For the three months ended March 31, 2024 (1) 2023 (1) Net Asset Value Per Unit (accrual base), Beginning of Period $ 31.38 $ 32.84 Income from Investment Operations: Net investment income 0.49 0.41 Net realized and unrealized loss ( 0.58 ) ( 0.62 ) Total loss from investment operations ( 0.09 ) ( 0.21 ) Less Distributions: From net investment income ( 0.14 ) — Total distributions ( 0.14 ) — Net Asset Value Per Unit (accrual base), End of Period $ 31.15 $ 32.63 Common Unitholder Total Return (2)(3) ( 0.47 )% ( 1.18 )% Common Unitholder IRR (4) 8.23 % 8.32 % Ratios and Supplemental Data: Members’ Capital, end of period $ 362,752 $ 389,426 Units outstanding, end of period 18,034,649 18,034,649 Ratios based on average net assets of Members’ Capital: Ratio of total expenses to average net assets (5) 5.07 % 4.24 % Expenses waived by Investment Adviser (5) ( 0.24 )% — Ratio of net expenses to average net assets (5) 4.83 % 4.24 % Ratio of financing cost to average net assets (3) 0.46 % 0.59 % Ratio of net investment income to average net assets (5) 9.70 % 7.67 % Credit facility payable 77,050 128,250 Asset coverage ratio 5.71 4.04 Portfolio turnover rate (3) 0.29 % 0.01 % (1) Per unit data was calculated using the number of Common Units issued and outstanding as of March 31, 2024 and 2023. (2) The Total Return for the three months ended March 31, 2024 and 2023 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses. (3) Not annualized. (4) The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, is 8.23 % through March 31, 2024. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization. (5) Annualized. |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Jul. 11, 2022 $ / shares | Sep. 19, 2020 | Mar. 19, 2015 USD ($) $ / shares | May 13, 2014 USD ($) shares | Oct. 31, 2022 | Mar. 31, 2024 USD ($) Agreement shares | Dec. 31, 2023 USD ($) | |
Inception date | Mar. 20, 2014 | ||||||
Number of wholly-owned subsidiaries | 2 | ||||||
Number of additional subscription agreements | Agreement | 2 | ||||||
Term of subscription agreements | 1 year | ||||||
Extended term for successive periods of subscription agreements | 1 year | ||||||
Commitment period description | The Commitment Period commenced on September 19, 2014 (the “Initial Closing Date”) and ended on September 19, 2017, the third anniversary of the Initial Closing Date. In accordance with the Company’s Limited Liability Company Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. | ||||||
Significantly investment completion period upon expiration of commitment period | 90 days | ||||||
Commitments from investors | $ 1,803,465 | $ 1,803,465 | |||||
Reduction in undrawn commitments | $ / shares | $ 10.43 | ||||||
Percentage of reduction of overall remaining available capital commitments | 41.18% | ||||||
Recontribute amount distribution percentage | 75% | ||||||
Recallable amount | $ 100,875 | ||||||
Impact of individual member's percentage | 0% | ||||||
Maximum | |||||||
Percentage of aggregate cumulative invested amount in existing portfolio companies | 10% | ||||||
Commitments from investors units | shares | 18,034,649 | ||||||
Minimum | |||||||
Commitments from investors units | shares | 20,134,698 | ||||||
Common Stock | |||||||
Number of units sold and issued | shares | 10 | ||||||
Aggregate purchase price | $ 1 | ||||||
Commitments from investors | $ 2,013,470 | ||||||
Commitment obligation per unit | $ / shares | $ 100 | ||||||
Reduction in undrawn commitments | $ / shares | $ 10.43 | ||||||
Percentage of reduction of overall remaining available capital commitments | 41.18% |
Organization and Basis of Pre_4
Organization and Basis of Presentation - Schedule of Aggregate Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Common Unitholder, Commitments | $ 1,803,465 | $ 1,803,465 | |
Common Unitholder, Undrawn Commitments | $ 199,120 | ||
Common Unitholder, % of Commitments Funded | 89% | ||
Common Unitholder, Units | 18,034,649 | 18,034,649 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2024 | Jan. 01, 2024 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Basis points of aggregate capital commitments | 0.10% | |
ASU 2022-03 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 01, 2024 | |
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true |
Investment Valuations and Fai_3
Investment Valuations and Fair Value Measurements - Summary of Major Security Type of Fair Valuations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | $ 909,316 | $ 936,533 |
Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 284,851 | 276,377 |
Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 88,992 | 96,037 |
Investment Funds & Vehicles | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 64,865 | 69,781 |
Short-Term Investments | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 468,299 | 491,966 |
Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 2,309 | 2,372 |
Fair Value, Inputs, Level 1 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 471,668 | 494,956 |
Fair Value, Inputs, Level 1 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 1 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 1,060 | 618 |
Fair Value, Inputs, Level 1 | Investment Funds & Vehicles | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 1 | Short-Term Investments | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 468,299 | 491,966 |
Fair Value, Inputs, Level 1 | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 2,309 | 2,372 |
Fair Value, Inputs, Level 2 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 2 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 2 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 2 | Investment Funds & Vehicles | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 2 | Short-Term Investments | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 2 | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 372,783 | 371,796 |
Fair Value, Inputs, Level 3 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 284,851 | 276,377 |
Fair Value, Inputs, Level 3 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 87,932 | 95,419 |
Fair Value, Inputs, Level 3 | Investment Funds & Vehicles | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 3 | Short-Term Investments | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value, Inputs, Level 3 | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 64,865 | 69,781 |
Fair Value Measured at Net Asset Value Per Share | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | Investment Funds & Vehicles | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 64,865 | 69,781 |
Fair Value Measured at Net Asset Value Per Share | Short-Term Investments | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Fair Value Measured at Net Asset Value Per Share | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | $ 0 | $ 0 |
Investment Valuations and Fai_4
Investment Valuations and Fair Value Measurements - Summary of Reconciliation of Balances for Total Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss) on Investments | Unrealized Gain (Loss) on Investments |
Fair Value, Inputs, Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Beginning Balance | $ 371,796 | $ 429,387 |
Purchases, including payments received in-kind | 9,608 | 8,566 |
Sales and paydowns of investments | (208) | (60) |
Amortization of premium and accretion of discount, net | 223 | 36 |
Net change in unrealized appreciation/(depreciation) | (8,636) | (9,732) |
Ending Balance | 372,783 | 428,197 |
Change in Net Unrealized Depreciation Appreciation for Investment Held | (8,636) | (9,732) |
Debt | Fair Value, Inputs, Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Beginning Balance | 276,377 | 349,861 |
Purchases, including payments received in-kind | 9,608 | 8,566 |
Sales and paydowns of investments | (208) | (60) |
Amortization of premium and accretion of discount, net | 223 | 36 |
Net change in unrealized appreciation/(depreciation) | (1,149) | (3,431) |
Ending Balance | 284,851 | 354,972 |
Change in Net Unrealized Depreciation Appreciation for Investment Held | (1,149) | (3,431) |
Equity | Fair Value, Inputs, Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Beginning Balance | 95,419 | 79,526 |
Purchases, including payments received in-kind | 0 | 0 |
Sales and paydowns of investments | 0 | 0 |
Amortization of premium and accretion of discount, net | 0 | 0 |
Net change in unrealized appreciation/(depreciation) | (7,487) | (6,301) |
Ending Balance | 87,932 | 73,225 |
Change in Net Unrealized Depreciation Appreciation for Investment Held | $ (7,487) | $ (6,301) |
Investment Valuations and Fai_5
Investment Valuations and Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Valuations And Fair Value Measurements [Abstract] | ||
Fair value assets liabilities transfer between levels | $ 0 | $ 0 |
Investment Valuations and Fai_6
Investment Valuations and Fair Value Measurements - Summary of Valuation Techniques and Quantitative Information (Details) - Fair Value, Inputs, Level 3 $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Debt | Income Method | Discount Rate | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 42,953 | $ 43,506 |
Debt | Income Method | Minimum | Discount Rate | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 13.8 | 13.6 |
Debt | Income Method | Maximum | Discount Rate | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 17.1 | 16.5 |
Debt | Income Method | Weighted Average | Discount Rate | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 15.5 | 15.1 |
Debt | Market Method | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 126,124 | |
Debt | Market Method | Revenue Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 109,960 | $ 106,747 |
Debt | Market Method | Minimum | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 5.8 | |
Debt | Market Method | Minimum | Revenue Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 0.1 | 0.1 |
Debt | Market Method | Maximum | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 9.5 | |
Debt | Market Method | Maximum | Revenue Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 0.8 | 0.7 |
Debt | Market Method | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 131,938 | |
Debt | Market Method | Minimum | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 5.5 | |
Debt | Market Method | Maximum | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 8.5 | |
Equity | Market Method | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 65,070 | $ 72,198 |
Equity | Market Method | Revenue Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 22,862 | $ 23,221 |
Equity | Market Method | Minimum | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 5.5 | 5.8 |
Equity | Market Method | Minimum | Revenue Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 0.1 | 0.1 |
Equity | Market Method | Maximum | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 7.8 | 8.5 |
Equity | Market Method | Maximum | Revenue Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Range | 0.8 | 0.7 |
Agreements and Related Party _2
Agreements and Related Party Transactions - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 15, 2014 | Mar. 31, 2024 USD ($) Loan | Mar. 31, 2023 USD ($) | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||||
Management fees | $ 873,000 | $ 0 | ||
Investment Advisory and Management Agreement With Adviser | ||||
Related Party Transaction [Line Items] | ||||
Advisory agreement effective period | 2 years | |||
Percentage of management fee | 0.375% | 1.50% | ||
Percentage of management fee on aggregate cost basis | 0.1875% | 0.75% | ||
Management fees | $ 873 | 1,013 | ||
Incentive fee | $ 0 | $ 0 | ||
Maximum percentage of aggregate commitment for organizational expenses and offering expenses | 10% | |||
Maximum percentage of commitment or assets computed annually for company expenses | 12.50% | |||
Capital commitment | $ 481,600,000 | |||
Percentage of preferred and common equity ownership | 80% | |||
Number of loans contribution | Loan | 2 | |||
Second | Investment Advisory and Management Agreement With Adviser | ||||
Related Party Transaction [Line Items] | ||||
Percentage of internal rate of return on aggregate capital contribution | 9% | |||
Third | Investment Advisory and Management Agreement With Adviser | ||||
Related Party Transaction [Line Items] | ||||
Percentage of advisor incentive fee entitled | 100% | |||
Percentage of additional distributable paid to advisor incentive fee | 20% | |||
Thereafter | Investment Advisory and Management Agreement With Adviser | ||||
Related Party Transaction [Line Items] | ||||
Percentage of additional distributable paid to advisor incentive fee | 20% | |||
Percentage of remaining incentive fee | 80% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Unfunded Commitments and Unrealized Depreciation by Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Unfunded Commitments Amount | $ 20,717 | $ 10,834 |
Unrealized Depreciation | $ 2,350 | 2,399 |
H-D Advanced Manufacturing Company | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2025-11 | |
Unfunded Commitments Amount | $ 10,300 | 0 |
Unrealized Depreciation | $ 20 | 0 |
Pace Industries, Inc. | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2025-06 | |
Unfunded Commitments Amount | $ 3,254 | 3,671 |
Unrealized Depreciation | $ 88 | 158 |
Retail & Animal Intermediate, LLC | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2025-11 | |
Unfunded Commitments Amount | $ 2,242 | 2,242 |
Unrealized Depreciation | $ 2,242 | 2,241 |
Ruby Tuesday Operations LLC | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2025-02 | |
Unfunded Commitments Amount | $ 4,921 | 4,921 |
Unrealized Depreciation | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2024 | |
Loss Contingencies [Line Items] | ||
Unfunded Commitments Amount | $ 10,834 | $ 20,717 |
Strategic Venture | ||
Loss Contingencies [Line Items] | ||
Total capital commitment investment | 481,600 | |
Unfunded Commitments Amount | $ 219,646 | $ 219,646 |
Members Capital - Additional In
Members Capital - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Jul. 11, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | |||
Deemed distributions | $ 0 | $ 0 | |
Deemed re-contributions | $ 0 | $ 0 | |
Reduction in undrawn commitments | $ 10.43 | ||
Percentage of reduction of overall remaining available capital commitments | 41.18% |
Members Capital - Summary of Co
Members Capital - Summary of Company Unit Activity (Details) - shares | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Stockholders' Equity [Abstract] | ||
Units at beginning of period | 18,034,649 | 18,034,649 |
Units issued and committed at end of period | 18,034,649 | 18,034,649 |
Credit Facility - Additional In
Credit Facility - Additional Information (Details) - USD ($) | Apr. 07, 2023 | Jan. 10, 2023 | Apr. 06, 2021 | Apr. 06, 2020 | Apr. 10, 2017 | Apr. 09, 2017 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 29, 2020 | May 27, 2020 |
Line Of Credit Facility [Line Items] | |||||||||||
Amounts outstanding under Credit Facility | $ 77,050,000 | $ 77,050,000 | |||||||||
Prepaid deferred financing costs yet to be amortized | 9,000 | $ 122,000 | |||||||||
Interest Rate Floor | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Interest rate | 0% | ||||||||||
SOFR | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1.95% | ||||||||||
Amended Credit Agreement | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Maximum commitment | $ 177,000,000 | $ 400,000,000 | |||||||||
Available Commitment | $ 74,950,000 | $ 74,950,000 | |||||||||
Third Amended Credit Agreement | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Maximum commitment | $ 152,000,000 | $ 177,000,000 | |||||||||
Maturity date | Apr. 05, 2024 | Apr. 08, 2022 | |||||||||
Maturity date to be extended upon satisfaction of certain conditions | 364 days | ||||||||||
Third Amended Credit Agreement | Eurodollar | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1.95% | ||||||||||
Third Amended Credit Agreement | Commercial Paper Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1.95% | ||||||||||
Third Amended Credit Agreement | Base Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 0.95% | ||||||||||
Third Amended Credit Agreement | Base Rate | Minimum | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 0.95% | ||||||||||
Third Amended Credit Agreement | Base Rate | Maximum | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1.15% | ||||||||||
Third Amended Credit Agreement | Adjusted Eurodollar Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1% | ||||||||||
Third Amended Credit Agreement | Other Loan | Minimum | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1.95% | ||||||||||
Third Amended Credit Agreement | Other Loan | Maximum | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 2.15% | ||||||||||
Natixis | Credit Agreement | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Maximum commitment | $ 750,000,000 | ||||||||||
Maturity date | Nov. 10, 2017 | ||||||||||
Natixis | Third Amended and Restated Revolving Credit Agreement | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Extended maturity date | Apr. 10, 2020 | ||||||||||
Natixis | Third Amended and Restated Revolving Credit Agreement | Eurodollar | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 2.35% | ||||||||||
Natixis | Third Amended and Restated Revolving Credit Agreement | Commercial Paper Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 2.35% | ||||||||||
Natixis | Third Amended and Restated Revolving Credit Agreement | Federal Funds Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 0.50% | ||||||||||
Natixis | Third Amended and Restated Revolving Credit Agreement | Prime Rate and Floating LIBOR Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1% | ||||||||||
Natixis | Third Amended and Restated Revolving Credit Agreement | Base Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1.35% | ||||||||||
Natixis | Amended Credit Agreement | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Maximum commitment | $ 375,000,000 | ||||||||||
Maturity date | Apr. 09, 2021 | ||||||||||
Option to increase maximum borrowing capacity | $ 450,000,000 | ||||||||||
Maturity date to be extended upon satisfaction of certain conditions | 364 days | ||||||||||
Natixis | Amended Credit Agreement | Eurodollar | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 2.50% | ||||||||||
Natixis | Amended Credit Agreement | Commercial Paper Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 2.50% | ||||||||||
Natixis | Amended Credit Agreement | Base Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1.50% | ||||||||||
Natixis | Amended Credit Agreement | Adjusted Eurodollar Rate | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Basis spread on variable rate | 1% | ||||||||||
Natixis | Amended Credit Agreement | Commercial Paper Rate And Euro Currency Rate | Interest Rate Floor | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Interest rate | 1% | ||||||||||
Zions Bancorporation, N.A. | Amended Credit Agreement | |||||||||||
Line Of Credit Facility [Line Items] | |||||||||||
Maximum commitment | $ 25,000,000 |
Credit Facility - Summary Infor
Credit Facility - Summary Information Regarding Credit Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Disclosure [Abstract] | ||
Credit Facilities interest expense | $ 1,473 | $ 2,104 |
Undrawn commitment fees | 77 | 49 |
Administrative fees | 16 | 16 |
Amortization of deferred financing costs | 113 | 137 |
Total | $ 1,679 | $ 2,306 |
Weighted average interest rate | 7.56% | 6.61% |
Average outstanding balance | $ 77,050 | $ 127,583 |
Repurchase Transactions - Addit
Repurchase Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Disclosure of Repurchase Agreements [Abstract] | |||
Repurchase obligation outstanding | 0 | 0 | |
Interest expense on repurchase transactions | $ 1,735 | $ 1,347 |
Income Taxes - Schedule of Aggr
Income Taxes - Schedule of Aggregate Investment Unrealized Appreciation and Depreciation for Federal Income Tax Purposes (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Income Tax Disclosure [Abstract] | ||
Cost of investments for federal income tax purposes | $ 945,942 | $ 983,943 |
Unrealized appreciation | 66,035 | 76,582 |
Unrealized depreciation | (105,011) | (123,992) |
Net unrealized depreciation on investments | $ (38,976) | $ (47,410) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Income Tax [Line Items] | ||
Unrecognized tax benefits | $ 0 | |
Accrued interest or penalties | $ 0 | |
U.S. federal | ||
Income Tax [Line Items] | ||
Examination regarding return filed | 3 years | |
State | ||
Income Tax [Line Items] | ||
Examination regarding return filed | 4 years |
Financial Highlights - Schedule
Financial Highlights - Schedule of Net Asset Value Per Unit and Reflects all Units Issued and Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Investment Company [Abstract] | |||
Net Asset Value Per Unit (accrual base), Beginning of Period | $ 31.38 | $ 32.84 | |
Income from Investment Operations: | |||
Net investment income | 0.49 | 0.41 | |
Net realized and unrealized loss | (0.58) | (0.62) | |
Total loss from investment operations | (0.09) | (0.21) | |
Less Distributions: | |||
From net investment income | (0.14) | 0 | |
Total distributions | (0.14) | 0 | |
Net Asset Value Per Unit (accrual base), End of Period | $ 31.15 | $ 32.63 | |
Common Unitholder Total Return | (0.47%) | (1.18%) | |
Common Unitholder IRR | 8.23% | 8.32% | |
Ratios and Supplemental Data | |||
Members' Capital, end of period | $ 362,752 | $ 389,426 | $ 366,739 |
Units outstanding, end of period | 18,034,649 | 18,034,649 | |
Ratios based on average net assets of Members’ Capital: | |||
Ratio of total expenses to average net assets | 5.07% | 4.24% | |
Expenses waived by Investment Adviser | (0.24%) | 0% | |
Ratio of net expenses to average net assets | 4.83% | 4.24% | |
Ratio of financing cost to average net assets | 0.46% | 0.59% | |
Ratio of net investment income to average net assets | 9.70% | 7.67% | |
Credit facility payable | $ 77,050 | $ 128,250 | $ 77,050 |
Asset coverage ratio | 5.71% | 4.04% | |
Portfolio turnover rate | 0.29% | 0.01% |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Net Asset Value Per Unit and Reflects all Units Issued and Outstanding (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company [Abstract] | |
Ratio of internal rate of return for common unitholders | 8.23% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Apr. 05, 2024 | Apr. 01, 2024 | Apr. 07, 2023 | Apr. 06, 2021 |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Repurchase agreement date | Apr. 01, 2024 | |||
Repurchase agreement, date of repurchase | Apr. 25, 2024 | |||
Repurchase agreement, amount of transaction | $ 468,469 | |||
Third Amended Credit Agreement | ||||
Subsequent Event [Line Items] | ||||
Maturity date to be extended upon satisfaction of certain conditions | 364 days | |||
Third Amended Credit Agreement | Base Rate | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 0.95% | |||
Third Amended Credit Agreement | Base Rate | Minimum | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 0.95% | |||
Third Amended Credit Agreement | Base Rate | Maximum | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 1.15% | |||
Third Amended Credit Agreement | Other Loan | Minimum | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 1.95% | |||
Third Amended Credit Agreement | Other Loan | Maximum | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 2.15% | |||
Sixth Amended Credit Agreement | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Maturity date to be extended upon satisfaction of certain conditions | 364 days | |||
Extended maturity date | Apr. 04, 2025 | |||
Sixth Amended Credit Agreement | Base Rate | Maximum | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 1.50% | |||
Sixth Amended Credit Agreement | Other Loan | Maximum | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate | 2.50% |