Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 814-01091 | |
Entity Registrant Name | GUGGENHEIM CREDIT INCOME FUND 2019 | |
Entity Central Index Key | 0001618696 | |
Entity Tax Identification Number | 47-2009064 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 330 Madison Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | (212) | |
Local Phone Number | 739-0700 | |
Entity Current Reporting Status | Yes | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,736,284 |
STATEMENTS OF ASSETS AND LIABIL
STATEMENTS OF ASSETS AND LIABILITIES - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Investment in Guggenheim Credit Income Fund (GCIF) (5,046,351 shares purchased at a cost of $9,555,143 and 5,046,351 shares purchased at a cost of $14,809,703, respectively) | $ 6,712,820 | $ 12,081,088 |
Cash | 857,113 | 990,500 |
Total assets | 7,569,933 | 13,071,588 |
Liabilities | ||
Payable to related parties | 10,759 | 10,877 |
Accrued professional services fees | 49,698 | 104,636 |
Accounts payable, accrued expenses and other liabilities | 20,202 | 30,529 |
Total liabilities | 80,659 | 146,042 |
Total net assets | 7,489,274 | 12,925,546 |
Components of Net Assets: | ||
Common Shares, $0.001 par value, 348,000,000 Common Shares authorized, 1,736,284 and 1,736,284 Common Shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 1,737 | 1,737 |
Paid-in-capital in excess of par value | 11,450,344 | 16,750,502 |
Accumulated loss, net of distributions | $ (3,962,807) | $ (3,826,693) |
Net asset value per Common Share (NAV) | $ 4.31 | $ 7.44 |
STATEMENTS OF ASSETS AND LIAB_2
STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 348,000,000 | 348,000,000 |
Common stock, shares issued | 1,736,284 | 1,736,284 |
Common stock, shares outstanding | 1,736,284 | 1,736,284 |
STATEMENTS OF OPERATIONS (UNAUD
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investment Income | ||||
Dividends from investment in GCIF | $ 60,660 | $ 255,183 | $ 145,035 | $ 686,114 |
Total investment income | 60,660 | 255,183 | 145,035 | 686,114 |
Operating Expenses (1) | ||||
Administrative services | 3,669 | 3,669 | 7,298 | 7,298 |
Related party reimbursements | 10,759 | 32,901 | 20,646 | 61,037 |
Trustees fees | 748 | 748 | 1,488 | 1,488 |
Professional services fees | 25,078 | 32,253 | (6,109) | 63,514 |
Transfer agent fees | 27,434 | 26,012 | 54,185 | 51,982 |
Other expenses | 3,285 | 4,657 | (9,762) | 8,951 |
Net expenses | 70,973 | 100,240 | 67,746 | 194,270 |
Net investment income (loss) | (10,313) | 154,943 | 77,289 | 491,844 |
Realized and unrealized losses: | ||||
Net change in unrealized depreciation from investment in GCIF | (108,549) | (632,500) | (113,708) | (571,959) |
Net realized and unrealized losses | (108,549) | (632,500) | (113,708) | (571,959) |
Net decrease in net assets resulting from operations | $ (118,862) | $ (477,557) | $ (36,419) | $ (80,115) |
Per Common Share information: | ||||
Net investment income (loss) per Common Share outstanding - basic and diluted | $ (0.01) | $ 0.09 | $ 0.04 | $ 0.28 |
Loss per Common Share outstanding - basic | (0.07) | (0.28) | (0.02) | (0.05) |
Loss per Common Share outstanding - diluted | $ (0.07) | $ (0.28) | $ (0.02) | $ (0.05) |
Weighted average Common Shares outstanding - basic | 1,736,284 | 1,736,284 | 1,736,284 | 1,736,284 |
Weighted average Common Shares outstanding - diluted | 1,736,284 | 1,736,284 | 1,736,284 | 1,736,284 |
Distributions per Common Share outstanding | $ 2.27 | $ 2.27 | $ 1.98 | $ 4.54 |
STATEMENTS OF CHANGES IN NET AS
STATEMENTS OF CHANGES IN NET ASSETS EQUITY (UNAUDITED) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 1,737 | $ 34,554,572 | $ (2,373,610) | $ 32,182,699 |
Beginning balance, shares at Dec. 31, 2021 | 1,736,284 | |||
Net investment income | 336,901 | 336,901 | ||
Net change in unrealized depreciation from investment in GCIF | 60,541 | 60,541 | ||
Net decrease in net assets resulting from operations | 397,442 | 397,442 | ||
Distributions from earnings | (371,657) | (371,657) | ||
Distributions representing a return of capital | (3,569,708) | (3,569,708) | ||
Net decrease in net assets resulting from shareholder distributions | (3,569,708) | (371,657) | (3,941,365) | |
Net decrease for the period | (3,569,708) | 25,785 | (3,543,923) | |
Ending balance, value at Mar. 31, 2022 | $ 1,737 | 30,984,864 | (2,347,825) | 28,638,776 |
Ending balance, shares at Mar. 31, 2022 | 1,736,284 | |||
Net investment income | 154,943 | 154,943 | ||
Net change in unrealized depreciation from investment in GCIF | (632,500) | (632,500) | ||
Net decrease in net assets resulting from operations | (477,557) | (477,557) | ||
Distributions from earnings | (297,310) | (297,310) | ||
Distributions representing a return of capital | (3,644,055) | (3,644,055) | ||
Net decrease in net assets resulting from shareholder distributions | (3,644,055) | (297,310) | (3,941,365) | |
Net decrease for the period | (3,644,055) | (774,867) | (4,418,922) | |
Ending balance, value at Jun. 30, 2022 | $ 1,737 | 27,340,809 | (3,122,692) | 24,219,854 |
Ending balance, shares at Jun. 30, 2022 | 1,736,284 | |||
Beginning balance, value at Dec. 31, 2022 | $ 1,737 | 16,750,502 | (3,826,693) | 12,925,546 |
Beginning balance, shares at Dec. 31, 2022 | 1,736,284 | |||
Net investment income | 87,603 | 87,603 | ||
Net change in unrealized depreciation from investment in GCIF | (5,159) | (5,159) | ||
Net decrease in net assets resulting from operations | 82,444 | 82,444 | ||
Distributions from earnings | (99,947) | (99,947) | ||
Distributions representing a return of capital | (3,337,906) | (3,337,906) | ||
Net decrease in net assets resulting from shareholder distributions | (3,337,906) | (99,947) | (3,437,853) | |
Net decrease for the period | (3,337,906) | (17,503) | (3,355,409) | |
Ending balance, value at Mar. 31, 2023 | $ 1,737 | 13,412,596 | (3,844,196) | 9,570,137 |
Ending balance, shares at Mar. 31, 2023 | 1,736,284 | |||
Net investment income | (10,313) | (10,313) | ||
Net change in unrealized depreciation from investment in GCIF | (108,549) | (108,549) | ||
Net decrease in net assets resulting from operations | (118,862) | (118,862) | ||
Distributions from earnings | 251 | 251 | ||
Distributions representing a return of capital | (1,962,252) | (1,962,252) | ||
Net decrease in net assets resulting from shareholder distributions | (1,962,252) | 251 | (1,962,001) | |
Net decrease for the period | (1,962,252) | (118,611) | (2,080,863) | |
Ending balance, value at Jun. 30, 2023 | $ 1,737 | $ 11,450,344 | $ (3,962,807) | $ 7,489,274 |
Ending balance, shares at Jun. 30, 2023 | 1,736,284 |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net decrease in net assets resulting from operations | $ (36,419) | $ (80,115) |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | ||
Proceeds from liquidation distributions | 5,254,561 | 7,186,194 |
Net change in unrealized depreciation from investment in GCIF | 113,708 | 571,959 |
(Increase) decrease in operating liabilities: | ||
Payable to related parties | (118) | 1,926 |
Accrued professional services fees | (54,938) | 1,161 |
Accounts payable, accrued expenses and other liabilities | (10,327) | (5,192) |
Net cash provided by operating activities | 5,266,467 | 7,675,933 |
Financing activities | ||
Distributions paid | (5,399,854) | (7,882,730) |
Net cash used in financing activities | (5,399,854) | (7,882,730) |
Net decrease in cash | (133,387) | (206,797) |
Cash, beginning of period | 990,500 | 1,304,831 |
Cash, end of period | $ 857,113 | $ 1,098,034 |
Principal Business and Organiza
Principal Business and Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principal Business and Organization | Note 1. Principal Business and Organization Guggenheim Credit Income Fund 2019 (the Company) was formed as a Delaware statutory trust on September 5, 2014. The Companys investment objectives are to provide its shareholders with current income, capital preservation and, to a lesser extent, long-term capital appreciation by investing substantially all of its equity capital in Guggenheim Credit Income Fund (the Master Fund or GCIF). The Company is a non-diversified closed-end management investment company that elected to be treated as a business development company (a BDC) under the Investment Company Act of 1940, as amended (the 1940 Act). The Master Fund elected to be treated as a BDC under the 1940 Act and it has the same investment objectives as the Company. The Master Fund commenced investment operations on April 2, 2015. The Master Funds consolidated financial statements are an integral part of the Companys financial statements and should be read in their entirety. The Master Fund is externally managed by Guggenheim Partners Investment Management, LLC (Guggenheim or the Advisor), which is responsible for sourcing potential investments, analyzing and conducting due diligence on prospective investment opportunities, structuring investments and ongoing monitoring of the Master Funds investment portfolio. The Company was selling its common shares (Shares or Common Shares) pursuant to a registration statement on Form N-2 (the Initial Registration Statement) covering its continuous public offering of up to $1.0 billion (the Initial Public Offering). The Company suspended its Initial Public Offering of Common Shares, effective August 23, 2017, in connection with (i) the transition of the Master Funds investment advisory function to Guggenheim and (ii) a concurrent change in the Initial Public Offerings dealer manager. On March 29, 2018 the Company filed a new registration statement on Form N-2 (the Registration Statement) covering a continuous public offering of up to $ 958.6 50 In accordance with the offering documents and the intention of Guggenheim Credit Income Fund 2016 T (GCIF 2016T) and the Company (together, the Feeder Funds) to provide substantial shareholder liquidity, the Boards of Trustees of the Master Fund and the Feeder Funds approved respective Plans of Liquidation for each company on March 30, 2021 (each, a Liquidation Plan). In accordance with the Liquidation Plans, the Board has declared multiple liquidating distributions. These distributions have been substantially composed of return of capital and have decreased the net asset value of the Master Fund and Feeder Funds. As such, the value on shareholders investment statements has decreased as liquidating distributions have been paid. In accordance with the Liquidation Plan, the Master Fund and the Feeder Funds will remain registered as a BDC and intend to maintain their qualifications, as regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). As of June 30, 2023, the Company owned 19.72% |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation Management has determined that the Company meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 — Financial Services — Investment Companies The Companys interim financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements stipulated in Articles 6 and 10 of Regulation S-X, and therefore do not necessarily include all information and notes necessary for a fair statement of financial position and results of operations in accordance with accounting principles generally accepted in the U.S. (GAAP). In the opinion of management, the unaudited financial information for the interim period presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The Companys unaudited financial statements should be read in conjunction with the Master Funds unaudited consolidated financial statements; the Master Funds quarterly report on Form 10-Q is incorporated by reference and filed as an exhibit to this Report. Use of Estimates The preparation of 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 reported period and (iii) disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates under different assumptions and conditions. Cash Cash consists of demand deposits held at a major U.S. financial institution and the amount recorded on the statements of assets and liabilities may exceed the Federal Deposit Insurance Corporation insured limit. Management believes the credit risk related to its demand deposits is minimal. Valuation of Investments The Company invests substantially all of its equity capital in the purchase of the Master Funds common shares and its primary investment position is common shares of the Master Fund. The Company determines the fair value of the Master Funds common shares as the Master Funds net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares owned by the Company. The Company has implemented Accounting Standards Update (ASU) 2015-07, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. Transactions with the Master Fund Distributions received from the Master Fund are recorded on the record date. Distributions received from the Master Fund are generally recognized as dividend income or return of capital in the current period, a portion of which may be subject to a change in characterization in future periods, including the potential for reclassification between dividend income and return of capital. The Companys transactions with the Master Fund are recorded on the effective date of the subscription in, or the redemption of, Master Fund shares. Realized gains and losses resulting from the Companys share repurchase transactions with the Master Fund are calculated on the specific share identification basis. Offering Expenses Continuous offering expenses are capitalized monthly on the Companys statements of assets and liabilities as deferred offering costs and thereafter expensed to the Companys statements of operations over a 12-month period on a straight-line basis commencing at the later of (i) when the expense was incurred or (ii) when operations began. Distributions to the Companys Shareholders Declared distributions to the Companys shareholders are recorded as a liability as of the record date. Federal Income Taxes The Company has elected to be treated for federal income tax purposes, and intends to maintain its qualification, as a RIC under the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes dividends in a timely manner out of assets legally available for distributions to its shareholders of an amount generally at least equal to 90% The Company is generally subject to nondeductible federal excise taxes if it does not distribute dividends to its shareholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% 98.2% i.e. st 4% The Company follows ASC 740, Income Taxes (ASC 740). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other expenses in the statements of operations. Management has reviewed all open tax years and concluded that there is no effect to the Companys financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. During this period, the Company did not incur any material interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2023, open U.S. Federal and state income tax years include the tax years ended September 30, 2019 through September 30, 2022. The Company has no examinations in progress. Managements determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Investments | Note 3. Investments Below is a summary of the Companys investment in the Master Fund, a related party: Schedule of investments End of Period Weighted Average Shares Owned Period Ended No. of Shares Quarter to Date Year to Date Cost Fair Value % of Net Assets June 30, 2023 5,046,351 5,046,351 5,046,351 $ 9,555,143 $ 6,712,820 89.6 % December 31, 2022 5,046,351 5,046,351 5,046,351 $ 14,809,703 $ 12,081,088 93.5 % Restricted Securities The Master Fund does not currently intend to list its common shares on any securities exchange, and it does not expect a secondary market to develop for its issued and outstanding common shares. As a result, the Companys ability to sell its Master Fund common shares is limited. Because the Master Fund common shares are being acquired in one or more transactions not involving a public offering, they are restricted securities and may be required to be held indefinitely. Master Fund common shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Master Funds consent is granted and (ii) the Master Fund common shares are registered under applicable securities laws or specifically exempted from registration (in which case the Master Funds shareholder may, at the Master Funds option, be required to provide the Master Fund with a legal opinion, in form and substance satisfactory to the Master Fund, that registration is not required). Accordingly, a shareholder in the Master Fund, including the Company, must be willing to bear the economic risk of investing in the Master Fund common shares. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Master Funds common shares may be made except by registration of the transfer on the Master Funds books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Master Fund common shares and to execute such other instruments or certifications as are reasonably required by the Master Fund. From October 15, 2015 through August 11, 2020, the Company acquired its investment in the Master Fund at prices ranging from $ 7.06 8.59 Share Repurchase Program The Master Fund has implemented a share repurchase program, whereby it conducts tender offers each calendar quarter. In accordance with the Liquidation Plan, the Master Funds share repurchase program has been suspended effective March 30, 2021. |
Related Party Agreements and Tr
Related Party Agreements and Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Agreements and Transactions | Related Party Agreements and Transactions The Company has entered into agreements with Guggenheim whereby the Company agrees to (i) receive expense support payments, (ii) reimburse certain expenses of, and to pay for, administrative, expense support, organization and offerings costs incurred by Guggenheim on the Companys behalf and (iii) compensate Guggenheim Funds Distributors, LLC (GFD), an affiliate of Guggenheim, for capital market services in connection with the marketing and distribution of the Companys Shares. The memberships of the Companys Board of Trustees (the Companys Board or the Board of Trustees) and the Master Funds Board are identical and consequently the Company and the Master Fund are related parties. All of the Companys executive officers also serve as executive officers of the Master Fund. One of the Companys executive officers, Brian Binder, Senior Vice President, serves as an executive officer of Guggenheim. Administrative Services Agreement The Company is party to an administrative services agreement with Guggenheim (the Administrative Services Agreement) whereby Guggenheim, serving as the administrator (the Administrator), has agreed to provide administrative services, including office facilities and equipment and clerical, bookkeeping and record-keeping services. More specifically, the Administrator performs and oversees the Companys required administrative services, which include financial and corporate record-keeping, preparing and disseminating the Companys reports to its shareholders and filing reports with the SEC. In addition, the Administrator assists in determining net asset value, overseeing the preparation and filing of tax returns, overseeing the payment of expenses and distributions and overseeing the performance of administrative and professional services rendered by others. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administrative Services Agreement. To the extent that the Administrator outsources any of its functions, the Company may pay the fees associated with such functions on a direct basis, without incremental profit to the Administrator. The Administrative Services Agreement may be terminated at any time, without the payment of any penalty: (i) by the Company upon 60 days written notice to Guggenheim upon the vote of the Companys independent trustees or (ii) by Guggenheim upon not less than 120 days written notice to the Company. Unless earlier terminated, the Administrative Services Agreement will remain in effect for two years, and thereafter shall continue automatically for successive one-year periods if approved annually by a majority of the Board of Trustees and the Master Funds independent trustees. Dealer Manager Agreement The Company is party to a dealer manager agreement with GFD (the Dealer Manager Agreement). Under the terms of the Dealer Manager Agreement, GFD is to act on a best efforts basis as the exclusive dealer manager for (i) the Companys Public Offering and (ii) the public offering of common shares for future feeder funds affiliated with the Master Fund. The Company, not the Master Fund, is responsible for the compensation of GFD pursuant to the terms of the Dealer Manager Agreement. The Dealer Manager Agreement may be terminated by the Company or GFD upon 60 calendar days written notice to the other party. In the event that the Company or GFD terminates the Dealer Manager Agreement with respect to the Company, the Dealer Manager Agreement will continue with respect to any other feeder fund. Organization and Offering Expense Reimbursement Agreement The Company is party to an organization and offering expense reimbursement agreement (the O&O Agreement) with Guggenheim. Under the O&O Agreement, the Company is to reimburse Guggenheim for organization and offering expenses incurred on the Companys behalf, including, but not limited to, legal services, audit services, printer services and the registration of securities under the Securities Act. The reimbursement of organization and offering expenses is conditional on the Companys receipt of equity capital from the sale of its Common Shares. Any such reimbursement would not exceed actual expenses incurred by Guggenheim and its affiliates. Guggenheim is responsible for the payment of the Companys cumulative organization and offering expenses to the extent they exceeded 1.5% Any costs incurred by Guggenheim related to the Initial Public Offering are no longer eligible for reimbursement. Any offering costs incurred by Guggenheim on behalf of the Company associated with the Public Offering are subject to reimbursement under the terms and conditions of the O&O Agreement. Under the terms of the O&O Agreement, the Company is not obligated to reimburse Guggenheim for any unreimbursed offering expenses after the close of the Companys Public Offering on December 31, 2020. Expense Support and Conditional Reimbursement Agreement The Company entered into an expense support and conditional reimbursement agreement with Guggenheim whereby Guggenheim agreed to reimburse the Company monthly for expenses in an amount equal to the difference between the Companys cumulative distributions paid to its shareholders in each month less the sum of the Companys estimated investment company taxable income and net capital gains in each month. The Expense Support Agreement will automatically terminate if (i) the Master Fund terminates the Investment Advisory Agreement with Guggenheim or (ii) the Companys Board of Trustees makes a determination to dissolve or liquidate the Company. The Board of Trustees approval of a Liquidation Plan on March 30, 2021 is deemed a liquidity event and therefore, the Expense Support Agreement is deemed terminated. Upon termination of the Expense Support Agreement, Guggenheim is required to fund any amounts accrued thereunder as of the date of termination. Similarly, the conditional obligation of the Company to reimburse Guggenheim pursuant to the terms of the Expense Support Agreement shall survive the termination of the Expense Support Agreement. Pursuant to the Expense Support Agreement, the Company has a conditional obligation to reimburse Guggenheim for any amounts funded by Guggenheim under this arrangement or the Prior Expense Support Agreement if (and only to the extent that), during any month occurring within three years of the date on which Guggenheim funded such amount, the sum of the Companys estimated investment company taxable income and net capital gains exceeds the ordinary cash distributions paid by the Company to its shareholders; provided, however, that (i) the Company will only reimburse Guggenheim for expense payments made by Guggenheim to the extent that the payment of such reimbursement (together with any other reimbursement paid during such fiscal year) does not cause other operating expenses (as defined below) (on an annualized basis and net of any expense support reimbursement payments received by the Company during such fiscal year) to exceed the lesser of (A) 1.75% As of the Board of Trustees approval of the Liquidation Plan, the total amount of expense support received from Guggenheim that is still eligible for reimbursement is $ 967,781 Summary of Related Party Transactions The following table presents the related party fees, expenses and transactions, excluding related transactions between the Company and the Master Fund in connection with Common Shares purchases, sales and distributions, for the three and six months ended June 30, 2023 and June 30, 2022: Schedule of related party fees, expenses and transactions Three Months Ended June 30, Six Months Ended June 30, Related Party Source Agreement & Description 2023 2022 2023 2022 Related Party Expense: Guggenheim Administrative Services Agreement - expense reimbursement $ 10,759 $ 32,901 $ 20,646 $ 61,037 Indemnification The Administrative Services Agreement provides certain indemnification to Guggenheim, its directors, officers, persons associated with Guggenheim and its affiliates. In addition, the Companys Declaration of Trust, as amended, provides certain indemnifications to its officers, trustees, agents and certain other persons. The Dealer Manager Agreement provides for certain indemnifications from the Company (with respect to the primary offering of its Common Shares) to GFD, any selected dealers and their respective officers, directors, employees, members, affiliates, agents, representatives and, if any, each person who controls such person or entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act. Such indemnifications are subject to certain limitations as provided for in the Companys Declaration of Trust and the North American Securities Administrators Association Guidelines and are considered customary by management. As of June 30, 2023, management believes that the risk of incurring any losses for such indemnification is remote. |
Common Shares
Common Shares | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common Shares | Note 5. Common Shares The Companys Initial Registration Statement pertaining to its Initial Public Offering was declared effective on July 31, 2015. The following table summarizes the total Common Shares issued and proceeds received in connection with the Companys Public Offerings and reinvestment of distributions for (i) the six months ended June 30, 2023 and (ii) the period commencing on July 31, 2015 (inception) through June 30, 2023, including the event that the Initial Public Offering was suspended on August 23, 2017: Schedule of total common shares issued and proceeds received Six Months Ended June 30, 2023 Inception through June 30, 2023 Shares Amount Shares Amount Gross proceeds from Public Offerings — $ — 1,959,348 $ 50,158,691 Dealer Manager fees and commissions — — — (890,172 ) Net proceeds to the Company from Public Offerings — — 1,959,348 49,268,519 Reinvestment of shareholders distributions — — 278,752 6,762,060 Net proceeds from all issuance of Common Shares — $ — 2,238,100 $ 56,030,579 Average net proceeds per Common Share $ — $25.03 Repurchase of Common Shares The following table is a summary of the quarterly tender offers, completed pursuant to the share repurchase program, during the two years ended June 30, 2023: Schedule of quarterly tender offers, completed pursuant to the share repurchase Tender Offer Termination Date Total Number of Shares Offered to Repurchase Total Number of Shares Repurchased Total Consideration Price Paid per Share No. of Shares Repurchased / Total Offer No. of Shares Repurchased / Weighted Average Shares (1) 2021: March 8, 2021 (2) 45,564 81,704 $ 1,902,868 $ 23.29 179.3 % 4.48 % Total 45,564 81,704 $ 1,902,868 179.3 % Notes to Financial Statements (Unaudited) (1) Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters. (2) The Company filed a tender offer to purchase up to 45,564 Shares on February 1, 2021. In accordance with Rule 13e-4(f), the Company determined to accept for purchase up to an additional 2.0% of our then outstanding Shares, increasing the offer to 81,704 Shares. The Company repurchased 81,704 Shares which represents approximately 59% of all Shares that were validly tendered. In accordance with the Liquidation Plan, the Companys share repurchase program and distribution reinvestment plan have been suspended effective March 30, 2021. |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2023 | |
Distributions | |
Distributions | Note 6. Distributions The following table summarizes the distributions that the Company declared on its Common Shares during the three and six months ended June 30, 2023 and June 30, 2022: Schedule of distributions Record Date Payment Date Distribution per Share at Record Date Distribution per Share at Payment Date Distribution Amount For Fiscal Year 2023 March 22 March 23 $ 1.98000 $ 1.98000 $ 3,437,853 June 23 June 26 1.13000 1.13000 1,962,001 $ 3.11000 $ 5,399,854 For Fiscal Year 2022 February 3 February 7 $ 2.27000 $ 2.27000 $ 3,941,365 May 23 May 25 2.27000 2.27000 3,941,365 $ 4.54000 $ 7,882,730 |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Note 7. Financial Highlights The following per Common Share data and financial ratios have been derived from information provided in the financial statements. The following is a schedule of financial highlights during the six months ended June 30, 2023 and June 30, 2022: Schedule of financial highlights Six Months Ended June 30, 2023 2022 PER COMMON SHARE OPERATING PERFORMANCE Net asset value, beginning of period $ 7.44 $ 18.54 Net investment income (loss) (1) 0.04 0.28 Net unrealized appreciation (depreciation) from investment in GCIF (2) (0.06 ) (0.33 ) Net decrease resulting from operations (0.02 ) (0.05 ) Distributions to common shareholders Distributions from net investment income (3) (0.06 ) (0.39 ) Distributions representing return of capital (3) (3.05 ) (4.15 ) Net decrease resulting from distributions (3.11 ) (4.54 ) Net asset value, end of period $ 4.31 $ 13.95 INVESTMENT RETURNS Total investment return-net asset value (4) (0.61 )% (0.63 )% RATIOS/SUPPLEMENTAL DATA Net assets, end of period $ 7,489,274 $ 24,219,854 Average net assets (5) $ 10,700,957 $ 28,484,265 Common Shares outstanding, end of period 1,736,284 1,736,284 Weighted average Common Shares outstanding 1,736,284 1,736,284 Ratios-to-average net assets: (5) (6) Total operating expenses 0.63 % 0.68 % Net expenses 0.63 % 0.68 % Net investment income 0.72 % 1.73 % (1) The per Common Share data was derived by using the weighted average Common Shares outstanding during the period presented. (2) The amounts shown at this caption are the balancing figures derived from the other figures in the schedule. The amounts shown at this caption for a Common Share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Companys Common Shares in relation to fluctuating market values for the portfolio. (3) The per Common Share data for distributions is the actual amount of distributions paid or payable per Common Share outstanding during the entire period; distributions per Common Share are rounded to the nearest $0.01. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital or a combination thereof, based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. The tax character of distribution shown above is an estimate since the exact amount cannot be determined at this point. As of June 30, 2023, the Company estimated distributions to be composed mostly of net investment income. The final determination of the tax character of distributions will not be made until we file our tax return. (4) Total investment return-net asset value is a measure of the change in total value for shareholders who held the Companys Common Shares at the beginning and end of the period, including distributions declared during the period. Total investment return-net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, plus any shares issued in connection with the reinvestment of monthly distributions and (iii) distributions payable relating to the ownership of shares, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Companys distribution reinvestment plan, net of sales load, on each monthly distribution payment date. Because there is no public market for the Companys shares, the terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Companys Common Shares. The Companys performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. (5) The computation of average net assets during the period is based on averaging the amount on the first day of the first month of the period and the last day of each month during the period. (6) The ratios-to-average net assets do not include any proportionate allocation of income and expenses incurred at the Master Fund. The Master Funds total expenses-to-average net assets for the six months ended June 30, 2023 and June 30, 2022, were 2.23% and 1.61%, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8. Subsequent Events Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Management has determined that the Company meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 — Financial Services — Investment Companies The Companys interim financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements stipulated in Articles 6 and 10 of Regulation S-X, and therefore do not necessarily include all information and notes necessary for a fair statement of financial position and results of operations in accordance with accounting principles generally accepted in the U.S. (GAAP). In the opinion of management, the unaudited financial information for the interim period presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The Companys unaudited financial statements should be read in conjunction with the Master Funds unaudited consolidated financial statements; the Master Funds quarterly report on Form 10-Q is incorporated by reference and filed as an exhibit to this Report. |
Use of Estimates | Use of Estimates The preparation of 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 reported period and (iii) disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates under different assumptions and conditions. |
Cash | Cash Cash consists of demand deposits held at a major U.S. financial institution and the amount recorded on the statements of assets and liabilities may exceed the Federal Deposit Insurance Corporation insured limit. Management believes the credit risk related to its demand deposits is minimal. |
Valuation of Investments | Valuation of Investments The Company invests substantially all of its equity capital in the purchase of the Master Funds common shares and its primary investment position is common shares of the Master Fund. The Company determines the fair value of the Master Funds common shares as the Master Funds net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares owned by the Company. The Company has implemented Accounting Standards Update (ASU) 2015-07, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. |
Transactions with the Master Fund | Transactions with the Master Fund Distributions received from the Master Fund are recorded on the record date. Distributions received from the Master Fund are generally recognized as dividend income or return of capital in the current period, a portion of which may be subject to a change in characterization in future periods, including the potential for reclassification between dividend income and return of capital. The Companys transactions with the Master Fund are recorded on the effective date of the subscription in, or the redemption of, Master Fund shares. Realized gains and losses resulting from the Companys share repurchase transactions with the Master Fund are calculated on the specific share identification basis. |
Offering Expenses | Offering Expenses Continuous offering expenses are capitalized monthly on the Companys statements of assets and liabilities as deferred offering costs and thereafter expensed to the Companys statements of operations over a 12-month period on a straight-line basis commencing at the later of (i) when the expense was incurred or (ii) when operations began. |
Distributions to the Company’s Shareholders | Distributions to the Companys Shareholders Declared distributions to the Companys shareholders are recorded as a liability as of the record date. |
Federal Income Taxes | Federal Income Taxes The Company has elected to be treated for federal income tax purposes, and intends to maintain its qualification, as a RIC under the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes dividends in a timely manner out of assets legally available for distributions to its shareholders of an amount generally at least equal to 90% The Company is generally subject to nondeductible federal excise taxes if it does not distribute dividends to its shareholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% 98.2% i.e. st 4% The Company follows ASC 740, Income Taxes (ASC 740). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other expenses in the statements of operations. Management has reviewed all open tax years and concluded that there is no effect to the Companys financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. During this period, the Company did not incur any material interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2023, open U.S. Federal and state income tax years include the tax years ended September 30, 2019 through September 30, 2022. The Company has no examinations in progress. Managements determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of investments | Schedule of investments End of Period Weighted Average Shares Owned Period Ended No. of Shares Quarter to Date Year to Date Cost Fair Value % of Net Assets June 30, 2023 5,046,351 5,046,351 5,046,351 $ 9,555,143 $ 6,712,820 89.6 % December 31, 2022 5,046,351 5,046,351 5,046,351 $ 14,809,703 $ 12,081,088 93.5 % |
Related Party Agreements and _2
Related Party Agreements and Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party fees, expenses and transactions | Schedule of related party fees, expenses and transactions Three Months Ended June 30, Six Months Ended June 30, Related Party Source Agreement & Description 2023 2022 2023 2022 Related Party Expense: Guggenheim Administrative Services Agreement - expense reimbursement $ 10,759 $ 32,901 $ 20,646 $ 61,037 |
Common Shares (Tables)
Common Shares (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of total common shares issued and proceeds received | Schedule of total common shares issued and proceeds received Six Months Ended June 30, 2023 Inception through June 30, 2023 Shares Amount Shares Amount Gross proceeds from Public Offerings — $ — 1,959,348 $ 50,158,691 Dealer Manager fees and commissions — — — (890,172 ) Net proceeds to the Company from Public Offerings — — 1,959,348 49,268,519 Reinvestment of shareholders distributions — — 278,752 6,762,060 Net proceeds from all issuance of Common Shares — $ — 2,238,100 $ 56,030,579 Average net proceeds per Common Share $ — $25.03 |
Schedule of quarterly tender offers, completed pursuant to the share repurchase | Schedule of quarterly tender offers, completed pursuant to the share repurchase Tender Offer Termination Date Total Number of Shares Offered to Repurchase Total Number of Shares Repurchased Total Consideration Price Paid per Share No. of Shares Repurchased / Total Offer No. of Shares Repurchased / Weighted Average Shares (1) 2021: March 8, 2021 (2) 45,564 81,704 $ 1,902,868 $ 23.29 179.3 % 4.48 % Total 45,564 81,704 $ 1,902,868 179.3 % Notes to Financial Statements (Unaudited) (1) Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters. (2) The Company filed a tender offer to purchase up to 45,564 Shares on February 1, 2021. In accordance with Rule 13e-4(f), the Company determined to accept for purchase up to an additional 2.0% of our then outstanding Shares, increasing the offer to 81,704 Shares. The Company repurchased 81,704 Shares which represents approximately 59% of all Shares that were validly tendered. |
Distributions (Tables)
Distributions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Distributions | |
Schedule of distributions | Schedule of distributions Record Date Payment Date Distribution per Share at Record Date Distribution per Share at Payment Date Distribution Amount For Fiscal Year 2023 March 22 March 23 $ 1.98000 $ 1.98000 $ 3,437,853 June 23 June 26 1.13000 1.13000 1,962,001 $ 3.11000 $ 5,399,854 For Fiscal Year 2022 February 3 February 7 $ 2.27000 $ 2.27000 $ 3,941,365 May 23 May 25 2.27000 2.27000 3,941,365 $ 4.54000 $ 7,882,730 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Schedule of financial highlights | Schedule of financial highlights Six Months Ended June 30, 2023 2022 PER COMMON SHARE OPERATING PERFORMANCE Net asset value, beginning of period $ 7.44 $ 18.54 Net investment income (loss) (1) 0.04 0.28 Net unrealized appreciation (depreciation) from investment in GCIF (2) (0.06 ) (0.33 ) Net decrease resulting from operations (0.02 ) (0.05 ) Distributions to common shareholders Distributions from net investment income (3) (0.06 ) (0.39 ) Distributions representing return of capital (3) (3.05 ) (4.15 ) Net decrease resulting from distributions (3.11 ) (4.54 ) Net asset value, end of period $ 4.31 $ 13.95 INVESTMENT RETURNS Total investment return-net asset value (4) (0.61 )% (0.63 )% RATIOS/SUPPLEMENTAL DATA Net assets, end of period $ 7,489,274 $ 24,219,854 Average net assets (5) $ 10,700,957 $ 28,484,265 Common Shares outstanding, end of period 1,736,284 1,736,284 Weighted average Common Shares outstanding 1,736,284 1,736,284 Ratios-to-average net assets: (5) (6) Total operating expenses 0.63 % 0.68 % Net expenses 0.63 % 0.68 % Net investment income 0.72 % 1.73 % |
Principal Business and Organi_2
Principal Business and Organization (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 29, 2018 | Dec. 31, 2020 | Jun. 30, 2023 | |
Subsidiary, Sale of Stock [Line Items] | |||
Covering a continuous public offering | $ 958,600 | ||
Outstanding common shares percentage | 19.72% | ||
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Gross capital raise amount | $ 50,000 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Investment company taxable income percentage | 90% |
Net ordinary income percentage | 98% |
Capital gain net income percentage | 98.20% |
Nondeductible federal excise tax percentage | 4% |
Investments (Details)
Investments (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | ||
Number of shares | 5,046,351 | 5,046,351 |
Weighted average shares owned quarter | 5,046,351 | 5,046,351 |
Investment weighted average shares owned year | 5,046,351 | 5,046,351 |
Cost | $ 9,555,143 | $ 14,809,703 |
Fair Value | $ 6,712,820 | $ 12,081,088 |
% of Net Assets | 89.60% | 93.50% |
Investments (Details Narrative)
Investments (Details Narrative) | 58 Months Ended |
Aug. 11, 2020 $ / shares | |
Minimum [Member] | |
Acquired investment prices range | $ 7.06 |
Maximum [Member] | |
Acquired investment prices range | $ 8.59 |
Related Party Agreements and _3
Related Party Agreements and Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Guggenheim [Member] | ||||
Related Party Transaction [Line Items] | ||||
Administrative Services Agreement - expense reimbursement | $ 10,759 | $ 32,901 | $ 20,646 | $ 61,037 |
Related Party Agreements and _4
Related Party Agreements and Transactions (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Related Party Transactions [Abstract] | |
Organization and offering expenses percentage | 1.50% |
Average net assets attributable to its common shares | 1.75% |
Total amount of expense support received for reimbursement | $ 967,781 |
Common Shares (Details)
Common Shares (Details) - USD ($) | 6 Months Ended | 95 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Equity [Abstract] | ||
Gross proceeds from Public Offerings, Sharesh | 1,959,348 | |
Gross proceeds from Public Offerings | $ 50,158,691 | |
Dealer Manager fees and commissions, shares | ||
Insurance and commission | $ (890,172) | |
Net proceeds to the Company from Public Offerings, Shares | 1,959,348 | |
Net proceeds to the Company from Public Offerings | $ 49,268,519 | |
Reinvestment of shareholders' distributions, shares | 278,752 | |
Reinvestment of shareholders' distributions | $ 6,762,060 | |
Net proceeds from all issuance of Common Shares, Shares | 2,238,100 | |
Net proceeds from all issuance of Common Shares | $ 56,030,579 | |
Average net proceeds per Common Share | $ 25.03 |
Common Shares (Details 1)
Common Shares (Details 1) | 6 Months Ended | |
Jun. 30, 2023 USD ($) $ / shares shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total Number of Shares Offered to Repurchase | 45,564 | |
Total Number of Shares Repurchased | 81,704 | |
Total Consideration | $ | $ 1,902,868 | |
Number of Shares Repurchased Total Offer | 179.30% | |
March 8, 2021 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Tender Offer Termination Date | March 8, 2021 | [1] |
Total Number of Shares Offered to Repurchase | 45,564 | [1] |
Total Number of Shares Repurchased | 81,704 | [1] |
Total Consideration | $ | $ 1,902,868 | [1] |
Repurchase of Common Shares Price Paid per Share | $ / shares | $ 23.29 | [1] |
Number of Shares Repurchased Total Offer | 179.30% | [1] |
Number of Shares Repurchased or Weighted Average Shares | 4.48% | [1],[2] |
[1]The Company filed a tender offer to purchase up to 45,564 Shares on February 1, 2021. In accordance with Rule 13e-4(f), the Company determined to accept for purchase up to an additional 2.0% of our then outstanding Shares, increasing the offer to 81,704 Shares. The Company repurchased 81,704 Shares which represents approximately 59% of all Shares that were validly tendered.[2]Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters. |
Distributions (Details)
Distributions (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Distribution per Share at Payment Date | $ 3.11000 | $ 4.54000 |
Distribution Amount | $ 5,399,854 | $ 7,882,730 |
March 22, 2023 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Record Date | March 22 | |
Payment Date | March 23 | |
Distribution per Share at Record Date | $ 1.98000 | |
Distribution per Share at Payment Date | $ 1.98000 | |
Distribution Amount | $ 3,437,853 | |
June 23, 2023 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Record Date | June 23 | |
Payment Date | June 26 | |
Distribution per Share at Record Date | $ 1.13000 | |
Distribution per Share at Payment Date | $ 1.13000 | |
Distribution Amount | $ 1,962,001 | |
February 3, 2022 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Record Date | February 3 | |
Payment Date | February 7 | |
Distribution per Share at Record Date | $ 2.27000 | |
Distribution per Share at Payment Date | $ 2.27000 | |
Distribution Amount | $ 3,941,365 | |
May 23, 2022 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Record Date | May 23 | |
Payment Date | May 25 | |
Distribution per Share at Record Date | $ 2.27000 | |
Distribution per Share at Payment Date | $ 2.27000 | |
Distribution Amount | $ 3,941,365 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Investment Company [Abstract] | ||||
Net asset value, beginning of period | $ 7.44 | $ 18.54 | ||
Net investment income (loss) (1) | [1] | 0.04 | 0.28 | |
Net unrealized appreciation (depreciation) from investment in GCIF | [2] | (0.06) | (0.33) | |
Net decrease resulting from operations | (0.02) | (0.05) | ||
Distributions from net investment income | [3] | (0.06) | (0.39) | |
Distributions representing return of capital | [3] | (3.05) | (4.15) | |
Net decrease resulting from distributions | (3.11) | (4.54) | ||
Net asset value, end of period | $ 4.31 | $ 13.95 | ||
Total investment return-net asset value | [4] | (0.61%) | (0.63%) | |
Net assets, end of period | $ 7,489,274 | $ 24,219,854 | $ 12,925,546 | |
Average net assets | [5] | $ 10,700,957 | $ 28,484,265 | |
Common Shares outstanding, end of period | 1,736,284 | 1,736,284 | 1,736,284 | |
Weighted average Common Shares outstanding | 1,736,284 | 1,736,284 | ||
Total operating expenses | [5],[6] | 0.63% | 0.68% | |
Net expenses | [5],[6] | 0.63% | 0.68% | |
Net investment income | [5],[6] | 0.72% | 1.73% | |
[1]The per Common Share data was derived by using the weighted average Common Shares outstanding during the period presented.[2]The amounts shown at this caption are the balancing figures derived from the other figures in the schedule. The amounts shown at this caption for a Common Share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Companys Common Shares in relation to fluctuating market values for the portfolio.[3]The per Common Share data for distributions is the actual amount of distributions paid or payable per Common Share outstanding during the entire period; distributions per Common Share are rounded to the nearest $0.01. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital or a combination thereof, based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. The tax character of distribution shown above is an estimate since the exact amount cannot be determined at this point. As of June 30, 2023, the Company estimated distributions to be composed mostly of net investment income. The final determination of the tax character of distributions will not be made until we file our tax return.[4]Total investment return-net asset value is a measure of the change in total value for shareholders who held the Companys Common Shares at the beginning and end of the period, including distributions declared during the period. Total investment return-net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, plus any shares issued in connection with the reinvestment of monthly distributions and (iii) distributions payable relating to the ownership of shares, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Companys distribution reinvestment plan, net of sales load, on each monthly distribution payment date. Because there is no public market for the Companys shares, the terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Companys Common Shares. The Companys performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results.[5]The computation of average net assets during the period is based on averaging the amount on the first day of the first month of the period and the last day of each month during the period.[6]The ratios-to-average net assets do not include any proportionate allocation of income and expenses incurred at the Master Fund. The Master Funds total expenses-to-average net assets for the six months ended June 30, 2023 and June 30, 2022, were 2.23% and 1.61%, respectively. |