Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 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 VII LLC | |
Entity Central Index Key | 0001715933 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,734,010 | |
Entity File Number | 814-01246 | |
Entity Tax Identification Number | 82-2252672 | |
Entity Address Address Line1 | 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 Interactive Data Current | Yes | |
Entity Incorporation State 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 | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 4.50% | 9.80% | ||||
Amortized Cost | $ 25,944,259 | $ 55,776,653 | ||||
Fair Value | $ 25,944,259 | $ 55,776,653 | ||||
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.24% | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 4.50% | |||||
Shares | 25,944,259 | |||||
Amortized Cost | $ 25,944,259 | |||||
Fair Value | $ 25,944,259 | |||||
Percentage yield on cash equivalents | 5.24% | |||||
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.30% | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 9.80% | |||||
Shares | 55,776,653 | |||||
Amortized Cost | $ 55,776,653 | |||||
Fair Value | $ 55,776,653 | |||||
Percentage yield on cash equivalents | 5.30% | |||||
Investment, Identifier [Axis]: Controlled Affiliated Investments | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 110,471,377 | $ 100,855,952 | $ 86,367,894 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class A Preferred Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | 0 | 0 | 0 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class B Preferred Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | 0 | 0 | 0 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class C Common Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | 0 | 0 | 0 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class D Preferred Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | 0 | 0 | 0 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Delayed Draw Term Loan - 15.57% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 29,418,104 | 28,823,179 | ||||
Investment interest rate | 15.57% | |||||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Delayed Draw Term Loan - 15.61% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 28,823,179 | 25,420,236 | ||||
Investment interest rate | 15.61% | |||||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Term Loan - 15.57% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 28,338,361 | $ 27,765,285 | ||||
Investment interest rate | 15.57% | |||||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Term Loan - 15.64% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 27,765,285 | 26,315,189 | ||||
Investment interest rate | 15.64% | |||||
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Revolver - 15.98% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 26,570,265 | $ 10,326,607 | ||||
Investment interest rate | 15.98% | |||||
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Revolver - 16.21% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 10,326,607 | 0 | ||||
Investment interest rate | 16.21% | |||||
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 13.98% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 26,144,647 | $ 33,940,881 | ||||
Investment interest rate | 13.98% | |||||
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 14.22% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 33,940,881 | 34,632,469 | ||||
Investment interest rate | 14.22% | |||||
Investment, Identifier [Axis]: Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 0 | $ 0 | 0 | |||
Investment, Identifier [Axis]: Debt & Equity Securities | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 149.40% | [1] | 148.20% | [2] | ||
Amortized Cost | $ 937,558,628 | [1] | $ 905,318,310 | [2] | ||
Fair Value | $ 860,162,606 | [1] | $ 843,338,273 | [2] | ||
Investment, Identifier [Axis]: Debt Securities | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 147.70% | [3] | 147% | [4] | ||
Par Amount | $ 948,131,897 | [3] | $ 913,484,628 | [4] | ||
Amortized Cost | 928,175,802 | [3] | 896,031,063 | [4] | ||
Fair Value | $ 850,491,583 | [3] | $ 835,988,563 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 31.70% | [3] | 30.80% | [4] | ||
Par Amount | $ 199,993,956 | [3] | $ 183,204,891 | [4] | ||
Amortized Cost | 190,067,359 | [3] | 174,619,313 | [4] | ||
Fair Value | $ 183,123,101 | [3] | $ 175,132,009 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Columbia Helicopters Inc. Acquisition Date 08/20/19 Last Out Term Loan - 15.86% inc PIK (SOFR + 10.25%, 1.50% Floor, 2.75% PIK) % of Net Assets 3.0% Maturity Date 08/20/24 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | Aug. 20, 2019 | [3] | Aug. 20, 2019 | [4] | ||
Percentage of Investments | 3% | [3] | 3% | [4] | ||
Par Amount | $ 18,079,769 | [3] | $ 18,120,526 | [4] | ||
Maturity Date | Aug. 20, 2024 | [3] | Aug. 20, 2024 | [4] | ||
Amortized Cost | $ 18,053,336 | [3] | $ 18,076,306 | [4] | ||
Fair Value | $ 17,193,861 | [3] | $ 17,051,415 | [4] | ||
Investment interest rate | 15.86% | [3] | 15.86% | [4] | ||
Interest rate, basis spread variable rate | 10.25% | [3] | 10.25% | [4] | ||
Interest rate, floor | 1.50% | [3] | 1.50% | [4] | ||
Interest rate, PIK | 2.75% | [3] | 2.75% | [4] | ||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Heligear Acquisition Co. Acquisition Date 07/30/19 Term Loan - 13.06% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 8.2% Maturity Date 07/30/24 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Jul. 30, 2019 | ||||
Percentage of Investments | [3] | 8.20% | ||||
Par Amount | [3] | $ 47,027,211 | ||||
Maturity Date | [3] | Jul. 30, 2024 | ||||
Amortized Cost | [3] | $ 46,964,122 | ||||
Fair Value | [3] | $ 47,027,211 | ||||
Investment interest rate | [3] | 13.06% | ||||
Interest rate, basis spread variable rate | [3] | 7.50% | ||||
Interest rate, floor | [3] | 2% | ||||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Heligear Acquisition Co. Acquisition Date 07/30/19 Term Loan - 13.10% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 8.3% Maturity Date 07/30/24 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Jul. 30, 2019 | ||||
Percentage of Investments | [4] | 8.30% | ||||
Par Amount | [4] | $ 47,762,011 | ||||
Maturity Date | [4] | Jul. 30, 2024 | ||||
Amortized Cost | [4] | $ 47,649,347 | ||||
Fair Value | [4] | $ 47,570,963 | ||||
Investment interest rate | [4] | 13.10% | ||||
Interest rate, basis spread variable rate | [4] | 7.50% | ||||
Interest rate, floor | [4] | 2% | ||||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Revolver - 12.21% (SOFR + 6.75%, 2.00% Floor) % of Net Assets 1.1% Maturity Date 12/21/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Dec. 21, 2020 | ||||
Percentage of Investments | [3] | 1.10% | ||||
Par Amount | [3] | $ 6,554,864 | ||||
Maturity Date | [3] | Dec. 21, 2025 | ||||
Amortized Cost | [3] | $ 6,554,864 | ||||
Fair Value | [3] | $ 6,554,864 | ||||
Investment interest rate | [3] | 12.21% | ||||
Interest rate, basis spread variable rate | [3] | 6.75% | ||||
Interest rate, floor | [3] | 2% | ||||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Revolver - 12.50% (SOFR + 7.00%, 2.00% Floor) % of Net Assets 1.2% Maturity Date 12/21/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Dec. 21, 2020 | ||||
Percentage of Investments | [4] | 1.20% | ||||
Par Amount | [4] | $ 6,554,864 | ||||
Maturity Date | [4] | Dec. 21, 2025 | ||||
Amortized Cost | [4] | $ 6,554,864 | ||||
Fair Value | [4] | $ 6,554,864 | ||||
Investment interest rate | [4] | 12.50% | ||||
Interest rate, basis spread variable rate | [4] | 7% | ||||
Interest rate, floor | [4] | 2% | ||||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Term Loan - 12.21% (SOFR + 6.75%, 2.00% Floor) % of Net Assets 10.3% Maturity Date 12/21/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Dec. 21, 2020 | ||||
Percentage of Investments | [3] | 10.30% | ||||
Par Amount | [3] | $ 59,041,835 | ||||
Maturity Date | [3] | Dec. 21, 2025 | ||||
Amortized Cost | [3] | $ 58,590,691 | ||||
Fair Value | [3] | $ 59,632,253 | ||||
Investment interest rate | [3] | 12.21% | ||||
Interest rate, basis spread variable rate | [3] | 6.75% | ||||
Interest rate, floor | [3] | 2% | ||||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Term Loan - 12.50% (SOFR + 7.00%, 2.00% Floor) % of Net Assets 10.5% Maturity Date 12/21/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Dec. 21, 2020 | ||||
Percentage of Investments | [4] | 10.50% | ||||
Par Amount | [4] | $ 59,449,481 | ||||
Maturity Date | [4] | Dec. 21, 2025 | ||||
Amortized Cost | [4] | $ 58,929,503 | ||||
Fair Value | [4] | $ 59,687,279 | ||||
Investment interest rate | [4] | 12.50% | ||||
Interest rate, basis spread variable rate | [4] | 7% | ||||
Interest rate, floor | [4] | 2% | ||||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 15.98% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 4.6% Maturity Date 02/01/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[5] | Jul. 27, 2023 | ||||
Percentage of Investments | [3],[5] | 4.60% | ||||
Par Amount | [3],[5] | $ 26,570,265 | ||||
Maturity Date | [3],[5] | Feb. 01, 2026 | ||||
Amortized Cost | [3],[5] | $ 26,546,834 | ||||
Fair Value | [3],[5] | $ 26,570,265 | ||||
Investment interest rate | [3],[5] | 15.98% | ||||
Interest rate, basis spread variable rate | [3],[5] | 10.50% | ||||
Interest rate, floor | [3],[5] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 16.21% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 1.8% Maturity Date 02/01/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[6] | Jul. 27, 2023 | ||||
Percentage of Investments | [4],[6] | 1.80% | ||||
Par Amount | [4],[6] | $ 10,326,607 | ||||
Maturity Date | [4],[6] | Feb. 01, 2026 | ||||
Amortized Cost | [4],[6] | $ 10,299,999 | ||||
Fair Value | [4],[6] | $ 10,326,607 | ||||
Investment interest rate | [4],[6] | 16.21% | ||||
Interest rate, basis spread variable rate | [4],[6] | 10.50% | ||||
Interest rate, floor | [4],[6] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 13.98% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 4.5% Maturity Date 02/01/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[5],[7] | Aug. 01, 2022 | ||||
Percentage of Investments | [3],[5],[7] | 4.50% | ||||
Par Amount | [3],[5],[7] | $ 42,720,012 | ||||
Maturity Date | [3],[5],[7] | Feb. 01, 2026 | ||||
Amortized Cost | [3],[5],[7] | $ 33,357,512 | ||||
Fair Value | [3],[5],[7] | $ 26,144,647 | ||||
Investment interest rate | [3],[5],[7] | 13.98% | ||||
Interest rate, basis spread variable rate | [3],[5],[7] | 8.50% | ||||
Interest rate, floor | [3],[5],[7] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 14.22% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 6.0% Maturity Date 02/01/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[6],[8] | Aug. 01, 2022 | ||||
Percentage of Investments | [4],[6],[8] | 6% | ||||
Par Amount | [4],[6],[8] | $ 40,991,402 | ||||
Maturity Date | [4],[6],[8] | Feb. 01, 2026 | ||||
Amortized Cost | [4],[6],[8] | $ 33,109,294 | ||||
Fair Value | [4],[6],[8] | $ 33,940,881 | ||||
Investment interest rate | [4],[6],[8] | 14.22% | ||||
Interest rate, basis spread variable rate | [4],[6],[8] | 8.50% | ||||
Interest rate, floor | [4],[6],[8] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Supply LLC | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 5.60% | [3] | 5.70% | [4] | ||
Par Amount | $ 33,514,657 | [3] | $ 33,678,160 | [4] | ||
Amortized Cost | 33,227,030 | [3] | 33,355,097 | [4] | ||
Fair Value | $ 32,475,703 | [3] | $ 32,634,137 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Suppy LLC Acquisition Date 05/28/21 Term Loan - 14.61% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75%PIK) % of Net Assets 5.6% Maturity Date 05/28/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | May 28, 2021 | ||||
Percentage of Investments | [3] | 5.60% | ||||
Par Amount | [3] | $ 33,514,657 | ||||
Maturity Date | [3] | May 28, 2026 | ||||
Amortized Cost | [3] | $ 33,227,030 | ||||
Fair Value | [3] | $ 32,475,703 | ||||
Investment interest rate | [3] | 14.61% | ||||
Interest rate, basis spread variable rate | [3] | 9% | ||||
Interest rate, floor | [3] | 2% | ||||
Interest rate, PIK | [3] | 0.75% | ||||
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Suppy LLC Acquisition Date 05/28/21 Term Loan - 14.65% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75%PIK) % of Net Assets 5.7% Maturity Date 05/28/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | May 28, 2021 | ||||
Percentage of Investments | [4] | 5.70% | ||||
Par Amount | [4] | $ 33,678,160 | ||||
Maturity Date | [4] | May 28, 2026 | ||||
Amortized Cost | [4] | $ 33,355,097 | ||||
Fair Value | [4] | $ 32,634,137 | ||||
Investment interest rate | [4] | 14.65% | ||||
Interest rate, basis spread variable rate | [4] | 9% | ||||
Interest rate, floor | [4] | 2% | ||||
Interest rate, PIK | [4] | 0.75% | ||||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 10% | [3] | 10% | [4] | ||
Par Amount | $ 62,984,149 | [3] | $ 62,048,754 | [4] | ||
Amortized Cost | 62,984,134 | [3] | 62,048,754 | [4] | ||
Fair Value | $ 57,756,465 | [3] | $ 56,588,464 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 5.1% Maturity Date 09/21/27 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[5] | May 27, 2022 | ||||
Percentage of Investments | [3],[5] | 5.10% | ||||
Par Amount | [3],[5] | $ 32,080,811 | ||||
Maturity Date | [3],[5] | Sep. 21, 2027 | ||||
Amortized Cost | [3],[5] | $ 32,080,796 | ||||
Fair Value | [3],[5] | $ 29,418,104 | ||||
Investment interest rate | [3],[5] | 15.57% | ||||
Interest rate, basis spread variable rate | [3],[5] | 10% | ||||
Interest rate, floor | [3],[5] | 1.50% | ||||
Interest rate, PIK | [3],[5] | 6% | ||||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 0.6% Maturity Date 09/21/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[6] | May 27, 2022 | ||||
Percentage of Investments | [4],[6] | 0.60% | ||||
Par Amount | [4],[6] | $ 3,627,327 | ||||
Maturity Date | [4],[6] | Sep. 21, 2025 | ||||
Amortized Cost | [4],[6] | $ 3,627,327 | ||||
Fair Value | [4],[6] | $ 3,308,122 | ||||
Investment interest rate | [4],[6] | 15.61% | ||||
Interest rate, basis spread variable rate | [4],[6] | 10% | ||||
Interest rate, floor | [4],[6] | 1.50% | ||||
Interest rate, PIK | [4],[6] | 6% | ||||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.5% Maturity Date 09/21/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[6] | Sep. 21, 2020 | ||||
Percentage of Investments | [4],[6] | 4.50% | ||||
Par Amount | [4],[6] | $ 27,977,036 | ||||
Maturity Date | [4],[6] | Sep. 21, 2025 | ||||
Amortized Cost | [4],[6] | $ 27,977,036 | ||||
Fair Value | [4],[6] | $ 25,515,057 | ||||
Investment interest rate | [4],[6] | 15.61% | ||||
Interest rate, basis spread variable rate | [4],[6] | 10% | ||||
Interest rate, floor | [4],[6] | 1.50% | ||||
Interest rate, PIK | [4],[6] | 6% | ||||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.9% Maturity Date 09/21/27 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[5] | Sep. 21, 2020 | ||||
Percentage of Investments | [3],[5] | 4.90% | ||||
Par Amount | [3],[5] | $ 30,903,338 | ||||
Maturity Date | [3],[5] | Sep. 21, 2027 | ||||
Amortized Cost | [3],[5] | $ 30,903,338 | ||||
Fair Value | [3],[5] | $ 28,338,361 | ||||
Investment interest rate | [3],[5] | 15.57% | ||||
Interest rate, basis spread variable rate | [3],[5] | 10% | ||||
Interest rate, floor | [3],[5] | 1.50% | ||||
Interest rate, PIK | [3],[5] | 6% | ||||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 15.64% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.9% Maturity Date 09/21/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[6] | Sep. 21, 2020 | ||||
Percentage of Investments | [4],[6] | 4.90% | ||||
Par Amount | [4],[6] | $ 30,444,391 | ||||
Maturity Date | [4],[6] | Sep. 21, 2025 | ||||
Amortized Cost | [4],[6] | $ 30,444,391 | ||||
Fair Value | [4],[6] | $ 27,765,285 | ||||
Investment interest rate | [4],[6] | 15.64% | ||||
Interest rate, basis spread variable rate | [4],[6] | 10% | ||||
Interest rate, floor | [4],[6] | 1.50% | ||||
Interest rate, PIK | [4],[6] | 6% | ||||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 1.70% | [3] | 2.10% | [4] | ||
Par Amount | $ 13,396,555 | [3] | $ 13,108,517 | [4] | ||
Amortized Cost | 13,329,892 | [3] | 13,033,055 | [4] | ||
Fair Value | $ 9,967,036 | [3] | $ 11,797,667 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Revolver - 12.49% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.1% Maturity Date 04/13/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Apr. 16, 2021 | ||||
Percentage of Investments | [3] | 0.10% | ||||
Par Amount | [3] | $ 786,667 | ||||
Maturity Date | [3] | Apr. 13, 2026 | ||||
Amortized Cost | [3] | $ 786,667 | ||||
Fair Value | [3] | $ 585,280 | ||||
Investment interest rate | [3] | 12.49% | ||||
Interest rate, basis spread variable rate | [3] | 7% | ||||
Interest rate, floor | [3] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Revolver - 12.54% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.1% Maturity Date 04/13/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Apr. 16, 2021 | ||||
Percentage of Investments | [4] | 0.10% | ||||
Par Amount | [4] | $ 393,333 | ||||
Maturity Date | [4] | Apr. 13, 2026 | ||||
Amortized Cost | [4] | $ 393,333 | ||||
Fair Value | [4] | $ 354,000 | ||||
Investment interest rate | [4] | 12.54% | ||||
Interest rate, basis spread variable rate | [4] | 7% | ||||
Interest rate, floor | [4] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 1.6% Maturity Date 04/13/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Apr. 16, 2021 | ||||
Percentage of Investments | [3] | 1.60% | ||||
Par Amount | [3] | $ 12,390,541 | ||||
Maturity Date | [3] | Apr. 13, 2026 | ||||
Amortized Cost | [3] | $ 12,326,712 | ||||
Fair Value | [3] | $ 9,218,562 | ||||
Investment interest rate | [3] | 12.48% | ||||
Interest rate, basis spread variable rate | [3] | 7% | ||||
Interest rate, floor | [3] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Term Loan - 12.55% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 2.0% Maturity Date 04/13/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Apr. 16, 2021 | ||||
Percentage of Investments | [4] | 2% | ||||
Par Amount | [4] | $ 12,494,015 | ||||
Maturity Date | [4] | Apr. 13, 2026 | ||||
Amortized Cost | [4] | $ 12,421,761 | ||||
Fair Value | [4] | $ 11,244,614 | ||||
Investment interest rate | [4] | 12.55% | ||||
Interest rate, basis spread variable rate | [4] | 7% | ||||
Interest rate, floor | [4] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 09/29/22 Incremental Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.0% Maturity Date 04/13/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Sep. 29, 2022 | ||||
Percentage of Investments | [3] | 0% | ||||
Par Amount | [3] | $ 219,347 | ||||
Maturity Date | [3] | Apr. 13, 2026 | ||||
Amortized Cost | [3] | $ 216,513 | ||||
Fair Value | [3] | $ 163,194 | ||||
Investment interest rate | [3] | 12.48% | ||||
Interest rate, basis spread variable rate | [3] | 7% | ||||
Interest rate, floor | [3] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 09/29/22 Incremental Term Loan - 12.54% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.0% Maturity Date 04/13/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Sep. 29, 2022 | ||||
Percentage of Investments | [4] | 0% | ||||
Par Amount | [4] | $ 221,169 | ||||
Maturity Date | [4] | Apr. 13, 2026 | ||||
Amortized Cost | [4] | $ 217,961 | ||||
Fair Value | [4] | $ 199,053 | ||||
Investment interest rate | [4] | 12.54% | ||||
Interest rate, basis spread variable rate | [4] | 7% | ||||
Interest rate, floor | [4] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 7.50% | [3] | 7.70% | [4] | ||
Par Amount | $ 42,991,226 | [3] | $ 43,595,738 | [4] | ||
Amortized Cost | 42,700,335 | [3] | 43,235,918 | [4] | ||
Fair Value | $ 42,991,226 | [3] | $ 44,031,696 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation Acquisition Date 05/20/21 Term Loan - 13.81% (SOFR + 8.35%, 1.00% Floor) % of Net Assets 7.5% Maturity Date 05/20/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | May 20, 2021 | ||||
Percentage of Investments | [3] | 7.50% | ||||
Par Amount | [3] | $ 42,991,226 | ||||
Maturity Date | [3] | May 20, 2025 | ||||
Amortized Cost | [3] | $ 42,700,335 | ||||
Fair Value | [3] | $ 42,991,226 | ||||
Investment interest rate | [3] | 13.81% | ||||
Interest rate, basis spread variable rate | [3] | 8.35% | ||||
Interest rate, floor | [3] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation Acquisition Date 05/20/21 Term Loan - 13.85% (SOFR + 8.35%, 1.00% Floor) % of Net Assets 7.7% Maturity Date 05/20/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | May 20, 2021 | ||||
Percentage of Investments | [4] | 7.70% | ||||
Par Amount | [4] | $ 43,595,738 | ||||
Maturity Date | [4] | May 20, 2025 | ||||
Amortized Cost | [4] | $ 43,235,918 | ||||
Fair Value | [4] | $ 44,031,696 | ||||
Investment interest rate | [4] | 13.85% | ||||
Interest rate, basis spread variable rate | [4] | 8.35% | ||||
Interest rate, floor | [4] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 8.80% | [3] | 9.20% | [4] | ||
Par Amount | $ 82,984,841 | [3] | $ 81,138,149 | [4] | ||
Amortized Cost | 77,904,351 | [3] | 77,757,523 | [4] | ||
Fair Value | $ 49,377,048 | [3] | $ 51,681,731 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Rocky Brands, Inc. Acquisition Date 03/15/21 Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 4.9% Maturity Date 03/15/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[9] | Mar. 15, 2021 | ||||
Percentage of Investments | [3],[9] | 4.90% | ||||
Par Amount | [3],[9] | $ 28,471,542 | ||||
Maturity Date | [3],[9] | Mar. 15, 2026 | ||||
Amortized Cost | [3],[9] | $ 28,249,196 | ||||
Fair Value | [3],[9] | $ 28,015,998 | ||||
Investment interest rate | [3],[9] | 13.20% | ||||
Interest rate, basis spread variable rate | [3],[9] | 7.50% | ||||
Interest rate, floor | [3],[9] | 2% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Rocky Brands, Inc. Acquisition Date 03/15/21 Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 5.0% Maturity Date 03/15/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[10] | Mar. 15, 2021 | ||||
Percentage of Investments | [4],[10] | 5% | ||||
Par Amount | [4],[10] | $ 29,867,493 | ||||
Maturity Date | [4],[10] | Mar. 15, 2026 | ||||
Amortized Cost | [4],[10] | $ 29,604,476 | ||||
Fair Value | [4],[10] | $ 28,374,118 | ||||
Investment interest rate | [4],[10] | 13.20% | ||||
Interest rate, basis spread variable rate | [4],[10] | 7.50% | ||||
Interest rate, floor | [4],[10] | 2% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Feb. 15, 2023 | ||||
Percentage of Investments | [3] | 0.20% | ||||
Par Amount | [3] | $ 973,005 | ||||
Maturity Date | [3] | Jun. 18, 2026 | ||||
Amortized Cost | [3] | $ 973,005 | ||||
Fair Value | [3] | $ 973,005 | ||||
Investment interest rate | [3] | 12.95% | ||||
Interest rate, basis spread variable rate | [3] | 7.50% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 13.00% inc PIK(SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Feb. 15, 2023 | ||||
Percentage of Investments | [4] | 0.20% | ||||
Par Amount | [4] | $ 942,052 | ||||
Maturity Date | [4] | Jun. 18, 2026 | ||||
Amortized Cost | [4] | $ 942,052 | ||||
Fair Value | [4] | $ 942,052 | ||||
Investment interest rate | [4] | 13% | ||||
Interest rate, basis spread variable rate | [4] | 7.50% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Jun. 12, 2023 | ||||
Percentage of Investments | [3] | 0.20% | ||||
Par Amount | [3] | $ 951,834 | ||||
Maturity Date | [3] | Jun. 18, 2026 | ||||
Amortized Cost | [3] | $ 951,834 | ||||
Fair Value | [3] | $ 951,834 | ||||
Investment interest rate | [3] | 12.95% | ||||
Interest rate, basis spread variable rate | [3] | 7.50% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Jun. 12, 2023 | ||||
Percentage of Investments | [4] | 0.20% | ||||
Par Amount | [4] | $ 921,555 | ||||
Maturity Date | [4] | Jun. 18, 2026 | ||||
Amortized Cost | [4] | $ 921,555 | ||||
Fair Value | [4] | $ 921,555 | ||||
Investment interest rate | [4] | 13% | ||||
Interest rate, basis spread variable rate | [4] | 7.50% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Jun. 12, 2023 | ||||
Percentage of Investments | [3] | 0.20% | ||||
Par Amount | [3] | $ 971,831 | ||||
Maturity Date | [3] | Jun. 18, 2026 | ||||
Amortized Cost | [3] | $ 971,831 | ||||
Fair Value | [3] | $ 971,831 | ||||
Investment interest rate | [3] | 12.95% | ||||
Interest rate, basis spread variable rate | [3] | 7.50% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Jun. 12, 2023 | ||||
Percentage of Investments | [4] | 0.20% | ||||
Par Amount | [4] | $ 940,916 | ||||
Maturity Date | [4] | Jun. 18, 2026 | ||||
Amortized Cost | [4] | $ 940,916 | ||||
Fair Value | [4] | $ 940,916 | ||||
Investment interest rate | [4] | 13% | ||||
Interest rate, basis spread variable rate | [4] | 7.50% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 2.8% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[7] | Jun. 18, 2021 | ||||
Percentage of Investments | [3],[7] | 2.80% | ||||
Par Amount | [3],[7] | $ 49,041,789 | ||||
Maturity Date | [3],[7] | Jun. 18, 2026 | ||||
Amortized Cost | [3],[7] | $ 44,197,185 | ||||
Fair Value | [3],[7] | $ 15,889,540 | ||||
Investment interest rate | [3],[7] | 12.95% | ||||
Interest rate, basis spread variable rate | [3],[7] | 7.50% | ||||
Interest rate, floor | [3],[7] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 3.4% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[8] | Jun. 18, 2021 | ||||
Percentage of Investments | [4],[8] | 3.40% | ||||
Par Amount | [4],[8] | $ 47,314,794 | ||||
Maturity Date | [4],[8] | Jun. 18, 2026 | ||||
Amortized Cost | [4],[8] | $ 44,197,185 | ||||
Fair Value | [4],[8] | $ 19,351,751 | ||||
Investment interest rate | [4],[8] | 13% | ||||
Interest rate, basis spread variable rate | [4],[8] | 7.50% | ||||
Interest rate, floor | [4],[8] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Oct. 19, 2023 | ||||
Percentage of Investments | [3] | 0.40% | ||||
Par Amount | [3] | $ 2,089,076 | ||||
Maturity Date | [3] | Jun. 18, 2026 | ||||
Amortized Cost | [3] | $ 2,075,536 | ||||
Fair Value | [3] | $ 2,089,076 | ||||
Investment interest rate | [3] | 12.95% | ||||
Interest rate, basis spread variable rate | [3] | 7.50% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 13.02% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Oct. 19, 2023 | ||||
Percentage of Investments | [4] | 0.10% | ||||
Par Amount | [4] | $ 681,027 | ||||
Maturity Date | [4] | Jun. 18, 2026 | ||||
Amortized Cost | [4] | $ 681,027 | ||||
Fair Value | [4] | $ 681,027 | ||||
Investment interest rate | [4] | 13.02% | ||||
Interest rate, basis spread variable rate | [4] | 7.50% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Oct. 19, 2023 | ||||
Percentage of Investments | [3] | 0.10% | ||||
Par Amount | [3] | $ 485,764 | ||||
Maturity Date | [3] | Jun. 18, 2026 | ||||
Amortized Cost | [3] | $ 485,764 | ||||
Fair Value | [3] | $ 485,764 | ||||
Investment interest rate | [3] | 12.95% | ||||
Interest rate, basis spread variable rate | [3] | 7.50% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Oct. 19, 2023 | ||||
Percentage of Investments | [4] | 0.10% | ||||
Par Amount | [4] | $ 470,312 | ||||
Maturity Date | [4] | Jun. 18, 2026 | ||||
Amortized Cost | [4] | $ 470,312 | ||||
Fair Value | [4] | $ 470,312 | ||||
Investment interest rate | [4] | 13% | ||||
Interest rate, basis spread variable rate | [4] | 7.50% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Services | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 6.60% | [3] | 6.80% | [4] | ||
Par Amount | $ 38,291,396 | [3] | $ 38,543,670 | [4] | ||
Amortized Cost | 38,000,944 | [3] | 38,213,079 | [4] | ||
Fair Value | $ 38,291,396 | [3] | $ 38,543,670 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Consumer Services Grand Circle Corporation Acquisition Date 02/26/21 Term Loan - 14.22% (SOFR + 8.75%, 1.25% Floor) % of Net Assets 6.8% Maturity Date 02/26/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Feb. 26, 2021 | ||||
Percentage of Investments | [4] | 6.80% | ||||
Par Amount | [4] | $ 38,543,670 | ||||
Maturity Date | [4] | Feb. 26, 2026 | ||||
Amortized Cost | [4] | $ 38,213,079 | ||||
Fair Value | [4] | $ 38,543,670 | ||||
Investment interest rate | [4] | 14.22% | ||||
Interest rate, basis spread variable rate | [4] | 8.75% | ||||
Interest rate, floor | [4] | 1.25% | ||||
Investment, Identifier [Axis]: Debt Securities Consumer Services Grand Circle Corporation Acquisition Date 02/26/21 Term Loan - 14.36% (SOFR + 8.75%, 1.25% Floor) % of Net Assets 6.6% Maturity Date 02/26/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Feb. 26, 2021 | ||||
Percentage of Investments | [3] | 6.60% | ||||
Par Amount | [3] | $ 38,291,396 | ||||
Maturity Date | [3] | Feb. 26, 2026 | ||||
Amortized Cost | [3] | $ 38,000,944 | ||||
Fair Value | [3] | $ 38,291,396 | ||||
Investment interest rate | [3] | 14.36% | ||||
Interest rate, basis spread variable rate | [3] | 8.75% | ||||
Interest rate, floor | [3] | 1.25% | ||||
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 5.50% | [3] | 5.50% | [4] | ||
Par Amount | $ 31,893,967 | [3] | $ 32,237,454 | [4] | ||
Amortized Cost | 31,837,061 | [3] | 32,153,657 | [4] | ||
Fair Value | $ 31,543,133 | [3] | $ 31,463,755 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 1.7% Maturity Date 10/22/24 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Oct. 22, 2019 | ||||
Percentage of Investments | [3] | 1.70% | ||||
Par Amount | [3] | $ 9,856,474 | ||||
Maturity Date | [3] | Oct. 22, 2024 | ||||
Amortized Cost | [3] | $ 9,856,474 | ||||
Fair Value | [3] | $ 9,748,053 | ||||
Investment interest rate | [3] | 12.94% | ||||
Interest rate, basis spread variable rate | [3] | 7.50% | ||||
Interest rate, floor | [3] | 1.75% | ||||
Interest rate, PIK | [3] | 0.75% | ||||
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 1.7% Maturity Date 10/22/24 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Oct. 22, 2019 | ||||
Percentage of Investments | [4] | 1.70% | ||||
Par Amount | [4] | $ 9,838,834 | ||||
Maturity Date | [4] | Oct. 22, 2024 | ||||
Amortized Cost | [4] | $ 9,838,834 | ||||
Fair Value | [4] | $ 9,602,702 | ||||
Investment interest rate | [4] | 12.97% | ||||
Interest rate, basis spread variable rate | [4] | 7.50% | ||||
Interest rate, floor | [4] | 1.75% | ||||
Interest rate, PIK | [4] | 0.75% | ||||
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 3.8% Maturity Date 10/22/24 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Oct. 22, 2019 | ||||
Percentage of Investments | [3] | 3.80% | ||||
Par Amount | [3] | $ 22,037,493 | ||||
Maturity Date | [3] | Oct. 22, 2024 | ||||
Amortized Cost | [3] | $ 21,980,587 | ||||
Fair Value | [3] | $ 21,795,080 | ||||
Investment interest rate | [3] | 12.94% | ||||
Interest rate, basis spread variable rate | [3] | 7.50% | ||||
Interest rate, floor | [3] | 1.75% | ||||
Interest rate, PIK | [3] | 0.75% | ||||
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 3.8% Maturity Date 10/22/24 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Oct. 22, 2019 | ||||
Percentage of Investments | [4] | 3.80% | ||||
Par Amount | [4] | $ 22,398,620 | ||||
Maturity Date | [4] | Oct. 22, 2024 | ||||
Amortized Cost | [4] | $ 22,314,823 | ||||
Fair Value | [4] | $ 21,861,053 | ||||
Investment interest rate | [4] | 12.97% | ||||
Interest rate, basis spread variable rate | [4] | 7.50% | ||||
Interest rate, floor | [4] | 1.75% | ||||
Interest rate, PIK | [4] | 0.75% | ||||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 12.20% | [3] | 11.70% | [4] | ||
Par Amount | $ 78,995,960 | [3] | $ 72,011,452 | [4] | ||
Amortized Cost | 78,481,903 | [3] | 71,436,107 | [4] | ||
Fair Value | $ 70,227,638 | [3] | $ 66,688,109 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Delayed Draw Term Loan - 12.17% inc PIK(SOFR + 6.50%, 0.75% Floor, 1.00% PIK) % of Net Assets 2.4% Maturity Date 05/26/27 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | May 26, 2021 | ||||
Percentage of Investments | [4] | 3.10% | ||||
Par Amount | [4] | $ 18,478,536 | ||||
Maturity Date | [4] | May 26, 2027 | ||||
Amortized Cost | [4] | $ 18,400,117 | ||||
Fair Value | [4] | $ 17,591,566 | ||||
Investment interest rate | [4] | 12.17% | ||||
Interest rate, basis spread variable rate | [4] | 6.50% | ||||
Interest rate, floor | [4] | 0.75% | ||||
Interest rate, PIK | [4] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 11.09% inc PIK (SOFR + 5.50%, 0.75% Floor) % of Net Assets 4.0% Maturity Date 05/26/27 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | May 26, 2021 | ||||
Percentage of Investments | [3] | 4% | ||||
Par Amount | [3] | $ 24,139,787 | ||||
Maturity Date | [3] | May 26, 2027 | ||||
Amortized Cost | [3] | $ 23,971,959 | ||||
Fair Value | [3] | $ 23,270,754 | ||||
Investment interest rate | [3] | 11.09% | ||||
Interest rate, basis spread variable rate | [3] | 5.50% | ||||
Interest rate, floor | [3] | 0.75% | ||||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 12.17% inc PIK(SOFR + 6.50%, 0.75% Floor, 1.00% PIK) % of Net Assets 1.7% Maturity Date 05/26/27 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | May 26, 2021 | ||||
Percentage of Investments | [4] | 0.90% | ||||
Par Amount | [4] | $ 5,666,451 | ||||
Maturity Date | [4] | May 26, 2027 | ||||
Amortized Cost | [4] | $ 5,563,493 | ||||
Fair Value | [4] | $ 5,394,461 | ||||
Investment interest rate | [4] | 12.17% | ||||
Interest rate, basis spread variable rate | [4] | 6.50% | ||||
Interest rate, floor | [4] | 0.75% | ||||
Interest rate, PIK | [4] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 01/22/21 Term Loan – 16.61% (SOFR + 11.00%, 1.50% Floor) % of Net Assets 7.7% Maturity Date 01/22/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Jan. 22, 2021 | ||||
Percentage of Investments | [4] | 7.70% | ||||
Par Amount | [4] | $ 47,866,465 | ||||
Maturity Date | [4] | Jan. 22, 2026 | ||||
Amortized Cost | [4] | $ 47,472,497 | ||||
Fair Value | [4] | $ 43,702,082 | ||||
Investment interest rate | [4] | 16.61% | ||||
Interest rate, basis spread variable rate | [4] | 11% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 01/22/21 Term Loan – 21.07% inc PIK (SOFR + 15.50%, 3.00% Floor, 13.50% PIK)) % of Net Assets 7.5% Maturity Date 01/22/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Jan. 22, 2021 | ||||
Percentage of Investments | [3] | 7.50% | ||||
Par Amount | [3] | $ 50,449,339 | ||||
Maturity Date | [3] | Jan. 22, 2026 | ||||
Amortized Cost | [3] | $ 50,103,110 | ||||
Fair Value | [3] | $ 43,184,634 | ||||
Investment interest rate | [3] | 21.07% | ||||
Interest rate, basis spread variable rate | [3] | 15.50% | ||||
Interest rate, floor | [3] | 3% | ||||
Interest rate, PIK | [3] | 13.50% | ||||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 02/29/24 Incremental Term Loan – 21.10% inc PIK (SOFR + 15.50%, 3.00% Floor, all PIK)) % of Net Assets 0.7% Maturity Date 01/22/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Feb. 29, 2024 | ||||
Percentage of Investments | [3] | 0.70% | ||||
Par Amount | [3] | $ 4,406,834 | ||||
Maturity Date | [3] | Jan. 22, 2026 | ||||
Amortized Cost | [3] | $ 4,406,834 | ||||
Fair Value | [3] | $ 3,772,250 | ||||
Investment interest rate | [3] | 21.10% | ||||
Interest rate, basis spread variable rate | [3] | 15.50% | ||||
Interest rate, floor | [3] | 3% | ||||
Investment, Identifier [Axis]: Debt Securities Household Durables | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 17.30% | [3] | 16.90% | [4] | ||
Par Amount | $ 105,188,830 | [3] | $ 103,188,469 | [4] | ||
Amortized Cost | 103,605,637 | [3] | 101,570,713 | [4] | ||
Fair Value | $ 99,279,970 | [3] | $ 96,279,475 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 03/04/19 Last Out Term Loan – 18.78% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 12.8% Maturity Date 03/31/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Mar. 04, 2019 | ||||
Percentage of Investments | [3] | 12.80% | ||||
Par Amount | [3] | $ 75,715,260 | ||||
Maturity Date | [3] | Mar. 31, 2025 | ||||
Amortized Cost | [3] | $ 74,132,067 | ||||
Fair Value | [3] | $ 73,595,233 | ||||
Investment interest rate | [3] | 18.78% | ||||
Interest rate, basis spread variable rate | [3] | 13.33% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Interest rate, PIK | [3] | 7% | ||||
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 03/04/19 Last Out Term Loan – 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 10.2% Maturity Date 03/31/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Mar. 04, 2019 | ||||
Percentage of Investments | [4] | 11.80% | ||||
Par Amount | [4] | $ 68,977,149 | ||||
Maturity Date | [4] | Mar. 31, 2025 | ||||
Amortized Cost | [4] | $ 67,522,875 | ||||
Fair Value | [4] | $ 66,976,812 | ||||
Investment interest rate | [4] | 18.80% | ||||
Interest rate, basis spread variable rate | [4] | 13.33% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Interest rate, PIK | [4] | 7% | ||||
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 08/12/21 Last Out Delayed Draw Term Loan – 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 2.2% Maturity Date 03/31/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Aug. 12, 2021 | ||||
Percentage of Investments | [4] | 0.60% | ||||
Par Amount | [4] | $ 3,652,110 | ||||
Maturity Date | [4] | Mar. 31, 2025 | ||||
Amortized Cost | [4] | $ 3,488,628 | ||||
Fair Value | [4] | $ 3,546,199 | ||||
Investment interest rate | [4] | 18.80% | ||||
Interest rate, basis spread variable rate | [4] | 13.33% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Interest rate, PIK | [4] | 7% | ||||
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 11.36% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 4.0% Maturity Date 10/29/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[11] | Jun. 29, 2018 | ||||
Percentage of Investments | [3],[11] | 4% | ||||
Par Amount | [3],[11] | $ 26,681,925 | ||||
Maturity Date | [3],[11] | Oct. 29, 2026 | ||||
Amortized Cost | [3],[11] | $ 26,681,925 | ||||
Fair Value | [3],[11] | $ 22,893,092 | ||||
Investment interest rate | [3],[11] | 11.36% | ||||
Interest rate, basis spread variable rate | [3],[11] | 5.87% | ||||
Interest rate, floor | [3],[11] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 11.40% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 3.8% Maturity Date 10/29/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[12] | Jun. 29, 2018 | ||||
Percentage of Investments | [4],[12] | 3.80% | ||||
Par Amount | [4],[12] | $ 26,681,925 | ||||
Maturity Date | [4],[12] | Oct. 29, 2026 | ||||
Amortized Cost | [4],[12] | $ 26,681,925 | ||||
Fair Value | [4],[12] | $ 21,879,179 | ||||
Investment interest rate | [4],[12] | 11.40% | ||||
Interest rate, basis spread variable rate | [4],[12] | 5.87% | ||||
Interest rate, floor | [4],[12] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 11.33% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 0.5% Maturity Date 04/30/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[11] | Aug. 25, 2023 | ||||
Percentage of Investments | [3],[11] | 0.50% | ||||
Par Amount | [3],[11] | $ 2,791,645 | ||||
Maturity Date | [3],[11] | Apr. 30, 2025 | ||||
Amortized Cost | [3],[11] | $ 2,791,645 | ||||
Fair Value | [3],[11] | $ 2,791,645 | ||||
Investment interest rate | [3],[11] | 11.33% | ||||
Interest rate, basis spread variable rate | [3],[11] | 5.87% | ||||
Interest rate, floor | [3],[11] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 11.37% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 0.7% Maturity Date 04/30/24 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[12] | Aug. 25, 2023 | ||||
Percentage of Investments | [4],[12] | 0.70% | ||||
Par Amount | [4],[12] | $ 3,877,285 | ||||
Maturity Date | [4],[12] | Apr. 30, 2024 | ||||
Amortized Cost | [4],[12] | $ 3,877,285 | ||||
Fair Value | [4],[12] | $ 3,877,285 | ||||
Investment interest rate | [4],[12] | 11.37% | ||||
Interest rate, basis spread variable rate | [4],[12] | 5.87% | ||||
Interest rate, floor | [4],[12] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Media | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 3.80% | [3] | 4.20% | [4] | ||
Par Amount | $ 38,036,155 | [3] | $ 36,797,476 | [4] | ||
Amortized Cost | 38,036,155 | [3] | 36,797,476 | [4] | ||
Fair Value | $ 21,870,789 | [3] | $ 24,212,740 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 09/28/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Oct. 01, 2018 | ||||
Percentage of Investments | [3] | 0.40% | ||||
Par Amount | [3] | $ 3,953,491 | ||||
Maturity Date | [3] | Sep. 28, 2025 | ||||
Amortized Cost | [3] | $ 3,953,491 | ||||
Fair Value | [3] | $ 2,273,257 | ||||
Investment interest rate | [3] | 13.09% | ||||
Interest rate, basis spread variable rate | [3] | 7.75% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 09/28/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Oct. 01, 2018 | ||||
Percentage of Investments | [4] | 0.40% | ||||
Par Amount | [4] | $ 3,823,410 | ||||
Maturity Date | [4] | Sep. 28, 2025 | ||||
Amortized Cost | [4] | $ 3,823,410 | ||||
Fair Value | [4] | $ 2,515,804 | ||||
Investment interest rate | [4] | 13.13% | ||||
Interest rate, basis spread variable rate | [4] | 7.75% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 3.4% Maturity Date 09/28/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Oct. 01, 2018 | ||||
Percentage of Investments | [3] | 3.40% | ||||
Par Amount | [3] | $ 34,082,664 | ||||
Maturity Date | [3] | Sep. 28, 2025 | ||||
Amortized Cost | [3] | $ 34,082,664 | ||||
Fair Value | [3] | $ 19,597,532 | ||||
Investment interest rate | [3] | 13.09% | ||||
Interest rate, basis spread variable rate | [3] | 7.75% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 3.8% Maturity Date 09/28/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Oct. 01, 2018 | ||||
Percentage of Investments | [4] | 3.80% | ||||
Par Amount | [4] | $ 32,974,066 | ||||
Maturity Date | [4] | Sep. 28, 2025 | ||||
Amortized Cost | [4] | $ 32,974,066 | ||||
Fair Value | [4] | $ 21,696,936 | ||||
Investment interest rate | [4] | 13.13% | ||||
Interest rate, basis spread variable rate | [4] | 7.75% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Publishing | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 7.40% | [3] | 7.10% | [4] | ||
Par Amount | $ 43,169,441 | [3] | $ 40,977,276 | [4] | ||
Amortized Cost | 42,855,565 | [3] | 40,615,234 | [4] | ||
Fair Value | $ 42,651,407 | [3] | $ 40,321,640 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Revolver – 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 0.4% Maturity Date 12/11/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Dec. 11, 2020 | ||||
Percentage of Investments | [3] | 0.40% | ||||
Par Amount | [3] | $ 2,421,056 | ||||
Maturity Date | [3] | Dec. 11, 2025 | ||||
Amortized Cost | [3] | $ 2,421,056 | ||||
Fair Value | [3] | $ 2,392,003 | ||||
Investment interest rate | [3] | 12.46% | ||||
Interest rate, basis spread variable rate | [3] | 7% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 7.0% Maturity Date 12/11/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Dec. 11, 2020 | ||||
Percentage of Investments | [3] | 7% | ||||
Par Amount | [3] | $ 40,748,385 | ||||
Maturity Date | [3] | Dec. 11, 2025 | ||||
Amortized Cost | [3] | $ 40,434,509 | ||||
Fair Value | [3] | $ 40,259,404 | ||||
Investment interest rate | [3] | 12.46% | ||||
Interest rate, basis spread variable rate | [3] | 7% | ||||
Interest rate, floor | [3] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 13.00% (SOFR + 7.50%, 1.50% Floor) % of Net Assets 7.1% Maturity Date 12/11/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Dec. 11, 2020 | ||||
Percentage of Investments | [4] | 7.10% | ||||
Par Amount | [4] | $ 40,977,276 | ||||
Maturity Date | [4] | Dec. 11, 2025 | ||||
Amortized Cost | [4] | $ 40,615,234 | ||||
Fair Value | [4] | $ 40,321,640 | ||||
Investment interest rate | [4] | 13% | ||||
Interest rate, basis spread variable rate | [4] | 7.50% | ||||
Interest rate, floor | [4] | 1.50% | ||||
Investment, Identifier [Axis]: Debt Securities Software | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 12.70% | [3] | 12.40% | [4] | ||
Par Amount | $ 72,634,124 | [3] | $ 69,880,068 | [4] | ||
Amortized Cost | 72,359,702 | [3] | 69,511,764 | [4] | ||
Fair Value | $ 73,360,466 | [3] | $ 70,369,228 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Software Mondee Holdings LLC Acquisition Date 12/20/19 Term Loan - 14.07% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK) % of Net Assets 12.7% Maturity Date 03/31/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Dec. 20, 2019 | ||||
Percentage of Investments | [3] | 12.70% | ||||
Par Amount | [3] | $ 72,634,124 | ||||
Maturity Date | [3] | Mar. 31, 2025 | ||||
Amortized Cost | [3] | $ 72,359,702 | ||||
Fair Value | [3] | $ 73,360,466 | ||||
Investment interest rate | [3] | 14.07% | ||||
Interest rate, basis spread variable rate | [3] | 8.50% | ||||
Interest rate, floor | [3] | 1.75% | ||||
Investment, Identifier [Axis]: Debt Securities Software Mondee Holdings LLC Acquisition Date 12/20/19 Term Loan - 14.11% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK) % of Net Assets 12.4% Maturity Date 12/23/24 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Dec. 20, 2019 | ||||
Percentage of Investments | [4] | 12.40% | ||||
Par Amount | [4] | $ 69,880,068 | ||||
Maturity Date | [4] | Dec. 23, 2024 | ||||
Amortized Cost | [4] | $ 69,511,764 | ||||
Fair Value | [4] | $ 70,369,228 | ||||
Investment interest rate | [4] | 14.11% | ||||
Interest rate, basis spread variable rate | [4] | 8.50% | ||||
Interest rate, floor | [4] | 1.75% | ||||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 16.90% | [3] | 16.90% | [4] | ||
Par Amount | $ 104,056,640 | [3] | $ 103,074,554 | [4] | ||
Amortized Cost | 102,785,734 | [3] | 101,683,373 | [4] | ||
Fair Value | $ 97,576,205 | [3] | $ 96,244,242 | [4] | ||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 10.79% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 2.8% Maturity Date 08/06/29 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[9] | Feb. 06, 2024 | ||||
Percentage of Investments | [3],[9] | 2.80% | ||||
Par Amount | [3],[9] | $ 16,206,598 | ||||
Maturity Date | [3],[9] | Aug. 06, 2029 | ||||
Amortized Cost | [3],[9] | $ 15,767,354 | ||||
Fair Value | [3],[9] | $ 16,206,598 | ||||
Investment interest rate | [3],[9] | 10.79% | ||||
Interest rate, basis spread variable rate | [3],[9] | 5.50% | ||||
Interest rate, floor | [3],[9] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan A-1 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 2.9% Maturity Date 02/06/31 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[9] | Feb. 06, 2024 | ||||
Percentage of Investments | [3],[9] | 2.90% | ||||
Par Amount | [3],[9] | $ 16,725,454 | ||||
Maturity Date | [3],[9] | Feb. 06, 2031 | ||||
Amortized Cost | [3],[9] | $ 16,269,407 | ||||
Fair Value | [3],[9] | $ 16,725,454 | ||||
Investment interest rate | [3],[9] | 13.29% | ||||
Interest rate, basis spread variable rate | [3],[9] | 8% | ||||
Interest rate, floor | [3],[9] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan A-2 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 2.4% Maturity Date 02/06/31 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3],[9] | Feb. 06, 2024 | ||||
Percentage of Investments | [3],[9] | 2.40% | ||||
Par Amount | [3],[9] | $ 13,775,609 | ||||
Maturity Date | [3],[9] | Feb. 06, 2031 | ||||
Amortized Cost | [3],[9] | $ 13,399,994 | ||||
Fair Value | [3],[9] | $ 13,775,609 | ||||
Investment interest rate | [3],[9] | 13.29% | ||||
Interest rate, basis spread variable rate | [3],[9] | 8% | ||||
Interest rate, floor | [3],[9] | 1% | ||||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 10/09/20 Term Loan - 13.30% inc PIK (SOFR + 9.00%, 1.00% Floor, 6.50% PIK) % of Net Assets 5.2% Maturity Date 10/09/25 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4],[10] | Oct. 09, 2020 | ||||
Percentage of Investments | [4],[10] | 7.90% | ||||
Par Amount | [4],[10] | $ 46,070,354 | ||||
Maturity Date | [4],[10] | Oct. 09, 2025 | ||||
Amortized Cost | [4],[10] | $ 44,679,173 | ||||
Fair Value | [4],[10] | $ 44,826,454 | ||||
Investment interest rate | [4],[10] | 14.37% | ||||
Interest rate, basis spread variable rate | [4],[10] | 9% | ||||
Interest rate, floor | [4],[10] | 1% | ||||
Interest rate, PIK | [4],[10] | 6.50% | ||||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Hollander Intermediate LLC Acquisition Date 09/19/22 Term Loan - 14.19% (SOFR + 8.75%, 3.00% Floor) % of Net Assets 8.8% Maturity Date 09/21/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [3] | Sep. 19, 2022 | ||||
Percentage of Investments | [3] | 8.80% | ||||
Par Amount | [3] | $ 57,348,979 | ||||
Maturity Date | [3] | Sep. 21, 2026 | ||||
Amortized Cost | [3] | $ 57,348,979 | ||||
Fair Value | [3] | $ 50,868,544 | ||||
Investment interest rate | [3] | 14.19% | ||||
Interest rate, basis spread variable rate | [3] | 8.75% | ||||
Interest rate, floor | [3] | 3% | ||||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Hollander Intermediate LLC Acquisition Date 09/19/22 Term Loan - 16.22% (SOFR + 10.75%, 3.00% Floor) % of Net Assets 9.0% Maturity Date 09/21/26 | ||||||
Schedule Of Investments [Line Items] | ||||||
Acquisition Date | [4] | Sep. 19, 2022 | ||||
Percentage of Investments | [4] | 9% | ||||
Par Amount | [4] | $ 57,004,200 | ||||
Maturity Date | [4] | Sep. 21, 2026 | ||||
Amortized Cost | [4] | $ 57,004,200 | ||||
Fair Value | [4] | $ 51,417,788 | ||||
Investment interest rate | [4] | 16.22% | ||||
Interest rate, basis spread variable rate | [4] | 10.75% | ||||
Interest rate, floor | [4] | 3% | ||||
Investment, Identifier [Axis]: Equity Investments | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 1.70% | 1.20% | ||||
Shares | 36,343,848 | 35,944,702 | ||||
Amortized Cost | $ 9,382,826 | $ 9,287,247 | ||||
Fair Value | $ 9,671,023 | $ 7,349,710 | ||||
Investment, Identifier [Axis]: Equity Securities Aerospace & Defense | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | 0% | ||||
Shares | 4,399 | 4,399 | ||||
Amortized Cost | $ 43,990 | $ 43,990 | ||||
Fair Value | $ 0 | $ 0 | ||||
Investment, Identifier [Axis]: Equity Securities Aerospace & Defense TCW ND Parent Holdings LLC. Class A Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | [5],[7],[13] | 0% | [6],[8],[14] | ||
Shares | 4,399 | [5],[7],[13] | 4,399 | [6],[8],[14] | ||
Amortized Cost | $ 43,990 | [5],[7],[13] | $ 43,990 | [6],[8],[14] | ||
Fair Value | $ 0 | [5],[7],[13] | $ 0 | [6],[8],[14] | ||
Investment, Identifier [Axis]: Equity Securities Chemicals | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | 0% | ||||
Shares | 33,068,778 | 33,068,778 | ||||
Amortized Cost | $ 3,997,226 | $ 3,997,226 | ||||
Fair Value | $ 0 | $ 0 | ||||
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class A Preferred Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | [5],[7],[13] | 0% | [6],[8],[14] | ||
Shares | 7,752,414 | [5],[7],[13] | 7,752,414 | [6],[8],[14] | ||
Amortized Cost | $ 0 | [5],[7],[13] | $ 0 | [6],[8],[14] | ||
Fair Value | $ 0 | [5],[7],[13] | $ 0 | [6],[8],[14] | ||
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class B Preferred Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | [5],[7],[13] | 0% | [6],[8],[14] | ||
Shares | 10,078,138 | [5],[7],[13] | 10,078,138 | [6],[8],[14] | ||
Amortized Cost | $ 0 | [5],[7],[13] | $ 0 | [6],[8],[14] | ||
Fair Value | $ 0 | [5],[7],[13] | $ 0 | [6],[8],[14] | ||
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class C Common Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | [5],[7],[13] | 0% | [6],[8],[14] | ||
Shares | 11,241,000 | [5],[7],[13] | 11,241,000 | [6],[8],[14] | ||
Amortized Cost | $ 0 | [5],[7],[13] | $ 0 | [6],[8],[14] | ||
Fair Value | $ 0 | [5],[7],[13] | $ 0 | [6],[8],[14] | ||
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class D Preferred Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | [5],[7],[13] | 0% | [6],[8],[14] | ||
Shares | 3,997,226 | [5],[7],[13] | 3,997,226 | [6],[8],[14] | ||
Amortized Cost | $ 3,997,226 | [5],[7],[13] | $ 3,997,226 | [6],[8],[14] | ||
Fair Value | $ 0 | [5],[7],[13] | $ 0 | [6],[8],[14] | ||
Investment, Identifier [Axis]: Equity Securities Household Durables | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0.50% | 0.70% | ||||
Shares | 1,259,485 | 1,259,485 | ||||
Amortized Cost | $ 4,481,960 | $ 4,481,960 | ||||
Fair Value | $ 2,411,203 | $ 4,527,850 | ||||
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-1 Warrant, Expires 03/25/27 | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0.40% | [7],[13] | 0.60% | [8],[14] | ||
Shares | 3,959 | [7],[13] | 3,959 | [8],[14] | ||
Amortized Cost | $ 3,178,520 | [7],[13] | $ 3,178,520 | [8],[14] | ||
Fair Value | $ 2,039,606 | [7],[13] | $ 3,641,653 | [8],[14] | ||
Warrants expiration date | Mar. 25, 2027 | [7],[13] | Mar. 25, 2027 | [8],[14] | ||
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-2 Warrant, Expires 03/25/27 | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0.10% | [7],[13] | 0.10% | [8],[14] | ||
Shares | 1,376 | [7],[13] | 1,376 | [8],[14] | ||
Amortized Cost | $ 1,189,508 | [7],[13] | $ 1,189,508 | [8],[14] | ||
Fair Value | $ 342,895 | [7],[13] | $ 817,631 | [8],[14] | ||
Warrants expiration date | Mar. 25, 2027 | [7],[13] | Mar. 25, 2027 | [8],[14] | ||
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-3 Warrant, Expires 03/25/27 | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | [7],[13] | 0% | [8],[14] | ||
Shares | 116 | [7],[13] | 116 | [8],[14] | ||
Amortized Cost | $ 113,932 | [7],[13] | $ 113,932 | [8],[14] | ||
Fair Value | $ 28,702 | [7],[13] | $ 68,566 | [8],[14] | ||
Warrants expiration date | Mar. 25, 2027 | [7],[13] | Mar. 25, 2027 | [8],[14] | ||
Investment, Identifier [Axis]: Equity Securities Household Durables Shelterlogic Group Holdings, Inc Common Stock | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | [7],[11],[13] | 0% | [8],[12],[14] | ||
Shares | 1,254,034 | [7],[11],[13] | 1,254,034 | [8],[12],[14] | ||
Amortized Cost | $ 0 | [7],[11],[13] | $ 0 | [8],[12],[14] | ||
Fair Value | $ 0 | [7],[11],[13] | $ 0 | [8],[12],[14] | ||
Investment, Identifier [Axis]: Equity Securities Media Encompass Digital Media, Inc. | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | 0% | ||||
Shares | 722,097 | 722,097 | ||||
Amortized Cost | $ 0 | $ 0 | ||||
Fair Value | $ 0 | $ 0 | ||||
Investment, Identifier [Axis]: Equity Securities Media Encompass Digital Media, Inc. Class A Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | [7],[11] | 0% | [8],[12] | ||
Shares | 722,097 | [7],[11] | 722,097 | [8],[12] | ||
Amortized Cost | $ 0 | [7],[11] | $ 0 | [8],[12] | ||
Fair Value | $ 0 | [7],[11] | $ 0 | [8],[12] | ||
Investment, Identifier [Axis]: Equity Securities Software | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0.20% | 0.30% | ||||
Shares | 570,627 | 570,627 | ||||
Amortized Cost | $ 764,071 | $ 764,071 | ||||
Fair Value | $ 1,318,148 | $ 1,574,931 | ||||
Investment, Identifier [Axis]: Equity Securities Software Mondee Holdings LLC | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0.20% | [7],[13],[15] | 0.30% | [8],[14],[16] | ||
Shares | 570,627 | [7],[13],[15] | 570,627 | [8],[14],[16] | ||
Amortized Cost | $ 764,071 | [7],[13],[15] | $ 764,071 | [8],[14],[16] | ||
Fair Value | $ 1,318,148 | [7],[13],[15] | $ 1,574,931 | [8],[14],[16] | ||
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 1% | 0.20% | ||||
Shares | 718,462 | 319,316 | ||||
Amortized Cost | $ 95,579 | $ 0 | ||||
Fair Value | $ 5,941,672 | $ 1,246,929 | ||||
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods Centric Brands GP LLC Membership Interests | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 0% | [7],[9],[13] | 0% | [8],[10],[14] | ||
Shares | 359,231 | [7],[9],[13] | 159,658 | [8],[10],[14] | ||
Amortized Cost | $ 0 | [7],[9],[13] | $ 0 | [8],[10],[14] | ||
Fair Value | $ 0 | [7],[9],[13] | $ 0 | [8],[10],[14] | ||
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods Centric Brands L.P. Class A LP Interests | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 1% | [7],[9],[13] | 0.20% | [8],[10],[14] | ||
Shares | 359,231 | [7],[9],[13] | 159,658 | [8],[10],[14] | ||
Amortized Cost | $ 95,579 | [7],[9],[13] | $ 0 | [8],[10],[14] | ||
Fair Value | 5,941,672 | [7],[9],[13] | 1,246,929 | [8],[10],[14] | ||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets (-69.7%) | ||||||
Schedule Of Investments [Line Items] | ||||||
Liabilities in Excess of Other Assets | $ (402,231,718) | |||||
Percentage of liabilities in excess of other assets | (69.70%) | |||||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets (-71.5%) | ||||||
Schedule Of Investments [Line Items] | ||||||
Liabilities in Excess of Other Assets | $ (407,316,785) | |||||
Percentage of liabilities in excess of other assets | (71.50%) | |||||
Investment, Identifier [Axis]: Net Assets (100.0%) | ||||||
Schedule Of Investments [Line Items] | ||||||
Net Assets | $ 576,756,252 | $ 569,767,116 | ||||
Net Assets | 100% | 100% | ||||
Investment, Identifier [Axis]: Net unrealized depreciation on unfunded commitments (-0.1%) | ||||||
Schedule Of Investments [Line Items] | ||||||
Net unrealized depreciation on unfunded commitments | $ (778,683) | $ (745,514) | ||||
Percentage of net unrealized depreciation on unfunded commitments | (0.10%) | (0.10%) | ||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 47,555,526 | $ 49,969,204 | 84,566,583 | |||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | 0 | 0 | 0 | |||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 13.09% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 2,273,257 | 2,515,804 | ||||
Investment interest rate | 13.09% | |||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 13.13% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 2,515,804 | 1,560,195 | ||||
Investment interest rate | 13.13% | |||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 13.09% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 19,597,532 | $ 21,696,936 | ||||
Investment interest rate | 13.09% | |||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 13.13% inc PIK | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 21,696,936 | 26,892,285 | ||||
Investment interest rate | 13.13% | |||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 0 | $ 0 | 29,432,178 | |||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 11.36% | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 22,893,092 | 21,879,179 | ||||
Investment interest rate | 11.36% | |||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 11.40% | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 21,879,179 | 26,681,925 | ||||
Investment interest rate | 11.40% | |||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 11.33% | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 2,791,645 | $ 3,877,285 | ||||
Investment interest rate | 11.33% | |||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 11.37% | ||||||
Schedule Of Investments [Line Items] | ||||||
Fair Value | $ 3,877,285 | $ 0 | ||||
Investment interest rate | 11.37% | |||||
Investment, Identifier [Axis]: Short-term Investments | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 16.20% | 13.80% | ||||
Amortized Cost | $ 93,659,788 | $ 78,714,489 | ||||
Fair Value | $ 93,659,788 | $ 78,714,489 | ||||
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.24% | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 16.20% | |||||
Shares | 95,000,000 | |||||
Amortized Cost | $ 93,659,788 | |||||
Fair Value | $ 93,659,788 | |||||
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.26% | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 13.80% | |||||
Shares | 80,000,000 | |||||
Amortized Cost | $ 78,714,489 | |||||
Fair Value | $ 78,714,489 | |||||
Investment, Identifier [Axis]: Total Investments (169.9%) | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 169.90% | |||||
Amortized Cost | $ 1,057,162,675 | |||||
Fair Value | $ 979,766,653 | |||||
Investment, Identifier [Axis]: Total Investments (171.6%) | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of Investments | 171.60% | |||||
Amortized Cost | $ 1,039,809,452 | |||||
Fair Value | $ 977,829,415 | |||||
Investment, Identifier [Axis]: U.S. Treasury Bill, Yield 5.24% | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of yield on short term investments | 5.24% | |||||
Investment, Identifier [Axis]: U.S. Treasury Bill, Yield 5.26% | ||||||
Schedule Of Investments [Line Items] | ||||||
Percentage of yield on short term investments | 5.26% | |||||
[1] Except for the Level 1 investment, 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.” 6 SOFR - Secured Overnight Financing Rate, generally 1-Month, 3-Month, or 6-Month Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $ 40,557,278 and $ 9,391,185 , respectively, for the period ended March 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. Country Breakdown Portfolio United States 100.0 % The fair value of each debt and equity 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.” Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled affiliated 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 in Fair Value at March 31, 2024 Interest/Dividend/ AGY Equity LLC Class A Preferred Units $ — $ — $ — $ — $ — $ — $ — AGY Equity LLC Class B Preferred Units — — — — — — — AGY Equity LLC Class C Common Units — — — — — — — AGY Equity LLC Class D Preferred Units — — — — — — — AGY Holdings Corp. Delayed Draw Term Loan - 15.57 % inc PIK 28,823,179 476,433 — — 118,492 29,418,104 1,252,205 AGY Holdings Corp. Term Loan - 15.57 % inc PIK 27,765,285 458,947 — — 114,129 28,338,361 1,207,049 Navistar Defense, LLC Super Senior Revolver - 15.98 % inc PIK 10,326,607 16,246,835 — — ( 3,177 ) 26,570,265 890,816 Navistar Defense, LLC Term Loan - 13.98 % inc PIK 33,940,881 248,218 — — ( 8,044,452 ) 26,144,647 248,217 TCW ND Parent Holdings LLC Class A Units — — — — — — — Total Controlled Affiliated investments $ 100,855,952 $ 17,430,433 $ — $ — $ ( 7,815,008 ) $ 110,471,377 $ 3,598,287 As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled affiliated 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: Non-income producing. Non-income producing. 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, $ 80,665,331 or 8.0 % 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, $ 74,447,501 or 7.4 % of the Company’s total assets were represented by “non-qualifying assets.” 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/ Encompass Digital Media Holdings, LLC Class A Units $ — $ — $ — $ — $ — $ — $ — Encompass Digital Media, Inc. Revolver - 13.09 % inc PIK 2,515,804 130,081 — — ( 372,628 ) 2,273,257 132,050 Encompass Digital Media, Inc. Term Loan - 13.09 % inc PIK 21,696,936 1,108,598 — — ( 3,208,002 ) 19,597,532 1,118,237 Shelterlogic Group Holdings, Inc Common Stock — — — — — — — Slogic Holding Corp. Last Out Term Loan - 11.36 % 21,879,179 — — — 1,013,913 22,893,092 769,854 Slogic Holding Corp. Revolver - 11.33 % 3,877,285 — ( 1,085,640 ) — — 2,791,645 108,046 Total Non-Controlled Affiliated Investments $ 49,969,204 $ 1,238,679 $ ( 1,085,640 ) $ — $ ( 2,566,717 ) $ 47,555,526 $ 2,128,187 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: 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 $ 9,671,023 , or 1.0 % of the Company’s total assets. 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 $ 7,349,710 , or 0.7 % of the Company’s total assets. Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the adjusted 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. Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the 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. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule Of Investments [Line Items] | ||
Percentage of minimum qualifying assets | 70% | 70% |
Percentage of voting interests on investment securities owned | 25% | 25% |
Non qualifying assets | $ 80,665,331 | $ 74,447,501 |
Percentage of non qualifying assets | 8% | 7.40% |
Aggregate fair value | $ 9,671,023 | $ 7,349,710 |
Percentage of restricted securities | 1% | 0.70% |
United States | ||
Schedule Of Investments [Line Items] | ||
Percentage of portfolio breakdown on investment | 100% | 100% |
Other Than Government Securities | ||
Schedule Of Investments [Line Items] | ||
Aggregate acquisitions of investments | $ 40,557,278 | $ 69,936,152 |
Aggregate dispositions of investments | $ 9,391,185 | $ 268,468,240 |
Minimum | Non-Controlled Affiliated Investments | ||
Schedule Of Investments [Line Items] | ||
Percentage of voting interests on investment securities owned | 5% | 5% |
Maximum | Non-Controlled Affiliated Investments | ||
Schedule Of Investments [Line Items] | ||
Percentage of voting interests on investment securities owned | 25% | 25% |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments - Controlled Affiliated Investments And Non-Controlled Affiliated Investments - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | ||||
Investment, Identifier [Axis]: Cash Equivalents | |||||
Fair Value, begining value | $ 55,776,653 | ||||
Fair Value, end value | 25,944,259 | $ 55,776,653 | |||
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.24% | |||||
Fair Value, end value | 25,944,259 | ||||
Investment, Identifier [Axis]: Cash Equivalents First American Government Obligation Fund, Yield 5.30% | |||||
Fair Value, begining value | 55,776,653 | ||||
Fair Value, end value | 55,776,653 | ||||
Investment, Identifier [Axis]: Controlled Affiliated Investments | |||||
Fair Value, begining value | 100,855,952 | 86,367,894 | |||
Gross Addition | 17,430,433 | [1] | 17,947,678 | [2] | |
Gross Reduction | 0 | [3] | 0 | [4] | |
Realized Gains (Losses) | 0 | 0 | |||
Net Change in Unrealized Appreciation/(Depreciation) | (7,815,008) | (3,459,620) | |||
Fair Value, end value | 110,471,377 | 100,855,952 | |||
Interest/Dividend/Other income | 3,598,287 | 9,794,908 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class A Preferred Units | |||||
Fair Value, begining value | 0 | 0 | |||
Gross Addition | 0 | [1] | 0 | [2] | |
Gross Reduction | 0 | [3] | 0 | [4] | |
Realized Gains (Losses) | 0 | 0 | |||
Net Change in Unrealized Appreciation/(Depreciation) | 0 | 0 | |||
Fair Value, end value | 0 | 0 | |||
Interest/Dividend/Other income | 0 | 0 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class B Preferred Units | |||||
Fair Value, begining value | 0 | 0 | |||
Gross Addition | 0 | [1] | 0 | [2] | |
Gross Reduction | 0 | [3] | 0 | [4] | |
Realized Gains (Losses) | 0 | 0 | |||
Net Change in Unrealized Appreciation/(Depreciation) | 0 | 0 | |||
Fair Value, end value | 0 | 0 | |||
Interest/Dividend/Other income | 0 | 0 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class C Common Units | |||||
Fair Value, begining value | 0 | 0 | |||
Gross Addition | 0 | [1] | 0 | [2] | |
Gross Reduction | 0 | [3] | 0 | [4] | |
Realized Gains (Losses) | 0 | 0 | |||
Net Change in Unrealized Appreciation/(Depreciation) | 0 | 0 | |||
Fair Value, end value | 0 | 0 | |||
Interest/Dividend/Other income | 0 | 0 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Equity LLC Class D Preferred Units | |||||
Fair Value, begining value | 0 | 0 | |||
Gross Addition | 0 | [1] | 0 | [2] | |
Gross Reduction | 0 | [3] | 0 | [4] | |
Realized Gains (Losses) | 0 | 0 | |||
Net Change in Unrealized Appreciation/(Depreciation) | 0 | 0 | |||
Fair Value, end value | 0 | 0 | |||
Interest/Dividend/Other income | 0 | 0 | |||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Delayed Draw Term Loan - 15.57% inc PIK | |||||
Fair Value, begining value | 28,823,179 | ||||
Gross Addition | [1] | 476,433 | |||
Gross Reduction | [3] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | 118,492 | ||||
Fair Value, end value | 29,418,104 | 28,823,179 | |||
Interest/Dividend/Other income | $ 1,252,205 | ||||
Investment interest rate | 15.57% | ||||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Delayed Draw Term Loan - 15.61% inc PIK | |||||
Fair Value, begining value | $ 28,823,179 | 25,420,236 | |||
Gross Addition | [2] | 4,874,358 | |||
Gross Reduction | [4] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (1,471,415) | ||||
Fair Value, end value | 28,823,179 | ||||
Interest/Dividend/Other income | $ 4,816,598 | ||||
Investment interest rate | 15.61% | ||||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Term Loan - 15.57% inc PIK | |||||
Fair Value, begining value | 27,765,285 | ||||
Gross Addition | [1] | 458,947 | |||
Gross Reduction | [3] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | 114,129 | ||||
Fair Value, end value | 28,338,361 | $ 27,765,285 | |||
Interest/Dividend/Other income | $ 1,207,049 | ||||
Investment interest rate | 15.57% | ||||
Investment, Identifier [Axis]: Controlled Affiliated Investments AGY Holdings Corp. Term Loan - 15.64% inc PIK | |||||
Fair Value, begining value | $ 27,765,285 | 26,315,189 | |||
Gross Addition | [2] | 2,773,320 | |||
Gross Reduction | [4] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (1,323,224) | ||||
Fair Value, end value | 27,765,285 | ||||
Interest/Dividend/Other income | $ 4,574,950 | ||||
Investment interest rate | 15.64% | ||||
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Revolver - 15.98% inc PIK | |||||
Fair Value, begining value | 10,326,607 | ||||
Gross Addition | [1] | 16,246,835 | |||
Gross Reduction | [3] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (3,177) | ||||
Fair Value, end value | 26,570,265 | $ 10,326,607 | |||
Interest/Dividend/Other income | $ 890,816 | ||||
Investment interest rate | 15.98% | ||||
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Revolver - 16.21% inc PIK | |||||
Fair Value, begining value | $ 10,326,607 | 0 | |||
Gross Addition | [2] | 10,299,999 | |||
Gross Reduction | [4] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | 26,608 | ||||
Fair Value, end value | 10,326,607 | ||||
Interest/Dividend/Other income | $ 385,233 | ||||
Investment interest rate | 16.21% | ||||
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 13.98% inc PIK | |||||
Fair Value, begining value | 33,940,881 | ||||
Gross Addition | [1] | 248,218 | |||
Gross Reduction | [3] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (8,044,452) | ||||
Fair Value, end value | 26,144,647 | $ 33,940,881 | |||
Interest/Dividend/Other income | $ 248,217 | ||||
Investment interest rate | 13.98% | ||||
Investment, Identifier [Axis]: Controlled Affiliated Investments Navistar Defense, LLC Term Loan - 14.22% inc PIK | |||||
Fair Value, begining value | $ 33,940,881 | 34,632,469 | |||
Gross Addition | [2] | 1 | |||
Gross Reduction | [4] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (691,589) | ||||
Fair Value, end value | 33,940,881 | ||||
Interest/Dividend/Other income | $ 18,127 | ||||
Investment interest rate | 14.22% | ||||
Investment, Identifier [Axis]: Controlled Affiliated Investments TCW ND Parent Holdings LLC Class A Units | |||||
Fair Value, begining value | 0 | $ 0 | |||
Gross Addition | 0 | [1] | 0 | [2] | |
Gross Reduction | 0 | [3] | 0 | [4] | |
Realized Gains (Losses) | 0 | 0 | |||
Net Change in Unrealized Appreciation/(Depreciation) | 0 | 0 | |||
Fair Value, end value | 0 | 0 | |||
Interest/Dividend/Other income | 0 | 0 | |||
Investment, Identifier [Axis]: Debt & Equity Securities | |||||
Fair Value, begining value | [5] | 843,338,273 | |||
Fair Value, end value | 860,162,606 | [6] | 843,338,273 | [5] | |
Investment, Identifier [Axis]: Debt Securities | |||||
Fair Value, begining value | [7] | 835,988,563 | |||
Fair Value, end value | 850,491,583 | [8] | 835,988,563 | [7] | |
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense | |||||
Fair Value, begining value | [7] | 175,132,009 | |||
Fair Value, end value | 183,123,101 | [8] | 175,132,009 | [7] | |
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Columbia Helicopters Inc. Acquisition Date 08/20/19 Last Out Term Loan - 15.86% inc PIK (SOFR + 10.25%, 1.50% Floor, 2.75% PIK) % of Net Assets 3.0% Maturity Date 08/20/24 | |||||
Fair Value, begining value | [7] | 17,051,415 | |||
Fair Value, end value | $ 17,193,861 | [8] | $ 17,051,415 | [7] | |
Investment interest rate | 15.86% | [8] | 15.86% | [7] | |
Percentage of fair value interest investments | 2.75% | [8] | 2.75% | [7] | |
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Heligear Acquisition Co. Acquisition Date 07/30/19 Term Loan - 13.06% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 8.2% Maturity Date 07/30/24 | |||||
Fair Value, end value | [8] | $ 47,027,211 | |||
Investment interest rate | [8] | 13.06% | |||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Heligear Acquisition Co. Acquisition Date 07/30/19 Term Loan - 13.10% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 8.3% Maturity Date 07/30/24 | |||||
Fair Value, begining value | [7] | $ 47,570,963 | |||
Fair Value, end value | [7] | $ 47,570,963 | |||
Investment interest rate | [7] | 13.10% | |||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Revolver - 12.21% (SOFR + 6.75%, 2.00% Floor) % of Net Assets 1.1% Maturity Date 12/21/25 | |||||
Fair Value, end value | [8] | $ 6,554,864 | |||
Investment interest rate | [8] | 12.21% | |||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Revolver - 12.50% (SOFR + 7.00%, 2.00% Floor) % of Net Assets 1.2% Maturity Date 12/21/25 | |||||
Fair Value, begining value | [7] | $ 6,554,864 | |||
Fair Value, end value | [7] | $ 6,554,864 | |||
Investment interest rate | [7] | 12.50% | |||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Term Loan - 12.21% (SOFR + 6.75%, 2.00% Floor) % of Net Assets 10.3% Maturity Date 12/21/25 | |||||
Fair Value, end value | [8] | $ 59,632,253 | |||
Investment interest rate | [8] | 12.21% | |||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Karman Holdings LLC Acquisition Date 12/21/20 Term Loan - 12.50% (SOFR + 7.00%, 2.00% Floor) % of Net Assets 10.5% Maturity Date 12/21/25 | |||||
Fair Value, begining value | [7] | $ 59,687,279 | |||
Fair Value, end value | [7] | $ 59,687,279 | |||
Investment interest rate | [7] | 12.50% | |||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 15.98% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 4.6% Maturity Date 02/01/26 | |||||
Fair Value, end value | [8],[9] | $ 26,570,265 | |||
Investment interest rate | [8],[9] | 15.98% | |||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 07/27/23 Super Senior Revolver - 16.21% inc PIK (SOFR + 10.50%, 1.50% Floor, all PIK) % of Net Assets 1.8% Maturity Date 02/01/26 | |||||
Fair Value, begining value | [7],[10] | $ 10,326,607 | |||
Fair Value, end value | [7],[10] | $ 10,326,607 | |||
Investment interest rate | [7],[10] | 16.21% | |||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 13.98% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 4.5% Maturity Date 02/01/26 | |||||
Fair Value, end value | [8],[9],[11] | $ 26,144,647 | |||
Investment interest rate | [8],[9],[11] | 13.98% | |||
Investment, Identifier [Axis]: Debt Securities Aerospace & Defense Navistar Defense, LLC Acquisition Date 08/01/22 Term Loan - 14.22% inc PIK (SOFR + 8.50%, 1.50% Floor, all PIK) % of Net Assets 6.0% Maturity Date 02/01/26 | |||||
Fair Value, begining value | [7],[10],[12] | $ 33,940,881 | |||
Fair Value, end value | [7],[10],[12] | $ 33,940,881 | |||
Investment interest rate | [7],[10],[12] | 14.22% | |||
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Supply LLC | |||||
Fair Value, begining value | [7] | 32,634,137 | |||
Fair Value, end value | 32,475,703 | [8] | $ 32,634,137 | [7] | |
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Suppy LLC Acquisition Date 05/28/21 Term Loan - 14.61% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75%PIK) % of Net Assets 5.6% Maturity Date 05/28/26 | |||||
Fair Value, end value | [8] | $ 32,475,703 | |||
Investment interest rate | [8] | 14.61% | |||
Percentage of fair value interest investments | [8] | 0.75% | |||
Investment, Identifier [Axis]: Debt Securities Capital Goods Carolina Atlantic Roofing Suppy LLC Acquisition Date 05/28/21 Term Loan - 14.65% inc PIK (SOFR + 9.00%, 2.00% Floor, 0.75%PIK) % of Net Assets 5.7% Maturity Date 05/28/26 | |||||
Fair Value, begining value | [7] | $ 32,634,137 | |||
Fair Value, end value | [7] | $ 32,634,137 | |||
Investment interest rate | [7] | 14.65% | |||
Percentage of fair value interest investments | [7] | 0.75% | |||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. | |||||
Fair Value, begining value | [7] | 56,588,464 | |||
Fair Value, end value | 57,756,465 | [8] | $ 56,588,464 | [7] | |
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 5.1% Maturity Date 09/21/27 | |||||
Fair Value, end value | [8],[9] | $ 29,418,104 | |||
Investment interest rate | [8],[9] | 15.57% | |||
Percentage of fair value interest investments | [8],[9] | 6% | |||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 05/27/22 Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 0.6% Maturity Date 09/21/25 | |||||
Fair Value, begining value | [7],[10] | $ 3,308,122 | |||
Fair Value, end value | [7],[10] | $ 3,308,122 | |||
Investment interest rate | [7],[10] | 15.61% | |||
Percentage of fair value interest investments | [7],[10] | 6% | |||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Delayed Draw Term Loan - 15.61% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.5% Maturity Date 09/21/25 | |||||
Fair Value, begining value | [7],[10] | 25,515,057 | |||
Fair Value, end value | [7],[10] | $ 25,515,057 | |||
Investment interest rate | [7],[10] | 15.61% | |||
Percentage of fair value interest investments | [7],[10] | 6% | |||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 15.57% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.9% Maturity Date 09/21/27 | |||||
Fair Value, end value | [8],[9] | $ 28,338,361 | |||
Investment interest rate | [8],[9] | 15.57% | |||
Percentage of fair value interest investments | [8],[9] | 6% | |||
Investment, Identifier [Axis]: Debt Securities Chemicals AGY Holdings Corp. Acquisition Date 09/21/20 Term Loan - 15.64% inc PIK (SOFR + 10.00%, 1.50% Floor, 6.00% PIK) % of Net Assets 4.9% Maturity Date 09/21/25 | |||||
Fair Value, begining value | [7],[10] | $ 27,765,285 | |||
Fair Value, end value | [7],[10] | $ 27,765,285 | |||
Investment interest rate | [7],[10] | 15.64% | |||
Percentage of fair value interest investments | [7],[10] | 6% | |||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. | |||||
Fair Value, begining value | [7] | 11,797,667 | |||
Fair Value, end value | 9,967,036 | [8] | $ 11,797,667 | [7] | |
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Revolver - 12.49% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.1% Maturity Date 04/13/26 | |||||
Fair Value, end value | [8] | $ 585,280 | |||
Investment interest rate | [8] | 12.49% | |||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Revolver - 12.54% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.1% Maturity Date 04/13/26 | |||||
Fair Value, begining value | [7] | $ 354,000 | |||
Fair Value, end value | [7] | $ 354,000 | |||
Investment interest rate | [7] | 12.54% | |||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 1.6% Maturity Date 04/13/26 | |||||
Fair Value, end value | [8] | $ 9,218,562 | |||
Investment interest rate | [8] | 12.48% | |||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 04/16/21 Term Loan - 12.55% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 2.0% Maturity Date 04/13/26 | |||||
Fair Value, begining value | [7] | $ 11,244,614 | |||
Fair Value, end value | [7] | $ 11,244,614 | |||
Investment interest rate | [7] | 12.55% | |||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 09/29/22 Incremental Term Loan - 12.48% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.0% Maturity Date 04/13/26 | |||||
Fair Value, end value | [8] | $ 163,194 | |||
Investment interest rate | [8] | 12.48% | |||
Investment, Identifier [Axis]: Debt Securities Commercial & Professional Services Rapid Displays, Inc. Acquisition Date 09/29/22 Incremental Term Loan - 12.54% (SOFR + 7.00%, 1.00% Floor) % of Net Assets 0.0% Maturity Date 04/13/26 | |||||
Fair Value, begining value | [7] | $ 199,053 | |||
Fair Value, end value | [7] | $ 199,053 | |||
Investment interest rate | [7] | 12.54% | |||
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation | |||||
Fair Value, begining value | [7] | 44,031,696 | |||
Fair Value, end value | 42,991,226 | [8] | $ 44,031,696 | [7] | |
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation Acquisition Date 05/20/21 Term Loan - 13.81% (SOFR + 8.35%, 1.00% Floor) % of Net Assets 7.5% Maturity Date 05/20/25 | |||||
Fair Value, end value | [8] | $ 42,991,226 | |||
Investment interest rate | [8] | 13.81% | |||
Investment, Identifier [Axis]: Debt Securities Commercial Services & Supplies Retail Services WIS Corporation Acquisition Date 05/20/21 Term Loan - 13.85% (SOFR + 8.35%, 1.00% Floor) % of Net Assets 7.7% Maturity Date 05/20/25 | |||||
Fair Value, begining value | [7] | $ 44,031,696 | |||
Fair Value, end value | [7] | $ 44,031,696 | |||
Investment interest rate | [7] | 13.85% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel | |||||
Fair Value, begining value | [7] | 51,681,731 | |||
Fair Value, end value | 49,377,048 | [8] | $ 51,681,731 | [7] | |
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Rocky Brands, Inc. Acquisition Date 03/15/21 Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 4.9% Maturity Date 03/15/26 | |||||
Fair Value, end value | [8],[13] | $ 28,015,998 | |||
Investment interest rate | [8],[13] | 13.20% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Rocky Brands, Inc. Acquisition Date 03/15/21 Term Loan - 13.20% (SOFR + 7.50%, 2.00% Floor) % of Net Assets 5.0% Maturity Date 03/15/26 | |||||
Fair Value, begining value | [7],[14] | $ 28,374,118 | |||
Fair Value, end value | [7],[14] | $ 28,374,118 | |||
Investment interest rate | [7],[14] | 13.20% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | |||||
Fair Value, end value | [8] | $ 973,005 | |||
Investment interest rate | [8] | 12.95% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 02/15/23 Delayed Draw Term Loan - 13.00% inc PIK(SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | |||||
Fair Value, begining value | [7] | $ 942,052 | |||
Fair Value, end value | [7] | $ 942,052 | |||
Investment interest rate | [7] | 13% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | |||||
Fair Value, end value | [8] | $ 951,834 | |||
Investment interest rate | [8] | 12.95% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Delayed Draw Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | |||||
Fair Value, begining value | [7] | $ 921,555 | |||
Fair Value, end value | [7] | $ 921,555 | |||
Investment interest rate | [7] | 13% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | |||||
Fair Value, end value | [8] | $ 971,831 | |||
Investment interest rate | [8] | 12.95% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/12/23 Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.2% Maturity Date 06/18/26 | |||||
Fair Value, begining value | [7] | $ 940,916 | |||
Fair Value, end value | [7] | $ 940,916 | |||
Investment interest rate | [7] | 13% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 2.8% Maturity Date 06/18/26 | |||||
Fair Value, end value | [8],[11] | $ 15,889,540 | |||
Investment interest rate | [8],[11] | 12.95% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 06/18/21 Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 3.4% Maturity Date 06/18/26 | |||||
Fair Value, begining value | [7],[12] | $ 19,351,751 | |||
Fair Value, end value | [7],[12] | $ 19,351,751 | |||
Investment interest rate | [7],[12] | 13% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 06/18/26 | |||||
Fair Value, end value | [8] | $ 2,089,076 | |||
Investment interest rate | [8] | 12.95% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Delayed Draw Term Loan - 13.02% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26 | |||||
Fair Value, begining value | [7] | $ 681,027 | |||
Fair Value, end value | [7] | $ 681,027 | |||
Investment interest rate | [7] | 13.02% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 12.95% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26 | |||||
Fair Value, end value | [8] | $ 485,764 | |||
Investment interest rate | [8] | 12.95% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Durables & Apparel Twin Star International, Inc. Acquisition Date 10/19/23 7th Amendment Incremental Term Loan - 13.00% inc PIK (SOFR + 7.50%, 1.50% Floor, all PIK) % of Net Assets 0.1% Maturity Date 06/18/26 | |||||
Fair Value, begining value | [7] | $ 470,312 | |||
Fair Value, end value | [7] | $ 470,312 | |||
Investment interest rate | [7] | 13% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Services | |||||
Fair Value, begining value | [7] | 38,543,670 | |||
Fair Value, end value | 38,291,396 | [8] | $ 38,543,670 | [7] | |
Investment, Identifier [Axis]: Debt Securities Consumer Services Grand Circle Corporation Acquisition Date 02/26/21 Term Loan - 14.22% (SOFR + 8.75%, 1.25% Floor) % of Net Assets 6.8% Maturity Date 02/26/26 | |||||
Fair Value, begining value | [7] | 38,543,670 | |||
Fair Value, end value | [7] | $ 38,543,670 | |||
Investment interest rate | [7] | 14.22% | |||
Investment, Identifier [Axis]: Debt Securities Consumer Services Grand Circle Corporation Acquisition Date 02/26/21 Term Loan - 14.36% (SOFR + 8.75%, 1.25% Floor) % of Net Assets 6.6% Maturity Date 02/26/26 | |||||
Fair Value, end value | [8] | $ 38,291,396 | |||
Investment interest rate | [8] | 14.36% | |||
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services | |||||
Fair Value, begining value | [7] | $ 31,463,755 | |||
Fair Value, end value | 31,543,133 | [8] | $ 31,463,755 | [7] | |
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 1.7% Maturity Date 10/22/24 | |||||
Fair Value, end value | [8] | $ 9,748,053 | |||
Investment interest rate | [8] | 12.94% | |||
Percentage of fair value interest investments | [8] | 0.75% | |||
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Revolver - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 1.7% Maturity Date 10/22/24 | |||||
Fair Value, begining value | [7] | $ 9,602,702 | |||
Fair Value, end value | [7] | $ 9,602,702 | |||
Investment interest rate | [7] | 12.97% | |||
Percentage of fair value interest investments | [7] | 0.75% | |||
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 12.94% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 3.8% Maturity Date 10/22/24 | |||||
Fair Value, end value | [8] | $ 21,795,080 | |||
Investment interest rate | [8] | 12.94% | |||
Percentage of fair value interest investments | [8] | 0.75% | |||
Investment, Identifier [Axis]: Debt Securities Energy Equipment & Services WDE TorcSill Holdings LLC Acquisition Date 10/22/19 Term Loan - 12.97% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.75% PIK) % of Net Assets 3.8% Maturity Date 10/22/24 | |||||
Fair Value, begining value | [7] | $ 21,861,053 | |||
Fair Value, end value | [7] | $ 21,861,053 | |||
Investment interest rate | [7] | 12.97% | |||
Percentage of fair value interest investments | [7] | 0.75% | |||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure | |||||
Fair Value, begining value | [7] | 66,688,109 | |||
Fair Value, end value | 70,227,638 | [8] | $ 66,688,109 | [7] | |
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Delayed Draw Term Loan - 12.17% inc PIK(SOFR + 6.50%, 0.75% Floor, 1.00% PIK) % of Net Assets 2.4% Maturity Date 05/26/27 | |||||
Fair Value, begining value | [7] | 17,591,566 | |||
Fair Value, end value | [7] | $ 17,591,566 | |||
Investment interest rate | [7] | 12.17% | |||
Percentage of fair value interest investments | [7] | 1% | |||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 11.09% inc PIK (SOFR + 5.50%, 0.75% Floor) % of Net Assets 4.0% Maturity Date 05/26/27 | |||||
Fair Value, end value | [8] | $ 23,270,754 | |||
Investment interest rate | [8] | 11.09% | |||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure KBP Brands, LLC Acquisition Date 05/26/21 Term Loan - 12.17% inc PIK(SOFR + 6.50%, 0.75% Floor, 1.00% PIK) % of Net Assets 1.7% Maturity Date 05/26/27 | |||||
Fair Value, begining value | [7] | $ 5,394,461 | |||
Fair Value, end value | [7] | $ 5,394,461 | |||
Investment interest rate | [7] | 12.17% | |||
Percentage of fair value interest investments | [7] | 1% | |||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 01/22/21 Term Loan – 16.61% (SOFR + 11.00%, 1.50% Floor) % of Net Assets 7.7% Maturity Date 01/22/26 | |||||
Fair Value, begining value | [7] | 43,702,082 | |||
Fair Value, end value | [7] | $ 43,702,082 | |||
Investment interest rate | [7] | 16.61% | |||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 01/22/21 Term Loan – 21.07% inc PIK (SOFR + 15.50%, 3.00% Floor, 13.50% PIK)) % of Net Assets 7.5% Maturity Date 01/22/26 | |||||
Fair Value, end value | [8] | $ 43,184,634 | |||
Investment interest rate | [8] | 21.07% | |||
Percentage of fair value interest investments | [8] | 13.50% | |||
Investment, Identifier [Axis]: Debt Securities Hotels, Restaurants & Leisure Red Lobster Management, LLC Acquisition Date 02/29/24 Incremental Term Loan – 21.10% inc PIK (SOFR + 15.50%, 3.00% Floor, all PIK)) % of Net Assets 0.7% Maturity Date 01/22/26 | |||||
Fair Value, end value | [8] | $ 3,772,250 | |||
Investment interest rate | [8] | 21.10% | |||
Investment, Identifier [Axis]: Debt Securities Household Durables | |||||
Fair Value, begining value | [7] | $ 96,279,475 | |||
Fair Value, end value | 99,279,970 | [8] | $ 96,279,475 | [7] | |
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 03/04/19 Last Out Term Loan – 18.78% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 12.8% Maturity Date 03/31/25 | |||||
Fair Value, end value | [8] | $ 73,595,233 | |||
Investment interest rate | [8] | 18.78% | |||
Percentage of fair value interest investments | [8] | 7% | |||
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 03/04/19 Last Out Term Loan – 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 10.2% Maturity Date 03/31/25 | |||||
Fair Value, begining value | [7] | $ 66,976,812 | |||
Fair Value, end value | [7] | $ 66,976,812 | |||
Investment interest rate | [7] | 18.80% | |||
Percentage of fair value interest investments | [7] | 7% | |||
Investment, Identifier [Axis]: Debt Securities Household Durables Greenfield World Trade, Inc. Acquisition Date 08/12/21 Last Out Delayed Draw Term Loan – 18.80% inc PIK (SOFR + 13.33%, 1.50% Floor, 7.00 PIK) % of Net Assets 2.2% Maturity Date 03/31/25 | |||||
Fair Value, begining value | [7] | 3,546,199 | |||
Fair Value, end value | [7] | $ 3,546,199 | |||
Investment interest rate | [7] | 18.80% | |||
Percentage of fair value interest investments | [7] | 7% | |||
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 11.36% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 4.0% Maturity Date 10/29/26 | |||||
Fair Value, end value | [8],[15] | $ 22,893,092 | |||
Investment interest rate | [8],[15] | 11.36% | |||
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 06/29/18 Last Out Term Loan – 11.40% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 3.8% Maturity Date 10/29/26 | |||||
Fair Value, begining value | [7],[16] | $ 21,879,179 | |||
Fair Value, end value | [7],[16] | $ 21,879,179 | |||
Investment interest rate | [7],[16] | 11.40% | |||
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 11.33% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 0.5% Maturity Date 04/30/25 | |||||
Fair Value, end value | [8],[15] | $ 2,791,645 | |||
Investment interest rate | [8],[15] | 11.33% | |||
Investment, Identifier [Axis]: Debt Securities Household Durables Slogic Holding Corp. Acquisition Date 08/25/23 Revolver – 11.37% (SOFR + 5.87%, 1.00% Floor) % of Net Assets 0.7% Maturity Date 04/30/24 | |||||
Fair Value, begining value | [7],[16] | $ 3,877,285 | |||
Fair Value, end value | [7],[16] | $ 3,877,285 | |||
Investment interest rate | [7],[16] | 11.37% | |||
Investment, Identifier [Axis]: Debt Securities Media | |||||
Fair Value, begining value | [7] | 24,212,740 | |||
Fair Value, end value | 21,870,789 | [8] | $ 24,212,740 | [7] | |
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 09/28/25 | |||||
Fair Value, end value | [8] | $ 2,273,257 | |||
Investment interest rate | [8] | 13.09% | |||
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Revolver - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 0.4% Maturity Date 09/28/25 | |||||
Fair Value, begining value | [7] | $ 2,515,804 | |||
Fair Value, end value | [7] | $ 2,515,804 | |||
Investment interest rate | [7] | 13.13% | |||
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 13.09% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 3.4% Maturity Date 09/28/25 | |||||
Fair Value, end value | [8] | $ 19,597,532 | |||
Investment interest rate | [8] | 13.09% | |||
Investment, Identifier [Axis]: Debt Securities Media Encompass Digital Media, Inc. Acquisition Date 10/01/18 Term Loan - 13.13% inc PIK (SOFR + 7.75%, 1.50% Floor, all PIK) % of Net Assets 3.8% Maturity Date 09/28/25 | |||||
Fair Value, begining value | [7] | $ 21,696,936 | |||
Fair Value, end value | [7] | $ 21,696,936 | |||
Investment interest rate | [7] | 13.13% | |||
Investment, Identifier [Axis]: Debt Securities Publishing | |||||
Fair Value, begining value | [7] | 40,321,640 | |||
Fair Value, end value | 42,651,407 | [8] | $ 40,321,640 | [7] | |
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Revolver – 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 0.4% Maturity Date 12/11/25 | |||||
Fair Value, end value | [8] | $ 2,392,003 | |||
Investment interest rate | [8] | 12.46% | |||
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 12.46% (SOFR + 7.00%, 1.50% Floor) % of Net Assets 7.0% Maturity Date 12/11/25 | |||||
Fair Value, end value | [8] | $ 40,259,404 | |||
Investment interest rate | [8] | 12.46% | |||
Investment, Identifier [Axis]: Debt Securities Publishing Bendon Inc. Acquisition Date 12/11/20 Term Loan – 13.00% (SOFR + 7.50%, 1.50% Floor) % of Net Assets 7.1% Maturity Date 12/11/25 | |||||
Fair Value, begining value | [7] | $ 40,321,640 | |||
Fair Value, end value | [7] | $ 40,321,640 | |||
Investment interest rate | [7] | 13% | |||
Investment, Identifier [Axis]: Debt Securities Software | |||||
Fair Value, begining value | [7] | 70,369,228 | |||
Fair Value, end value | 73,360,466 | [8] | $ 70,369,228 | [7] | |
Investment, Identifier [Axis]: Debt Securities Software Mondee Holdings LLC Acquisition Date 12/20/19 Term Loan - 14.07% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK) % of Net Assets 12.7% Maturity Date 03/31/25 | |||||
Fair Value, end value | [8] | $ 73,360,466 | |||
Investment interest rate | [8] | 14.07% | |||
Investment, Identifier [Axis]: Debt Securities Software Mondee Holdings LLC Acquisition Date 12/20/19 Term Loan - 14.11% inc PIK (SOFR + 8.50%, 1.75% Floor, all PIK) % of Net Assets 12.4% Maturity Date 12/23/24 | |||||
Fair Value, begining value | [7] | $ 70,369,228 | |||
Fair Value, end value | [7] | $ 70,369,228 | |||
Investment interest rate | [7] | 14.11% | |||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods | |||||
Fair Value, begining value | [7] | 96,244,242 | |||
Fair Value, end value | 97,576,205 | [8] | $ 96,244,242 | [7] | |
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan - 10.79% (SOFR + 5.50%, 1.00% Floor) % of Net Assets 2.8% Maturity Date 08/06/29 | |||||
Fair Value, end value | [8],[13] | $ 16,206,598 | |||
Investment interest rate | [8],[13] | 10.79% | |||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan A-1 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 2.9% Maturity Date 02/06/31 | |||||
Fair Value, end value | [8],[13] | $ 16,725,454 | |||
Investment interest rate | [8],[13] | 13.29% | |||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 02/06/24 Term Loan A-2 - 13.29% inc PIK (SOFR + 8.00%, 1.00% Floor, all PIK) % of Net Assets 2.4% Maturity Date 02/06/31 | |||||
Fair Value, end value | [8],[13] | $ 13,775,609 | |||
Investment interest rate | [8],[13] | 13.29% | |||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Centric Brands Inc. Acquisition Date 10/09/20 Term Loan - 13.30% inc PIK (SOFR + 9.00%, 1.00% Floor, 6.50% PIK) % of Net Assets 5.2% Maturity Date 10/09/25 | |||||
Fair Value, begining value | [7],[14] | $ 44,826,454 | |||
Fair Value, end value | [7],[14] | $ 44,826,454 | |||
Investment interest rate | [7],[14] | 14.37% | |||
Percentage of fair value interest investments | [7],[14] | 6.50% | |||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Hollander Intermediate LLC Acquisition Date 09/19/22 Term Loan - 14.19% (SOFR + 8.75%, 3.00% Floor) % of Net Assets 8.8% Maturity Date 09/21/26 | |||||
Fair Value, end value | [8] | $ 50,868,544 | |||
Investment interest rate | [8] | 14.19% | |||
Investment, Identifier [Axis]: Debt Securities Textiles, Apparel & Luxury Goods Hollander Intermediate LLC Acquisition Date 09/19/22 Term Loan - 16.22% (SOFR + 10.75%, 3.00% Floor) % of Net Assets 9.0% Maturity Date 09/21/26 | |||||
Fair Value, begining value | [7] | $ 51,417,788 | |||
Fair Value, end value | [7] | $ 51,417,788 | |||
Investment interest rate | [7] | 16.22% | |||
Investment, Identifier [Axis]: Equity Investments | |||||
Fair Value, begining value | 7,349,710 | ||||
Fair Value, end value | 9,671,023 | $ 7,349,710 | |||
Investment, Identifier [Axis]: Equity Securities Aerospace & Defense | |||||
Fair Value, begining value | 0 | ||||
Fair Value, end value | 0 | 0 | |||
Investment, Identifier [Axis]: Equity Securities Aerospace & Defense TCW ND Parent Holdings LLC. Class A Units | |||||
Fair Value, begining value | [10],[12],[17] | 0 | |||
Fair Value, end value | 0 | [9],[11],[18] | 0 | [10],[12],[17] | |
Investment, Identifier [Axis]: Equity Securities Chemicals | |||||
Fair Value, begining value | 0 | ||||
Fair Value, end value | 0 | 0 | |||
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class A Preferred Units | |||||
Fair Value, begining value | [10],[12],[17] | 0 | |||
Fair Value, end value | 0 | [9],[11],[18] | 0 | [10],[12],[17] | |
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class B Preferred Units | |||||
Fair Value, begining value | [10],[12],[17] | 0 | |||
Fair Value, end value | 0 | [9],[11],[18] | 0 | [10],[12],[17] | |
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class C Common Units | |||||
Fair Value, begining value | [10],[12],[17] | 0 | |||
Fair Value, end value | 0 | [9],[11],[18] | 0 | [10],[12],[17] | |
Investment, Identifier [Axis]: Equity Securities Chemicals AGY Equity LLC Class D Preferred Units | |||||
Fair Value, begining value | [10],[12],[17] | 0 | |||
Fair Value, end value | 0 | [9],[11],[18] | 0 | [10],[12],[17] | |
Investment, Identifier [Axis]: Equity Securities Household Durables | |||||
Fair Value, begining value | 4,527,850 | ||||
Fair Value, end value | 2,411,203 | 4,527,850 | |||
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-1 Warrant, Expires 03/25/27 | |||||
Fair Value, begining value | [12],[17] | 3,641,653 | |||
Fair Value, end value | 2,039,606 | [11],[18] | 3,641,653 | [12],[17] | |
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-2 Warrant, Expires 03/25/27 | |||||
Fair Value, begining value | [12],[17] | 817,631 | |||
Fair Value, end value | 342,895 | [11],[18] | 817,631 | [12],[17] | |
Investment, Identifier [Axis]: Equity Securities Household Durables Greenfield World Trade, Inc. Class A-3 Warrant, Expires 03/25/27 | |||||
Fair Value, begining value | [12],[17] | 68,566 | |||
Fair Value, end value | 28,702 | [11],[18] | 68,566 | [12],[17] | |
Investment, Identifier [Axis]: Equity Securities Household Durables Shelterlogic Group Holdings, Inc Common Stock | |||||
Fair Value, begining value | [12],[16],[17] | 0 | |||
Fair Value, end value | 0 | [11],[15],[18] | 0 | [12],[16],[17] | |
Investment, Identifier [Axis]: Equity Securities Media Encompass Digital Media, Inc. | |||||
Fair Value, begining value | 0 | ||||
Fair Value, end value | 0 | 0 | |||
Investment, Identifier [Axis]: Equity Securities Media Encompass Digital Media, Inc. Class A Units | |||||
Fair Value, begining value | [12],[16] | 0 | |||
Fair Value, end value | 0 | [11],[15] | 0 | [12],[16] | |
Investment, Identifier [Axis]: Equity Securities Software | |||||
Fair Value, begining value | 1,574,931 | ||||
Fair Value, end value | 1,318,148 | 1,574,931 | |||
Investment, Identifier [Axis]: Equity Securities Software Mondee Holdings LLC | |||||
Fair Value, begining value | [12],[17],[19] | 1,574,931 | |||
Fair Value, end value | 1,318,148 | [11],[18],[20] | 1,574,931 | [12],[17],[19] | |
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods | |||||
Fair Value, begining value | 1,246,929 | ||||
Fair Value, end value | 5,941,672 | 1,246,929 | |||
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods Centric Brands GP LLC Membership Interests | |||||
Fair Value, begining value | [12],[14],[17] | 0 | |||
Fair Value, end value | 0 | [11],[13],[18] | 0 | [12],[14],[17] | |
Investment, Identifier [Axis]: Equity Securities Textiles, Apparel & Luxury Goods Centric Brands L.P. Class A LP Interests | |||||
Fair Value, begining value | [12],[14],[17] | 1,246,929 | |||
Fair Value, end value | 5,941,672 | [11],[13],[18] | 1,246,929 | [12],[14],[17] | |
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments | |||||
Fair Value, begining value | 49,969,204 | 84,566,583 | |||
Gross Addition | 1,238,679 | [21] | 10,340,049 | [22] | |
Gross Reduction | (1,085,640) | [23] | (1,805,229) | [24] | |
Realized Gains (Losses) | 0 | 0 | |||
Net Change in Unrealized Appreciation/(Depreciation) | (2,566,717) | (43,132,199) | |||
Fair Value, end value | 47,555,526 | 49,969,204 | |||
Interest/Dividend/Other income | 2,128,187 | 7,992,066 | |||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media Holdings, LLC Class A Units | |||||
Fair Value, begining value | 0 | 0 | |||
Gross Addition | 0 | [21] | 0 | [22] | |
Gross Reduction | 0 | [23] | 0 | [24] | |
Realized Gains (Losses) | 0 | 0 | |||
Net Change in Unrealized Appreciation/(Depreciation) | 0 | 0 | |||
Fair Value, end value | 0 | 0 | |||
Interest/Dividend/Other income | 0 | 0 | |||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 13.09% inc PIK | |||||
Fair Value, begining value | 2,515,804 | ||||
Gross Addition | [21] | 130,081 | |||
Gross Reduction | [23] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (372,628) | ||||
Fair Value, end value | 2,273,257 | 2,515,804 | |||
Interest/Dividend/Other income | $ 132,050 | ||||
Investment interest rate | 13.09% | ||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Revolver - 13.13% inc PIK | |||||
Fair Value, begining value | $ 2,515,804 | 1,560,195 | |||
Gross Addition | [22] | 2,056,485 | |||
Gross Reduction | [24] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (1,100,876) | ||||
Fair Value, end value | 2,515,804 | ||||
Interest/Dividend/Other income | $ 276,526 | ||||
Investment interest rate | 13.13% | ||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 13.09% inc PIK | |||||
Fair Value, begining value | 21,696,936 | ||||
Gross Addition | [21] | 1,108,598 | |||
Gross Reduction | [23] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (3,208,002) | ||||
Fair Value, end value | 19,597,532 | $ 21,696,936 | |||
Interest/Dividend/Other income | $ 1,118,237 | ||||
Investment interest rate | 13.09% | ||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Encompass Digital Media, Inc. Term Loan - 13.13% inc PIK | |||||
Fair Value, begining value | $ 21,696,936 | 26,892,285 | |||
Gross Addition | [22] | 4,381,065 | |||
Gross Reduction | [24] | (1,805,229) | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (7,771,185) | ||||
Fair Value, end value | 21,696,936 | ||||
Interest/Dividend/Other income | $ 4,445,399 | ||||
Investment interest rate | 13.13% | ||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Shelterlogic Group Holdings, Inc Common Stock | |||||
Fair Value, begining value | 0 | $ 29,432,178 | |||
Gross Addition | 0 | [21] | 0 | [22] | |
Gross Reduction | 0 | [23] | 0 | [24] | |
Realized Gains (Losses) | 0 | 0 | |||
Net Change in Unrealized Appreciation/(Depreciation) | 0 | (29,432,178) | |||
Fair Value, end value | 0 | 0 | |||
Interest/Dividend/Other income | 0 | ||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 11.36% | |||||
Fair Value, begining value | 21,879,179 | ||||
Gross Addition | [21] | 0 | |||
Gross Reduction | [23] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | 1,013,913 | ||||
Fair Value, end value | 22,893,092 | 21,879,179 | |||
Interest/Dividend/Other income | $ 769,854 | ||||
Investment interest rate | 11.36% | ||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Last Out Term Loan - 11.40% | |||||
Fair Value, begining value | $ 21,879,179 | 26,681,925 | |||
Gross Addition | [22] | 25,214 | |||
Gross Reduction | [24] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | (4,827,960) | ||||
Fair Value, end value | 21,879,179 | ||||
Interest/Dividend/Other income | $ 3,036,611 | ||||
Investment interest rate | 11.40% | ||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 11.33% | |||||
Fair Value, begining value | 3,877,285 | ||||
Gross Addition | [21] | 0 | |||
Gross Reduction | [23] | (1,085,640) | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | 0 | ||||
Fair Value, end value | 2,791,645 | $ 3,877,285 | |||
Interest/Dividend/Other income | $ 108,046 | ||||
Investment interest rate | 11.33% | ||||
Investment, Identifier [Axis]: Non-Controlled Affiliated Investments Slogic Holding Corp. Revolver - 11.37% | |||||
Fair Value, begining value | $ 3,877,285 | 0 | |||
Gross Addition | [22] | 3,877,285 | |||
Gross Reduction | [24] | 0 | |||
Realized Gains (Losses) | 0 | ||||
Net Change in Unrealized Appreciation/(Depreciation) | 0 | ||||
Fair Value, end value | 3,877,285 | ||||
Interest/Dividend/Other income | $ 233,530 | ||||
Investment interest rate | 11.37% | ||||
Investment, Identifier [Axis]: Short-term Investments | |||||
Fair Value, begining value | 78,714,489 | ||||
Fair Value, end value | 93,659,788 | $ 78,714,489 | |||
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.24% | |||||
Fair Value, end value | 93,659,788 | ||||
Investment, Identifier [Axis]: Short-term Investments U.S. Treasury Bill, Yield 5.26% | |||||
Fair Value, begining value | 78,714,489 | ||||
Fair Value, end value | 78,714,489 | ||||
Investment, Identifier [Axis]: Total Investments (169.9%) | |||||
Fair Value, end value | 979,766,653 | ||||
Investment, Identifier [Axis]: Total Investments (171.6%) | |||||
Fair Value, begining value | $ 977,829,415 | ||||
Fair Value, end value | $ 977,829,415 | ||||
[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. The fair value of each debt and equity 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.” Except for the Level 1 investment, 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.” 6 SOFR - Secured Overnight Financing Rate, generally 1-Month, 3-Month, or 6-Month Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $ 40,557,278 and $ 9,391,185 , respectively, for the period ended March 31, 2024. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. Country Breakdown Portfolio United States 100.0 % Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled affiliated 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 in Fair Value at March 31, 2024 Interest/Dividend/ AGY Equity LLC Class A Preferred Units $ — $ — $ — $ — $ — $ — $ — AGY Equity LLC Class B Preferred Units — — — — — — — AGY Equity LLC Class C Common Units — — — — — — — AGY Equity LLC Class D Preferred Units — — — — — — — AGY Holdings Corp. Delayed Draw Term Loan - 15.57 % inc PIK 28,823,179 476,433 — — 118,492 29,418,104 1,252,205 AGY Holdings Corp. Term Loan - 15.57 % inc PIK 27,765,285 458,947 — — 114,129 28,338,361 1,207,049 Navistar Defense, LLC Super Senior Revolver - 15.98 % inc PIK 10,326,607 16,246,835 — — ( 3,177 ) 26,570,265 890,816 Navistar Defense, LLC Term Loan - 13.98 % inc PIK 33,940,881 248,218 — — ( 8,044,452 ) 26,144,647 248,217 TCW ND Parent Holdings LLC Class A Units — — — — — — — Total Controlled Affiliated investments $ 100,855,952 $ 17,430,433 $ — $ — $ ( 7,815,008 ) $ 110,471,377 $ 3,598,287 As defined in the Investment Company Act of 1940, the investment is deemed to be a “controlled affiliated 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: Non-income producing. Non-income producing. 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, $ 80,665,331 or 8.0 % 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, $ 74,447,501 or 7.4 % of the Company’s total assets were represented by “non-qualifying assets.” 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/ Encompass Digital Media Holdings, LLC Class A Units $ — $ — $ — $ — $ — $ — $ — Encompass Digital Media, Inc. Revolver - 13.09 % inc PIK 2,515,804 130,081 — — ( 372,628 ) 2,273,257 132,050 Encompass Digital Media, Inc. Term Loan - 13.09 % inc PIK 21,696,936 1,108,598 — — ( 3,208,002 ) 19,597,532 1,118,237 Shelterlogic Group Holdings, Inc Common Stock — — — — — — — Slogic Holding Corp. Last Out Term Loan - 11.36 % 21,879,179 — — — 1,013,913 22,893,092 769,854 Slogic Holding Corp. Revolver - 11.33 % 3,877,285 — ( 1,085,640 ) — — 2,791,645 108,046 Total Non-Controlled Affiliated Investments $ 49,969,204 $ 1,238,679 $ ( 1,085,640 ) $ — $ ( 2,566,717 ) $ 47,555,526 $ 2,128,187 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: 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 $ 7,349,710 , or 0.7 % of the Company’s total assets. 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 $ 9,671,023 , or 1.0 % of the Company’s total assets. Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the 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. Fair value of the Mondee Holdings, Inc. common stock held by the Company is based on the adjusted 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. Gross additions include new purchases, 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. |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities (unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | $ 29,691 | $ 65,036 |
Short-term investments | 93,660 | 78,714 |
Interest receivable | 18,684 | 16,331 |
Receivable for investments sold | 527 | 813 |
Deferred financing costs | 99 | 331 |
Due from Adviser | 46 | 46 |
Prepaid and other assets | 25 | 48 |
Total Assets | 1,002,895 | 1,004,658 |
Liabilities | ||
Payable for short-term investments purchased | 93,660 | 78,714 |
Incentive fee payable | 79,993 | 82,742 |
Management fees payable | 6,949 | 3,478 |
Interest and credit facilities expense payable | 4,264 | 4,403 |
Unrealized depreciation on unfunded commitments | 779 | 746 |
Other accrued expenses and other liabilities | 1,025 | 614 |
Total Liabilities | 426,139 | 434,891 |
Commitments and Contingencies (Note 5) | ||
Members’ Capital | ||
Common Unitholders' commitment (13,734,010 units issued and outstanding) | 1,373,401 | 1,373,401 |
Common Unitholders' undrawn commitment (13,734,010 units issued and outstanding) | (165,401) | (165,401) |
Common Unitholders' return of capital | (484,419) | (484,419) |
Common Unitholders’ offering costs | (633) | (633) |
Accumulated Common Unitholders' tax reclassification | (1,865) | (1,865) |
Common Unitholders’ capital | 721,083 | 721,083 |
Accumulated overdistributed earnings | (144,327) | (151,316) |
Total Members’ Capital | 576,756 | 569,767 |
Total Liabilities and Members’ Capital | $ 1,002,895 | $ 1,004,658 |
Net Asset Value Per Unit (Note 10) | $ 54.04 | $ 53.53 |
Term Loan | ||
Investments, Fair Value Disclosure [Abstract] | ||
Deferred financing costs | $ 531 | $ 806 |
Liabilities | ||
Term loan and Revolving credit facilities payable | 224,469 | 264,194 |
Revolving Credit Facility | ||
Liabilities | ||
Term loan and Revolving credit facilities payable | 15,000 | 0 |
Non-controlled/non-affiliated | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair Value | 702,136 | 692,514 |
Non-Controlled Affiliated Investments | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair Value | 47,556 | 49,969 |
Controlled Affiliated investments | ||
Investments, Fair Value Disclosure [Abstract] | ||
Fair Value | $ 110,471 | $ 100,856 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred financing costs | $ 99 | $ 331 |
Common unitholder's commitment units issued | 13,734,010 | 13,734,010 |
Common Unitholders' commitment and undrawn commitment, outstanding | 13,734,010 | 13,734,010 |
Common Unitholders’ commitment and undrawn commitment, issued | 13,734,010 | 13,734,010 |
Common Unitholders’ commitment and undrawn commitment, outstanding | 13,734,010 | 13,734,010 |
Term Loan | ||
Deferred financing costs | $ 531 | $ 806 |
Non-controlled/non-affiliated | ||
Amortized Cost | 743,119 | 728,462 |
Non-Controlled Affiliated Investments | ||
Amortized Cost | 67,510 | 67,357 |
Controlled Affiliated investments | ||
Amortized Cost | $ 126,930 | $ 109,499 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Interest income paid-in-kind | $ 11,995 | $ 11,725 |
Investment Income, Net, Total | 35,172 | 41,381 |
Expenses | ||
Interest and credit facility expenses | 6,374 | 6,277 |
Management fees | 3,471 | 4,055 |
Incentive fees | (2,749) | 2,069 |
Interest expense on repurchase transactions | 278 | |
Administrative fees | 261 | 319 |
Professional fees | 221 | 326 |
Directors' fees | 100 | 100 |
Other expenses | 34 | 71 |
Total expenses | 7,990 | 13,217 |
Net investment income | 27,182 | 28,164 |
Net realized gain: | ||
Non-controlled/non-affiliated investments | 0 | 19 |
Net change in unrealized appreciation/(depreciation): | ||
Non-controlled/non-affiliated investments | (5,068) | (10,269) |
Non-controlled affiliated investments | (2,567) | (8,778) |
Controlled affiliated investments | (7,815) | (861) |
Net realized gain on short-term investments | 257 | 0 |
Net realized and unrealized loss on investments | (15,193) | (19,889) |
Net increase in Members' Capital from operations | $ 11,989 | $ 8,275 |
Basic and diluted: | ||
Income per unit, Basic | $ 0.87 | $ 0.6 |
Income per unit, Diluted | $ 0.87 | $ 0.6 |
Non-controlled/non-affiliated investments | ||
Net Investment Income [Line Items] | ||
Interest income | $ 20,728 | $ 26,631 |
Interest income paid-in-kind | 8,718 | 8,898 |
Other fee income | 0 | 85 |
Non-Controlled Affiliated Investments | ||
Net Investment Income [Line Items] | ||
Interest income | 889 | 708 |
Interest income paid-in-kind | 1,239 | 0 |
Controlled Affiliated Investments | ||
Net Investment Income [Line Items] | ||
Interest income | 1,560 | 2,231 |
Interest income paid-in-kind | 2,038 | 2,827 |
Other fee income | $ 0 | $ 1 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Members' Capital (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Members' Capital, Beginning Balance | $ 569,767 | $ 741,665 |
Net Increase (Decrease) in Members' Capital Resulting from Operations: | ||
Net investment income | 27,182 | 28,164 |
Net realized gain on investments | 257 | 19 |
Net change in unrealized appreciation/(depreciation) on investments | (15,450) | (19,908) |
Distributions to Members from: | ||
Distributable earnings | (5,000) | |
Total Increase in Members' Capital | 6,989 | 8,275 |
Members' Capital, Ending Balance | 576,756 | 749,940 |
Common Unitholders’ Capital | ||
Members' Capital, Beginning Balance | 721,083 | 818,068 |
Net Increase (Decrease) in Members' Capital Resulting from Operations: | ||
Net investment income | 0 | 0 |
Net realized gain on investments | 0 | 0 |
Net change in unrealized appreciation/(depreciation) on investments | 0 | 0 |
Distributions to Members from: | ||
Distributable earnings | 0 | |
Total Increase in Members' Capital | 0 | 0 |
Members' Capital, Ending Balance | 721,083 | 818,068 |
Accumulated Undistributed (Overdistributed) Earnings | ||
Members' Capital, Beginning Balance | (151,316) | (76,403) |
Net Increase (Decrease) in Members' Capital Resulting from Operations: | ||
Net investment income | 27,182 | 28,164 |
Net realized gain on investments | 257 | 19 |
Net change in unrealized appreciation/(depreciation) on investments | (15,450) | (19,908) |
Distributions to Members from: | ||
Distributable earnings | (5,000) | |
Total Increase in Members' Capital | 6,989 | 8,275 |
Members' Capital, Ending Balance | $ (144,327) | $ (68,128) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net increase in net assets resulting from operations | $ 11,989 | $ 8,275 |
Adjustments to reconcile the net increase in net assets resulting from operations to net cash provided by operating activities: | ||
Purchases of investments | (28,562) | (13,167) |
Purchases of short-term investments | (93,660) | 0 |
Interest income paid-in-kind | (11,995) | (11,725) |
Proceeds from sales and paydowns of investments | 9,677 | 60,978 |
Proceeds from sales of short-term investments | 78,714 | 0 |
Net realized gain on investments | 0 | (19) |
Net change in unrealized (appreciation)/depreciation on investments | 15,450 | 19,908 |
Amortization of premium and accretion of discount, net | (1,075) | (4,624) |
Amortization of deferred financing costs | 507 | 516 |
Increase (decrease) in operating assets and liabilities: | ||
(Increase) decrease in interest receivable | (2,353) | 1,265 |
(Increase) decrease in prepaid and other assets | 23 | 51 |
Increase (decrease) in payable for short-term investments purchased | 14,946 | 0 |
Increase (decrease) in incentive fees payable | (2,749) | 2,069 |
Increase (decrease) in management fees payable | 3,471 | (122) |
Increase (decrease) in interest and credit facilities expense payable | (139) | (288) |
Increase (decrease) in directors' fees payable | 0 | 98 |
Increase (decrease) in other accrued expenses and liabilities | 391 | 324 |
Net cash (used in) provided by operating activities | (5,365) | 63,539 |
Cash Flows from Financing Activities | ||
Distributions to Members from distributable earnings | (4,980) | 0 |
Proceeds from credit facilities | 15,000 | 0 |
Repayments of credit facilities | (40,000) | (37,000) |
Net cash used in financing activities | (29,980) | (37,000) |
Net (decrease) increase in cash and cash equivalents | (35,345) | 26,539 |
Cash and cash equivalents, beginning of period | 65,036 | 47,657 |
Cash and cash equivalents, end of period | 29,691 | 74,196 |
Supplemental and non-cash operating and financing activities | ||
Interest expense paid | 4,791 | 5,840 |
Non-cash purchases of investments due to reorganization | (45,406) | (1,227) |
Non-cash sales of investments due to reorganization | 45,406 | 1,227 |
Distributions payable | $ 20 | $ 0 |
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 | 0001715933 | |||
Amendment Flag | false | |||
Securities Act File Number | 814-01246 | |||
Document Type | 10-Q | |||
Entity Registrant Name | TCW DIRECT LENDING VII 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 | $ 54.04 | $ 53.53 | $ 66.64 | $ 66.04 |
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 VII LLC (the “Company”) was formed as a Delaware limited liability company on May 23, 2017. The Company engaged in a private offering of its common limited liability company units (the “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 (“Preferred Units”), though it currently has no intention to do so. On August 18, 2017, the Company sold and issued 10 Units at an aggregate purchase price of $ 1 to TCW Asset Management Company LLC (the “Adviser”), an affiliate of the TCW Group, Inc. The Company commenced operations during the second quarter of fiscal year 2018. 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”), beginning fiscal year 2018. The Company is required to meet the minimum distribution and other requirements for RIC qualification. As a BDC and a RIC, the Company is required to comply with certain regulatory requirements. On February 12, 2020, the Company formed its third wholly-owned subsidiary, TCW DLG Funding VII 2020-1 LLC, a single member Delaware limited liability company. On March 21, 2022, the Company formed its fourth wholly-owned subsidiary, TCW DL NAV LLC, also a single member Delaware limited liability company. On March 31, 2023, the Company formed its fifth wholly-owned subsidiary, TCW DL EDM LLC, also a single member Delaware limited liability 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 term of the Company will continue until the sixth anniversary of the Initial Closing Date (as defined below), April 13, 2024, unless extended or sooner dissolved as provided in the Company’s amended and restated limited liability agreement (the “LLC Agreement”) or by operation of law. The Company may extend the term for two additional one-year periods upon written notice to the holders of the Units (the “Unitholders) and holders of preferred units, if any, (together with the Unitholders, the “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 Units. On December 20, 2023, the Company’s Board of Directors approved a one year extension of the Company’s term from April 13, 2024 to April 13, 2025. Commitment Period: The Commitment Period commenced on April 13, 2018 (the “Initial Closing Date”), the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser and ended on May 16, 2021, which is the later of (a) April 13, 2021, three years from the Initial Closing Date and (b) May 16, 2021, three years from the date in which the Company first completed an investment. In accordance with the Company’s LLC 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 in existing portfolio companies up to an aggregate maximum of 10 % of Capital Commitments (as defined below). Capital Commitments: On the Initial Closing Date, the Company began accepting subscription agreements from investors for the private sale of its Units. On January 14, 2019, the Company completed its fourth and final closing sale of Units. The Company sold 13,734,010 Units for an aggregate offering price of $ 1,373,401 . Each Unitholder is obligated to contribute capital equal to its respective capital commitment to the Company (the “Commitment”) and each Unit’s Commitment obligation is $ 100.00 per unit. The sale of the Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days’ prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment”. 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, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows: Commitments Undrawn % of Units Unitholder $ 1,373,401 $ 165,401 88.0 % 13,734,010 Recallable Amount: A Unitholder may be required to re-contribute amounts distributed equal to (a) such Unitholder’s share of all portfolio investments that are repaid to the Company, or otherwise recouped by the Company, and distributed to the Unitholder, in whole or in part, during or after the Commitment period, reduced by (b) all re-contributions made by such Unitholder. This amount, (the “Recallable Amount”) is excluded from the calculation of the accrual based net asset value. The Recallable Amount as of March 31, 2024 was $ 484,419 . |
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 Company’s consolidated financial statements 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 also consolidated the results of its wholly-owned subsidiaries 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 consolidated 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 fair 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 the principal market of its investments to be the market in which the investment trades with the greatest volume and level of activity. Transactions : The Company records investment transactions on the trade date. The Company considers the 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. 2. Significant Accounting Policies (Continued) 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. 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 Credit Facilities (as defined in Note 7 to the Consolidated Financial Statements), including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the respective credit facility. Organization and Offering Costs : The Company expensed organization costs totaling $ 740 (net of $ 380 in Adviser reimbursement) since its inception through December 31, 2018. Offering costs totaling $ 633 (net of $ 324 in Adviser reimbursement) were charged directly to Members’ Capital on December 31, 2018. No additional organization and offering costs were incurred subsequent to December 31, 2018. The Company did not bear more than an amount equal to 10 basis points of the aggregate capital commitments 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: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018. 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 Unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors 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 of Directors (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. Fair Value Hierarchy: Assets and liabilities are classified by the Company into three levels 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) , generally includes common stock valued at the closing price on the primary exchange in which the security trades. Level 2 Assets (Investments) : The valuation techniques and significant inputs used to determine fair value are as follows: Equity, (Level 2) , generally includes warrants valued using quotes for comparable investments. 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) , includes 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. 3. Investment Valuations and Fair Value Measurements (Continued) 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. 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 Total Debt $ — $ — $ 850,492 $ 850,492 Equity 1,318 — 8,353 9,671 Cash equivalents 25,944 — — 25,944 Short-term investments 93,660 — — 93,660 Total Assets $ 120,922 $ — $ 858,845 $ 979,767 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 Total Debt $ — $ — $ 835,989 $ 835,989 Equity 1,575 — 5,775 7,350 Cash equivalents 55,777 — — 55,777 Short- term investments 78,714 — — 78,714 Total Assets $ 136,066 $ — $ 841,764 $ 977,830 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 $ 835,989 $ 5,775 $ 841,764 Purchases, including payments received in-kind 85,867 96 85,963 Sales and paydowns of investments ( 54,797 ) — ( 54,797 ) Amortization of premium and accretion of discount, net 1,075 — 1,075 Net change in unrealized appreciation/(depreciation) ( 17,642 ) 2,482 ( 15,160 ) Balance, March 31, 2024 $ 850,492 $ 8,353 $ 858,845 Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2024 $ ( 17,494 ) $ 2,483 $ ( 15,011 ) 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 $ 1,054,945 $ 47,591 $ 1,102,536 Purchases, including payments received in-kind 24,892 — 24,892 Sales and paydowns of investments ( 67,715 ) ( 1,227 ) ( 68,942 ) Amortization of premium and accretion of discount, net 4,624 — 4,624 Net realized gains 19 — 19 Net change in unrealized appreciation/(depreciation) ( 9,977 ) ( 18,685 ) ( 28,662 ) Balance, March 31, 2023 $ 1,006,788 $ 27,679 $ 1,034,467 Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2023 $ ( 8,278 ) $ ( 10,692 ) $ ( 18,970 ) 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 Technique Unobservable Input Range Weighted Impact to Debt $ 494,113 Income Method Discount Rate 10.9 % to 27.0 % 16.6 % Decrease Debt $ 73,360 Income Method Discount Rate 16.8 % to 17.7 % 17.3 % Decrease Income Method Take Out Indication 102.0 % to 102.0 % N/A Increase Debt $ 141,220 Market Method EBITDA Multiple 6.0 x to 8.0 x N/A Increase Debt $ 141,799 Market Method Revenue Multiple 0.4 x to 1.1 x N/A Increase Equity $ 5,942 Market Method EBITDA Multiple 6.0 x to 8.0 x N/A Increase Equity $ — Market Method Revenue Multiple 0.6 x to 1.1 x N/A Increase Equity $ 2,411 Market Method EBITDA Multiple 7.3 x to 8.3 x N/A Increase Income Method Implied Volatility 55.0 % to 65.0 % N/A Increase Expected Term (in years) 1.3 to 2.3 N/A Increase * Weighted based on fair value 3. Investment Valuations and Fair Value Measurements (Continued) 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 Input Range Weighted Impact to Debt $ 650,058 Income Method Discount Rate 10.9 % to 27.0 % 16.6 % Decrease Debt $ 11,798 Market Method EBITDA Multiple 6.0 x to 7.0 x N/A Increase Market Method Revenue Multiple 0.5 x to 0.7 x N/A Increase Debt $ 49,969 Market Method EBITDA Multiple 6.3 x to 9.1 x N/A Increase Debt $ 124,164 Market Method Revenue Multiple 0.8 x to 1.1 x N/A Increase Equity $ 1,247 Market Method EBITDA Multiple 6.3 x to 9.1 x N/A Increase Equity $ — Market Method Revenue Multiple 0.8 x to 1.1 x N/A Increase Equity $ 4,528 Market Method EBITDA Multiple 7.8 x to 8.8 x N/A Increase Income Method Implied Volatility 60.0 % to 60.0 % N/A Increase Expected Term (in years) 1.8 to 1.8 N/A Increase * Weighted based on fair value The Company generally utilizes the midpoint of a valuation range provided by an external, independent valuation firm in determining fair value. |
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 December 29, 2017, the Company entered into the 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 became effective upon its execution. 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 the Company’s outstanding voting securities and (ii) the vote of a majority of the Board who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Adviser or any of their respective affiliates (the “Independent Directors”). The Advisory Agreement was most recently reapproved to remain in effect on August 9, 2023. The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser. The Advisory Agreement may be terminated by either party, by vote of the Company’s Board, or by a vote of the majority of the Company’s outstanding voting units, without penalty upon not less than 60 days’ prior written notice to the applicable party. If the Advisory Agreement is terminated according to this paragraph, the Company will pay the Adviser a pro-rated portion of the Management Fee and Incentive Fee (each as defined below). Pursuant to the Advisory Agreement, the Adviser will: • determine the composition of the Company’s portfolio, the nature and timing of the changes to the Company’s portfolio and the manner of implementing such changes; • identify, evaluate and negotiate the structure of the investments the Company makes (including performing due diligence on the Company’s prospective portfolio companies); • determine the assets the Company will originate, purchase, retain or sell; • close, monitor and administer the investments the Company makes, including the exercise of any rights in the Company’s capacity as a lender; and • provide the Company such other investment advice, research and related services as the Company may, from time to time, require. The Company pays to the Adviser, quarterly in arrears, a management fee in cash (the “Management Fee”) calculated as follows: 0.375 % (i.e., 1.50 % per annum) of the average gross assets of the Company on a consolidated basis, with the average determined based on the gross assets of the Company as of the end of the three most recently completed calendar months. “Gross assets” means the amortized cost of portfolio investments of the Company (including portfolio investments purchased with borrowed funds and other forms of leverage, such as Preferred Units, public and private debt issuances, derivative instruments, repurchase agreements and other similar instruments or arrangements) 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), and excluding cash and cash equivalents. The Management Fee payable for any partial month or quarter will be appropriately pro-rated. The Adviser may defer its right to receive current payment of such fee until the Company is notified otherwise. For the three months ended March 31, 2024, Management Fees incurred were $ 3,471 , of which $ 6,949 remained payable as of March 31, 2024. For the three months ended March 31, 2023, Management Fees incurred amounted to $ 4,055 , of which $ 4,055 remained payable at March 31, 2023. In addition, the Adviser will receive an incentive fee (the “Incentive Fee”) as follows: (a) First, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions pursuant to this clause equal to their aggregate contributions to the Company in respect of all Units; (b) Second, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions equal to a 9 % internal rate of return on their aggregate contributions to the Company in respect of all Units (the “Hurdle”); (c) Third, the Adviser will be entitled to an Incentive Fee out of 100 % of additional amounts otherwise distributable to Unitholders until such time as the 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 Unitholders in respect of all Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and 4. Agreements and Related Party Transactions (Continued) (d) Thereafter, the Adviser will be entitled to an Incentive Fee equal to 20 % of additional amounts otherwise distributable to Unitholders in respect of all Units, with the remaining 80 % distributed to the Unitholders. The Incentive Fee is calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any distribution (or deemed distribution) will be determined in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders. For the three months ended March 31, 2024, Incentive Fees incurred were ($ 2,749 ) , and $ 79,993 was payable as of March 31, 2024. For the three months ended March 31, 2023, Incentive Fees incurred were $ 2,069 , and $ 78,335 was payable as of March 31, 2023. For purposes of calculating the Incentive Fee, aggregate contributions shall not include Earnings Balancing Contributions or Late-Closer Contributions, and the distributions to Unitholders shall not include distributions attributable to Late-Closer Contributions. Earnings Balancing Contributions (as such terms are defined in the Company’s LLC Agreement) received by the Company will not be treated as amounts distributed to Unitholders for purposes of calculating the Incentive Fee. In addition, if distributions to which a Defaulting Member otherwise would have been entitled have been withheld pursuant to 6.2.4 of the LLC Agreement, the amounts so withheld shall be treated for such purposes as having been distributed to such Defaulting Member (as that term is defined in the LLC Agreement). The amount of any distribution of securities made in kind shall be equal to the fair market value of those securities at the time of distribution determined pursuant to 13.4 of the LLC Agreement. If the Advisory Agreement terminates early for any reason other than (i) the Adviser voluntarily terminating the agreement or (ii) the Company terminating the agreement for cause (as set out in the Advisory Agreement), the Company 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 of the Company’s 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 were deemed accelerated, (B) the proceeds from such liquidation were used to pay all of the Company’s 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. The Company will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated. Adviser Return Obligation : After the Company has made its final distribution of assets in connection with its dissolution, if the Adviser has received aggregate payments of Incentive Fees in excess of the amount the Adviser was entitled to receive pursuant to “Incentive Fee” above, then the Adviser will return to the Company, on or before 90 days after such final distribution of assets, an amount equal to such excess (the “Adviser Return Obligation”). Notwithstanding the preceding sentence, in no event will the Adviser be required to return to the Company an amount greater than the aggregate Incentive Fees paid to the Adviser, reduced by the excess of (a) the aggregate federal, state and local income tax liability the Adviser incurred in connection with the payment of such Incentive Fees, over (b) an amount equal to the U.S. federal and state tax benefits available to the Adviser by virtue of the payment made by the Adviser pursuant to its Adviser Return Obligation. 4. Agreements and Related Party Transactions (Continued) A dministration Agreement : On September 25, 2018, the Company entered into an Amended and Restated Administration Agreement (the “Administration Agreement”) with TCW Asset Management Company LLC (in such capacity, the “Administrator”), which amended and restated the Administration Agreement between the Company and the Administrator entered into on April 16, 2018. Under the Administration Agreement, the Administrator (or one or more delegated service providers) will oversee the maintenance of the Company’s financial records and otherwise assist with the Company’s compliance with regulations applicable to a business development company under the Investment Company Act of 1940, as amended, and a regulated investment company under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended; monitor the payment of the Company’s expenses; oversee the performance of administrative and professional services rendered to the Company by others; be responsible for the financial and other records that the Company is required to maintain; prepare and disseminate reports to Unitholders and reports and other materials to be filed with the SEC or other regulators; assist the Company in determining and publishing (as necessary or appropriate) its net asset value; oversee the preparation and filing of tax returns; generally oversee the payment of expenses; and provide such other services as the Administrator, subject to review of the Company’s Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Payments under the Administration Agreement will be equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The Administrator shall seek such reimbursement from the Company no more than once during any calendar year and shall only seek such reimbursement when all Company Expenses (as defined below) for such calendar year have been paid or accrued. 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 9, 2023, the Administrative Agreement was reapproved by the Company's Board. 4. Agreements and Related Party Transactions (Continued) The Company, and indirectly the Unitholders, will bear all costs, expenses and liabilities, other than Adviser Operating Expenses (as defined below) (which shall be borne by the Adviser), in connection with the organization, operations, administration and transactions of the Company (“Company Expenses”). Company Expenses shall include, without limitation: (a) organizational expenses and expenses associated with the issuance of the Units; (b) expenses of calculating the Company’s net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring the financial and legal affairs for the Company, providing administrative services, monitoring or administering the Company’s investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies; (e) costs associated with the Company’s reporting and compliance obligations under the Investment Company Act of 1940, the Securities Exchange Act of 1934, as amended, and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance the Company’s investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Units and other securities; (h) Management Fees and Incentive Fees; (i) administrator fees, if any, payable under the Administration Agreement; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Units to the extent not borne by the relevant transferring Unitholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes and other governmental charges assessed against the Company; (n) independent directors’ fees and expenses and the costs associated with convening a meeting of the Company’s board of directors or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Unitholders or holders of any Preferred Units of the Company, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing; (p) costs of any reports, proxy statements or other notices to Unitholders, including printing and mailing costs; (q) costs and expenses related to the preparation of the Company’s consolidated financial statements and tax returns; (r) the Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator, pertaining to the Company; (u) compensation of other third party professionals to the extent they are devoted to preparing the Company’s consolidated financial statements or tax returns or providing similar “back office” financial services to the Company; (v) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Company, monitoring the investments of the Company and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Company, including in each case services with respect to the proposed purchase or sale of securities by the Company that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the LLC Agreement or Advisory Agreement or related documents of the Company or related entities; (aa) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Company or related entities and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering the Company’s business. Notwithstanding the foregoing, in the event of a Reorganization (as defined in the LLC Agreement) that results in a Public Company (as defined in the LLC Agreement) or an Extension Fund (as defined in the LLC Agreement), including a Reorganization (as defined in the LLC Agreement) pursuant to which the Company becomes the Public Company or the Extension Fund, the fees, costs and expenses associated with any such restructuring, initial public offering, listing of equity securities or reorganization will be borne appropriately by the Public Company and the Extension Fund (and indirectly only by Unitholders that elect to become investors in the Public Company or the Extension Fund), as the case may be, and no others will directly or indirectly bear such fees, costs or expenses. 4. Agreements and Related Party Transactions (Continued) However, the Company will not bear (a) more than an amount equal to 10 basis points of investors’ aggregate Commitments for organizational expenses and offering expenses in connection with the offering of Units through the date that is nine months after the Initial Closing Date, as it may be extended by the Adviser, and (b) more than an amount equal to 12.5 basis points of aggregate Commitments computed annually for Company Expenses (the “Expense Cap”); provided, that, any amount by which actual annual expenses in (b) exceed the 12.5 basis point limit shall be carried over to the next year, without limitation, as additional expense until the earlier of the Reorganization (as defined in the LLC Agreement) or the dissolution of the Company, with any partial year assessed on a pro rata basis; and provided, further, that in determining the Company Expenses subject to the 12.5 basis point limit in (b), the following expenses shall be excluded and shall be borne by the Company as incurred without regard to the 12.5 basis point limit in (b): the Management Fee, the Incentive Fee, organizational and offering expenses (which are subject to the separate cap), amounts incurred in connection with the Company’s borrowings (including interest, bank fees, legal fees and other transactional expenses arising out of or related to any borrowing or borrowing facility and similar costs), transfer agent fees, federal, state and local taxes and other governmental charges assessed against the Company, out-of-pocket expenses of calculating the Company’s net asset value (including the cost and expenses of any independent valuation firm engaged for that purpose and the costs and expenses of the valuation of the Company’s portfolio investments performed by the Company’s independent auditors in order to comply with applicable Public Company Accounting Oversight Board standards), out-of-pocket costs and expenses incurred in connection with arranging or structuring investments and their ongoing operations (including expenses and liabilities related to the formation and ongoing operations of any special purpose entity or entities in connection with an investment), out-of-pocket legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator pertaining to the Company, out-of-pocket costs and expenses relating to any Reorganization or liquidation of the Company, and any extraordinary expenses (such as litigation expenses and indemnification payments). Notwithstanding the foregoing, in no event will the Company carryforward to future periods the amount by which actual annual Company Expenses for a year exceed the 12.5 basis point limit for more than three years from the date on which such expenses were reimbursed. “Adviser Operating Expenses” means overhead and operating and administrative expenses incurred by or on behalf of the Adviser or any of its affiliates, including the Company, in connection with maintaining and operating the Adviser’s office, including salaries and other compensation (including compensation due to its officers), rent, routine office equipment expense and liability and insurance premiums (other than those incurred in maintaining fidelity bonds and indemnitee insurance policies), in furtherance of providing supervisory investment management services for the Company. Adviser Operating Expenses also include any expenses incurred by the Adviser or its Affiliates in connection with the Adviser’s registration as an investment adviser under the Investment Advisers Act of 1940, as amended, or with its compliance as a registered investment adviser thereunder. All Adviser Operating Expenses and all expenses of the Company that the Company will not bear, as set forth above, will be borne by the Adviser or its affiliates. |
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 AGY Holdings Corp. September 2027 $ 2,067 $ 172 $ 2,067 $ 182 Bendon Inc. December 2025 4,842 58 7,263 116 Centric Brands Inc. October 2024 — — 5,295 — Encompass Digital Media, Inc. September 2025 508 216 508 174 Greenfield World Trade, Inc. June 2024 2,907 81 4,685 136 Rapid Displays, Inc. April 2026 983 252 1,377 138 Twin Star International, Inc. September 2024 674 — 2,023 — Slogic Holding Corp. April 2026 1,086 — — — WDE TorcSill Holdings LLC October 2024 8 — 8 — Total $ 13,075 $ 779 $ 23,226 $ 746 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, the Company 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 The Company’s Unit 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 13,734,010 13,734,010 Units issued and committed at end of period 13,734,010 13,734,010 No deemed distributions and contributions were processed during the three months ended March 31, 2024 and 2023 . |
Credit Facilities
Credit Facilities | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Credit Facilities | 7. Credit Facilities On May 10, 2018, the Company entered into a Revolving Credit Agreement (the “Natixis Credit Agreement”) among the Company, as borrower, and Natixis, New York Branch (“Natixis”), as administrative agent and the committed lenders, conduit lenders and funding agents. The Natixis Credit Agreement provided for a revolving credit line (the “Natixis Revolving Credit Facility”) of up to $ 150,000 (the “Natixis Maximum Commitment”), subject to the lesser of the “Natixis Borrowing Base” assets or the Natixis Maximum Commitment. The Natixis Borrowing Base assets equal the sum of a percentage of unfunded commitments from certain classes of eligible investors in the Company (the “Natixis Available Commitment”). The Natixis Maximum Commitment may be periodically increased in amounts designated by the Company, up to an aggregate amount of $ 1 billio n. The maturity date of the Natixis Credit Agreement is May 10, 20 21 . On May 10, 2021 , the Company exercised its option to extend the maturity date of the Natixis Credit Agreement to May 9, 2022 . On March 15, 2022, the Company exercised its last available option to extend the Natixis Credit Agreement maturity date from May 9, 2022 to May 9, 2023 . Borrowings under the Natixis Credit Agreement bear interest at a rate equal to either (a) a base rate calculated in a customary manner plus 0.75 % or (b) an adjusted eurodollar rate calculated in a customary manner plus 1.75 %. As of December 31, 2019, the Natixis Maximum Commitment was $ 400,000 . The Natixis Maximum Commitment was reduced to $ 340,000 on April 21, 2020 and was further reduced to $ 280,000 on July 1, 2020. On March 10, 2021, the Natixis Maximum Commitment was reduced to $ 250,000 . On January 10, 2023, the Company entered into the Sixth Amendment to the Revolving Credit Agreement wit h Natixis (the “Sixth Amended Revolving Credit Agreement”). The Sixth Amended Revolving 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 Sixth Amended Revolving 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 1.75 %. On May 9, 2023, the Company entered into the Seventh Amendment to the Revolving Credit Agreement with Natixis (the “Seventh Amended Revolving Credit Agreement”). The Seventh Amended Revolving Credit Agreement (1) removed the Adjusted Te rm SOFR Rate for purposes of calculating interest on the loan but kept the Daily Simple SOFR and Term SOFR rates as is; (2) updated the Applicable Margin from 0.75 % to 1.15 % for Base Rate Loans and from 1.75 % to 2.15 % for all other loan types; (3) added a minimum usage fee whereby the Company is charged 2.15 % on undrawn amounts that are less than 50% of the Maximum Commitment; (4) modified the unused fees such that if usage is between 0% and 30%, the Company is charged 0.75 %, 0.55 % if usage is between 30% and 50%, and 0.40 % if usage is greater than 50%; and (5) extended the maturity date of the Natixis Revolving Credit Facility 364 days to May 9, 2024 . The Natixis Revolving Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) the Company’s right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under the Company’s operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Natixis Revolving 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. 7. Credit Facilities (Continued) As of March 31, 2024 and December 31, 2023 , the Natixis Borrowing Base assets were more than the Natixis Maximum Commitment. A summary of amounts outstanding and available under the Natixis Revolving Credit Facility as of March 31, 2024 and December 31, 2023 was as follows: Natixis Revolving Credit Facility Maximum Borrowings Available (1) As of March 31, 2024 $ 250,000 $ 15,000 $ 235,000 As of December 31, 2023 $ 250,000 $ — $ 250,000 (1) The amount available considers any limitations related to the debt facility borrowing. On January 29, 2019, TCW DL VII Financing LLC (the “Borrower” or “TCW DL VII Financing”), a newly-formed, wholly-owned, special purpose financing subsidiary of the Company, entered into a senior secured credit facility (the “PNC Credit Facility” and together with the Natixis Revolving Credit Facility, the “Credit Facilities”) pursuant to a credit and security agreement (the “PNC Credit Agreement”) with PNC Bank, National Association (“PNC”), as facility agent, the lenders from time to time party thereto, and State Street Bank and Trust Company, as collateral agent. Under the PNC Credit Facility, the lenders have agreed to extend credit to the Borrower in an aggregate principal amount of up to $ 400,000 of revolving and term loans (the “PNC Maximum Commitment”), subject to compliance with a borrowing base (the “PNC Borrowing Base”). The PNC Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate principal amount of $ 900,000 , subject to lender consent and obtaining commitments for the increase. The Borrower may make borrowings of (i) a revolving loan (the “PNC Revolving Credit Facility” and together with the Natixis Revolving Credit Facility, the “Revolving Credit Facilities”) under the PNC Credit Facility during the period commencing January 29, 2019 and ending on January 29, 2022 and (ii) a term loan (the “PNC Term Loan”) under the PNC Credit Facility during the period which commenced on January 29, 2019 and ended on January 29, 2020, unless, there is an earlier termination of the PNC Credit Facility or event of default thereunder. The PNC Credit Facility will mature on January 29, 2024 . Loans under the PNC Credit Facility bear interest at a fluctuating rate of interest per annum equal to, at the Borrower’s option, either (i) three-month LIBOR plus the facility margin of 2.30 % per annum or (ii) the Base Rate plus the facility margin of 2.30 % per annum. On April 11, 2019, the Borrower amended and restated the PNC Credit Agreement (as amended, the “Amended PNC Credit Agreement”) for the PNC Credit Facility. The Amended PNC Credit Agreement, among other things, (a) increased the total commitments under the PNC Credit Facility from $ 400,000 to $ 600,000 (the “Amended PNC Maximum Commitment”) and (b) made certain modifications to the calculation of the borrowing base under the prior facility, including the eligibility requirements of collateral obligations pledged under the PNC Credit Facility and loan portfolio concentration limits. On March 17, 2020, the Borrower amended and restated the Amended PNC Credit Agreement (as further amended the “Second Amended PNC Credit Agreement”). The Second Amended PNC Credit Agreement, among other things, increased the total commitments under the PNC Credit Facility from $ 600,000 to $ 795,000 (the “Second Amended PNC Maximum Commitment”). The Second Amended PNC Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate principal amount of $ 900,000 , subject to lender consent and obtaining commitments for the increase. The Borrower may make borrowings of (i) revolving loans under the PNC Credit Facility during the period commencing January 29, 2019 and ending on January 29, 2022 and (ii) term loans under the PNC Credit Facility during the period commencing January 29, 2019 and ending on March 17, 2020, unless, in the case of (i) and (ii), there is an earlier termination of the PNC Credit Facility or event of default thereunder. On June 19, 2020, the Second Amended PNC Maximum Commitment was increased from $ 795,000 to $ 825,000 . On November 15, 2021, the Second Amended PNC Maximum Commitment was decreased from $ 825,000 to $ 700,000 . On January 31, 2022 (the first business day after January 29, 2022), the Borrower's ability to make borrowings under the PNC Revolving Credit Facility expired and the then outstanding PNC Revolving Credit Facility borrowings of $ 295,500 converted into outstanding borrowings under the PNC Term Loan. In connection with such conversion, repayments on outstanding borrowings under the PNC Term Loan will correspondingly reduce the PNC Maximum Commitment. The PNC Credit Facility will mature on January 29, 2024 . 7. Credit Facilities (Continued) On October 27, 2022, the Borrower amended and restated the Amended PNC Credit Agreement (as further amended the “Third Amended PNC Credit Agreement”). The Third Amended PNC Credit Agreement, among other things, removed reference to LIBOR rates and the related definitions and added reference to SOFR rates and the related definitions in which the Borrower may now elect a fluctuating rate of interest that is based on SOFR rather than LIBOR. Loans under the PNC Credit Facility will bear interest at a fluctuating rate of interest per annum equal to, at the Borrower’s option, either (i) SOFR rate plus the sum of the facility margin of 2.30 % and SOFR adjustment per annum or (ii) the Base Rate plus the facility margin of 2.30 % per annum. On December 6, 2023, the Borrower entered into Amendment No. 1 to the Third Amended and Restated Credit and Security Agreement with PNC (“Amendment No.1 to Third Amended PNC Credit Agreement” ). The Amendment No.1 to Third Amended PNC Credit Agreement (1) updated the Facility Margin Level from 2.30 % to 2.75 % and removed the SOFR adjustment from the calculation of interest on borrowings; (2) extended the Final Maturity Date 366 days from January 29, 2024 to January 29, 2025 ; (3) change d the total commitments under the PNC Term Loan to $ 265,000 (the total outstanding balance as of the date of the amendment). The Borrower’s obligations under the PNC Credit Facility are secured by a first priority security interest in all of the assets of the Borrower, including its portfolio of loans that has been contributed by the Company to the Borrower in exchange for 100 % of the membership interests of the Borrower and any payments received in respect of such loans. The Company may contribute or sell to the Borrower additional loans from time to time after the closing date, which shall be pledged in favor of the lenders under the PNC Credit Facility. Under the PNC Credit Facility, the Borrower has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The PNC Credit Facility also includes events of default that are customary for similar credit facilities. As of March 31, 2024, the Borrower was in compliance with such covenants. Borrowings of the Borrower are non-recourse to the Company but are consolidated in the Company’s consolidated financial statements and considered borrowings of the Company for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended. As of March 31, 2024 and December 31, 2023 , the PNC Borrowing Base assets were more than the Second Amended and Amended PNC Maximum Commitment. A summary of amounts outstanding and available under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 is as follows: PNC Credit Facility Maximum Borrowings Available (1) As of March 31, 2024 $ 225,000 $ 225,000 N/A As of December 31, 2023 $ 265,000 $ 265,000 N/A (1) No available amount as of March 31, 2024 and December 31, 2023 as the Borrower's ability to make additional borrowings under the PNC Revolving Credit Facility expired on January 31, 2022 . Borrowings under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 of $ 225,000 and $ 265,000 , respectively, consisted entirely of Term Loan borrowings. Costs associated with the Revolving Credit Facilities are recorded as deferred financing costs on our Consolidated Statements of Assets and Liabilities and the costs are being amortized over the respective lives of the Natixis Revolving Credit Facility and PNC Revolving Credit Facility. Costs associated with the PNC Term Loan are deferred and amortized over the term of the PNC Term Loan. Such deferred financing costs are netted against the carrying value of the PNC Term Loan on our Consolidated Statements of Assets and Liabilities. 7. Credit Facilities (Continued) As of March 31, 2024 and December 31, 2023, $ 99 and $ 331 , respectively, of deferred financing costs from the Revolving Credit Facility had yet to be amortized. As of March 31, 2024 and December 31, 2023, $ 531 and $ 806 , respectively, of deferred financing costs from the PNC Term Loan have yet to be amortized. A reconciliation of amounts presented on the Company’s Consolidated Statements of Assets and Liabilities versus amounts outstanding on the PNC Term Loan is as follows: As of March 31, 2024 As of December 31, 2023 Principal amount outstanding on PNC Term Loan $ 225,000 $ 265,000 Deferred financing costs ( 531 ) ( 806 ) PNC Term Loan (as presented on the Consolidated Statements of Assets and Liabilities) $ 224,469 $ 264,194 The carrying amounts of the Credit Facilities, which are categorized as Level 2 within the fair value hierarchy as of March 31, 2024 and 2023, approximates their respective fair values. Valuation techniques and significant inputs used to determine fair value include Company performance; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and the Credit Facilities’ terms and conditions. The summary information regarding the Credit Facilities for the three months ended March 31, 2024 and 2023 was as follows: Three Months Ended March 31, 2024 2023 Credit Facilities interest expense $ 4,672 $ 5,555 Unused commitment fees 1,145 156 Administrative fees 50 50 Amortization of deferred financing costs 507 516 Total $ 6,374 $ 6,277 Weighted average interest rate 8.05 % 7.03 % Average outstanding balance $ 229,670 $ 316,033 |
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. During the three months ended March 31, 2024, the Company entered into a Repurchase Transaction with Barclays on January 2, 2024 which settled on January 25, 2024. During the three months ended March 31, 2023, the Company did not enter into any Repurchase Transactions. The Company had no outstanding Repurchase Obligations as of March 31, 2024 and December 31, 2023 . Interest expense incurred under these Repurchase Transactions was $ 278 and $ 0 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 regulated 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 Unitholders as dividends. The Company elected to be taxed as a RIC in 2018. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated 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: As of March 31, 2024 As of December 31, 2023 Cost of investments for federal income tax purposes $ 1,057,163 $ 1,045,225 Unrealized appreciation $ 10,727 $ 6,469 Unrealized depreciation $ ( 88,123 ) $ ( 73,865 ) Net unrealized depreciation on investments $ ( 77,396 ) $ ( 67,396 ) The Company did no t have any unrecognized tax benefits as of December 31, 2023 , nor were there any increases or decreases in unrecognized tax benefits for the period then ended; therefore, no interest or penalties were accrued. The Company is subject to examination by the U.S federal and state tax authorities for returns filed for the prior two years . |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | . Financial Highlights Selected data for a unit outstanding throughout the three months ended March 31, 2024 and 2023 is presented below. For the Three Months Ended March 31, 2024 (1) 2023 (1) Net Asset Value Per Unit (accrual base), Beginning of Period $ 53.53 $ 66.04 Income from Investment Operations: Net investment income 1.98 2.05 Net realized and unrealized loss ( 1.11 ) ( 1.45 ) Total income from investment operations 0.87 0.60 Less Distributions: From distributable earnings ( 0.36 ) — Total distributions ( 0.36 ) — Net Asset Value Per Unit (accrual base), End of Period $ 54.04 $ 66.64 Unitholder Total Return (2)(3) 1.66 % 1.01 % Unitholder IRR before incentive fees (4) 10.67 % 11.64 % Unitholder IRR after all fees and expenses (4) 9.00 % 9.63 % Ratios and Supplemental Data: Members’ Capital, end of period $ 576,756 $ 749,940 Units outstanding, end of period 13,734,010 13,734,010 Ratios based on average net assets of Members’ Capital: Ratio of total expenses to average net assets (5) 5.58 % 7.14 % Ratio of financing cost to average net assets (3) 1.11 % 0.84 % Ratio of net investment income to average net assets (5) 18.96 % 15.21 % Ratio of incentive fees to average net assets (5) ( 1.92 )% 1.12 % Credit facilities payable 239,469 298,786 Asset coverage ratio 3.40 3.50 Portfolio turnover rate (3) 1.10 % 1.21 % (1) Per unit data was calculated using the number of Common Units issued and outstanding as of March 31, 2024 and 2023, respectively. (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, but before incentive fees is 10.67 % . The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses and Advisor incentive fees is 9.00 % . The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the 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 actual 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 $ 93,694 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation : The Company’s consolidated financial statements 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 also consolidated the results of its wholly-owned subsidiaries 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 consolidated 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 fair 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 the principal market of its investments to be the market in which the investment trades with the greatest volume and level of activity. |
Transactions | Transactions : The Company records investment transactions on the trade date. The Company considers the 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. 2. Significant Accounting Policies (Continued) 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. 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 Credit Facilities (as defined in Note 7 to the Consolidated Financial Statements), including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the respective credit facility. |
Organization and Offering Costs | Organization and Offering Costs : The Company expensed organization costs totaling $ 740 (net of $ 380 in Adviser reimbursement) since its inception through December 31, 2018. Offering costs totaling $ 633 (net of $ 324 in Adviser reimbursement) were charged directly to Members’ Capital on December 31, 2018. No additional organization and offering costs were incurred subsequent to December 31, 2018. The Company did not bear more than an amount equal to 10 basis points of the aggregate capital commitments 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. |
Short-term 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 |
Income Taxes | Income Taxes: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018. 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 Unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors 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. |
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, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows: Commitments Undrawn % of Units Unitholder $ 1,373,401 $ 165,401 88.0 % 13,734,010 |
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 Valuations 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 Total Debt $ — $ — $ 850,492 $ 850,492 Equity 1,318 — 8,353 9,671 Cash equivalents 25,944 — — 25,944 Short-term investments 93,660 — — 93,660 Total Assets $ 120,922 $ — $ 858,845 $ 979,767 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 Total Debt $ — $ — $ 835,989 $ 835,989 Equity 1,575 — 5,775 7,350 Cash equivalents 55,777 — — 55,777 Short- term investments 78,714 — — 78,714 Total Assets $ 136,066 $ — $ 841,764 $ 977,830 |
Reconciliation of Beginning and Ending 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 $ 835,989 $ 5,775 $ 841,764 Purchases, including payments received in-kind 85,867 96 85,963 Sales and paydowns of investments ( 54,797 ) — ( 54,797 ) Amortization of premium and accretion of discount, net 1,075 — 1,075 Net change in unrealized appreciation/(depreciation) ( 17,642 ) 2,482 ( 15,160 ) Balance, March 31, 2024 $ 850,492 $ 8,353 $ 858,845 Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2024 $ ( 17,494 ) $ 2,483 $ ( 15,011 ) 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 $ 1,054,945 $ 47,591 $ 1,102,536 Purchases, including payments received in-kind 24,892 — 24,892 Sales and paydowns of investments ( 67,715 ) ( 1,227 ) ( 68,942 ) Amortization of premium and accretion of discount, net 4,624 — 4,624 Net realized gains 19 — 19 Net change in unrealized appreciation/(depreciation) ( 9,977 ) ( 18,685 ) ( 28,662 ) Balance, March 31, 2023 $ 1,006,788 $ 27,679 $ 1,034,467 Net change in unrealized appreciation/(depreciation) in investments held as of March 31, 2023 $ ( 8,278 ) $ ( 10,692 ) $ ( 18,970 ) |
Summary of Valuation Techniques and Quantitative Information in Determining Fair value of Level 3 Investments | 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 Technique Unobservable Input Range Weighted Impact to Debt $ 494,113 Income Method Discount Rate 10.9 % to 27.0 % 16.6 % Decrease Debt $ 73,360 Income Method Discount Rate 16.8 % to 17.7 % 17.3 % Decrease Income Method Take Out Indication 102.0 % to 102.0 % N/A Increase Debt $ 141,220 Market Method EBITDA Multiple 6.0 x to 8.0 x N/A Increase Debt $ 141,799 Market Method Revenue Multiple 0.4 x to 1.1 x N/A Increase Equity $ 5,942 Market Method EBITDA Multiple 6.0 x to 8.0 x N/A Increase Equity $ — Market Method Revenue Multiple 0.6 x to 1.1 x N/A Increase Equity $ 2,411 Market Method EBITDA Multiple 7.3 x to 8.3 x N/A Increase Income Method Implied Volatility 55.0 % to 65.0 % N/A Increase Expected Term (in years) 1.3 to 2.3 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 Input Range Weighted Impact to Debt $ 650,058 Income Method Discount Rate 10.9 % to 27.0 % 16.6 % Decrease Debt $ 11,798 Market Method EBITDA Multiple 6.0 x to 7.0 x N/A Increase Market Method Revenue Multiple 0.5 x to 0.7 x N/A Increase Debt $ 49,969 Market Method EBITDA Multiple 6.3 x to 9.1 x N/A Increase Debt $ 124,164 Market Method Revenue Multiple 0.8 x to 1.1 x N/A Increase Equity $ 1,247 Market Method EBITDA Multiple 6.3 x to 9.1 x N/A Increase Equity $ — Market Method Revenue Multiple 0.8 x to 1.1 x N/A Increase Equity $ 4,528 Market Method EBITDA Multiple 7.8 x to 8.8 x N/A Increase Income Method Implied Volatility 60.0 % to 60.0 % N/A Increase Expected Term (in years) 1.8 to 1.8 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 AGY Holdings Corp. September 2027 $ 2,067 $ 172 $ 2,067 $ 182 Bendon Inc. December 2025 4,842 58 7,263 116 Centric Brands Inc. October 2024 — — 5,295 — Encompass Digital Media, Inc. September 2025 508 216 508 174 Greenfield World Trade, Inc. June 2024 2,907 81 4,685 136 Rapid Displays, Inc. April 2026 983 252 1,377 138 Twin Star International, Inc. September 2024 674 — 2,023 — Slogic Holding Corp. April 2026 1,086 — — — WDE TorcSill Holdings LLC October 2024 8 — 8 — Total $ 13,075 $ 779 $ 23,226 $ 746 |
Members' Capital (Tables)
Members' Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Statement of Stockholders' Equity [Abstract] | |
Schedule of Capital Units | The Company’s Unit 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 13,734,010 13,734,010 Units issued and committed at end of period 13,734,010 13,734,010 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Amounts Outstanding and Available under Credit Facilities | A summary of amounts outstanding and available under the Natixis Revolving Credit Facility as of March 31, 2024 and December 31, 2023 was as follows: Natixis Revolving Credit Facility Maximum Borrowings Available (1) As of March 31, 2024 $ 250,000 $ 15,000 $ 235,000 As of December 31, 2023 $ 250,000 $ — $ 250,000 The amount available considers any limitations related to the debt facility borrowing. A summary of amounts outstanding and available under the PNC Credit Facility as of March 31, 2024 and December 31, 2023 is as follows: PNC Credit Facility Maximum Borrowings Available (1) As of March 31, 2024 $ 225,000 $ 225,000 N/A As of December 31, 2023 $ 265,000 $ 265,000 N/A (1) No available amount as of March 31, 2024 and December 31, 2023 as the Borrower's ability to make additional borrowings under the PNC Revolving Credit Facility expired on January 31, 2022 . |
Reconciliation of Term Loan Amounts Presented on Consolidated Statements of Assets and Liabilities versus Outstanding | A reconciliation of amounts presented on the Company’s Consolidated Statements of Assets and Liabilities versus amounts outstanding on the PNC Term Loan is as follows: As of March 31, 2024 As of December 31, 2023 Principal amount outstanding on PNC Term Loan $ 225,000 $ 265,000 Deferred financing costs ( 531 ) ( 806 ) PNC Term Loan (as presented on the Consolidated Statements of Assets and Liabilities) $ 224,469 $ 264,194 |
Summary Information Regarding Credit Facilities | The summary information regarding the Credit Facilities for the three months ended March 31, 2024 and 2023 was as follows: Three Months Ended March 31, 2024 2023 Credit Facilities interest expense $ 4,672 $ 5,555 Unused commitment fees 1,145 156 Administrative fees 50 50 Amortization of deferred financing costs 507 516 Total $ 6,374 $ 6,277 Weighted average interest rate 8.05 % 7.03 % Average outstanding balance $ 229,670 $ 316,033 |
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: As of March 31, 2024 As of December 31, 2023 Cost of investments for federal income tax purposes $ 1,057,163 $ 1,045,225 Unrealized appreciation $ 10,727 $ 6,469 Unrealized depreciation $ ( 88,123 ) $ ( 73,865 ) Net unrealized depreciation on investments $ ( 77,396 ) $ ( 67,396 ) |
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. For the Three Months Ended March 31, 2024 (1) 2023 (1) Net Asset Value Per Unit (accrual base), Beginning of Period $ 53.53 $ 66.04 Income from Investment Operations: Net investment income 1.98 2.05 Net realized and unrealized loss ( 1.11 ) ( 1.45 ) Total income from investment operations 0.87 0.60 Less Distributions: From distributable earnings ( 0.36 ) — Total distributions ( 0.36 ) — Net Asset Value Per Unit (accrual base), End of Period $ 54.04 $ 66.64 Unitholder Total Return (2)(3) 1.66 % 1.01 % Unitholder IRR before incentive fees (4) 10.67 % 11.64 % Unitholder IRR after all fees and expenses (4) 9.00 % 9.63 % Ratios and Supplemental Data: Members’ Capital, end of period $ 576,756 $ 749,940 Units outstanding, end of period 13,734,010 13,734,010 Ratios based on average net assets of Members’ Capital: Ratio of total expenses to average net assets (5) 5.58 % 7.14 % Ratio of financing cost to average net assets (3) 1.11 % 0.84 % Ratio of net investment income to average net assets (5) 18.96 % 15.21 % Ratio of incentive fees to average net assets (5) ( 1.92 )% 1.12 % Credit facilities payable 239,469 298,786 Asset coverage ratio 3.40 3.50 Portfolio turnover rate (3) 1.10 % 1.21 % (1) Per unit data was calculated using the number of Common Units issued and outstanding as of March 31, 2024 and 2023, respectively. (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, but before incentive fees is 10.67 % . The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses and Advisor incentive fees is 9.00 % . The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the 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 actual return may vary significantly upon realization. (5) Annualized. |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Jan. 14, 2019 | Aug. 18, 2017 | Mar. 31, 2024 | |
Organization and Basis of Presentation Disclosure [Line Items] | |||
Extended term for successive periods of subscription agreements | 1 year | ||
Commitment period description | The Commitment Period commenced on April 13, 2018 (the “Initial Closing Date”), the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser and ended on May 16, 2021, which is the later of (a) April 13, 2021, three years from the Initial Closing Date and (b) May 16, 2021, three years from the date in which the Company first completed an investment. | ||
Significantly investment completion period upon expiration of commitment period | 90 days | ||
Recallable amount | $ 484,419,000 | ||
Maximum | |||
Organization and Basis of Presentation Disclosure [Line Items] | |||
Percentage of aggregate cumulative invested amount in existing portfolio companies | 10% | ||
Common Units | |||
Organization and Basis of Presentation Disclosure [Line Items] | |||
Number of units sold and issued | 13,734,010 | 10 | |
Aggregate purchase price | $ 1,373,401,000 | $ 1,000 | |
Shares issued price per unit | $ 100 | ||
Common Units | Minimum | |||
Organization and Basis of Presentation Disclosure [Line Items] | |||
Number of business days | 10 days |
Organization and Basis of Pre_4
Organization and Basis of Presentation - Schedule of Aggregate Commitments, Undrawn Commitments, Percentage of Commitments Funded and Number of Subscribed for Units (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Organization and Basis of Presentation Disclosure [Line Items] | |||
Common Unitholder, Commitments | $ 1,373,401 | $ 1,373,401 | |
Common Unitholder, Undrawn Commitments | $ 165,401 | $ 165,401 | |
Common Unitholder, % of Commitments Funded | 88% | ||
Common Unitholder, Units | 13,734,010 | 13,734,010 | 13,734,010 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 16 Months Ended |
Mar. 31, 2024 | Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | ||
Organizational costs | $ 740 | |
Organization costs for adviser reimbursement | 380 | |
Deferred offering costs | 633 | |
Offering costs for adviser reimbursement | $ 324 | |
Basis points of aggregate capital commitments for organization and offering expenses | 1% | |
ASU 2022-03 | ||
Significant Accounting Policies [Line Items] | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2024 | |
Change in accounting principle, accounting standards update, adopted | true | |
Change in accounting principle, accounting standards update, immaterial effect | true |
Investment Valuations and Fai_3
Investment Valuations and Fair Value Measurements - Summary by Major Security Type of Fair Valuations According to Inputs Used in Valuing Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | $ 979,767 | $ 977,830 |
Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 850,492 | 835,989 |
Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 9,671 | 7,350 |
Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 25,944 | 55,777 |
Short-Term Investments | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 93,660 | 78,714 |
Level 1 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 120,922 | 136,066 |
Level 1 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 0 | 0 |
Level 1 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 1,318 | 1,575 |
Level 1 | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 25,944 | 55,777 |
Level 1 | Short-Term Investments | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 93,660 | 78,714 |
Level 2 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 0 | 0 |
Level 2 | Short-Term Investments | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 858,845 | 841,764 |
Level 3 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 850,492 | 835,989 |
Level 3 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 8,353 | 5,775 |
Level 3 | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | 0 | 0 |
Level 3 | Short-Term Investments | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Total Assets | $ 0 | $ 0 |
Investment Valuations and Fai_4
Investment Valuations and Fair Value Measurements - Reconciliation of Beginning and Ending 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, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Realized Gain Loss From Non Controlled Non Affiliated Investments | Net Realized Gain Loss From Non Controlled Non Affiliated Investments |
Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Beginning Balance | $ 841,764 | $ 1,102,536 |
Purchases, including payments received in-kind | 85,963 | 24,892 |
Sales and paydowns of investments | (54,797) | (68,942) |
Amortization of premium and accretion of discount, net | 1,075 | 4,624 |
Net realized (losses) gains | 19 | |
Net change in unrealized appreciation/(depreciation) | (15,160) | (28,662) |
Ending Balance | 858,845 | 1,034,467 |
Net change in unrealized appreciation/(depreciation) in investments held | (15,011) | (18,970) |
Level 3 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Beginning Balance | 835,989 | 1,054,945 |
Purchases, including payments received in-kind | 85,867 | 24,892 |
Sales and paydowns of investments | (54,797) | (67,715) |
Amortization of premium and accretion of discount, net | 1,075 | 4,624 |
Net realized (losses) gains | 19 | |
Net change in unrealized appreciation/(depreciation) | (17,642) | (9,977) |
Ending Balance | 850,492 | 1,006,788 |
Net change in unrealized appreciation/(depreciation) in investments held | (17,494) | (8,278) |
Level 3 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Beginning Balance | 5,775 | 47,591 |
Purchases, including payments received in-kind | 96 | 0 |
Sales and paydowns of investments | 0 | (1,227) |
Amortization of premium and accretion of discount, net | 0 | 0 |
Net realized (losses) gains | 0 | |
Net change in unrealized appreciation/(depreciation) | 2,482 | (18,685) |
Ending Balance | 8,353 | 27,679 |
Net change in unrealized appreciation/(depreciation) in investments held | $ 2,483 | $ (10,692) |
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 level amount | $ 0 | $ 0 |
Investment Valuations and Fai_6
Investment Valuations and Fair Value Measurements - Summary of Valuation Techniques and Quantitative Information in Determining Fair value of Level 3 Investments (Details) - Level 3 $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Debt | Income Method | Discount Rate | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 494,113 | $ 650,058 |
Debt | Income Method | Discount Rate | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 0.109 | 0.109 |
Debt | Income Method | Discount Rate | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 0.27 | 0.27 |
Debt | Income Method | Discount Rate | Weighted Average | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 16.6 | 16.6 |
Debt | Income Method | Take Out Indication | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 1.02 | |
Debt | Income Method | Take Out Indication | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 1.02 | |
Debt | Market Method | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 141,220 | $ 11,798 |
Debt | Market Method | EBITDA Multiple | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 6 | 6 |
Debt | Market Method | EBITDA Multiple | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 8 | 7 |
Debt | Market Method | Revenue Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 141,799 | |
Debt | Market Method | Revenue Multiple | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 0.4 | 0.5 |
Debt | Market Method | Revenue Multiple | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 1.1 | 0.7 |
Debt | Income Method | Discount Rate | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 73,360 | |
Debt | Income Method | Discount Rate | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 0.168 | |
Debt | Income Method | Discount Rate | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 0.177 | |
Debt | Income Method | Discount Rate | Weighted Average | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 17.3 | |
Debt | Market Method | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 49,969 | |
Debt | Market Method | EBITDA Multiple | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 6.3 | |
Debt | Market Method | EBITDA Multiple | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 9.1 | |
Debt | Market Method | Revenue Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 124,164 | |
Debt | Market Method | Revenue Multiple | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 0.8 | |
Debt | Market Method | Revenue Multiple | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 1.1 | |
Equity | Expected Term | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable Input, Expected Term (in years) | 1 year 3 months 18 days | 1 year 9 months 18 days |
Equity | Expected Term | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable Input, Expected Term (in years) | 2 years 3 months 18 days | 1 year 9 months 18 days |
Equity | Income Method | Implied Volatility | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 0.55 | 0.60 |
Equity | Income Method | Implied Volatility | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 0.65 | 0.60 |
Equity | Market Method | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 5,942 | $ 1,247 |
Equity | Market Method | EBITDA Multiple | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 6 | 6.3 |
Equity | Market Method | EBITDA Multiple | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 8 | 9.1 |
Equity | Market Method | Revenue Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Equity | Market Method | Revenue Multiple | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 0.6 | 0.8 |
Equity | Market Method | Revenue Multiple | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 1.1 | 1.1 |
Equity | Market Method | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 2,411 | $ 4,528 |
Equity | Market Method | EBITDA Multiple | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 7.3 | 7.8 |
Equity | Market Method | EBITDA Multiple | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Unobservable input, range | 8.3 | 8.8 |
Agreements and Related Party _2
Agreements and Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 29, 2017 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2024 | |
Related Party Transaction [Line Items] | ||||||
Advisory agreement effective period | 2 years | |||||
Percentage of management fee | 0.375% | 0.375% | 0.375% | |||
Management fees | $ 3,471 | $ 4,055 | ||||
Management fees payable | 6,949 | $ 3,478 | 4,055 | |||
Incentive fees | (2,749) | 2,069 | ||||
Incentive fees payable | $ 79,993 | $ 82,742 | $ 78,335 | |||
Incentive fee, description | The Incentive Fee is calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any distribution (or deemed distribution) will be determined in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders. | |||||
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% | |||||
Company expenses limitation maximum reimbursed period | 3 years | |||||
Forecast | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of management fee | 1.50% | |||||
Second | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of internal rate of return on aggregate capital contribution | 9% | |||||
Third | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of advisor incentive fee entitled | 100% | |||||
Percentage of additional distributable paid to advisor incentive fee | 20% | |||||
Thereafter | ||||||
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 | $ 13,075 | $ 23,226 |
Unrealized Depreciation | $ 779 | 746 |
AGY Holdings Corp | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2027-09 | |
Unfunded Commitments Amount | $ 2,067 | 2,067 |
Unrealized Depreciation | $ 172 | 182 |
Bendon Inc | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2025-12 | |
Unfunded Commitments Amount | $ 4,842 | 7,263 |
Unrealized Depreciation | $ 58 | 116 |
Centric Brands Inc | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2024-10 | |
Unfunded Commitments Amount | $ 0 | 5,295 |
Unrealized Depreciation | $ 0 | 0 |
Encompass Digital Media, Inc. | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2025-09 | |
Unfunded Commitments Amount | $ 508 | 508 |
Unrealized Depreciation | $ 216 | 174 |
Greenfield World Trade, Inc | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2024-06 | |
Unfunded Commitments Amount | $ 2,907 | 4,685 |
Unrealized Depreciation | $ 81 | 136 |
Rapid Displays, Inc | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2026-04 | |
Unfunded Commitments Amount | $ 983 | 1,377 |
Unrealized Depreciation | $ 252 | 138 |
Twin Star International, Inc. | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2024-09 | |
Unfunded Commitments Amount | $ 674 | 2,023 |
Unrealized Depreciation | $ 0 | 0 |
Slogic Holding Corp | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2026-04 | |
Unfunded Commitments Amount | $ 1,086 | 0 |
Unrealized Depreciation | $ 0 | 0 |
WDE TorcSill Holdings LLC | ||
Loss Contingencies [Line Items] | ||
Maturity/Expiration | 2024-10 | |
Unfunded Commitments Amount | $ 8 | 8 |
Unrealized Depreciation | $ 0 | $ 0 |
Members' Capital - Summary of C
Members' Capital - Summary of Company Unit Activity (Details) - shares | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Statement of Stockholders' Equity [Abstract] | |||
Units at beginning of period | 13,734,010 | 13,734,010 | 13,734,010 |
Units issued and committed at end of period | 13,734,010 | 13,734,010 |
Members' Capital - Additional I
Members' Capital - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Deemed distributions | $ 0 | $ 0 |
Deemed contributions | $ 0 | $ 0 |
Credit Facilities - Additional
Credit Facilities - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 06, 2023 | May 09, 2023 | Jan. 10, 2023 | Oct. 27, 2022 | Mar. 15, 2022 | Jan. 29, 2019 | May 10, 2018 | Jan. 31, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | Nov. 15, 2021 | Mar. 10, 2021 | Jul. 01, 2020 | Jun. 19, 2020 | Apr. 21, 2020 | Mar. 17, 2020 | Dec. 31, 2019 | Apr. 11, 2019 | |
Line of Credit Facility [Line Items] | ||||||||||||||||||
Deferred financing costs, net | $ 99,000 | $ 331,000 | ||||||||||||||||
PNC Maximum Commitment | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Maximum commitment | $ 225,000,000 | 265,000,000 | ||||||||||||||||
Maximum commitment periodically increased in amount | $ 900,000,000 | |||||||||||||||||
Description of variable rate basis | three-month LIBOR | |||||||||||||||||
Maturity date | Jan. 29, 2024 | |||||||||||||||||
Borrowings | $ 225,000,000 | 265,000,000 | ||||||||||||||||
PNC Maximum Commitment | Maximum | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Maximum commitment | $ 400,000,000 | |||||||||||||||||
PNC Revolving Credit Facility | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Borrowings | $ 15,000,000 | $ 0 | ||||||||||||||||
PNC Revolving Credit Facility | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Maturity date | Jan. 29, 2024 | Jan. 31, 2022 | Jan. 31, 2022 | |||||||||||||||
Borrowings | $ 295,500,000 | |||||||||||||||||
PNC Term Loan | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Borrowings | $ 225,000,000 | $ 265,000,000 | ||||||||||||||||
Deferred financing costs, net | 531,000 | 806,000 | ||||||||||||||||
Amended PNC Maximum Commitment | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Maximum commitment | $ 600,000,000 | |||||||||||||||||
PNC Credit Agreement | PNC Maximum Commitment | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Maximum commitment | $ 700,000,000 | $ 825,000,000 | $ 795,000,000 | $ 600,000,000 | ||||||||||||||
Maximum commitment periodically increased in amount | $ 900,000,000 | |||||||||||||||||
Seventh Amended Revolving Credit Agreement | Less than 50% of Maximum Commitment | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Line of credit facility, unused capacity commitment fee percentage | 2.15% | |||||||||||||||||
Seventh Amended Revolving Credit Agreement | Percentage of Unused Capacity between 0% and 30% | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Line of credit facility, unused capacity commitment fee percentage | 0.75% | |||||||||||||||||
Seventh Amended Revolving Credit Agreement | Percentage of Unused Capacity Between 30% and 50% | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Line of credit facility, unused capacity commitment fee percentage | 0.55% | |||||||||||||||||
Seventh Amended Revolving Credit Agreement | Percentage of Unused Capacity Greater than 50% | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Line of credit facility, unused capacity commitment fee percentage | 0.40% | |||||||||||||||||
Third Amended and Restated Credit and Security Agreement with PNC | PNC Maximum Commitment | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Percentage of membership interests in subsidiary. | 100% | |||||||||||||||||
Third Amended and Restated Credit and Security Agreement with PNC | PNC Revolving Credit Facility | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Maturity date | Jan. 29, 2025 | |||||||||||||||||
Debt instrument maturity date to be extended upon satisfaction of certain conditions | 366 days | |||||||||||||||||
Third Amended and Restated Credit and Security Agreement with PNC | PNC Term Loan | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Maximum commitment | $ 265,000,000 | |||||||||||||||||
Natixis Revolving Credit Facility | Natixis Credit Agreement | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Maximum commitment | $ 150,000,000 | $ 250,000,000 | $ 280,000,000 | $ 340,000,000 | $ 400,000,000 | |||||||||||||
Aggregate Maximum commitment amount | $ 1,000,000,000 | |||||||||||||||||
Maturity date | May 09, 2023 | May 10, 2021 | ||||||||||||||||
Extended maturity date | May 09, 2022 | |||||||||||||||||
Natixis Revolving Credit Facility | Natixis Credit Agreement | Seventh Amended Revolving Credit Agreement | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument maturity date to be extended upon satisfaction of certain conditions | 364 days | |||||||||||||||||
Debt instrument extended maturity date | May 09, 2024 | |||||||||||||||||
Natixis Revolving Credit Facility and PNC Revolving Credit Facility | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Deferred financing costs, net | $ 99,000 | $ 331,000 | ||||||||||||||||
SOFR | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 1.75% | |||||||||||||||||
SOFR | Third Amended PNC Credit Agreement | PNC Revolving Credit Facility | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 2.30% | |||||||||||||||||
SOFR | Third Amended and Restated Credit and Security Agreement with PNC | PNC Revolving Credit Facility | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 2.75% | |||||||||||||||||
LIBOR | PNC Maximum Commitment | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 2.30% | |||||||||||||||||
Base Rate | PNC Maximum Commitment | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 2.30% | |||||||||||||||||
Base Rate | Third Amended PNC Credit Agreement | PNC Revolving Credit Facility | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 2.30% | |||||||||||||||||
Base Rate | Seventh Amended Revolving Credit Agreement | Maximum | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 1.15% | |||||||||||||||||
Base Rate | Seventh Amended Revolving Credit Agreement | Minimum | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 0.75% | |||||||||||||||||
Base Rate | Natixis Revolving Credit Facility | Natixis Credit Agreement | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 0.75% | |||||||||||||||||
Other Loan | Seventh Amended Revolving Credit Agreement | Maximum | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 2.15% | |||||||||||||||||
Other Loan | Seventh Amended Revolving Credit Agreement | Minimum | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 1.75% | |||||||||||||||||
Eurodollar Rate | Natixis Revolving Credit Facility | Natixis Credit Agreement | ||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||
Credit facility, interest rate | 1.75% |
Credit Facilities - Summary of
Credit Facilities - Summary of Amounts Outstanding and Available under Credit Facilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Natixis Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum commitment | $ 250,000,000 | $ 250,000,000 |
Borrowings Outstanding | 15,000,000 | 0 |
Available Amount | 235,000,000 | 250,000,000 |
PNC Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Maximum commitment | 225,000,000 | 265,000,000 |
Borrowings Outstanding | $ 225,000,000 | $ 265,000,000 |
Credit Facilities - Summary o_2
Credit Facilities - Summary of Amounts Outstanding and Available under Credit Facilities (Parenthetical) (Details) - PNC Revolving Credit Facility - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jan. 31, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | |||
Available amount | $ 0 | $ 0 | |
Maturity date | Jan. 29, 2024 | Jan. 31, 2022 | Jan. 31, 2022 |
Credit Facilities - Reconciliat
Credit Facilities - Reconciliation of Term Loan Amounts Presented on Consolidated Statements of Assets and Liabilities versus Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (99) | $ (331) |
PNC Term Loan | ||
Debt Instrument [Line Items] | ||
Principal amount outstanding on PNC Term Loan | 225,000 | 265,000 |
Deferred financing costs | (531) | (806) |
PNC Term Loan (as presented on the Consolidated Statements of Assets and Liabilities) | $ 224,469 | $ 264,194 |
Credit Facilities - Summary Inf
Credit Facilities - Summary Information Regarding Credit Facilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Line of Credit Facility [Line Items] | ||
Administrative fees | $ 261 | $ 319 |
Amortization of deferred financing costs | 507 | 516 |
Credit Facilities | ||
Line of Credit Facility [Line Items] | ||
Credit Facilities interest expense | 4,672 | 5,555 |
Unused fees | 1,145 | 156 |
Administrative fees | 50 | 50 |
Amortization of deferred financing costs | 507 | 516 |
Total | $ 6,374 | $ 6,277 |
Weighted average interest rate | 8.05% | 7.03% |
Average outstanding balance | $ 229,670 | $ 316,033 |
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 | $ 278 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Income Tax [Line Items] | ||
Federal income tax provision | $ 0 | |
Unrecognized tax benefits | $ 0 | |
Accrued interest or penalties | $ 0 | |
U.S. federal | ||
Income Tax [Line Items] | ||
Examination for prior years returns filed | 2 years | |
State | ||
Income Tax [Line Items] | ||
Examination for prior years returns filed | 2 years |
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 | $ 1,057,163 | $ 1,045,225 |
Unrealized appreciation | 10,727 | 6,469 |
Unrealized depreciation | (88,123) | (73,865) |
Net unrealized depreciation on investments | $ (77,396) | $ (67,396) |
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 | Dec. 31, 2022 | |
Investment Company [Abstract] | ||||
Net Asset Value Per Unit (accrual base), Beginning of Period | $ 53.53 | $ 66.04 | ||
Income from Investment Operations: | ||||
Net investment income | 1.98 | 2.05 | ||
Net realized and unrealized loss | (1.11) | (1.45) | ||
Total income from investment operations | 0.87 | 0.6 | ||
Less Distributions: | ||||
From distributable earnings | (0.36) | 0 | ||
Total distributions | (0.36) | 0 | ||
Net Asset Value Per Unit (accrual base), End of Period | $ 54.04 | $ 66.64 | ||
Unitholder Total Return | 1.66% | 1.01% | ||
Unitholder IRR before incentive fees | 10.67% | 11.64% | ||
Unitholder IRR after all fees and expenses | 9% | 9.63% | ||
Ratios and Supplemental Data | ||||
Member's Capital, end of period | $ 576,756 | $ 749,940 | $ 569,767 | $ 741,665 |
Units outstanding, end of period | 13,734,010 | 13,734,010 | ||
Ratios based on average net assets of Members’ Capital: | ||||
Ratio of total expenses to average net asset | 5.58% | 7.14% | ||
Ratio of financing cost to average net assets | 1.11% | 0.84% | ||
Ratio of net investment income to average net assets | 18.96% | 15.21% | ||
Ratio of incentive fees to average net assets | (1.92%) | 1.12% | ||
Credit facility payable | $ 239,469 | $ 298,786 | ||
Asset coverage ratio | 3.40% | 3.50% | ||
Portfolio turnover rate | 1.10% | 1.21% |
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 since inception for common unitholders before incentive fees | 10.67% |
Ratio of internal rate of return since inception for common unitholders advisor incentive fees | 9% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - Barclays Transaction - USD ($) $ in Thousands | Apr. 01, 2024 | Apr. 25, 2024 |
Subsequent Event [Line Items] | ||
Repurchase transaction settlement date | Apr. 25, 2024 | |
Repurchase transaction settlement, amount | $ 93,694 |