Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | BC Partners Lending Corporation | |
Entity Central Index Key | 0001726548 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 814-01269 | |
Entity Tax Identification Number | 82-4654271 | |
Entity Incorporation, State or Country Code | MD | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Address, Address Line One | 650 Madison Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 212 | |
Local Phone Number | 891-2880 | |
Title of 12(b) Security | None | |
Trading Symbol | N/A | |
Entity Common Stock, Shares Outstanding | 2,999,799 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | |||
Non-control/non-affiliate investments (amortized cost of $134,098 and $106,156, respectively) | $ 128,488 | $ 100,417 | |
Forward contracts, at fair value (cost of $0 and $0, respectively) | 0 | 55 | |
Cash | 2,028 | 570 | |
Restricted cash | 5,687 | 7,379 | |
Receivable for unsettled trades | 675 | 4 | |
Interest and dividends receivable | 1,491 | 1,029 | |
Prepaid expenses | 69 | 19 | |
Total assets | 138,438 | 109,473 | |
Liabilities | |||
Credit facility (net of deferred financing costs of $717 and $772, respectively) | 67,283 | 57,228 | |
Payable for unsettled trades | 939 | 0 | |
Due to Affiliate | 2,503 | 2,029 | |
Management fees payable | 302 | 247 | |
Incentive fees payable | 284 | 206 | |
Interest expense payable | 1,006 | 748 | |
Directors' fees payable | 0 | 75 | |
Accounts payable and accrued expenses | 152 | 168 | |
Total liabilities | 72,469 | 60,701 | |
Net Assets | |||
Common stock, $0.001 par value, 1,000,000,000 shares authorized; 2,999,799 and 2,232,134 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 3 | 2 | |
Capital in excess of par | 71,408 | 54,480 | |
Total distributable loss | (5,442) | (5,710) | |
Total net assets | 65,969 | 48,772 | |
Total liabilities and net assets | $ 138,438 | $ 109,473 | |
Net asset value per share | $ 21.99 | [1] | $ 21.85 |
[1] Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the year or period and certain per share data on shares outstanding as of a year or period end or transaction date. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized cost | $ 134,098 | $ 106,156 |
Deferred financing costs, net | $ 717 | $ 772 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, issued | 2,999,799 | 2,232,134 |
Common stock, outstanding | 2,999,799 | 2,232,134 |
Non-control/non-affiliate investments | ||
Amortized cost | $ 134,098 | $ 106,156 |
Forward Contracts [Member] | ||
Amortized cost | $ 0 | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income: | ||||
Non-control/non-affiliate investments | $ 3,907 | $ 1,877 | $ 7,172 | $ 3,684 |
Fee and other income | 87 | 13 | 304 | 64 |
Total investment income | 3,994 | 1,890 | 7,476 | 3,748 |
Operating expenses: | ||||
Organization and offering costs | 6 | 30 | 40 | |
Management fees | 302 | 248 | 569 | 493 |
Incentive fees | 284 | (131) | 515 | (191) |
Administrative fees | 191 | 116 | 325 | 225 |
Interest and debt expenses | 1,250 | 526 | 2,347 | 948 |
Audit fees | 50 | 50 | 115 | 100 |
Legal fees | 100 | 100 | 217 | 201 |
Professional fees | 75 | 75 | 183 | 153 |
Directors' fees | 37 | 37 | 75 | 75 |
Other expenses | 80 | 95 | 153 | 259 |
Total expenses before expense support | 2,369 | 1,122 | 4,529 | 2,303 |
Expense support from related parties | 694 | 184 | 1,162 | 303 |
Total expenses | 3,063 | 1,306 | 5,691 | 2,606 |
Net investment income (loss) | 931 | 584 | 1,785 | 1,142 |
Realized and unrealized gain (loss): | ||||
Net realized loss from investments | 138 | (81) | 189 | (108) |
Net change in unrealized appreciation (depreciation) on investments | 755 | (1,664) | 129 | (2,034) |
Net change in unrealized appreciation (depreciation) on derivatives | (57) | 11 | (55) | 1 |
Net realized and unrealized gain (loss) | 836 | (1,734) | 263 | (2,141) |
Net increase (decrease) in net assets resulting from operations | $ 1,767 | $ (1,150) | $ 2,048 | $ (999) |
Net investment income per share basic and diluted | $ 0.32 | $ 0.31 | $ 0.68 | $ 0.63 |
Net increase (decrease) in net assets resulting from operations per share - basic | 0.61 | (0.61) | 0.78 | (0.55) |
Net increase (decrease) in net assets resulting from operations per share - dilluted | $ 0.61 | $ (0.61) | $ 0.78 | $ (0.55) |
Weighted average shares of common stock outstanding - basic | 2,892,701 | 1,872,827 | 2,630,936 | 1,816,211 |
Weighted average shares of common stock outstanding - diluted | 2,892,701 | 1,872,827 | 2,630,936 | 1,816,211 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Beginning balance | $ 48,772 | $ 43,765 | $ 48,772 | $ 43,765 | ||
Beginning balance, Share | 2,232,134 | 2,232,134 | ||||
Net investment income | $ 931 | $ 854 | $ 584 | 558 | $ 1,785 | 1,142 |
Net realized gain (loss) on investments | 138 | 51 | (81) | (27) | 189 | (108) |
Net change in unrealized depreciation on investments and derivatives | 698 | (624) | (1,653) | (380) | ||
Issuance of common shares | 5,000 | 11,500 | 400 | 2,280 | ||
Distributions declared and payable to stockholders | (927) | (853) | (582) | (546) | ||
Stock issued in connection with dividend reinvestment plan | 216 | 213 | 189 | 677 | ||
Ending balance | $ 65,969 | 59,913 | $ 45,184 | 46,327 | $ 65,969 | 45,184 |
Ending balance, Share | 2,999,799 | 2,999,799 | ||||
Common Stock [Member] | ||||||
Beginning balance | $ 2 | $ 2 | $ 2 | $ 2 | ||
Beginning balance, Share | 2,761,194 | 2,232,134 | 1,861,144 | 1,743,393 | 2,232,134 | 1,743,393 |
Issuance of common shares | $ 1 | |||||
Issuance of common shares, Share | $ 228,519 | $ 519,186 | $ 16,000 | $ 91,677 | ||
Stock issued in connection with dividend reinvestment plan, Share | 10,086 | 9,874 | 7,685 | 26,074 | ||
Ending balance | $ 3 | $ 3 | $ 2 | $ 2 | $ 3 | $ 2 |
Ending balance, Share | 2,999,799 | 2,761,194 | 1,884,829 | 1,861,144 | 2,999,799 | 1,884,829 |
Capital in excess of par [Member] | ||||||
Beginning balance | $ 54,480 | $ 42,966 | $ 54,480 | $ 42,966 | ||
Issuance of common shares | $ 5,000 | 11,499 | $ 400 | 2,280 | ||
Stock issued in connection with dividend reinvestment plan | 216 | 213 | 189 | 677 | ||
Ending balance | 71,408 | 66,192 | 46,512 | 45,923 | 71,408 | 46,512 |
Total distributable earnings [Member] | ||||||
Beginning balance | (5,710) | 797 | (5,710) | 797 | ||
Net investment income | 931 | 854 | 584 | 558 | ||
Net realized gain (loss) on investments | 138 | 51 | (81) | (27) | ||
Net change in unrealized depreciation on investments and derivatives | 698 | (624) | (1,653) | (380) | ||
Distributions declared and payable to stockholders | (927) | (853) | (582) | (546) | ||
Ending balance | $ (5,442) | $ (6,282) | $ 1,330 | $ 402 | $ (5,442) | $ 1,330 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities: | ||
Net increase in net assets resulting from operations | $ 2,048 | $ (999) |
Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: | ||
Net realized gain (loss) on investments | 189 | (108) |
Net change in unrealized depreciation on investments | (129) | 2,034 |
Net change in unrealized appreciation on derivatives | 55 | (1) |
Net accretion of discount on investments | (322) | (155) |
Amortization of deferred financing costs | 55 | 55 |
Payment-in-kind interest income | (278) | (30) |
Sales and repayments of investments | 6,703 | 19,549 |
Purchases of investments | (33,856) | (24,466) |
(Increase) decrease in operating assets: | ||
Receivable for unsettled trades | (671) | 7,044 |
Interest and dividends receivable | (462) | 173 |
Prepaid expenses | (50) | 78 |
Other Assets | (3,332) | |
Increase (decrease) in operating liabilities: | ||
Payable for unsettled trades | 939 | (4,315) |
Due to affiliate | 474 | 541 |
Management fees payable | 55 | 8 |
Incentive fees payable | 78 | (809) |
Interest expense payable | 258 | 111 |
Directors' fees payable | (75) | (38) |
Accounts payable and accrued expenses | (16) | (199) |
Net cash used in operating activities | (25,383) | (4,643) |
Financing activities: | ||
Proceeds from issuance of shares of common stock | 16,500 | 2,680 |
Stockholder distributions paid | (1,351) | (2,180) |
Proceeds from debt | 10,000 | |
Net cash provided by financing activities | 25,149 | 500 |
Net decrease in restricted and unrestricted cash | (234) | (4,143) |
Cash and restricted cash at beginning of year | 7,949 | 15,790 |
Cash and restricted cash at end of period | 7,715 | 11,647 |
Reconciliation of cash and restricted cash | ||
Cash | 2,028 | 749 |
Restricted Cash | 5,687 | 10,898 |
Total cash and restricted cash | 7,715 | 11,647 |
Supplemental information: | ||
Interest paid during the period | 2,550 | 1,004 |
Supplemental disclosure of non-cash information: | ||
Reinvestment of dividends | $ 429 | $ 866 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | ||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5% | 5% | |||
Investment, interest rate, paid in kind | 8% | 8% | |||
Amortized cost | $ 134,098,000 | $ 106,156,000 | |||
Fair Value | 128,488,000 | 100,417,000 | |||
Investment, Identifier [Axis]: Equity/Other - 4.2%, Advantage Capital Holdings LLC | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | [1],[2] | 1,176,000 | |||
Investment, Identifier [Axis]: Equity/Other - 4.2%, American Academy Holdings Common | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | [1],[2] | 86,000 | |||
Investment, Identifier [Axis]: Equity/Other - 4.2%, American Academy Holdings Preferred | |||||
Schedule of Investments [Line Items] | |||||
Par / Shares | [1],[2] | 45,000 | |||
Fair Value | [1],[2] | 52,000 | |||
Investment, Identifier [Axis]: Equity/Other - 4.2%, Aperture Dodge 18 | |||||
Schedule of Investments [Line Items] | |||||
Par / Shares | [1],[2],[3] | 508,000 | |||
Amortized cost | [1],[2],[3],[4],[5] | 508,000 | |||
Fair Value | [1],[2],[3] | 508,000 | |||
Investment, Identifier [Axis]: Equity/Other - 4.2%, Great Lakes II Funding LLC | |||||
Schedule of Investments [Line Items] | |||||
Par / Shares | [1],[2] | 83,000 | |||
Amortized cost | [1],[2],[4],[5] | 83,000 | |||
Fair Value | [1],[2] | 80,000 | |||
Investment, Identifier [Axis]: Equity/Other - 4.2%, Green Park M-1 Series - One | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | [1],[2],[4],[5] | 34,000 | |||
Fair Value | [1],[2] | 34,000 | |||
Investment, Identifier [Axis]: Equity/Other - 4.2%, GreenPark Infrastructure A Series | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | [1],[2],[4],[5] | 100,000 | |||
Fair Value | [1],[2] | 100,000 | |||
Investment, Identifier [Axis]: Forward Contracts, Security Halsey Point CLO II Ltd., Class E Put, Counterparty Advantage Capital Holdings, LLC, Settlement 7/20/2031 | |||||
Schedule of Investments [Line Items] | |||||
Par / Shares | $ 333,000 | ||||
Settlement date | Jul. 20, 2031 | ||||
Unrealized appreciation | $ 0 | ||||
Investment, Identifier [Axis]: Forward Contracts, Security Halsey Point CLO II Ltd., Class E Put, Counterparty Advantage Capital Holdings, LLC, Settlement Date 7/20/2031 | |||||
Schedule of Investments [Line Items] | |||||
Settlement date | Jul. 20, 2031 | ||||
Unrealized appreciation | $ 0 | ||||
Investment, Identifier [Axis]: Forward Contracts, Security Halsey Point CLO II Ltd., Class Subordinated Notes, Counterparty Advantage Capital Holdings, LLC, Settlement 7/20/2031 | |||||
Schedule of Investments [Line Items] | |||||
Par / Shares | $ 333,000 | $ 333,000 | |||
Settlement date | Jul. 20, 2031 | Jul. 20, 2031 | |||
Unrealized appreciation | $ 0 | $ 55,000 | |||
Investment, Identifier [Axis]: Forward Contracts, Security Halsey Point CLO II Ltd., Class Subordinated Notes, Counterparty Advantage Capital Holdings, LLC, Settlement Date 7/20/2031 | |||||
Schedule of Investments [Line Items] | |||||
Settlement date | Jul. 20, 2031 | ||||
Unrealized appreciation | $ 0 | ||||
Investment, Identifier [Axis]: Investment in Equity/Other - 3.3%, Advantage Capital Holdings LLC, Financials, Interest Rate 0.00%, Floor Rate 0.00% | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[9],[10],[11] | 0% | |||
Floor | [6],[7],[8],[9],[10],[11] | 0% | |||
Par / Shares | [6],[7],[8],[9],[10],[11] | $ 0 | |||
Amortized cost | [6],[7],[8],[9],[10],[11],[12],[13] | 0 | |||
Fair Value | [6],[7],[8],[9],[10],[11] | $ 1,153,000 | |||
Investment, Identifier [Axis]: Investment in Equity/Other - 3.3%, American Academy Holdings Common, Healthcare, Interest Rate 0.00%, Floor Rate 0.00% | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[9],[10],[11] | 0% | |||
Floor | [6],[7],[8],[9],[10],[11] | 0% | |||
Par / Shares | [6],[7],[8],[9],[10],[11] | $ 0 | |||
Amortized cost | [6],[7],[8],[9],[10],[11],[12],[13] | 0 | |||
Fair Value | [6],[7],[8],[9],[10],[11] | $ 135,000 | |||
Investment, Identifier [Axis]: Investment in Equity/Other - 3.3%, American Academy Holdings Preferred, Healthcare, Interest Rate 0.00%, Floor Rate 0.00% | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[9],[10],[11] | 0% | |||
Floor | [6],[7],[8],[9],[10],[11] | 0% | |||
Par / Shares | [6],[7],[8],[9],[10],[11] | $ 45,000 | |||
Amortized cost | [6],[7],[8],[9],[10],[11],[12],[13] | 0 | |||
Fair Value | [6],[7],[8],[9],[10],[11] | $ 56,000 | |||
Investment, Identifier [Axis]: Investment in Equity/Other - 3.3%, Aperture Dodge 18, Industrials, Interest Rate 0.00%, Floor Rate 0.00% | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[9],[10],[11],[14] | 0% | |||
Floor | [6],[7],[8],[9],[10],[11],[14] | 0% | |||
Par / Shares | [6],[7],[8],[9],[10],[11],[14] | $ 510,000 | |||
Amortized cost | [6],[7],[8],[9],[10],[11],[12],[13],[14] | 510,000 | |||
Fair Value | [6],[7],[8],[9],[10],[11],[14] | $ 501,000 | |||
Investment, Identifier [Axis]: Investment in Equity/Other - 3.3%, Great Lakes II Funding LLC, Financials, Interest Rate 0.00%, Floor Rate 0.00% | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[9],[10],[11] | 0% | |||
Floor | [6],[7],[8],[9],[10],[11] | 0% | |||
Amortized cost | [6],[7],[8],[9],[10],[11],[12],[13] | $ 95,000 | |||
Fair Value | [6],[7],[8],[9],[10],[11] | $ 92,000 | |||
Investment, Identifier [Axis]: Investment in Equity/Other - 3.3%, Green Park M-1 Series, Industrials, Interest Rate 0.00%, Floor Rate 0.00% | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[9],[10],[11],[14] | 0% | |||
Floor | [6],[7],[8],[9],[10],[11],[14] | 0% | |||
Par / Shares | [6],[7],[8],[9],[10],[11],[14] | $ 0 | |||
Fair Value | [6],[7],[8],[9],[10],[11],[12],[13],[14] | $ 34,000 | |||
Investment, Identifier [Axis]: Investment in Equity/Other - 3.3%, GreenPark Infrastructure A Series, Industrials, Interest Rate 0.00%, Floor Rate 0.00% | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[9],[10],[11] | 0% | |||
Floor | [6],[7],[8],[9],[10],[11] | 0% | |||
Par / Shares | [6],[7],[8],[9],[10],[11] | $ 0 | |||
Fair Value | [6],[7],[8],[9],[10],[11],[12],[13] | $ 100,000 | |||
Investment, Identifier [Axis]: Investment in Equity/Other - 3.3%, VBC Spine Opco LLC, Healthcare, Interest Rate 0.00%, Floor Rate 0.00% | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[9],[10],[11] | 0% | |||
Floor | [6],[7],[8],[9],[10],[11] | 0% | |||
Par / Shares | [6],[7],[8],[9],[10],[11] | $ 79,000 | |||
Amortized cost | [6],[7],[8],[9],[10],[11],[12],[13] | 129,000 | |||
Fair Value | [6],[7],[8],[9],[10],[11] | $ 129,000 | |||
Investment, Identifier [Axis]: Investment in Investment in Senior Secured Loan - 193.2%, Advantage Capital Holdings LLC, Financials, Interest Rate 13.00%, Reference Rate and Spread 5.00% cash / 8.00% PIK, Floor Rate 0.00%, Maturity Date 4/14/2027Senior Secured Loan - 193.2%, Advantage Capital Holdings LLC, Financials, Interest Rate 13.00%, Reference Rate and Spread L + 5.00 Cash / 8.00% PIK, Floor Rate 0.00%, Maturity Date 4/14/2027 | |||||
Schedule of Investments [Line Items] | |||||
Floor | [15],[16] | 0% | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, AG Parent Holdings , Information Technology, Interest Rate 10.19 %, Reference Rate and Spread L + 5.00% %, Floor Rate 1.00%, Maturity Date 7/30/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Jul. 30, 2026 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,008,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 981,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 982,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, ALCV Purchaser, Inc., Consumer Discretionary, Interest Rate 11.61%, Reference Rate and Spread L + 6.75%, Floor 1.00%, Maturity Date 2/26/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.61% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.75% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Feb. 26, 2026 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 2,167,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 2,148,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 2,142,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, AMCP PET HOLDINGS, INC., Consumer Staples, Interest Rate 11.56%, Reference Rate and Spread L + 6.25%, Floor Rate 1.00%, Maturity Date 10/5/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[14] | 11.56% | |||
Reference Rate and Spread | [6],[7],[8],[11],[14],[18] | 6.25% | |||
Floor | [6],[7],[8],[11],[14] | 1% | |||
Maturity | [6],[7],[8],[11],[14] | Oct. 05, 2026 | |||
Par / Shares | [6],[7],[8],[11],[14] | $ 375,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[14] | 369,000 | |||
Fair Value | [6],[7],[8],[11],[14] | $ 360,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, AMCP PET HOLDINGS, INC.1, Consumer Staples, Interest Rate 11.56%, Reference Rate and Spread L + 6.25%, Floor Rate 1.00%, Maturity Date 10/5/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 11.56% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 6.25% | |||
Floor | [6],[7],[8],[11] | 1% | |||
Maturity | [6],[7],[8],[11] | Oct. 05, 2026 | |||
Par / Shares | [6],[7],[8],[11] | $ 1,950,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 1,926,000 | |||
Fair Value | [6],[7],[8],[11] | $ 1,892,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Accordion Partners LLC ,Financials , Interest Rate 11.30%, Reference Rate and Spread S + 6.50%, Floor Rate 0.00%, Maturity Date 8/29/2023 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[14],[17],[19] | 11.30% | |||
Reference Rate and Spread | [6],[7],[8],[11],[14],[17],[18],[19] | 6.50% | |||
Floor | [6],[7],[8],[11],[14],[17],[19] | 0% | |||
Maturity | [6],[7],[8],[11],[14],[17],[19] | Aug. 29, 2023 | |||
Par / Shares | [6],[7],[8],[11],[14],[17],[19] | $ 0 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[14],[17],[19] | 36,000 | |||
Fair Value | [6],[7],[8],[11],[14],[17],[19] | $ 0 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Accordion Partners LLC ,Financials , Interest Rate 11.30%, Reference Rate and Spread S + 6.50%, Floor Rate 0.00%, Maturity Date 8/29/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.30% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.50% | |||
Floor | [6],[7],[8],[11],[17] | 0% | |||
Maturity | [6],[7],[8],[11],[17] | Aug. 29, 2029 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,600,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,553,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,600,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Accurate Background LLC , Information Technology, Interest Rate 11.19%, Reference Rate and Spread L + 6.00%, Floor Rate 0.00%, Maturity Date 3/26/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6% | |||
Floor | [6],[7],[8],[11],[17] | 0% | |||
Maturity | [6],[7],[8],[11],[17] | Mar. 26, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 496,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 460,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 476,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Accurate Background LLC , Information Technology, Interest Rate 11.19%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 3/26/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Mar. 26, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 2,947,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 2,752,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 2,829,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Advantage Capital Holdings LLC , Financials, Interest Rate 13.00%, Reference Rate and Spread NA , Floor Rate 0.00%, Maturity Date 4/14/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 13% | |||
Floor | [6],[7],[8],[11],[17] | 0% | |||
Maturity | [6],[7],[8],[11],[17] | Apr. 14, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 4,290,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 4,290,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 4,140,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, American Academy Holdings , Healthcare, Interest Rate 0.00%, Reference Rate and Spread NA , Floor Rate 0.00%, Maturity Date 3/1/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 0% | |||
Floor | [6],[7],[8],[11],[17] | 0% | |||
Maturity | [6],[7],[8],[11],[17] | Mar. 01, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,688,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,656,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,448,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, American Academy Holdings, Healthcare, Interest Rate 16.19%, Reference Rate and Spread L + 11.00% , Floor Rate 1.00%, Maturity Date 3/1/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 16.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 11% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Mar. 01, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 186,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 184,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 185,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, American Academy Holdings.1 , Healthcare, Interest Rate 16.19%, Reference Rate and Spread L + 11.00% , Floor Rate 1.00%, Maturity Date 3/1/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 16.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 11% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Mar. 01, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 936,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 928,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 933,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Ancile Solutions, Inc., Information Technology, Interest Rate 12.19%, Reference Rate and Spread L + 7.00%, Floor Rate 1.00%, Maturity Date 6/11/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 12.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 7% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Jun. 11, 2026 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,817,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,782,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,793,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Beta Plus Technologies, Inc, Information Technology, Interest Rate 10.55%, Reference Rate and Spread S + 5.75%, Floor Rate 0.00%, Maturity Date 6/29/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[14],[20] | 10.55% | |||
Reference Rate and Spread | [6],[7],[8],[11],[14],[18],[20] | 5.75% | |||
Floor | [6],[7],[8],[11],[14],[20] | 0% | |||
Maturity | [6],[7],[8],[11],[14],[20] | Jun. 29, 2029 | |||
Par / Shares | [6],[7],[8],[11],[14],[20] | $ 0 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[14],[20] | 0 | |||
Fair Value | [6],[7],[8],[11],[14],[20] | $ (22,000) | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Beta Plus Technologies, Inc.1 , Information Technology, Interest Rate 10.55%, Reference Rate and Spread S + 5.75%, Floor Rate 0.00%, Maturity Date 6/29/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.55% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5.75% | |||
Floor | [6],[7],[8],[11],[17] | 0% | |||
Maturity | [6],[7],[8],[11],[17] | Jun. 29, 2029 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 3,454,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 3,257,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 3,191,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Bracket Intermediate Holding Corp , Information Technology, Interest Rate 9.91%, Reference Rate and Spread S + 5.00%, Floor Rate 0.00%, Maturity Date 5/28/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 9.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 5% | |||
Floor | [6],[7],[8],[11],[17],[21] | 0% | |||
Maturity | [6],[7],[8],[11],[17],[21] | May 08, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 3,000,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 2,912,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 2,958,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, C. J. FOODS, INC., Consumer Staples, Interest Rate 10.86%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 3/16/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 10.86% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 6% | |||
Floor | [6],[7],[8],[11],[17],[21] | 1% | |||
Maturity | [6],[7],[8],[11],[17],[21] | Mar. 16, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 1,710,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 1,658,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 1,701,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, C.P. Converters, Inc., 12th Amendment Acquisition Loan, Industrials, Interest Rate 11.69%, Reference Rate and Spread L + 6.50%, Floor Rate 1.00%, Maturity Date 9/30/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.69% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.50% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Sep. 30, 2024 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 398,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 397,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 396,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, C.P. Converters, Inc., Seventh Amendment Acquisition Loan, Industrials, Interest Rate 11.69%, Reference Rate and Spread L + 6.50%, Floor Rate 1.00%, Maturity Date 9/30/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.69% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.50% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Sep. 30, 2024 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,850,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,849,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,841,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, CenExcel Clinicial Research Holdings, Inc, Healthcare, Interest Rate 11.41%, Reference Rate and Spread S + 6.50%, Floor Rate 0.00%, Maturity Date 11/10/2025 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.41% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.50% | |||
Floor | [6],[7],[8],[11],[17] | 0% | |||
Maturity | [6],[7],[8],[11],[17] | Nov. 10, 2025 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 386,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 386,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 384,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Critical Nurse Staffing LLC, Healthcare, Interest Rate 11.19%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 10/30/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[14],[17] | 11.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[14],[17],[18] | 6% | |||
Floor | [6],[7],[8],[11],[14],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[14],[17] | Oct. 30, 2026 | |||
Par / Shares | $ 52,000 | ||||
Amortized cost | [6],[7],[8],[11],[12],[13],[14],[17] | 50,000 | |||
Fair Value | [6],[7],[8],[11],[14],[17] | $ 52,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Critical Nurse Staffing LLC.1 , Healthcare, Interest Rate 11.19%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 10/30/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Oct. 30, 2026 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 677,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 669,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 677,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, DRI Holdings Inc, Information Technology, Interest Rate 10.11%, Reference Rate and Spread L + 5.25%, Floor Rate 0.50%, Maturity Date 12/21/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 10.11% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 5.25% | |||
Floor | [6],[7],[8],[11],[17],[21] | 0.50% | |||
Maturity | [6],[7],[8],[11],[17],[21] | Dec. 21, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 4,952,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 4,626,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 4,477,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Datalink, LLC, Healthcare, Interest Rate 11.11%, Reference Rate and Spread L + 6.25%, Floor Rate 1.00%, Maturity Date 11/23/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.11% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.25% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Nov. 23, 2026 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 3,120,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 3,067,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 3,119,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Electro Rent Corporation, Industrials, Interest Rate 10.30%, Reference Rate and Spread S + 5.50%, Floor Rate 1.00%, Maturity Date 11/1/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.30% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5.50% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Nov. 01, 2024 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 3,235,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 3,150,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 3,176,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Elysium Infrastructure, Industrials, Interest Rate 11.66%, Reference Rate and Spread S + 6.75%, Floor Rate 0.00%, Maturity Date 7/2/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 11.66% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 6.75% | |||
Floor | [6],[7],[8],[11] | 0% | |||
Maturity | [6],[7],[8],[11] | Jul. 02, 2027 | |||
Par / Shares | [6],[7],[8],[11] | $ 1,407,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 1,366,000 | |||
Fair Value | [6],[7],[8],[11] | $ 1,364,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Florida Foods Products, LLC 1, Consumer Staples, Interest Rate 9.91%, Reference Rate and Spread S + 5.00%, Floor Rate 1.00%, Maturity Date 10/18/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 9.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 5% | |||
Floor | [6],[7],[8],[11] | 1% | |||
Maturity | [6],[7],[8],[11] | Oct. 18, 2028 | |||
Par / Shares | [6],[7],[8],[11] | $ 995,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 942,000 | |||
Fair Value | [6],[7],[8],[11] | $ 958,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Florida Foods Products, LLC, Consumer Staples, Interest Rate 9.91%, Reference Rate and Spread S + 5.00%, Floor Rate 1.00%, Maturity Date 10/18/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 9.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 5% | |||
Floor | [6],[7],[8],[11] | 1% | |||
Maturity | [6],[7],[8],[11] | Oct. 18, 2028 | |||
Par / Shares | [6],[7],[8],[11] | $ 1,975,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 1,944,000 | |||
Fair Value | [6],[7],[8],[11] | $ 1,901,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Grindr Capital LLC, Information Technology, Interest Rate 12.80%, Reference Rate and Spread S + 8.00%, Floor Rate 1.50%, Maturity Date 11/15/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 12.80% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 8% | |||
Floor | [6],[7],[8],[11] | 1.50% | |||
Maturity | [6],[7],[8],[11] | Nov. 15, 2027 | |||
Par / Shares | [6],[7],[8],[11] | $ 1,974,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 1,974,000 | |||
Fair Value | [6],[7],[8],[11] | $ 1,958,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, H-CA II T/L, Financials, Interest Rate 16.00%, Reference Rate and Spread NA, Floor Rate 0.00%, Maturity Date 2/16/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 16% | |||
Floor | [6],[7],[8],[11] | 0% | |||
Maturity | [6],[7],[8],[11] | Feb. 16, 2024 | |||
Par / Shares | [6],[7],[8],[11] | $ 1,940,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 1,940,000 | |||
Fair Value | [6],[7],[8],[11] | $ 1,940,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, H.W. Lochner T/L (Elysium Infrastructure), Industrials, Interest Rate 10.66%, Reference Rate and Spread S + 5.75%, Floor Rate 1.00%, Maturity Date 7/2/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 10.66% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 5.75% | |||
Floor | [6],[7],[8],[11] | 1% | |||
Maturity | [6],[7],[8],[11] | Jul. 02, 2027 | |||
Par / Shares | [6],[7],[8],[11] | $ 2,948,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 2,906,000 | |||
Fair Value | [6],[7],[8],[11] | $ 2,856,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Idera, Inc., Information Technology, Interest Rate 12.06%, Reference Rate and Spread L + 6.75%, Floor Rate 0.75%, Maturity Date 2/5/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 12.06% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 6.75% | |||
Floor | [6],[7],[8],[11] | 0.75% | |||
Maturity | [6],[7],[8],[11] | Feb. 05, 2029 | |||
Par / Shares | [6],[7],[8],[11] | $ 4,000,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 3,974,000 | |||
Fair Value | [6],[7],[8],[11] | $ 3,770,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Inmar, Inc., Information Technology, Interest Rate 10.41%, Reference Rate and Spread S + 5.50%, Floor Rate 1.00%, Maturity Date 5/1/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 10.41% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 5.50% | |||
Floor | [6],[7],[8],[11] | 1% | |||
Maturity | [6],[7],[8],[11] | May 01, 2026 | |||
Par / Shares | [6],[7],[8],[11] | $ 2,000,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 1,930,000 | |||
Fair Value | [6],[7],[8],[11] | $ 1,930,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Ivanti Software, Inc., Information Technology, Interest Rate 9.44%, Reference Rate and Spread L + 4.25%, Floor Rate 0.75%, Maturity Date 12/1/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 9.44% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 4.25% | |||
Floor | [6],[7],[8],[11],[17],[21] | 0.75% | |||
Maturity | [6],[7],[8],[11],[17],[21] | Dec. 01, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 997,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 804,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 845,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Ivanti Software, Inc., Information Technology, Interest Rate 9.44%, Reference Rate and Spread L + 4.25%, Floor Rate 1.00%, Maturity Date 12/1/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 9.44% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 4.25% | |||
Floor | [6],[7],[8],[11],[17],[21] | 1% | |||
Maturity | [6],[7],[8],[11],[17],[21] | Dec. 01, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 4,000,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 3,909,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 2,655,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, KL Charlie Acquisition 1, Healthcare, Interest Rate 11.55%, Reference Rate and Spread S + 6.75%, Floor Rate 1.00%, Maturity Date 12/30/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.55% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.75% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 30, 2026 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,259,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,237,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,256,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, KL Charlie Acquisition, Healthcare, Interest Rate 11.55%, Reference Rate and Spread S + 6.75%, Floor Rate 1.00%, Maturity Date 12/30/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.55% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.75% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 30, 2026 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,615,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,586,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,611,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Lucky Bucks T/L (7/21), Gaming, Interest Rate 10.81%, Reference Rate and Spread L + 5.50%, Floor Rate 0.75%, Maturity Date 7/21/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[14],[17] | 10.81% | |||
Reference Rate and Spread | [6],[7],[8],[11],[14],[17],[18] | 5.50% | |||
Floor | [6],[7],[8],[11],[14],[17] | 0.75% | |||
Maturity | [6],[7],[8],[11],[14],[17] | Jul. 21, 2027 | |||
Par / Shares | [6],[7],[8],[11],[14],[17] | $ 3,990,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[14],[17] | 3,935,000 | |||
Fair Value | [6],[7],[8],[11],[14],[17] | $ 1,125,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, MAG DS CORP., Industrials, Interest Rate 10.69%, Reference Rate and Spread L + 5.50%, Floor Rate 1.00%, Maturity Date 4/1/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.69% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5.50% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Apr. 01, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 2,763,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 2,676,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 2,623,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, MSM Acquisitions, Inc. 1, Information Technology, Interest Rate 11.19%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 12/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 09, 2026 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,149,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,149,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,105,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, MSM Acquisitions, Inc., Information Technology, Interest Rate 11.19%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 12/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 09, 2026 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 2,753,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 2,733,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 2,650,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Money Transfer Acquisition, Inc, Financials, Interest Rate 13.05%, Reference Rate and Spread S + 8.25%, Floor Rate 1.00%, Maturity Date 12/14/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 13.05% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 8.25% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 14, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 3,950,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 3,868,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 3,858,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Monroe Engineering Group, Industrials, Interest Rate 11.55%, Reference Rate and Spread S + 6.75%, Floor Rate 0.00%, Maturity Date 12/20/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.55% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.75% | |||
Floor | [6],[7],[8],[11],[17] | 0% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 20, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,995,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,937,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,995,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Monroe Engineering Group, Information Technology, Interest Rate 10.30%, Reference Rate and Spread S + 5.50%, Floor Rate 1.00%, Maturity Date 12/20/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[14] | 10.30% | |||
Reference Rate and Spread | [6],[7],[8],[11],[14],[18] | 5.50% | |||
Floor | [6],[7],[8],[11],[14] | 1% | |||
Maturity | [6],[7],[8],[11],[14] | Dec. 20, 2028 | |||
Par / Shares | [6],[7],[8],[11],[14] | $ 1,450,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[14] | 1,450,000 | |||
Fair Value | [6],[7],[8],[11],[14] | $ 1,450,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, NAVIGA INC. 1, Information Technology, Interest Rate 11.91%, Reference Rate and Spread S + 7.00%, Floor Rate 1.00%, Maturity Date 12/29/2023 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 7% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 29, 2023 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,980,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,976,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,953,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, NAVIGA INC., Information Technology, Interest Rate 11.91%, Reference Rate and Spread S + 7.00%, Floor Rate 1.00%, Maturity Date 12/29/2023 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 7% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 29, 2023 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,866,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,858,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,840,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, NAVIGA INC., Information Technology, Interest Rate 11.91%, Reference Rate and Spread S + 7.00%, Floor Rate 1.60%, Maturity Date 12/29/2023 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 7% | |||
Floor | [6],[7],[8],[11],[17] | 1.60% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 29, 2023 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 206,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 206,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 204,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Neptune Bidco US Inc, Communication Services, Interest Rate 9.80%., Reference Rate and Spread S + 5.00%, Floor Rate 0.00%, Maturity Date 4/11/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 9.80% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5% | |||
Floor | [6],[7],[8],[11],[17] | 0% | |||
Maturity | [6],[7],[8],[11],[17] | Apr. 11, 2029 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 5,000,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 4,540,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 4,419,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, PhyNet Dermatology LLC 1, Healthcare, Interest Rate 11.41%, Reference Rate and Spread S + 6.50%, Floor Rate 0.75%, Maturity Date 8/16/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 11.41% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 6.50% | |||
Floor | [6],[7],[8],[11] | 0.75% | |||
Maturity | [6],[7],[8],[11] | Aug. 16, 2024 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | $ 14,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, PhyNet Dermatology LLC, Healthcare, Interest Rate 11.41%, Reference Rate and Spread S + 6.50%, Floor Rate 0.75%, Maturity Date 8/16/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 11.41% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 6.50% | |||
Floor | [6],[7],[8],[11] | 0.75% | |||
Maturity | [6],[7],[8],[11] | Aug. 16, 2024 | |||
Par / Shares | [6],[7],[8],[11] | $ 1,966,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 1,912,000 | |||
Fair Value | [6],[7],[8],[11] | $ 1,966,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Premier Imaging, LLC 1, Healthcare, Interest Rate 10.61%, Reference Rate and Spread L + 5.75%, Floor Rate 1.00%, Maturity Date 1/2/2025 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[14],[20] | 10.61% | |||
Reference Rate and Spread | [6],[7],[8],[11],[14],[18],[20] | 5.75% | |||
Floor | [6],[7],[8],[11],[14],[20] | 1% | |||
Maturity | [6],[7],[8],[11],[14],[20] | Jan. 02, 2025 | |||
Par / Shares | [6],[7],[8],[11],[14],[20] | $ 26,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[14],[20] | 25,000 | |||
Fair Value | [6],[7],[8],[11],[14],[20] | $ 24,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Premier Imaging, LLC 2, Healthcare, Interest Rate 10.61%, Reference Rate and Spread L + 5.75%, Floor Rate 1.00%, Maturity Date 1/2/2025 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.61% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5.75% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Jan. 02, 2025 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 962,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 960,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 945,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Premier Imaging, LLC 3, Healthcare, Interest Rate 10.61%, Reference Rate and Spread L + 5.75%, Floor Rate 1.00%, Maturity Date 1/2/2025 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.61% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5.75% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Jan. 02, 2025 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 937,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 935,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 921,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Premier Imaging, LLC 4, Healthcare, Interest Rate 10.61%, Reference Rate and Spread L + 5.75%, Floor Rate 1.00%, Maturity Date 1/2/2025 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.61% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5.75% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Jan. 02, 2025 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,763,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,756,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,732,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Premier Imaging, LLC, Healthcare, Interest Rate 10.61%, Reference Rate and Spread L + 5.75%, Floor Rate 0.00%, Maturity Date 12/29/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.61% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5.75% | |||
Floor | [6],[7],[8],[11],[17] | 0% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 29, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 95,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 94,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 93,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Priority Holdings, LLC, Information Technology, Interest Rate 12.06%, Reference Rate and Spread L + 6.75%, Floor Rate 1.00%, Maturity Date 4/27/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 12.06% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.75% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Apr. 27, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,988,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,984,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,965,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Project Castle T/L, Information Technology, Interest Rate 10.41%, Reference Rate and Spread S + 5.50%, Floor Rate 1.00%, Maturity Date 6/29/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.41% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5.50% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Jun. 29, 2029 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 4,967,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 4,481,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 4,235,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Project Leopard Holdings Company Inc, Information Technology, Interest Rate 10.15%, Reference Rate and Spread S + 5.35%, Floor Rate 1.00%, Maturity Date 7/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 10.15% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 5.35% | |||
Floor | [6],[7],[8],[11],[17],[21] | 1% | |||
Maturity | [6],[7],[8],[11],[17],[21] | Jul. 20, 2029 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 3,980,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 3,727,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 3,647,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, RN Enterprises, LLC 1, Healthcare, Interest Rate 11.30%, Reference Rate and Spread S + 6.50%, Floor Rate 1.00%, Maturity Date 12/23/2025 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.30% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.50% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 23, 2025 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 500,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 487,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 492,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, RN Enterprises, LLC, Healthcare, Interest Rate 11.30%, Reference Rate and Spread S + 6.50%, Floor Rate 1.00%, Maturity Date 12/23/2025 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.30% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6.50% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Dec. 23, 2025 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 977,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 961,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 962,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, RSA Security, LLC, Information Technology, Interest Rate 12.94%, Reference Rate and Spread L + 7.75%, Floor Rate 0.75%, Maturity Date 4/27/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 12.94% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 7.75% | |||
Floor | [6],[7],[8],[11],[17],[21] | 0.75% | |||
Maturity | [6],[7],[8],[11],[17],[21] | Apr. 27, 2029 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 4,000,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 3,944,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 2,527,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Reception Purchaser, LLC, Transportation, Interest Rate 10.80%, Reference Rate and Spread S + 6.00%, Floor Rate 1.50%, Maturity Date 5/31/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.80% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6% | |||
Floor | [6],[7],[8],[11],[17] | 1.50% | |||
Maturity | [6],[7],[8],[11],[17] | May 31, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 1,975,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,949,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,928,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, San Vicente Capital LLC, Information Technology, Interest Rate 13.19%, Reference Rate and Spread L + 8.00%, Floor Rate 1.50%, Maturity Date 11/15/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 13.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 8% | |||
Floor | [6],[7],[8],[11],[17] | 1.50% | |||
Maturity | [6],[7],[8],[11],[17] | Nov. 15, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 2,001,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 1,980,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 1,985,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Symplr Software Inc, Information Technology, Interest Rate 9.30%, Reference Rate and Spread S + 4.50%, Floor Rate 0.75%, Maturity Date 12/22/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 9.30% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 4.50% | |||
Floor | [6],[7],[8],[11],[17],[21] | 0.75% | |||
Maturity | [6],[7],[8],[11],[17],[21] | Dec. 22, 2027 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 1,119,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 1,117,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 1,010,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, TLE Holdings, LLC, Consumer Discretionary, Interest Rate 11.31%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 6/28/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 11.31% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 6% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Jun. 28, 2024 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 962,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 961,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 959,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Tank Holding Corp DDTL, Industrials, Interest Rate 10.91%, Reference Rate and Spread S + 6.00%, Floor Rate 0.75%, Maturity Date 3/31/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[14],[17],[21] | 10.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[14],[17],[18],[21] | 6% | |||
Floor | [6],[7],[8],[11],[14],[17],[21] | 0.75% | |||
Maturity | [6],[7],[8],[11],[14],[17],[21] | Mar. 31, 2028 | |||
Par / Shares | [6],[7],[8],[11],[14],[17],[21] | $ 0 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[14],[17],[21] | 9,000 | |||
Fair Value | [6],[7],[8],[11],[14],[17],[21] | $ (9,000) | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Tank Holdings Corp Revolver, Industrials, Interest Rate 10.66%, Reference Rate and Spread S + 5.75%, Floor Rate 1.00%, Maturity Date 3/31/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[14],[17],[21] | 10.66% | |||
Reference Rate and Spread | [6],[7],[8],[11],[14],[17],[18],[21] | 5.75% | |||
Floor | [6],[7],[8],[11],[14],[17],[21] | 1% | |||
Maturity | [6],[7],[8],[11],[14],[17],[21] | Mar. 31, 2028 | |||
Par / Shares | [6],[7],[8],[11],[14],[17],[21] | $ 43,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[14],[17],[21] | 40,000 | |||
Fair Value | [6],[7],[8],[11],[14],[17],[21] | $ 41,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Tank Holdings Corp, Industrials, Interest Rate 10.66%, Reference Rate and Spread S + 5.75%, Floor Rate 1.00%, Maturity Date 3/31/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 10.66% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 5.75% | |||
Floor | [6],[7],[8],[11],[17],[21] | 1% | |||
Maturity | [6],[7],[8],[11],[17],[21] | Mar. 31, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 3,942,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 3,757,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 3,806,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Tank Holdings Corp, Industrials, Interest Rate 10.91%, Reference Rate and Spread S + 6.00%, Floor Rate 0.75%, Maturity Date 3/31/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[21] | 10.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[21] | 6% | |||
Floor | [6],[7],[8],[11],[17],[21] | 0.75% | |||
Maturity | [6],[7],[8],[11],[17],[21] | Mar. 31, 2028 | |||
Par / Shares | [6],[7],[8],[11],[17],[21] | $ 698,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[21] | 678,000 | |||
Fair Value | [6],[7],[8],[11],[17],[21] | $ 672,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, VBC Spine Opco LLC 1, Healthcare, Interest Rate 12.91%, Reference Rate and Spread S + 8.00%, Floor Rate 1.00%, Maturity Date 6/13/2030 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 12.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 8% | |||
Floor | [6],[7],[8],[11] | 1% | |||
Maturity | [6],[7],[8],[11] | Jun. 13, 2030 | |||
Par / Shares | [6],[7],[8],[11] | $ 0 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 4,000 | |||
Fair Value | [6],[7],[8],[11] | $ (4,000) | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, VBC Spine Opco LLC 2, Healthcare, Interest Rate 12.91%, Reference Rate and Spread S + 8.00%, Floor Rate 1.00%, Maturity Date 6/13/2030 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 12.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 8% | |||
Floor | [6],[7],[8],[11] | 1% | |||
Maturity | [6],[7],[8],[11] | Jun. 13, 2030 | |||
Par / Shares | [6],[7],[8],[11] | $ 2,387,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 2,316,000 | |||
Fair Value | [6],[7],[8],[11] | $ 2,339,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, VBC Spine Opco LLC, Healthcare, Interest Rate 12.91%, Reference Rate and Spread S + 8.00%, Floor Rate 1.00%, Maturity Date 6/13/2030 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11] | 12.91% | |||
Reference Rate and Spread | [6],[7],[8],[11],[18] | 8% | |||
Floor | [6],[7],[8],[11] | 1% | |||
Maturity | [6],[7],[8],[11] | Jun. 13, 2030 | |||
Par / Shares | [6],[7],[8],[11] | $ 0 | |||
Amortized cost | [6],[7],[8],[11],[12],[13] | 26,000 | |||
Fair Value | [6],[7],[8],[11] | $ (26,000) | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Virgin Pulse, Inc., Information Technology, Interest Rate 12.44%, Reference Rate and Spread L + 7.25%, Floor Rate 0.75%, Maturity Date 4/6/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 12.44% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 7.25% | |||
Floor | [6],[7],[8],[11],[17] | 0.75% | |||
Maturity | [6],[7],[8],[11],[17] | Apr. 06, 2029 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 3,000,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 2,978,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 2,794,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 185.8%, Wonder Love Inc, Communication Services, Interest Rate 10.19%, Reference Rate and Spread L + 5.00%, Floor Rate 1.00%, Maturity Date 11/18/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17] | 10.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18] | 5% | |||
Floor | [6],[7],[8],[11],[17] | 1% | |||
Maturity | [6],[7],[8],[11],[17] | Nov. 18, 2024 | |||
Par / Shares | [6],[7],[8],[11],[17] | $ 550,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17] | 547,000 | |||
Fair Value | [6],[7],[8],[11],[17] | $ 550,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, ALCV Purchaser, Inc., Consumer Discretionary, Interest Rate 11.15%, Reference Rate and Spread L + 6.75%, Floor Rate 1.00%, Maturity Date 2/26/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.15% | |||
Reference Rate and Spread | [16],[22] | 6.75% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Feb. 26, 2026 | |||
Par / Shares | [16] | $ 2,333,000 | |||
Amortized cost | [4],[5],[16] | 2,309,000 | |||
Fair Value | [16] | $ 2,310,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, AMCP PET HOLDINGS, INC., Consumer Staples, Interest Rate 11.39%, Reference Rate and Spread L + 6.25%, Floor Rate 1.00%, Maturity Date 10/5/2026 - One | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.39% | |||
Reference Rate and Spread | [16],[22] | 6.25% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Oct. 05, 2026 | |||
Par / Shares | [16] | $ 500,000 | |||
Amortized cost | [4],[5],[16] | 494,000 | |||
Fair Value | [16] | $ 484,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, AMCP PET HOLDINGS, INC., Consumer Staples, Interest Rate 11.39%, Reference Rate and Spread L + 6.25%, Floor Rate 1.00%, Maturity Date 10/5/2026 - Two | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.39% | |||
Reference Rate and Spread | [16],[22] | 6.25% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Oct. 05, 2026 | |||
Par / Shares | [16] | $ 1,960,000 | |||
Amortized cost | [4],[5],[16] | 1,933,000 | |||
Fair Value | [16] | $ 1,896,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Accurate Background LLC, Information Technology, Interest Rate 10.77%, Reference Rate and Spread L + 6.00%, Floor Rate 0.00%, Maturity Date 3/26/2027- Two | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.77% | |||
Reference Rate and Spread | [16],[22] | 6% | |||
Floor | [16] | 0% | |||
Maturity | [16] | Mar. 26, 2027 | |||
Par / Shares | [16] | $ 499,000 | |||
Amortized cost | [4],[5],[16] | 459,000 | |||
Fair Value | [16] | $ 481,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Accurate Background LLC, Information Technology, Interest Rate 10.77%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 3/26/2027 - One | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.77% | |||
Reference Rate and Spread | [16],[22] | 6% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Mar. 26, 2027 | |||
Par / Shares | [16] | $ 2,962,000 | |||
Amortized cost | [4],[5],[16] | 2,746,000 | |||
Fair Value | [16] | $ 2,858,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Advantage Capital Holdings LLC, Financials, Interest Rate 13.00%, Reference Rate and Spread 5.00% cash / 8.00% PIK, Floor Rate 0.00%, Maturity Date 4/14/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [15],[16] | 13% | |||
Reference Rate and Spread | [16],[22] | 5% | |||
Investment, interest rate, paid in kind | [16],[22] | 8% | |||
Maturity | [15],[16] | Apr. 14, 2027 | |||
Par / Shares | [15],[16] | $ 4,184,000 | |||
Amortized cost | [4],[5],[15],[16] | 4,184,000 | |||
Fair Value | [15],[16] | $ 4,064,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, American Academy Holdings, Healthcare, Interest Rate 12.00%, Reference Rate and Spread N/A , Floor Rate 0.00%, Maturity Date 1/1/2025 - Three | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 12% | |||
Floor | [16] | 0% | |||
Maturity | [16] | Jan. 01, 2025 | |||
Par / Shares | [16] | $ 1,573,000 | |||
Amortized cost | [4],[5],[16] | 1,536,000 | |||
Fair Value | [16] | $ 1,278,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, American Academy Holdings, Healthcare, Interest Rate 15.38%, Reference Rate and Spread L + 4.75 Cash / 6.25% PIK, Floor Rate 1.00%, Maturity Date 1/1/2025 - One | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 15.38% | |||
Reference Rate and Spread | [16],[22] | 4.75% | |||
Investment, interest rate, paid in kind | [16],[22] | 6.25% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Jan. 01, 2025 | |||
Par / Shares | [16] | $ 182,000 | |||
Amortized cost | [4],[5],[16] | 181,000 | |||
Fair Value | [16] | $ 179,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, American Academy Holdings, Healthcare, Interest Rate 15.38%, Reference Rate and Spread L + 4.75 Cash / 6.25% PIK, Floor Rate 1.00%, Maturity Date 1/1/2025 - Two | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 15.38% | |||
Reference Rate and Spread | [16],[22] | 4.75% | |||
Investment, interest rate, paid in kind | [16],[22] | 6.25% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Jan. 01, 2025 | |||
Par / Shares | [16] | $ 918,000 | |||
Amortized cost | [4],[5],[16] | 910,000 | |||
Fair Value | [16] | $ 901,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Ancile Solutions, Inc., Information Technology, Interest Rate 11.77%, Reference Rate and Spread L + 7.00%, Floor Rate 1.00%, Maturity Date 6/11/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.77% | |||
Reference Rate and Spread | [16],[22] | 7% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Jun. 11, 2026 | |||
Par / Shares | [16] | $ 1,915,000 | |||
Amortized cost | [4],[5],[16] | 1,871,000 | |||
Fair Value | [16] | $ 1,876,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Beta Plus Technologies, Inc, Information Technology, Interest Rate 8.87%, Reference Rate and Spread S + 4.75% , Floor Rate 0.00%, Maturity Date 6/29/2029 - One | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[23],[24] | 8.87% | |||
Reference Rate and Spread | [3],[22],[23],[24] | 4.75% | |||
Floor | [3],[23],[24] | 0% | |||
Maturity | [3],[23],[24] | Jun. 29, 2029 | |||
Par / Shares | [3],[23],[24] | $ 525,000 | |||
Fair Value | [3],[23],[24] | $ (21,000) | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Beta Plus Technologies, Inc, Information Technology, Interest Rate 8.87%, Reference Rate and Spread S + 4.75% , Floor Rate 0.00%, Maturity Date 6/29/2029 - Two | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 8.87% | |||
Reference Rate and Spread | [16],[22] | 4.75% | |||
Floor | [16] | 0% | |||
Maturity | [16] | Jun. 29, 2029 | |||
Par / Shares | [16] | $ 3,472,000 | |||
Amortized cost | [4],[5],[16] | 3,405,000 | |||
Fair Value | [16] | $ 3,385,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, C. J. FOODS, INC., Consumer Staples, Interest Rate 10.40%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 3/16/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16],[25] | 10.40% | |||
Reference Rate and Spread | [16],[22],[25] | 6% | |||
Floor | [16],[25] | 1% | |||
Maturity | [16],[25] | Mar. 16, 2027 | |||
Par / Shares | [16],[25] | $ 1,724,000 | |||
Amortized cost | [4],[5],[16],[25] | 1,665,000 | |||
Fair Value | [16],[25] | $ 1,700,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, C.P. Converters, Inc., Seventh Amendment Acquisition Loan, Industrials, Interest Rate 11.27%, Reference Rate and Spread L + 6.50%, Floor Rate 1.00%, Maturity Date 6/18/2023 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.27% | |||
Reference Rate and Spread | [16],[22] | 6.50% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Jun. 18, 2023 | |||
Par / Shares | [16] | $ 1,875,000 | |||
Amortized cost | [4],[5],[16] | 1,867,000 | |||
Fair Value | [16] | $ 1,858,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, CenExcel Clinicial Research Holdings, Inc, Healthcare, Interest Rate 11.09%, Reference Rate and Spread S + 6.50%, Floor Rate 0.00%, Maturity Date 11/10/2025 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.09% | |||
Reference Rate and Spread | [16],[22] | 6.50% | |||
Floor | [16] | 0% | |||
Maturity | [16] | Nov. 10, 2025 | |||
Par / Shares | [16] | $ 432,000 | |||
Amortized cost | [4],[5],[16] | 432,000 | |||
Fair Value | [16] | $ 429,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Critical Nurse Staffing LLC, Healthcare, Interest Rate 10.77%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 10/30/2026 - One | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.77% | |||
Reference Rate and Spread | [16],[22] | 6% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Oct. 30, 2026 | |||
Par / Shares | [16] | $ 310,000 | |||
Amortized cost | [4],[5],[16] | 50,000 | |||
Fair Value | [16] | $ 49,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Critical Nurse Staffing LLC, Healthcare, Interest Rate 10.77%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 10/30/2026 - Two | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.77% | |||
Reference Rate and Spread | [16],[22] | 6% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Oct. 30, 2026 | |||
Par / Shares | [16] | $ 680,000 | |||
Amortized cost | [4],[5],[16] | 671,000 | |||
Fair Value | [16] | $ 672,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, DRI Holdings Inc, Information Technology, Interest Rate 9.65%, Reference Rate and Spread L + 5.25%, Floor Rate 0.50%, Maturity Date 12/21/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16],[25] | 9.65% | |||
Reference Rate and Spread | [16],[22],[25] | 5.25% | |||
Floor | [16],[25] | 0.50% | |||
Maturity | [16],[25] | Dec. 21, 2028 | |||
Par / Shares | [16],[25] | $ 3,975,000 | |||
Amortized cost | [4],[5],[16],[25] | 3,719,000 | |||
Fair Value | [16],[25] | $ 3,453,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Datalink, LLC, Healthcare, Interest Rate 10.65%, Reference Rate and Spread L + 6.25%, Floor Rate 1.00%, Maturity Date 11/23/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.65% | |||
Reference Rate and Spread | [16],[22] | 6.25% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Nov. 23, 2026 | |||
Par / Shares | [16] | $ 3,137,000 | |||
Amortized cost | [4],[5],[16] | 3,076,000 | |||
Fair Value | [16] | $ 3,113,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Florida Foods Products, LLC, Consumer Staples, Interest Rate 9.59%, Reference Rate and Spread S + 5.00%, Floor Rate 1.00%, Maturity Date 10/18/2028 - One | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 9.59% | |||
Reference Rate and Spread | [16],[22] | 5% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Oct. 18, 2028 | |||
Par / Shares | [16] | $ 1,000,000 | |||
Amortized cost | [4],[5],[16] | 943,000 | |||
Fair Value | [16] | $ 964,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Florida Foods Products, LLC, Consumer Staples, Interest Rate 9.59%, Reference Rate and Spread S + 5.00%, Floor Rate 1.00%, Maturity Date 10/18/2028 - Two | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 9.59% | |||
Reference Rate and Spread | [16],[22] | 5% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Oct. 18, 2028 | |||
Par / Shares | [16] | $ 1,985,000 | |||
Amortized cost | [4],[5],[16] | 1,951,000 | |||
Fair Value | [16] | $ 1,928,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Grindr Capital LLC, Information Technology, Interest Rate 12.36%, Reference Rate and Spread S + 8.00%, Floor Rate 1.50%, Maturity Date 11/15/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 12.36% | |||
Reference Rate and Spread | [16],[22] | 8% | |||
Floor | [16] | 1.50% | |||
Maturity | [16] | Nov. 15, 2027 | |||
Par / Shares | [16] | $ 2,000,000 | |||
Amortized cost | [4],[5],[16] | 2,000,000 | |||
Fair Value | [16] | $ 1,988,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, H-CA II T/L, Financials, Interest Rate 19.00%, Reference Rate and Spread N/A, Floor Rate 0.00%, Maturity Date 2/16/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 19% | |||
Floor | [16] | 0% | |||
Maturity | [16] | Feb. 16, 2024 | |||
Par / Shares | [16] | $ 2,000,000 | |||
Amortized cost | [4],[5],[16] | 2,000,000 | |||
Fair Value | [16] | $ 2,000,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, H.W. Lochner T/L (Elysium Infrastructure), Industrials, Interest Rate 10.34%, Reference Rate and Spread S + 5.75%, Floor Rate 1.00%, Maturity Date 7/2/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16],[25] | 10.34% | |||
Reference Rate and Spread | [16],[22],[25] | 5.75% | |||
Floor | [16],[25] | 1% | |||
Maturity | [16],[25] | Jul. 02, 2027 | |||
Par / Shares | [16],[25] | $ 2,963,000 | |||
Amortized cost | [4],[5],[16],[25] | 2,915,000 | |||
Fair Value | [16],[25] | $ 2,829,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Idera, Inc., Information Technology, Interest Rate 11.89%, Reference Rate and Spread L + 6.75%, Floor Rate 0.75%, Maturity Date 2/5/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.89% | |||
Reference Rate and Spread | [16],[22] | 6.75% | |||
Floor | [16] | 0.75% | |||
Maturity | [16] | Feb. 05, 2029 | |||
Par / Shares | [16] | $ 4,000,000 | |||
Amortized cost | [4],[5],[16] | 3,970,000 | |||
Fair Value | [16] | $ 3,740,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Ivanti Software, Inc., Information Technology, Interest Rate 12.02%, Reference Rate and Spread L + 7.25%, Floor Rate 1.00%, Maturity Date 12/1/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16],[25] | 12.02% | |||
Reference Rate and Spread | [16],[22],[25] | 7.25% | |||
Floor | [16],[25] | 1% | |||
Maturity | [16],[25] | Dec. 01, 2028 | |||
Par / Shares | [16],[25] | $ 4,000,000 | |||
Amortized cost | [4],[5],[16],[25] | 3,904,000 | |||
Fair Value | [16],[25] | $ 2,340,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Lucky Bucks T/L (7/21), Gaming, Interest Rate 10.64%, Reference Rate and Spread L + 5.50%, Floor Rate 1.00%, Maturity Date 7/21/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.64% | |||
Reference Rate and Spread | [16],[22] | 5.50% | |||
Floor | [16] | 0.75% | |||
Maturity | [16] | Jul. 21, 2027 | |||
Par / Shares | [16] | $ 3,800,000 | |||
Amortized cost | [4],[5],[16] | 3,738,000 | |||
Fair Value | [16] | $ 2,239,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, MAG DS CORP., Industrials, Interest Rate 10.27%, Reference Rate and Spread L + 5.50%, Floor Rate 1.00%, Maturity Date 4/1/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.27% | |||
Reference Rate and Spread | [16],[22] | 5.50% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Apr. 01, 2027 | |||
Par / Shares | [16] | $ 2,778,000 | |||
Amortized cost | [4],[5],[16] | 2,680,000 | |||
Fair Value | [16] | $ 2,521,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, MSM Acquisitions, Inc., Information Technology, Interest Rate 10.77%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 12/9/2026 - One | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.77% | |||
Reference Rate and Spread | [16],[22] | 6% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Dec. 09, 2026 | |||
Par / Shares | [16] | $ 1,154,000 | |||
Amortized cost | [4],[5],[16] | 1,155,000 | |||
Fair Value | [16] | $ 1,124,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, MSM Acquisitions, Inc., Information Technology, Interest Rate 10.77%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 12/9/2026 - Two | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.77% | |||
Reference Rate and Spread | [16],[22] | 6% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Dec. 09, 2026 | |||
Par / Shares | [16] | $ 2,767,000 | |||
Amortized cost | [4],[5],[16] | 2,744,000 | |||
Fair Value | [16] | $ 2,695,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Marble Point T/L, Financials, Interest Rate 10.77%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 8/11/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.77% | |||
Reference Rate and Spread | [16],[22] | 6% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Aug. 11, 2028 | |||
Par / Shares | [16] | $ 925,000 | |||
Amortized cost | [4],[5],[16] | 904,000 | |||
Fair Value | [16] | $ 925,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Material Handling Systems, Inc., Information Technology, Interest Rate 10.09%, Reference Rate and Spread S + 5.50%, Floor Rate 1.00%, Maturity Date 6/29/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.09% | |||
Reference Rate and Spread | [16],[22] | 5.50% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Jun. 29, 2029 | |||
Par / Shares | [16] | $ 3,990,000 | |||
Amortized cost | [4],[5],[16] | 3,590,000 | |||
Fair Value | [16] | $ 3,471,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Money Transfer Acquisition, Inc, Financials, Interest Rate 12.61%, Reference Rate and Spread S + 8.25%, Floor Rate 1.00%, Maturity Date 12/14/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 12.61% | |||
Reference Rate and Spread | [16],[22] | 8.25% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Dec. 14, 2027 | |||
Par / Shares | [16] | $ 4,000,000 | |||
Amortized cost | [4],[5],[16] | 3,909,000 | |||
Fair Value | [16] | $ 3,920,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Monotype Imaging Holdings Corp., Incremental Tranche A-3 Term Loan, Information Technology, Interest Rate 10.27%, Reference Rate and Spread L + 5.50%, Floor Rate 1.00%, Maturity Date 10/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16],[25] | 10.27% | |||
Reference Rate and Spread | [16],[22],[25] | 5.50% | |||
Floor | [16],[25] | 1% | |||
Maturity | [16],[25] | Oct. 09, 2026 | |||
Par / Shares | [16],[25] | $ 3,856,000 | |||
Amortized cost | [4],[5],[16],[25] | 3,800,000 | |||
Fair Value | [16],[25] | $ 3,765,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, NAVIGA INC., Information Technology, Interest Rate 11.68%, Reference Rate and Spread S + 7.00%, Floor Rate 1.00%, Maturity Date 12/30/2022 - One | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.68% | |||
Reference Rate and Spread | [16],[22] | 7% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Dec. 30, 2022 | |||
Par / Shares | [16] | $ 1,991,000 | |||
Amortized cost | [4],[5],[16] | 1,981,000 | |||
Fair Value | [16] | $ 1,938,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, NAVIGA INC., Information Technology, Interest Rate 11.68%, Reference Rate and Spread S + 7.00%, Floor Rate 1.00%, Maturity Date 12/30/2022 - Three | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.68% | |||
Reference Rate and Spread | [16],[22] | 7% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Dec. 30, 2022 | |||
Par / Shares | [16] | $ 1,875,000 | |||
Amortized cost | [4],[5],[16] | 1,859,000 | |||
Fair Value | [16] | $ 1,826,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, NAVIGA INC., Information Technology, Interest Rate 11.68%, Reference Rate and Spread S + 7.00%, Floor Rate 1.60%, Maturity Date 12/29/2023 - Two | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.68% | |||
Reference Rate and Spread | [16],[22] | 7% | |||
Floor | [16] | 1.60% | |||
Maturity | [16] | Dec. 29, 2023 | |||
Par / Shares | [16] | $ 208,000 | |||
Amortized cost | [4],[5],[16] | 206,000 | |||
Fair Value | [16] | $ 202,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Neptune Bidco US Inc, Communication Services, Interest Rate 9.36%, Reference Rate and Spread S + 5.00%, Floor Rate 0.00%, Maturity Date 4/11/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 9.36% | |||
Reference Rate and Spread | [16],[22] | 5% | |||
Floor | [16] | 0% | |||
Maturity | [16] | Apr. 11, 2029 | |||
Par / Shares | [16] | $ 3,500,000 | |||
Amortized cost | [4],[5],[16] | 3,168,000 | |||
Fair Value | [16] | $ 3,137,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Premier Imaging, LLC, Healthcare, Interest Rate 10.15%, Reference Rate and Spread L + 5.75%, Floor Rate 0.00%, Maturity Date 12/29/2028 – Four | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.15% | |||
Reference Rate and Spread | [16],[22] | 5.75% | |||
Floor | [16] | 0% | |||
Maturity | [16] | Dec. 29, 2028 | |||
Par / Shares | [16] | $ 95,000 | |||
Amortized cost | [4],[5],[16] | 95,000 | |||
Fair Value | [16] | $ 94,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Premier Imaging, LLC, Healthcare, Interest Rate 10.15%, Reference Rate and Spread L + 5.75%, Floor Rate 1.00%, Maturity Date 1/2/2025 – Five | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.15% | |||
Reference Rate and Spread | [16],[22] | 5.75% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Jan. 02, 2025 | |||
Par / Shares | [16] | $ 1,769,000 | |||
Amortized cost | [4],[5],[16] | 1,759,000 | |||
Fair Value | [16] | $ 1,743,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Premier Imaging, LLC, Healthcare, Interest Rate 10.15%, Reference Rate and Spread L + 5.75%, Floor Rate 1.00%, Maturity Date 1/2/2025 – One | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [3],[23] | 10.15% | |||
Reference Rate and Spread | [3],[22],[23] | 5.75% | |||
Floor | [3],[23] | 1% | |||
Maturity | [3],[23] | Jan. 02, 2025 | |||
Par / Shares | [3],[23] | $ 90,000 | |||
Amortized cost | [3],[4],[5],[23] | 25,000 | |||
Fair Value | [3],[23] | $ 24,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Premier Imaging, LLC, Healthcare, Interest Rate 10.15%, Reference Rate and Spread L + 5.75%, Floor Rate 1.00%, Maturity Date 1/2/2025 – Three | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.15% | |||
Reference Rate and Spread | [16],[22] | 5.75% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Jan. 02, 2025 | |||
Par / Shares | [16] | $ 937,000 | |||
Amortized cost | [4],[5],[16] | 933,000 | |||
Fair Value | [16] | $ 923,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Premier Imaging, LLC, Healthcare, Interest Rate 10.15%, Reference Rate and Spread L + 5.75%, Floor Rate 1.00%, Maturity Date 1/2/2025 – Two | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.15% | |||
Reference Rate and Spread | [16],[22] | 5.75% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Jan. 02, 2025 | |||
Par / Shares | [16] | $ 966,000 | |||
Amortized cost | [4],[5],[16] | 963,000 | |||
Fair Value | [16] | $ 952,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Project Leopard Holdings Company Inc, Information Technology, Interest Rate 9.71%, Reference Rate and Spread S + 5.35%, Floor Rate 1.00%, Maturity Date 7/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16],[25] | 9.71% | |||
Reference Rate and Spread | [16],[22],[25] | 5.35% | |||
Floor | [16],[25] | 1% | |||
Maturity | [16],[25] | Jul. 20, 2029 | |||
Par / Shares | [16],[25] | $ 4,000,000 | |||
Amortized cost | [4],[5],[16],[25] | 3,733,000 | |||
Fair Value | [16],[25] | $ 3,663,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, RN Enterprises, LLC, Healthcare, Interest Rate 10.86%, Reference Rate and Spread S + 6.50%, Floor Rate 1.00%, Maturity Date 12/23/2025 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.86% | |||
Reference Rate and Spread | [16],[22] | 6.50% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Dec. 23, 2025 | |||
Par / Shares | [16] | $ 980,000 | |||
Amortized cost | [4],[5],[16] | 960,000 | |||
Fair Value | [16] | $ 960,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, RSA Security, LLC, Information Technology, Interest Rate 12.52%, Reference Rate and Spread L + 7.75%, Floor Rate 0.75%, Maturity Date 4/27/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16],[25] | 12.52% | |||
Reference Rate and Spread | [16],[22],[25] | 7.75% | |||
Floor | [16],[25] | 0.75% | |||
Maturity | [16],[25] | Apr. 27, 2029 | |||
Par / Shares | [16],[25] | $ 4,000,000 | |||
Amortized cost | [4],[5],[16],[25] | 3,939,000 | |||
Fair Value | [16],[25] | $ 2,028,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Reception Purchaser, LLC, Transportation, Interest Rate 10.36%, Reference Rate and Spread S + 6.00%, Floor Rate 1.50%, Maturity Date 5/31/2028 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 10.36% | |||
Reference Rate and Spread | [16],[22] | 6% | |||
Floor | [16] | 1.50% | |||
Maturity | [16] | May 31, 2028 | |||
Par / Shares | [16] | $ 1,990,000 | |||
Amortized cost | [4],[5],[16] | 1,962,000 | |||
Fair Value | [16] | $ 1,953,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, San Vicente Capital LLC, Information Technology, Interest Rate 12.77%, Reference Rate and Spread L + 8.00%, Floor Rate 1.50%, Maturity Date 11/15/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 12.77% | |||
Reference Rate and Spread | [16],[22] | 8% | |||
Floor | [16] | 1.50% | |||
Maturity | [16] | Nov. 15, 2027 | |||
Par / Shares | [16] | $ 2,049,000 | |||
Amortized cost | [4],[5],[16] | 2,024,000 | |||
Fair Value | [16] | $ 2,036,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Symplr Software Inc, Information Technology, Interest Rate 8.86%, Reference Rate and Spread S + 4.50%, Floor Rate 0.75%, Maturity Date 12/22/2027 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16],[25] | 8.86% | |||
Reference Rate and Spread | [16],[22],[25] | 4.50% | |||
Floor | [16],[25] | 0.75% | |||
Maturity | [16],[25] | Dec. 22, 2027 | |||
Par / Shares | [16],[25] | $ 1,125,000 | |||
Amortized cost | [4],[5],[16],[25] | 1,122,000 | |||
Fair Value | [16],[25] | $ 945,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, TLE Holdings, LLC, Consumer Discretionary, Interest Rate 11.14%, Reference Rate and Spread L + 6.00%, Floor Rate 1.00%, Maturity Date 6/28/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 11.14% | |||
Reference Rate and Spread | [16],[22] | 6% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Jun. 28, 2024 | |||
Par / Shares | [16] | $ 967,000 | |||
Amortized cost | [4],[5],[16] | 965,000 | |||
Fair Value | [16] | $ 960,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Virgin Pulse, Inc., Information Technology, Interest Rate 12.02%, Reference Rate and Spread L + 7.25%, Floor Rate 0.75%, Maturity Date 4/6/2029 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 12.02% | |||
Reference Rate and Spread | [16],[22] | 7.25% | |||
Floor | [16] | 0.75% | |||
Maturity | [16] | Apr. 06, 2029 | |||
Par / Shares | [16] | $ 3,000,000 | |||
Amortized cost | [4],[5],[16] | 2,975,000 | |||
Fair Value | [16] | $ 2,599,000 | |||
Investment, Identifier [Axis]: Investment in Senior Secured Loan - 193.2%, Wonder Love Inc, Communication Services, Interest Rate 9.77%, Reference Rate and Spread L + 5.00%, Floor Rate 1.00%, Maturity Date 11/18/2024 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16] | 9.77% | |||
Reference Rate and Spread | [16],[22] | 5% | |||
Floor | [16] | 1% | |||
Maturity | [16] | Nov. 18, 2024 | |||
Par / Shares | [16] | $ 650,000 | |||
Amortized cost | [4],[5],[16] | 645,000 | |||
Fair Value | [16] | $ 650,000 | |||
Investment, Identifier [Axis]: Investment in Structured Note - 5.7%, Churchill Middle Market CLO IV Ltd., Class E-2 Notes, Collateralized Loan Obligation - Debt Class, Interest Rate 14.19%, Reference Rate and Spread L + 9.00%, Floor Rate 0.00%, Maturity Date 1/23/2032 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [6],[7],[8],[11],[17],[26] | 14.19% | |||
Reference Rate and Spread | [6],[7],[8],[11],[17],[18],[26] | 9% | |||
Floor | [6],[7],[8],[11],[17],[26] | 0% | |||
Maturity | [6],[7],[8],[11],[17],[26] | Jan. 23, 2032 | |||
Par / Shares | [6],[7],[8],[11],[17],[26] | $ 3,900,000 | |||
Amortized cost | [6],[7],[8],[11],[12],[13],[17],[26] | 3,840,000 | |||
Fair Value | [6],[7],[8],[11],[17],[26] | 3,738,000 | |||
Investment, Identifier [Axis]: Investment in Structured Note - 8.3%, Churchill Middle Market CLO IV Ltd., Class E-2 Notes, Collateralized Loan Obligation - Debt Class, Interest Rate 13.77%, Reference Rate and Spread L + 9.00%, Floor Rate 0.00%, Maturity Date 1/23/2032 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [16],[27] | 13.77% | |||
Reference Rate and Spread | [16],[22],[27] | 9% | |||
Floor | [16],[27] | 0% | |||
Maturity | [16],[27] | Jan. 23, 2032 | |||
Par / Shares | [16],[27] | $ 3,900,000 | |||
Amortized cost | [4],[5],[16],[27] | 3,840,000 | |||
Fair Value | [16],[27] | $ 3,731,000 | |||
Investment, Identifier [Axis]: Investment in Structured Note - 8.3%, Halsey Point CLO II Ltd., Class E, Collateralized Loan Obligation - Debt Class, Interest Rate 7.77%, Reference Rate and Spread L + 3.00%, Floor Rate 0.00%, Maturity Date 7/20/2031 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [27] | 7.77% | |||
Reference Rate and Spread | [22],[27] | 3% | |||
Floor | [27] | 0% | |||
Maturity | [27] | Jul. 20, 2031 | |||
Par / Shares | [27] | $ 333,000 | |||
Amortized cost | [4],[5],[27] | 233,000 | |||
Fair Value | [27] | $ 322,000 | |||
Investment, Identifier [Axis]: Investment in Subordinated Structured Note - 0.6%, Halsey Point CLO II Ltd., Class Subordinated Notes, Collateralized Loan Obligation - Equity Class, Interest Rate 7.77%, Reference Rate and Spread L + 3.00%, Floor Rate 0.00%, Maturity Date 7/20/2031 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [27],[28] | 7.77% | |||
Reference Rate and Spread | [22],[27],[28] | 3% | |||
Floor | [27],[28] | 0% | |||
Maturity | [27],[28] | Jul. 20, 2031 | |||
Par / Shares | [27],[28] | $ 333,000 | |||
Amortized cost | [4],[5],[27],[28] | 333,000 | |||
Fair Value | [27],[28] | 281,000 | |||
Investment, Identifier [Axis]: Total Equity/Other | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | 868,000 | [6],[7],[8],[11],[12],[13] | 725,000 | [4],[5] | |
Fair Value | 2,200,000 | [6],[7],[8],[11] | 2,036,000 | ||
Investment, Identifier [Axis]: Total Forward contracts | |||||
Schedule of Investments [Line Items] | |||||
Unrealized appreciation | 0 | 55,000 | [29] | ||
Investment, Identifier [Axis]: Total Investments - 1694.8% | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | [6],[7],[8],[11],[12],[13],[26] | 134,098,000 | |||
Fair Value | [6],[7],[8],[11],[26] | 128,488,000 | |||
Investment, Identifier [Axis]: Total Investments - 206.3% | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | [4],[5] | 106,156,000 | |||
Fair Value | 100,417,000 | ||||
Investment, Identifier [Axis]: Total Senior Secured Loan | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | 129,390,000 | [6],[7],[8],[11],[12],[13] | 101,025,000 | [4],[5] | |
Fair Value | 122,550,000 | [6],[7],[8],[11] | 94,047,000 | ||
Investment, Identifier [Axis]: Total Structured Note | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | 3,840,000 | [6],[7],[8],[11],[12],[13] | 4,073,000 | [4],[5] | |
Fair Value | $ 3,738,000 | [6],[7],[8],[11] | 4,053,000 | ||
Investment, Identifier [Axis]: Total Subordinated Structured Note | |||||
Schedule of Investments [Line Items] | |||||
Amortized cost | [4],[5] | 333,000 | |||
Fair Value | $ 281,000 | ||||
[1] Non-income producing investment. Ownership of equity investments may occur through a holding company. All or a portion of this commitment was unfunded at December 31, 2022. As of December 31, 2022, the estimated cost basis of investments for U.S. federal tax purposes was $ 106,156 , resulting in estimated gross unrealized appreciation and depreciation of $ 1,766 and $( 7,499 ), respectively. The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, on debt investments using the effective interest method. All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted. Except as otherwise noted, certain of the Company’s portfolio company investments are subject to legal restrictions on sales. Non-income producing investment. Ownership of equity investments may occur through a holding company. Percentages are based on the net assets. As of June 30, 2023, the estimated cost basis of investments for U.S. federal tax purposes was $ 134,098 , resulting in estimated gross unrealized appreciation and depreciation of $ 2,029 and $( 7,639 ), respectively. The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, on debt investments using the effective interest method. All or a portion of this commitment was unfunded at June 30, 2023 . Investment bears interest at 12 % per year with such interest to be paid, at the election of the borrower in cash or paid-in kind (“PIK”) interest. To the extent that any portion of interest is in the form of PIK interest, the interest rate is increased to 13 % with a minimum of 5 % of the total interest in the form of cash interest (i.e., 5 % cash interest and 8 % PIK interest). Security, or a portion thereof, is held through Great Lakes BCPL Funding Ltd., a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the debt financing facility at Great Lakes BCPL Funding Ltd. (See Note 5 in the accompanying consolidated unaudited financial statements). Security, or a portion thereof, is held through Great Lakes BCPL Funding Ltd., a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the debt financing facility at Great Lakes BCPL Funding Ltd. (See Note 5 in the accompanying consolidated unaudited financial statements). Represents the actual interest rate for p artially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to either LIBOR ("L") or Secured Overnight Financing Rate ("SOFR" or "S") or alternate base rate (commonly known as the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 12 month, 6 month, 3 month, 2 month, or 1 month L rates. As of June 30, 2023 , rates for the 6 month, 3 month, and 1 month L are 5.31 %, 5.19 %, and 4.86 %, respectively. As of June 30, 2023 , rates for 3 months and 1 month S ("SOFR") are 4.91 % and 4.80 %. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. The date disclosed represents the commitment period of the unfunded term loan. Other than the investments noted by this footnote, the fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the "Board"). Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor of the reference to either LIBOR ("L") or Secured Overnight Financing Rate ("SOFR" or "S") or alternate base rate (commonly known as the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L loans are typically indexed to 12 month, 6 month, 3 month, 2 month, or 1 month L rates. As of December 31, 2022, rates for the 6 month, 3 month, and 1 month L are 5.14 %, 4.77 %, and 4.39 %, respectively. As of December 31, 2022, rates for 3 months and 1 month S ("SOFR") are 4.59 % and 4.36 %. The date disclosed represents the commitment period of the unfunded term loan. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. Other than the investments noted by this footnote, the fair value of each of the Company’s investments is determined in good faith using significant unobservable inputs by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company’s board of directors (the "Board"). Investments the Company has determined are not qualifying assets under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70 % of total assets. Non-qualifying assets represented 4.0 % of total assets as of June 30, 2023 . Investments the Company has determined are not qualifying assets under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70 % of total assets. Non-qualifying assets represented 4.0 % of total assets as of December 31, 2022. This investment is in the subordinated note of the collateralized loan obligation security, which is entitled to recurring distributions that are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments in debt holders and fund expenses. The current estimated yield, calculated using amortized cost, is based on the current projections of this excess cash flow taking into account assumptions made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions. The Company may sell any of the referenced securities in whole or in part to any third-party prior to the settlement date of the forward contracts without consent of the counterparty. Upon such sale to a third-party, the Company and counterparty shall have no further obligations in resp ect of that specific amount of referenced security sold. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | |||||||
London interbank offered rate , percentage | 4.86% | 4.39% | 5.19% | 4.77% | 5.31% | 5.14% | |
Secured overnight financing rate, percentage | 4.80% | 4.36% | 4.91% | 4.59% | |||
Unrealized depreciation | $ (57) | $ (57) | $ (57) | ||||
Qualifying assets, percentage | 70% | 70% | |||||
Non-qualifying assets, percentage | 4% | 4% | |||||
Investment interest rate | 12% | 12% | 12% | 12% | 12% | 12% | 12% |
Investment, Increase in Interest Rate, Paid in Kind | 13% | 13% | |||||
Investment total interest rate paid In kind | 5% | 5% | |||||
Investment, interest rate, paid in kind | 8% | 8% | 8% | 8% | 8% | 8% | 8% |
Investment, interest rate, paid in cash | 5% | 5% | 5% | 5% | 5% | 5% | 5% |
Domestic Tax Authority [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Cost basis of investments | $ 134,098 | $ 106,156 | $ 134,098 | $ 106,156 | $ 134,098 | $ 106,156 | $ 106,156 |
Unrealized appreciation | 2,029 | 1,766 | 2,029 | 1,766 | 2,029 | 1,766 | 1,766 |
Unrealized depreciation | $ (7,639) | $ (7,499) | $ (7,639) | $ (7,499) | $ (7,639) | $ (7,499) | $ (7,499) |
Organization
Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization BC Partners Lending Corporation (“BCPL” or the “Company”) is a Maryland corporation formed on December 22, 2017. 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”). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and the Company will take advantage of the extended transition period for complying with certain new or revised accounting standards provided for emerging growth companies in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”). The Company’s investment objective is to make investments that generate current income and, to a lesser extent, capital appreciation. The Company intends to invest primarily in private middle-market companies in the form of secured debt, unsecured debt, other debt and/or equity securities. In addition, to a lesser extent, the Company may invest in securities of public companies and in structured products. The Company was formed primarily to invest in the U.S. middle-market credit sector. On October 25, 2019, the Company formed a wholly-owned, special-purpose, bankruptcy-remote subsidiary, Great Lakes BCPL Funding Ltd. (“BCPL Funding”), a Cayman Islands exempted company, which holds certain of the Company’s portfolio loan investments that are used as collateral for the debt financing facility at BCPL Funding. On January 28, 2020, the Company formed a wholly-owned, bankruptcy-remote subsidiary, BCPL Sub Holdings LLC, a Delaware limited liability company, which holds the Company’s equity investment. The Company is managed by BC Partners Advisors L.P. (the “Adviser”), an affiliate of BC Partners LLP (“BC Partners”). BC Partners Management LLC (the “Administrator”), also an affiliate of BC Partners, provides administrative services necessary for the Company to operate. The Company conducts private offerings (each, a “Private Offering”) of its common stock to accredited investors in reliance on exemptions from the registration requirements of the Securities Act. At the closing of each Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase shares of the Company’s common stock up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. The Company’s initial Private Offering closed on September 26, 2019 (the “Initial Closing”). In April 2020 the Company submitted to the SEC an application for exemptive relief intended, if granted, to provide investors with liquidity options with respect to their investments in shares of the Company’s common stock. In August 2022, the SEC Staff informed the Company that it did not intend to grant the Company's application at the current time, and the Company withdrew its application. For more information on the Company's application, refer to the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2022. The Company's board of directors (the "Board") continues to consider alternative means of liquidity for the Company's stockholders, including potentially listing the shares of the Company on a national securities exchange or commencing periodic repurchase or tender offers in the future (a "Liquidity Action"). The Company will wind down its operations within ten years after the after the Initial Closing Date, unless the Board and/or stockholders determine to take a Liquidity Action. The Company’s fiscal year ends on December 31. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These consolidated financial statements reflect adjustments that in the opinion of the Company are necessary for the fair presentation of the financial position and results of operations as of and for the periods presented herein. The Company is an investment company under U.S. GAAP and therefore applies the accounting and reporting guidance applicable to investment companies. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Consolidation In accordance with U.S. GAAP guidance on consolidation, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. Segments In accordance with U.S. GAAP guidance on segment reporting, the Company has determined that its operations comprise a single reporting segment. Cash and Restricted Cash Cash consists of deposits held at a custodian bank. Restricted cash consists of deposits pledged as collateral. Cash and restricted cash are held at major financial institutions and, at times, may exceed the insured limits under applicable law. Investments Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized. Investments for which market quotations are available are typically valued at those market quotations. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt that is not publicly traded but for which there are external pricing sources available as of the valuation date is valued using independent broker-dealer, market maker quotations or independent pricing services. The valuation committee, comprised of members of the Adviser, (the “Valuation Committee”) subjects these quotes to various criteria including, but not limited to, the number and quality of quotes, the deviation among the quotes and information derived from analyzing the Company's own transactions in such investments throughout the reporting period. Generally, such investments are categorized in level 2 of the fair value hierarchy, unless the Valuation Committee determines that the quality, quantity or deviation among quotes warrants significant adjustment to the inputs utilized. The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Board remains ultimately responsible for fair value determinations under the 1940 Act and satisfies its responsibility through oversight of the valuation designee in accordance with Rule 2a-5. Investments that are not publicly traded or whose market prices are not readily available, as is expected to be the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Adviser, based on, among other things, input of independent third-party valuation firm(s). The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following: • The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the investment professionals responsible for the portfolio investment in conjunction with the Company’s portfolio management team. The Company utilizes an independent valuation firm to provide valuation on each material illiquid security at least once every trailing 12-month period; • Preliminary valuations are reviewed and discussed with management of the Adviser and investment professionals; and • The Adviser will review the valuations and determine the fair value of each investment. Valuations that are not based on readily available market quotations will be valued in good faith based on, among other things, the input of, where applicable, third parties. As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not elimited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisal, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in liquidation or restructuring. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible to the Company. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. Level 3: Significant inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments for which no external pricing sources are available as of the valuation date are included in level 3 of the fair value hierarchy. Forward Contracts The Company may enter into forward purchase contracts primarily to manage credit risk. When entering into a forward purchase contract, the Company agrees to deliver a fixed quantity of securities for an agreed-upon price on an agreed future date. Forward contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized and unrealized gains and losses of derivative instruments are included in the consolidated statements of operations. These instruments involve market risk, credit risk, or both kinds of risks. Risks arise from the possible inability of counterparties to meet the terms of their contracts and movements in fair value. The Company attempts to limit counterparty risk by only dealing with well-known counterparties. Revenue Recognition Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. Accrued interest is generally reversed when a loan is placed on non-accrual status. Payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the outstanding principal and interest. Non-accrual loans may be restored to accrual status when past due principal and interest is paid current and are likely to remain current based on management’s judgment. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Loan origination fees, original issue discount and market discount are capitalized, and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Payment-in-Kind Interest Payment-in-kind (“PIK”) interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income and generally becomes due at maturity. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash. Deferred Financing Costs Origination and other expenses related to the Company’s borrowings are recorded as deferred financing costs and amortized as part of interest expense using the straight-line method over the stated life of the debt instrument. Unamortized deferred financing costs are presented as a direct deduction to the respective debt instrument. Organization and Offering Costs Organization costs include, among other things, the cost of incorporating, including the cost of legal services and other fees pertaining to the Company’s organization. Costs associated with the organization of the Company are expensed as incurred. Offering costs include, among other things, marketing expenses and printing, legal fees, due diligence fees, and other costs in connection with the Company’s offering of shares of its common stock, including the preparation of the Company’s registration statement, and salaries and direct expenses of the Adviser’s personnel, employees of its affiliates and others while engaged in such activities. Offering costs are capitalized as deferred offering expenses and are amortized over twelve months from incurrence. Earnings per Share Basic earnings per share is calculated by dividing net income or loss attributable to common stockholders by the weighted average number of common stock outstanding during the period. Income Taxes The Company has elected to be treated for U.S. federal income tax purposes, and to qualify annually, 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 stockholders as distributions. Any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90 % of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98 % of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2 % of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any ordinary income and net capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4 % nondeductible U.S. federal excise tax on this income. 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 reserved 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. The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s consolidated financial statements. The Company’s major tax jurisdictions are U.S. federal, New York State, and foreign jurisdictions where the Company makes significant investments. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. Distributions to Common Stockholders Distributions to the Company’s stockholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and is generally based upon earnings estimated by the Adviser. Net realized capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains. The Company has adopted an “opt out” dividend reinvestment plan (“DRP”) for its stockholders. As a result, if the Company makes a cash distribution, its stockholders will have their cash distributions reinvested in additional shares of the Company’s common stock, including fractional shares as necessary, unless they specifically “opt out” of the DRP to receive the distribution in cash. Under the DRP, cash distributions to participating stockholders will be reinvested in additional shares of the Company’s common stock at a purchase price equal to the net asset value per share as of the last day of the calendar quarter immediately preceding the date such distribution was declared. The Company may distribute taxable distributions that are payable in cash or shares of its common stock at the election of each stockholder. Under certain applicable provisions of the Code and the Treasury regulations, distributions payable in cash or in shares of stock at the election of stockholders are treated as taxable distributions. The Internal Revenue Service has published guidance indicating that this rule will apply even where the total amount of cash that may be distributed is limited to no more than 20% of the total distribution. Under this guidance, if too many stockholders elect to receive their distributions in cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). If the Company decides to make any distributions consistent with this guidance that are payable in part in its stock, taxable stockholders receiving such distributions will be required to include the full amount of the distribution (whether received in cash, shares of the Company’s stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain distribution) to the extent of the Company’s current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. stockholder sells the stock it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of the Company’s stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, the Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in stock. Recent Accounting Pronouncements In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03). The accounting standard update clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions and measured at fair value in accordance with Topic 820. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the impact that adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3. Related Party Transactions Administration Agreement On April 23, 2018, the Company entered into an Administration Agreement (the “Administration Agreement”) with the Administrator. Under the terms of the Administration Agreement, the Administrator will perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company, which includes office facilities, equipment, bookkeeping and recordkeeping services and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Administration Agreement. The Company will reimburse the Administrator for services performed under the terms of the Administration Agreement. In addition, pursuant to the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to affiliates or third-parties and the Company pays or reimburses the Administrator for certain expenses incurred by any such affiliates or third-parties for work done on its behalf. The Administration Agreement had an initial term of two years from its effective date 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 outstanding voting securities of the Company, and (ii) the vote of a majority of the Company’s Board who are not parties to the Administration Agreement or “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Administration Agreement was most recently approved on March 5, 2020. The Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Administrator. No person who is an officer, director or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator (or its affiliates) to the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company). For the three months ended June 30, 2023 and 2022, the Company incurred administrative fees of $ 0.2 million and $ 0.1 million, respectively. For the six months ended June 30, 2023 and 2022 the Company incurred administrative fees of $ 0.3 million and $ 0.2 million, respectively. As of June 30, 2023 such amounts were partially offset against amounts due from the Adviser in connection with the Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”), as described below. Investment Advisory Agreement On April 23, 2018, the Company entered into an Investment Advisory Agreement with the Adviser which was amended and restated on November 7, 2018 and further amended on July 9, 2019 (as amended, the “Investment Advisory Agreement”). On August 11, 2022, the Board unanimously approved the renewal of the Investment Advisory Agreement for a period of twelve months commencing on November 7, 2022. The amendments were each approved at the time by the Company’s sole stockholder. Under the terms of the Investment Advisory Agreement, the Adviser will be responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing due diligence on potential investments, structuring its investments, monitoring its portfolio companies and providing managerial assistance to portfolio companies. Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The base management fee is payable quarterly in arrears at an annual rate of 1.00% (1.50% if an exchange listing occurs) of the Company’s average gross assets, excluding cash and cash equivalents but including assets purchased with borrowed amounts, at the end of the two most recently completed calendar quarters . The management fee for any partial month or quarter will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant month or quarter. For the three months ended June 30, 2023 and 2022, the Company incurred management fees of $ 0.3 million and $ 0.2 million respectively. For the six months ended June 30, 2023 and 2022, the Company incurred administrative fees of $ 0.6 million and $ 0.5 million, respectively. As of June 30, 2023, such amounts were partially offset against amounts due from the Adviser in connection with the Expense Support Agreement, as described below. The incentive fee consists of two parts, as follows: (i) The first component, the income incentive fee, payable at the end of each quarter in arrears, equals 100% of the pre-incentive fee net investment income in excess of a 1.50% quarterly preferred return but less than 1.76% (1.818% if an exchange listing occurs), the upper level breakpoint, and 15% (17.50% if an exchange listing occurs) of the amount of pre-incentive fee net investment income that exceeds 1.76% (1.818% if an exchange listing occurs) in any calendar quarter. For purposes of determining whether pre-incentive fee net investment income exceeds the hurdle rate, pre-incentive fee net investment income is expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter. (ii) The second component, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 15.0 % of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee for prior periods. The Company accrues, but does not pay, a capital gains incentive fee with respect to unrealized capital appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. For the three months ended June 30, 2023 and 2022, the Company incurred incentive fees of $ 0.3 million and $( 0.1 ) million. For the six months ended June 30, 2023 and 2022, the Company incurred incentive fees of $ 0.5 million and $( 0.2 ) million, respectively. The Investment Advisory Agreement was initially in effect for a period of two years from its effective date 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 outstanding voting securities of the Company, and (ii) the vote of a majority of the Company’s Board who are not parties to the Investment Advisory Agreement or “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice and, in certain circumstances, upon 120 days’ written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Adviser. The Adviser may, from time to time, pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms. Prior to the Company’s commencement of operations, the Adviser and its affiliates have incurred operating expenses on behalf of the Company in the amount of $ 1.2 million, including audit fees of $ 0.2 million, legal fees of $ 0.5 million, professional fees of $ 22.3 thousand, directors’ fees of $ 0.2 million, insurance of $ 0.2 million and other expenses of $ 62.4 thousand. The Company will have no responsibility for such costs until the Adviser submits such costs, or a portion thereof, for reimbursement. For the period ended December 31, 2019, the Company recognized operating expenses reimbursable to the Adviser of $ 1.2 million. Amounts incurred by the Adviser subsequent to the Company’s commencement of operations were offset against amounts due from the Adviser in connection with the Expense Support Agreement, as described below. For the six months ended June 30, 2023 and 2022, the Adviser paid operating expenses on behalf of the Company in the amount of $ 1.2 million and $ 0.3 million , respectively. As of June 30, 2023, such amounts were partially offset against amounts due from(to) the Adviser in connection with the Expense Support Agreement, as described below. Co-investment Exemptive Relief As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. On April 10, 2023, superseding a prior exemptive order granted on October 23, 2018, the SEC issued an order granting an application for exemptive relief to us and certain of our affiliates to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions, with other funds managed by the Adviser or its affiliates, including business development companies, registered closed-end funds, private funds, certain proprietary accounts of the Investment Adviser or its affiliates, and any future funds that are advised by the Adviser or its affiliated investment advisers. Under the terms of the exemptive order, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching with respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objectives and strategies and certain criteria established by the Board. Organization and Offering Costs Under the Investment Advisory Agreement and the Administrative Agreement, the Company, either directly or through reimbursements to the Adviser or its affiliates, is responsible for its organization and portfolio offering costs in an amount up to 1.50 % of total capital commitments. Prior to the Company’s commencement of operations, the Adviser funded the Company’s organization and offering costs in the amount of $ 1.4 million. The Company will have no responsibility for such costs until the Adviser submits such costs, or a portion thereof, for reimbursement, subject to a cap of 1.50 % of the Company’s total commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the three months ended June 30 2022 the Company accrued organization and offering costs of $ 6.0 thousand and did not recognize any organization and offering costs for the three months ended June 30, 2023. For the six months ended June 30, 2023 and 2022, the Company accrued organization and offering costs of $ 30.0 thousand and $ 40.0 thousand, respectively. Amounts due to the Adviser for the expected recoveries of organization, offering and operating expenses incurred on behalf of the Company, and amounts due from the Adviser under the Expense Support Agreement for such amounts are reflected on a net basis in amounts due to/from affiliates on the consolidated statements of assets and liabilities. Expense Support Agreement On August 22, 2019, the Company entered into the Expense Support Agreement with the Adviser, the purpose of which is to ensure that no portion of distributions made to the Company’s stockholders will be paid from the Company’s offering proceeds or borrowings (the “Distribution Objective”). Commencing with the fourth quarter of 2019 and on a quarterly basis thereafter, the Adviser will reimburse the Company for operating expenses in an amount sufficient to meet the Distribution Objective. Any payment so required to be made by the Adviser is referred to herein as an “Expense Payment.” The Adviser’s obligation to make an Expense Payment becomes a liability of the Adviser, and the right to such Expense Payment becomes an asset of the Company, no later than the last business day of the applicable calendar quarter. The Expense Payment for any calendar quarter shall, as promptly as possible, be: (i) paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or (ii) offset against amounts due from the Company to the Adviser. Pursuant to the Expense Support Agreement, “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses), and (iii) distributions paid to or otherwise earned by the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above.) Following any calendar quarter in which Available Operating Funds exceed the cumulative distributions paid to the Company’s stockholders in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating funds”), the Company shall pay such Excess Operating Funds, or a portion thereof in accordance with the stipulation below, as applicable, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter have been reimbursed or waived. Any payments required to be made by the Company pursuant to the preceding sentence are referred to herein as a “Reimbursement Payment.” The amount of the Reimbursement Payment for any calendar quarter will be equal to the lesser of (i) the Excess Operating Funds in such calendar quarter, and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to the Adviser. The Company’s obligation to make a Reimbursement Payment becomes a liability to the Company, and the right to such Reimbursement Payment becomes an asset of the Adviser, no later than the last business day of the applicable calendar quarter. The Reimbursement Payment for any calendar quarter shall, as promptly as possible, be paid by the Company to the Adviser in any combination of cash or other immediately available funds. Any Reimbursement Payments shall be deemed to have reimbursed the Adviser for Expense Payments in chronological order beginning with the oldest Expense Payment eligible for reimbursement. The Expense Support Agreement may be terminated at any time, without penalty, by the Company or the Adviser, with or without notice. The Expense Support Agreement automatically terminates in the event of (a) the termination by the Company of the Investment Advisory Agreement, or (b) the Board determines to dissolve or liquidate the Company. Upon termination of the Expense Support Agreement, the Company will be required to pay the Adviser an amount equal to all Expense Payments paid by the Adviser to the Company within three years prior to the date of such termination and that have not been previously reimbursed by the Company to the Adviser. Such repayment shall be made to the Adviser no later than 30 days after such date of termination or the date of such event, as applicable. For the three months ended June 30, 2023 and 2022, the gross Expense Reimbursement recoverable by the Adviser from the Company was $ 0.7 million and $ 0.2 million. For the six months ended June 30, 2023 and 2022, the gross Expense Payment recoverable by the Adviser from the Company was $ 1.2 million and $ 0.3 million, respectively. Quarter Ended Expense Payment (1) Reimbursement Unreimbursed (1) Eligible for Reimbursement (1) March 31, 2020 346 346 - March 31, 2023 June 30, 2020 752 752 - June 30, 2023 September 30, 2020 68 64 4 September 30, 2023 March 31, 2021 217 — 217 March 31, 2024 $ 1,383 $ 1,162 $ 221 (1) The actual date that the estimated Expense Payment is eligible for reimbursement will be determined when such Expense Payment is actually made by the Adviser. As of June 30, 2023, due to affiliate includes amounts payable for administrative fee, operating expenses reimbursable and reimbursement payment. Potential Conflicts of Interest The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may or may not be in the Company’s best interests or in the best interest of the Company’s stockholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments and Fair Value Measurements | Note 4. Investments and Fair Value Measurements The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2023: June 30, 2023 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio Senior Secured Loan $ 129,390 96.5 % $ 122,550 95.4 % Structured Note 3,840 2.9 % 3,738 2.9 % Equity/Other 868 0.6 % 2,200 1.7 % Total $ 134,098 100.0 % $ 128,488 100.0 % The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of December 31, 2022: December 31, 2022 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio Senior Secured Loan $ 101,025 95.2 % $ 94,047 93.7 % Structured Note 4,073 3.8 % 4,053 4.0 % Subordinated Structured Note 333 0.3 % 281 0.3 % Equity/Other 725 0.7 % 2,036 2.0 % Total $ 106,156 100.0 % $ 100,417 100.0 % Generally, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities. As of June 30, 2023 and December 31, 2022, the Company did not control and was not an affiliated person of any of its portfolio companies, each as defined in the 1940 Act. The following tables summarize the industry and geographic composition of the Company’s investment portfolio based on amortized cost and fair value as of June 30, 2023: June 30, 2023 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio Information Technology $ 58,944 43.9 % $ 55,206 43.0 % Industrials 19,391 14.5 % 19,398 15.1 % Financials 11,710 8.7 % 12,783 9.9 % Healthcare 19,294 14.4 % 19,429 15.1 % Consumer Staples 6,839 5.1 % 6,811 5.3 % Consumer Discretionary 3,109 2.3 % 3,101 2.4 % Collateralized Loan Obligation - Debt Class 3,840 2.9 % 3,738 2.9 % Gaming 3,935 2.9 % 1,125 0.9 % Communication Services 5,087 3.8 % 4,969 3.9 % Transportation 1,949 1.5 % 1,928 1.5 % Total $ 134,098 100.0 % $ 128,488 100.0 % June 30, 2023 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio United States $ 130,258 97.1 % $ 124,750 97.1 % International 3,840 2.9 % 3,738 2.9 % Total $ 134,098 100.0 % $ 128,488 100.0 % The following tables summarize the industry and geographic composition of the Company’s investment portfolio based on amortized cost and fair value as of December 31, 2022 : December 31, 2022 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio Information Technology $ 51,202 48.2 % $ 46,392 46.2 % Industrials 8,104 7.6 % 7,850 7.8 % Financials 11,080 10.4 % 12,165 12.1 % Healthcare 11,591 10.9 % 11,455 11.4 % Consumer Staples 6,986 6.7 % 6,972 6.9 % Consumer Discretionary 3,274 3.1 % 3,270 3.3 % Collateralized Loan Obligation - Debt Class 4,073 3.8 % 4,053 4.0 % Gaming 3,738 3.5 % 2,239 2.3 % Communication Services 3,813 3.6 % 3,787 3.8 % Transportation 1,962 1.8 % 1,953 1.9 % Collateralized Loan Obligation - Equity Class 333 0.4 % 281 0.3 % Total $ 106,156 100.0 % $ 100,417 100.0 % December 31, 2022 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio United States $ 101,750 95.8 % $ 96,083 95.7 % International 4,406 4.2 % 4,334 4.3 % Total $ 106,156 100.0 % $ 100,417 100.0 % The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of June 30, 2023: Fair Value Measurements Level 1 Level 2 Level 3 Total Senior Secured Loan $ — $ 30,152 $ 92,398 $ 122,550 Structured Note — — 3,738 3,738 Subordinated Structured Note — — — — Equity/Other — — 2,200 2,200 Total $ — $ 30,152 $ 98,336 $ 128,488 Forward contracts — — — — Total $ — $ 30,152 $ 98,336 $ 128,488 The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of December 31, 2022 : Fair Value Measurements Level 1 Level 2 Level 3 Total Senior Secured Loan $ — $ 17,805 $ 76,242 $ 94,047 Structured Note — — 4,053 4,053 Subordinated Structured Note — — 281 281 Equity/Other — — 2,036 2,036 Total $ — $ 17,805 $ 82,612 $ 100,417 Forward contracts — — 55 55 Total $ — $ 17,805 $ 82,667 $ 100,472 The following is a reconciliation of the Company’s investment portfolio for which level 3 inputs were used in determining fair value for the six months ended June 30, 2023. Senior Secured Structured Subordinated Structured Note Equity/other Total Forward Balance as of January 1, 2023 $ 76,242 $ 4,053 $ 281 $ 2,036 $ 82,612 $ 55 Purchases of investments 22,803 — — 143 22,946 — Proceeds from principal repayments and sales of investments ( 5,943 ) ( 320 ) ( 350 ) — ( 6,613 ) — Payment in-kind interest income 279 — — — 279 — Net accretion of discounts 226 — — — 226 — Net change in unrealized appreciation (depreciation) on investments 411 ( 82 ) 52 21 402 ( 55 ) Net realized gain on investments 80 87 17 — 184 — Transfers into level 3 — — — — — — Transfers out of level 3 ( 1,700 ) — — — ( 1,700 ) — Balance as of June 30, 2023 $ 92,398 $ 3,738 $ — $ 2,200 $ 98,336 $ — Net change in unrealized appreciation (depreciation) on Level 3 investments still held $ 430 $ 52 $ ( 83 ) $ 21 $ 420 $ ( 55 ) The following is a reconciliation of the Company’s investment portfolio for which level 3 inputs were used in determining fair value for the three months ended June 30, 2022: Senior Secured Structured Subordinated Structured Note Equity/other Total Forward Balance as of January 1, 2022 $ 68,025 $ 4,181 $ 297 $ 150 $ 72,653 $ 53 Purchases of investments 21,218 — — 134 21,352 — Proceeds from principal repayments and sales of investments ( 13,776 ) — — ( 13,776 ) — Payment in-kind interest income 30 — — — 30 — Net accretion of discounts (amortization of premiums) 124 — — — 124 — Net change in unrealized appreciation (depreciation) on investments ( 1,201 ) ( 29 ) ( 13 ) 551 ( 692 ) 1 Net realized loss on investments ( 45 ) — — — ( 45 ) — Transfers into level 3 — — — — — — Transfers out of level 3 ( 6,669 ) — — — ( 6,669 ) — Balance as of June 30, 2022 $ 67,706 $ 4,152 $ 284 $ 835 $ 72,977 $ 54 Net change in unrealized appreciation (depreciation) on Level 3 investments still held ( 1,119 ) ( 29 ) ( 13 ) 551 ( 610 ) 1 The valuation techniques and significant unobservable inputs used in the valuation of level 3 investments as of June 30, 2023 were as follows: Quantitative Information About Level 3 Fair Value Measurements Asset Category Fair Value Valuation Unobservable Range Equity/Other 1,976 Enterprise Valuation Average EBITDA Multiple 10 x - 13 x ( 10.6 x) Equity/Other 129 Recent Transaction Transaction Price 163 - 163 ( 163 ) Equity/Other 95 Enterprise Valuation Net Asset Value 97 - 97 ( 97 ) Senior Secured Loan 5,895 Recent Transaction Transaction Price 96 - 98 ( 97 ) Senior Secured Loan 86,503 Discounted Cash Flows Market Yield 6.1 % - 19.1 % ( 9.5 %) Structured Note 3,738 Discounted Cash Flows Market Yield 12.3 %- 12.3 % ( 12.3 %) 98,336 The valuation techniques and significant unobservable inputs used in the valuation of level 3 investments as of December 31, 2022 were as follows: Quantitative Information About Level 3 Fair Value Measurements Asset Category Fair Value Valuation Unobservable Range Equity/Other $ 2,037 Enterprise Valuation Average EBITDA Multiple 10 x - 13 x ( 10.6 x) Senior Secured Loan 4,880 Recent Transaction Transaction Price 98 - 98 ( 98 ) Senior Secured Loan 71,361 Discounted Cash Flows Market Yield 6.2 % - 21.0 % ( 9.6 %) Structured Note 4,053 Discounted Cash Flows Market Yield 9.3 % - 12.2 % ( 12.0 %) Subordinated Structured Note 281 Discounted Cash Flows Market Yield 14.2 % - 15.2 % ( 14.7 %) $ 82,612 Forward Contracts $ 55 Option Pricing Model Expected Volatility 1.0 % - 2.0 % ( 1.5 %) The Company considers the par amounts at June 30, 2023 to be representative of the volume of its derivative activities during the three months ended June 30, 2023. As of June 30, 2023, the Company’s open forward contracts were as follows: Security Counterparty Settlement Date Par Unrealized Appreciation Halsey Point CLO II Ltd., Class E Put Advantage Capital Holdings, LLC 7/20/2031 333 $ — Halsey Point CLO II Ltd., Class Subordinated Notes Advantage Capital Holdings, LLC 7/20/2031 333 $ — $ — The Company may sell any of the referenced securities in whole or in part to any third-party prior to the settlement date of the forward contracts without consent of the counterparty. Upon such sale to a third-party, the Company and counterparty shall have no further obligations in respect of that specific amount of referenced security sold. The following table identifies the fair value amount of the forward contracts included on the consolidated statement of assets and liabilities at June 30, 2023 . The following table also identifies the realized and unrealized gain and loss amounts included on the consolidated statement of operations for the three months ended June 30, 2023. Type of Contract Derivative Derivative Realized Unrealized Depreciation Forward contracts - credit risk $ — $ — $ — $ ( 57 ) $ — $ — $ — $ ( 57 ) |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 5. Borrowings In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200 % (or 150% if certain conditions are met) after such borrowing. Our Board and initial stockholder have approved our ability to utilize the increase d leverage limit, which requires asset coverage of at least 150 %. As of June 30, 2023 and December 31, 2022 , the Company’s asset coverage was 197.0 and 184.1 %, respectively. On December 16, 2019, the Company, through BCPL Funding, entered into a debt financing facility with UBS AG, London Branch (“UBS”), pursuant to which up to $ 50.0 million will be made avail able to the Company (the “Facility”). On March 12, 2021, the Facility was amended (the “Second A&R Facility”), pursuant to which the amount made available to the Company was increased from $ 50.0 million to $ 75.0 million. Pursuant to the Facility, the Company sold certain loans in its portfolio to BCPL Funding (the “Initial Loans”), in consideration for certain Class A Notes (the “Class A Notes”) issued by BCPL Funding. The Initial Loans secure the obligations of BCPL Funding under the Class A Notes, issued pursuant to an indenture between BCPL Funding and U.S. Bank National Association, as trustee (the “Indenture”). On March 12, 2021, in connection with the Second A&R Facility, BCPL Funding entered into a Supplemental Indenture with the trustee (the “Second A&R Indenture”). The Second A&R Indenture expands the asset eligibility criteria and allows for the issuance of additional Class A Notes. Pursuant to the Second A&R Indenture, BCPL Funding issued additional Class A Notes which were purchased by the Company pursuant to a Subscription Agreement between the Company and BCPL Funding, dated as of March 12, 2021. The obligations of BCPL Funding under the additional Class A Notes are secured by the Portfolio Assets to be sold by the Company to BCPL Funding from time to time pursuant to the A&R Issuer Sale and Contribution Agreement. Principal on the Class A Notes will be due and payable at maturity on December 18, 2029. The Class A Notes do not provide for interest payments. The Indenture contains events of default customary for similar transactions, including: (a) the failure to make principal payments on the Class A Notes at their stated maturity or redemption date or to make payments with respect to expenses due under the Indenture within three business days of when due; (b) an event of default occurs under the Repurchase Agreement (defined below); and (c) BCPL Funding is required to register as an investment company under the 1940 Act. In connection with the Second A&R Facility, the Company entered into a Second Amended and Restated Confirmation with UBS, dated as of March 12, 2021, and amended and restated as of April 8, 2022 and October 11, 2022 (the “Fourth A&R Confirmation”). The Fourth A&R Confirmation is in respect of a repurchase transaction with UBS, which supplements, forms part of, and is subject to the SIFMA/ICMA Global Master Repurchase Agreement (2011 version), dated as of December 12, 2019 and amended on August 14, 2020 (including any annexes thereto, the “GMRA,” and such GMRA, as supplemented and evidenced by the Fourth A&R Confirmation, the “Repurchase Agreement”). Pursuant to the Repurchase Agreement, UBS purchased the Class A Notes held by the Company for an initial purchase price of $ 20.0 million, which price may increase from time to time up to a maximum aggregate purchase price of $ 75.0 million, in connection with the purchase by UBS of the increased funded outstanding principal amount of the Class A Notes held by the Company. Such increases in the purchase price under the Repurchase Agreement are conditioned upon the satisfaction of certain criteria with respect to the characteristics and total value of the Portfolio Assets held by BCPL Funding, and composition of the Portfolio Assets, in each case as set forth in the Second A&R Indenture, among others, which criteria are customary for similar transactions. The scheduled Repurchase Date under the Fourth A&R Confirmation is December 19, 2023 . The financing fee under the Facility is equal to Term SOFR plus a spread of 2.91161 % per year for the relevant period. Pursuant to the Repurchase Agreement, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other requirements customary for similar transactions. In addition to customary events of default included in similar transactions, the Repurchase Agreement also contains the following events of default, among others: (a) the failure to pay the repurchase price upon the applicable payment dates; (b) the failure to make a voluntary contribution of cash to BCPL Funding if the settlement for the commitment the Company made for the voluntary contribution of Portfolio Assets under the Contribution Agreement does not occur, each within the periods as set forth in the Repurchase Agreement, caused by negative changes in the value or composition of the Portfolio Assets that result in a failure to satisfy the criteria with respect thereto set forth in the Indenture; (c) the occurrence of an act by the Company that constitutes fraud or criminal negligence in respect of its investment activity pursuant to the Collateral Management Agreement; and (d) any officer or employee of the Company who has direct responsibility for the management of the Portfolio Assets is indicted for any act constituting fraud or criminal negligence in respect of investment activity and such person fails to be removed from such person’s managing the Portfolio Assets within the period as set forth in the Collateral Management Agreement. On October 11, 2022, Company entered into a Fourtch Amended and Restated Confirmation with UBS, (the “Fourth A&R Confirmation”), which supplements and is subject to the SIFMA/ICMA Global Master Repurchase Agreement (2011 version), dated as of December 12, 2019, between the Company and UBS (including any annexes thereto, the “GMRA”, and such GMRA, together with the Fourth A&R Confirmation, the “Fourth A&R Repurchase Agreement”), to amend the Third Amended and Restated Confirmation, dated as of April 8, 2022. Pursuant to the Third Repurchase Agreement, the Company could sell certain Class A Notes, dated as of December 18, 2019, for up to a maximum aggregate purchase price of $ 75,000,000 . Pursuant to the Fourth A&R Repurchase Agreement, the maximum aggregate purchase price was decreased to $ 55,000,000 and includes an option for the Company to increase such maximum aggregate purchase price to $ 75,000,000 . The other material commercial terms of the Third Confirmation, including the repurchase date, pricing rate and spread, remain unchanged. The Company had provided a make-whole guarantee to the lender in the event that the pledged assets were insufficient to satisfy the repayment of the Facility. Debt obligations consisted of the following as of June 30, 2023: June 30, 2023 Total Total Less Amount per Credit Facility $ 75,000 $ 68,000 $ ( 717 ) $ 67,283 Total Debt $ 75,000 $ 68,000 $ ( 717 ) $ 67,283 Debt obligations consisted of the following as of December 31, 2022: December 31, 2022 Total Total Less Amount per Credit Facility $ 75,000 $ 58,000 $ ( 772 ) $ 57,228 Total Debt $ 75,000 $ 58,000 $ ( 772 ) $ 57,228 Due to the short-term nature of the Facility, the outstanding principal balance approximates fair value. The fair value of the Facility would be categorized as Level 3. For the three and six months ended June 30, 202 and 2022 the components of interest expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ 1,222 $ 498 $ 2,292 $ 893 Amortization of deferred financing and debt issuance costs 28 28 55 55 Total Interest Expense $ 1,250 $ 526 $ 2,347 $ 948 Average debt outstanding 62,242 55,000 60,133 55,000 Weighted average interest rate 8.0 % 3.8 % 7.8 % 3.4 % |
Share Transactions
Share Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Share Transactions | Note 6. Share Transactions The Company is authorized to issue 1,000,000,000 shares of common stock at $ 0.001 par value per share. On April 10, 2018, the Company issued 4,000 shares of common stock to an affiliate of the Adviser for aggregate proceeds of $ 100,000 . The Company has entered into subscription agreements (the “Subscription Agreements”) with investors, including the Adviser and its affiliates, providing for the private placement of shares of the Company’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase shares of the Company’s common stock up to the amount of their respective capital commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors with a minimum of 10 business days prior notice. As of June 30, 2023 and December 31, 2022, the Company had received capital commitments totaling $ 68.5 million a nd $ 47.4 million, respectively. The following tables summarizes the total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements during the three months ended June 30, 2023 and 2022: Capital Drawdown Notice Date Common Share Number of Aggregate March 3, 2023 March 8, 2023 519,186 $ 11,500 May 9, 2023 May 9, 2023 228,519 5,000 Total 747,705 $ 16,500 Capital Drawdown Notice Date Common Share Number of Aggregate March 16, 2022 March 30, 2022 91,677 $ 2,280 April 19, 2022 May 6, 2022 16,000 $ 400 Total 107,677 $ 2,680 Distributions The Company may fund its cash distributions to stockholders from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, distributions paid to the Company on account of preferred and common equity investments in portfolio companies and expense reimbursements from the Adviser, which are subject to recoupment. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its taxable earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. The following tables summarizes the distribution declarations for the three months ended June 30, 2023 and 2022: Date Declared Record Date Payment Date Amount Distributions March 21, 2023 March 22, 2023 March 29, 2023 $ 0.31 $ 853 May 21, 2023 May 22, 2023 May 31, 2023 0.31 927 Total distributions declared $ 0.62 $ 1,780 Date Declared Record Date Payment Date Amount Distributions March 14, 2022 March 22, 2022 March 29, 2022 $ 0.31 $ 546 May 9, 2022 May 27, 2022 June 3, 2022 0.31 582 Total distributions declared $ 0.62 $ 1,128 With respect to distributions, we have adopted an “opt out” dividend reinvestment plan (“DRP”) for common stockholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the DRP will have their distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions. The following tables reflect the common stock issued pursuant to the dividend reinvestment plan during the six months ended June 30, 2023 and 2022: Date Declared Record Date Payment Date Shares March 21, 2023 March 20, 2023 March 31, 2023 9,874 May 31, 2023 May 22, 2023 May 31, 2023 10,086 Total shares issued 19,960 Date Declared Record Date Payment Date Shares December 27, 2021 December 31, 2021 January 27, 2022 19,884 March 14, 2022 March 22, 2022 March 29, 2022 6,190 May 9, 2022 May 27, 2022 June 3, 2022 7,685 Total shares issued 33,759 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common stock for the three and six months ended June 30, 2023 and 2022: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Increase (decrease) in net assets resulting from operations per share - basic and diluted $ 1,767 $ ( 1,150 ) $ 2,048 $ ( 999 ) Weighted average shares of common stock outstanding - basic and diluted 2,892,701 1,872,827 2,630,936 1,816,211 Net increase (decrease) in net assets resulting from operations per share - basic and diluted 0.61 $ ( 0.61 ) $ 0.78 $ ( 0.55 ) |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 8. Financial Highlights The following is a schedule of financial highlights for the three months ended June 30, 2023 and 2022: For the Six Months Ended June 30, 2023 2022 Per share data: Net asset value, beginning of period $ 21.85 $ 25.10 Results of operations: Net investment income (1) 0.68 0.63 Net realized and unrealized loss (gain) (6) 0.08 ( 1.14 ) Net increase (decrease) in net assets resulting from operations (1) 0.76 ( 0.51 ) Stockholder distributions: (2) Distributions from net investment income ( 0.62 ) ( 0.62 ) Net decrease in net assets resulting from stockholder distributions ( 0.62 ) ( 0.62 ) Net asset value, end of period (7) $ 21.99 $ 23.97 Shares outstanding, end of period 2,999,799 1,884,829 Total return based on net asset value (3) 2.8 % 2.0 % Ratio/Supplemental Data: Net assets, end of period $ 65,969 $ 45,184 Ratio of net investment income to average net assets (4) 7.4 % 4.6 % Ratio of total expenses to average net assets (4) 15.3 % 10.5 % Ratio of net expenses to average net assets (4) 19.6 % 11.9 % Average debt outstanding $ 60,133 $ 55,000 Portfolio turnover 6.2 % 20.1 % Total amount of senior securities outstanding $ 68,000 $ 55,000 Asset coverage per unit (5) $ 1,970 $ 1,822 Total committed capital, end of period $ 68,489 $ 44,039 Ratio of total contributed capital to total committed capital, end of period 100.0 % 100.0 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) The per share data for distributions reflects the actual amount of distributions paid during the period. (3) Total return based on net asset value is calculated as the change in net asset value per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan divided by the beginning net asset value per share. Total return is not annualized. (4) The computation of average net assets during the period is based on averaging net assets for the period reported. Ratio, excluding incentive fees, and nonrecurring expenses, such as organization and offering costs, is annualized. (5) Asset coverage per unit is the ratio of the carrying value of the Company’s consolidated total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (6) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption is derived from total change in net asset value during the period and differs from the amount calculated using average shares because of the timing of issuances of the Company’s shares in relation to changes in net asset value during the period. (7) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the year or period and certain per share data on shares outstanding as of a year or period end or transaction date. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. As of June 30, 2023, the Company is not aware of any pending or threatened litigation. The Adviser and its affiliates have incurred organization and offering costs and operating expenses on behalf of the Company in the amount of approxi mately $ 1.4 million and $ 1.2 million, respecti vely, from December 22, 2017 (inception) to October 2, 2019 (commencement of operations). The Company will have no responsibility for any organization and offering costs, nor operating expenses funded by the Adviser prior to the commencement of operations until the Adviser submits such costs, or a portion thereof, for reimbursement, subject to a cap of 1.50% of the Company’s total commitments for organization and offering costs and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the period from October 2, 2019 (commencement of operations) through June 30, 2023 , the Company accrued organization and offering costs of $ 0.8 million and recognized operating expenses funded by the Adviser prior to the Company’s commencement of operations of $ 1.2 million. See Note 3 for a discussion of the Company’s conditional reimbursement to the Adviser under the Expense Support Agreement. The Company may, from time to time, enter into commitments to fund investments. As of June 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies: Portfolio Company Investment June 30, 2023 December 31, 2022 Accordion Partners LLC Senior Secured Loan $ 2,400 $ — AMCP Pet Holdings, INC. Senior Secured Loan 125 — Beta Plus Technologies, Inc Senior Secured Loan 525 525 Critical Nurse Staffing LLC Senior Secured Loan 258 258 Monroe Engineering Group Senior Secured Loan 550 — PhyNet Dermatology LLC Senior Secured Loan 1,034 — Premier Imaging, LLC Senior Secured Loan 64 64 Tank Holding Corp Senior Secured Loan 300 — Tank Holding Corp Senior Secured Loan 25 — VBC Spine Opco LLC Equity/Other 1,484 — Total Unfunded Portfolio Company Commitments $ 6,765 $ 847 The Company maintains sufficient capacity to cover outstanding unfunded portfolio company commitments that the Company may be required to fund. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10. Subsequent Events On August 8, 2023 , the Board declared a quarterly distribution of $ 0.31 per share payable on August 31, 2023 to stockholders of record as of August 22, 2023. |
N-2
N-2 | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2023 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001726548 | |
Amendment Flag | false | |
Securities Act File Number | 814-01269 | |
Document Type | 10-Q | |
Entity Registrant Name | BC Partners Lending Corporation | |
Entity Address, Address Line One | 650 Madison Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 212 | |
Local Phone Number | 891-2880 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Other Transaction Expenses [Abstract] | ||
Annual Expenses [Table Text Block] | Expenses Expenses for the three and six months ended June 30, 2023 and 2022 were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Organization and offering costs $ — $ 6 $ 30 $ 40 Management fees 302 248 569 493 Incentive fees 284 (131 ) 515 (191 ) Administrative fees 191 116 325 225 Interest and debt expenses 1,250 526 2,347 948 Audit fees 50 50 115 100 Legal fees 100 100 217 201 Professional fees 75 75 183 153 Directors' fees 37 37 75 75 Other expenses 80 95 153 259 Total expenses before expense support 2,369 1,122 4,529 2,303 Expense support from related parties 694 184 1,162 303 Net expenses $ 3,063 $ 1,306 $ 5,691 $ 2,606 Total expenses before expense support were $2.4 million and $1.1 million for the three months ended June 30, 2023 and 2022, respectively. Management fees were $0.3 million and $0.2 million, for the three months ended June 30, 2023 and 2022, respectively. All organization and offering costs since inception through June 30, 2023 were funded by the Adviser and we will have no responsibility for such costs until the Adviser submits such costs, or a portion thereof, for reimbursement, subject to a cap of 1.50% of our total commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the six months ended June 30, 2023 and 2022, we accrued organization and offering costs of $30.0 thousand and $40.0 thousand, respectively. During the three months ended June 30, 2023 and 2022, we incurred $1.3 million and $0.5 million, respectively, of interest and debt expenses related to our facility. For the three months ended June 30, 2023 and 2022, legal fees were $0.1 million and $0.1 million, respectively. Total expenses before expense support were $4.5 million and $2.3 million, for the six months ended June 30, 2023 and 2022, respectively. Management fees were $0.6 million and $0.5 million, for the six months ended June 30, 2023 and 2022. All organization and offering costs since inception through June 30, 2023 were funded by the Adviser and we will have no responsibility for such costs until the Adviser submits such costs, or a portion thereof, for reimbursement, subject to a cap of 1.50% of our total commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. For the six months ended June 30, 2023 and 2022, we accrued organization and offering costs of $30.0 thousand and $40.0 thousand, respectively. During the six months ended June 30, 2023 and 2022, we incurred $2.3 million and $0.9 million, respectively, of interest and debt expenses related to our facility. For the six months ended June 30, 2023 and 2022, legal fees were $0.2 million and $0.2 million, respectively. We expect our operating expenses related to our ongoing operations to increase in the next several quarters because of the anticipated growth in the size of our asset base. We expect operating expenses as a percentage of our total assets to decrease during periods of asset growth. On August 22, 2019, we entered into an Expense Support Agreement with the Adviser to ensure that no portion of distributions made to our stockholders will be paid from our offering proceeds or borrowings. Commencing with the fourth quarter 2019 and on a quarterly basis thereafter, pursuant to the Expense Support Agreement between us and the Adviser, the Adviser will reimburse us for operating expenses in an amount that is sufficient to ensure that our net investment income and net short-term capital gains are equal to or greater than the cumulative distributions paid to our stockholders in each quarter. This arrangement is designed to ensure that no portion of distributions made to our stockholders will be paid from offering proceeds or borrowings. The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. During the three months ended June 30, 2023 and 2022, reimbursements to the Adviser totaled $0.7 million and $0.2 million, respectively. During the six months ended June 30, 2023 and 2022, reimbursements to the Adviser totaled, $1.2 million and $0.3 million, respectively. Amounts due to the Adviser for the expected recoveries of organization, offering and operating expenses incurred on behalf of the Company, and amounts due from the Adviser under the Expense Support Agreement for such amounts, are reflected on a net basis in amounts due to/from affiliates on the consolidated statements of assets and liabilities. Net Realized and Unrealized Gains or Losses Our investments are generally purchased at a discount to par. We sold and received principal repayments of $2.9 million during the three months ended June 30, 2023, from which we realized net gains totaling $138.0 thousand. We sold and received principal repayments of $6.7 million during the six months ended June 30, 2023, from which we realized net gain totaling $188.9 thousand. We sold and received principal repayments of $14.4 million during the three months ended June 30, 2022, from which we realized net loss totaling $(81.0) thousand. We sold and received principal repayments of $19.5 million during the six months ended June 30, 2022, from which we realized net loss totaling $(108.0) thousand. We recognized gains on partial principal repayments we received at par value. For the three months ended June 30, 2023 and 2022, the net change in unrealized depreciation on investments totaled $0.8 million and $(1.7) million, respectively, which was primarily due rising rates environment during the three months ended June 30, 2023. For the six months ended June 30, 2023 and 2022, the net change in unrealized appreciation (depreciation) on investments totaled $0.2 million and $(2.0) million, respectively, which was primarily due rising rates environment during the six months ended June 30, 2023. Net Increase in Net Assets Resulting from Operations For the three months ended June 30, 2023, the net increase in net assets resulting from operations was $1.8 million or $0.61 per share. For the six months ended June 30, 2023, the net increase in net assets resulting from operations was $2.1 million or $0.78 per share. For the three months ended June 30, 2022, the net decrease in net assets resulting from operations was $(1.2) million or $(0.61) per share. For the six months ended June 30, 2022, the net decrease in net assets resulting from operations was $(1.0) million or $(0.55) per share. | |
General Description of Registrant [Abstract] | ||
Risk Factors [Table Text Block] | Item 1A. Risk Factors. There have been no material changes from the risk factors described in Part I, I tem 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 9, 2023. | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||
Capital Stock [Table Text Block] | Item 5. Other Information. On May 5, 2023, BC Partners Lending Corporation (the “Company”) delivered an investor capital drawdown notice relating to the issuance of approximately 228,519 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for an aggregate offering price of $5,000,000. The shares are expected to be issued on or around May 9, 2023. Following this issuance of Common Stock, the total number of shares of Common Stock outstanding will be approximately 2,989,713. | |
Security Dividends [Text Block] | Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. Refer to “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 6. Share Transactions” in this quarterly report on Form 10-Q for issuances of our shares during the quarter. Such issuances were part of a private offering pursuant to Section 4(a)(2) of the 1933 Act and Regulation D thereunder. | |
Long Term Debt, Structuring [Text Block] | On December 16, 2019, we, through BCPL Funding, entered into a debt financing facility with UBS AG, London Branch (“UBS”), as amended on March 12, 2021, pursuant to which up to $75.0 million was be made available to us (the “Facility”). The interest rate applicable to borrowings under the Facility is based on the one month SOFR plus a spread of 291 basis points. The Facility is secured by a security interest in virtually all of our portfolio investments (including cash), subject to certain exceptions. We have provided a make-whole guarantee to the lender in the event that the pledged assets were insufficient to satisfy the repayment of the Facility. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These consolidated financial statements reflect adjustments that in the opinion of the Company are necessary for the fair presentation of the financial position and results of operations as of and for the periods presented herein. The Company is an investment company under U.S. GAAP and therefore applies the accounting and reporting guidance applicable to investment companies. The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. |
Consolidation | Consolidation In accordance with U.S. GAAP guidance on consolidation, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. |
Segments | Segments In accordance with U.S. GAAP guidance on segment reporting, the Company has determined that its operations comprise a single reporting segment. |
Cash and Restricted Cash | Cash and Restricted Cash Cash consists of deposits held at a custodian bank. Restricted cash consists of deposits pledged as collateral. Cash and restricted cash are held at major financial institutions and, at times, may exceed the insured limits under applicable law. |
Investments | Investments Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized. Investments for which market quotations are available are typically valued at those market quotations. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt that is not publicly traded but for which there are external pricing sources available as of the valuation date is valued using independent broker-dealer, market maker quotations or independent pricing services. The valuation committee, comprised of members of the Adviser, (the “Valuation Committee”) subjects these quotes to various criteria including, but not limited to, the number and quality of quotes, the deviation among the quotes and information derived from analyzing the Company's own transactions in such investments throughout the reporting period. Generally, such investments are categorized in level 2 of the fair value hierarchy, unless the Valuation Committee determines that the quality, quantity or deviation among quotes warrants significant adjustment to the inputs utilized. The Board has designated the Adviser as its "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. The Board remains ultimately responsible for fair value determinations under the 1940 Act and satisfies its responsibility through oversight of the valuation designee in accordance with Rule 2a-5. Investments that are not publicly traded or whose market prices are not readily available, as is expected to be the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Adviser, based on, among other things, input of independent third-party valuation firm(s). The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following: • The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the investment professionals responsible for the portfolio investment in conjunction with the Company’s portfolio management team. The Company utilizes an independent valuation firm to provide valuation on each material illiquid security at least once every trailing 12-month period; • Preliminary valuations are reviewed and discussed with management of the Adviser and investment professionals; and • The Adviser will review the valuations and determine the fair value of each investment. Valuations that are not based on readily available market quotations will be valued in good faith based on, among other things, the input of, where applicable, third parties. As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not elimited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisal, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in liquidation or restructuring. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible to the Company. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. Level 3: Significant inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments for which no external pricing sources are available as of the valuation date are included in level 3 of the fair value hierarchy. |
Forward Contracts | Forward Contracts The Company may enter into forward purchase contracts primarily to manage credit risk. When entering into a forward purchase contract, the Company agrees to deliver a fixed quantity of securities for an agreed-upon price on an agreed future date. Forward contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized and unrealized gains and losses of derivative instruments are included in the consolidated statements of operations. These instruments involve market risk, credit risk, or both kinds of risks. Risks arise from the possible inability of counterparties to meet the terms of their contracts and movements in fair value. The Company attempts to limit counterparty risk by only dealing with well-known counterparties. |
Revenue Recognition | Revenue Recognition Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. Accrued interest is generally reversed when a loan is placed on non-accrual status. Payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the outstanding principal and interest. Non-accrual loans may be restored to accrual status when past due principal and interest is paid current and are likely to remain current based on management’s judgment. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Loan origination fees, original issue discount and market discount are capitalized, and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. |
Payment-in-Kind Interest | Payment-in-Kind Interest Payment-in-kind (“PIK”) interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income and generally becomes due at maturity. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders in the form of distributions, even though the Company has not yet collected the cash. |
Deferred Financing Costs | Deferred Financing Costs Origination and other expenses related to the Company’s borrowings are recorded as deferred financing costs and amortized as part of interest expense using the straight-line method over the stated life of the debt instrument. Unamortized deferred financing costs are presented as a direct deduction to the respective debt instrument. |
Organization and Offering Costs | Organization and Offering Costs Organization costs include, among other things, the cost of incorporating, including the cost of legal services and other fees pertaining to the Company’s organization. Costs associated with the organization of the Company are expensed as incurred. Offering costs include, among other things, marketing expenses and printing, legal fees, due diligence fees, and other costs in connection with the Company’s offering of shares of its common stock, including the preparation of the Company’s registration statement, and salaries and direct expenses of the Adviser’s personnel, employees of its affiliates and others while engaged in such activities. Offering costs are capitalized as deferred offering expenses and are amortized over twelve months from incurrence. |
Earnings per Share | Earnings per Share Basic earnings per share is calculated by dividing net income or loss attributable to common stockholders by the weighted average number of common stock outstanding during the period. |
Income Taxes | Income Taxes The Company has elected to be treated for U.S. federal income tax purposes, and to qualify annually, 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 stockholders as distributions. Any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its stockholders, for each taxable year, at least 90 % of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98 % of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2 % of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any ordinary income and net capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4 % nondeductible U.S. federal excise tax on this income. 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 reserved 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. The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s consolidated financial statements. The Company’s major tax jurisdictions are U.S. federal, New York State, and foreign jurisdictions where the Company makes significant investments. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. |
Distributions to Common Stockholders | Distributions to Common Stockholders Distributions to the Company’s stockholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and is generally based upon earnings estimated by the Adviser. Net realized capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains. The Company has adopted an “opt out” dividend reinvestment plan (“DRP”) for its stockholders. As a result, if the Company makes a cash distribution, its stockholders will have their cash distributions reinvested in additional shares of the Company’s common stock, including fractional shares as necessary, unless they specifically “opt out” of the DRP to receive the distribution in cash. Under the DRP, cash distributions to participating stockholders will be reinvested in additional shares of the Company’s common stock at a purchase price equal to the net asset value per share as of the last day of the calendar quarter immediately preceding the date such distribution was declared. The Company may distribute taxable distributions that are payable in cash or shares of its common stock at the election of each stockholder. Under certain applicable provisions of the Code and the Treasury regulations, distributions payable in cash or in shares of stock at the election of stockholders are treated as taxable distributions. The Internal Revenue Service has published guidance indicating that this rule will apply even where the total amount of cash that may be distributed is limited to no more than 20% of the total distribution. Under this guidance, if too many stockholders elect to receive their distributions in cash, the cash available for distribution must be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock). If the Company decides to make any distributions consistent with this guidance that are payable in part in its stock, taxable stockholders receiving such distributions will be required to include the full amount of the distribution (whether received in cash, shares of the Company’s stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain distribution) to the extent of the Company’s current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. stockholder sells the stock it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of the Company’s stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, the Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in stock. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03). The accounting standard update clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions and measured at fair value in accordance with Topic 820. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the impact that adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Quarter Ended Expense Payment (1) Reimbursement Unreimbursed (1) Eligible for Reimbursement (1) March 31, 2020 346 346 - March 31, 2023 June 30, 2020 752 752 - June 30, 2023 September 30, 2020 68 64 4 September 30, 2023 March 31, 2021 217 — 217 March 31, 2024 $ 1,383 $ 1,162 $ 221 (1) The actual date that the estimated Expense Payment is eligible for reimbursement will be determined when such Expense Payment is actually made by the Adviser. |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Investment Portfolio At Amortized Cost And Fair Value | The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2023: June 30, 2023 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio Senior Secured Loan $ 129,390 96.5 % $ 122,550 95.4 % Structured Note 3,840 2.9 % 3,738 2.9 % Equity/Other 868 0.6 % 2,200 1.7 % Total $ 134,098 100.0 % $ 128,488 100.0 % The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of December 31, 2022: December 31, 2022 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio Senior Secured Loan $ 101,025 95.2 % $ 94,047 93.7 % Structured Note 4,073 3.8 % 4,053 4.0 % Subordinated Structured Note 333 0.3 % 281 0.3 % Equity/Other 725 0.7 % 2,036 2.0 % Total $ 106,156 100.0 % $ 100,417 100.0 % |
Schedule of the industry and geographic composition of the Company's investment portfolio | The following tables summarize the industry and geographic composition of the Company’s investment portfolio based on amortized cost and fair value as of June 30, 2023: June 30, 2023 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio Information Technology $ 58,944 43.9 % $ 55,206 43.0 % Industrials 19,391 14.5 % 19,398 15.1 % Financials 11,710 8.7 % 12,783 9.9 % Healthcare 19,294 14.4 % 19,429 15.1 % Consumer Staples 6,839 5.1 % 6,811 5.3 % Consumer Discretionary 3,109 2.3 % 3,101 2.4 % Collateralized Loan Obligation - Debt Class 3,840 2.9 % 3,738 2.9 % Gaming 3,935 2.9 % 1,125 0.9 % Communication Services 5,087 3.8 % 4,969 3.9 % Transportation 1,949 1.5 % 1,928 1.5 % Total $ 134,098 100.0 % $ 128,488 100.0 % June 30, 2023 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio United States $ 130,258 97.1 % $ 124,750 97.1 % International 3,840 2.9 % 3,738 2.9 % Total $ 134,098 100.0 % $ 128,488 100.0 % December 31, 2022 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio Information Technology $ 51,202 48.2 % $ 46,392 46.2 % Industrials 8,104 7.6 % 7,850 7.8 % Financials 11,080 10.4 % 12,165 12.1 % Healthcare 11,591 10.9 % 11,455 11.4 % Consumer Staples 6,986 6.7 % 6,972 6.9 % Consumer Discretionary 3,274 3.1 % 3,270 3.3 % Collateralized Loan Obligation - Debt Class 4,073 3.8 % 4,053 4.0 % Gaming 3,738 3.5 % 2,239 2.3 % Communication Services 3,813 3.6 % 3,787 3.8 % Transportation 1,962 1.8 % 1,953 1.9 % Collateralized Loan Obligation - Equity Class 333 0.4 % 281 0.3 % Total $ 106,156 100.0 % $ 100,417 100.0 % December 31, 2022 Amortized Percentage of Fair Percentage of Cost Portfolio Value Portfolio United States $ 101,750 95.8 % $ 96,083 95.7 % International 4,406 4.2 % 4,334 4.3 % Total $ 106,156 100.0 % $ 100,417 100.0 % |
Schedule of Fair Value of Investments by Fair Value Hierarchy Levels | The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of June 30, 2023: Fair Value Measurements Level 1 Level 2 Level 3 Total Senior Secured Loan $ — $ 30,152 $ 92,398 $ 122,550 Structured Note — — 3,738 3,738 Subordinated Structured Note — — — — Equity/Other — — 2,200 2,200 Total $ — $ 30,152 $ 98,336 $ 128,488 Forward contracts — — — — Total $ — $ 30,152 $ 98,336 $ 128,488 Fair Value Measurements Level 1 Level 2 Level 3 Total Senior Secured Loan $ — $ 17,805 $ 76,242 $ 94,047 Structured Note — — 4,053 4,053 Subordinated Structured Note — — 281 281 Equity/Other — — 2,036 2,036 Total $ — $ 17,805 $ 82,612 $ 100,417 Forward contracts — — 55 55 Total $ — $ 17,805 $ 82,667 $ 100,472 |
Schedule of the Company's investment portfolio for which level 3 inputs | The following is a reconciliation of the Company’s investment portfolio for which level 3 inputs were used in determining fair value for the six months ended June 30, 2023. Senior Secured Structured Subordinated Structured Note Equity/other Total Forward Balance as of January 1, 2023 $ 76,242 $ 4,053 $ 281 $ 2,036 $ 82,612 $ 55 Purchases of investments 22,803 — — 143 22,946 — Proceeds from principal repayments and sales of investments ( 5,943 ) ( 320 ) ( 350 ) — ( 6,613 ) — Payment in-kind interest income 279 — — — 279 — Net accretion of discounts 226 — — — 226 — Net change in unrealized appreciation (depreciation) on investments 411 ( 82 ) 52 21 402 ( 55 ) Net realized gain on investments 80 87 17 — 184 — Transfers into level 3 — — — — — — Transfers out of level 3 ( 1,700 ) — — — ( 1,700 ) — Balance as of June 30, 2023 $ 92,398 $ 3,738 $ — $ 2,200 $ 98,336 $ — Net change in unrealized appreciation (depreciation) on Level 3 investments still held $ 430 $ 52 $ ( 83 ) $ 21 $ 420 $ ( 55 ) Senior Secured Structured Subordinated Structured Note Equity/other Total Forward Balance as of January 1, 2022 $ 68,025 $ 4,181 $ 297 $ 150 $ 72,653 $ 53 Purchases of investments 21,218 — — 134 21,352 — Proceeds from principal repayments and sales of investments ( 13,776 ) — — ( 13,776 ) — Payment in-kind interest income 30 — — — 30 — Net accretion of discounts (amortization of premiums) 124 — — — 124 — Net change in unrealized appreciation (depreciation) on investments ( 1,201 ) ( 29 ) ( 13 ) 551 ( 692 ) 1 Net realized loss on investments ( 45 ) — — — ( 45 ) — Transfers into level 3 — — — — — — Transfers out of level 3 ( 6,669 ) — — — ( 6,669 ) — Balance as of June 30, 2022 $ 67,706 $ 4,152 $ 284 $ 835 $ 72,977 $ 54 Net change in unrealized appreciation (depreciation) on Level 3 investments still held ( 1,119 ) ( 29 ) ( 13 ) 551 ( 610 ) 1 |
Schedule of valuation techniques and significant unobservable inputs | The valuation techniques and significant unobservable inputs used in the valuation of level 3 investments as of June 30, 2023 were as follows: Quantitative Information About Level 3 Fair Value Measurements Asset Category Fair Value Valuation Unobservable Range Equity/Other 1,976 Enterprise Valuation Average EBITDA Multiple 10 x - 13 x ( 10.6 x) Equity/Other 129 Recent Transaction Transaction Price 163 - 163 ( 163 ) Equity/Other 95 Enterprise Valuation Net Asset Value 97 - 97 ( 97 ) Senior Secured Loan 5,895 Recent Transaction Transaction Price 96 - 98 ( 97 ) Senior Secured Loan 86,503 Discounted Cash Flows Market Yield 6.1 % - 19.1 % ( 9.5 %) Structured Note 3,738 Discounted Cash Flows Market Yield 12.3 %- 12.3 % ( 12.3 %) 98,336 Quantitative Information About Level 3 Fair Value Measurements Asset Category Fair Value Valuation Unobservable Range Equity/Other $ 2,037 Enterprise Valuation Average EBITDA Multiple 10 x - 13 x ( 10.6 x) Senior Secured Loan 4,880 Recent Transaction Transaction Price 98 - 98 ( 98 ) Senior Secured Loan 71,361 Discounted Cash Flows Market Yield 6.2 % - 21.0 % ( 9.6 %) Structured Note 4,053 Discounted Cash Flows Market Yield 9.3 % - 12.2 % ( 12.0 %) Subordinated Structured Note 281 Discounted Cash Flows Market Yield 14.2 % - 15.2 % ( 14.7 %) $ 82,612 Forward Contracts $ 55 Option Pricing Model Expected Volatility 1.0 % - 2.0 % ( 1.5 %) |
Schedule of the Company's open forward contracts | As of June 30, 2023, the Company’s open forward contracts were as follows: Security Counterparty Settlement Date Par Unrealized Appreciation Halsey Point CLO II Ltd., Class E Put Advantage Capital Holdings, LLC 7/20/2031 333 $ — Halsey Point CLO II Ltd., Class Subordinated Notes Advantage Capital Holdings, LLC 7/20/2031 333 $ — $ — |
Schedule of realized and unrealized gain and loss amounts | The following table also identifies the realized and unrealized gain and loss amounts included on the consolidated statement of operations for the three months ended June 30, 2023. Type of Contract Derivative Derivative Realized Unrealized Depreciation Forward contracts - credit risk $ — $ — $ — $ ( 57 ) $ — $ — $ — $ ( 57 ) |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summery Of Debt Obligations | Debt obligations consisted of the following as of June 30, 2023: June 30, 2023 Total Total Less Amount per Credit Facility $ 75,000 $ 68,000 $ ( 717 ) $ 67,283 Total Debt $ 75,000 $ 68,000 $ ( 717 ) $ 67,283 Debt obligations consisted of the following as of December 31, 2022: December 31, 2022 Total Total Less Amount per Credit Facility $ 75,000 $ 58,000 $ ( 772 ) $ 57,228 Total Debt $ 75,000 $ 58,000 $ ( 772 ) $ 57,228 |
Summery Of Components Of Interest Expense | For the three and six months ended June 30, 202 and 2022 the components of interest expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ 1,222 $ 498 $ 2,292 $ 893 Amortization of deferred financing and debt issuance costs 28 28 55 55 Total Interest Expense $ 1,250 $ 526 $ 2,347 $ 948 Average debt outstanding 62,242 55,000 60,133 55,000 Weighted average interest rate 8.0 % 3.8 % 7.8 % 3.4 % |
Share Transactions (Tables)
Share Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Summary of total shares issued and proceeds receivedSummart of related to capital drawdowns delivered pursuant to the Subscription Agreements | The following tables summarizes the total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements during the three months ended June 30, 2023 and 2022: Capital Drawdown Notice Date Common Share Number of Aggregate March 3, 2023 March 8, 2023 519,186 $ 11,500 May 9, 2023 May 9, 2023 228,519 5,000 Total 747,705 $ 16,500 Capital Drawdown Notice Date Common Share Number of Aggregate March 16, 2022 March 30, 2022 91,677 $ 2,280 April 19, 2022 May 6, 2022 16,000 $ 400 Total 107,677 $ 2,680 Distributions |
Summary of distribution declared | The following tables summarizes the distribution declarations for the three months ended June 30, 2023 and 2022: Date Declared Record Date Payment Date Amount Distributions March 21, 2023 March 22, 2023 March 29, 2023 $ 0.31 $ 853 May 21, 2023 May 22, 2023 May 31, 2023 0.31 927 Total distributions declared $ 0.62 $ 1,780 Date Declared Record Date Payment Date Amount Distributions March 14, 2022 March 22, 2022 March 29, 2022 $ 0.31 $ 546 May 9, 2022 May 27, 2022 June 3, 2022 0.31 582 Total distributions declared $ 0.62 $ 1,128 |
Schedule of common stock issued pursuant to the dividend reinvestment plan | The following tables reflect the common stock issued pursuant to the dividend reinvestment plan during the six months ended June 30, 2023 and 2022: Date Declared Record Date Payment Date Shares March 21, 2023 March 20, 2023 March 31, 2023 9,874 May 31, 2023 May 22, 2023 May 31, 2023 10,086 Total shares issued 19,960 Date Declared Record Date Payment Date Shares December 27, 2021 December 31, 2021 January 27, 2022 19,884 March 14, 2022 March 22, 2022 March 29, 2022 6,190 May 9, 2022 May 27, 2022 June 3, 2022 7,685 Total shares issued 33,759 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted | The following table sets forth the computation of basic and diluted earnings per common stock for the three and six months ended June 30, 2023 and 2022: For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Increase (decrease) in net assets resulting from operations per share - basic and diluted $ 1,767 $ ( 1,150 ) $ 2,048 $ ( 999 ) Weighted average shares of common stock outstanding - basic and diluted 2,892,701 1,872,827 2,630,936 1,816,211 Net increase (decrease) in net assets resulting from operations per share - basic and diluted 0.61 $ ( 0.61 ) $ 0.78 $ ( 0.55 ) |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of financial highlights | The following is a schedule of financial highlights for the three months ended June 30, 2023 and 2022: For the Six Months Ended June 30, 2023 2022 Per share data: Net asset value, beginning of period $ 21.85 $ 25.10 Results of operations: Net investment income (1) 0.68 0.63 Net realized and unrealized loss (gain) (6) 0.08 ( 1.14 ) Net increase (decrease) in net assets resulting from operations (1) 0.76 ( 0.51 ) Stockholder distributions: (2) Distributions from net investment income ( 0.62 ) ( 0.62 ) Net decrease in net assets resulting from stockholder distributions ( 0.62 ) ( 0.62 ) Net asset value, end of period (7) $ 21.99 $ 23.97 Shares outstanding, end of period 2,999,799 1,884,829 Total return based on net asset value (3) 2.8 % 2.0 % Ratio/Supplemental Data: Net assets, end of period $ 65,969 $ 45,184 Ratio of net investment income to average net assets (4) 7.4 % 4.6 % Ratio of total expenses to average net assets (4) 15.3 % 10.5 % Ratio of net expenses to average net assets (4) 19.6 % 11.9 % Average debt outstanding $ 60,133 $ 55,000 Portfolio turnover 6.2 % 20.1 % Total amount of senior securities outstanding $ 68,000 $ 55,000 Asset coverage per unit (5) $ 1,970 $ 1,822 Total committed capital, end of period $ 68,489 $ 44,039 Ratio of total contributed capital to total committed capital, end of period 100.0 % 100.0 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) The per share data for distributions reflects the actual amount of distributions paid during the period. (3) Total return based on net asset value is calculated as the change in net asset value per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan divided by the beginning net asset value per share. Total return is not annualized. (4) The computation of average net assets during the period is based on averaging net assets for the period reported. Ratio, excluding incentive fees, and nonrecurring expenses, such as organization and offering costs, is annualized. (5) Asset coverage per unit is the ratio of the carrying value of the Company’s consolidated total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (6) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption is derived from total change in net asset value during the period and differs from the amount calculated using average shares because of the timing of issuances of the Company’s shares in relation to changes in net asset value during the period. (7) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the year or period and certain per share data on shares outstanding as of a year or period end or transaction date. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Fund Investments in Current Portfolio Companies | As of June 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies: Portfolio Company Investment June 30, 2023 December 31, 2022 Accordion Partners LLC Senior Secured Loan $ 2,400 $ — AMCP Pet Holdings, INC. Senior Secured Loan 125 — Beta Plus Technologies, Inc Senior Secured Loan 525 525 Critical Nurse Staffing LLC Senior Secured Loan 258 258 Monroe Engineering Group Senior Secured Loan 550 — PhyNet Dermatology LLC Senior Secured Loan 1,034 — Premier Imaging, LLC Senior Secured Loan 64 64 Tank Holding Corp Senior Secured Loan 300 — Tank Holding Corp Senior Secured Loan 25 — VBC Spine Opco LLC Equity/Other 1,484 — Total Unfunded Portfolio Company Commitments $ 6,765 $ 847 |
Significant Accounting Polici_3
Significant Accounting Policies (Additional Information) (Details) | Jun. 30, 2023 |
Ordinary income, percentage | 98% |
Capital gains in excess of capital losses, percentage | 98.20% |
Nondeductible excise tax, percentage | 4% |
Minimum [Member] | |
Taxable income for sharehorlders, percentage | 90% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) | 3 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||
Related Party Transactions [Abstract] | ||||||
Expense payment received from adviser | [1] | $ 1,383 | $ 217 | $ 68 | $ 752 | $ 346 |
Reimbursement payment made to adviser | 1,162 | 0 | 64 | 752 | 346 | |
Unreimbursed Expense Payment | [1] | $ 221 | $ 217 | $ 4 | $ 0 | $ 0 |
Eligible for reimbursement through | [1] | Mar. 31, 2024 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | |
[1] The actual date that the estimated Expense Payment is eligible for reimbursement will be determined when such Expense Payment is actually made by the Adviser. |
Related Party Transactions (Add
Related Party Transactions (Additional Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2019 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | |||||
Termination of agreement, description | The Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Administrator. | ||||
Administrative fees | $ 191,000 | $ 116,000 | $ 325,000 | $ 225,000 | |
Management fees expense | 302,000 | 248,000 | 569,000 | 493,000 | |
Incentive fees | (284,000) | 131,000 | (515,000) | 191,000 | |
Operating expenses | $ 1,200,000 | 1,200,000 | 300,000 | ||
Legal fees | 100,000 | 100,000 | 217,000 | 201,000 | |
Professional fees | 75,000 | 75,000 | 183,000 | 153,000 | |
Audit fees | 50,000 | 50,000 | 115,000 | 100,000 | |
Accrued organization and Offering costs | 6,000 | 30,000 | 40,000 | ||
Third Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating expenses | 1,200,000 | ||||
Legal fees | 500,000 | ||||
Insurance | 200,000 | ||||
Professional fees | 22,300 | ||||
Other expense | 62,400 | ||||
Audit fees | 200,000 | ||||
Director fee | 200,000 | ||||
Administration Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative fees | 200,000 | 100,000 | $ 300,000 | 200,000 | |
Investment Advisory Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Termination of agreement, description | The Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice and, in certain circumstances, upon 120 days’ written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Adviser. | ||||
Management fees, description | The base management fee is payable quarterly in arrears at an annual rate of 1.00% (1.50% if an exchange listing occurs) of the Company’s average gross assets, excluding cash and cash equivalents but including assets purchased with borrowed amounts, at the end of the two most recently completed calendar quarters | ||||
Management fees expense | 300,000 | 200,000 | $ 600,000 | 500,000 | |
Incentive fees, description | the income incentive fee, payable at the end of each quarter in arrears, equals 100% of the pre-incentive fee net investment income in excess of a 1.50% quarterly preferred return but less than 1.76% (1.818% if an exchange listing occurs), the upper level breakpoint, and 15% (17.50% if an exchange listing occurs) of the amount of pre-incentive fee net investment income that exceeds 1.76% (1.818% if an exchange listing occurs) in any calendar quarter. | ||||
Percentage of cumulative realized capital gains | 15% | ||||
Incentive fees | (300,000) | (100,000) | $ (500,000) | (200,000) | |
Organization and Offering Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued organization and Offering costs | $ 1,400,000 | ||||
Organization and Portfolio Offering Costs Rate | 1.50% | ||||
Expense Reimbursement Recoverable | $ 700,000 | $ 200,000 | $ 1,200,000 | $ 300,000 |
Investments and Fair Value Me_3
Investments and Fair Value Measurements - Schedule Of Investment Portfolio At Amortized Cost And Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Amortized cost | $ 134,098 | $ 106,156 |
Percentage of Portfolio | 100% | 100% |
Fair Value | $ 128,488 | $ 100,417 |
Percentage of Portfolio | 100% | 100% |
Senior Secured Loan - 193.2% | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost | $ 129,390 | $ 101,025 |
Percentage of Portfolio | 96.50% | 95.20% |
Fair Value | $ 122,550 | $ 94,047 |
Percentage of Portfolio | 95.40% | 93.70% |
Structured Note | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost | $ 3,840 | $ 4,073 |
Percentage of Portfolio | 2.90% | 3.80% |
Fair Value | $ 3,738 | $ 4,053 |
Percentage of Portfolio | 2.90% | 4% |
Subordinated Structured Note | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost | $ 333 | |
Percentage of Portfolio | 0.30% | |
Fair Value | $ 281 | |
Percentage of Portfolio | 0.30% | |
Equity/Other | ||
Summary of Investment Holdings [Line Items] | ||
Amortized cost | $ 868 | $ 725 |
Percentage of Portfolio | 0.60% | 0.70% |
Fair Value | $ 2,200 | $ 2,036 |
Percentage of Portfolio | 1.70% | 2% |
Investments and Fair Value Me_4
Investments and Fair Value Measurements - Schedule of the industry and geographic composition of the Company's investment portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 134,098 | $ 106,156 |
Percentage of Portfolio | 100% | 100% |
Fair Value | $ 128,488 | $ 100,417 |
Percentage of Portfolio | 100% | 100% |
International | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 3,840 | $ 4,406 |
Percentage of Portfolio | 2.90% | 4.20% |
Fair Value | $ 3,738 | $ 4,334 |
Percentage of Portfolio | 2.90% | 4.30% |
United States | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 130,258 | $ 101,750 |
Percentage of Portfolio | 97.10% | 95.80% |
Fair Value | $ 124,750 | $ 96,083 |
Percentage of Portfolio | 97.10% | 95.70% |
Information Technology | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 58,944 | $ 51,202 |
Percentage of Portfolio | 43.90% | 48.20% |
Fair Value | $ 55,206 | $ 46,392 |
Percentage of Portfolio | 43% | 46.20% |
Industrials | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 19,391 | $ 8,104 |
Percentage of Portfolio | 14.50% | 7.60% |
Fair Value | $ 19,398 | $ 7,850 |
Percentage of Portfolio | 15.10% | 7.80% |
Financials | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 11,710 | $ 11,080 |
Percentage of Portfolio | 8.70% | 10.40% |
Fair Value | $ 12,783 | $ 12,165 |
Percentage of Portfolio | 9.90% | 12.10% |
Healthcare | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 19,294 | $ 11,591 |
Percentage of Portfolio | 14.40% | 10.90% |
Fair Value | $ 19,429 | $ 11,455 |
Percentage of Portfolio | 15.10% | 11.40% |
Consumer Staples | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 6,839 | $ 6,986 |
Percentage of Portfolio | 5.10% | 6.70% |
Fair Value | $ 6,811 | $ 6,972 |
Percentage of Portfolio | 5.30% | 6.90% |
Consumer Discretionary | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 3,109 | $ 3,274 |
Percentage of Portfolio | 2.30% | 3.10% |
Fair Value | $ 3,101 | $ 3,270 |
Percentage of Portfolio | 2.40% | 3.30% |
Collateralized Loan Obligation - Debt Class | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 3,840 | $ 4,073 |
Percentage of Portfolio | 2.90% | 3.80% |
Fair Value | $ 3,738 | $ 4,053 |
Percentage of Portfolio | 2.90% | 4% |
Gaming | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 3,935 | $ 3,738 |
Percentage of Portfolio | 2.90% | 3.50% |
Fair Value | $ 1,125 | $ 2,239 |
Percentage of Portfolio | 0.90% | 2.30% |
Communication Services | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 5,087 | $ 3,813 |
Percentage of Portfolio | 3.80% | 3.60% |
Fair Value | $ 4,969 | $ 3,787 |
Percentage of Portfolio | 3.90% | 3.80% |
Transportation | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 1,949 | $ 1,962 |
Percentage of Portfolio | 1.50% | 1.80% |
Fair Value | $ 1,928 | $ 1,953 |
Percentage of Portfolio | 1.50% | 1.90% |
Collateralized Loan Obligation - Equity Class | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 333 | |
Percentage of Portfolio | 0.40% | |
Fair Value | $ 281 | |
Percentage of Portfolio | 0.30% |
Investments and Fair Value Me_5
Investments and Fair Value Measurements - Schedule of Fair Value of Investments by Fair Value Hierarchy Levels (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | $ 128,488 | $ 100,472 |
Senior Secured Loan | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 122,550 | 94,047 |
Structured Note | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 3,738 | 4,053 |
Subordinated Structured Note | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 281 | |
Equity/Other | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 2,200 | 2,036 |
Total Investments | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 128,488 | 100,417 |
Forward Contracts | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 55 | |
Fair Value, Inputs, Level 1 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 1 | Senior Secured Loan | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 1 | Structured Note | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 1 | Subordinated Structured Note | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 1 | Equity/Other | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 1 | Total Investments | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 1 | Forward Contracts | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 2 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 30,152 | 17,805 |
Fair Value, Inputs, Level 2 | Senior Secured Loan | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 30,152 | 17,805 |
Fair Value, Inputs, Level 2 | Structured Note | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 2 | Subordinated Structured Note | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 2 | Equity/Other | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 2 | Total Investments | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 30,152 | 17,805 |
Fair Value, Inputs, Level 2 | Forward Contracts | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | ||
Fair Value, Inputs, Level 3 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 98,336 | 82,667 |
Fair Value, Inputs, Level 3 | Senior Secured Loan | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 92,398 | 76,242 |
Fair Value, Inputs, Level 3 | Structured Note | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 3,738 | 4,053 |
Fair Value, Inputs, Level 3 | Subordinated Structured Note | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 281 | |
Fair Value, Inputs, Level 3 | Equity/Other | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 2,200 | 2,036 |
Fair Value, Inputs, Level 3 | Total Investments | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | 98,336 | 82,612 |
Fair Value, Inputs, Level 3 | Forward Contracts | Accounting Standards Update 2011-04 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments, Fair Value Disclosure, Total | $ 55 |
Investments and Fair Value Me_6
Investments and Fair Value Measurements - Schedule of Company's investment portfolio for which level 3 inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Net accretion of discounts (amortization of premiums) | $ 322 | $ 155 | ||
Net change in unrealized appreciation (depreciation) on investments | $ 755 | $ (1,664) | 129 | (2,034) |
Fair Value, Inputs, Level 3 | Senior Secured Loan | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Beginning balance | 76,242 | 68,025 | ||
Purchases of investments | 22,803 | 21,218 | ||
Proceeds from principal repayments and sales of investments | (5,943) | (13,776) | ||
Payment in-kind interest income | 279 | 30 | ||
Net accretion of discounts (amortization of premiums) | 226 | 124 | ||
Net change in unrealized appreciation (depreciation) on investments | (411) | (1,201) | ||
Net realized gain on investments | 80 | (45) | ||
Transfers into level 3 | ||||
Transfers out of level 3 | (1,700) | (6,669) | ||
Ending balance | 92,398 | 67,706 | 92,398 | 67,706 |
Net change in unrealized appreciation (depreciation) on Level 3 investments still held | (430) | (1,119) | ||
Fair Value, Inputs, Level 3 | Structured Note | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Beginning balance | 4,053 | 4,181 | ||
Purchases of investments | ||||
Proceeds from principal repayments and sales of investments | (320) | |||
Payment in-kind interest income | ||||
Net accretion of discounts (amortization of premiums) | ||||
Net change in unrealized appreciation (depreciation) on investments | (82) | 29 | ||
Net realized gain on investments | 87 | |||
Transfers into level 3 | ||||
Transfers out of level 3 | ||||
Ending balance | 3,738 | 4,152 | 3,738 | 4,152 |
Net change in unrealized appreciation (depreciation) on Level 3 investments still held | (52) | 29 | ||
Fair Value, Inputs, Level 3 | Subordinated Structured Note | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Beginning balance | 281 | 297 | ||
Purchases of investments | ||||
Proceeds from principal repayments and sales of investments | (350) | |||
Payment in-kind interest income | ||||
Net accretion of discounts (amortization of premiums) | ||||
Net change in unrealized appreciation (depreciation) on investments | (52) | 13 | ||
Net realized gain on investments | 17 | |||
Transfers into level 3 | ||||
Transfers out of level 3 | ||||
Ending balance | 284 | 284 | ||
Net change in unrealized appreciation (depreciation) on Level 3 investments still held | (83) | 13 | ||
Fair Value, Inputs, Level 3 | Equity/Other | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Beginning balance | 2,036 | 150 | ||
Purchases of investments | 143 | 134 | ||
Proceeds from principal repayments and sales of investments | ||||
Payment in-kind interest income | ||||
Net accretion of discounts (amortization of premiums) | ||||
Net change in unrealized appreciation (depreciation) on investments | 21 | 551 | ||
Net realized gain on investments | ||||
Transfers into level 3 | ||||
Transfers out of level 3 | ||||
Ending balance | 2,200 | 835 | 2,200 | 835 |
Net change in unrealized appreciation (depreciation) on Level 3 investments still held | 21 | 551 | ||
Fair Value, Inputs, Level 3 | Total Investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Beginning balance | 82,612 | 72,653 | ||
Purchases of investments | 22,946 | 21,352 | ||
Proceeds from principal repayments and sales of investments | (6,613) | (13,776) | ||
Payment in-kind interest income | 279 | 30 | ||
Net accretion of discounts (amortization of premiums) | 226 | 124 | ||
Net change in unrealized appreciation (depreciation) on investments | (402) | (692) | ||
Net realized gain on investments | 184 | (45) | ||
Transfers into level 3 | ||||
Transfers out of level 3 | (1,700) | (6,669) | ||
Ending balance | 98,336 | 72,977 | 98,336 | 72,977 |
Net change in unrealized appreciation (depreciation) on Level 3 investments still held | (420) | (610) | ||
Fair Value, Inputs, Level 3 | Forward Contracts | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Beginning balance | 55 | 53 | ||
Purchases of investments | ||||
Proceeds from principal repayments and sales of investments | ||||
Payment in-kind interest income | ||||
Net accretion of discounts (amortization of premiums) | ||||
Net change in unrealized appreciation (depreciation) on investments | 55 | (1) | ||
Net realized gain on investments | ||||
Transfers into level 3 | ||||
Transfers out of level 3 | ||||
Ending balance | $ 54 | 54 | ||
Net change in unrealized appreciation (depreciation) on Level 3 investments still held | $ 55 | $ (1) |
Investments and Fair Value Me_7
Investments and Fair Value Measurements - Schedule of valuation techniques and significant unobservable inputs used in the valuation of level 3 investments (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 128,488 | $ 100,417 |
Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | 98,336 | 82,612 |
Equity [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | 2,200 | 2,036 |
Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 1,976 | $ 2,037 |
Equity [Member] | Enterprise Valuation [Member] | Average EBITDA Multiple [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 1 | |
Equity [Member] | Enterprise Valuation [Member] | Average EBITDA Multiple [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 1.3 | |
Equity [Member] | Enterprise Valuation [Member] | Average EBITDA Multiple [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 1.06 | |
Equity [Member] | Enterprise Valuation [Member] | Fair Value, Inputs, Level 3 [Member] | Average EBITDA Multiple [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 1 | |
Equity [Member] | Enterprise Valuation [Member] | Fair Value, Inputs, Level 3 [Member] | Average EBITDA Multiple [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.13 | |
Equity [Member] | Enterprise Valuation [Member] | Fair Value, Inputs, Level 3 [Member] | Average EBITDA Multiple [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | (1.06) | |
Equity One [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 129 | |
Equity One [Member] | Recent Transaction [Member] | Transaction Price [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 16.3 | |
Equity One [Member] | Recent Transaction [Member] | Transaction Price [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 16.3 | |
Equity One [Member] | Recent Transaction [Member] | Transaction Price [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 16.3 | |
Equity Two [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 95 | |
Equity Two [Member] | Enterprise Valuation [Member] | Net Asset Value [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 9.7 | |
Equity Two [Member] | Enterprise Valuation [Member] | Net Asset Value [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 9.7 | |
Equity Two [Member] | Enterprise Valuation [Member] | Net Asset Value [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 9.7 | |
Senior Secured Loan [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 5,895 | $ 4,880 |
Senior Secured Loan [Member] | Recent Transaction [Member] | Fair Value, Inputs, Level 3 [Member] | Transaction Price [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 9.6 | 9.8 |
Senior Secured Loan [Member] | Recent Transaction [Member] | Fair Value, Inputs, Level 3 [Member] | Transaction Price [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 9.8 | 9.8 |
Senior Secured Loan [Member] | Recent Transaction [Member] | Fair Value, Inputs, Level 3 [Member] | Transaction Price [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 9.7 | 9.8 |
Senior Secured Loan [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.062 | |
Senior Secured Loan [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.210 | |
Senior Secured Loan [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.096 | |
Senior Secured Loan One [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 86,503 | $ 71,361 |
Senior Secured Loan One [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.61 | |
Senior Secured Loan One [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 1.91 | |
Senior Secured Loan One [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.95 | |
Structured Note [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 3,738 | 4,053 |
Structured Note [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 3,738 | $ 4,053 |
Structured Note [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 1,230 | 0.093 |
Structured Note [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 1,230 | 0.122 |
Structured Note [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 1,230 | 0.120 |
Subordinated Structured Note [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 281 | |
Subordinated Structured Note [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 281 | |
Subordinated Structured Note [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.142 | |
Subordinated Structured Note [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.152 | |
Subordinated Structured Note [Member] | Discounted Cash Flows [Member] | Fair Value, Inputs, Level 3 [Member] | Market Yield [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.147 | |
Forward Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 55 | |
Forward Contracts [Member] | Option Pricing Model [Member] | Fair Value, Inputs, Level 3 [Member] | Expected Volatility [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.010 | |
Forward Contracts [Member] | Option Pricing Model [Member] | Fair Value, Inputs, Level 3 [Member] | Expected Volatility [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.020 | |
Forward Contracts [Member] | Option Pricing Model [Member] | Fair Value, Inputs, Level 3 [Member] | Expected Volatility [Member] | Weighted Average [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Range (Weighted Average) | 0.015 |
Investments and Fair Value Me_8
Investments and Fair Value Measurements - Schedule of the Company's open forward contracts (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | ||
Investment, Identifier [Axis]: Forward Contracts, Security Halsey Point CLO II Ltd., Class E Put, Counterparty Advantage Capital Holdings, LLC, Settlement 7/20/2031 | |||
Summary of Investment Holdings [Line Items] | |||
Settlement date | Jul. 20, 2031 | ||
Unrealized appreciation | $ 0 | ||
Investment, Identifier [Axis]: Forward Contracts, Security Halsey Point CLO II Ltd., Class E Put, Counterparty Advantage Capital Holdings, LLC, Settlement Date 7/20/2031 | |||
Summary of Investment Holdings [Line Items] | |||
Settlement date | Jul. 20, 2031 | ||
Par / Shares | $ 333,000 | ||
Unrealized appreciation | $ 0 | ||
Investment, Identifier [Axis]: Forward Contracts, Security Halsey Point CLO II Ltd., Class Subordinated Notes, Counterparty Advantage Capital Holdings, LLC, Settlement 7/20/2031 | |||
Summary of Investment Holdings [Line Items] | |||
Settlement date | Jul. 20, 2031 | Jul. 20, 2031 | |
Unrealized appreciation | $ 0 | $ 55,000 | |
Investment, Identifier [Axis]: Forward Contracts, Security Halsey Point CLO II Ltd., Class Subordinated Notes, Counterparty Advantage Capital Holdings, LLC, Settlement Date 7/20/2031 | |||
Summary of Investment Holdings [Line Items] | |||
Settlement date | Jul. 20, 2031 | ||
Par / Shares | $ 333,000 | ||
Unrealized appreciation | 0 | ||
Investment, Identifier [Axis]: Total Forward contracts | |||
Summary of Investment Holdings [Line Items] | |||
Unrealized appreciation | $ 0 | $ 55,000 | [1] |
[1] The Company may sell any of the referenced securities in whole or in part to any third-party prior to the settlement date of the forward contracts without consent of the counterparty. Upon such sale to a third-party, the Company and counterparty shall have no further obligations in resp ect of that specific amount of referenced security sold. |
Investments and Fair Value Me_9
Investments and Fair Value Measurements - Schedule of realized and unrealized gain and loss amounts (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Summary of Investment Holdings [Line Items] | |
Derivative assets | |
Derivative liabilities | |
Realized gain (loss) | |
Unrealized depreciation | 57 |
Forward contracts - credit risk | |
Summary of Investment Holdings [Line Items] | |
Derivative assets | |
Derivative liabilities | |
Realized gain (loss) | |
Unrealized depreciation | $ 57 |
Borrowings (Additional Informat
Borrowings (Additional Information) (Details) - USD ($) | 6 Months Ended | ||||
Oct. 11, 2022 | Mar. 12, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 16, 2019 | |
Debt Instrument [Line Items] | |||||
Asset coverage | 197% | 184.10% | |||
Fourth A&R Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Financing Fee Per Year Spread Percentage | 2.91161% | ||||
Debt Instrument Repurchase Date | Dec. 19, 2023 | ||||
Maximum [Member] | UBS [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing facility | $ 50,000,000 | ||||
Maximum [Member] | Second A&R Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing facility | $ 75,000,000 | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Asset coverage | 150% | ||||
Minimum [Member] | Second A&R Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing facility | 50,000,000 | ||||
Minimum [Member] | 1940 Act [Member] | |||||
Debt Instrument [Line Items] | |||||
Asset coverage | 200% | ||||
Class A Notes [Member] | Fourth A&R Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate Purchase Price | 20,000,000 | ||||
Class A Notes [Member] | Maximum [Member] | Fourth A&R Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Business Acquisitions, Purchase Price Allocation | $ 75,000,000 | ||||
Aggregate Purchase Price | $ 75,000,000 | ||||
Class A Notes [Member] | Maximum [Member] | Third A&R Repurchase Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate Purchase Price | 75,000,000 | ||||
Class A Notes [Member] | Minimum [Member] | Fourth A&R Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate Purchase Price | $ 55,000,000 |
Borrowings - Summary of Debt ob
Borrowings - Summary of Debt obligations (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Debt [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Aggregate Borrowing Capacity | $ 75,000 | $ 75,000 |
Total Principal Outstanding | 68,000 | 58,000 |
Less Deferred Financing Costs | (717) | (772) |
Amount per Consolidated Statements of Assets and Liabilities | 67,283 | 57,228 |
Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Aggregate Borrowing Capacity | 75,000 | 75,000 |
Total Principal Outstanding | 68,000 | 58,000 |
Less Deferred Financing Costs | (717) | (772) |
Amount per Consolidated Statements of Assets and Liabilities | $ 67,283 | $ 57,228 |
Borrowings - Summary of compone
Borrowings - Summary of components of interest expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest Expense [Abstract] | ||||
Interest expense | $ 1,222 | $ 498 | $ 2,292 | $ 893 |
Amortization of deferred financing and debt issuance costs | 28 | 28 | 55 | 55 |
Total Interest Expense | 1,250 | 526 | 2,347 | 948 |
Average debt outstanding | $ 62,242 | $ 55,000 | $ 60,133 | $ 55,000 |
Weighted average interest rate | 8% | 3.80% | 7.80% | 3.40% |
Share Transactions (Additional
Share Transactions (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Apr. 10, 2018 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common stock, authorized | 1,000,000,000 | 1,000,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, issued | 4,000 | 2,999,799 | 2,232,134 | |
Proceeds from issuance of shares of common stock | $ 100,000 | $ 16,500 | $ 2,680 | |
Capital commitments | 68,489 | $ 44,039 | ||
Subscription Agreements [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Capital commitments | $ 68,500 | $ 47,400 |
Share Transactions - Summary of
Share Transactions - Summary of total shares issued and proceeds receivedSummart of related to capital drawdowns delivered pursuant to the Subscription Agreements (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||
Capital Drawdown Notice Date | Mar. 03, 2023 | Mar. 16, 2022 |
Capital Drawdown Notice Date1 | May 09, 2023 | Apr. 19, 2022 |
Common Share Issuance Date | Mar. 08, 2023 | Mar. 30, 2022 |
Capital Drawdown Share Issuance Date 1 | May 09, 2023 | May 06, 2022 |
Number of Common Shares Issued | 519,186 | 91,677 |
Total Number of Share Issued | 747,705 | 107,677 |
Capital Drawdown Shares Issued 1 | $ 228,519 | $ 16,000 |
Aggregate Offering Price | 11,500 | 2,280 |
Total Aggregate Offering Price | 16,500 | 2,680 |
Capital Drawdown Shares Issued Offering Price 1 | $ 5,000 | $ 400 |
Total Number of Common Shares Issued | 519,186 | 91,677 |
Total Aggregate Offering Price | $ 11,500 | $ 2,280 |
Share Transactions - Summary _2
Share Transactions - Summary of distribution declared (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date Declared | Mar. 21, 2023 | Mar. 14, 2022 |
Date Declared | May 21, 2023 | May 09, 2022 |
Record Date | Mar. 22, 2023 | Mar. 22, 2022 |
Record Date | May 22, 2023 | May 27, 2022 |
Payment Date | Mar. 29, 2023 | Mar. 29, 2022 |
Payment Date | May 31, 2023 | Jun. 03, 2022 |
Amount Per Share | $ 0.62 | $ 0.62 |
Distributions Declared | 1,780 | 1,128 |
Total distributions declared, amount per share | $ 0.62 | $ 0.62 |
Total distributions declared | 1,780 | 1,128 |
March 21, 2023 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Amount Per Share | $ 0.31 | |
Distributions Declared | 853 | |
Total distributions declared, amount per share | $ 0.31 | |
Total distributions declared | 853 | |
May 9, 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Distribution Made To Limited Partner Distribution Paid Per Unit 1 | $ 0.31 | $ 0.31 |
Distribution Made To Limited Partner Unit Distribution 1 | $ 927 | $ 582 |
March 14, 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Amount Per Share | $ 0.31 | |
Distributions Declared | 546 | |
Total distributions declared, amount per share | $ 0.31 | |
Total distributions declared | 546 |
Share Transactions - Schedule o
Share Transactions - Schedule of common stock issued pursuant to the dividend reinvestment plan (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||
Date Declared | Mar. 21, 2023 | Dec. 27, 2021 |
Date Declared | May 31, 2023 | Mar. 14, 2022 |
Date Declared | May 09, 2022 | |
Record Date | Mar. 20, 2023 | Dec. 31, 2021 |
Record Date | May 22, 2023 | Mar. 22, 2022 |
Record Date | May 27, 2022 | |
Payment Date | Mar. 31, 2023 | Jan. 27, 2022 |
Payment Date | May 31, 2023 | Mar. 29, 2022 |
Payment Date | Jun. 03, 2022 | |
Shares Issued | 9,874 | 19,884 |
Shares Issued | 6,190 | |
Shares Issued | 7,685 | |
Total shares issued | 19,960 | 33,759 |
Earnings Per Share - Schedule O
Earnings Per Share - Schedule Of Earnings Per Share Basic And Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Increase (decrease) in net assets resulting from operations per share - basic and diluted | $ 1,767 | $ (1,150) | $ 2,048 | $ (999) |
Weighted average shares of common stock outstanding - basic | 2,892,701 | 1,872,827 | 2,630,936 | 1,816,211 |
Weighted average shares of common stock outstanding - diluted | 2,892,701 | 1,872,827 | 2,630,936 | 1,816,211 |
Net increase (decrease) in net assets resulting from operations per share - basic | $ 0.61 | $ (0.61) | $ 0.78 | $ (0.55) |
Net increase (decrease) in net assets resulting from operations per share - dilluted | $ 0.61 | $ (0.61) | $ 0.78 | $ (0.55) |
Financial Highlights - Schedule
Financial Highlights - Schedule of financial highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||||||
Investment Company, Financial Highlights [Line Items] | ||||||||||
Net asset value, beginning of period | $ 21.85 | $ 25.10 | $ 25.10 | |||||||
Net investment income | [1] | 0.68 | 0.63 | |||||||
Net increase (decrease) in net assets resulting from operations, Total | [1] | 0.76 | (0.51) | |||||||
Distributions from net investment income | [2] | (0.62) | (0.62) | |||||||
Net decrease in net assets resulting from stockholder distributions | [2] | (0.62) | (0.62) | |||||||
Net asset value, end of period | $ 21.99 | [3] | $ 23.97 | [3] | $ 21.99 | [3] | $ 23.97 | [3] | $ 21.85 | |
Shares outstanding, end of period | 2,999,799 | 1,884,829 | 2,999,799 | 1,884,829 | ||||||
Total return based on net asset value | [4] | 2.80% | 2% | |||||||
Net assets, end of period | $ 65,969 | $ 45,184 | $ 65,969 | $ 45,184 | ||||||
Ratio of net investment income to average net assets | [5] | 7.40% | 4.60% | |||||||
Ratio of total expenses to average net asset | [5] | 15.30% | 10.50% | |||||||
Ratio of net expenses to average net assets | [5] | 19.60% | 11.90% | |||||||
Average debt outstanding | 62,242 | 55,000 | $ 60,133 | $ 55,000 | ||||||
Portfolio turnover | 6.20% | 20.10% | ||||||||
Total amount of senior securities outstanding | $ 68,000 | $ 55,000 | $ 68,000 | $ 55,000 | ||||||
Asset coverage per unit | [6] | 1,970 | 1,822 | |||||||
Total committed capital, end of period | $ 68,489 | $ 44,039 | ||||||||
Ratio of total contributed capital to total committed capital, end of period | 100% | 100% | ||||||||
Net realized and unrealized gain loss Member | ||||||||||
Investment Company, Financial Highlights [Line Items] | ||||||||||
Net realized and unrealized loss (gain) | [7] | $ 0.08 | $ (1.14) | |||||||
[1] The per share data was derived by using the weighted average shares outstanding during the period. The per share data for distributions reflects the actual amount of distributions paid during the period. Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the year or period and certain per share data on shares outstanding as of a year or period end or transaction date. Total return based on net asset value is calculated as the change in net asset value per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan divided by the beginning net asset value per share. Total return is not annualized. The computation of average net assets during the period is based on averaging net assets for the period reported. Ratio, excluding incentive fees, and nonrecurring expenses, such as organization and offering costs, is annualized. Asset coverage per unit is the ratio of the carrying value of the Company’s consolidated total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption is derived from total change in net asset value during the period and differs from the amount calculated using average shares because of the timing of issuances of the Company’s shares in relation to changes in net asset value during the period. |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Outstanding Commitments to Fund Investments in Current Portfolio Companies (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | $ 6,765 | $ 847 |
Beta Plus Technologies, Inc [Member] | Senior Secured Loan Three [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | 525 | 525 |
Critical Nurse Staffing LLC [Member] | Senior Secured Loan Four [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | 258 | 258 |
Monroe Engineering Group | Senior Secured Loan Five [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | 550 | 0 |
PhyNet Dermatology LLC[Member] | Senior Secured Loan Six [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | 1,034 | 0 |
Premier Imaging LLC [Member] | Senior Secured Loan Seven [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | 64 | 64 |
Tank Holding Corp | Senior Secured Loan Eight [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | 300 | 0 |
Tank Holding Corp1 [Member] | Senior Secured Loan Nine [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | 25 | 0 |
Accordion Partners LLC [Member] | Senior Secured Loan One [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | 2,400 | 0 |
AMCP Pet Holdings, Inc. [Member] | Senior Secured Loan Two [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | 125 | 0 |
VBC Spine Opco LLC [Member] | Equity/Other | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Total Unfunded Portfolio Company Commitments | $ 1,484 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 21 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2023 | Jun. 30, 2022 | Oct. 02, 2019 | |
Long-Term Purchase Commitment [Line Items] | ||||
Operating expenses | $ 1.2 | $ 1.2 | $ 0.3 | |
Advisor [Member] | ||||
Long-Term Purchase Commitment [Line Items] | ||||
Offering costs | 0.8 | $ 1.4 | ||
Operating expenses | $ 1.2 | $ 1.2 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] - $ / shares | 1 Months Ended | |
Aug. 08, 2023 | Aug. 31, 2023 | |
Subsequent Event [Line Items] | ||
Dividends Payable, Amount Per Share | $ 0.31 | |
Dividend Declared Date | Aug. 08, 2023 | Aug. 31, 2023 |