| Document And Entity Information | 12 Months Ended |
| Mar. 31, 2024 | |
| Document Information [Line Items] | |
| Entity Registrant Name | Cliffwater Corporate Lending Fund |
| Document Type | N-CSR |
| Amendment Flag | false |
| Entity Central Index Key | 0001735964 |
| Document Period End Date | Mar. 31, 2024 |
| N-2 - USD ($) | 12 Months Ended | |||||||
| Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | ||
| Cover [Abstract] | ||||||||
| Entity Central Index Key | 0001735964 | |||||||
| Amendment Flag | false | |||||||
| Document Type | N-CSR | |||||||
| Entity Registrant Name | Cliffwater Corporate Lending Fund | |||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities [Table Text Block] | Supplemental Expense Ratios For the For the For the Period January 1, For the For the For the Period Ratio of expenses to average net assets (excluding interest expense) 7 : Deferred tax expense 0.01 % 0.01 % — % — % — % — % With fees waived, after 1.21 % 1.24 % 1.28 % 1.32 % 1.80 % 1.78 % Senior Securities Total Amount Outstanding Reverse Repurchase Agreements $ 4,320,000 $ 3,870,000 $ 6,255,000 $ 6,833,000 $ 12,557,000 $ 6,034,000 Secured Borrowings — — 204,168,415 249,990,230 — — Senior Credit Facility 1,175,000,000 932,000,000 607,000,000 1,195,000,000 190,000,000 — Senior Notes 3,225,000,000 1,865,000,000 650,000,000 — — — Asset Coverage Per $1,000 of Borrowings Reverse Repurchase Agreements 4,138,255 2,863,249 1,078,983 693,179 60,321 45,504 Secured Borrowings — — 34,026 19,919 — — Senior Credit Facility 16,211 12,885 12,108 4,958 4,916 — Senior Notes 6,517 6,920 11,376 — — — Senior Notes (the “Notes”) On March 29, 2022, the Fund issued Series A Senior Secured Notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $650 million, maturing on March 28, 2027. On June 7, 2022, the Fund issued additional Series A notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $250 million, maturing on March 28, 2027. On July 22, 2022, the Fund issued Series B, Series C, Series E and Series F notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $635 million with various maturities. On September 29, 2022, the Fund issued Series D and Series G notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $50 million with various maturities. On December 6, 2022, the Fund issued Series H, Series I and Series J notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $270 million with various maturities. On January 5, 2023, the Fund issued additional Series I notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $10 million maturing on December 6, 2027. On August 4, 2023, the Fund issued Series K, Series L, Series M and Series N notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $600 million with various maturities. On December 19, 2023, the Fund issued additional Series O, Series P, Series Q, Series R, and Series S notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $733 million with various maturities. On January 20, 2024, the Fund issued additional Series O Senior Secured Notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $27 million, maturing on January 20, 2027. On March -priority In connection with the Notes, the Fund entered into interest rate swaps to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreements, the Fund receives a fixed interest rate and pays a floating interest rate of daily simple SOFR plus various spreads as disclosed on the Consolidated Schedule of Swap Contracts on notional amounts equal to the principal outstanding of the Notes. The Fund designated the interest rate swaps as the hedging instruments in effective hedge accounting relationships. See Notes 10 and 11 for more information regarding the interest rate swaps. The table below sets forth a summary of the key terms of the series of Notes outstanding at March 31, 2024. Series Principal Payment Unamortized Interest Rate Carrying Fair Value Fixed Effective Maturity Date A $ 650,000,000 Semi-Annual $ 54,863 $ 29,265,407 $ 620,679,730 $ 607,857,338 4.10% 5.65% March 28, 2027 A 250,000,000 Semi-Annual 20,109 7,442,033 242,537,858 233,791,284 4.10% 5.28% March 28, 2027 B 215,000,000 Semi-Annual 569,343 5,005,667 209,424,990 211,305,490 5.44% 6.90% July 19, 2025 C 130,000,000 Semi-Annual 449,177 4,090,491 125,460,332 127,150,090 5.50% 7.06% July 19, 2026 D 10,000,000 Semi-Annual 34,549 310,356 9,655,095 9,780,776 5.50% 7.27% July 19, 2026 E 130,000,000 Semi-Annual 510,521 4,967,706 124,521,773 126,703,869 5.61% 7.24% July 19, 2027 F 160,000,000 Semi-Annual 712,949 8,176,543 151,110,508 154,607,324 5.72% 7.42% July 19, 2029 G 40,000,000 Semi-Annual 178,240 2,035,942 37,785,818 38,651,831 5.72% 7.65% July 19, 2029 H 34,000,000 Semi-Annual 177,809 176,955 33,645,236 34,184,373 7.06% 8.07% December 6, 2025 I 95,000,000 Semi-Annual 1,025,508 306,064 93,668,428 96,972,400 7.10% 8.42% December 6, 2027 I 10,000,000 Semi-Annual 64,811 33,931 9,901,258 10,207,621 7.10% 8.32% December 6, 2027 J 141,000,000 Semi-Annual 1,782,092 345,169 138,872,739 145,564,138 7.17% 8.56% December 6, 2029 K 115,200,000 Semi-Annual 760,287 794,351 113,645,362 115,853,204 6.75% 8.21% August 4, 2026 L 304,800,000 Semi-Annual 2,232,698 3,907,525 298,659,777 309,127,918 6.77% 8.52% August 4, 2028 M 114,000,000 Semi-Annual 870,360 2,414,157 110,715,483 115,945,796 6.81% 8.70% August 4, 2030 N 66,000,000 Semi-Annual 519,216 2,140,900 63,339,884 67,520,760 6.99% 8.95% August 4, 2033 O 85,000,000 Semi-Annual 621,270 (39,361 ) 84,418,091 85,891,057 7.04% 8.50% January 20, 2027 O 27,000,000 Semi-Annual 1,756 12,528 26,985,716 27,283,042 7.04% 8.28% January 20, 2027 P 224,000,000 Semi-Annual 1,701,394 (126,133 ) 222,424,739 229,028,053 7.06% 8.55% January 20, 2029 Q 155,000,000 Semi-Annual 1,196,620 (723,519 ) 154,526,899 160,376,190 7.23% 8.74% January 20, 2031 R 224,000,000 Semi-Annual 1,750,451 (2,526,454 ) 224,776,003 234,453,833 7.40% 8.89% January 20, 2034 S 45,000,000 Semi-Annual 353,313 (990,472 ) 45,637,159 48,194,867 7.51% 9.04% January 20, 2036 T — Semi-Annual — (544,645 ) 544,645 — 6.69% —% T — Semi-Annual — (507,771 ) 507,771 — 6.69% —% Total $ 3,225,000,000 $ 15,587,336 $ 65,967,370 $ 3,143,445,294 $ 3,190,451,254 | |||||||
| Senior Securities Amount | $ 3,225,000,000 | |||||||
| Senior Securities Coverage per Unit | $ 1,000 | |||||||
| Senior Securities, Note [Text Block] | For the For the For the Period January 1, For the For the For the Period Net asset value, beginning of period $ 10.67 $ 10.79 $ 10.60 $ 10.35 $ 10.15 $ 10.00 Income from Investment Operations: Net investment income 1 1.15 0.87 0.16 0.72 0.72 0.34 Net realized and unrealized gain (loss) on investments 2 0.18 (0.15 ) 0.03 0.27 0.19 (0.04 ) Total income from investment operations 1.33 0.72 0.19 0.99 0.91 0.30 Less Distributions to shareholders: From net investment income (1.41 ) (0.69 ) — (0.62 ) (0.62 ) (0.15 ) From return of capital (0.04 ) (0.15 ) — (0.10 ) (0.09 ) — From net realized gain — — — (0.02 ) — 3 — 3 Total Distributions to shareholders (1.45 ) (0.84 ) — (0.74 ) (0.71 ) (0.15 ) Net asset value, end of period $ 10.55 $ 10.67 $ 10.79 $ 10.60 $ 10.35 $ 10.15 Total return 4 13.34 % 7.06 % 1.79 % 5 10.38 % 9.25 % 3.05 % 5 Ratios and Supplemental Data: Net assets, end of period (in thousands) $ 17,872,941 $ 11,076,905 $ 6,742,783 $ 4,729,648 $ 744,892 $ 268,536 Ratio of expenses to average net assets (excluding interest expense) 7 : Before fees waived and deferred tax expense 1.20 % 1.23 % 1.28 % 6 1.32 % 1.80 % 2.25 % 6 After fees waived 1.20 % 1.23 % 1.28 % 6 1.32 % 1.80 % 1.78 % 6 Ratio of expenses to average net assets (including interest expense) 7 : Before fees waived 3.42 % 2.95 % 1.79 % 6 1.94 % 2.43 % 2.28 % 6 After fees waived 3.42 % 2.95 % 1.79 % 6 1.94 % 2.43 % 1.81 % 6 Ratio of net investment income to average net assets (including interest expense) 7 : Before fees waived 10.81 % 8.23 % 6.24 % 6 6.74 % 7.04 % 3.55 % 6 After fees waived 10.81 % 8.23 % 6.24 % 6 6.74 % 7.04 % 4.02 % 6 Portfolio turnover rate 31 % 26 % 16 % 5 29 % 29 % 15 % 5 * ** Fiscal year end changed to March 31, effective January 1, 2022. 1 2 3 4 5 6 7 8 Supplemental Expense Ratios For the For the For the Period January 1, For the For the For the Period Ratio of expenses to average net assets (excluding interest expense) 7 : Deferred tax expense 0.01 % 0.01 % — % — % — % — % With fees waived, after 1.21 % 1.24 % 1.28 % 1.32 % 1.80 % 1.78 % Senior Securities Total Amount Outstanding Reverse Repurchase Agreements $ 4,320,000 $ 3,870,000 $ 6,255,000 $ 6,833,000 $ 12,557,000 $ 6,034,000 Secured Borrowings — — 204,168,415 249,990,230 — — Senior Credit Facility 1,175,000,000 932,000,000 607,000,000 1,195,000,000 190,000,000 — Senior Notes 3,225,000,000 1,865,000,000 650,000,000 — — — Asset Coverage Per $1,000 of Borrowings Reverse Repurchase Agreements 4,138,255 2,863,249 1,078,983 693,179 60,321 45,504 Secured Borrowings — — 34,026 19,919 — — Senior Credit Facility 16,211 12,885 12,108 4,958 4,916 — Senior Notes 6,517 6,920 11,376 — — — Senior Notes (the “Notes”) On March 29, 2022, the Fund issued Series A Senior Secured Notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $650 million, maturing on March 28, 2027. On June 7, 2022, the Fund issued additional Series A notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $250 million, maturing on March 28, 2027. On July 22, 2022, the Fund issued Series B, Series C, Series E and Series F notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $635 million with various maturities. On September 29, 2022, the Fund issued Series D and Series G notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $50 million with various maturities. On December 6, 2022, the Fund issued Series H, Series I and Series J notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $270 million with various maturities. On January 5, 2023, the Fund issued additional Series I notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $10 million maturing on December 6, 2027. On August 4, 2023, the Fund issued Series K, Series L, Series M and Series N notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $600 million with various maturities. On December 19, 2023, the Fund issued additional Series O, Series P, Series Q, Series R, and Series S notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $733 million with various maturities. On January 20, 2024, the Fund issued additional Series O Senior Secured Notes in a private placement to qualified institutional purchasers in the aggregate principal amount of $27 million, maturing on January 20, 2027. On March -priority In connection with the Notes, the Fund entered into interest rate swaps to more closely align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreements, the Fund receives a fixed interest rate and pays a floating interest rate of daily simple SOFR plus various spreads as disclosed on the Consolidated Schedule of Swap Contracts on notional amounts equal to the principal outstanding of the Notes. The Fund designated the interest rate swaps as the hedging instruments in effective hedge accounting relationships. See Notes 10 and 11 for more information regarding the interest rate swaps. The table below sets forth a summary of the key terms of the series of Notes outstanding at March 31, 2024. Series Principal Payment Unamortized Interest Rate Carrying Fair Value Fixed Effective Maturity Date A $ 650,000,000 Semi-Annual $ 54,863 $ 29,265,407 $ 620,679,730 $ 607,857,338 4.10% 5.65% March 28, 2027 A 250,000,000 Semi-Annual 20,109 7,442,033 242,537,858 233,791,284 4.10% 5.28% March 28, 2027 B 215,000,000 Semi-Annual 569,343 5,005,667 209,424,990 211,305,490 5.44% 6.90% July 19, 2025 C 130,000,000 Semi-Annual 449,177 4,090,491 125,460,332 127,150,090 5.50% 7.06% July 19, 2026 D 10,000,000 Semi-Annual 34,549 310,356 9,655,095 9,780,776 5.50% 7.27% July 19, 2026 E 130,000,000 Semi-Annual 510,521 4,967,706 124,521,773 126,703,869 5.61% 7.24% July 19, 2027 F 160,000,000 Semi-Annual 712,949 8,176,543 151,110,508 154,607,324 5.72% 7.42% July 19, 2029 G 40,000,000 Semi-Annual 178,240 2,035,942 37,785,818 38,651,831 5.72% 7.65% July 19, 2029 H 34,000,000 Semi-Annual 177,809 176,955 33,645,236 34,184,373 7.06% 8.07% December 6, 2025 I 95,000,000 Semi-Annual 1,025,508 306,064 93,668,428 96,972,400 7.10% 8.42% December 6, 2027 I 10,000,000 Semi-Annual 64,811 33,931 9,901,258 10,207,621 7.10% 8.32% December 6, 2027 J 141,000,000 Semi-Annual 1,782,092 345,169 138,872,739 145,564,138 7.17% 8.56% December 6, 2029 K 115,200,000 Semi-Annual 760,287 794,351 113,645,362 115,853,204 6.75% 8.21% August 4, 2026 L 304,800,000 Semi-Annual 2,232,698 3,907,525 298,659,777 309,127,918 6.77% 8.52% August 4, 2028 M 114,000,000 Semi-Annual 870,360 2,414,157 110,715,483 115,945,796 6.81% 8.70% August 4, 2030 N 66,000,000 Semi-Annual 519,216 2,140,900 63,339,884 67,520,760 6.99% 8.95% August 4, 2033 O 85,000,000 Semi-Annual 621,270 (39,361 ) 84,418,091 85,891,057 7.04% 8.50% January 20, 2027 O 27,000,000 Semi-Annual 1,756 12,528 26,985,716 27,283,042 7.04% 8.28% January 20, 2027 P 224,000,000 Semi-Annual 1,701,394 (126,133 ) 222,424,739 229,028,053 7.06% 8.55% January 20, 2029 Q 155,000,000 Semi-Annual 1,196,620 (723,519 ) 154,526,899 160,376,190 7.23% 8.74% January 20, 2031 R 224,000,000 Semi-Annual 1,750,451 (2,526,454 ) 224,776,003 234,453,833 7.40% 8.89% January 20, 2034 S 45,000,000 Semi-Annual 353,313 (990,472 ) 45,637,159 48,194,867 7.51% 9.04% January 20, 2036 T — Semi-Annual — (544,645 ) 544,645 — 6.69% —% T — Semi-Annual — (507,771 ) 507,771 — 6.69% —% Total $ 3,225,000,000 $ 15,587,336 $ 65,967,370 $ 3,143,445,294 $ 3,190,451,254 The Notes are fair valued using an income approach and classified as level 3 in the fair value hierarchy. The discount rates used ranged from 6.36% – 6.85%. The Fund shall at all times maintain a current rating given by a Nationally Recognized Statistical Rating Organization (an “NRSRO”) of at least Investment Grade with respect to the Notes and shall not at any time have any rating given by a NRSRO of less than Investment Grade with respect to the Notes. The Notes have been assigned an “AA” long -term In keeping with the Investment Company Act requirement that the Fund may not issue more than one class of senior securities constituting indebtedness, the Facility and Notes rank pari passu with each other, and the lien on the Fund’s assets securing the Notes is equal and ratable with the lien securing the Facility. The Facility and Notes are senior in all respects to the Fund’s outstanding shares with respect to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. The Fund incurs costs in connection with the issuance of the Notes. These costs are recorded as a deferred charge and are being amortized over the respective life of each series of notes. Amortization of offering costs on notes is included on the Consolidated Statement of Operations and the carrying amount on the Consolidated Statement of Assets and Liabilities is equal to the principal amount of the Notes less unamortized offering costs and the interest rate fair value adjustment. The Fund complies with Section 8 and Section 18 of the Investment Company Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Guarantors. The Guarantors also comply with Section 17 of the Investment Company Act relating to affiliated transactions and custody. At March | |||||||
| General Description of Registrant [Abstract] | ||||||||
| Investment Objectives and Practices [Text Block] | The Fund’s primary investment objective is to seek consistent current income, while the Fund’s secondary objective is capital preservation. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in loans to companies (“corporate loans”). The Fund’s corporate loan investments are made through a combination of: (i) investing in loans to companies that are originated directly by a non -bank -through -backed -like -U | |||||||
| Risk Factors [Table Text Block] | Principal Risks Debt Securities Under normal market conditions, the Fund expects to primarily invest in debt and debt -related Private Investment Funds The Fund may invest in Private Investment Funds that are not registered as investment companies. As a result, the Fund as an investor in these funds would not have the benefit of certain protections afforded to investors in registered investment companies. The Fund may not have the same amount of information about the identity, value, or performance of the Private Investment Funds’ investments as such private Investment Funds’ managers. Investments in Private Investment Funds generally will be illiquid and generally may not be transferred without the consent of the fund. The Fund may be unable to liquidate its investment in a Private Investment Fund when desired (and may incur losses as a result), or may be required to sell such investment regardless of whether it desires to do so. Upon its withdrawal of all or a portion of its interest in a Private Investment Fund, the Fund may receive securities that are illiquid or difficult to value. The Fund may not be able to withdraw from a Private Investment Fund except at certain designated times, thereby limiting the ability of the Fund to withdraw assets from the Private Investment Fund due to poor performance or other reasons. The fees paid by Private Investment Funds to their advisers and general partners or managing members often are higher than those paid by registered funds and generally include a percentage of gains. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a Private Investment Fund in addition to the management fees and other expenses paid by the Fund. Borrowing, Use of Leverage The Fund may leverage its investments by “borrowing,” use of swap agreements, options or other derivative instruments, use of short sales or issuing preferred stock or preferred debt. The use of leverage increases both risk and profit potential. The Fund expects that under normal business conditions it will utilize a combination of the leverage methods described above. The Fund is subject to the Investment Company Act requirement that an investment company limit its borrowings to no more than 50% of its total assets for preferred stock or preferred debt and 33 1/3% of its total assets for debt securities, including amounts borrowed, measured at the time the investment company incurs the indebtedness. Although leverage may increase profits, it exposes the Fund to credit risk, greater market risks and higher current expenses. The effect of leverage with respect to any investment in a market that moves adversely to such investment could result in a loss to the investment portfolio of the Fund that would be substantially greater than if the investment were not leveraged. Also, access to leverage and financing could be impaired by many factors, including market forces or regulatory changes, and there can be no assurance that the Fund will be able to secure or maintain adequate leverage or financing. The ability of the Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties’ financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. Margin borrowings and transactions involving forwards, swaps, futures, options and other derivative instruments could result in certain additional risks to the Fund. In such transactions, counterparties and lenders will likely require the Fund to post collateral to support its obligations. Should the securities and other assets pledged as collateral decline in value or should brokers increase their maintenance margin requirements (i.e., reduce the percentage of a position that can be financed), the Fund could be subject to a “margin call,” pursuant to which it must either deposit additional funds with the broker or suffer mandatory liquidation of the pledged assets to compensate for the decline in value. In the event of a precipitous drop in the value of pledged securities, the Fund might not be able to liquidate assets quickly enough to pay off the margin debt or provide additional collateral and may suffer mandatory liquidation of positions in a declining market at relatively low prices, thereby incurring substantial losses. Economic Downturn or Recession or Other Market Disruption Many of the Fund’s investments may be issued by companies susceptible to economic slowdowns or recessions. Therefore, the Fund’s non -performing The Fund may also be adversely affected by uncertainties and events around the world, such as public health emergencies, terrorism, political developments, and changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is invested. International war or conflicts (including Russia’s invasion of Ukraine and the Israel -Hamas LIBOR Discontinuation Risk LIBOR has been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset -backed -related The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR tenors, including some U.S. dollar LIBOR tenors, on December 31, 2021, and ceased publishing the remaining and most liquid U.S. dollar LIBOR tenors on June 30, 2023. As a result, many market participants have transitioned to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. The UK Financial Conduct Authority has announced that it will require the publication of synthetic LIBOR for the one -month -month -month and their regulators) of the New York Federal Reserve (NYFR), has begun publishing SOFR, which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are developing in response to these new rates. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Although the transition away from LIBOR has become increasingly well -defined -based -setting -setting -based -issued Specifically, the transition to one or more alternate Benchmark Rate(s), and the implementation of such new Benchmark Rate(s) may impact a number of factors, which, either alone or in the aggregate, may cause a material adverse effect on the Fund’s performance and ability to achieve its investment objective. Such factors include, without limitation: (i) the administration and/or management of portfolio of investments, including (a) cost of funding or other operational or administrative costs, (b) costs incurred to transition to and implement a substitute index or Benchmark Rate(s) for purposes of calculating interest, (c) costs of negotiating with counterparties with respect to an acceptable replacement calculation and potential amendments to existing debt instruments or credit facilities currently utilizing LIBOR to determine interest rates, and/or (d) costs of potential disputes and/or litigation regarding interest calculation, loan value, appropriateness or comparability of any new Benchmark Rate(s) or any other dispute over terms relating to or arising from any of the foregoing; (ii) the availability (or lack thereof) of potential investments in the market during the transition period; (iii) the time periods necessary to make investments and deploy capital during the transition period; (iv) the calculation and value of investments and overall cash flows, profitability and performance; (v) the liquidity of investments in the secondary market or otherwise, and the asset -liability SOFR RISK SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction -level -weighted Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short -term -looking -risk -term -based -month -based substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR -based Limited Liquidity Shares in the Fund provide limited liquidity since shareholders will not be able to redeem Shares on a daily basis. A shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. In addition, the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long -term | |||||||
| Effects of Leverage [Text Block] | Borrowing, Use of Leverage On March 29, 2022, the Fund and certain of its wholly -owned -year In connection with the Facility and Notes (discussed below under “Senior Notes”), the Fund and Guarantors have made certain customary representations and warranties and are required to comply with various customary covenants, reporting requirements and other requirements. The Facility and Notes each contain events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Guarantors or the Fund; or (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the Lenders or Note holders may declare the outstanding advances and all other obligations under the Facility and the Notes, respectively, immediately due and payable or incur a default rate of interest. The Facility and/or Notes may in the future be replaced or refinanced by entering into one or more new credit facilities or by the issuance of new debt securities, in each case having substantially different terms from the current Facility and Notes. For the year ended March 31, 2024, the average balance outstanding, maximum amount borrowed and weighted average interest rate under the Term Loan were $437,021,858, $500,000,000 and 7.35%, respectively. For the year ended March 31, 2024, the average balance outstanding, maximum amount borrowed and weighted average interest rate under the Revolving Loan were $985,653,005, $1,415,000,000 and 7.38%, respectively. In addition, the interest rate at period end on the Term Loan and Revolving Loan were 7.46% and 7.47%, respectively. The interest expense during the year ended March 31, 2024, was $117,211,027. Commitment fees incurred are prepaid and amortized over the term of the loan. For the year ended March 31, 2024, commitment fees were $2,444,787. Unused commitment fees for the year ended March 31, 2024, were $703,333. The use of leverage increases both risk of loss and profit potential. The Fund is subject to the Investment Company Act requirement that an investment company satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed (including through one or more SPVs that are wholly -owned -third -owned -leverage | |||||||
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||
| Capital Stock [Table Text Block] | Capital Stock The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares in one or more classes, with a par value of $0.001. The minimum initial investment in Class I Shares by any investor is $10 million. However, the Fund, in its sole discretion, may accept investments below this minimum with respect to Class I Shares. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirements. Class I Shares are not subject to any initial sales charge. Shares will generally be offered for purchase on each business day at NAV per share, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time. A shareholder whose Shares (or a portion thereof) are repurchased by the Fund will not be entitled to a return of any sales charge that was charged in connection with the shareholder’s purchase of the Shares. Pursuant to Rule 23c -3 Commencement Date April 13, 2023 July 13, 2023 October 12, 2023 January 19, 2024 Repurchase Request May 15, 2023 August 14, 2023 November 13, 2023 February 20, 2024 Repurchase Pricing date May 15, 2023 August 14, 2023 November 13, 2023 February 20, 2024 Net Asset Value as of Repurchase Offer Date Class I $ 10.55 $ 10.61 $ 10.64 $ 10.72 Amount Repurchased Class I $ 430,219,396 $ 209,420,547 $ 476,543,334 $ 374,188,714 Percentage of Outstanding Shares Repurchased Class I 3.70 % 1.63 % 3.21 % 2.20 % In preparing these consolidated financial statements, management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Commencement Date April 15, 2024 Repurchase Request May 15, 2024 Repurchase Pricing date May 15, 2024 Net Asset Value as of Repurchase Offer Date Class I $10.77 Amount Repurchased Class I $389,419,493 Percentage of Outstanding Shares Repurchased Class I 1.99% | |||||||
| Security Dividends [Text Block] | The minimum initial investment in Class I Shares by any investor is $10 million. | |||||||
| Long Term Debt [Table Text Block] | Secured Borrowings From time to time, the Fund may engage in sale/buy -back -by-transaction -back | |||||||
| Outstanding Securities [Table Text Block] | Assets: Investments in unaffiliated securities, at value (cost $21,478,474,318) (a) $ 21,686,707,236 Investments in affiliated securities, at value (cost $91,270,191) 92,119,317 Foreign currency, at value (cost $703,362) 782,530 Unrealized appreciation on forward foreign currency exchange contracts 3,333,184 Cash 340,965,591 Cash collateral for swap contracts 119,970,000 Receivables: Investment securities sold 14,630,160 Fund shares sold 371,371,449 Dividends and interest 197,514,522 Due from custodian 101,297 Prepaid expenses 564,170 Prepaid underlying loan expense 4,067,593 Prepaid commitment fees on secured credit facility 7,152,235 Total assets 22,839,279,283 Liabilities: Reverse repurchase agreements, at value (proceeds $4,320,000) 4,320,000 Unrealized depreciation on forward foreign currency exchange contracts 154,520 Unrealized depreciation on swap contracts 65,967,370 Due to counterparty 26,393,006 Payables: Senior notes (Net of deferred offering cost of $15,587,336) (Note 2) 3,143,445,294 Secured credit facility (Note 2) 1,175,000,000 Dividend payable 420,009,390 Line of credit facility waiver of fees 1,447,327 Investment securities purchased 63,553,445 Deferred tax liability 2,696,998 Interest on senior notes 36,149,429 Interest on secured credit facility 13,241,947 Interest on reverse repurchase agreements 9,481 Investment Management fees 3,411,798 Audit fees 1,014,120 Fund administration fees 1,191,901 Legal fees 60,385 Custody fees 1,349,714 Trustees’ fees and expenses 37,645 Transfer agency fees and expenses 327,152 Sub transfer agency fees and expenses 1,170,861 Swap interest 2,659,931 Other accrued expenses 2,726,755 Total liabilities 4,966,338,469 Net Assets $ 17,872,940,814 Commitments and Contingencies (Note 2) Components of Net Assets: Paid-in capital (par value of $0.001 per share with an unlimited number of shares authorized) $ 17,849,139,260 Total distributable earnings 23,801,554 Net Assets $ 17,872,940,814 Class I Shares: Net assets applicable to shares outstanding $ 17,872,940,814 Shares of beneficial interest issued and outstanding 1,693,479,127 Net asset value, offering, and redemption price per share 10.55 | |||||||
| Outstanding Security, Held [Shares] | 1,693,479,127 | |||||||
| Debt Securities [Member] | ||||||||
| General Description of Registrant [Abstract] | ||||||||
| Risk [Text Block] | Debt Securities Under normal market conditions, the Fund expects to primarily invest in debt and debt -related | |||||||
| Borrowing, Use of Leverage [Member] | ||||||||
| General Description of Registrant [Abstract] | ||||||||
| Risk [Text Block] | Borrowing, Use of Leverage The Fund may leverage its investments by “borrowing,” use of swap agreements, options or other derivative instruments, use of short sales or issuing preferred stock or preferred debt. The use of leverage increases both risk and profit potential. The Fund expects that under normal business conditions it will utilize a combination of the leverage methods described above. The Fund is subject to the Investment Company Act requirement that an investment company limit its borrowings to no more than 50% of its total assets for preferred stock or preferred debt and 33 1/3% of its total assets for debt securities, including amounts borrowed, measured at the time the investment company incurs the indebtedness. Although leverage may increase profits, it exposes the Fund to credit risk, greater market risks and higher current expenses. The effect of leverage with respect to any investment in a market that moves adversely to such investment could result in a loss to the investment portfolio of the Fund that would be substantially greater than if the investment were not leveraged. Also, access to leverage and financing could be impaired by many factors, including market forces or regulatory changes, and there can be no assurance that the Fund will be able to secure or maintain adequate leverage or financing. The ability of the Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties’ financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. Margin borrowings and transactions involving forwards, swaps, futures, options and other derivative instruments could result in certain additional risks to the Fund. In such transactions, counterparties and lenders will likely require the Fund to post collateral to support its obligations. Should the securities and other assets pledged as collateral decline in value or should brokers increase their maintenance margin requirements (i.e., reduce the percentage of a position that can be financed), the Fund could be subject to a “margin call,” pursuant to which it must either deposit additional funds with the broker or suffer mandatory liquidation of the pledged assets to compensate for the decline in value. In the event of a precipitous drop in the value of pledged securities, the Fund might not be able to liquidate assets quickly enough to pay off the margin debt or provide additional collateral and may suffer mandatory liquidation of positions in a declining market at relatively low prices, thereby incurring substantial losses. | |||||||
| Economic Downturn or Recession or Other Market Disruption [Member] | ||||||||
| General Description of Registrant [Abstract] | ||||||||
| Risk [Text Block] | Economic Downturn or Recession or Other Market Disruption Many of the Fund’s investments may be issued by companies susceptible to economic slowdowns or recessions. Therefore, the Fund’s non -performing The Fund may also be adversely affected by uncertainties and events around the world, such as public health emergencies, terrorism, political developments, and changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is invested. International war or conflicts (including Russia’s invasion of Ukraine and the Israel -Hamas | |||||||
| LIBOR Discontinuation Risk [Member] | ||||||||
| General Description of Registrant [Abstract] | ||||||||
| Risk [Text Block] | LIBOR Discontinuation Risk LIBOR has been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset -backed -related The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most LIBOR tenors, including some U.S. dollar LIBOR tenors, on December 31, 2021, and ceased publishing the remaining and most liquid U.S. dollar LIBOR tenors on June 30, 2023. As a result, many market participants have transitioned to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. The UK Financial Conduct Authority has announced that it will require the publication of synthetic LIBOR for the one -month -month -month and their regulators) of the New York Federal Reserve (NYFR), has begun publishing SOFR, which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are developing in response to these new rates. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Although the transition away from LIBOR has become increasingly well -defined -based -setting -setting -based -issued Specifically, the transition to one or more alternate Benchmark Rate(s), and the implementation of such new Benchmark Rate(s) may impact a number of factors, which, either alone or in the aggregate, may cause a material adverse effect on the Fund’s performance and ability to achieve its investment objective. Such factors include, without limitation: (i) the administration and/or management of portfolio of investments, including (a) cost of funding or other operational or administrative costs, (b) costs incurred to transition to and implement a substitute index or Benchmark Rate(s) for purposes of calculating interest, (c) costs of negotiating with counterparties with respect to an acceptable replacement calculation and potential amendments to existing debt instruments or credit facilities currently utilizing LIBOR to determine interest rates, and/or (d) costs of potential disputes and/or litigation regarding interest calculation, loan value, appropriateness or comparability of any new Benchmark Rate(s) or any other dispute over terms relating to or arising from any of the foregoing; (ii) the availability (or lack thereof) of potential investments in the market during the transition period; (iii) the time periods necessary to make investments and deploy capital during the transition period; (iv) the calculation and value of investments and overall cash flows, profitability and performance; (v) the liquidity of investments in the secondary market or otherwise, and the asset -liability | |||||||
| SOFR RISK [Member] | ||||||||
| General Description of Registrant [Abstract] | ||||||||
| Risk [Text Block] | SOFR RISK SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction -level -weighted Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short -term -looking -risk -term -based -month -based substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR -based | |||||||
| Limited Liquidity [Member] | ||||||||
| General Description of Registrant [Abstract] | ||||||||
| Risk [Text Block] | Limited Liquidity Shares in the Fund provide limited liquidity since shareholders will not be able to redeem Shares on a daily basis. A shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. In addition, the Fund does not expect any trading market to develop for the Shares. As a result, if investors decide to invest in the Fund, they will have very limited opportunity to sell their Shares. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long -term | |||||||
| Reverse Repurchase Agreements [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | [1] | $ 4,320,000 | $ 3,870,000 | $ 6,255,000 | $ 6,833,000 | $ 12,557,000 | $ 6,034,000 | |
| Senior Securities Coverage per Unit | [1] | $ 4,138,255 | $ 2,863,249 | $ 1,078,983 | $ 693,179 | $ 60,321 | $ 45,504 | |
| Secured Borrowings [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | [1] | $ 204,168,415 | $ 249,990,230 | |||||
| Senior Securities Coverage per Unit | [1] | $ 34,026 | $ 19,919 | |||||
| Senior Credit Facility [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | $ 1,175,000,000 | $ 932,000,000 | $ 607,000,000 | $ 1,195,000,000 | $ 190,000,000 | |||
| Senior Securities Coverage per Unit | $ 16,211 | $ 12,885 | $ 12,108 | $ 4,958 | $ 4,916 | |||
| Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | $ 3,225,000,000 | $ 1,865,000,000 | $ 650,000,000 | |||||
| Senior Securities Coverage per Unit | $ 6,517 | $ 6,920 | $ 11,376 | |||||
| Series A Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 650,000,000 | |||||||
| Series A One Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 250,000,000 | |||||||
| Series B Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 215,000,000 | |||||||
| Series C Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 130,000,000 | |||||||
| Series D Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 10,000,000 | |||||||
| Series E Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 130,000,000 | |||||||
| Series F Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 160,000,000 | |||||||
| Series G Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 40,000,000 | |||||||
| Series H Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 34,000,000 | |||||||
| Series I Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 95,000,000 | |||||||
| Series I One Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 10,000,000 | |||||||
| Series J Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 141,000,000 | |||||||
| Series K Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 115,200,000 | |||||||
| Series L Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 304,800,000 | |||||||
| Series M Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 114,000,000 | |||||||
| Series N Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 66,000,000 | |||||||
| Series O Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 85,000,000 | |||||||
| Series O One Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 27,000,000 | |||||||
| Series P Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 224,000,000 | |||||||
| Series Q Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 155,000,000 | |||||||
| Series R Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | 224,000,000 | |||||||
| Series S Senior Notes [Member] | ||||||||
| Financial Highlights [Abstract] | ||||||||
| Senior Securities Amount | $ 45,000,000 | |||||||
| Private Investment Funds [Member] | ||||||||
| General Description of Registrant [Abstract] | ||||||||
| Risk [Text Block] | Private Investment Funds The Fund may invest in Private Investment Funds that are not registered as investment companies. As a result, the Fund as an investor in these funds would not have the benefit of certain protections afforded to investors in registered investment companies. The Fund may not have the same amount of information about the identity, value, or performance of the Private Investment Funds’ investments as such private Investment Funds’ managers. Investments in Private Investment Funds generally will be illiquid and generally may not be transferred without the consent of the fund. The Fund may be unable to liquidate its investment in a Private Investment Fund when desired (and may incur losses as a result), or may be required to sell such investment regardless of whether it desires to do so. Upon its withdrawal of all or a portion of its interest in a Private Investment Fund, the Fund may receive securities that are illiquid or difficult to value. The Fund may not be able to withdraw from a Private Investment Fund except at certain designated times, thereby limiting the ability of the Fund to withdraw assets from the Private Investment Fund due to poor performance or other reasons. The fees paid by Private Investment Funds to their advisers and general partners or managing members often are higher than those paid by registered funds and generally include a percentage of gains. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a Private Investment Fund in addition to the management fees and other expenses paid by the Fund. | |||||||
| [1]The Fund shall at all times maintain a current rating given by a Nationally Recognized Statistical Rating Organization (an “NRSRO”) of at least Investment Grade with respect to the Notes and shall not at any time have any rating given by a NRSRO of less than Investment Grade with respect to the Notes. | ||||||||
