Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 27, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Securities Act File Number | 000-56133 | ||
Entity Registrant Name | NUVEEN CHURCHILL DIRECT LENDING CORP. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 84-3613224 | ||
Entity Address, Address Line One | 375 Park Avenue, 9th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10152 | ||
City Area Code | 212 | ||
Local Phone Number | 478-9200 | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading Symbol | NCDL | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 54,815,740 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement relating to the registrant’s 2024 annual meeting of shareholders (the “2024 Proxy Statement”), to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Form 10-K as indicated herein. | ||
Entity Central Index Key | 0001737924 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 238 |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments | ||
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $1,666,169 and $1,225,573, respectively) | $ 1,641,686 | $ 1,200,376 |
Cash and cash equivalents | 67,395 | 39,270 |
Restricted cash | 50 | 50 |
Due from adviser expense support (See Note 5) | 0 | 1,147 |
Interest receivable | 17,674 | 11,898 |
Receivable for investments sold | 3,919 | 719 |
Contribution receivable | 127 | 458 |
Prepaid expenses | 13 | 41 |
Total assets | 1,730,864 | 1,253,959 |
Liabilities | ||
Secured borrowings (net of $7,941 and $5,675 deferred financing costs, respectively) (See Note 6) | 943,936 | 699,772 |
Payable for investments purchased | 0 | 56 |
Interest payable | 9,837 | 8,812 |
Due to adviser expense support (See Note 5) | 632 | 1,147 |
Management fees payable | 3,006 | 2,211 |
Distributions payable | 22,683 | 14,325 |
Directors’ fees payable | 96 | 96 |
Accounts payable and accrued expenses | 2,789 | 2,583 |
Total liabilities | 982,979 | 729,002 |
Commitments and contingencies (See Note 7) | ||
Net Assets: (See Note 8) | ||
Common shares, $0.01 par value, 500,000,000 and 500,000,000 shares authorized, 41,242,105 and 28,650,548 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 412 | 287 |
Paid-in-capital in excess of par value | 776,719 | 548,600 |
Total distributable earnings (loss) | (29,246) | (23,930) |
Total net assets | 747,885 | 524,957 |
Total liabilities and net assets | $ 1,730,864 | $ 1,253,959 |
Net asset value per share (in dollars per share) | $ 18.13 | $ 18.32 |
Non-controlled/Non-affiliated | ||
Investments | ||
Non-controlled/non-affiliated company investments, at fair value (amortized cost of $1,666,169 and $1,225,573, respectively) | $ 1,641,686 | $ 1,200,376 |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost | $ 1,666,169 | $ 1,225,573 |
Deferred financing costs | $ 7,941 | $ 5,675 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common shares, shares issued (in shares) | 41,242,105 | 28,650,548 |
Common shares, shares outstanding (in shares) | 41,242,105 | 28,650,548 |
Non-controlled/Non-affiliated | ||
Amortized cost | $ 1,666,169 | $ 1,225,573 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment income: | |||
Payment-in-kind interest income | $ 3,644,000 | $ 789,000 | $ 113,000 |
Dividend income | 101,000 | 225,000 | 213,000 |
Other income | 1,143,000 | 1,571,000 | 1,062,000 |
Expenses: | |||
Interest and debt financing expenses | 61,206,000 | 25,695,000 | 9,827,000 |
Management fees (See Note 5) | 10,509,000 | 7,464,000 | 4,049,000 |
Professional fees | 3,455,000 | 1,811,000 | 1,316,000 |
Directors' fees | 383,000 | 383,000 | 383,000 |
Administration fees (See Note 5) | 1,598,000 | 1,111,000 | 660,000 |
Other general and administrative expenses | 751,000 | 684,000 | 324,000 |
Total expenses before expense support | 77,902,000 | 37,148,000 | 16,559,000 |
Expense support (See Note 5) | (158,000) | (179,000) | (522,000) |
Net expenses after expense support | 77,744,000 | 36,969,000 | 16,037,000 |
Net investment income before excise taxes | 84,012,000 | 45,484,000 | 20,253,000 |
Incurred excise tax expenses | 6,000 | 0 | 0 |
Net investment income | 84,006,000 | 45,484,000 | 20,253,000 |
Realized and unrealized gain (loss) on investments: | |||
Net realized gain (loss) on non-controlled/non-affiliated company investments | (7,952,000) | (262,000) | 819,000 |
Net change in unrealized appreciation (depreciation): | |||
Non-controlled/non-affiliated company investments | 714,000 | (27,912,000) | 6,194,000 |
Net increase (decrease) in net assets resulting from operations | $ 75,938,000 | $ 17,286,000 | $ 27,266,000 |
Per share data: | |||
Net investment income per share - basic (in dollars per share) | $ 2.52 | $ 1.95 | $ 1.58 |
Net investment income per share - diluted (in dollars per share) | 2.52 | 1.95 | 1.58 |
Net increase (decrease) in net assets resulting from operations per share - basic and diluted (in dollars per share) | $ 2.27 | $ 0.74 | $ 2.12 |
Weighted average common shares outstanding - basic (in shares) | 33,385,880,000 | 23,279,341,000 | 12,849,333,000 |
Weighted average common shares outstanding - diluted (in shares) | 33,385,880,000 | 23,279,341,000 | 12,849,333,000 |
Non-controlled/Non-affiliated | |||
Investment income: | |||
Interest income | $ 156,868,000 | $ 79,868,000 | $ 34,902,000 |
Payment-in-kind interest income | 3,644,000 | 789,000 | 113,000 |
Dividend income | 101,000 | 225,000 | 213,000 |
Other income | 1,143,000 | 1,571,000 | 1,062,000 |
Total investment income | 161,756,000 | 82,453,000 | 36,290,000 |
Realized and unrealized gain (loss) on investments: | |||
Net realized gain (loss) on non-controlled/non-affiliated company investments | (7,952,000) | (262,000) | 819,000 |
Net change in unrealized appreciation (depreciation): | |||
Non-controlled/non-affiliated company investments | 714,000 | (27,912,000) | 6,194,000 |
Income tax (provision) benefit | (830,000) | (24,000) | 0 |
Total net change in unrealized gain (loss) | (116,000) | (27,936,000) | 6,194,000 |
Total net realized and unrealized gain (loss) on investments | $ (8,068,000) | $ (28,198,000) | $ 7,013,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (decrease) in net assets resulting from operations | |||
Net investment income | $ 84,006 | $ 45,484 | $ 20,253 |
Net realized gain (loss) on investments | (7,952) | (262) | 819 |
Net change in unrealized appreciation (depreciation) on investments | (116) | (27,936) | 6,194 |
Net increase (decrease) in net assets resulting from operations | 75,938 | 17,286 | 27,266 |
Shareholder distributions: | |||
Distributions declared from net investment income | (81,206) | (44,567) | (20,320) |
Net increase (decrease) in net assets resulting from shareholder distributions | (81,206) | (44,567) | (20,320) |
Capital share transactions: | |||
Issuance of common shares, net | 218,542 | 174,964 | 209,140 |
Reinvestment of shareholder distributions, net | 9,654 | 3,223 | 324 |
Net increase (decrease) in net assets resulting from capital share transactions | 228,196 | 178,187 | 209,464 |
Total increase (decrease) in net assets | 222,928 | 150,906 | 216,410 |
Net assets, at beginning of period | 524,957 | 374,051 | 157,641 |
Net assets, at end of period | $ 747,885 | $ 524,957 | $ 374,051 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net increase (decrease) in net assets resulting from operations | $ 75,938 | $ 17,286 | $ 27,266 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities | |||
Purchase of investments | (589,000) | (502,250) | (610,690) |
Proceeds from principal repayments and sales of investments | 146,428 | 49,264 | 181,074 |
Payment-in-kind interest | (3,268) | (789) | (112) |
Amortization of premium/accretion of discount, net | (2,708) | (1,762) | (1,013) |
Net realized (gain) loss on investments | 7,952 | 262 | (819) |
Net change in unrealized (appreciation) depreciation on investments | (714) | 27,912 | (6,194) |
Amortization of deferred financing costs | 2,216 | 1,408 | 889 |
Amortization of offering costs | (23) | (82) | (68) |
Changes in operating assets and liabilities: | |||
Due from adviser expense support | 1,147 | 1,504 | (248) |
Interest receivable | (5,776) | (7,150) | (2,720) |
Receivable for investments sold | (3,200) | 4,488 | (4,261) |
Prepaid expenses | 28 | 23 | (26) |
Other assets | 0 | 0 | (128) |
Payable for investments purchased | (56) | (25,688) | 25,744 |
Interest payable | 1,025 | 6,739 | 797 |
Due to adviser expense support | (515) | (1,504) | 248 |
Management fees payable | 795 | 835 | 848 |
Accounts payable and accrued expenses | 206 | 1,660 | 38 |
Net cash provided by (used in) operating activities | (369,525) | (427,844) | (389,119) |
Cash flows from financing activities: | |||
Proceeds from issuance of common shares | 218,896 | 174,588 | 209,208 |
Shareholder distributions | (63,194) | (34,659) | (14,712) |
Proceeds from secured borrowings | 810,900 | 762,200 | 329,400 |
Repayments of secured borrowings | (564,470) | (466,800) | (111,535) |
Payments of deferred financing costs | (4,482) | (3,401) | (664) |
Net cash provided by (used in) financing activities | 397,650 | 431,928 | 411,697 |
Net increase (decrease) in Cash and Cash Equivalents and Restricted Cash | 28,125 | 4,084 | 22,578 |
Cash and Cash Equivalents and Restricted Cash, beginning of period | 39,320 | 35,236 | 12,658 |
Cash and Cash Equivalents and Restricted Cash, end of period | 67,445 | 39,320 | 35,236 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 57,965 | 17,548 | 9,735 |
Supplemental disclosure of non-cash flow Information: | |||
Reinvestment of shareholder distributions | 9,654 | 3,223 | 324 |
Reconciliation of cash and cash equivalents and restricted cash | |||
Cash and cash equivalents | 67,395 | 39,270 | 35,186 |
Restricted cash | 50 | 50 | 50 |
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows | $ 67,445 | $ 39,320 | $ 35,236 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | [1],[2] | 4% | |||
Amortized Cost | $ 1,730,646 | $ 1,243,145 | |||
Fair Value | $ 1,706,163 | [3] | $ 1,217,948 | [4] | |
Fair Value as % of Net Assets | 228.13% | [5] | 232.01% | [6] | |
Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,640,574 | $ 1,207,365 | |||
Fair Value | $ 1,610,879 | [3] | $ 1,173,063 | [4] | |
Fair Value as % of Net Assets | 215.39% | [5] | 223.46% | [6] | |
Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 25,595 | $ 18,208 | |||
Fair Value | $ 30,807 | [3] | $ 27,313 | [4] | |
Fair Value as % of Net Assets | 4.12% | [5] | 5.20% | [6] | |
Cash Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 64,477 | $ 17,572 | [7] | ||
Fair Value | $ 64,477 | [3] | $ 17,572 | [4],[7] | |
Fair Value as % of Net Assets | 8.62% | [5] | 3.35% | [6],[7] | |
Aerospace & Defense | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 50,644 | $ 34,376 | |||
Fair Value | $ 49,851 | [3] | $ 33,110 | [4] | |
Fair Value as % of Net Assets | 6.67% | [5] | 6.31% | [6] | |
Aerospace & Defense | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,530 | $ 1,225 | |||
Fair Value | $ 1,614 | [3] | $ 1,203 | [4] | |
Fair Value as % of Net Assets | 0.22% | [5] | 0.23% | [6] | |
Automotive | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 82,339 | $ 76,086 | |||
Fair Value | $ 80,284 | [3] | $ 72,538 | [4] | |
Fair Value as % of Net Assets | 10.73% | [5] | 13.82% | [6] | |
Automotive | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,528 | ||||
Fair Value | [3] | $ 1,021 | |||
Fair Value as % of Net Assets | [5] | 0.14% | |||
Banking, Finance, Insurance, Real Estate | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 66,633 | $ 54,772 | |||
Fair Value | $ 64,923 | [3] | $ 53,282 | [4] | |
Fair Value as % of Net Assets | 8.68% | [5] | 10.15% | [6] | |
Beverage, Food & Tobacco | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 124,399 | $ 81,625 | |||
Fair Value | $ 123,423 | [3] | $ 74,431 | [4] | |
Fair Value as % of Net Assets | 16.50% | [5] | 14.18% | [6] | |
Beverage, Food & Tobacco | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 3,481 | $ 2,452 | |||
Fair Value | $ 3,912 | [3] | $ 2,452 | [4] | |
Fair Value as % of Net Assets | 0.52% | [5] | 0.47% | [6] | |
Capital Equipment | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 62,328 | $ 46,223 | |||
Fair Value | $ 61,803 | [3] | $ 45,261 | [4] | |
Fair Value as % of Net Assets | 8.26% | [5] | 8.62% | [6] | |
Capital Equipment | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 4,427 | $ 4,219 | |||
Fair Value | $ 7,324 | [3] | $ 4,382 | [4] | |
Fair Value as % of Net Assets | 0.98% | [5] | 0.83% | [6] | |
Chemicals, Plastics, & Rubber | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 41,481 | $ 35,533 | |||
Fair Value | $ 37,535 | [3] | $ 34,529 | [4] | |
Fair Value as % of Net Assets | 5.02% | [5] | 6.58% | [6] | |
Construction & Building | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 61,992 | $ 31,257 | |||
Fair Value | $ 61,958 | [3] | $ 30,797 | [4] | |
Fair Value as % of Net Assets | 8.28% | [5] | 5.87% | [6] | |
Construction & Building | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,161 | $ 591 | |||
Fair Value | $ 2,055 | [3] | $ 1,010 | [4] | |
Fair Value as % of Net Assets | 0.27% | [5] | 0.19% | [6] | |
Consumer Goods: Durable | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 30,122 | $ 25,382 | |||
Fair Value | $ 24,814 | [3] | $ 22,894 | [4] | |
Fair Value as % of Net Assets | 3.32% | [5] | 4.36% | [6] | |
Consumer Goods: Non-durable | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 55,909 | $ 49,377 | |||
Fair Value | $ 54,134 | [3] | $ 47,981 | [4] | |
Fair Value as % of Net Assets | 7.24% | [5] | 9.14% | [6] | |
Consumer Goods: Non-durable | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 273 | $ 273 | |||
Fair Value | $ 209 | $ 211 | [4] | ||
Fair Value as % of Net Assets | 0.03% | 0.04% | [6] | ||
Containers, Packaging & Glass | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 64,852 | $ 45,074 | |||
Fair Value | $ 64,328 | [3] | $ 44,537 | [4] | |
Fair Value as % of Net Assets | 8.60% | [5] | 8.48% | [6] | |
Containers, Packaging & Glass | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,171 | $ 1,078 | |||
Fair Value | $ 822 | [3] | $ 1,087 | [4] | |
Fair Value as % of Net Assets | 0.11% | [5] | 0.21% | [6] | |
Energy: Electricity | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 28,825 | ||||
Fair Value | [3] | $ 28,728 | |||
Fair Value as % of Net Assets | [5] | 3.84% | |||
Environmental Industries | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 44,853 | $ 20,062 | |||
Fair Value | $ 44,758 | [3] | $ 19,778 | [4] | |
Fair Value as % of Net Assets | 5.98% | [5] | 3.77% | [6] | |
Healthcare & Pharmaceuticals | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 210,326 | $ 112,377 | |||
Fair Value | $ 207,327 | [3] | $ 109,952 | [4] | |
Fair Value as % of Net Assets | 27.72% | [5] | 20.94% | [6] | |
Healthcare & Pharmaceuticals | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 2,102 | $ 816 | |||
Fair Value | $ 1,251 | [3] | $ 629 | [4] | |
Fair Value as % of Net Assets | 0.17% | [5] | 0.12% | [6] | |
High Tech Industries | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 835 | ||||
Fair Value | [4] | $ 960 | |||
Fair Value as % of Net Assets | [6] | 0.18% | |||
High Tech Industries | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 147,765 | $ 111,674 | |||
Fair Value | $ 145,702 | [3] | $ 108,695 | [4] | |
Fair Value as % of Net Assets | 19.48% | [5] | 20.71% | [6] | |
High Tech Industries | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 835 | ||||
Fair Value | [3] | $ 1,460 | |||
Fair Value as % of Net Assets | [5] | 0.20% | |||
Media: Advertising, Printing & Publishing | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 19,017 | $ 15,154 | |||
Fair Value | $ 18,452 | [3] | $ 14,945 | [4] | |
Fair Value as % of Net Assets | 2.47% | [5] | 2.85% | [6] | |
Media: Diversified & Production | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 16,791 | $ 16,781 | |||
Fair Value | $ 15,818 | [3] | $ 16,176 | [4] | |
Fair Value as % of Net Assets | 2.12% | [5] | 3.08% | [6] | |
Retail | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 5,850 | $ 5,916 | |||
Fair Value | $ 5,747 | [3] | $ 5,612 | [4] | |
Fair Value as % of Net Assets | 0.77% | [5] | 1.07% | [6] | |
Services: Business | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 302,368 | $ 262,048 | |||
Fair Value | $ 298,732 | [3] | $ 257,967 | [4] | |
Fair Value as % of Net Assets | 39.94% | [5] | 49.14% | [6] | |
Services: Business | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 4,099 | $ 3,584 | |||
Fair Value | $ 3,613 | [3] | $ 5,319 | [4] | |
Fair Value as % of Net Assets | 0.48% | [5] | 1.01% | [6] | |
Services: Consumer | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 77,979 | $ 54,659 | |||
Fair Value | $ 76,923 | [3] | $ 53,434 | [4] | |
Fair Value as % of Net Assets | 10.29% | [5] | 10.18% | [6] | |
Services: Consumer | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 2,629 | $ 243 | |||
Fair Value | $ 2,940 | [3] | $ 258 | [4] | |
Fair Value as % of Net Assets | 0.39% | [5] | 0.05% | [6] | |
Sovereign & Public Finance | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 9,218 | $ 9,299 | |||
Fair Value | $ 9,329 | [3] | $ 9,082 | [4] | |
Fair Value as % of Net Assets | 1.25% | [5] | 1.73% | [6] | |
Sovereign & Public Finance | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 634 | $ 649 | |||
Fair Value | $ 1,370 | [3] | $ 1,092 | [4] | |
Fair Value as % of Net Assets | 0.18% | [5] | 0.21% | [6] | |
Telecommunications | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 52,901 | $ 50,811 | |||
Fair Value | $ 52,116 | [3] | $ 49,074 | [4] | |
Fair Value as % of Net Assets | 6.97% | [5] | 9.35% | [6] | |
Transportation: Cargo | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 50,134 | $ 41,288 | |||
Fair Value | $ 49,851 | [3] | $ 41,351 | [4] | |
Fair Value as % of Net Assets | 6.67% | [5] | 7.87% | [6] | |
Transportation: Cargo | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,271 | $ 332 | |||
Fair Value | $ 2,746 | [3] | $ 2,061 | [4] | |
Fair Value as % of Net Assets | 0.36% | [5] | 0.39% | [6] | |
Transportation: Consumer | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 2,027 | ||||
Fair Value | [3] | $ 2,026 | |||
Fair Value as % of Net Assets | [5] | 0.27% | |||
Transportation: Consumer | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 174 | ||||
Fair Value | $ 189 | ||||
Fair Value as % of Net Assets | [5] | 0.03% | |||
Utilities: Electric | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 14,238 | $ 4,871 | |||
Fair Value | $ 14,352 | [3] | $ 4,730 | [4] | |
Fair Value as % of Net Assets | 1.92% | [5] | 0.90% | [6] | |
Utilities: Electric | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 280 | ||||
Fair Value | [3] | $ 281 | |||
Fair Value as % of Net Assets | [5] | 0.04% | |||
Wholesale | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 17,583 | $ 22,720 | |||
Fair Value | $ 17,965 | [3] | $ 22,907 | [4] | |
Fair Value as % of Net Assets | 2.40% | [5] | 4.36% | [6] | |
Wholesale | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,911 | ||||
Fair Value | [4] | $ 6,649 | |||
Fair Value as % of Net Assets | [6] | 1.27% | |||
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9],[10] | 6% | |||
Interest Rate | [1],[2],[8],[9],[10] | 11.68% | |||
Par Amount | [1],[8],[9],[10] | $ 8,474 | |||
Amortized Cost | [1],[8],[9],[10] | 8,474 | |||
Fair Value | [1],[3],[8],[9],[10] | $ 7,920 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9],[10] | 1.06% | |||
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[10],[11] | 6% | [12],[13],[14] | |
Interest Rate | 11.68% | [1],[2],[10],[11] | 10.59% | [12],[13],[14] | |
Par Amount | $ 1,577 | [1],[10],[11] | $ 257 | [12],[13] | |
Amortized Cost | 0 | [1],[10],[11] | 0 | [12],[13] | |
Fair Value | $ (103) | [1],[3],[10],[11] | $ (3) | [4],[12],[13] | |
Fair Value as % of Net Assets | (0.01%) | [1],[5],[10],[11] | 0% | [6],[12],[13] | |
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[10],[11] | 6% | [12],[13],[14] | |
Interest Rate | 11.68% | [1],[2],[10],[11] | 10.59% | [12],[13],[14] | |
Par Amount | $ 1,714 | [1],[10],[11] | $ 1,714 | [12],[13] | |
Amortized Cost | 0 | [1],[10],[11] | 0 | [12],[13] | |
Fair Value | $ (112) | [1],[3],[10],[11] | $ (17) | [4],[12],[13] | |
Fair Value as % of Net Assets | (0.01%) | [1],[5],[10],[11] | 0% | [6],[12],[13] | |
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 3 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[13],[14] | 6% | |||
Interest Rate | [12],[13],[14] | 10.59% | |||
Par Amount | [12],[13] | $ 1,714 | |||
Amortized Cost | [12],[13] | 0 | |||
Fair Value | [4],[12],[13] | $ (17) | |||
Fair Value as % of Net Assets | [6],[12],[13] | 0% | |||
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [13],[14],[15],[16] | 6% | |||
Interest Rate | [13],[14],[15],[16] | 10.59% | |||
Par Amount | [13],[15],[16] | $ 8,314 | |||
Amortized Cost | $ 243 | [1],[10],[17],[18] | 8,314 | [13],[15],[16] | |
Fair Value | $ 156 | [1],[3],[10],[17],[18] | $ 8,233 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.02% | [1],[5],[10],[17],[18] | 1.56% | [6],[13],[15],[16] | |
Shares/Units | [1],[10],[17],[18] | 2,432 | |||
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [19],[20] | $ 243 | |||
Fair Value | [4],[19],[20] | $ 258 | |||
Fair Value as % of Net Assets | [6],[19],[20] | 0.05% | |||
Shares/Units | [19],[20] | 2,000 | |||
Investment, Identifier [Axis]: AEgis Technologies | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [1],[2],[8],[9] | 6% | [14],[15],[16] | |
Interest Rate | 12.04% | [1],[2],[8],[9] | 10.77% | [14],[15],[16] | |
Par Amount | $ 14,657 | [1],[8],[9] | $ 14,807 | [15],[16] | |
Amortized Cost | 14,592 | [1],[8],[9] | 14,700 | [15],[16] | |
Fair Value | $ 14,311 | [1],[3],[8],[9] | $ 14,375 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.91% | [1],[5],[8],[9] | 2.74% | [6],[15],[16] | |
Investment, Identifier [Axis]: AG MDC Holdings, Inc | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18],[21] | $ 245 | |||
Fair Value | [1],[3],[17],[18],[21] | $ 177 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18],[21] | 0.02% | |||
Shares/Units | [1],[17],[18],[21] | 245 | |||
Investment, Identifier [Axis]: ALKU Intermediate Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 6.25% | |||
Interest Rate | [1],[2],[8] | 11.61% | |||
Par Amount | [1],[8] | $ 4,519 | |||
Amortized Cost | [1],[8] | 4,434 | |||
Fair Value | [1],[3],[8] | $ 4,480 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 0.60% | |||
Investment, Identifier [Axis]: ARMstrong | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 6.25% | |||
Interest Rate | [1],[2],[8],[9] | 11.70% | |||
Par Amount | [1],[8],[9] | $ 11,447 | |||
Amortized Cost | [1],[8],[9] | 11,279 | |||
Fair Value | [1],[3],[8],[9] | $ 11,284 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 1.51% | |||
Investment, Identifier [Axis]: ARMstrong (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.25% | |||
Interest Rate | [1],[2],[11] | 11.70% | |||
Par Amount | [1],[11] | $ 3,847 | |||
Amortized Cost | [1],[11] | (28) | |||
Fair Value | [1],[3],[11] | $ (55) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: ASTP Holdings Co-Investment LP | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 174 | |||
Fair Value | [1],[17],[18] | $ 189 | |||
Fair Value as % of Net Assets | [1],[17],[18] | 0.03% | |||
Shares/Units | [1],[17],[18] | 173,844,000 | |||
Investment, Identifier [Axis]: Acclaim MidCo, LLC (dba ClaimLogiQ) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 6% | |||
Interest Rate | [1],[2],[8],[9] | 11.35% | |||
Par Amount | [1],[8],[9] | $ 8,021 | |||
Amortized Cost | [1],[8],[9] | 7,870 | |||
Fair Value | [1],[3],[8],[9] | $ 7,951 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 1.06% | |||
Investment, Identifier [Axis]: Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.35% | |||
Par Amount | [1],[11] | $ 3,225 | |||
Amortized Cost | [1],[11] | (15) | |||
Fair Value | [1],[3],[11] | $ (28) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: Affinity Hospice | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [1],[2],[9] | 4.75% | [14],[15],[16] | |
Interest Rate | 10.20% | [1],[2],[9] | 9.52% | [14],[15],[16] | |
Par Amount | $ 7,872 | [1],[9] | $ 7,953 | [15],[16] | |
Amortized Cost | 7,817 | [1],[9] | 7,885 | [15],[16] | |
Fair Value | $ 7,048 | [1],[3],[9] | $ 7,731 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.94% | [1],[5],[9] | 1.47% | [6],[15],[16] | |
Investment, Identifier [Axis]: Affinity Hospice (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[14] | 4.75% | |||
Interest Rate | [12],[14] | 9.52% | |||
Par Amount | [12] | $ 1,981 | |||
Amortized Cost | [12] | 0 | |||
Fair Value | [4],[12] | $ (55) | |||
Fair Value as % of Net Assets | [6],[12] | (0.01%) | |||
Investment, Identifier [Axis]: All My Sons | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [2],[9] | 4.75% | [14],[15],[16] | |
Interest Rate | 10.36% | [2],[9] | 9.14% | [14],[15],[16] | |
Par Amount | $ 5,261 | [9] | $ 5,318 | [15],[16] | |
Amortized Cost | 5,222 | [9] | 5,273 | [15],[16] | |
Fair Value | $ 5,206 | [3],[9] | $ 5,252 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.69% | [5],[9] | 1% | [6],[15],[16] | |
Investment, Identifier [Axis]: Allied Benefit Systems | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[16] | 4.50% | |||
Interest Rate | [14],[15],[16] | 9.09% | |||
Par Amount | [15],[16] | $ 5,991 | |||
Amortized Cost | [15],[16] | 5,951 | |||
Fair Value | [4],[15],[16] | $ 5,889 | |||
Fair Value as % of Net Assets | [6],[15],[16] | 1.12% | |||
Investment, Identifier [Axis]: Allstar Holdings | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 10% | |||
Interest Rate, PIK | [1],[2] | 3% | |||
Par Amount | [1] | $ 2,114 | |||
Amortized Cost | [1] | 2,053 | |||
Fair Value | [1],[3] | $ 2,054 | |||
Fair Value as % of Net Assets | [1],[5] | 0.27% | |||
Investment, Identifier [Axis]: Allstar Holdings (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[11] | 10% | |||
Interest Rate, PIK | [1],[2],[11] | 3% | |||
Par Amount | [1],[11] | $ 4,043 | |||
Amortized Cost | [1],[11] | 2,803 | |||
Fair Value | [1],[3],[11] | $ 2,745 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.37% | |||
Investment, Identifier [Axis]: Allstar Holdings (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[11] | 10% | |||
Interest Rate, PIK | [1],[2],[11] | 3% | |||
Par Amount | [1],[11] | $ 6,188 | |||
Amortized Cost | [1],[11] | (88) | |||
Fair Value | [1],[3],[11] | $ (175) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.02%) | |||
Investment, Identifier [Axis]: American Auto Auction Group | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [1],[2],[9] | 5% | [14],[15],[16],[22] | |
Interest Rate | 10.50% | [1],[2],[9] | 9.59% | [14],[15],[16],[22] | |
Par Amount | $ 10,520 | [1],[9] | $ 10,627 | [15],[16],[22] | |
Amortized Cost | 10,443 | [1],[9] | 10,533 | [15],[16],[22] | |
Fair Value | $ 10,266 | [1],[3],[9] | $ 8,348 | [4],[15],[16],[22] | |
Fair Value as % of Net Assets | 1.37% | [1],[5],[9] | 1.59% | [6],[15],[16],[22] | |
Investment, Identifier [Axis]: American Student Transportaton Partners, Inc | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 10% | |||
Interest Rate, PIK | [1],[2] | 3.50% | |||
Par Amount | [1] | $ 2,081 | |||
Amortized Cost | [1] | 2,027 | |||
Fair Value | [1],[3] | $ 2,026 | |||
Fair Value as % of Net Assets | [1],[5] | 0.27% | |||
Investment, Identifier [Axis]: Anne Arundel | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 880 | |||
Fair Value | [1],[3],[17],[18] | $ 2 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0% | |||
Shares/Units | [1],[17],[18] | 12,175 | |||
Investment, Identifier [Axis]: Anne Arundel (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [12],[14] | 11% | |||
Interest Rate, PIK | [1],[2],[11] | 11% | |||
Par Amount | $ 2,396 | [1],[11] | $ 2,258 | [12] | |
Amortized Cost | 2,022 | [1],[11] | 1,880 | [12] | |
Fair Value | $ 1,790 | [1],[3],[11] | $ 1,730 | [4],[12] | |
Fair Value as % of Net Assets | 0.24% | [1],[5],[11] | 0.33% | [6],[12] | |
Investment, Identifier [Axis]: Anne Arundel 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | 12.75% | [1],[2] | 12.75% | [14] | |
Par Amount | $ 3,282 | [1] | $ 2,888 | ||
Amortized Cost | 3,247 | [1] | 2,838 | ||
Fair Value | $ 2,656 | [1],[3] | $ 2,688 | [4] | |
Fair Value as % of Net Assets | 0.36% | [1],[5] | 0.51% | [6] | |
Investment, Identifier [Axis]: Anne Arundel 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 11% | |||
Interest Rate, PIK | [1],[2] | 11% | |||
Par Amount | $ 1,972 | [1] | $ 1,838 | ||
Amortized Cost | 1,957 | [1] | 1,815 | ||
Fair Value | $ 1,776 | [1],[3] | $ 1,734 | [4] | |
Fair Value as % of Net Assets | 0.24% | [1],[5] | 0.33% | [6] | |
Investment, Identifier [Axis]: Anne Arundel 3 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [19],[20] | $ 816 | |||
Fair Value | [4],[19],[20] | $ 629 | |||
Fair Value as % of Net Assets | [6],[19],[20] | 0.12% | |||
Shares/Units | [19],[20] | 10,000 | |||
Investment, Identifier [Axis]: Apex Companies Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 10% | |||
Interest Rate, PIK | [1],[2] | 2.50% | |||
Par Amount | [1] | $ 3,964 | |||
Amortized Cost | [1] | 3,879 | |||
Fair Value | [1],[3] | $ 3,953 | |||
Fair Value as % of Net Assets | [1],[5] | 0.53% | |||
Investment, Identifier [Axis]: Apex Companies Holdings, LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[11] | 10% | |||
Interest Rate, PIK | [1],[2],[11] | 2.50% | |||
Par Amount | [1],[11] | $ 1,197 | |||
Amortized Cost | [1],[11] | 69 | |||
Fair Value | [1],[3],[11] | $ 79 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.01% | |||
Investment, Identifier [Axis]: Apex Companies Holdings, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18],[21] | $ 117 | |||
Fair Value | [1],[3],[17],[18],[21] | $ 127 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18],[21] | 0.02% | |||
Shares/Units | [1],[17],[18],[21] | 1,173 | |||
Investment, Identifier [Axis]: Apex Services Partners, LLC (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [13],[14] | 5.50% | |||
Interest Rate | [13],[14] | 10.09% | |||
Par Amount | [13] | $ 5,000 | |||
Amortized Cost | [13] | 4,999 | |||
Fair Value | [4],[13] | $ 4,968 | |||
Fair Value as % of Net Assets | [6],[13] | 0.95% | |||
Investment, Identifier [Axis]: Apex Services Partners, LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [13],[14],[15] | 5.50% | |||
Interest Rate | [13],[14],[15] | 10.09% | |||
Par Amount | [13],[15] | $ 5,000 | |||
Amortized Cost | [13],[15] | 4,955 | |||
Fair Value | [4],[13],[15] | $ 4,968 | |||
Fair Value as % of Net Assets | [6],[13],[15] | 0.95% | |||
Investment, Identifier [Axis]: Arcadia Consumer Health | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[8],[9],[10] | 4.75% | [13],[14],[15],[16] | |
Interest Rate | 9.98% | [2],[8],[9],[10] | 9.11% | [13],[14],[15],[16] | |
Par Amount | $ 12,604 | [8],[9],[10] | $ 12,733 | [13],[15],[16] | |
Amortized Cost | 12,522 | [8],[9],[10] | 12,628 | [13],[15],[16] | |
Fair Value | $ 12,192 | [3],[8],[9],[10] | $ 12,609 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.63% | [5],[8],[9],[10] | 2.40% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Arcadia Consumer Health (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[10] | 5.75% | |||
Interest Rate | [1],[2],[8],[10] | 11.23% | |||
Par Amount | [1],[8],[10] | $ 2,256 | |||
Amortized Cost | [1],[8],[10] | 2,216 | |||
Fair Value | [1],[3],[8],[10] | $ 2,251 | |||
Fair Value as % of Net Assets | [1],[5],[8],[10] | 0.30% | |||
Investment, Identifier [Axis]: Argano, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[9] | 5.50% | [14],[15],[16] | |
Interest Rate | 11.69% | [2],[9] | 9.86% | [14],[15],[16] | |
Par Amount | $ 5,634 | [9] | $ 5,691 | [15],[16] | |
Amortized Cost | 5,602 | [9] | 5,648 | [15],[16] | |
Fair Value | $ 5,510 | [3],[9] | $ 5,508 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.74% | [5],[9] | 1.05% | [6],[15],[16] | |
Investment, Identifier [Axis]: Argano, LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[8],[9] | 5.50% | [14],[15],[16] | |
Interest Rate | 11.69% | [2],[8],[9] | 9.86% | [14],[15],[16] | |
Par Amount | $ 2,494 | [8],[9] | $ 2,520 | [15],[16] | |
Amortized Cost | 2,494 | [8],[9] | 2,520 | [15],[16] | |
Fair Value | $ 2,440 | [3],[8],[9] | $ 2,439 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.33% | [5],[8],[9] | 0.47% | [6],[15],[16] | |
Investment, Identifier [Axis]: Argano, LLC (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[9] | 5.50% | [14],[16] | |
Interest Rate | 11.69% | [2],[9] | 9.86% | [14],[16] | |
Par Amount | $ 1,705 | [9] | $ 1,722 | [16] | |
Amortized Cost | 1,676 | [9] | 1,683 | [16] | |
Fair Value | $ 1,667 | [3],[9] | $ 1,666 | [4],[16] | |
Fair Value as % of Net Assets | 0.22% | [5],[9] | 0.32% | [6],[16] | |
Investment, Identifier [Axis]: Arotech | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2],[9] | 6.25% | [14],[15],[16] | |
Interest Rate | 11.70% | [1],[2],[9] | 10.64% | [14],[15],[16] | |
Par Amount | $ 9,202 | [1],[9] | $ 9,297 | [15],[16] | |
Amortized Cost | 9,127 | [1],[9] | 9,200 | [15],[16] | |
Fair Value | $ 8,945 | [1],[3],[9] | $ 8,614 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.20% | [1],[5],[9] | 1.64% | [6],[15],[16] | |
Investment, Identifier [Axis]: Arotech (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2],[8],[9] | 6.25% | [14],[15],[16] | |
Interest Rate | 11.70% | [1],[2],[8],[9] | 11.02% | [14],[15],[16] | |
Par Amount | $ 448 | [1],[8],[9] | $ 452 | [15],[16] | |
Amortized Cost | 446 | [1],[8],[9] | 450 | [15],[16] | |
Fair Value | $ 435 | [1],[3],[8],[9] | $ 419 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.06% | [1],[5],[8],[9] | 0.08% | [6],[15],[16] | |
Investment, Identifier [Axis]: Ascensus | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [1],[2],[23] | 6.50% | [13],[14] | |
Interest Rate | 12.18% | [1],[2],[23] | 11.27% | [13],[14] | |
Par Amount | $ 9,000 | [1],[23] | $ 9,000 | [13] | |
Amortized Cost | 8,935 | [1],[23] | 8,929 | [13] | |
Fair Value | $ 8,691 | [1],[3],[23] | $ 8,447 | [4],[13] | |
Fair Value as % of Net Assets | 1.16% | [1],[5],[23] | 1.61% | [6],[13] | |
Investment, Identifier [Axis]: Ascensus Specialties | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.25% | [2],[8],[9],[10] | 4.25% | [13],[14],[15],[16] | |
Interest Rate | 9.71% | [2],[8],[9],[10] | 8.64% | [13],[14],[15],[16] | |
Par Amount | $ 9,731 | [8],[9],[10] | $ 9,831 | [13],[15],[16] | |
Amortized Cost | 9,589 | [8],[9],[10] | 9,669 | [13],[15],[16] | |
Fair Value | $ 8,776 | [3],[8],[9],[10] | $ 9,504 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.17% | [5],[8],[9],[10] | 1.81% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: B2B Packaging | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.75% | [2],[8],[9] | 6.75% | [14],[15],[16] | |
Interest Rate | 12.28% | [2],[8],[9] | 11.34% | [14],[15],[16] | |
Par Amount | $ 14,696 | [8],[9] | $ 12,613 | [15],[16] | |
Amortized Cost | 14,663 | [8],[9] | 12,571 | [15],[16] | |
Fair Value | $ 14,398 | [3],[8],[9] | $ 12,313 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.93% | [5],[8],[9] | 2.35% | [6],[15],[16] | |
Investment, Identifier [Axis]: B2B Packaging (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[9] | 6.75% | |||
Interest Rate | [2],[9] | 12.29% | |||
Par Amount | [9] | $ 116 | |||
Amortized Cost | [9] | 114 | |||
Fair Value | [3],[9] | $ 114 | |||
Fair Value as % of Net Assets | [5],[9] | 0.02% | |||
Investment, Identifier [Axis]: B2B Packaging (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15] | 6.75% | |||
Interest Rate | [14],[15] | 11.53% | |||
Par Amount | [15] | $ 2,232 | |||
Amortized Cost | [15] | 2,232 | |||
Fair Value | [4],[15] | $ 2,179 | |||
Fair Value as % of Net Assets | [6],[15] | 0.41% | |||
Investment, Identifier [Axis]: B2B Packaging (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[16] | 6.75% | |||
Interest Rate | [14],[16] | 11.34% | |||
Par Amount | [16] | $ 118 | |||
Amortized Cost | [16] | 115 | |||
Fair Value | [4],[16] | $ 115 | |||
Fair Value as % of Net Assets | [6],[16] | 0.02% | |||
Investment, Identifier [Axis]: BCM One | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[9] | 4.50% | [14],[15],[16] | |
Interest Rate | 9.96% | [2],[9] | 8.89% | [14],[15],[16] | |
Par Amount | $ 6,074 | [9] | $ 6,138 | [15],[16] | |
Amortized Cost | 6,074 | [9] | 6,138 | [15],[16] | |
Fair Value | $ 5,966 | [3],[9] | $ 5,906 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.80% | [5],[9] | 1.13% | [6],[15],[16] | |
Investment, Identifier [Axis]: BCM One (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[9] | 4.50% | [12],[14],[16] | |
Interest Rate | 9.96% | [2],[9] | 8.89% | [12],[14],[16] | |
Par Amount | $ 1,827 | [9] | $ 1,845 | [12],[16] | |
Amortized Cost | 1,827 | [9] | 1,775 | [12],[16] | |
Fair Value | $ 1,794 | [3],[9] | $ 1,705 | [4],[12],[16] | |
Fair Value as % of Net Assets | 0.24% | [5],[9] | 0.32% | [6],[12],[16] | |
Investment, Identifier [Axis]: BPC Kodiak LLC (Turbine Engine Specialist, Inc) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18],[24] | $ 1,530 | |||
Fair Value | [1],[3],[17],[18],[24] | $ 1,614 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18],[24] | 0.22% | |||
Shares/Units | [1],[17],[18],[24] | 1,530,000,000 | |||
Investment, Identifier [Axis]: Badger Sportswear Acquisition Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[9] | 4.50% | [14],[16] | |
Interest Rate | 10.03% | [2],[9] | 8.89% | [14],[16] | |
Par Amount | $ 3,800 | [9] | $ 3,842 | [16] | |
Amortized Cost | 3,800 | [9] | 3,816 | [16] | |
Fair Value | $ 3,800 | [3],[9] | $ 3,746 | [4],[16] | |
Fair Value as % of Net Assets | 0.51% | [5],[9] | 0.71% | [6],[16] | |
Investment, Identifier [Axis]: Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9],[21],[25] | 6.25% | |||
Interest Rate | [1],[2],[8],[9],[21],[25] | 11.60% | |||
Par Amount | [1],[8],[9],[21],[25] | $ 17,282 | |||
Amortized Cost | [1],[8],[9],[21],[25] | 16,958 | |||
Fair Value | [1],[3],[8],[9],[21],[25] | $ 16,940 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9],[21],[25] | 2.27% | |||
Investment, Identifier [Axis]: Bankruptcy Management Solutions Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[16] | 4.50% | |||
Interest Rate | [14],[16] | 8.86% | |||
Par Amount | [16] | $ 3,850 | |||
Amortized Cost | [16] | 3,869 | |||
Fair Value | [4],[16] | $ 3,824 | |||
Fair Value as % of Net Assets | [6],[16] | 0.73% | |||
Investment, Identifier [Axis]: Bardstown PPC Holdings LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 7.75% | |||
Interest Rate | [1],[2] | 13.18% | |||
Par Amount | [1] | $ 9,300 | |||
Amortized Cost | [1] | 9,154 | |||
Fair Value | [1],[3] | $ 9,154 | |||
Fair Value as % of Net Assets | [1],[5] | 1.22% | |||
Investment, Identifier [Axis]: Bardstown PPC Holdings LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14] | 7.75% | |||
Interest Rate | [14] | 12.34% | |||
Par Amount | $ 9,300 | ||||
Amortized Cost | 9,125 | ||||
Fair Value | [4] | $ 9,216 | |||
Fair Value as % of Net Assets | [6] | 1.76% | |||
Investment, Identifier [Axis]: Bardstown PPC Holdings LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,860 | [1],[17],[18],[21] | $ 1,860 | [19],[20] | |
Fair Value | $ 2,114 | [1],[3],[17],[18],[21] | $ 1,860 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.28% | [1],[5],[17],[18],[21] | 0.36% | [6],[19],[20] | |
Shares/Units | 14,777 | [1],[17],[18],[21] | 15,000 | [19],[20] | |
Investment, Identifier [Axis]: Big Truck Rental 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 8% | [1],[2] | 8% | [14] | |
Interest Rate | 13.47% | [1],[2] | 12.39% | [14] | |
Par Amount | $ 10,000 | [1] | $ 10,000 | ||
Amortized Cost | 9,858 | [1] | 9,832 | ||
Fair Value | $ 10,000 | [1],[3] | $ 9,988 | [4] | |
Fair Value as % of Net Assets | 1.34% | [1],[5] | 1.90% | [6] | |
Investment, Identifier [Axis]: Big Truck Rental 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 8% | [1],[2] | 8% | [14] | |
Interest Rate | 13.47% | [1],[2] | 12.39% | [14] | |
Par Amount | $ 2,500 | [1] | $ 2,500 | ||
Amortized Cost | 2,500 | [1] | 2,500 | ||
Fair Value | $ 2,500 | [1],[3] | $ 2,497 | [4] | |
Fair Value as % of Net Assets | 0.33% | [1],[5] | 0.48% | [6] | |
Investment, Identifier [Axis]: BlackRock Liquidity Funds Treasury | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5.18% | ||||
Amortized Cost | $ 46,784 | ||||
Fair Value | [3] | $ 46,784 | |||
Fair Value as % of Net Assets | [5] | 6.26% | |||
Shares/Units | 46,784,000 | ||||
Investment, Identifier [Axis]: Blackbird Purchaser Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[16] | 4.50% | |||
Interest Rate | [14],[15],[16] | 8.89% | |||
Par Amount | [15],[16] | $ 7,201 | |||
Amortized Cost | [15],[16] | 7,159 | |||
Fair Value | [4],[15],[16] | $ 7,018 | |||
Fair Value as % of Net Assets | [6],[15],[16] | 1.34% | |||
Investment, Identifier [Axis]: Blackbird Purchaser Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[14] | 4.50% | |||
Interest Rate | [12],[14] | 8.89% | |||
Par Amount | [12] | $ 2,709 | |||
Amortized Cost | [12] | (22) | |||
Fair Value | [4],[12] | $ (69) | |||
Fair Value as % of Net Assets | [6],[12] | (0.01%) | |||
Investment, Identifier [Axis]: Boulder Scientific Company LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[9] | 4.25% | [14],[16] | |
Interest Rate | 10.04% | [2],[9] | 9.02% | [14],[16] | |
Par Amount | $ 2,064 | [9] | $ 2,088 | [16] | |
Amortized Cost | 2,073 | [9] | 2,098 | [16] | |
Fair Value | $ 1,996 | [3],[9] | $ 2,061 | [4],[16] | |
Fair Value as % of Net Assets | 0.27% | [5],[9] | 0.39% | [6],[16] | |
Investment, Identifier [Axis]: Bounteous (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [1],[2],[9] | 5.25% | [14],[15],[16] | |
Interest Rate | 10.74% | [1],[2],[9] | 10.02% | [14],[15],[16] | |
Par Amount | $ 2,768 | [1],[9] | $ 2,796 | [15],[16] | |
Amortized Cost | 2,750 | [1],[9] | 2,774 | [15],[16] | |
Fair Value | $ 2,631 | [1],[3],[9] | $ 2,589 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.35% | [1],[5],[9] | 0.49% | [6],[15],[16] | |
Investment, Identifier [Axis]: Bounteous (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [1],[2],[11] | 5% | [12],[14] | |
Interest Rate | 10.74% | [1],[2],[11] | 9.77% | [12],[14] | |
Par Amount | $ 4,467 | [1],[11] | $ 4,467 | [12] | |
Amortized Cost | 0 | [1],[11] | 0 | [12] | |
Fair Value | $ (221) | [1],[3],[11] | $ (330) | [4],[12] | |
Fair Value as % of Net Assets | (0.03%) | [1],[5],[11] | (0.06%) | [6],[12] | |
Investment, Identifier [Axis]: Bounteous 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [1],[2],[8],[9] | 5.25% | [14],[15],[16] | |
Interest Rate | 10.74% | [1],[2],[8],[9] | 10.02% | [14],[15],[16] | |
Par Amount | $ 5,347 | [1],[8],[9] | $ 5,402 | [15],[16] | |
Amortized Cost | 5,310 | [1],[8],[9] | 5,357 | [15],[16] | |
Fair Value | $ 5,083 | [1],[3],[8],[9] | $ 5,003 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.68% | [1],[5],[8],[9] | 0.95% | [6],[15],[16] | |
Investment, Identifier [Axis]: Bounteous 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [1],[2],[9] | 5.25% | [14],[15],[16] | |
Interest Rate | 10.74% | [1],[2],[9] | 10.02% | [14],[15],[16] | |
Par Amount | $ 2,189 | [1],[9] | $ 2,211 | [15],[16] | |
Amortized Cost | 2,173 | [1],[9] | 2,191 | [15],[16] | |
Fair Value | $ 2,080 | [1],[3],[9] | $ 2,048 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.28% | [1],[5],[9] | 0.39% | [6],[15],[16] | |
Investment, Identifier [Axis]: BroadcastMed Holdco, LLC | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[18] | $ 853 | |||
Fair Value | [1],[3],[18] | $ 888 | |||
Fair Value as % of Net Assets | [1],[5],[18] | 0.12% | |||
Shares/Units | [1],[18] | 56,899 | |||
Investment, Identifier [Axis]: BroadcastMed Holdco, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10% | [1],[2] | 10% | [14] | |
Interest Rate, PIK | 3.75% | [1],[2] | 3.75% | [14] | |
Par Amount | $ 3,483 | [1] | $ 3,451 | ||
Amortized Cost | 3,424 | [1] | 3,383 | ||
Fair Value | $ 3,369 | [1],[3] | $ 3,384 | [4] | |
Fair Value as % of Net Assets | 0.45% | [1],[5] | 0.64% | [6] | |
Investment, Identifier [Axis]: BroadcastMed Holdco, LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [19],[20] | $ 853 | |||
Fair Value | [4],[19],[20] | $ 853 | |||
Fair Value as % of Net Assets | [6],[19],[20] | 0.16% | |||
Shares/Units | [19],[20] | 57,000 | |||
Investment, Identifier [Axis]: Bullhorn Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[8],[9],[10] | 5.75% | [13],[14],[15],[16] | |
Interest Rate | 10.96% | [1],[2],[8],[9],[10] | 10.52% | [13],[14],[15],[16] | |
Par Amount | $ 13,706 | [1],[8],[9],[10] | $ 13,848 | [13],[15],[16] | |
Amortized Cost | 13,609 | [1],[8],[9],[10] | 13,722 | [13],[15],[16] | |
Fair Value | $ 13,706 | [1],[3],[8],[9],[10] | $ 13,848 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.83% | [1],[5],[8],[9],[10] | 2.63% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: BusinesSolver | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[9],[10] | 5.50% | [13],[14],[15],[16] | |
Interest Rate | 10.96% | [1],[2],[9],[10] | 10.64% | [13],[14],[15],[16] | |
Par Amount | $ 7,741 | [1],[9],[10] | $ 7,820 | [13],[15],[16] | |
Amortized Cost | 7,686 | [1],[9],[10] | 7,753 | [13],[15],[16] | |
Fair Value | $ 7,738 | [1],[3],[9],[10] | $ 7,678 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.03% | [1],[5],[9],[10] | 1.46% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: BusinesSolver (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[10],[11] | 5.50% | [12],[13],[14] | |
Interest Rate | 10.96% | [1],[2],[10],[11] | 10.64% | [12],[13],[14] | |
Par Amount | $ 1,149 | [1],[10],[11] | $ 2,121 | [12],[13] | |
Amortized Cost | 176 | [1],[10],[11] | 173 | [12],[13] | |
Fair Value | $ 179 | [1],[3],[10],[11] | $ 143 | [4],[12],[13] | |
Fair Value as % of Net Assets | 0.02% | [1],[5],[10],[11] | 0.03% | [6],[12],[13] | |
Investment, Identifier [Axis]: COP Exterminators Acquisition, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 9% | |||
Par Amount | [1] | $ 838 | |||
Amortized Cost | [1] | 816 | |||
Fair Value | [1],[3] | $ 816 | |||
Fair Value as % of Net Assets | [1],[5] | 0.11% | |||
Investment, Identifier [Axis]: COP Exterminators Acquisition, Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[11] | 9% | |||
Interest Rate, PIK | [1],[2],[11] | 4% | |||
Par Amount | [1],[11] | $ 652 | |||
Amortized Cost | [1],[11] | (8) | |||
Fair Value | [1],[3],[11] | $ (17) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: COP Exterminators Investment, LLC | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 1,117 | |||
Fair Value | [1],[3],[17],[18] | $ 1,163 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.16% | |||
Shares/Units | [1],[17],[18] | 997,000 | |||
Investment, Identifier [Axis]: Cadmus | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[16] | 5.25% | |||
Interest Rate | [14],[16] | 9.84% | |||
Par Amount | [16] | $ 3,292 | |||
Amortized Cost | [16] | 3,266 | |||
Fair Value | [4],[16] | $ 3,208 | |||
Fair Value as % of Net Assets | [6],[16] | 0.61% | |||
Investment, Identifier [Axis]: Cadmus (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[14] | 5.25% | |||
Interest Rate | [12],[14] | 9.64% | |||
Par Amount | [12] | $ 1,663 | |||
Amortized Cost | [12] | 1,152 | |||
Fair Value | [4],[12] | $ 1,110 | |||
Fair Value as % of Net Assets | [6],[12] | 0.21% | |||
Investment, Identifier [Axis]: Career Now 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 10% | |||
Interest Rate, PIK | 13% | [1],[2] | 1% | [14] | |
Par Amount | $ 3,277 | [1] | $ 3,055 | ||
Amortized Cost | 3,237 | [1] | 3,005 | ||
Fair Value | $ 2,425 | [1],[3] | $ 2,981 | [4] | |
Fair Value as % of Net Assets | 0.32% | [1],[5] | 0.57% | [6] | |
Investment, Identifier [Axis]: Career Now 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 22 | [1],[17],[18] | $ 624 | [19],[20] | |
Fair Value | $ 0 | [1],[3],[17],[18] | $ 720 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0% | [1],[5],[17],[18] | 0.14% | [6],[19],[20] | |
Shares/Units | 222 | [1],[17],[18] | 6,000 | [19],[20] | |
Investment, Identifier [Axis]: Career Now 3 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 624 | |||
Fair Value | [1],[3],[17],[18] | $ 0 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0% | |||
Shares/Units | [1],[17],[18] | 624 | |||
Investment, Identifier [Axis]: Chroma Color Corporation (dba Chroma Color) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 6% | |||
Interest Rate | [2],[8],[9] | 11.41% | |||
Par Amount | [8],[9] | $ 6,314 | |||
Amortized Cost | [8],[9] | 6,197 | |||
Fair Value | [3],[8],[9] | $ 6,199 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 0.83% | |||
Investment, Identifier [Axis]: Chroma Color Corporation (dba Chroma Color) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.41% | |||
Par Amount | [1],[11] | $ 1,379 | |||
Amortized Cost | [1],[11] | (12) | |||
Fair Value | [1],[3],[11] | $ (25) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: Classic Collision (Delayed Draw) (Incremental Tranche A-4) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 5.75% | |||
Interest Rate | [1],[2],[11] | 11.29% | |||
Par Amount | [1],[11] | $ 25,225 | |||
Amortized Cost | [1],[11] | 3,304 | |||
Fair Value | [1],[3],[11] | $ 3,016 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.40% | |||
Investment, Identifier [Axis]: Classic Collision (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[8],[9] | 5.75% | [12],[14],[15],[16] | |
Interest Rate | 11.29% | [1],[2],[8],[9] | 10.89% | [12],[14],[15],[16] | |
Par Amount | $ 6,941 | [1],[8],[9] | $ 7,010 | [12],[15],[16] | |
Amortized Cost | 6,941 | [1],[8],[9] | 6,293 | [12],[15],[16] | |
Fair Value | $ 6,847 | [1],[3],[8],[9] | $ 6,093 | [4],[12],[15],[16] | |
Fair Value as % of Net Assets | 0.92% | [1],[5],[8],[9] | 1.16% | [6],[12],[15],[16] | |
Investment, Identifier [Axis]: Classic Collision (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[9] | 5.75% | [13],[14],[15],[16] | |
Interest Rate | 11.29% | [1],[2],[9] | 10.89% | [13],[14],[15],[16] | |
Par Amount | $ 7,751 | [1],[9] | $ 7,830 | [13],[15],[16] | |
Amortized Cost | 7,707 | [1],[9] | 7,766 | [13],[15],[16] | |
Fair Value | $ 7,646 | [1],[3],[9] | $ 7,607 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.02% | [1],[5],[9] | 1.45% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Coding Solutions Acquisitions | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[9],[10] | 5.50% | [13],[14],[15],[16] | |
Interest Rate | 11.11% | [2],[9],[10] | 9.86% | [13],[14],[15],[16] | |
Par Amount | $ 6,432 | [9],[10] | $ 6,497 | [13],[15],[16] | |
Amortized Cost | 6,380 | [9],[10] | 6,436 | [13],[15],[16] | |
Fair Value | $ 6,304 | [3],[9],[10] | $ 6,367 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.84% | [5],[9],[10] | 1.21% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Coding Solutions Acquisitions (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[10] | 5.75% | [12],[13],[14] | |
Interest Rate | 11.11% | [1],[2],[10] | 10.11% | [12],[13],[14] | |
Par Amount | $ 1,966 | [1],[10] | $ 1,967 | [12],[13] | |
Amortized Cost | 1,966 | [1],[10] | 0 | [12],[13] | |
Fair Value | $ 1,927 | [1],[3],[10] | $ (39) | [4],[12],[13] | |
Fair Value as % of Net Assets | 0.26% | [1],[5],[10] | (0.01%) | [6],[12],[13] | |
Investment, Identifier [Axis]: Collision Right | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15] | 4.75% | |||
Interest Rate | [14],[15] | 9.34% | |||
Par Amount | [15] | $ 4,838 | |||
Amortized Cost | [15] | 4,808 | |||
Fair Value | [4],[15] | $ 4,733 | |||
Fair Value as % of Net Assets | [6],[15] | 0.90% | |||
Investment, Identifier [Axis]: Collision Right (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[14] | 4.75% | |||
Interest Rate | 9% | [1],[2] | 9.34% | [12],[14] | |
Interest Rate, PIK | [1],[2] | 3.75% | |||
Par Amount | $ 996 | [1] | $ 506 | [12] | |
Amortized Cost | 985 | [1] | (4) | [12] | |
Fair Value | $ 968 | [1],[3] | $ (11) | [4],[12] | |
Fair Value as % of Net Assets | 0.13% | [1],[5] | 0% | [6],[12] | |
Investment, Identifier [Axis]: Collision Right 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 5.25% | |||
Interest Rate | [1],[2],[8],[9] | 10.50% | |||
Par Amount | [1],[8],[9] | $ 5,294 | |||
Amortized Cost | [1],[8],[9] | 5,269 | |||
Fair Value | [1],[3],[8],[9] | $ 5,282 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 0.71% | |||
Investment, Identifier [Axis]: Collision Right 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 9% | |||
Interest Rate, PIK | [1],[2] | 3.75% | |||
Par Amount | [1] | $ 1,411 | |||
Amortized Cost | [1] | 1,380 | |||
Fair Value | [1],[3] | $ 1,371 | |||
Fair Value as % of Net Assets | [1],[5] | 0.18% | |||
Investment, Identifier [Axis]: Corbett Technology Solutions, Inc. ("CTSI") | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[16],[26] | 5% | |||
Interest Rate | [14],[15],[16],[26] | 9.59% | |||
Par Amount | [15],[16],[26] | $ 5,815 | |||
Amortized Cost | [15],[16],[26] | 5,766 | |||
Fair Value | [4],[15],[16],[26] | $ 5,589 | |||
Fair Value as % of Net Assets | [6],[15],[16],[26] | 1.06% | |||
Investment, Identifier [Axis]: Corbett Technology Solutions, Inc. ("CTSI") (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[16],[26] | 5% | |||
Interest Rate | [14],[15],[16],[26] | 9.59% | |||
Par Amount | [15],[16],[26] | $ 4,085 | |||
Amortized Cost | [15],[16],[26] | 4,085 | |||
Fair Value | [4],[15],[16],[26] | $ 3,927 | |||
Fair Value as % of Net Assets | [6],[15],[16],[26] | 0.75% | |||
Investment, Identifier [Axis]: Cornerstone Advisors of Arizona LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[9] | 5.50% | [14],[15],[16] | |
Interest Rate | 11.07% | [2],[9] | 10.27% | [14],[15],[16] | |
Par Amount | $ 210 | [9] | $ 212 | [15],[16] | |
Amortized Cost | 210 | [9] | 212 | [15],[16] | |
Fair Value | $ 210 | [3],[9] | $ 212 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.03% | [5],[9] | 0.04% | [6],[15],[16] | |
Investment, Identifier [Axis]: Cornerstone Advisors of Arizona LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[9] | 5.50% | [14],[15],[16] | |
Interest Rate | 11.07% | [2],[9] | 9.89% | [14],[15],[16] | |
Par Amount | $ 308 | [9] | $ 311 | [15],[16] | |
Amortized Cost | 306 | [9] | 309 | [15],[16] | |
Fair Value | $ 308 | [3],[9] | $ 311 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.04% | [5],[9] | 0.06% | [6],[15],[16] | |
Investment, Identifier [Axis]: Cornerstone Advisors of Arizona LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[9] | 5.50% | [14],[15],[16] | |
Interest Rate | 11.07% | [2],[9] | 10.27% | [14],[15],[16] | |
Par Amount | $ 2,295 | [9] | $ 2,319 | [15],[16] | |
Amortized Cost | 2,283 | [9] | 2,303 | [15],[16] | |
Fair Value | $ 2,295 | [3],[9] | $ 2,319 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.31% | [5],[9] | 0.44% | [6],[15],[16] | |
Investment, Identifier [Axis]: Corporate Visions 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[9] | 4.50% | [14],[15],[16] | |
Interest Rate | 9.96% | [2],[9] | 8.89% | [14],[15],[16] | |
Par Amount | $ 2,887 | [9] | $ 2,916 | [15],[16] | |
Amortized Cost | 2,867 | [9] | 2,893 | [15],[16] | |
Fair Value | $ 2,752 | [3],[9] | $ 2,842 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.37% | [5],[9] | 0.54% | [6],[15],[16] | |
Investment, Identifier [Axis]: Corporate Visions 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[9] | 4.50% | [14],[15],[16] | |
Interest Rate | 9.96% | [2],[9] | 8.89% | [14],[15],[16] | |
Par Amount | $ 2,538 | [9] | $ 2,563 | [15],[16] | |
Amortized Cost | 2,509 | [9] | 2,529 | [15],[16] | |
Fair Value | $ 2,419 | [3],[9] | $ 2,498 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.32% | [5],[9] | 0.48% | [6],[15],[16] | |
Investment, Identifier [Axis]: Covercraft | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 10% | |||
Interest Rate, PIK | [1],[2] | 0.75% | |||
Par Amount | [1] | $ 7,478 | |||
Amortized Cost | [1] | 7,373 | |||
Fair Value | [1],[3] | $ 6,892 | |||
Fair Value as % of Net Assets | [1],[5] | 0.92% | |||
Investment, Identifier [Axis]: Covercraft (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10% | [1],[2],[11] | 10% | [12],[14] | |
Interest Rate, PIK | 0.75% | [1],[2],[11] | 0.75% | [12],[14] | |
Par Amount | $ 4,386 | [1],[11] | $ 4,386 | [12] | |
Amortized Cost | 0 | [1],[11] | 0 | [12] | |
Fair Value | $ (344) | [1],[3],[11] | $ (150) | [4],[12] | |
Fair Value as % of Net Assets | (0.04%) | [1],[5],[11] | (0.03%) | [6],[12] | |
Investment, Identifier [Axis]: Covercraft 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 10% | |||
Interest Rate, PIK | [14] | 0.75% | |||
Par Amount | $ 7,422 | ||||
Amortized Cost | 7,299 | ||||
Fair Value | [4] | $ 7,167 | |||
Fair Value as % of Net Assets | [6] | 1.37% | |||
Investment, Identifier [Axis]: Covercraft 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 768 | [1],[17],[18] | $ 768 | [19] | |
Fair Value | $ 357 | [1],[3],[17],[18] | $ 777 | [4],[19] | |
Fair Value as % of Net Assets | 0.05% | [1],[5],[17],[18] | 0.15% | [6],[19] | |
Shares/Units | 768 | [1],[17],[18] | 1,000 | [19] | |
Investment, Identifier [Axis]: Crete Mechanical Group | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[9] | 5% | |||
Interest Rate | [2],[9] | 10.37% | |||
Par Amount | [9] | $ 4,823 | |||
Amortized Cost | [9] | 4,785 | |||
Fair Value | [3],[9] | $ 4,708 | |||
Fair Value as % of Net Assets | [5],[9] | 0.63% | |||
Investment, Identifier [Axis]: Crete Mechanical Group (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[9] | 5.25% | [14],[16] | |
Interest Rate | 10.37% | [2],[9] | 9.84% | [14],[16] | |
Par Amount | $ 2,846 | [9] | $ 2,875 | [16] | |
Amortized Cost | 2,807 | [9] | 2,828 | [16] | |
Fair Value | $ 2,778 | [3],[9] | $ 2,824 | [4],[16] | |
Fair Value as % of Net Assets | 0.37% | [5],[9] | 0.54% | [6],[16] | |
Investment, Identifier [Axis]: Crete Mechanical Group (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [1],[2],[11] | 5% | [12],[14] | |
Interest Rate | 10.37% | [1],[2],[11] | 9.59% | [12],[14] | |
Par Amount | $ 7,153 | [1],[11] | $ 7,211 | [12] | |
Amortized Cost | 5,710 | [1],[11] | 4,484 | [12] | |
Fair Value | $ 5,539 | [1],[3],[11] | $ 4,356 | [4],[12] | |
Fair Value as % of Net Assets | 0.74% | [1],[5],[11] | 0.83% | [6],[12] | |
Investment, Identifier [Axis]: Crete Mechanical Group 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[16] | 5.25% | |||
Interest Rate | [14],[15],[16] | 9.84% | |||
Par Amount | [15],[16] | $ 4,872 | |||
Amortized Cost | [15],[16] | 4,825 | |||
Fair Value | [4],[15],[16] | $ 4,785 | |||
Fair Value as % of Net Assets | [6],[15],[16] | 0.91% | |||
Investment, Identifier [Axis]: Crete Mechanical Group 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 230 | [1],[17],[18] | $ 230 | [19],[20] | |
Fair Value | $ 534 | [1],[3],[17],[18] | $ 326 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.07% | [1],[5],[17],[18] | 0.06% | [6],[19],[20] | |
Shares/Units | 23 | [1],[17],[18] | 0 | [19],[20] | |
Investment, Identifier [Axis]: CrossCountry Consulting | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9],[10] | 5.75% | [13],[14],[15],[16] | |
Interest Rate | 11.21% | [2],[8],[9],[10] | 10.34% | [13],[14],[15],[16] | |
Par Amount | $ 8,174 | [8],[9],[10] | $ 8,257 | [13],[15],[16] | |
Amortized Cost | 8,037 | [8],[9],[10] | 8,103 | [13],[15],[16] | |
Fair Value | $ 8,217 | [3],[8],[9],[10] | $ 8,153 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.10% | [5],[8],[9],[10] | 1.55% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: CrossCountry Consulting (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[10],[11] | 5.75% | [12],[13],[14] | |
Interest Rate | 11.21% | [1],[2],[10],[11] | 10.34% | [12],[13],[14] | |
Par Amount | $ 3,320 | [1],[10],[11] | $ 3,320 | [12],[13] | |
Amortized Cost | (26) | [1],[10],[11] | (30) | [12],[13] | |
Fair Value | $ 17 | [1],[3],[10],[11] | $ (42) | [4],[12],[13] | |
Fair Value as % of Net Assets | 0% | [1],[5],[10],[11] | (0.01%) | [6],[12],[13] | |
Investment, Identifier [Axis]: D&H United Fueling Solutions | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[8],[9] | 5.25% | [14],[15] | |
Interest Rate | 11.03% | [2],[8],[9] | 9.84% | [14],[15] | |
Par Amount | $ 7,491 | [8],[9] | $ 7,567 | [15] | |
Amortized Cost | 7,368 | [8],[9] | 7,422 | [15] | |
Fair Value | $ 7,290 | [3],[8],[9] | $ 7,415 | [4],[15] | |
Fair Value as % of Net Assets | 0.97% | [5],[8],[9] | 1.41% | [6],[15] | |
Investment, Identifier [Axis]: D&H United Fueling Solutions (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[9] | 5.25% | [14] | |
Interest Rate | 11.03% | [2],[9] | 9.84% | [14] | |
Par Amount | $ 2,384 | [9] | $ 2,408 | ||
Amortized Cost | 2,365 | [9] | 2,386 | ||
Fair Value | $ 2,320 | [3],[9] | $ 2,360 | [4] | |
Fair Value as % of Net Assets | 0.31% | [5],[9] | 0.45% | [6] | |
Investment, Identifier [Axis]: D&H United Fueling Solutions (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.50% | |||
Par Amount | [1],[11] | $ 1,567 | |||
Amortized Cost | [1],[11] | (7) | |||
Fair Value | [1],[3],[11] | $ (13) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: D&H United Fueling Solutions (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 6% | |||
Interest Rate | [2],[8],[9] | 11.50% | |||
Par Amount | [8],[9] | $ 3,465 | |||
Amortized Cost | [8],[9] | 3,401 | |||
Fair Value | [3],[8],[9] | $ 3,436 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 0.46% | |||
Investment, Identifier [Axis]: DMC HoldCo LLC (DMC Power) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 6% | |||
Interest Rate | [1],[2],[8],[9] | 11.39% | |||
Par Amount | [1],[8],[9] | $ 5,000 | |||
Amortized Cost | [1],[8],[9] | 4,927 | |||
Fair Value | [1],[3],[8],[9] | $ 4,981 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 0.67% | |||
Investment, Identifier [Axis]: DMC HoldCo LLC (DMC Power) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.39% | |||
Par Amount | [1],[11] | $ 1,671 | |||
Amortized Cost | [1],[11] | (4) | |||
Fair Value | [1],[3],[11] | $ (7) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: Death Wish Coffee | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [2],[8],[9],[10] | 4.75% | [13],[14],[15],[16] | |
Interest Rate | 10.20% | [2],[8],[9],[10] | 9.52% | [13],[14],[15],[16] | |
Par Amount | $ 9,800 | [8],[9],[10] | $ 9,900 | [13],[15],[16] | |
Amortized Cost | 9,739 | [8],[9],[10] | 9,819 | [13],[15],[16] | |
Fair Value | $ 9,800 | [3],[8],[9],[10] | $ 9,832 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.31% | [5],[8],[9],[10] | 1.87% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Dessert Holdings | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 7.25% | [1],[2],[9],[10] | 7.25% | [14],[16] | |
Interest Rate | 12.72% | [1],[2],[9],[10] | 12.02% | [14],[16] | |
Par Amount | $ 9,000 | [1],[9],[10] | $ 9,000 | [16] | |
Amortized Cost | 8,874 | [1],[9],[10] | 8,860 | [16] | |
Fair Value | $ 7,628 | [1],[3],[9],[10] | $ 8,325 | [4],[16] | |
Fair Value as % of Net Assets | 1.02% | [1],[5],[9],[10] | 1.59% | [6],[16] | |
Investment, Identifier [Axis]: Diligent Corporation (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2],[10] | 6.25% | [13],[14] | |
Interest Rate | 11.78% | [1],[2],[10] | 11.02% | [13],[14] | |
Par Amount | $ 168 | [1],[10] | $ 170 | [13] | |
Amortized Cost | 168 | [1],[10] | 170 | [13] | |
Fair Value | $ 166 | [1],[3],[10] | $ 163 | [4],[13] | |
Fair Value as % of Net Assets | 0.02% | [1],[5],[10] | 0.03% | [6],[13] | |
Investment, Identifier [Axis]: Diligent Corporation (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2],[10] | 6.25% | [13],[14] | |
Interest Rate | 11.78% | [1],[2],[10] | 11.02% | [13],[14] | |
Par Amount | $ 106 | [1],[10] | $ 107 | [13] | |
Amortized Cost | 106 | [1],[10] | 107 | [13] | |
Fair Value | $ 105 | [1],[3],[10] | $ 103 | [4],[13] | |
Fair Value as % of Net Assets | 0.01% | [1],[5],[10] | 0.02% | [6],[13] | |
Investment, Identifier [Axis]: Diligent Corporation 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2],[9],[10] | 6.25% | [13],[14],[16] | |
Interest Rate | 11.78% | [1],[2],[9],[10] | 11.39% | [13],[14],[16] | |
Par Amount | $ 12,469 | [1],[9],[10] | $ 12,599 | [13],[16] | |
Amortized Cost | 12,451 | [1],[9],[10] | 12,570 | [13],[16] | |
Fair Value | $ 12,366 | [1],[3],[9],[10] | $ 12,136 | [4],[13],[16] | |
Fair Value as % of Net Assets | 1.65% | [1],[5],[9],[10] | 2.31% | [6],[13],[16] | |
Investment, Identifier [Axis]: Diligent Corporation 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[8],[10] | 5.75% | [13],[14],[15] | |
Interest Rate | 11.28% | [1],[2],[8],[10] | 10.52% | [13],[14],[15] | |
Par Amount | $ 3,387 | [1],[8],[10] | $ 3,422 | [13],[15] | |
Amortized Cost | 3,372 | [1],[8],[10] | 3,399 | [13],[15] | |
Fair Value | $ 3,334 | [1],[3],[8],[10] | $ 3,269 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.45% | [1],[5],[8],[10] | 0.62% | [6],[13],[15] | |
Investment, Identifier [Axis]: Diligent Corporation 3 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[10] | 5.75% | [13],[14],[15] | |
Interest Rate | 11.28% | [1],[2],[10] | 10.89% | [13],[14],[15] | |
Par Amount | $ 1,476 | [1],[10] | $ 1,491 | [13],[15] | |
Amortized Cost | 1,469 | [1],[10] | 1,481 | [13],[15] | |
Fair Value | $ 1,453 | [1],[3],[10] | $ 1,425 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.19% | [1],[5],[10] | 0.27% | [6],[13],[15] | |
Investment, Identifier [Axis]: E78 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 860 | |||
Fair Value | [1],[3],[17],[18] | $ 835 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.11% | |||
Shares/Units | [1],[17],[18] | 816 | |||
Investment, Identifier [Axis]: E78 (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9] | 5.50% | [14],[15],[16] | |
Interest Rate | 11.21% | [2],[8],[9] | 9.86% | [14],[15],[16] | |
Par Amount | $ 4,210 | [8],[9] | $ 4,253 | [15],[16] | |
Amortized Cost | 4,180 | [8],[9] | 4,217 | [15],[16] | |
Fair Value | $ 4,127 | [3],[8],[9] | $ 4,178 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.55% | [5],[8],[9] | 0.80% | [6],[15],[16] | |
Investment, Identifier [Axis]: E78 (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[11] | 5.50% | [12],[14] | |
Interest Rate | 11.21% | [1],[2],[11] | 9.86% | [12],[14] | |
Par Amount | $ 3,550 | [1],[11] | $ 3,559 | [12] | |
Amortized Cost | 979 | [1],[11] | 604 | [12] | |
Fair Value | $ 909 | [1],[3],[11] | $ 540 | [4],[12] | |
Fair Value as % of Net Assets | 0.12% | [1],[5],[11] | 0.10% | [6],[12] | |
Investment, Identifier [Axis]: E78 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[9] | 5.50% | [14],[16] | |
Interest Rate | 11.21% | [2],[9] | 9.86% | [14],[16] | |
Par Amount | $ 5,600 | [9] | $ 5,657 | [16] | |
Amortized Cost | 5,560 | [9] | 5,608 | [16] | |
Fair Value | $ 5,489 | [3],[9] | $ 5,556 | [4],[16] | |
Fair Value as % of Net Assets | 0.74% | [5],[9] | 1.06% | [6],[16] | |
Investment, Identifier [Axis]: E78 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8] | 5.50% | [14],[15] | |
Interest Rate | 11.21% | [2],[8] | 9.86% | [14],[15] | |
Par Amount | $ 1,438 | [8] | $ 1,452 | [15] | |
Amortized Cost | 1,426 | [8] | 1,439 | [15] | |
Fair Value | $ 1,409 | [3],[8] | $ 1,427 | [4],[15] | |
Fair Value as % of Net Assets | 0.19% | [5],[8] | 0.27% | [6],[15] | |
Investment, Identifier [Axis]: E78 3 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [19],[20] | $ 523 | |||
Fair Value | [4],[19],[20] | $ 619 | |||
Fair Value as % of Net Assets | [6],[19],[20] | 0.12% | |||
Shares/Units | [19],[20] | 1,000 | |||
Investment, Identifier [Axis]: EFC Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 11% | |||
Interest Rate, PIK | [1],[2] | 2.50% | |||
Par Amount | [1] | $ 3,167 | |||
Amortized Cost | [1] | 3,083 | |||
Fair Value | [1],[3] | $ 3,137 | |||
Fair Value as % of Net Assets | [1],[5] | 0.42% | |||
Investment, Identifier [Axis]: EFC Holdings, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18],[21] | $ 60 | |||
Fair Value | [1],[3],[17],[18],[21] | $ 113 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18],[21] | 0.02% | |||
Shares/Units | [1],[17],[18],[21] | 148 | |||
Investment, Identifier [Axis]: EFC Holdings, LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18],[21] | $ 148 | |||
Fair Value | [1],[3],[17],[18],[21] | $ 158 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18],[21] | 0.02% | |||
Shares/Units | [1],[17],[18],[21] | 148 | |||
Investment, Identifier [Axis]: Elevation Labs | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9] | 5.25% | [14],[15] | |
Interest Rate | 11.23% | [2],[8],[9] | 9.84% | [14],[15] | |
Par Amount | $ 6,789 | [8],[9] | $ 6,858 | [15] | |
Amortized Cost | 6,733 | [8],[9] | 6,793 | [15] | |
Fair Value | $ 6,335 | [3],[8],[9] | $ 6,784 | [4],[15] | |
Fair Value as % of Net Assets | 0.85% | [5],[8],[9] | 1.29% | [6],[15] | |
Investment, Identifier [Axis]: Elevation Labs (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[11] | 5.25% | [12],[14] | |
Interest Rate | 11.23% | [1],[2],[11] | 9.84% | [12],[14] | |
Par Amount | $ 3,125 | [1],[11] | $ 3,125 | [12] | |
Amortized Cost | (24) | [1],[11] | (29) | [12] | |
Fair Value | $ (209) | [1],[3],[11] | $ (34) | [4],[12] | |
Fair Value as % of Net Assets | (0.03%) | [1],[5],[11] | (0.01%) | [6],[12] | |
Investment, Identifier [Axis]: Eliassen Group LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[8],[9],[10] | 5.75% | [13],[14],[15],[16] | |
Interest Rate | 10.85% | [1],[2],[8],[9],[10] | 10.34% | [13],[14],[15],[16] | |
Par Amount | $ 12,069 | [1],[8],[9],[10] | $ 12,192 | [13],[15],[16] | |
Amortized Cost | 11,976 | [1],[8],[9],[10] | 12,080 | [13],[15],[16] | |
Fair Value | $ 12,083 | [1],[3],[8],[9],[10] | $ 12,021 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.62% | [1],[5],[8],[9],[10] | 2.29% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Eliassen Group LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[10],[11] | 5.75% | [12],[13],[14] | |
Interest Rate | 10.85% | [1],[2],[10],[11] | 10.34% | [12],[13],[14] | |
Par Amount | $ 2,771 | [1],[10],[11] | $ 2,777 | [12],[13] | |
Amortized Cost | 864 | [1],[10],[11] | 409 | [12],[13] | |
Fair Value | $ 872 | [1],[3],[10],[11] | $ 377 | [4],[12],[13] | |
Fair Value as % of Net Assets | 0.11% | [1],[5],[10],[11] | 0.07% | [6],[12],[13] | |
Investment, Identifier [Axis]: Erie Construction | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 4.75% | |||
Interest Rate | [2],[8],[9] | 10.21% | |||
Par Amount | [8],[9] | $ 10,153 | |||
Amortized Cost | [8],[9] | 10,083 | |||
Fair Value | [3],[8],[9] | $ 10,153 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 1.36% | |||
Investment, Identifier [Axis]: Erie Construction 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[16] | 4.75% | |||
Interest Rate | [14],[15],[16] | 9.53% | |||
Par Amount | [15],[16] | $ 10,702 | |||
Amortized Cost | [15],[16] | 10,612 | |||
Fair Value | [4],[15],[16] | $ 10,702 | |||
Fair Value as % of Net Assets | [6],[15],[16] | 2.04% | |||
Investment, Identifier [Axis]: Erie Construction 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 166 | [1],[18] | $ 166 | [19],[20] | |
Fair Value | $ 606 | [1],[3],[18] | $ 585 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.08% | [1],[5],[18] | 0.11% | [6],[19],[20] | |
Shares/Units | 166 | [1],[18] | 0 | [19],[20] | |
Investment, Identifier [Axis]: Evergreen Services Group | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2],[8],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 11.70% | [1],[2],[8],[9],[10] | 10.59% | [13],[14],[15],[16] | |
Par Amount | $ 11,966 | [1],[8],[9],[10] | $ 12,087 | [13],[15],[16] | |
Amortized Cost | 11,766 | [1],[8],[9],[10] | 11,859 | [13],[15],[16] | |
Fair Value | $ 11,733 | [1],[3],[8],[9],[10] | $ 11,799 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.57% | [1],[5],[8],[9],[10] | 2.25% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Evergreen Services Group (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2],[10] | 6% | [12],[13],[14] | |
Interest Rate | 11.70% | [1],[2],[10] | 10.59% | [12],[13],[14] | |
Par Amount | $ 2,863 | [1],[10] | $ 2,883 | [12],[13] | |
Amortized Cost | 2,839 | [1],[10] | 2,063 | [12],[13] | |
Fair Value | $ 2,807 | [1],[3],[10] | $ 2,021 | [4],[12],[13] | |
Fair Value as % of Net Assets | 0.38% | [1],[5],[10] | 0.38% | [6],[12],[13] | |
Investment, Identifier [Axis]: Evergreen Services Group II | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9],[10] | 6% | |||
Interest Rate | [1],[2],[8],[9],[10] | 11.35% | |||
Par Amount | [1],[8],[9],[10] | $ 16,156 | |||
Amortized Cost | [1],[8],[9],[10] | 15,917 | |||
Fair Value | [1],[3],[8],[9],[10] | $ 15,926 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9],[10] | 2.13% | |||
Investment, Identifier [Axis]: Evergreen Services Group II (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[10],[11] | 6% | |||
Interest Rate | [1],[2],[10],[11] | 11.35% | |||
Par Amount | [1],[10],[11] | $ 13,014 | |||
Amortized Cost | [1],[10],[11] | 8,495 | |||
Fair Value | [1],[3],[10],[11] | $ 8,342 | |||
Fair Value as % of Net Assets | [1],[5],[10],[11] | 1.11% | |||
Investment, Identifier [Axis]: Excel Fitness | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [2],[8],[9] | 5.25% | [14],[15],[16] | |
Interest Rate | 10.75% | [2],[8],[9] | 9.84% | [14],[15],[16] | |
Par Amount | $ 9,875 | [8],[9] | $ 9,975 | [15],[16] | |
Amortized Cost | 9,778 | [8],[9] | 9,867 | [15],[16] | |
Fair Value | $ 9,616 | [3],[8],[9] | $ 9,483 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.29% | [5],[8],[9] | 1.81% | [6],[15],[16] | |
Investment, Identifier [Axis]: Exterro | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[8],[9],[10] | 5.50% | [13],[14],[15],[16] | |
Interest Rate | 11.03% | [1],[2],[8],[9],[10] | 10.27% | [13],[14],[15],[16] | |
Par Amount | $ 9,474 | [1],[8],[9],[10] | $ 9,474 | [13],[15],[16] | |
Amortized Cost | 9,462 | [1],[8],[9],[10] | 9,435 | [13],[15],[16] | |
Fair Value | $ 9,503 | [1],[3],[8],[9],[10] | $ 9,474 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.27% | [1],[5],[8],[9],[10] | 1.81% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: FSK Pallet Holding Corp. (DBA Kamps Pallets) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[8],[9] | 5% | [14],[15] | |
Interest Rate | 11.53% | [2],[8],[9] | 9.77% | [14],[15] | |
Par Amount | $ 9,875 | [8],[9] | $ 9,975 | [15] | |
Amortized Cost | 9,725 | [8],[9] | 9,783 | [15] | |
Fair Value | $ 9,616 | [3],[8],[9] | $ 9,781 | [4],[15] | |
Fair Value as % of Net Assets | 1.29% | [5],[8],[9] | 1.86% | [6],[15] | |
Investment, Identifier [Axis]: Fairway Lawns | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 8% | |||
Interest Rate, PIK | [1],[2] | 5% | |||
Par Amount | [1] | $ 2,730 | |||
Amortized Cost | [1] | 2,662 | |||
Fair Value | [1],[3] | $ 2,659 | |||
Fair Value as % of Net Assets | [1],[5] | 0.35% | |||
Investment, Identifier [Axis]: Fairway Lawns (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[11] | 8% | |||
Interest Rate, PIK | [1],[2],[11] | 5% | |||
Par Amount | [1],[11] | $ 6,287 | |||
Amortized Cost | [1],[11] | 5,867 | |||
Fair Value | [1],[3],[11] | $ 5,704 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.76% | |||
Investment, Identifier [Axis]: Fairway Lawns 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 8% | |||
Interest Rate, PIK | [14] | 5% | |||
Par Amount | $ 2,628 | ||||
Amortized Cost | 2,549 | ||||
Fair Value | [4] | $ 2,549 | |||
Fair Value as % of Net Assets | [6] | 0.49% | |||
Investment, Identifier [Axis]: Fairway Lawns 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [12],[14] | 8% | |||
Interest Rate, PIK | [12],[14] | 5% | |||
Par Amount | [12] | $ 6,171 | |||
Amortized Cost | [12] | 0 | |||
Fair Value | [4],[12] | $ (185) | |||
Fair Value as % of Net Assets | [6],[12] | (0.04%) | |||
Investment, Identifier [Axis]: Fineline Merger | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 9.26% | [1],[2] | 8.75% | [14] | |
Interest Rate | 14.61% | [1],[2] | 13.52% | [14] | |
Par Amount | $ 2,453 | [1] | $ 2,941 | ||
Amortized Cost | 2,427 | [1] | 2,905 | ||
Fair Value | $ 2,453 | [1],[3] | $ 2,926 | [4] | |
Fair Value as % of Net Assets | 0.33% | [1],[5] | 0.56% | [6] | |
Investment, Identifier [Axis]: First American Government Obligations Fund | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5.19% | ||||
Amortized Cost | $ 32 | ||||
Fair Value | [3] | $ 32 | |||
Fair Value as % of Net Assets | [5] | 0% | |||
Shares/Units | 32,000 | ||||
Investment, Identifier [Axis]: Five Star Packing | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.25% | [2],[8],[9],[23] | 4.25% | [14],[15],[16] | |
Interest Rate | 9.63% | [2],[8],[9],[23] | 9.03% | [14],[15],[16] | |
Par Amount | $ 7,576 | [8],[9],[23] | $ 7,653 | [15],[16] | |
Amortized Cost | 7,482 | [8],[9],[23] | 7,545 | [15],[16] | |
Fair Value | $ 7,482 | [3],[8],[9],[23] | $ 7,516 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1% | [5],[8],[9],[23] | 1.43% | [6],[15],[16] | |
Investment, Identifier [Axis]: FoodScience 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[9] | 4.75% | [14],[15],[16] | |
Interest Rate | 11.73% | [1],[2],[9] | 9.52% | [14],[15],[16] | |
Par Amount | $ 7,744 | [1],[9] | $ 7,823 | [15],[16] | |
Amortized Cost | 7,696 | [1],[9] | 7,762 | [15],[16] | |
Fair Value | $ 7,081 | [1],[3],[9] | $ 7,055 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.95% | [1],[5],[9] | 1.35% | [6],[15],[16] | |
Investment, Identifier [Axis]: FoodScience 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[9] | 4.75% | [14],[15],[16] | |
Interest Rate | 12.23% | [1],[2],[9] | 9.52% | [14],[15],[16] | |
Par Amount | $ 6,880 | [1],[9] | $ 6,951 | [15],[16] | |
Amortized Cost | 6,831 | [1],[9] | 6,897 | [15],[16] | |
Fair Value | $ 6,291 | [1],[3],[9] | $ 6,269 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.84% | [1],[5],[9] | 1.20% | [6],[15],[16] | |
Investment, Identifier [Axis]: FoodScience 3 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [19],[20] | $ 98 | |||
Fair Value | [4],[19],[20] | $ 41 | |||
Fair Value as % of Net Assets | [6],[19],[20] | 0.01% | |||
Shares/Units | [19],[20] | 0 | |||
Investment, Identifier [Axis]: FoodScience 4 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 5 | [1],[17],[18] | $ 5 | [19],[20] | |
Fair Value | $ 0 | [1],[3],[17],[18] | $ 0 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0% | [1],[5],[17],[18] | 0% | [6],[19],[20] | |
Shares/Units | 5,168 | [1],[17],[18] | 5,000 | [19],[20] | |
Investment, Identifier [Axis]: FoodScience 5 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 98 | |||
Fair Value | [1],[3],[17],[18] | $ 51 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.01% | |||
Shares/Units | [1],[17],[18] | 98 | |||
Investment, Identifier [Axis]: Forefront Dermatology | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.25% | [1],[2],[9],[10],[23] | 4.25% | [13],[14],[15],[16] | |
Interest Rate | 9.63% | [1],[2],[9],[10],[23] | 8.61% | [13],[14],[15],[16] | |
Par Amount | $ 3,315 | [1],[9],[10],[23] | $ 5,360 | [13],[15],[16] | |
Amortized Cost | 3,268 | [1],[9],[10],[23] | 5,259 | [13],[15],[16] | |
Fair Value | $ 3,215 | [1],[3],[9],[10],[23] | $ 5,222 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.43% | [1],[5],[9],[10],[23] | 0.99% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Forefront Dermatology (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[13],[14] | 4.25% | |||
Interest Rate | [12],[13],[14] | 8.61% | |||
Par Amount | [12],[13] | $ 1,007 | |||
Amortized Cost | [12],[13] | 895 | |||
Fair Value | [4],[12],[13] | $ 869 | |||
Fair Value as % of Net Assets | [6],[12],[13] | 0.17% | |||
Investment, Identifier [Axis]: Fresh Edge | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [1],[2] | 9% | [14] | |
Interest Rate | 10.07% | [1],[2] | 13.36% | [14] | |
Interest Rate, PIK | [1],[2] | 5.13% | |||
Par Amount | $ 3,853 | [1] | $ 3,770 | ||
Amortized Cost | 3,772 | [1] | 3,679 | ||
Fair Value | $ 3,765 | [1],[3] | $ 3,679 | [4] | |
Fair Value as % of Net Assets | 0.50% | [1],[5] | 0.70% | [6] | |
Investment, Identifier [Axis]: Fresh Edge (Incremental) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 4.50% | |||
Interest Rate | [1],[2] | 9.98% | |||
Interest Rate, PIK | [1],[2] | 5.13% | |||
Par Amount | [1] | $ 914 | |||
Amortized Cost | [1] | 891 | |||
Fair Value | [1],[3] | $ 893 | |||
Fair Value as % of Net Assets | [1],[5] | 0.12% | |||
Investment, Identifier [Axis]: Fresh Edge (Incremental) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 4.50% | |||
Interest Rate | [1],[2] | 9.76% | |||
Interest Rate, PIK | [1],[2] | 5.13% | |||
Par Amount | [1] | $ 769 | |||
Amortized Cost | [1] | 752 | |||
Fair Value | [1],[3] | $ 752 | |||
Fair Value as % of Net Assets | [1],[5] | 0.10% | |||
Investment, Identifier [Axis]: Fresh Edge - Common | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 0 | [1],[17],[18] | $ 0 | [19],[20] | |
Fair Value | $ 99 | [1],[3],[17],[18] | $ 0 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.01% | [1],[5],[17],[18] | 0% | [6],[19],[20] | |
Shares/Units | 667 | [1],[17],[18] | 1,000 | [19],[20] | |
Investment, Identifier [Axis]: Fresh Edge - Preferred | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 667 | [1],[17],[18] | $ 592 | [19],[20] | |
Fair Value | $ 745 | [1],[3],[17],[18] | $ 592 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.10% | [1],[5],[17],[18] | 0.11% | [6],[19],[20] | |
Shares/Units | 667 | [1],[17],[18] | 1,000 | [19],[20] | |
Investment, Identifier [Axis]: GA Foods | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[27] | 5.50% | |||
Interest Rate | [14],[15],[27] | 9.77% | |||
Interest Rate, PIK | [14],[15],[27] | 0.50% | |||
Par Amount | [15],[27] | $ 14,781 | |||
Amortized Cost | [15],[27] | 14,676 | |||
Fair Value | [4],[15],[27] | $ 8,898 | |||
Fair Value as % of Net Assets | [6],[15],[27] | 1.69% | |||
Investment, Identifier [Axis]: GHR Healthcare | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[9],[10] | 4.75% | [13],[14],[16] | |
Interest Rate | 10.50% | [2],[9],[10] | 9.34% | [13],[14],[16] | |
Par Amount | $ 6,401 | [9],[10] | $ 6,467 | [13],[16] | |
Amortized Cost | 6,359 | [9],[10] | 6,411 | [13],[16] | |
Fair Value | $ 6,255 | [3],[9],[10] | $ 6,467 | [4],[13],[16] | |
Fair Value as % of Net Assets | 0.84% | [5],[9],[10] | 1.23% | [6],[13],[16] | |
Investment, Identifier [Axis]: GHR Healthcare (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[8],[9],[10] | 4.75% | [12],[13],[14],[15],[16] | |
Interest Rate | 10.50% | [2],[8],[9],[10] | 9.34% | [12],[13],[14],[15],[16] | |
Par Amount | $ 2,002 | [8],[9],[10] | $ 3,444 | [12],[13],[15],[16] | |
Amortized Cost | 2,002 | [8],[9],[10] | 2,023 | [12],[13],[15],[16] | |
Fair Value | $ 1,957 | [3],[8],[9],[10] | $ 2,023 | [4],[12],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.26% | [5],[8],[9],[10] | 0.39% | [6],[12],[13],[15],[16] | |
Investment, Identifier [Axis]: GHR Healthcare (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[8] | 4.75% | [13],[14],[15] | |
Interest Rate | 10.50% | [2],[8] | 9.53% | [13],[14],[15] | |
Par Amount | $ 4,983 | [8] | $ 5,033 | [13],[15] | |
Amortized Cost | 4,904 | [8] | 4,938 | [13],[15] | |
Fair Value | $ 4,869 | [3],[8] | $ 5,033 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.65% | [5],[8] | 0.96% | [6],[13],[15] | |
Investment, Identifier [Axis]: Gabriel Partners LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 11.53% | [2],[8],[9],[10] | 10.39% | [13],[14],[15],[16] | |
Par Amount | $ 9,192 | [8],[9],[10] | $ 9,337 | [13],[15],[16] | |
Amortized Cost | 9,144 | [8],[9],[10] | 9,271 | [13],[15],[16] | |
Fair Value | $ 9,192 | [3],[8],[9],[10] | $ 9,337 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.23% | [5],[8],[9],[10] | 1.78% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Gabriel Partners LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 11.53% | [2],[8],[9],[10] | 10.77% | [13],[14],[15],[16] | |
Par Amount | $ 1,531 | [8],[9],[10] | $ 1,555 | [13],[15],[16] | |
Amortized Cost | 1,531 | [8],[9],[10] | 1,555 | [13],[15],[16] | |
Fair Value | $ 1,531 | [3],[8],[9],[10] | $ 1,555 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.20% | [5],[8],[9],[10] | 0.30% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Gabriel Partners LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[10] | 6% | [13],[14],[15] | |
Interest Rate | 11.53% | [2],[8],[10] | 10.77% | [13],[14],[15] | |
Par Amount | $ 3,794 | [8],[10] | $ 3,854 | [13],[15] | |
Amortized Cost | 3,771 | [8],[10] | 3,824 | [13],[15] | |
Fair Value | $ 3,794 | [3],[8],[10] | $ 3,854 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.51% | [5],[8],[10] | 0.73% | [6],[13],[15] | |
Investment, Identifier [Axis]: Gannet Fleming 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18],[24] | $ 425 | |||
Fair Value | [1],[3],[17],[18],[24] | $ 619 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18],[24] | 0.08% | |||
Shares/Units | [1],[17],[18],[24] | 424,742 | |||
Investment, Identifier [Axis]: Gannett Fleming | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 6.60% | |||
Interest Rate | [2],[8],[9] | 11.95% | |||
Par Amount | [8],[9] | $ 9,900 | |||
Amortized Cost | [8],[9] | 9,730 | |||
Fair Value | [3],[8],[9] | $ 9,913 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 1.32% | |||
Investment, Identifier [Axis]: Gannett Fleming 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15] | 6.50% | |||
Interest Rate | [14],[15] | 11.09% | |||
Par Amount | [15] | $ 10,000 | |||
Amortized Cost | $ 570 | [1],[17],[18] | 9,801 | [15] | |
Fair Value | $ 830 | [1],[3],[17],[18] | $ 9,801 | [4],[15] | |
Fair Value as % of Net Assets | 0.11% | [1],[5],[17],[18] | 1.87% | [6],[15] | |
Shares/Units | [1],[17],[18] | 569,505 | |||
Investment, Identifier [Axis]: Gannett Fleming 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [19],[20] | $ 425 | |||
Fair Value | [4],[19],[20] | $ 425 | |||
Fair Value as % of Net Assets | [6],[19],[20] | 0.08% | |||
Shares/Units | [19],[20] | 425,000 | |||
Investment, Identifier [Axis]: Genesee Scientific | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[9],[10] | 5% | [13],[14],[16] | |
Interest Rate | 10.95% | [2],[9],[10] | 9.77% | [13],[14],[16] | |
Par Amount | $ 5,959 | [9],[10] | $ 6,019 | [13],[16] | |
Amortized Cost | 5,922 | [9],[10] | 5,971 | [13],[16] | |
Fair Value | $ 5,839 | [3],[9],[10] | $ 5,897 | [4],[13],[16] | |
Fair Value as % of Net Assets | 0.78% | [5],[9],[10] | 1.12% | [6],[13],[16] | |
Investment, Identifier [Axis]: Genesee Scientific (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[10] | 5.50% | [12],[13],[14] | |
Interest Rate | 10.95% | [1],[2],[10] | 10.27% | [12],[13],[14] | |
Par Amount | $ 1,560 | [1],[10] | $ 2,027 | [12],[13] | |
Amortized Cost | 1,560 | [1],[10] | 0 | [12],[13] | |
Fair Value | $ 1,528 | [1],[3],[10] | $ (41) | [4],[12],[13] | |
Fair Value as % of Net Assets | 0.20% | [1],[5],[10] | (0.01%) | [6],[12],[13] | |
Investment, Identifier [Axis]: Go Engineer | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.38% | [2],[8],[9],[10] | 5.63% | [13],[14],[15],[16] | |
Interest Rate | 10.87% | [2],[8],[9],[10] | 10.21% | [13],[14],[15],[16] | |
Par Amount | $ 11,572 | [8],[9],[10] | $ 11,690 | [13],[15],[16] | |
Amortized Cost | 11,490 | [8],[9],[10] | 11,590 | [13],[15],[16] | |
Fair Value | $ 11,409 | [3],[8],[9],[10] | $ 11,260 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.53% | [5],[8],[9],[10] | 2.14% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Go Engineer (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.38% | [1],[2],[10] | 5.63% | [13],[14] | |
Interest Rate | 10.87% | [1],[2],[10] | 9.98% | [13],[14] | |
Par Amount | $ 3,152 | [1],[10] | $ 3,184 | [13] | |
Amortized Cost | 3,130 | [1],[10] | 3,157 | [13] | |
Fair Value | $ 3,107 | [1],[3],[10] | $ 3,066 | [4],[13] | |
Fair Value as % of Net Assets | 0.42% | [1],[5],[10] | 0.58% | [6],[13] | |
Investment, Identifier [Axis]: Good2Grow | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[16] | 4.50% | |||
Interest Rate | [14],[15],[16] | 9.27% | |||
Par Amount | [15],[16] | $ 9,925 | |||
Amortized Cost | [15],[16] | 9,842 | |||
Fair Value | [4],[15],[16] | $ 9,720 | |||
Fair Value as % of Net Assets | [6],[15],[16] | 1.85% | |||
Investment, Identifier [Axis]: Good2Grow 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 5.50% | |||
Interest Rate | [1],[2],[8] | 11.04% | |||
Par Amount | [1],[8] | $ 6,362 | |||
Amortized Cost | [1],[8] | 6,270 | |||
Fair Value | [1],[3],[8] | $ 6,362 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 0.85% | |||
Investment, Identifier [Axis]: Good2Grow 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 4.50% | |||
Interest Rate | [2],[8],[9] | 10.04% | |||
Par Amount | [8],[9] | $ 9,265 | |||
Amortized Cost | [8],[9] | 9,201 | |||
Fair Value | [3],[8],[9] | $ 9,137 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 1.22% | |||
Investment, Identifier [Axis]: Halo Buyer Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[9],[23] | 4.50% | [14],[16],[22] | |
Interest Rate | 9.96% | [2],[9],[23] | 8.89% | [14],[16],[22] | |
Par Amount | $ 5,668 | [9],[23] | $ 5,728 | [16],[22] | |
Amortized Cost | 5,641 | [9],[23] | 5,686 | [16],[22] | |
Fair Value | $ 4,284 | [3],[9],[23] | $ 5,062 | [4],[16],[22] | |
Fair Value as % of Net Assets | 0.57% | [5],[9],[23] | 0.97% | [6],[16],[22] | |
Investment, Identifier [Axis]: Handgards | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 7% | [2],[8],[9] | 7% | [14],[15],[16] | |
Interest Rate | 12.54% | [2],[8],[9] | 11.77% | [14],[15],[16] | |
Par Amount | $ 14,513 | [8],[9] | $ 14,663 | [15],[16] | |
Amortized Cost | 14,364 | [8],[9] | 14,466 | [15],[16] | |
Fair Value | $ 14,513 | [3],[8],[9] | $ 14,663 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.94% | [5],[8],[9] | 2.79% | [6],[15],[16] | |
Investment, Identifier [Axis]: Harvest Hill Beverage Company | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 9% | |||
Interest Rate | [1],[2] | 14.46% | |||
Par Amount | [1] | $ 3,640 | |||
Amortized Cost | [1] | 3,540 | |||
Fair Value | [1],[3] | $ 3,573 | |||
Fair Value as % of Net Assets | [1],[5] | 0.48% | |||
Investment, Identifier [Axis]: Hasa Inc 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 10.50% | |||
Interest Rate, PIK | [14] | 1.50% | |||
Par Amount | $ 2,498 | ||||
Amortized Cost | 2,467 | ||||
Fair Value | [4] | $ 2,498 | |||
Fair Value as % of Net Assets | [6] | 0.48% | |||
Investment, Identifier [Axis]: Hasa Inc 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [19],[20] | $ 645 | |||
Fair Value | [4],[19],[20] | $ 1,954 | |||
Fair Value as % of Net Assets | [6],[19],[20] | 0.37% | |||
Shares/Units | [19],[20] | 6,000 | |||
Investment, Identifier [Axis]: Health Management Associates | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 6.50% | |||
Interest Rate | [1],[2],[8] | 11.73% | |||
Par Amount | [1],[8] | $ 8,307 | |||
Amortized Cost | [1],[8] | 8,154 | |||
Fair Value | [1],[3],[8] | $ 8,233 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 1.10% | |||
Investment, Identifier [Axis]: Health Management Associates (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.50% | |||
Interest Rate | [1],[2],[11] | 11.73% | |||
Par Amount | [1],[11] | $ 1,499 | |||
Amortized Cost | [1],[11] | 444 | |||
Fair Value | [1],[3],[11] | $ 460 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.06% | |||
Investment, Identifier [Axis]: Health Management Associates 1 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 400 | |||
Fair Value | [1],[3],[17],[18] | $ 427 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.06% | |||
Shares/Units | [1],[17],[18] | 399,904 | |||
Investment, Identifier [Axis]: Heartland Home Services | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[8],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 11.36% | [2],[8],[9],[10] | 10.39% | [13],[14],[15],[16] | |
Par Amount | $ 6,467 | [8],[9],[10] | $ 6,534 | [13],[15],[16] | |
Amortized Cost | 6,428 | [8],[9],[10] | 6,486 | [13],[15],[16] | |
Fair Value | $ 6,382 | [3],[8],[9],[10] | $ 6,368 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.85% | [5],[8],[9],[10] | 1.21% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Heartland Home Services (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[8],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 11.36% | [2],[8],[9],[10] | 10.39% | [13],[14],[15],[16] | |
Par Amount | $ 5,608 | [8],[9],[10] | $ 5,665 | [13],[15],[16] | |
Amortized Cost | 5,589 | [8],[9],[10] | 5,642 | [13],[15],[16] | |
Fair Value | $ 5,533 | [3],[8],[9],[10] | $ 5,521 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.74% | [5],[8],[9],[10] | 1.05% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Heartland Home Services (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[8],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 11.36% | [2],[8],[9],[10] | 10.39% | [13],[14],[15],[16] | |
Par Amount | $ 2,571 | [8],[9],[10] | $ 2,598 | [13],[15],[16] | |
Amortized Cost | 2,571 | [8],[9],[10] | 2,598 | [13],[15],[16] | |
Fair Value | $ 2,537 | [3],[8],[9],[10] | $ 2,532 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.34% | [5],[8],[9],[10] | 0.48% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Heartland Veterinary Partners LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 7.50% | [1],[2] | 7.50% | [14] | |
Interest Rate | 12.96% | [1],[2] | 12.09% | [14] | |
Par Amount | $ 1,900 | [1] | $ 1,900 | ||
Amortized Cost | 1,872 | [1] | 1,865 | ||
Fair Value | $ 1,875 | [1],[3] | $ 1,862 | [4] | |
Fair Value as % of Net Assets | 0.25% | [1],[5] | 0.35% | [6] | |
Investment, Identifier [Axis]: Heartland Veterinary Partners LLC (Incremental) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 7.50% | [1],[2] | 7.50% | [12],[14] | |
Interest Rate | 12.96% | [1],[2] | 12.09% | [12],[14] | |
Par Amount | $ 9,500 | [1] | $ 9,500 | [12] | |
Amortized Cost | 9,500 | [1] | 0 | [12] | |
Fair Value | $ 9,377 | [1],[3] | $ (190) | [4],[12] | |
Fair Value as % of Net Assets | 1.25% | [1],[5] | (0.04%) | [6],[12] | |
Investment, Identifier [Axis]: HemaSource Inc. | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 8.50% | |||
Interest Rate, PIK | [1],[2] | 5% | |||
Par Amount | [1] | $ 5,292 | |||
Amortized Cost | [1] | 5,153 | |||
Fair Value | [1],[3] | $ 5,147 | |||
Fair Value as % of Net Assets | [1],[5] | 0.69% | |||
Investment, Identifier [Axis]: High Bar Brands | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 9% | |||
Interest Rate, PIK | [1],[2] | 4% | |||
Par Amount | [1] | $ 2,088 | |||
Amortized Cost | [1] | 2,035 | |||
Fair Value | [1],[3] | $ 2,036 | |||
Fair Value as % of Net Assets | [1],[5] | 0.27% | |||
Investment, Identifier [Axis]: High Bar Brands (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[11] | 9% | |||
Interest Rate, PIK | [1],[2],[11] | 4% | |||
Par Amount | [1],[11] | $ 596 | |||
Amortized Cost | [1],[11] | (7) | |||
Fair Value | [1],[3],[11] | $ (15) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: High Bar Brands 1 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18],[21] | $ 303 | |||
Fair Value | [1],[3],[17],[18],[21] | $ 303 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18],[21] | 0.04% | |||
Shares/Units | [1],[17],[18],[21] | 303,000 | |||
Investment, Identifier [Axis]: INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 6.50% | |||
Interest Rate | [2],[8],[9] | 12.03% | |||
Par Amount | [8],[9] | $ 7,961 | |||
Amortized Cost | [8],[9] | 7,822 | |||
Fair Value | [3],[8],[9] | $ 7,973 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 1.06% | |||
Investment, Identifier [Axis]: INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.50% | |||
Interest Rate | [1],[2],[11] | 12.03% | |||
Par Amount | [1],[11] | $ 1,979 | |||
Amortized Cost | [1],[11] | (34) | |||
Fair Value | [1],[3],[11] | $ 3 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: ISG Merger Sub, LLC (dba Industrial Service Group) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [2],[8],[9] | 6.25% | [14],[15] | |
Interest Rate | 11.60% | [2],[8],[9] | 10.61% | [14],[15] | |
Par Amount | $ 6,525 | [8],[9] | $ 6,591 | [15] | |
Amortized Cost | 6,412 | [8],[9] | 6,459 | [15] | |
Fair Value | $ 6,569 | [3],[8],[9] | $ 6,461 | [4],[15] | |
Fair Value as % of Net Assets | 0.88% | [5],[8],[9] | 1.23% | [6],[15] | |
Investment, Identifier [Axis]: ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2] | 6.25% | [12],[14] | |
Interest Rate | 11.60% | [1],[2] | 10.61% | [12],[14] | |
Par Amount | $ 3,397 | [1] | $ 3,409 | [12] | |
Amortized Cost | 3,383 | [1] | (17) | [12] | |
Fair Value | $ 3,420 | [1],[3] | $ (67) | [4],[12] | |
Fair Value as % of Net Assets | 0.46% | [1],[5] | (0.01%) | [6],[12] | |
Investment, Identifier [Axis]: ITSavvy LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 5.25% | |||
Interest Rate | [2],[8],[9] | 10.89% | |||
Par Amount | [8],[9] | $ 7,794 | |||
Amortized Cost | [8],[9] | 7,730 | |||
Fair Value | [3],[8],[9] | $ 7,794 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 1.04% | |||
Investment, Identifier [Axis]: ITSavvy LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [1],[2],[11] | 5.50% | [12],[14] | |
Interest Rate | 10.89% | [1],[2],[11] | 10.09% | [12],[14] | |
Par Amount | $ 1,049 | [1],[11] | $ 2,107 | [12] | |
Amortized Cost | 883 | [1],[11] | (20) | [12] | |
Fair Value | $ 891 | [1],[3],[11] | $ 0 | [4],[12] | |
Fair Value as % of Net Assets | 0.12% | [1],[5],[11] | 0% | [6],[12] | |
Investment, Identifier [Axis]: ITSavvy LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[16] | 5.25% | |||
Interest Rate | [14],[15],[16] | 10.03% | |||
Par Amount | [15],[16] | $ 7,873 | |||
Amortized Cost | [15],[16] | 7,797 | |||
Fair Value | [4],[15],[16] | $ 7,871 | |||
Fair Value as % of Net Assets | [6],[15],[16] | 1.50% | |||
Investment, Identifier [Axis]: ITSavvy LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 522 | [1],[17],[18] | $ 522 | [19],[20] | |
Fair Value | $ 1,250 | [1],[3],[17],[18] | $ 694 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.17% | [1],[5],[17],[18] | 0.13% | [6],[19],[20] | |
Shares/Units | 522 | [1],[17],[18] | 1,000 | [19],[20] | |
Investment, Identifier [Axis]: Impact Environmental Group | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 6% | |||
Interest Rate | [1],[2],[8] | 11.28% | |||
Par Amount | [1],[8] | $ 6,776 | |||
Amortized Cost | [1],[8] | 6,650 | |||
Fair Value | [1],[3],[8] | $ 6,721 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 0.90% | |||
Investment, Identifier [Axis]: Impact Environmental Group (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.28% | |||
Par Amount | [1],[11] | $ 3,166 | |||
Amortized Cost | [1],[11] | 2,770 | |||
Fair Value | [1],[3],[11] | $ 2,759 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.37% | |||
Investment, Identifier [Axis]: Impact Environmental Group (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.28% | |||
Par Amount | [1],[11] | $ 6,822 | |||
Amortized Cost | [1],[11] | (32) | |||
Fair Value | [1],[3],[11] | $ (55) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: Impact Environmental Group (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 6% | |||
Interest Rate | [1],[2] | 11.28% | |||
Par Amount | [1] | $ 1,736 | |||
Amortized Cost | [1] | 1,703 | |||
Fair Value | [1],[3] | $ 1,722 | |||
Fair Value as % of Net Assets | [1],[5] | 0.23% | |||
Investment, Identifier [Axis]: Infinite Electronics (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9],[10] | 6.25% | |||
Interest Rate | [2],[8],[9],[10] | 11.88% | |||
Par Amount | [8],[9],[10] | $ 6,313 | |||
Amortized Cost | [8],[9],[10] | 6,152 | |||
Fair Value | [3],[8],[9],[10] | $ 6,100 | |||
Fair Value as % of Net Assets | [5],[8],[9],[10] | 0.82% | |||
Investment, Identifier [Axis]: Infobase Acquisition, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15] | 5.50% | |||
Interest Rate | [14],[15] | 10.09% | |||
Par Amount | [15] | $ 4,375 | |||
Amortized Cost | [15] | 4,334 | |||
Fair Value | [4],[15] | $ 4,319 | |||
Fair Value as % of Net Assets | [6],[15] | 0.82% | |||
Investment, Identifier [Axis]: Infobase Acquisition, Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[11] | 5.50% | [12],[14] | |
Interest Rate | 10.93% | [1],[2],[11] | 10.09% | [12],[14] | |
Par Amount | $ 721 | [1],[11] | $ 721 | [12] | |
Amortized Cost | 0 | [1],[11] | 0 | [12] | |
Fair Value | $ (6) | [1],[3],[11] | $ (9) | [4],[12] | |
Fair Value as % of Net Assets | 0% | [1],[5],[11] | 0% | [6],[12] | |
Investment, Identifier [Axis]: Infobase Acquisition, Inc. 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 5.50% | |||
Interest Rate | [2],[8],[9] | 10.93% | |||
Par Amount | [8],[9] | $ 4,331 | |||
Amortized Cost | [8],[9] | 4,297 | |||
Fair Value | [3],[8],[9] | $ 4,297 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 0.57% | |||
Investment, Identifier [Axis]: InfuCare RX | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [1],[2],[8],[9] | 4.50% | [14],[15],[16] | |
Interest Rate | 9.95% | [1],[2],[8],[9] | 9.09% | [14],[15],[16] | |
Par Amount | $ 9,248 | [1],[8],[9] | $ 9,900 | [15],[16] | |
Amortized Cost | 9,182 | [1],[8],[9] | 9,814 | [15],[16] | |
Fair Value | $ 9,045 | [1],[3],[8],[9] | $ 9,695 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.21% | [1],[5],[8],[9] | 1.85% | [6],[15],[16] | |
Investment, Identifier [Axis]: JEGS Automotive | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[9] | 6% | [14],[16] | |
Interest Rate | 11.46% | [2],[9] | 10.77% | [14],[16] | |
Par Amount | $ 3,999 | [9] | $ 4,029 | [16] | |
Amortized Cost | 3,970 | [9] | 3,995 | [16] | |
Fair Value | $ 3,381 | [3],[9] | $ 3,773 | [4],[16] | |
Fair Value as % of Net Assets | 0.45% | [5],[9] | 0.72% | [6],[16] | |
Investment, Identifier [Axis]: JEGS Automotive (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[14] | 5.75% | |||
Interest Rate | [12],[14] | 10.52% | |||
Par Amount | [12] | $ 930 | |||
Amortized Cost | [12] | 0 | |||
Fair Value | [4],[12] | $ (59) | |||
Fair Value as % of Net Assets | [6],[12] | (0.01%) | |||
Investment, Identifier [Axis]: KRIV Acquisition, Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 6.50% | |||
Interest Rate | [1],[2],[8],[9] | 11.85% | |||
Par Amount | [1],[8],[9] | $ 10,764 | |||
Amortized Cost | [1],[8],[9] | 10,476 | |||
Fair Value | [1],[3],[8],[9] | $ 10,453 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 1.40% | |||
Investment, Identifier [Axis]: KRIV Acquisition, Inc (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.50% | |||
Interest Rate | [1],[2],[11] | 11.85% | |||
Par Amount | [1],[11] | $ 1,607 | |||
Amortized Cost | [1],[11] | (19) | |||
Fair Value | [1],[3],[11] | $ (46) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: KRIV Acquisition, Inc 1 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 790 | |||
Fair Value | [1],[3],[17],[18] | $ 930 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.12% | |||
Shares/Units | [1],[17],[18] | 790 | |||
Investment, Identifier [Axis]: KSLB Holdings LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[8] | 4.50% | [14],[15] | |
Interest Rate | 10.03% | [2],[8] | 8.89% | [14],[15] | |
Par Amount | $ 2,858 | [8] | $ 2,888 | [15] | |
Amortized Cost | 2,844 | [8] | 2,867 | [15] | |
Fair Value | $ 2,712 | [3],[8] | $ 2,633 | [4],[15] | |
Fair Value as % of Net Assets | 0.36% | [5],[8] | 0.50% | [6],[15] | |
Investment, Identifier [Axis]: Kenco Group, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[8],[9] | 5.50% | [14],[15] | |
Interest Rate | 10.39% | [2],[8],[9] | 10.09% | [14],[15] | |
Par Amount | $ 8,498 | [8],[9] | $ 8,584 | [15] | |
Amortized Cost | 8,349 | [8],[9] | 8,415 | [15] | |
Fair Value | $ 8,498 | [3],[8],[9] | $ 8,416 | [4],[15] | |
Fair Value as % of Net Assets | 1.14% | [5],[8],[9] | 1.60% | [6],[15] | |
Investment, Identifier [Axis]: Kenco Group, Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [1],[2],[11] | 5.50% | [12],[14] | |
Interest Rate | 10.39% | [1],[2],[11] | 10.09% | [12],[14] | |
Par Amount | $ 1,416 | [1],[11] | $ 1,416 | [12] | |
Amortized Cost | (24) | [1],[11] | (28) | [12] | |
Fair Value | $ 0 | [1],[3],[11] | $ (28) | [4],[12] | |
Fair Value as % of Net Assets | 0% | [1],[5],[11] | (0.01%) | [6],[12] | |
Investment, Identifier [Axis]: Keng Acquisition, Inc. (Engage Group Holdings, LLC) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[10] | 6.25% | |||
Interest Rate | [1],[2],[8],[10] | 11.60% | |||
Par Amount | [1],[8],[10] | $ 9,667 | |||
Amortized Cost | [1],[8],[10] | 9,526 | |||
Fair Value | [1],[3],[8],[10] | $ 9,528 | |||
Fair Value as % of Net Assets | [1],[5],[8],[10] | 1.27% | |||
Investment, Identifier [Axis]: Keng Acquisition, Inc. (Engage Group Holdings, LLC) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[10],[11] | 6.25% | |||
Interest Rate | [1],[2],[10],[11] | 11.60% | |||
Par Amount | [1],[10],[11] | $ 9,314 | |||
Amortized Cost | [1],[10],[11] | 1,179 | |||
Fair Value | [1],[3],[10],[11] | $ 1,067 | |||
Fair Value as % of Net Assets | [1],[5],[10],[11] | 0.14% | |||
Investment, Identifier [Axis]: LMI Consulting, LLC (LMI) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [2],[8] | 6.50% | [14],[15] | |
Interest Rate | 11.90% | [2],[8] | 11.09% | [14],[15] | |
Par Amount | $ 4,351 | [8] | $ 4,395 | [15] | |
Amortized Cost | 4,280 | [8] | 4,311 | [15] | |
Fair Value | $ 4,370 | [3],[8] | $ 4,254 | [4],[15] | |
Fair Value as % of Net Assets | 0.59% | [5],[8] | 0.81% | [6],[15] | |
Investment, Identifier [Axis]: LMI Consulting, LLC (LMI) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [2],[9] | 6.50% | [14],[16] | |
Interest Rate | 11.89% | [2],[9] | 11.09% | [14],[16] | |
Par Amount | $ 4,938 | [9] | $ 4,988 | [16] | |
Amortized Cost | 4,938 | [9] | 4,988 | [16] | |
Fair Value | $ 4,959 | [3],[9] | $ 4,828 | [4],[16] | |
Fair Value as % of Net Assets | 0.66% | [5],[9] | 0.92% | [6],[16] | |
Investment, Identifier [Axis]: LMI Renaissance | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 634 | [1],[17],[18] | $ 649 | [19],[20] | |
Fair Value | $ 1,370 | [1],[3],[17],[18] | $ 1,092 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.18% | [1],[5],[17],[18] | 0.21% | [6],[19],[20] | |
Shares/Units | 633,980 | [1],[17],[18] | 649,000 | [19],[20] | |
Investment, Identifier [Axis]: LSCS Holdings Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[8],[9],[23] | 4.50% | [14],[15],[16],[22] | |
Interest Rate | 9.86% | [2],[8],[9],[23] | 8.89% | [14],[15],[16],[22] | |
Par Amount | $ 9,800 | [8],[9],[23] | $ 9,900 | [15],[16],[22] | |
Amortized Cost | 9,762 | [8],[9],[23] | 9,855 | [15],[16],[22] | |
Fair Value | $ 9,675 | [3],[8],[9],[23] | $ 9,554 | [4],[15],[16],[22] | |
Fair Value as % of Net Assets | 1.30% | [5],[8],[9],[23] | 1.82% | [6],[15],[16],[22] | |
Investment, Identifier [Axis]: LYNX FRANCHISING, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.75% | [2],[9],[10] | 6.25% | [13],[14],[15],[16] | |
Interest Rate | 12.47% | [2],[9],[10] | 11.02% | [13],[14],[15],[16] | |
Par Amount | $ 9,800 | [9],[10] | $ 9,900 | [13],[15],[16] | |
Amortized Cost | 9,725 | [9],[10] | 9,816 | [13],[15],[16] | |
Fair Value | $ 9,699 | [3],[9],[10] | $ 9,664 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.30% | [5],[9],[10] | 1.84% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Legacy Service Partners, LLC (“LSP”) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 6.50% | |||
Interest Rate | [1],[2],[8],[9] | 12% | |||
Par Amount | [1],[8],[9] | $ 10,161 | |||
Amortized Cost | [1],[8],[9] | 9,983 | |||
Fair Value | [1],[3],[8],[9] | $ 10,306 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 1.38% | |||
Investment, Identifier [Axis]: Legacy Service Partners, LLC (“LSP”) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.50% | |||
Interest Rate | [1],[2],[11] | 12% | |||
Par Amount | [1],[11] | $ 4,734 | |||
Amortized Cost | [1],[11] | 3,949 | |||
Fair Value | [1],[3],[11] | $ 4,037 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.54% | |||
Investment, Identifier [Axis]: Legacy Service Partners, LLC (“LSP”) 1 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 491 | |||
Fair Value | [1],[3],[17],[18] | $ 544 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.07% | |||
Shares/Units | [1],[17],[18] | 4,907 | |||
Investment, Identifier [Axis]: Liberty Buyer | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[8],[10] | 5.75% | [13],[14],[15] | |
Interest Rate | 11.18% | [2],[8],[10] | 10.34% | [13],[14],[15] | |
Par Amount | $ 3,929 | [8],[10] | $ 3,969 | [13],[15] | |
Amortized Cost | 3,898 | [8],[10] | 3,932 | [13],[15] | |
Fair Value | $ 3,945 | [3],[8],[10] | $ 3,942 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.53% | [5],[8],[10] | 0.75% | [6],[13],[15] | |
Investment, Identifier [Axis]: Liberty Buyer (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[10],[11] | 5.75% | [12],[13],[14] | |
Interest Rate | 11.18% | [1],[2],[10],[11] | 10.34% | [12],[13],[14] | |
Par Amount | $ 744 | [1],[10],[11] | $ 747 | [12],[13] | |
Amortized Cost | 295 | [1],[10],[11] | 298 | [12],[13] | |
Fair Value | $ 298 | [1],[3],[10],[11] | $ 293 | [4],[12],[13] | |
Fair Value as % of Net Assets | 0.04% | [1],[5],[10],[11] | 0.05% | [6],[12],[13] | |
Investment, Identifier [Axis]: Lion Merger Sub Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[8],[10] | 6.50% | [13],[14],[15] | |
Interest Rate | 11.45% | [2],[8],[10] | 11.27% | [13],[14],[15] | |
Par Amount | $ 7,342 | [8],[10] | $ 7,358 | [13],[15] | |
Amortized Cost | 7,308 | [8],[10] | 7,307 | [13],[15] | |
Fair Value | $ 7,259 | [3],[8],[10] | $ 7,203 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.97% | [5],[8],[10] | 1.37% | [6],[13],[15] | |
Investment, Identifier [Axis]: Lion Merger Sub Inc (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[8],[10] | 6.50% | [13],[14],[15] | |
Interest Rate | 11.45% | [1],[2],[8],[10] | 11.27% | [13],[14],[15] | |
Par Amount | $ 7,317 | [1],[8],[10] | $ 7,387 | [13],[15] | |
Amortized Cost | 7,252 | [1],[8],[10] | 7,290 | [13],[15] | |
Fair Value | $ 7,234 | [1],[3],[8],[10] | $ 7,232 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.97% | [1],[5],[8],[10] | 1.38% | [6],[13],[15] | |
Investment, Identifier [Axis]: Loc Performance Products | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [1],[2],[9] | 5.25% | [14],[15],[16] | |
Interest Rate | 10.71% | [1],[2],[9] | 9.84% | [14],[15],[16] | |
Par Amount | $ 6,557 | [1],[9] | $ 7,350 | [15],[16] | |
Amortized Cost | 6,502 | [1],[9] | 7,272 | [15],[16] | |
Fair Value | $ 6,270 | [1],[3],[9] | $ 6,954 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.84% | [1],[5],[9] | 1.33% | [6],[15],[16] | |
Investment, Identifier [Axis]: Long Term Care Group | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 1% | [1],[2],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 6.66% | [1],[2],[9],[10] | 10.39% | [13],[14],[15],[16] | |
Interest Rate, PIK | [1],[2],[9],[10] | 6% | |||
Par Amount | $ 6,858 | [1],[9],[10] | $ 6,654 | [13],[15],[16] | |
Amortized Cost | 6,812 | [1],[9],[10] | 6,598 | [13],[15],[16] | |
Fair Value | $ 5,916 | [1],[3],[9],[10] | $ 6,521 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.79% | [1],[5],[9],[10] | 1.25% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: MBS Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[10] | 6.25% | |||
Interest Rate | [2],[8],[10] | 11.71% | |||
Par Amount | [8],[10] | $ 1,828 | |||
Amortized Cost | [8],[10] | 1,797 | |||
Fair Value | [3],[8],[10] | $ 1,824 | |||
Fair Value as % of Net Assets | [5],[8],[10] | 0.24% | |||
Investment, Identifier [Axis]: MDC Intermediate Holdings II, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 10% | |||
Interest Rate, PIK | [1],[2] | 2.25% | |||
Par Amount | [1] | $ 1,749 | |||
Amortized Cost | [1] | 1,711 | |||
Fair Value | [1],[3] | $ 1,690 | |||
Fair Value as % of Net Assets | [1],[5] | 0.23% | |||
Investment, Identifier [Axis]: MDC Intermediate Holdings II, LLC (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[11] | 10% | |||
Interest Rate, PIK | [1],[2],[11] | 2.25% | |||
Par Amount | [1],[11] | $ 721 | |||
Amortized Cost | [1],[11] | 160 | |||
Fair Value | [1],[3],[11] | $ 143 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.02% | |||
Investment, Identifier [Axis]: MEI Rigging & Crating | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 6.50% | |||
Interest Rate | [1],[2],[8],[9] | 11.86% | |||
Par Amount | [1],[8],[9] | $ 11,431 | |||
Amortized Cost | [1],[8],[9] | 11,212 | |||
Fair Value | [1],[3],[8],[9] | $ 11,329 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 1.51% | |||
Investment, Identifier [Axis]: MEI Rigging & Crating (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.50% | |||
Interest Rate | [1],[2],[11] | 11.86% | |||
Par Amount | [1],[11] | $ 1,814 | |||
Amortized Cost | [1],[11] | (8) | |||
Fair Value | [1],[3],[11] | $ (16) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: MGM Transformer Company | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 6% | |||
Interest Rate | [1],[2],[8],[9] | 11.38% | |||
Par Amount | [1],[8],[9] | $ 23,612 | |||
Amortized Cost | [1],[8],[9] | 23,259 | |||
Fair Value | [1],[3],[8],[9] | $ 23,271 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 3.11% | |||
Investment, Identifier [Axis]: MGM Transformer Company (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.38% | |||
Par Amount | [1],[11] | $ 6,388 | |||
Amortized Cost | [1],[11] | (16) | |||
Fair Value | [1],[3],[11] | $ (92) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: Market Performance Group 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[8],[9] | 5.75% | [14],[15],[16] | |
Interest Rate | 11.03% | [2],[8],[9] | 10.52% | [14],[15],[16] | |
Par Amount | $ 2,505 | [8],[9] | $ 2,531 | [15],[16] | |
Amortized Cost | 2,489 | [8],[9] | 2,510 | [15],[16] | |
Fair Value | $ 2,505 | [3],[8],[9] | $ 2,531 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.33% | [5],[8],[9] | 0.48% | [6],[15],[16] | |
Investment, Identifier [Axis]: Market Performance Group 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[8],[9] | 5.75% | [14],[15],[16] | |
Interest Rate | 11.03% | [2],[8],[9] | 10.52% | [14],[15],[16] | |
Par Amount | $ 7,275 | [8],[9] | $ 7,350 | [15],[16] | |
Amortized Cost | 7,256 | [8],[9] | 7,324 | [15],[16] | |
Fair Value | $ 7,275 | [3],[8],[9] | $ 7,350 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.97% | [5],[8],[9] | 1.40% | [6],[15],[16] | |
Investment, Identifier [Axis]: Micronics | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 5.25% | |||
Interest Rate | [1],[2] | 10% | |||
Par Amount | [1] | $ 2,450 | |||
Amortized Cost | [1] | 2,401 | |||
Fair Value | [1],[3] | $ 2,401 | |||
Fair Value as % of Net Assets | [1],[5] | 0.32% | |||
Investment, Identifier [Axis]: Midwest Eye Consultants | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[8],[9] | 4.50% | [14],[15],[16] | |
Interest Rate | 10.04% | [2],[8],[9] | 9.09% | [14],[15],[16] | |
Par Amount | $ 9,021 | [8],[9] | $ 9,113 | [15],[16] | |
Amortized Cost | 8,962 | [8],[9] | 9,039 | [15],[16] | |
Fair Value | $ 8,790 | [3],[8],[9] | $ 8,579 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.18% | [5],[8],[9] | 1.63% | [6],[15],[16] | |
Investment, Identifier [Axis]: Mobile Communications America Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 6% | |||
Interest Rate | [1],[2],[8],[9] | 11.35% | |||
Par Amount | [1],[8],[9] | $ 18,505 | |||
Amortized Cost | [1],[8],[9] | 18,232 | |||
Fair Value | [1],[3],[8],[9] | $ 18,241 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 2.44% | |||
Investment, Identifier [Axis]: Mobile Communications America Inc (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.35% | |||
Par Amount | [1],[11] | $ 5,970 | |||
Amortized Cost | [1],[11] | (43) | |||
Fair Value | [1],[3],[11] | $ (85) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: Mobile Communications America, Inc. (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[16] | 5.38% | |||
Interest Rate | [14],[16] | 9.97% | |||
Par Amount | [16] | $ 685 | |||
Amortized Cost | [16] | 684 | |||
Fair Value | [4],[16] | $ 672 | |||
Fair Value as % of Net Assets | [6],[16] | 0.13% | |||
Investment, Identifier [Axis]: Mobile Communications America, Inc. 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[16] | 5.38% | |||
Interest Rate | [14],[16] | 9.97% | |||
Par Amount | [16] | $ 3,856 | |||
Amortized Cost | [16] | 3,862 | |||
Fair Value | [4],[16] | $ 3,781 | |||
Fair Value as % of Net Assets | [6],[16] | 0.72% | |||
Investment, Identifier [Axis]: Mobile Communications America, Inc. 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15] | 5.38% | |||
Interest Rate | [14],[15] | 9.97% | |||
Par Amount | [15] | $ 4,313 | |||
Amortized Cost | [15] | 4,236 | |||
Fair Value | [4],[15] | $ 4,198 | |||
Fair Value as % of Net Assets | [6],[15] | 0.80% | |||
Investment, Identifier [Axis]: Momentum Telecom II | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9],[10] | 5.75% | [13],[14],[15],[16] | |
Interest Rate | 11.21% | [2],[8],[9],[10] | 10.89% | [13],[14],[15],[16] | |
Par Amount | $ 10,054 | [8],[9],[10] | $ 10,157 | [13],[15],[16] | |
Amortized Cost | 9,992 | [8],[9],[10] | 10,080 | [13],[15],[16] | |
Fair Value | $ 9,891 | [3],[8],[9],[10] | $ 9,815 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.32% | [5],[8],[9],[10] | 1.87% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Momentum Telecom II (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[10] | 6.50% | |||
Interest Rate | [1],[2],[10] | 11.96% | |||
Par Amount | [1],[10] | $ 1,314 | |||
Amortized Cost | [1],[10] | 1,290 | |||
Fair Value | [1],[3],[10] | $ 1,320 | |||
Fair Value as % of Net Assets | [1],[5],[10] | 0.18% | |||
Investment, Identifier [Axis]: NJEye LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [2],[9] | 4.75% | [14],[16] | |
Interest Rate | 10.39% | [2],[9] | 9.53% | [14],[16] | |
Par Amount | $ 5,340 | [9] | $ 5,382 | [16] | |
Amortized Cost | 5,331 | [9] | 5,363 | [16] | |
Fair Value | $ 5,283 | [3],[9] | $ 5,247 | [4],[16] | |
Fair Value as % of Net Assets | 0.71% | [5],[9] | 1% | [6],[16] | |
Investment, Identifier [Axis]: NJEye LLC (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [2],[9] | 4.75% | [14],[16] | |
Interest Rate | 10.39% | [2],[9] | 9.53% | [14],[16] | |
Par Amount | $ 700 | [9] | $ 705 | [16] | |
Amortized Cost | 700 | [9] | 705 | [16] | |
Fair Value | $ 692 | [3],[9] | $ 687 | [4],[16] | |
Fair Value as % of Net Assets | 0.09% | [5],[9] | 0.13% | [6],[16] | |
Investment, Identifier [Axis]: NJEye LLC (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [1],[2],[11] | 4.75% | [12],[14] | |
Interest Rate | 10.39% | [1],[2],[11] | 9.53% | [12],[14] | |
Par Amount | $ 1,373 | [1],[11] | $ 2,272 | [12] | |
Amortized Cost | 883 | [1],[11] | 1,774 | [12] | |
Fair Value | $ 870 | [1],[3],[11] | $ 1,726 | [4],[12] | |
Fair Value as % of Net Assets | 0.12% | [1],[5],[11] | 0.33% | [6],[12] | |
Investment, Identifier [Axis]: NJEye LLC (Delayed Draw) 3 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 4.75% | |||
Interest Rate | [1],[2] | 10.44% | |||
Par Amount | [1] | $ 890 | |||
Amortized Cost | [1] | 890 | |||
Fair Value | [1],[3] | $ 881 | |||
Fair Value as % of Net Assets | [1],[5] | 0.12% | |||
Investment, Identifier [Axis]: National Power | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 6% | |||
Interest Rate | [1],[2],[8] | 11.36% | |||
Par Amount | [1],[8] | $ 5,674 | |||
Amortized Cost | [1],[8] | 5,589 | |||
Fair Value | [1],[3],[8] | $ 5,593 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 0.75% | |||
Investment, Identifier [Axis]: National Power (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.36% | |||
Par Amount | [1],[11] | $ 3,051 | |||
Amortized Cost | [1],[11] | (7) | |||
Fair Value | [1],[3],[11] | $ (44) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: North Haven CS Acquisition Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [2],[9] | 5.25% | [14],[16] | |
Interest Rate | 10.78% | [2],[9] | 10.02% | [14],[16] | |
Par Amount | $ 5,787 | [9] | $ 5,857 | [16] | |
Amortized Cost | 5,787 | [9] | 5,857 | [16] | |
Fair Value | $ 5,787 | [3],[9] | $ 5,857 | [4],[16] | |
Fair Value as % of Net Assets | 0.77% | [5],[9] | 1.12% | [6],[16] | |
Investment, Identifier [Axis]: North Haven Spartan US Holdco LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [2],[9] | 6.25% | [14],[16] | |
Interest Rate | 11.63% | [2],[9] | 10.84% | [14],[16] | |
Par Amount | $ 2,503 | [9] | $ 2,529 | [16] | |
Amortized Cost | 2,501 | [9] | 2,526 | [16] | |
Fair Value | $ 2,497 | [3],[9] | $ 2,459 | [4],[16] | |
Fair Value as % of Net Assets | 0.33% | [5],[9] | 0.47% | [6],[16] | |
Investment, Identifier [Axis]: North Haven Spartan US Holdco LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [2],[9] | 6.25% | [14],[16] | |
Interest Rate | 11.63% | [2],[9] | 10.84% | [14],[16] | |
Par Amount | $ 217 | [9] | $ 219 | [16] | |
Amortized Cost | 217 | [9] | 219 | [16] | |
Fair Value | $ 217 | [3],[9] | $ 213 | [4],[16] | |
Fair Value as % of Net Assets | 0.03% | [5],[9] | 0.04% | [6],[16] | |
Investment, Identifier [Axis]: Northern Star Industries Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[16] | 4.50% | |||
Interest Rate | [14],[16] | 8.89% | |||
Par Amount | [16] | $ 3,286 | |||
Amortized Cost | [16] | 3,275 | |||
Fair Value | [4],[16] | $ 3,227 | |||
Fair Value as % of Net Assets | [6],[16] | 0.62% | |||
Investment, Identifier [Axis]: Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [2],[8],[9] | 5.25% | [14],[15] | |
Interest Rate | 10.73% | [2],[8],[9] | 9.61% | [14],[15] | |
Par Amount | $ 6,648 | [8],[9] | $ 6,715 | [15] | |
Amortized Cost | 6,596 | [8],[9] | 6,651 | [15] | |
Fair Value | $ 6,518 | [3],[8],[9] | $ 6,649 | [4],[15] | |
Fair Value as % of Net Assets | 0.87% | [5],[8],[9] | 1.27% | [6],[15] | |
Investment, Identifier [Axis]: OEP Glass Purchaser | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [1],[2],[8],[9] | 5.25% | [14],[15],[16] | |
Interest Rate | 10.55% | [1],[2],[8],[9] | 9.84% | [14],[15],[16] | |
Par Amount | $ 12,563 | [1],[8],[9] | $ 14,888 | [15],[16] | |
Amortized Cost | 12,467 | [1],[8],[9] | 14,751 | [15],[16] | |
Fair Value | $ 12,508 | [1],[3],[8],[9] | $ 14,443 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.67% | [1],[5],[8],[9] | 2.75% | [6],[15],[16] | |
Investment, Identifier [Axis]: Oliver Packaging | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 10% | |||
Interest Rate, PIK | [1],[2] | 1% | |||
Par Amount | [1] | $ 2,510 | |||
Amortized Cost | [1] | 2,471 | |||
Fair Value | [1],[3] | $ 2,377 | |||
Fair Value as % of Net Assets | [1],[5] | 0.32% | |||
Investment, Identifier [Axis]: Oliver Packaging 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 1% | |||
Interest Rate, PIK | [14] | 10% | |||
Par Amount | $ 2,523 | ||||
Amortized Cost | 2,476 | ||||
Fair Value | [4] | $ 2,395 | |||
Fair Value as % of Net Assets | [6] | 0.46% | |||
Investment, Identifier [Axis]: Oliver Packaging 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,023 | [1],[17],[18] | $ 930 | [19],[20] | |
Fair Value | $ 640 | [1],[3],[17],[18] | $ 975 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.09% | [1],[5],[17],[18] | 0.19% | [6],[19],[20] | |
Shares/Units | 10,230 | [1],[17],[18] | 9,000 | [19],[20] | |
Investment, Identifier [Axis]: One World Fitness PFF LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [2],[9] | 5.25% | [14],[16] | |
Interest Rate | 10.70% | [2],[9] | 10.02% | [14],[16] | |
Interest Rate, PIK | [2],[9] | 1% | |||
Par Amount | $ 3,872 | [9] | $ 3,884 | [16] | |
Amortized Cost | 3,873 | [9] | 3,885 | [16] | |
Fair Value | $ 3,637 | [3],[9] | $ 3,636 | [4],[16] | |
Fair Value as % of Net Assets | 0.48% | [5],[9] | 0.69% | [6],[16] | |
Investment, Identifier [Axis]: Online Labels Group | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8] | 5.25% | |||
Interest Rate | [2],[8] | 10.61% | |||
Par Amount | [8] | $ 3,328 | |||
Amortized Cost | [8] | 3,295 | |||
Fair Value | [3],[8] | $ 3,296 | |||
Fair Value as % of Net Assets | [5],[8] | 0.44% | |||
Investment, Identifier [Axis]: Online Labels Group (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 5.25% | |||
Interest Rate | [1],[2],[11] | 10.61% | |||
Par Amount | [1],[11] | $ 403 | |||
Amortized Cost | [1],[11] | 0 | |||
Fair Value | [1],[3],[11] | $ (4) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: Online Labels Group (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 5.25% | |||
Interest Rate | [1],[2],[11] | 10.61% | |||
Par Amount | [1],[11] | $ 403 | |||
Amortized Cost | [1],[11] | 0 | |||
Fair Value | [1],[3],[11] | $ (4) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 6.25% | |||
Interest Rate | [1],[2],[8],[9] | 11.65% | |||
Par Amount | [1],[8],[9] | $ 8,550 | |||
Amortized Cost | [1],[8],[9] | 8,426 | |||
Fair Value | [1],[3],[8],[9] | $ 8,429 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 1.13% | |||
Investment, Identifier [Axis]: Orion Group FM Holdings, LLC (dba Leo Facilities Maintenance) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.25% | |||
Interest Rate | [1],[2],[11] | 11.65% | |||
Par Amount | [1],[11] | $ 6,429 | |||
Amortized Cost | [1],[11] | (15) | |||
Fair Value | [1],[3],[11] | $ (91) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: Output Services Group, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14] | 6.75% | |||
Interest Rate | [14] | 9.84% | |||
Interest Rate, PIK | [14] | 1.50% | |||
Par Amount | $ 3,863 | ||||
Amortized Cost | $ 833 | [1],[17],[18],[21] | 3,349 | ||
Fair Value | $ 833 | [1],[3],[17],[18],[21] | $ 3,057 | [4] | |
Fair Value as % of Net Assets | 0.11% | [1],[5],[17],[18],[21] | 0.58% | [6] | |
Shares/Units | [1],[17],[18],[21] | 47,021 | |||
Investment, Identifier [Axis]: Output Services Group, Inc. 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[21] | 8% | |||
Interest Rate | [1],[2],[21] | 13.39% | |||
Par Amount | [1],[21] | $ 155 | |||
Amortized Cost | [1],[21] | 155 | |||
Fair Value | [1],[3],[21] | $ 155 | |||
Fair Value as % of Net Assets | [1],[5],[21] | 0.02% | |||
Investment, Identifier [Axis]: Output Services Group, Inc. 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 6.25% | |||
Interest Rate | [1],[2] | 7.32% | |||
Interest Rate, PIK | [1],[2] | 4.75% | |||
Par Amount | [1] | $ 837 | |||
Amortized Cost | [1] | 837 | |||
Fair Value | [1],[3] | $ 837 | |||
Fair Value as % of Net Assets | [1],[5] | 0.11% | |||
Investment, Identifier [Axis]: Ovation Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 6.25% | |||
Interest Rate | [2],[8],[9] | 11.78% | |||
Par Amount | [8],[9] | $ 8,035 | |||
Amortized Cost | [8],[9] | 7,876 | |||
Fair Value | [3],[8],[9] | $ 7,949 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 1.06% | |||
Investment, Identifier [Axis]: Ovation Holdings, Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.25% | |||
Interest Rate | [1],[2],[11] | 11.78% | |||
Par Amount | [1],[11] | $ 1,899 | |||
Amortized Cost | [1],[11] | 1,535 | |||
Fair Value | [1],[3],[11] | $ 1,536 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.21% | |||
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.98% | [2],[8],[9],[10] | 5.50% | [13],[14],[15],[16] | |
Interest Rate | 11.52% | [2],[8],[9],[10] | 10.27% | [13],[14],[15],[16] | |
Par Amount | $ 8,735 | [8],[9],[10] | $ 8,824 | [13],[15],[16] | |
Amortized Cost | 8,711 | [8],[9],[10] | 8,790 | [13],[15],[16] | |
Fair Value | $ 8,664 | [3],[8],[9],[10] | $ 8,624 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.16% | [5],[8],[9],[10] | 1.64% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.98% | [2],[8],[9],[10] | 5.50% | [13],[14],[15],[16] | |
Interest Rate | 11.47% | [2],[8],[9],[10] | 10.27% | [13],[14],[15],[16] | |
Par Amount | $ 1,068 | [8],[9],[10] | $ 1,079 | [13],[15],[16] | |
Amortized Cost | 1,059 | [8],[9],[10] | 1,069 | [13],[15],[16] | |
Fair Value | $ 1,059 | [3],[8],[9],[10] | $ 1,054 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.14% | [5],[8],[9],[10] | 0.20% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Palmetto Acquisitionco, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 5.75% | |||
Interest Rate | [1],[2],[8],[9] | 11.10% | |||
Par Amount | [1],[8],[9] | $ 13,314 | |||
Amortized Cost | [1],[8],[9] | 13,091 | |||
Fair Value | [1],[3],[8],[9] | $ 13,085 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 1.74% | |||
Investment, Identifier [Axis]: Palmetto Acquisitionco, Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 5.75% | |||
Interest Rate | [1],[2],[11] | 11.10% | |||
Par Amount | [1],[11] | $ 4,842 | |||
Amortized Cost | [1],[11] | 1,169 | |||
Fair Value | [1],[3],[11] | $ 1,103 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.15% | |||
Investment, Identifier [Axis]: Patriot Growth Insurance Service (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[10] | 5.75% | [12],[13],[14] | |
Interest Rate | 11.25% | [1],[2],[10] | 10.52% | [12],[13],[14] | |
Par Amount | $ 7,166 | [1],[10] | $ 7,199 | [12],[13] | |
Amortized Cost | 7,109 | [1],[10] | 450 | [12],[13] | |
Fair Value | $ 7,003 | [1],[3],[10] | $ 319 | [4],[12],[13] | |
Fair Value as % of Net Assets | 0.94% | [1],[5],[10] | 0.06% | [6],[12],[13] | |
Investment, Identifier [Axis]: Perennial Services Investors LLC | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18],[21] | $ 778 | |||
Fair Value | [1],[3],[17],[18],[21] | $ 1,077 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18],[21] | 0.14% | |||
Shares/Units | [1],[17],[18],[21] | 7,784 | |||
Investment, Identifier [Axis]: Perennial Services, Group, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 6% | |||
Interest Rate | [2],[8],[9] | 11.49% | |||
Par Amount | [8],[9] | $ 6,733 | |||
Amortized Cost | [8],[9] | 6,637 | |||
Fair Value | [3],[8],[9] | $ 6,634 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 0.89% | |||
Investment, Identifier [Axis]: Perennial Services, Group, LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 6% | |||
Interest Rate | [1],[2] | 11.49% | |||
Par Amount | [1] | $ 6,025 | |||
Amortized Cost | [1] | 6,011 | |||
Fair Value | [1],[3] | $ 5,937 | |||
Fair Value as % of Net Assets | [1],[5] | 0.79% | |||
Investment, Identifier [Axis]: Petmate | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[9],[10] | 5.50% | [13],[14],[15],[16] | |
Interest Rate | 11.23% | [1],[2],[9],[10] | 10.27% | [13],[14],[15],[16] | |
Par Amount | $ 9,825 | [1],[9],[10] | $ 9,900 | [13],[15],[16] | |
Amortized Cost | 9,753 | [1],[9],[10] | 9,815 | [13],[15],[16] | |
Fair Value | $ 5,846 | [1],[3],[9],[10] | $ 7,951 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.78% | [1],[5],[9],[10] | 1.51% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Phaidon International | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[8],[9],[21],[25] | 5.50% | [14],[15],[26],[28] | |
Interest Rate | 10.96% | [1],[2],[8],[9],[21],[25] | 9.86% | [14],[15],[26],[28] | |
Par Amount | $ 14,010 | [1],[8],[9],[21],[25] | $ 15,000 | [15],[26],[28] | |
Amortized Cost | 13,892 | [1],[8],[9],[21],[25] | 14,855 | [15],[26],[28] | |
Fair Value | $ 14,010 | [1],[3],[8],[9],[21],[25] | $ 14,820 | [4],[15],[26],[28] | |
Fair Value as % of Net Assets | 1.88% | [1],[5],[8],[9],[21],[25] | 2.82% | [6],[15],[26],[28] | |
Investment, Identifier [Axis]: Pinnacle Supply Partners, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 6% | |||
Interest Rate | [2],[8],[9] | 11.47% | |||
Par Amount | [8],[9] | $ 6,332 | |||
Amortized Cost | [8],[9] | 6,214 | |||
Fair Value | [3],[8],[9] | $ 6,287 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 0.84% | |||
Investment, Identifier [Axis]: Pinnacle Supply Partners, LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.47% | |||
Par Amount | [1],[11] | $ 3,636 | |||
Amortized Cost | [1],[11] | (30) | |||
Fair Value | [1],[3],[11] | $ (26) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: Pinnacle Supply Partners, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 280 | |||
Fair Value | [1],[3],[17],[18] | $ 281 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.04% | |||
Shares/Units | [1],[17],[18] | 279,687 | |||
Investment, Identifier [Axis]: Plaze | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 7.50% | [1],[2] | 7.50% | [14] | |
Interest Rate | 12.97% | [1],[2] | 11.89% | [14] | |
Par Amount | $ 13,500 | [1] | $ 15,000 | ||
Amortized Cost | 13,201 | [1] | 14,617 | ||
Fair Value | $ 12,465 | [1],[3] | $ 14,318 | [4] | |
Fair Value as % of Net Assets | 1.67% | [1],[5] | 2.73% | [6] | |
Investment, Identifier [Axis]: Precision Aviation Group | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 5.75% | |||
Interest Rate | [1],[2],[8],[9] | 11.12% | |||
Par Amount | [1],[8],[9] | $ 15,039 | |||
Amortized Cost | [1],[8],[9] | 14,740 | |||
Fair Value | [1],[3],[8],[9] | $ 14,740 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 1.97% | |||
Investment, Identifier [Axis]: Precision Aviation Group (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 5.75% | |||
Interest Rate | [1],[2],[11] | 11.12% | |||
Par Amount | [1],[11] | $ 4,961 | |||
Amortized Cost | [1],[11] | (49) | |||
Fair Value | [1],[3],[11] | $ (99) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: Precision Surfacing | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | ||||
Interest Rate | [1],[2] | 15% | |||
Par Amount | [1] | $ 713 | |||
Amortized Cost | [1] | 713 | |||
Fair Value | [1],[3] | $ 713 | |||
Fair Value as % of Net Assets | [1],[5] | 0.09% | |||
Investment, Identifier [Axis]: Precision Surfacing - Common | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 3,750 | [1],[17],[18],[21] | $ 3,750 | [19],[20] | |
Fair Value | $ 6,513 | [1],[3],[17],[18],[21] | $ 3,840 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.87% | [1],[5],[17],[18],[21] | 0.73% | [6],[19],[20] | |
Shares/Units | 3,750,000 | [1],[17],[18],[21] | 3,750,000 | [19],[20] | |
Investment, Identifier [Axis]: PromptCare | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[8],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 11.46% | [2],[8],[9],[10] | 10.39% | [13],[14],[15],[16] | |
Par Amount | $ 8,204 | [8],[9],[10] | $ 8,288 | [13],[15],[16] | |
Amortized Cost | 8,121 | [8],[9],[10] | 8,169 | [13],[15],[16] | |
Fair Value | $ 8,079 | [3],[8],[9],[10] | $ 8,031 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.08% | [5],[8],[9],[10] | 1.53% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: PromptCare (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[8],[9],[10] | 6% | [12],[13],[14],[15],[16] | |
Interest Rate | 11.46% | [1],[2],[8],[9],[10] | 10.39% | [12],[13],[14],[15],[16] | |
Par Amount | $ 1,278 | [1],[8],[9],[10] | $ 3,025 | [12],[13],[15],[16] | |
Amortized Cost | 1,271 | [1],[8],[9],[10] | 777 | [12],[13],[15],[16] | |
Fair Value | $ 1,258 | [1],[3],[8],[9],[10] | $ 711 | [4],[12],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.17% | [1],[5],[8],[9],[10] | 0.14% | [6],[12],[13],[15],[16] | |
Investment, Identifier [Axis]: Prosci, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[9] | 4.50% | [14],[16] | |
Interest Rate | 9.99% | [2],[9] | 8.89% | [14],[16] | |
Par Amount | $ 4,733 | [9] | $ 4,733 | [16] | |
Amortized Cost | 4,704 | [9] | 4,695 | [16] | |
Fair Value | $ 4,708 | [3],[9] | $ 4,665 | [4],[16] | |
Fair Value as % of Net Assets | 0.63% | [5],[9] | 0.89% | [6],[16] | |
Investment, Identifier [Axis]: Protective Industrial Products (“PIP”) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9],[10] | 5% | |||
Interest Rate | [1],[2],[8],[9],[10] | 10.47% | |||
Par Amount | [1],[8],[9],[10] | $ 4,860 | |||
Amortized Cost | [1],[8],[9],[10] | 4,684 | |||
Fair Value | [1],[3],[8],[9],[10] | $ 4,909 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9],[10] | 0.66% | |||
Investment, Identifier [Axis]: Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [2],[9],[10] | 6.50% | [13],[14],[16] | |
Interest Rate | 12.04% | [2],[9],[10] | 11.09% | [13],[14],[16] | |
Par Amount | $ 258 | [9],[10] | $ 260 | [13],[16] | |
Amortized Cost | 257 | [9],[10] | 259 | [13],[16] | |
Fair Value | $ 254 | [3],[9],[10] | $ 257 | [4],[13],[16] | |
Fair Value as % of Net Assets | 0.03% | [5],[9],[10] | 0.05% | [6],[13],[16] | |
Investment, Identifier [Axis]: Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[9],[10] | 5.75% | [13],[14],[15] | |
Interest Rate | 11.54% | [2],[9],[10] | 10.34% | [13],[14],[15] | |
Par Amount | $ 895 | [9],[10] | $ 904 | [13],[15] | |
Amortized Cost | 891 | [9],[10] | 898 | [13],[15] | |
Fair Value | $ 877 | [3],[9],[10] | $ 889 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.12% | [5],[9],[10] | 0.17% | [6],[13],[15] | |
Investment, Identifier [Axis]: Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 3 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [2],[9],[10] | 6.25% | [13],[14],[16] | |
Interest Rate | 12.04% | [2],[9],[10] | 10.84% | [13],[14],[16] | |
Par Amount | $ 181 | [9],[10] | $ 183 | [13],[16] | |
Amortized Cost | 180 | [9],[10] | 181 | [13],[16] | |
Fair Value | $ 178 | [3],[9],[10] | $ 181 | [4],[13],[16] | |
Fair Value as % of Net Assets | 0.02% | [5],[9],[10] | 0.03% | [6],[13],[16] | |
Investment, Identifier [Axis]: Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 4 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [2],[9],[10] | 6.50% | [13],[14],[16] | |
Interest Rate | 12.04% | [2],[9],[10] | 11.09% | [13],[14],[16] | |
Par Amount | $ 4,367 | [9],[10] | $ 4,412 | [13],[16] | |
Amortized Cost | 4,350 | [9],[10] | 4,386 | [13],[16] | |
Fair Value | $ 4,306 | [3],[9],[10] | $ 4,363 | [4],[13],[16] | |
Fair Value as % of Net Assets | 0.57% | [5],[9],[10] | 0.83% | [6],[13],[16] | |
Investment, Identifier [Axis]: Quantix (f/k/a A&R Logistics Holdings, Inc.) (Incremental) 5 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [2],[8],[10] | 6.25% | [13],[14],[15] | |
Interest Rate | 11.90% | [2],[8],[10] | 10.84% | [13],[14],[15] | |
Par Amount | $ 1,359 | [8],[10] | $ 1,372 | [13],[15] | |
Amortized Cost | 1,343 | [8],[10] | 1,347 | [13],[15] | |
Fair Value | $ 1,340 | [3],[8],[10] | $ 1,357 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.18% | [5],[8],[10] | 0.26% | [6],[13],[15] | |
Investment, Identifier [Axis]: Quorum Health Resources, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9] | 5.25% | [14],[15],[16] | |
Interest Rate | 11.50% | [2],[8],[9] | 10.02% | [14],[15],[16] | |
Par Amount | $ 7,680 | [8],[9] | $ 7,759 | [15],[16] | |
Amortized Cost | 7,627 | [8],[9] | 7,695 | [15],[16] | |
Fair Value | $ 7,552 | [3],[8],[9] | $ 7,445 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.01% | [5],[8],[9] | 1.42% | [6],[15],[16] | |
Investment, Identifier [Axis]: Quorum Health Resources, LLC (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[9],[21] | 6.25% | |||
Interest Rate | [1],[2],[9],[21] | 11.68% | |||
Par Amount | [1],[9],[21] | $ 3,248 | |||
Amortized Cost | [1],[9],[21] | 3,240 | |||
Fair Value | [1],[3],[9],[21] | $ 3,240 | |||
Fair Value as % of Net Assets | [1],[5],[9],[21] | 0.43% | |||
Investment, Identifier [Axis]: Quorum Health Resources, LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[21] | 6.25% | |||
Interest Rate | [1],[2],[8],[21] | 11.68% | |||
Par Amount | [1],[8],[21] | $ 3,248 | |||
Amortized Cost | [1],[8],[21] | 3,201 | |||
Fair Value | [1],[3],[8],[21] | $ 3,240 | |||
Fair Value as % of Net Assets | [1],[5],[8],[21] | 0.43% | |||
Investment, Identifier [Axis]: REP HS Topco Holdings (HemaSource Inc.) | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 577 | |||
Fair Value | [1],[3],[17],[18] | $ 645 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.09% | |||
Shares/Units | [1],[17],[18] | 577,000 | |||
Investment, Identifier [Axis]: RTH Buyer LLC (dba Rhino Tool House) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 6.25% | |||
Interest Rate | [1],[2],[8] | 11.97% | |||
Par Amount | [1],[8] | $ 8,052 | |||
Amortized Cost | [1],[8] | 7,902 | |||
Fair Value | [1],[3],[8] | $ 7,986 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 1.07% | |||
Investment, Identifier [Axis]: RTH Buyer LLC (dba Rhino Tool House) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.25% | |||
Interest Rate | [1],[2],[11] | 11.97% | |||
Par Amount | [1],[11] | $ 1,885 | |||
Amortized Cost | [1],[11] | 956 | |||
Fair Value | [1],[3],[11] | $ 949 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.13% | |||
Investment, Identifier [Axis]: Randys Holdings, Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [13],[14],[15] | 6.50% | |||
Interest Rate | [13],[14],[15] | 11.09% | |||
Par Amount | [13],[15] | $ 11,250 | |||
Amortized Cost | [13],[15] | 11,028 | |||
Fair Value | [4],[13],[15] | $ 11,031 | |||
Fair Value as % of Net Assets | [6],[13],[15] | 2.10% | |||
Investment, Identifier [Axis]: Randys Holdings, Inc (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [1],[2],[10],[11] | 6.50% | [12],[13],[14] | |
Interest Rate | 11.88% | [1],[2],[10],[11] | 11.09% | [12],[13],[14] | |
Par Amount | $ 3,750 | [1],[10],[11] | $ 3,750 | [12],[13] | |
Amortized Cost | 0 | [1],[10],[11] | 0 | [12],[13] | |
Fair Value | $ (47) | [1],[3],[10],[11] | $ (73) | [4],[12],[13] | |
Fair Value as % of Net Assets | (0.01%) | [1],[5],[10],[11] | (0.01%) | [6],[12],[13] | |
Investment, Identifier [Axis]: Randys Holdings, Inc 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9],[10] | 6.50% | |||
Interest Rate | [1],[2],[8],[9],[10] | 11.88% | |||
Par Amount | [1],[8],[9],[10] | $ 11,138 | |||
Amortized Cost | [1],[8],[9],[10] | 10,943 | |||
Fair Value | [1],[3],[8],[9],[10] | $ 10,997 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9],[10] | 1.47% | |||
Investment, Identifier [Axis]: Repipe Specialists | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 10% | |||
Interest Rate, PIK | [1],[2] | 1% | |||
Par Amount | [1] | $ 2,433 | |||
Amortized Cost | [1] | 2,393 | |||
Fair Value | [1],[3] | $ 2,207 | |||
Fair Value as % of Net Assets | [1],[5] | 0.30% | |||
Investment, Identifier [Axis]: Repipe Specialists (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10% | [1],[2],[11] | 10% | [12],[14] | |
Interest Rate, PIK | 1% | [1],[2],[11] | 1% | [12],[14] | |
Par Amount | $ 901 | [1],[11] | $ 900 | [12] | |
Amortized Cost | 210 | [1],[11] | 0 | [12] | |
Fair Value | $ 126 | [1],[3],[11] | $ (44) | [4],[12] | |
Fair Value as % of Net Assets | 0.01% | [1],[5],[11] | (0.01%) | [6],[12] | |
Investment, Identifier [Axis]: Repipe Specialists 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 10% | |||
Interest Rate, PIK | [14] | 1% | |||
Par Amount | $ 2,408 | ||||
Amortized Cost | 2,364 | ||||
Fair Value | [4] | $ 2,292 | |||
Fair Value as % of Net Assets | [6] | 0.44% | |||
Investment, Identifier [Axis]: Repipe Specialists 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 239 | [1],[17],[18] | $ 239 | [19],[20] | |
Fair Value | $ 6 | [1],[3],[17],[18] | $ 216 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0% | [1],[5],[17],[18] | 0.04% | [6],[19],[20] | |
Shares/Units | 239 | [1],[17],[18] | 0 | [19],[20] | |
Investment, Identifier [Axis]: Revalize (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9],[10] | 5.75% | [13],[14],[15] | |
Interest Rate | 11.21% | [2],[8],[9],[10] | 10.34% | [13],[14],[15] | |
Par Amount | $ 4,243 | [8],[9],[10] | $ 4,286 | [13],[15] | |
Amortized Cost | 4,232 | [8],[9],[10] | 4,273 | [13],[15] | |
Fair Value | $ 4,064 | [3],[8],[9],[10] | $ 3,985 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.54% | [5],[8],[9],[10] | 0.76% | [6],[13],[15] | |
Investment, Identifier [Axis]: Revalize (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[9],[10] | 5.75% | [13],[14],[16] | |
Interest Rate | 11.21% | [1],[2],[9],[10] | 10.34% | [13],[14],[16] | |
Par Amount | $ 1,090 | [1],[9],[10] | $ 1,101 | [13],[16] | |
Amortized Cost | 1,083 | [1],[9],[10] | 1,092 | [13],[16] | |
Fair Value | $ 1,044 | [1],[3],[9],[10] | $ 1,023 | [4],[13],[16] | |
Fair Value as % of Net Assets | 0.14% | [1],[5],[9],[10] | 0.19% | [6],[13],[16] | |
Investment, Identifier [Axis]: Revalize (Delayed Draw) 3 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[10] | 5.75% | [13],[14] | |
Interest Rate | 11.25% | [1],[2],[10] | 10.34% | [13],[14] | |
Par Amount | $ 244 | [1],[10] | $ 244 | [13] | |
Amortized Cost | 243 | [1],[10] | 243 | [13] | |
Fair Value | $ 234 | [1],[3],[10] | $ 227 | [4],[13] | |
Fair Value as % of Net Assets | 0.03% | [1],[5],[10] | 0.04% | [6],[13] | |
Investment, Identifier [Axis]: Rise Baking | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [2],[8],[9],[10] | 6.50% | [13],[14],[15],[16] | |
Interest Rate | 11.71% | [2],[8],[9],[10] | 11.27% | [13],[14],[15],[16] | |
Par Amount | $ 14,700 | [8],[9],[10] | $ 14,850 | [13],[15],[16] | |
Amortized Cost | 14,554 | [8],[9],[10] | 14,672 | [13],[15],[16] | |
Fair Value | $ 14,852 | [3],[8],[9],[10] | $ 13,769 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.99% | [5],[8],[9],[10] | 2.62% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Rise Baking (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[10] | 5.50% | |||
Interest Rate | [1],[2],[10] | 10.96% | |||
Par Amount | [1],[10] | $ 4,454 | |||
Amortized Cost | [1],[10] | 4,432 | |||
Fair Value | [1],[3],[10] | $ 4,400 | |||
Fair Value as % of Net Assets | [1],[5],[10] | 0.59% | |||
Investment, Identifier [Axis]: Risk Strategies (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[10] | 5.50% | |||
Interest Rate | [1],[2],[10] | 11% | |||
Par Amount | [1],[10] | $ 14,869 | |||
Amortized Cost | [1],[10] | 14,869 | |||
Fair Value | [1],[3],[10] | $ 14,606 | |||
Fair Value as % of Net Assets | [1],[5],[10] | 1.95% | |||
Investment, Identifier [Axis]: Risk Strategies (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[13],[14] | 5.50% | |||
Interest Rate | [12],[13],[14] | 10.09% | |||
Par Amount | [12],[13] | $ 11,045 | |||
Amortized Cost | [12],[13] | 332 | |||
Fair Value | [4],[12],[13] | $ 145 | |||
Fair Value as % of Net Assets | [6],[12],[13] | 0.03% | |||
Investment, Identifier [Axis]: Risk Strategies (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [13],[14] | 5.50% | |||
Interest Rate | [13],[14] | 10.09% | |||
Par Amount | [13] | $ 3,945 | |||
Amortized Cost | [13] | 3,945 | |||
Fair Value | [4],[13] | $ 3,839 | |||
Fair Value as % of Net Assets | [6],[13] | 0.73% | |||
Investment, Identifier [Axis]: RoadOne (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2],[11] | 8.75% | |||
Interest Rate, PIK | [1],[2],[11] | 5% | |||
Par Amount | [1],[11] | $ 1,397 | |||
Amortized Cost | [1],[11] | (18) | |||
Fair Value | [1],[3],[11] | $ (28) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: RoadOne - Common | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 939 | [1],[17],[18] | $ 939 | [19],[20] | |
Fair Value | $ 1,525 | [1],[3],[17],[18] | $ 1,173 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.20% | [1],[5],[17],[18] | 0.22% | [6],[19],[20] | |
Shares/Units | 1,173,220,000 | [1],[17],[18] | 1,173,000 | [19],[20] | |
Investment, Identifier [Axis]: RoadOne 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [12],[14] | 8.75% | |||
Interest Rate, PIK | [12],[14] | 5% | |||
Par Amount | [12] | $ 1,397 | |||
Amortized Cost | [12] | (21) | |||
Fair Value | [4],[12] | $ (42) | |||
Fair Value as % of Net Assets | [6],[12] | (0.01%) | |||
Investment, Identifier [Axis]: RoadOne 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 8.75% | [1],[2] | 8.75% | [14] | |
Interest Rate, PIK | 5% | [1],[2] | 5% | [14] | |
Par Amount | $ 4,699 | [1] | $ 4,469 | ||
Amortized Cost | 4,579 | [1] | 4,335 | ||
Fair Value | $ 4,604 | [1],[3] | $ 4,335 | [4] | |
Fair Value as % of Net Assets | 0.62% | [1] | 0.83% | [6] | |
Investment, Identifier [Axis]: Royal Holdco Corporation (Delayed Draw A) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 5.75% | |||
Interest Rate | [1],[2],[11] | 11.21% | |||
Par Amount | [1],[11] | $ 4,690 | |||
Amortized Cost | [1],[11] | 4,303 | |||
Fair Value | [1],[3],[11] | $ 4,246 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.57% | |||
Investment, Identifier [Axis]: Royal Holdco Corporation (Delayed Draw B) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 5.75% | |||
Interest Rate | [1],[2],[11] | 11.21% | |||
Par Amount | [1],[11] | $ 3,134 | |||
Amortized Cost | [1],[11] | (7) | |||
Fair Value | [1],[3],[11] | $ (45) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: Royal Holdco Corporation (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[21] | 5.75% | |||
Interest Rate | [1],[2],[8],[21] | 11.21% | |||
Par Amount | [1],[8],[21] | $ 3,118 | |||
Amortized Cost | [1],[8],[21] | 3,074 | |||
Fair Value | [1],[3],[8],[21] | $ 3,073 | |||
Fair Value as % of Net Assets | [1],[5],[8],[21] | 0.41% | |||
Investment, Identifier [Axis]: S&S Truck Parts (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [11] | 5% | [1],[2] | 4.75% | [14] |
Interest Rate | [11] | 10.19% | [1],[2] | 9.34% | [14] |
Par Amount | [11] | $ 98 | [1] | $ 98 | |
Amortized Cost | [11] | 0 | [1] | 0 | |
Fair Value | [11] | $ (1) | [1],[3] | $ (1) | [4] |
Fair Value as % of Net Assets | [11] | 0% | [1],[5] | 0% | [6] |
Investment, Identifier [Axis]: S&S Truck Parts (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [11] | 5% | [1],[2] | 4.75% | [14] |
Interest Rate | [11] | 10.19% | [1],[2] | 9.11% | [14] |
Par Amount | [11] | $ 1,724 | [1] | $ 1,740 | |
Amortized Cost | [11] | 1,576 | [1] | 1,592 | |
Fair Value | [11] | $ 1,556 | [1],[3] | $ 1,583 | [4] |
Fair Value as % of Net Assets | [11] | 0.21% | [1],[5] | 0.30% | [6] |
Investment, Identifier [Axis]: S&S Truck Parts 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[9] | 4.75% | [14],[15],[16] | |
Interest Rate | 10.19% | [2],[9] | 9.34% | [14],[15],[16] | |
Par Amount | $ 6,858 | [9] | $ 6,928 | [15],[16] | |
Amortized Cost | 6,803 | [9] | 6,865 | [15],[16] | |
Fair Value | $ 6,779 | [3],[9] | $ 6,890 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.91% | [5],[9] | 1.31% | [6],[15],[16] | |
Investment, Identifier [Axis]: S&S Truck Parts 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[8] | 4.75% | [14],[15] | |
Interest Rate | 10.19% | [2],[8] | 9.11% | [14],[15] | |
Par Amount | $ 1,159 | [8] | $ 1,171 | [15] | |
Amortized Cost | 1,150 | [8] | 1,160 | [15] | |
Fair Value | $ 1,146 | [3],[8] | $ 1,164 | [4],[15] | |
Fair Value as % of Net Assets | 0.15% | [5],[8] | 0.22% | [6],[15] | |
Investment, Identifier [Axis]: S&S Truck Parts 3 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 378 | [1],[17],[18] | $ 378 | [19] | |
Fair Value | $ 299 | [1],[3],[17],[18] | $ 353 | [4],[19] | |
Fair Value as % of Net Assets | 0.04% | [1],[5],[17],[18] | 0.07% | [6],[19] | |
Shares/Units | 4 | [1],[17],[18] | 0 | [19] | |
Investment, Identifier [Axis]: S&S Truck Parts 4 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 79 | [1],[17],[18] | $ 79 | [19] | |
Fair Value | $ 62 | [1],[3],[17],[18] | $ 73 | [4],[19] | |
Fair Value as % of Net Assets | 0.01% | [1],[5],[17],[18] | 0.01% | [6],[19] | |
Shares/Units | 78,541 | [1],[17],[18] | 79,000 | [19] | |
Investment, Identifier [Axis]: SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9] | 5.75% | [14],[15] | |
Interest Rate | 11.21% | [2],[8],[9] | 10.34% | [14],[15] | |
Par Amount | $ 7,474 | [8],[9] | $ 7,549 | [15] | |
Amortized Cost | 7,408 | [8],[9] | 7,475 | [15] | |
Fair Value | $ 7,382 | [3],[8],[9] | $ 7,404 | [4],[15] | |
Fair Value as % of Net Assets | 0.99% | [5],[8],[9] | 1.41% | [6],[15] | |
Investment, Identifier [Axis]: SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[11] | 5.75% | [12],[14] | |
Interest Rate | 11.21% | [1],[2],[11] | 10.34% | [12],[14] | |
Par Amount | $ 2,443 | [1],[11] | $ 2,451 | [12] | |
Amortized Cost | 1,558 | [1],[11] | 0 | [12] | |
Fair Value | $ 1,528 | [1],[3],[11] | $ (47) | [4],[12] | |
Fair Value as % of Net Assets | 0.21% | [1],[5],[11] | (0.01%) | [6],[12] | |
Investment, Identifier [Axis]: SEKO Global Logistics | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[18] | $ 332 | |||
Fair Value | [1],[3],[18] | $ 1,221 | |||
Fair Value as % of Net Assets | [1],[5],[18] | 0.16% | |||
Shares/Units | [1],[18] | 671,203,000 | |||
Investment, Identifier [Axis]: SEKO Global Logistics (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 9% | |||
Interest Rate | [1],[2] | 6.04% | |||
Interest Rate, PIK | [1],[2] | 4.50% | |||
Par Amount | [1] | $ 912 | |||
Amortized Cost | [1] | 912 | |||
Fair Value | [1],[3] | $ 887 | |||
Fair Value as % of Net Assets | [1],[5] | 0.12% | |||
Investment, Identifier [Axis]: SEKO Global Logistics (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [1],[2] | 5% | [12],[14] | |
Interest Rate | 10.72% | [1],[2] | 9.77% | [12],[14] | |
Par Amount | $ 4,485 | [1] | $ 4,516 | [12] | |
Amortized Cost | 4,485 | [1] | 992 | [12] | |
Fair Value | $ 4,444 | [1],[3] | $ 910 | [4],[12] | |
Fair Value as % of Net Assets | 0.59% | [1],[5] | 0.17% | [6],[12] | |
Investment, Identifier [Axis]: SEKO Global Logistics (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[8],[9] | 5% | [14],[15] | |
Interest Rate | 10.72% | [2],[8],[9] | 9.77% | [14],[15] | |
Par Amount | $ 1,517 | [8],[9] | $ 1,533 | [15] | |
Amortized Cost | 1,506 | [8],[9] | 1,518 | [15] | |
Fair Value | $ 1,503 | [3],[8],[9] | $ 1,505 | [4],[15] | |
Fair Value as % of Net Assets | 0.20% | [5],[8],[9] | 0.29% | [6],[15] | |
Investment, Identifier [Axis]: SEKO Global Logistics 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 9% | [1],[2] | 9% | [14] | |
Interest Rate | 6.04% | [1],[2] | 13.77% | [14] | |
Interest Rate, PIK | [1],[2] | 4.50% | |||
Par Amount | $ 5,840 | [1] | $ 5,805 | ||
Amortized Cost | 5,765 | [1] | 5,715 | ||
Fair Value | $ 5,676 | [1],[3] | $ 5,805 | [4] | |
Fair Value as % of Net Assets | 0.76% | [1],[5] | 1.11% | [6] | |
Investment, Identifier [Axis]: SEKO Global Logistics 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 9% | [1],[2] | 9% | [14] | |
Interest Rate | 9.86% | [1],[2] | 13.77% | [14] | |
Interest Rate, PIK | [1],[2] | 4.50% | |||
Par Amount | $ 4,053 | [1] | $ 4,029 | ||
Amortized Cost | 3,997 | [1] | 3,962 | ||
Fair Value | $ 3,939 | [1],[3] | $ 4,029 | [4] | |
Fair Value as % of Net Assets | 0.53% | [1],[5] | 0.77% | [6] | |
Investment, Identifier [Axis]: SEKO Global Logistics 3 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[9] | 4.75% | [14],[16] | |
Interest Rate | 10.72% | [2],[9] | 9.52% | [14],[16] | |
Par Amount | $ 1,125 | [9] | $ 1,137 | [16] | |
Amortized Cost | 1,118 | [9] | 1,128 | [16] | |
Fair Value | $ 1,115 | [3],[9] | $ 1,116 | [4],[16] | |
Fair Value as % of Net Assets | 0.15% | [5],[9] | 0.21% | [6],[16] | |
Investment, Identifier [Axis]: SEKO Global Logistics 4 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [19],[20] | $ 332 | |||
Fair Value | [4],[19],[20] | $ 2,061 | |||
Fair Value as % of Net Assets | [6],[19],[20] | 0.39% | |||
Shares/Units | [19],[20] | 671,000 | |||
Investment, Identifier [Axis]: SM Wellness Holdings, Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [1],[2],[8],[9] | 4.75% | [14],[15],[16] | |
Interest Rate | 10.14% | [1],[2],[8],[9] | 9.52% | [14],[15],[16] | |
Par Amount | $ 14,665 | [1],[8],[9] | $ 14,815 | [15],[16] | |
Amortized Cost | 14,573 | [1],[8],[9] | 14,704 | [15],[16] | |
Fair Value | $ 14,187 | [1],[3],[8],[9] | $ 14,254 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.90% | [1],[5],[8],[9] | 2.72% | [6],[15],[16] | |
Investment, Identifier [Axis]: Sandlot Buyer, LLC (Prime Time Healthcare) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[8],[9] | 6% | [14],[15] | |
Interest Rate | 11.28% | [1],[2],[8],[9] | 10.78% | [14],[15] | |
Par Amount | $ 8,958 | [1],[8],[9] | $ 9,875 | [15] | |
Amortized Cost | 8,729 | [1],[8],[9] | 9,587 | [15] | |
Fair Value | $ 8,854 | [1],[3],[8],[9] | $ 9,589 | [4],[15] | |
Fair Value as % of Net Assets | 1.18% | [1],[5],[8],[9] | 1.83% | [6],[15] | |
Investment, Identifier [Axis]: Sandlot Buyer, LLC (Prime Time Healthcare) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 6% | |||
Interest Rate | [1],[2],[8] | 11.52% | |||
Par Amount | [1],[8] | $ 10,122 | |||
Amortized Cost | [1],[8] | 9,924 | |||
Fair Value | [1],[3],[8] | $ 10,004 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 1.34% | |||
Investment, Identifier [Axis]: Sapphire Telecom Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[9],[10] | 5.25% | [13],[14],[16] | |
Interest Rate | 11.53% | [2],[9],[10] | 10.02% | [13],[14],[16] | |
Par Amount | $ 6,650 | [9],[10] | $ 6,720 | [13],[16] | |
Amortized Cost | 6,627 | [9],[10] | 6,683 | [13],[16] | |
Fair Value | $ 6,650 | [3],[9],[10] | $ 6,514 | [4],[13],[16] | |
Fair Value as % of Net Assets | 0.89% | [5],[9],[10] | 1.24% | [6],[13],[16] | |
Investment, Identifier [Axis]: Scaled Agile | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[9],[10] | 5.50% | [13],[14],[15],[16] | |
Interest Rate | 10.95% | [2],[9],[10] | 10.09% | [13],[14],[15],[16] | |
Par Amount | $ 7,936 | [9],[10] | $ 8,016 | [13],[15],[16] | |
Amortized Cost | 7,875 | [9],[10] | 7,946 | [13],[15],[16] | |
Fair Value | $ 7,623 | [3],[9],[10] | $ 7,797 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.02% | [5],[9],[10] | 1.49% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Scaled Agile (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[10] | 5.50% | [12],[13],[14] | |
Interest Rate | 10.95% | [1],[2],[10] | 10.09% | [12],[13],[14] | |
Par Amount | $ 390 | [1],[10] | $ 1,923 | [12],[13] | |
Amortized Cost | 390 | [1],[10] | 0 | [12],[13] | |
Fair Value | $ 375 | [1],[3],[10] | $ (53) | [4],[12],[13] | |
Fair Value as % of Net Assets | 0.05% | [1],[5],[10] | (0.01%) | [6],[12],[13] | |
Investment, Identifier [Axis]: Sciens Building Solutions, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[9],[10] | 5.75% | [13],[14],[15],[16] | |
Interest Rate | 11.23% | [2],[8],[9],[10] | 10.52% | [13],[14],[15],[16] | |
Par Amount | $ 9,315 | [8],[9],[10] | $ 9,410 | [13],[15],[16] | |
Amortized Cost | 9,183 | [8],[9],[10] | 9,250 | [13],[15],[16] | |
Fair Value | $ 9,128 | [8],[9],[10] | $ 8,917 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.22% | [8],[9],[10] | 1.70% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Sciens Building Solutions, LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[8],[9],[10],[11] | 5.75% | [12],[13],[14],[15],[16] | |
Interest Rate | 11.23% | [1],[2],[8],[9],[10],[11] | 10.52% | [12],[13],[14],[15],[16] | |
Par Amount | $ 4,915 | [1],[8],[9],[10],[11] | $ 4,938 | [12],[13],[15],[16] | |
Amortized Cost | 3,259 | [1],[8],[9],[10],[11] | 1,594 | [12],[13],[15],[16] | |
Fair Value | $ 3,193 | [1],[3],[8],[9],[10],[11] | $ 1,377 | [4],[12],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.43% | [1],[5],[8],[9],[10],[11] | 0.26% | [6],[12],[13],[15],[16] | |
Investment, Identifier [Axis]: SmartWave | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[9] | 6% | [14],[15],[16] | |
Interest Rate | 11.53% | [1],[2],[9] | 10.77% | [14],[15],[16] | |
Par Amount | $ 9,214 | [1],[9] | $ 9,309 | [15],[16] | |
Amortized Cost | 9,145 | [1],[9] | 9,223 | [15],[16] | |
Fair Value | $ 7,744 | [1],[3],[9] | $ 8,116 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.04% | [1],[5],[9] | 1.55% | [6],[15],[16] | |
Investment, Identifier [Axis]: Smile Brands | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 8.50% | [1],[2] | 8.50% | [14] | |
Interest Rate | [14] | 13.64% | |||
Interest Rate, PIK | [1],[2] | 14.99% | |||
Par Amount | $ 9,947 | [1] | $ 9,597 | ||
Amortized Cost | 9,866 | [1] | 9,489 | ||
Fair Value | $ 8,665 | [1],[3] | $ 8,765 | [4] | |
Fair Value as % of Net Assets | 1.16% | [1],[5] | 1.67% | [6] | |
Investment, Identifier [Axis]: Smile Brands (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[14] | 8.50% | |||
Interest Rate | [12],[14] | 13.64% | |||
Par Amount | [12] | $ 1,959 | |||
Amortized Cost | [12] | 0 | |||
Fair Value | [4],[12] | $ (170) | |||
Fair Value as % of Net Assets | [6],[12] | (0.03%) | |||
Investment, Identifier [Axis]: Soliant Health | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4% | [2],[9] | 4% | [14],[15],[16] | |
Interest Rate | 9.47% | [2],[9] | 8.39% | [14],[15],[16] | |
Par Amount | $ 2,628 | [9] | $ 8,461 | [15],[16] | |
Amortized Cost | 2,615 | [9] | 8,410 | [15],[16] | |
Fair Value | $ 2,628 | [3],[9] | $ 8,519 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.35% | [5],[9] | 1.62% | [6],[15],[16] | |
Investment, Identifier [Axis]: Solve Industrial Motion Group (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5% | [1],[2] | 10.75% | [14] | |
Interest Rate, PIK | [1],[2] | 8% | |||
Par Amount | $ 2,046 | [1] | $ 2,019 | ||
Amortized Cost | 2,046 | [1] | 2,019 | ||
Fair Value | $ 1,947 | [1],[3] | $ 1,912 | [4] | |
Fair Value as % of Net Assets | 0.26% | [1],[5] | 0.36% | [6] | |
Investment, Identifier [Axis]: Solve Industrial Motion Group 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 5% | [1],[2] | 10.75% | [14] | |
Interest Rate, PIK | [1],[2] | 8% | |||
Par Amount | $ 1,786 | [1] | $ 1,763 | ||
Amortized Cost | 1,760 | [1] | 1,732 | ||
Fair Value | $ 1,700 | [1],[3] | $ 1,669 | [4] | |
Fair Value as % of Net Assets | 0.23% | [1],[5] | 0.32% | [6] | |
Investment, Identifier [Axis]: Solve Industrial Motion Group 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 5% | |||
Interest Rate, PIK | [1],[2] | 8% | |||
Par Amount | [1] | $ 763 | |||
Amortized Cost | 749 | [1] | $ 313 | [19],[20] | |
Fair Value | $ 739 | [1],[3] | $ 266 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.10% | [1],[5] | 0.05% | [6],[19],[20] | |
Shares/Units | [19],[20] | 0 | |||
Investment, Identifier [Axis]: Solve Industrial Motion Group 3 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 313 | |||
Fair Value | [1],[3],[17],[18] | $ 210 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.03% | |||
Shares/Units | [1],[17],[18] | 313 | |||
Investment, Identifier [Axis]: Spartech | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [1],[2],[8],[9],[10] | 4.75% | [13],[14],[15],[16] | |
Interest Rate | 10.16% | [1],[2],[8],[9],[10] | 9.52% | [13],[14],[15],[16] | |
Par Amount | $ 14,768 | [1],[8],[9],[10] | $ 14,919 | [13],[15],[16] | |
Amortized Cost | 14,699 | [1],[8],[9],[10] | 14,837 | [13],[15],[16] | |
Fair Value | $ 11,898 | [1],[3],[8],[9],[10] | $ 14,517 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.59% | [1],[5],[8],[9],[10] | 2.77% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Specialized Packaging Group (Incremental) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[21],[25] | 6.25% | |||
Interest Rate | [2],[8],[21],[25] | 11.98% | |||
Par Amount | [8],[21],[25] | $ 4,409 | |||
Amortized Cost | [8],[21],[25] | 4,354 | |||
Fair Value | [3],[8],[21],[25] | $ 4,375 | |||
Fair Value as % of Net Assets | [5],[8],[21],[25] | 0.58% | |||
Investment, Identifier [Axis]: Specialized Packaging Group (Incremental) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[21],[25] | 6.25% | |||
Interest Rate | [1],[2],[8],[21],[25] | 11.78% | |||
Par Amount | [1],[8],[21],[25] | $ 6,894 | |||
Amortized Cost | [1],[8],[21],[25] | 6,798 | |||
Fair Value | [1],[3],[8],[21],[25] | $ 6,751 | |||
Fair Value as % of Net Assets | [1],[5],[8],[21],[25] | 0.90% | |||
Investment, Identifier [Axis]: Specialized Packaging Group 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[8],[9],[21],[25] | 5.50% | [14],[15],[16],[26],[28] | |
Interest Rate | 1,123% | [2],[8],[9],[21],[25] | 10.64% | [14],[15],[16],[26],[28] | |
Par Amount | $ 2,983 | [8],[9],[21],[25] | $ 3,013 | [15],[16],[26],[28] | |
Amortized Cost | 2,968 | [8],[9],[21],[25] | 2,992 | [15],[16],[26],[28] | |
Fair Value | $ 2,921 | [3],[8],[9],[21],[25] | $ 2,995 | [4],[15],[16],[26],[28] | |
Fair Value as % of Net Assets | 0.39% | [5],[8],[9],[21],[25] | 0.57% | [6],[15],[16],[26],[28] | |
Investment, Identifier [Axis]: Specialized Packaging Group 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[8],[9],[21],[25] | 5.50% | [14],[15],[16],[26],[28] | |
Interest Rate | 11.23% | [2],[8],[9],[21],[25] | 10.64% | [14],[15],[16],[26],[28] | |
Par Amount | $ 7,275 | [8],[9],[21],[25] | $ 7,350 | [15],[16],[26],[28] | |
Amortized Cost | 7,236 | [8],[9],[21],[25] | 7,301 | [15],[16],[26],[28] | |
Fair Value | $ 7,123 | [3],[8],[9],[21],[25] | $ 7,304 | [4],[15],[16],[26],[28] | |
Fair Value as % of Net Assets | 0.95% | [5],[8],[9],[21],[25] | 1.39% | [6],[15],[16],[26],[28] | |
Investment, Identifier [Axis]: Specialized Packaging Group 3 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 148 | [1],[17],[18],[21],[25] | $ 148 | [19],[20],[26],[28] | |
Fair Value | $ 182 | [1],[3],[17],[18],[21],[25] | $ 112 | [4],[19],[20],[26],[28] | |
Fair Value as % of Net Assets | 0.02% | [1],[5],[17],[18],[21],[25] | 0.02% | [6],[19],[20],[26],[28] | |
Shares/Units | 147,708 | [1],[17],[18],[21],[25] | 148,000 | [19],[20],[26],[28] | |
Investment, Identifier [Axis]: Spectrio II | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[8],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 6.50% | [1],[2],[8],[9],[10] | 10.77% | [13],[14],[15],[16] | |
Interest Rate, PIK | [1],[2],[8],[9],[10] | 5% | |||
Par Amount | $ 8,143 | [1],[8],[9],[10] | $ 8,123 | [13],[15],[16] | |
Amortized Cost | 8,100 | [1],[8],[9],[10] | 8,067 | [13],[15],[16] | |
Fair Value | $ 7,556 | [1],[3],[8],[9],[10] | $ 7,784 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 1.01% | [1],[5],[8],[9],[10] | 1.48% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Spectrio II (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [1],[2],[9],[10] | 6% | [13],[14],[15],[16] | |
Interest Rate | 6.50% | [1],[2],[9],[10] | 10.77% | [13],[14],[15],[16] | |
Interest Rate, PIK | [1],[2],[9],[10] | 5% | |||
Par Amount | $ 2,893 | [1],[9],[10] | $ 2,886 | [13],[15],[16] | |
Amortized Cost | 2,875 | [1],[9],[10] | 2,866 | [13],[15],[16] | |
Fair Value | $ 2,684 | [1],[3],[9],[10] | $ 2,765 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.36% | [1],[5],[9],[10] | 0.53% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Spectrio II (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [2],[8],[10] | 6% | [12],[13],[14],[15] | |
Interest Rate | 6.50% | [2],[8],[10] | 10.77% | [12],[13],[14],[15] | |
Interest Rate, PIK | [2],[8],[10] | 5% | |||
Par Amount | $ 441 | [8],[10] | $ 3,820 | [12],[13],[15] | |
Amortized Cost | 440 | [8],[10] | 426 | [12],[13],[15] | |
Fair Value | $ 407 | [3],[8],[10] | $ 287 | [4],[12],[13],[15] | |
Fair Value as % of Net Assets | 0.06% | [5],[8],[10] | 0.05% | [6],[12],[13],[15] | |
Investment, Identifier [Axis]: Summit Hill Foods | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[9] | 6% | |||
Interest Rate | [2],[9] | 11.39% | |||
Par Amount | [9] | $ 9,835 | |||
Amortized Cost | [9] | 9,689 | |||
Fair Value | [3],[9] | $ 9,690 | |||
Fair Value as % of Net Assets | [5],[9] | 1.30% | |||
Investment, Identifier [Axis]: Sunny Sky Products | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 5.25% | |||
Interest Rate | [1],[2],[8] | 10.60% | |||
Par Amount | [1],[8] | $ 7,093 | |||
Amortized Cost | [1],[8] | 7,025 | |||
Fair Value | [1],[3],[8] | $ 7,026 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 0.94% | |||
Investment, Identifier [Axis]: Sunny Sky Products (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 5.25% | |||
Interest Rate | [1],[2],[11] | 10.60% | |||
Par Amount | [1],[11] | $ 1,773 | |||
Amortized Cost | [1],[11] | 0 | |||
Fair Value | [1],[3],[11] | $ (17) | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0% | |||
Investment, Identifier [Axis]: Syndigo | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [2],[9] | 4.50% | [13],[14],[15],[16] | |
Interest Rate | 9.97% | [2],[9] | 8.89% | [13],[14],[15],[16] | |
Par Amount | $ 5,835 | [9] | $ 5,895 | [13],[15],[16] | |
Amortized Cost | 5,850 | [9] | 5,916 | [13],[15],[16] | |
Fair Value | $ 5,747 | [3],[9] | $ 5,612 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.77% | [5],[9] | 1.07% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: TI ACQUISITION NC LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [2],[9] | 4.50% | [14],[16] | |
Interest Rate | 10.08% | [2],[9] | 9.64% | [14],[16] | |
Par Amount | $ 2,780 | [9] | $ 2,809 | [16] | |
Amortized Cost | 2,719 | [9] | 2,732 | [16] | |
Fair Value | $ 2,642 | [3],[9] | $ 2,770 | [4],[16] | |
Fair Value as % of Net Assets | 0.35% | [5],[9] | 0.53% | [6],[16] | |
Investment, Identifier [Axis]: TIDI Products | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9],[10] | 5.50% | |||
Interest Rate | [1],[2],[8],[9],[10] | 10.86% | |||
Par Amount | [1],[8],[9],[10] | $ 15,523 | |||
Amortized Cost | [1],[8],[9],[10] | 15,368 | |||
Fair Value | [1],[3],[8],[9],[10] | $ 15,369 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9],[10] | 2.05% | |||
Investment, Identifier [Axis]: TIDI Products (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[10],[11] | 5.50% | |||
Interest Rate | [1],[2],[10],[11] | 10.86% | |||
Par Amount | [1],[10],[11] | $ 4,085 | |||
Amortized Cost | [1],[10],[11] | 0 | |||
Fair Value | [1],[3],[10],[11] | $ (40) | |||
Fair Value as % of Net Assets | [1],[5],[10],[11] | (0.01%) | |||
Investment, Identifier [Axis]: TPC Wire & Cable | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10% | [1],[2] | 10% | [14] | |
Interest Rate, PIK | 1% | [1],[2] | 1% | [14] | |
Par Amount | $ 2,240 | [1] | $ 2,194 | ||
Amortized Cost | 2,220 | [1] | 2,170 | ||
Fair Value | $ 2,215 | [1],[3] | $ 2,132 | [4] | |
Fair Value as % of Net Assets | 0.29% | [1],[5] | 0.41% | [6] | |
Investment, Identifier [Axis]: TPC Wire & Cable (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11% | [1],[2],[11] | 10% | [12],[14] | |
Interest Rate, PIK | 1.50% | [1],[2],[11] | 1% | [12],[14] | |
Par Amount | $ 913 | [1],[11] | $ 940 | [12] | |
Amortized Cost | 911 | [1],[11] | 776 | [12] | |
Fair Value | $ 902 | [1],[3],[11] | $ 757 | [4],[12] | |
Fair Value as % of Net Assets | 0.12% | [1],[5],[11] | 0.14% | [6],[12] | |
Investment, Identifier [Axis]: Tech24 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [1],[17],[18] | $ 954 | |||
Fair Value | [1],[3],[17],[18] | $ 954 | |||
Fair Value as % of Net Assets | [1],[5],[17],[18] | 0.13% | |||
Shares/Units | [1],[17],[18] | 954 | |||
Investment, Identifier [Axis]: Technical Safety Services | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[8],[9] | 4.50% | [14],[15] | |
Interest Rate | 11% | [2],[8],[9] | 9.09% | [14],[15] | |
Par Amount | $ 6,772 | [8],[9] | $ 6,841 | [15] | |
Amortized Cost | 6,716 | [8],[9] | 6,776 | [15] | |
Fair Value | $ 6,712 | [3],[8],[9] | $ 6,757 | [4],[15] | |
Fair Value as % of Net Assets | 0.90% | [5],[8],[9] | 1.29% | [6],[15] | |
Investment, Identifier [Axis]: Technical Safety Services (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[11] | 4.50% | [12],[14] | |
Interest Rate | 11% | [1],[2],[11] | 9.09% | [12],[14] | |
Par Amount | $ 6,404 | [1],[11] | $ 3,125 | [12] | |
Amortized Cost | 3,903 | [1],[11] | 1,052 | [12] | |
Fair Value | $ 3,918 | [1],[3],[11] | $ 1,043 | [4],[12] | |
Fair Value as % of Net Assets | 0.52% | [1],[5],[11] | 0.20% | [6],[12] | |
Investment, Identifier [Axis]: Technical Safety Services (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 5.50% | |||
Interest Rate | [1],[2] | 11% | |||
Par Amount | [1] | $ 1,890 | |||
Amortized Cost | [1] | 1,863 | |||
Fair Value | [1],[3] | $ 1,873 | |||
Fair Value as % of Net Assets | [1],[5] | 0.25% | |||
Investment, Identifier [Axis]: The Facilities Group | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [13],[14],[15],[16] | 5.75% | |||
Interest Rate | [13],[14],[15],[16] | 10.14% | |||
Par Amount | [13],[15],[16] | $ 4,922 | |||
Amortized Cost | [13],[15],[16] | 4,879 | |||
Fair Value | [4],[13],[15],[16] | $ 4,810 | |||
Fair Value as % of Net Assets | [6],[13],[15],[16] | 0.92% | |||
Investment, Identifier [Axis]: The Facilities Group (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[13],[14],[15],[16] | 5.75% | |||
Interest Rate | [12],[13],[14],[15],[16] | 10.52% | |||
Par Amount | [12],[13],[15],[16] | $ 4,996 | |||
Amortized Cost | [12],[13],[15],[16] | 4,114 | |||
Fair Value | [4],[12],[13],[15],[16] | $ 4,001 | |||
Fair Value as % of Net Assets | [6],[12],[13],[15],[16] | 0.76% | |||
Investment, Identifier [Axis]: The Facilities Group (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[10],[11] | 5.75% | |||
Interest Rate | [1],[2],[10],[11] | 11.22% | |||
Par Amount | [1],[10],[11] | $ 5,028 | |||
Amortized Cost | [1],[10],[11] | 0 | |||
Fair Value | [1],[3],[10],[11] | $ (25) | |||
Fair Value as % of Net Assets | [1],[5],[10],[11] | 0% | |||
Investment, Identifier [Axis]: The Facilities Group (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[9],[10] | 5.75% | |||
Interest Rate | [1],[2],[9],[10] | 11.22% | |||
Par Amount | [1],[9],[10] | $ 4,952 | |||
Amortized Cost | [1],[9],[10] | 4,952 | |||
Fair Value | [1],[3],[9],[10] | $ 4,927 | |||
Fair Value as % of Net Assets | [1],[5],[9],[10] | 0.66% | |||
Investment, Identifier [Axis]: The Facilities Group 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[9],[10] | 5.75% | |||
Interest Rate | [2],[9],[10] | 11.23% | |||
Par Amount | [9],[10] | $ 4,872 | |||
Amortized Cost | [9],[10] | 4,840 | |||
Fair Value | [3],[9],[10] | $ 4,847 | |||
Fair Value as % of Net Assets | [5],[9],[10] | 0.64% | |||
Investment, Identifier [Axis]: The Facilities Group 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[10] | 5.75% | |||
Interest Rate | [2],[8],[10] | 11.22% | |||
Par Amount | [8],[10] | $ 9,051 | |||
Amortized Cost | [8],[10] | 8,963 | |||
Fair Value | [3],[8],[10] | $ 9,006 | |||
Fair Value as % of Net Assets | [5],[8],[10] | 1.20% | |||
Investment, Identifier [Axis]: Thorne HealthTech | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8],[9] | 5.75% | |||
Interest Rate | [1],[2],[8],[9] | 11.10% | |||
Par Amount | [1],[8],[9] | $ 10,652 | |||
Amortized Cost | [1],[8],[9] | 10,549 | |||
Fair Value | [1],[3],[8],[9] | $ 10,553 | |||
Fair Value as % of Net Assets | [1],[5],[8],[9] | 1.41% | |||
Investment, Identifier [Axis]: Tinuiti | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [2],[9],[10] | 4.50% | [13],[14],[15],[16] | |
Interest Rate | 10.70% | [2],[9],[10] | 9.27% | [13],[14],[15],[16] | |
Par Amount | $ 2,948 | [9],[10] | $ 2,978 | [13],[15],[16] | |
Amortized Cost | 2,928 | [9],[10] | 2,953 | [13],[15],[16] | |
Fair Value | $ 2,823 | [3],[9],[10] | $ 2,933 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.38% | [5],[9],[10] | 0.56% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Tinuiti (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [2],[9],[10] | 4.50% | [13],[14],[15],[16] | |
Interest Rate | 10.70% | [2],[9],[10] | 8.89% | [13],[14],[15],[16] | |
Par Amount | $ 1,926 | [9],[10] | $ 1,946 | [13],[15],[16] | |
Amortized Cost | 1,926 | [9],[10] | 1,945 | [13],[15],[16] | |
Fair Value | $ 1,845 | [3],[9],[10] | $ 1,916 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.25% | [5],[9],[10] | 0.36% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Tinuiti (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [1],[2],[9] | 4.50% | [12],[13],[14] | |
Interest Rate | 10.70% | [1],[2],[9] | 9.27% | [12],[13],[14] | |
Par Amount | $ 9,863 | [1],[9] | $ 9,963 | [12],[13] | |
Amortized Cost | 9,863 | [1],[9] | 5,935 | [12],[13] | |
Fair Value | $ 9,445 | [1],[3],[9] | $ 5,781 | [4],[12],[13] | |
Fair Value as % of Net Assets | 1.26% | [1],[5],[9] | 1.10% | [6],[12],[13] | |
Investment, Identifier [Axis]: TouchTunes Interactive | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[8],[9],[23] | 5% | [14],[15],[16] | |
Interest Rate | 10.35% | [2],[8],[9],[23] | 9.78% | [14],[15],[16] | |
Par Amount | $ 9,875 | [8],[9],[23] | $ 9,975 | [15],[16] | |
Amortized Cost | 9,793 | [8],[9],[23] | 9,881 | [15],[16] | |
Fair Value | $ 9,825 | [3],[8],[9],[23] | $ 9,743 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.31% | [5],[8],[9],[23] | 1.86% | [6],[15],[16] | |
Investment, Identifier [Axis]: Transit Buyer LLC (dba“Propark”) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 6.25% | |||
Interest Rate | [2],[8],[9] | 11.69% | |||
Par Amount | [8],[9] | $ 6,823 | |||
Amortized Cost | [8],[9] | 6,705 | |||
Fair Value | [3],[8],[9] | $ 6,801 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 0.91% | |||
Investment, Identifier [Axis]: Transit Buyer LLC (dba“Propark”) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.25% | |||
Interest Rate | [1],[2],[11] | 11.69% | |||
Par Amount | [1],[11] | $ 3,125 | |||
Amortized Cost | [1],[11] | 1,275 | |||
Fair Value | [1],[3],[11] | $ 1,318 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.18% | |||
Investment, Identifier [Axis]: Trilon Group, LLC (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2] | 5.75% | [14] | |
Interest Rate | 11.78% | [1],[2] | 10.11% | [14] | |
Par Amount | $ 7,425 | [1] | $ 7,500 | ||
Amortized Cost | 7,425 | [1] | 7,499 | ||
Fair Value | $ 7,330 | [1],[3] | $ 7,220 | [4] | |
Fair Value as % of Net Assets | 0.98% | [1],[5] | 1.38% | [6] | |
Investment, Identifier [Axis]: Trilon Group, LLC (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [1],[2] | 6.25% | [12],[14] | |
Interest Rate | 11.78% | [1],[2] | 10.84% | [12],[14] | |
Par Amount | $ 1,985 | [1] | $ 2,000 | [12] | |
Amortized Cost | 1,985 | [1] | 184 | [12] | |
Fair Value | $ 1,959 | [1],[3] | $ 160 | [4],[12] | |
Fair Value as % of Net Assets | 0.26% | [1],[5] | 0.03% | [6],[12] | |
Investment, Identifier [Axis]: Trilon Group, LLC (Delayed Draw) 3 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6.25% | |||
Interest Rate | [1],[2],[11] | 11.78% | |||
Par Amount | [1],[11] | $ 6,373 | |||
Amortized Cost | [1],[11] | 1,935 | |||
Fair Value | [1],[3],[11] | $ 1,884 | |||
Fair Value as % of Net Assets | [1],[5],[11] | 0.25% | |||
Investment, Identifier [Axis]: Trilon Group, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [2],[8] | 6.25% | [14],[15] | |
Interest Rate | 11.78% | [2],[8] | 10.84% | [14],[15] | |
Par Amount | $ 2,978 | [8] | $ 3,000 | [15] | |
Amortized Cost | 2,958 | [8] | 2,970 | [15] | |
Fair Value | $ 2,939 | [3],[8] | $ 2,964 | [4],[15] | |
Fair Value as % of Net Assets | 0.39% | [5],[8] | 0.56% | [6],[15] | |
Investment, Identifier [Axis]: Trilon Group, LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [2],[8],[9] | 5.75% | [14],[15] | |
Interest Rate | 11.75% | [2],[8],[9] | 10.11% | [14],[15] | |
Par Amount | $ 7,406 | [8],[9] | $ 7,481 | [15] | |
Amortized Cost | 7,345 | [8],[9] | 7,411 | [15] | |
Fair Value | $ 7,311 | [3],[8],[9] | $ 7,202 | [4],[15] | |
Fair Value as % of Net Assets | 0.98% | [5],[8],[9] | 1.37% | [6],[15] | |
Investment, Identifier [Axis]: Trilon Group, LLC 3 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 6.25% | |||
Interest Rate | [1],[2],[8] | 11.78% | |||
Par Amount | [1],[8] | $ 3,733 | |||
Amortized Cost | [1],[8] | 3,661 | |||
Fair Value | [1],[3],[8] | $ 3,685 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 0.49% | |||
Investment, Identifier [Axis]: Turbine Engine Specialist, Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2] | 9.50% | |||
Interest Rate | [1],[2] | 14.96% | |||
Par Amount | [1] | $ 2,556 | |||
Amortized Cost | [1] | 2,494 | |||
Fair Value | [1],[3] | $ 2,509 | |||
Fair Value as % of Net Assets | [1],[5] | 0.33% | |||
Investment, Identifier [Axis]: Tyto Athene, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [1],[2],[9] | 5.50% | [14],[15],[16] | |
Interest Rate | 11.04% | [1],[2],[9] | 10.27% | [14],[15],[16] | |
Par Amount | $ 7,157 | [1],[9] | $ 7,568 | [15],[16] | |
Amortized Cost | 7,105 | [1],[9] | 7,502 | [15],[16] | |
Fair Value | $ 6,515 | [1],[3],[9] | $ 6,967 | [4],[15],[16] | |
Fair Value as % of Net Assets | 0.87% | [1],[5],[9] | 1.33% | [6],[15],[16] | |
Investment, Identifier [Axis]: U.S. Bank National Association Money Market Deposit Account | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 2.05% | ||||
Amortized Cost | $ 17,661 | ||||
Fair Value | [3] | $ 17,661 | |||
Fair Value as % of Net Assets | [5] | 2.36% | |||
Shares/Units | 17,661,000 | ||||
Investment, Identifier [Axis]: US Fertility | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | [1],[2] | 13.75% | |||
Par Amount | [1] | $ 12,391 | |||
Amortized Cost | [1] | 12,084 | |||
Fair Value | [1],[3] | $ 12,066 | |||
Fair Value as % of Net Assets | [1],[5] | 1.61% | |||
Investment, Identifier [Axis]: Ultima Health Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [1],[2] | 11% | |||
Interest Rate, PIK | [1],[2] | 1.50% | |||
Par Amount | [1] | $ 1,734 | |||
Amortized Cost | [1] | 1,706 | |||
Fair Value | [1],[3] | $ 1,704 | |||
Fair Value as % of Net Assets | [1],[5] | 0.23% | |||
Investment, Identifier [Axis]: Ultima Health Holdings, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 11% | |||
Interest Rate, PIK | [14] | 1.50% | |||
Par Amount | $ 1,708 | ||||
Amortized Cost | 1,676 | ||||
Fair Value | [4] | $ 1,671 | |||
Fair Value as % of Net Assets | [6] | 0.32% | |||
Investment, Identifier [Axis]: Ultima Health Holdings, LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 170 | [1],[17],[18] | $ 170 | [19],[20] | |
Fair Value | $ 158 | [1],[3],[17],[18] | $ 170 | [4],[19],[20] | |
Fair Value as % of Net Assets | 0.02% | [1],[5],[17],[18] | 0.03% | [6],[19],[20] | |
Shares/Units | 15 | [1],[17],[18] | 0 | [19],[20] | |
Investment, Identifier [Axis]: Valkyrie | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.50% | [1],[2] | 10.50% | [14] | |
Interest Rate, PIK | 1% | [1],[2] | 1% | [14] | |
Par Amount | $ 2,836 | [1] | $ 2,808 | ||
Amortized Cost | 2,792 | [1] | 2,754 | ||
Fair Value | $ 2,740 | [1],[3] | $ 2,748 | [4] | |
Fair Value as % of Net Assets | 0.37% | [1],[5] | 0.52% | [6] | |
Investment, Identifier [Axis]: Vensure Employer Services | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [2],[8],[9] | 4.75% | [14],[15],[16] | |
Interest Rate | 10.12% | [2],[8],[9] | 9.34% | [14],[15],[16] | |
Par Amount | $ 14,656 | [8],[9] | $ 14,806 | [15],[16] | |
Amortized Cost | 14,628 | [8],[9] | 14,754 | [15],[16] | |
Fair Value | $ 14,326 | [3],[8],[9] | $ 14,486 | [4],[15],[16] | |
Fair Value as % of Net Assets | 1.92% | [5],[8],[9] | 2.76% | [6],[15],[16] | |
Investment, Identifier [Axis]: Vital Records Control (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[10] | 5.75% | [12],[13],[14] | |
Interest Rate | 11.12% | [1],[2],[10] | 10.34% | [12],[13],[14] | |
Par Amount | $ 183 | [1],[10] | $ 185 | [12],[13] | |
Amortized Cost | 181 | [1],[10] | 60 | [12],[13] | |
Fair Value | $ 182 | [1],[3],[10] | $ 57 | [4],[12],[13] | |
Fair Value as % of Net Assets | 0.03% | [1],[5],[10] | 0.01% | [6],[12],[13] | |
Investment, Identifier [Axis]: Vital Records Control 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [2],[9],[10] | 5.50% | [13],[14],[15],[16] | |
Interest Rate | 11.14% | [2],[9],[10] | 10.27% | [13],[14],[15],[16] | |
Par Amount | $ 4,582 | [9],[10] | $ 4,629 | [13],[15],[16] | |
Amortized Cost | 4,544 | [9],[10] | 4,582 | [13],[15],[16] | |
Fair Value | $ 4,515 | [3],[9],[10] | $ 4,461 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.60% | [5],[9],[10] | 0.85% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Vital Records Control 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8],[10] | 5.50% | [13],[14],[15] | |
Interest Rate | 11.12% | [2],[8],[10] | 10.28% | [13],[14],[15] | |
Par Amount | $ 151 | [8],[10] | $ 152 | [13],[15] | |
Amortized Cost | 149 | [8],[10] | 150 | [13],[15] | |
Fair Value | $ 150 | [3],[8],[10] | $ 148 | [4],[13],[15] | |
Fair Value as % of Net Assets | 0.02% | [5],[8],[10] | 0.03% | [6],[13],[15] | |
Investment, Identifier [Axis]: WSB Engineering Holdings Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 6% | |||
Interest Rate | [1],[2],[8] | 11.39% | |||
Par Amount | [1],[8] | $ 6,519 | |||
Amortized Cost | [1],[8] | 6,426 | |||
Fair Value | [1],[3],[8] | $ 6,424 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 0.86% | |||
Investment, Identifier [Axis]: WSB Engineering Holdings Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.39% | |||
Par Amount | [1],[11] | $ 4,357 | |||
Amortized Cost | [1],[11] | (31) | |||
Fair Value | [1],[3],[11] | $ (64) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: Warrior Acquisition Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[16] | 5.25% | |||
Interest Rate | [14],[16] | 10.02% | |||
Par Amount | [16] | $ 1,946 | |||
Amortized Cost | [16] | 1,925 | |||
Fair Value | [4],[16] | $ 1,841 | |||
Fair Value as % of Net Assets | [6],[16] | 0.35% | |||
Investment, Identifier [Axis]: Watermill Express, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [2],[9],[10] | 5.50% | [13],[14],[15],[16] | |
Interest Rate | 10.50% | [2],[9],[10] | 10.27% | [13],[14],[15],[16] | |
Par Amount | $ 3,256 | [9],[10] | $ 3,290 | [13],[15],[16] | |
Amortized Cost | 3,236 | [9],[10] | 3,264 | [13],[15],[16] | |
Fair Value | $ 3,241 | [3],[9],[10] | $ 3,225 | [4],[13],[15],[16] | |
Fair Value as % of Net Assets | 0.43% | [5],[9],[10] | 0.62% | [6],[13],[15],[16] | |
Investment, Identifier [Axis]: Watermill Express, LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [1],[2],[10] | 5.50% | [13],[14] | |
Interest Rate | 10.50% | [1],[2],[10] | 10.27% | [13],[14] | |
Par Amount | $ 314 | [1],[10] | $ 318 | [13] | |
Amortized Cost | 315 | [1],[10] | 197 | [13] | |
Fair Value | $ 313 | [1],[3],[10] | $ 191 | [4],[13] | |
Fair Value as % of Net Assets | 0.04% | [1],[5],[10] | 0.04% | [6],[13] | |
Investment, Identifier [Axis]: Wellspring Pharmaceutical | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8] | 5.75% | [14],[15] | |
Interest Rate | 11.03% | [2],[8] | 10.53% | [14],[15] | |
Par Amount | $ 3,378 | [8] | $ 3,413 | [15] | |
Amortized Cost | 3,323 | [8] | 3,348 | [15] | |
Fair Value | $ 3,298 | [3],[8] | $ 3,350 | [4],[15] | |
Fair Value as % of Net Assets | 0.44% | [5],[8] | 0.64% | [6],[15] | |
Investment, Identifier [Axis]: Wellspring Pharmaceutical (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2] | 5.75% | [12],[14] | |
Interest Rate | 11.03% | [1],[2] | 10.53% | [12],[14] | |
Par Amount | $ 1,571 | [1] | $ 1,579 | [12] | |
Amortized Cost | 1,561 | [1] | (11) | [12] | |
Fair Value | $ 1,534 | [1],[3] | $ (29) | [4],[12] | |
Fair Value as % of Net Assets | 0.21% | [1],[5] | (0.01%) | [6],[12] | |
Investment, Identifier [Axis]: Wellspring Pharmaceutical (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[11] | 6% | |||
Interest Rate | [1],[2],[11] | 11.18% | |||
Par Amount | [1],[11] | $ 3,756 | |||
Amortized Cost | [1],[11] | (16) | |||
Fair Value | [1],[3],[11] | $ (55) | |||
Fair Value as % of Net Assets | [1],[5],[11] | (0.01%) | |||
Investment, Identifier [Axis]: Wellspring Pharmaceutical (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[8] | 6% | |||
Interest Rate | [1],[2],[8] | 11.18% | |||
Par Amount | [1],[8] | $ 1,246 | |||
Amortized Cost | [1],[8] | 1,223 | |||
Fair Value | [1],[3],[8] | $ 1,228 | |||
Fair Value as % of Net Assets | [1],[5],[8] | 0.16% | |||
Investment, Identifier [Axis]: Wittichen Supply (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[14] | 4.50% | |||
Interest Rate | [12],[14] | 9.09% | |||
Par Amount | [12] | $ 2,482 | |||
Amortized Cost | [12] | 1,974 | |||
Fair Value | [4],[12] | $ 1,996 | |||
Fair Value as % of Net Assets | [6],[12] | 0.38% | |||
Investment, Identifier [Axis]: Wittichen Supply (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [12],[14] | 9% | |||
Interest Rate, PIK | [12],[14] | 1% | |||
Par Amount | [12] | $ 3,360 | |||
Amortized Cost | [12] | 0 | |||
Fair Value | [4],[12] | $ 0 | |||
Fair Value as % of Net Assets | [6],[12] | 0% | |||
Investment, Identifier [Axis]: Wittichen Supply (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 9% | |||
Interest Rate, PIK | [14] | 1% | |||
Par Amount | $ 3,485 | ||||
Amortized Cost | 3,419 | ||||
Fair Value | [4] | $ 3,485 | |||
Fair Value as % of Net Assets | [6] | 0.66% | |||
Investment, Identifier [Axis]: Wittichen Supply 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[16] | 4.50% | |||
Interest Rate | [14],[16] | 9.09% | |||
Par Amount | [16] | $ 4,992 | |||
Amortized Cost | [16] | 4,946 | |||
Fair Value | [4],[16] | $ 4,992 | |||
Fair Value as % of Net Assets | [6],[16] | 0.95% | |||
Investment, Identifier [Axis]: Wittichen Supply 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [14] | 9.50% | |||
Interest Rate, PIK | [14] | 1.50% | |||
Par Amount | $ 4,242 | ||||
Amortized Cost | 4,173 | ||||
Fair Value | [4] | $ 4,242 | |||
Fair Value as % of Net Assets | [6] | 0.81% | |||
Investment, Identifier [Axis]: Wittichen Supply 3 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate, PIK | [14] | 12% | |||
Par Amount | $ 1,798 | ||||
Amortized Cost | 1,766 | ||||
Fair Value | [4] | $ 1,798 | |||
Fair Value as % of Net Assets | [6] | 0.34% | |||
Investment, Identifier [Axis]: Wittichen Supply 4 | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | [19],[20] | $ 1,911 | |||
Fair Value | [4],[19],[20] | $ 6,649 | |||
Fair Value as % of Net Assets | [6],[19],[20] | 1.27% | |||
Shares/Units | [19],[20] | 2,000 | |||
Investment, Identifier [Axis]: World Insurance Associates | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [13],[14],[15],[16] | 5.75% | |||
Interest Rate | [13],[14],[15],[16] | 10.34% | |||
Par Amount | [13],[15],[16] | $ 1,981 | |||
Amortized Cost | [13],[15],[16] | 1,965 | |||
Fair Value | [4],[13],[15],[16] | $ 1,912 | |||
Fair Value as % of Net Assets | [6],[13],[15],[16] | 0.36% | |||
Investment, Identifier [Axis]: World Insurance Associates (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[9],[10] | 6% | |||
Interest Rate | [1],[2],[9],[10] | 11.35% | |||
Par Amount | [1],[9],[10] | $ 14,881 | |||
Amortized Cost | [1],[9],[10] | 14,869 | |||
Fair Value | [1],[3],[9],[10] | $ 14,841 | |||
Fair Value as % of Net Assets | [1],[5],[9],[10] | 1.98% | |||
Investment, Identifier [Axis]: World Insurance Associates (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [12],[13],[14] | 5.75% | |||
Interest Rate | [12],[13],[14] | 10.34% | |||
Par Amount | [12],[13] | $ 5,005 | |||
Amortized Cost | [12],[13] | 2,472 | |||
Fair Value | [4],[12],[13] | $ 2,298 | |||
Fair Value as % of Net Assets | [6],[12],[13] | 0.44% | |||
Investment, Identifier [Axis]: World Insurance Associates (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [13],[14] | 5.75% | |||
Interest Rate | [13],[14] | 10.34% | |||
Par Amount | [13] | $ 8,000 | |||
Amortized Cost | [13] | 8,000 | |||
Fair Value | [4],[13] | $ 7,721 | |||
Fair Value as % of Net Assets | [6],[13] | 1.47% | |||
Investment, Identifier [Axis]: Worldwide Clinical Trials Holdings Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[16] | 4.25% | |||
Interest Rate | [14],[16] | 9.02% | |||
Par Amount | [16] | $ 3,858 | |||
Amortized Cost | [16] | 3,846 | |||
Fair Value | [4],[16] | $ 3,824 | |||
Fair Value as % of Net Assets | [6],[16] | 0.73% | |||
Investment, Identifier [Axis]: Worldwide Clinical Trials Holdings Inc (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15],[16] | 4.25% | |||
Interest Rate | [14],[15],[16] | 8.64% | |||
Par Amount | [15],[16] | $ 6,120 | |||
Amortized Cost | [15],[16] | 6,087 | |||
Fair Value | [4],[15],[16] | $ 6,067 | |||
Fair Value as % of Net Assets | [6],[15],[16] | 1.16% | |||
Investment, Identifier [Axis]: Wpromote | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [2],[8] | 6% | [14],[15] | |
Interest Rate | 11.19% | [2],[8] | 10.36% | [14],[15] | |
Par Amount | $ 4,379 | [8] | $ 4,412 | [15] | |
Amortized Cost | 4,304 | [8] | 4,325 | [15] | |
Fair Value | $ 4,344 | [3],[8] | $ 4,326 | [4],[15] | |
Fair Value as % of Net Assets | 0.58% | [5],[8] | 0.83% | [6],[15] | |
Investment, Identifier [Axis]: Wpromote (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [1],[2],[11] | 6% | [12],[14] | |
Interest Rate | 11.19% | [1],[2],[11] | 10.36% | [12],[14] | |
Par Amount | $ 588 | [1],[11] | $ 588 | [12] | |
Amortized Cost | (4) | [1],[11] | (4) | [12] | |
Fair Value | $ (5) | [1],[3],[11] | $ (11) | [4],[12] | |
Fair Value as % of Net Assets | 0% | [1],[5],[11] | 0% | [6],[12] | |
Investment, Identifier [Axis]: Xpressmyself.com LLC (a/k/a SmartSign) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [14],[15] | 5% | |||
Interest Rate | [14],[15] | 9.59% | |||
Par Amount | [15] | $ 9,975 | |||
Amortized Cost | [15] | 9,881 | |||
Fair Value | [4],[15] | $ 9,881 | |||
Fair Value as % of Net Assets | [6],[15] | 1.88% | |||
Investment, Identifier [Axis]: Xpressmyself.com LLC (a/k/a SmartSign) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9] | 5.50% | |||
Interest Rate | [2],[8],[9] | 10.98% | |||
Par Amount | [8],[9] | $ 9,875 | |||
Amortized Cost | [8],[9] | 9,796 | |||
Fair Value | [3],[8],[9] | $ 9,701 | |||
Fair Value as % of Net Assets | [5],[8],[9] | 1.30% | |||
Investment, Identifier [Axis]: Xpressmyself.com LLC (a/k/a SmartSign) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[9] | 5.75% | |||
Interest Rate | [2],[9] | 11.22% | |||
Par Amount | [9] | $ 5,025 | |||
Amortized Cost | [9] | 4,932 | |||
Fair Value | [3],[9] | $ 4,983 | |||
Fair Value as % of Net Assets | [5],[9] | 0.67% | |||
Investment, Identifier [Axis]: Young Innovations | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [2],[8],[9],[10] | 5.75% | |||
Interest Rate | [2],[8],[9],[10] | 11.09% | |||
Par Amount | [8],[9],[10] | $ 16,552 | |||
Amortized Cost | [8],[9],[10] | 16,386 | |||
Fair Value | [3],[8],[9],[10] | $ 16,391 | |||
Fair Value as % of Net Assets | [5],[8],[9],[10] | 2.19% | |||
Investment, Identifier [Axis]: Young Innovations (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [1],[2],[10],[11] | 5.75% | |||
Interest Rate | [1],[2],[10],[11] | 11.09% | |||
Par Amount | [1],[10],[11] | $ 3,448 | |||
Amortized Cost | [1],[10],[11] | 0 | |||
Fair Value | [1],[3],[10],[11] | $ (34) | |||
Fair Value as % of Net Assets | [1],[5],[10],[11] | 0% | |||
[1] Denotes that all or a portion of the assets are owned by the Company or NCDL Equity Holdings (each as defined in Note 1 "Organization"). The Company entered into a senior secured revolving credit agreement (the “Revolving Credit Facility”). The Revolving Credit Facility is guaranteed by NCDL Equity Holdings and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future. The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2023. As of December 31, 2023, rates for 1M S, 3M S, 6M S, 12M S ("SOFR") are 5.35%, 5.33%, 5.16%, and 4.77% respectively. Certain investments are subject to a SOFR floor. For fixed rate loans, a spread above a reference rate is not applicable. Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. Percentage is based on net assets of $747,885 as of December 31, 2023. Percentage is based on net assets of $524,957 as of December 31, 2022. Cash equivalents balance represents amounts held in interest-bearing money market funds issued by U.S. Bank National Association. Denotes that all or a portion of the assets are owned by SPV II and/or SPV III (each as defined in Note 1 "Organization"). SPV II has entered into a senior secured revolving credit facility (the “SMBC Financing Facility”). The lenders of the SMBC Financing Facility have a first lien security interest in substantially all of the assets of SPV II. Accordingly, such assets are not available to other creditors of the Company. SPV III has entered into a senior secured revolving credit facility (the “Wells Fargo Financing Facility”). The lenders of the Wells Fargo Financing Facility have a first lien security interest in substantially all of the assets of SPV III. Accordingly, such assets are not available to other creditors of the Company. Denotes that all or a portion of the assets are owned by CLO-I and/or CLO-II (each as defined in Note 1 "Organization"), which serve as collateral for the 2022 and 2023 Debt Securitization (as defined in the Notes). See Note 6 "Secured Debt". Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 7 Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 7 "Commitments and Contingencies". The investment may be subject to unused commitment fees. Investment is a unitranche position. The majority of the investments bear interest at rates that may be determined by reference to London Interbank Offered Rate (“LIBOR” or "L"), as well as Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over LIBOR and SOFR and the current contractual interest rate in effect at December 31, 2022. As of December 31, 2022, effective rates for 1M L, 3M L, 6M L and 12M L are 4.39%, 4.77%,5.14% and 5.48% respectively. As of December 31, 2022, rate for 1M S, 3M S, 6M S, 12M S ("SOFR") are 4.36%, 4.59%, 4.78%, and 4.87% respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2022. Certain investments are subject to a LIBOR floor. For fixed rate loans, a spread above a reference rate is not applicable. Denotes that all or a portion of the assets are owned by SPV II and/or SPV III (each as defined in the Notes). SPV II has entered into a senior secured revolving credit facility (the “SMBC Financing Facility”). The lenders of the SMBC Financing Facility have a first lien security interest in substantially all of the assets of SPV II. Accordingly, such assets are not available to other creditors of the Company. SPV III has entered into a senior secured revolving credit facility (the “Wells Fargo Financing Facility”). The lenders of the Wells Fargo Financing Facility have a first lien security interest in substantially all of the assets of SPV III. Accordingly, such assets are not available to other creditors of the Company. Denotes that all or a portion of the assets are owned by CLO-I (as defined in the Notes), which serve as collateral for the 2022 Debt (as defined in the Notes). See Note 6 "Secured Debt". Equity investments are non-income producing securities unless otherwise noted. Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be a “restricted security” under the Securities Act. As of December 31, 2023, the Company held forty-four restricted securities with an aggregate fair value of $30,807, or 4.12% of the Company’s net assets. Equity investments are non-income producing securities unless otherwise noted. Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be a “restricted security” under the Securities Act. As of December 31, 2022, the Company held twenty-eight restricted securities with an aggregate fair value of $27,313, or 5.20% of the Company’s net assets. The acquisition dates of these securities were as follows: Hasa Inc. - July 15, 2020, Anne Arundel - October 16, 2020, Specialized Packaging Group - December 17, 2020, October 22, 2021 and February 9, 2022, SEKO Global Logistics - December 30, 2020, FoodScience - March 1, 2021, Solve Industrial Motion Group - June 30, 2021, Wittichen Supply - July 27, 2021, Erie Construction - July 30, 2021, Career Now - September 30, 2021, Covercraft - August 20, 2021, E78 - December 1, 2021, S&S Truck Parts - March 31, 2022 and August 1, 2022, Repipe Specialists - March 31, 2022, Crete Mechanical Group - May 19, 2022, LMI Renaissance - June 30, 2022, Oliver Packaging - July 12, 2022, Bardstown PPC Holdings LLC - July 13, 2022, ITSavy LLC - August 8, 2022, ADPD Holdings,LLC (a/k/a NearU) August 11, 2022 and Ultima Health Holdings LLC - September 12,2022, Gennett Fleming- December 20,2022, BroadcastMedHoldco, LLC - October 4, 2022 , Fresh Edge-Preferred- October 3,2022, Fresh Edge-Common- October 3, 2022 , RoadOne- Common- December 29, 2022. The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 4.24% of the Company's total assets calculated in accordance with the 1940 Act. Investments valued using observable inputs (Level 2). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 3 "Fair Value Measurements" for more information. Investments valued using observable inputs (Level 2). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. This portfolio company is not domiciled in the United States. The principal place of business for Specialized Packing Group and Bakeovations Intermediate is Canada and the principal place of business for Phaidon International is the United Kingdom. The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2022, total non-qualifying assets at fair value represented 2.77% of the Company's total assets calculated in accordance with the 1940 Act. Loan was on non-accrual status as of December 31, 2022. This portfolio company is not domiciled in the United States. The principal place of business for Specialized Packing Group is Canada. The principal place of business for Phaidon International is the United Kingdom. A portfolio company that is not domiciled in the United States is considered a non-qualifying asset under Section 55(a) of the 1940 Act. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) $ in Thousands | Dec. 31, 2023 USD ($) restricted_security | Dec. 31, 2022 USD ($) investment | ||
Schedule of Investments [Line Items] | ||||
Net assets | $ 747,885 | $ 524,957 | ||
Fair Value | $ 1,706,163 | [1] | $ 1,217,948 | [2] |
Percent of net assets | 228.13% | [3] | 232.01% | [4] |
Restricted Security | ||||
Schedule of Investments [Line Items] | ||||
Number of investments | investment | 28 | |||
Number of restricted securities held | restricted_security | 44 | |||
Fair Value | $ 30,807 | $ 27,313 | ||
Percent of net assets | 4.12% | 5.20% | ||
Non Qualifying Assets | ||||
Schedule of Investments [Line Items] | ||||
Percent of net assets | 4.24% | 2.77% | ||
Qualifying Assets | ||||
Schedule of Investments [Line Items] | ||||
Percent of net assets | 70% | 70% | ||
One Month Libor | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 4.39% | |||
Three Month Libor | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 4.77% | |||
Six Month Libor | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.14% | |||
Twelve Month Libor | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.48% | |||
One Month SOFR | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.35% | 4.36% | ||
Three Month SOFR | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.33% | 4.59% | ||
Six Month SOFR | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.16% | 4.78% | ||
Twelve Month SOFR | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 4.77% | 4.87% | ||
[1] Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. Percentage is based on net assets of $747,885 as of December 31, 2023. Percentage is based on net assets of $524,957 as of December 31, 2022. |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Nuveen Churchill Direct Lending Corp., a Maryland corporation (the “Company”), is a closed-end, externally managed, non-diversified management investment company that 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, and intends to qualify annually thereafter, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Effective June 1, 2020, the Company changed its name from “Nuveen Churchill BDC, Inc.” to “Nuveen Churchill Direct Lending Corp.” On December 31, 2019, immediately prior to the BDC election, the Company’s wholly owned subsidiary Nuveen Churchill BDC SPV I, LLC (“SPV I”) merged with Churchill Middle Market CLO V Ltd. (the “Predecessor Entity”), with SPV I as the surviving entity (the “Merger”). On May 20, 2022, SPV I completed a term debt securitization and, in connection therewith, changed its name to Churchill NCDLC CLO-I, LLC (“CLO-I”). See Note 6 , Secured Debt. The Company’s investment objective is to generate attractive risk-adjusted returns primarily through current income by investing primarily in senior secured loans to private equity-owned U.S. middle market companies, which the Company defines as companies with approximately $10 million to $250 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company primarily focuses on investing in U.S. middle market companies with $10 million to $100 million in EBITDA, which it considers the core middle market. The Company's portfolio is comprised primarily of first-lien senior secured debt and unitranche loans. Although it is not the Company's primary strategy, the Company also opportunistically invests in junior capital opportunities, including second-lien loans, subordinated debt, and equity co-investments and similar equity-related securities. The Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) with Churchill DLC Advisor LLC (f/k/a Nuveen Churchill Advisors LLC) (the “Adviser”), under which the Adviser has delegated substantially all of its day-to-day portfolio management obligations through a sub-advisory agreement (as amended and restated, the “Sub-Advisory Agreement” and, together with the Investment Advisory Agreement, the “Advisory Agreements”), with Churchill Asset Management LLC (the “Sub-Adviser” together with the Adviser, the "Advisers"). Under an administration agreement (the “Administration Agreement”), the Company is provided with certain services by an administrator, Churchill BDC Administration LLC (f/k/a Nuveen Churchill Administration LLC) (the “Administrator”). The Advisers and Administrator are all affiliates and subsidiaries of Nuveen, LLC, a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). See Note 5 , Related Party Transactions. Nuveen Churchill BDC SPV II, LLC (“SPV II”) and Nuveen Churchill BDC SPV III, LLC ("SPV III") were each formed on March 19, 2020 and commenced operations on September 21, 2020, the date of their first investment transaction. On December 7, 2023, SPV II completed a term debt securitization and, in connection therewith, changed its name to Churchill NCDLC CLO-II, LLC (“CLO-II”). See Note 6 , Secured Debt. Nuveen Churchill BDC SPV IV, LLC (“SPV IV”) was formed on August 25, 2023. SPV III and SPV IV primarily invest in first-lien senior secured debt and unitranche loans. NCDL Equity Holdings LLC ("NCDL Equity Holdings") was formed on June 13, 2022 and commenced operations on October 5, 2022, the date of its first investment transaction. NCDL Equity Holdings was formed to hold certain equity-related securities. CLO-I, CLO-II, SPV III, SPV IV and NCDL Equity Holdings are wholly owned subsidiaries of the Company and are consolidated in these consolidated financial statements commencing from the date of their formation, in accordance with the Company's consolidation policy discussed in Note 2 . Beginning with its initial closing in March 2020, the Company conducted private offerings of its shares of common stock to accredited investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). As of December 31, 2023, as a result of these private offerings, the Company had received aggregate capital commitments totaling $906.4 million ($142.4 million remained undrawn), of which $100.0 million ($15.7 million remaining undrawn) were from TIAA. Subsequent to fiscal year ended December 31, 2023, the Company issued shares pursuant to its final drawdown notice and closed its initial public offering ("IPO"). See Note 11 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”), and pursuant to Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value, unless otherwise disclosed within. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company 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, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash Cash and restricted cash represent cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. The Company has restrictions on the uses of the cash held by SPV III based on the terms of the Wells Fargo Financing Facility (as defined in Note 6 below). Cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. Cash, restricted cash and cash equivalents are carried at cost, which approximates fair value. Valuation of Portfolio Investments Investments are valued in accordance with the fair value principles established by FASB ASC Topic 820, Fair Value Measurement (“ASC Topic 820”) and in accordance with the 1940 Act. ASC Topic 820’s definition of fair value focuses on the amount that would be received to sell the asset or paid to transfer the liability in the principal or most advantageous market, and prioritizes the use of market-based inputs (observable) over entity-specific inputs (unobservable) within a measurement of fair value. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below: • Level 1 — Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2 — Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Active, publicly traded instruments are classified as Level 1 and their values are generally based on quoted market prices, even if both the market’s normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. Fair value is generally determined as the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. If available, fair value of investments is based on directly observable market prices or on market data derived from comparable assets. The Company’s valuation policy considers the fact that no ready market may exist for many of the securities in which it invests and that fair value for its investments must be determined using unobservable inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Company's board of directors (the “Board”) has designated the Adviser as the Company's valuation designee (the “Valuation Designee”) to determine the fair value of the Company's investments that do not have readily available market quotations, which became effective beginning with the fiscal quarter ended March 31, 2023. Pursuant to the Company's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the “Valuation Committee”) is responsible for determining the fair value of the Company’s assets for which market quotations are not readily available, subject to the oversight of the Board. With respect to investments for which market quotations are not readily available (Level 3), the Valuation Designee, subject to the oversight of the Board as described below, defined further below in Note 5 , undertakes a multi-step valuation process each quarter, as follows: i. the quarterly valuation process begins with each portfolio company or investment being initially valued by either the professionals of the applicable investment team that are responsible for the portfolio investment or an independent third-party valuation firm; ii. to the extent that an independent third-party valuation firm has not been engaged by, or on behalf of, the Company to value 100% of the portfolio, then at a minimum, an independent third-party valuation firm will be engaged by, or on behalf of, the Company will provide positive assurance of the portfolio each quarter (such that each investment is reviewed by a third-party valuation firm at least once on a rolling 12-month basis and each watch-list investment will be reviewed each quarter), including a review of management’s preliminary valuation and recommendation of fair value; iii. the Valuation Committee then reviews and discusses the valuations with any input, where appropriate, from the independent third-party valuation firm(s), and determine the fair value of each investment in good faith based on the Company’s valuation policy, subject to the oversight of the Board; and iv. the Valuation Designee provides the Board with the information relating to the fair value determination pursuant to the Company’s valuation policy in connection with each quarterly Board meeting, comply with the periodic board reporting requirements set forth in the Company’s valuation policy, and discuss with the Board its determination of the fair value of each investment in good faith. The Valuation Designee makes this fair value determination on a quarterly basis and in such other instances when a decision regarding the fair value of the portfolio investments is required. Factors considered by the Valuation Designee as part of the valuation of investments include each portfolio company's credit ratings/risk, current and projected earnings, current and expected leverage, ability to make interest and principal payments, liquidity, compliance with applicable loan covenants, and price to earnings (or other financial) ratios and those of comparable companies, as well as the estimated remaining life of the investment and current market yields and interest rate spreads of similar securities as of the measurement date. Other factors taken into account include changes in the interest rate environment and credit markets that may affect the price at which similar investments would trade. The Valuation Designee may also base its valuation of an investment on recent investments and securities with similar structure and risk characteristics. The Valuation Designee obtains market data from its ongoing investment purchase efforts, in addition to monitoring transactions that have closed or are discussed in industry publications. External information may include (but is not limited to) observable market data derived from the U.S. loan and equity markets. As part of compiling market data as an indication of current market conditions, management may utilize third-party sources. The values assigned to investments are based on available information and may fluctuate from period to period. In addition, such values do not necessarily represent the amount that ultimately might be realized upon a portfolio investment's sale. Due to the inherent uncertainty of valuation, the estimated fair value of an investment may differ from the value that would have been used had a ready market for the security existed, and the difference could be material. The Board is responsible for overseeing the Valuation Designee’s process for determining the fair value of the Company’s assets for which market quotations are not readily available, taking into account the Company’s valuation risks. To facilitate the Board’s oversight of the valuation process, the Valuation Designee provides the Board with quarterly reports, annual reports, and prompt reporting of material matters affecting the Valuation Designee’s determination of fair value. As part of the Board’s oversight role, the Board may request and review additional information to be informed of the Valuation Designee’s process for determining the fair value of the Company's investments. Investment Transactions and Revenue Recognition Investment transactions are recorded on the applicable trade date. Any amounts related to purchases, sales and principal paydowns that have traded, but not settled, are reflected as either a receivable for investments sold or payable for investments purchased on the consolidated statements of assets and liabilities. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized and are included as net realized gain (loss) on investments in the consolidated statements of operations. Net change in unrealized appreciation (depreciation) on investments is recognized in the consolidated statements of operations and reflects the period-to-period change in fair value and cost of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Interest income, including amortization of premium and accretion of discount on loans, and expenses are recorded on the accrual basis. The Company accrues interest income if it expects that ultimately it will be able to collect such income. The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. This non-cash source of income is included when determining what must be paid out to shareholders in the form of distributions in order for the Company to maintain its tax treatment as a RIC, even though the Company has not yet collected cash. As of December 31, 2023 and December 31, 2022, the fair value of the loans in the portfolio with PIK income provisions was $131,798 and $58,656, respectively, which represents approximately 8.03% and 4.89% of total investments at fair value, respectively. For the the years ended December 31, 2023, 2022, and 2021 the Company earned $3,644, $789, and $113 respectively, in PIK income provisions. 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. For the years ended December 31, 2023, 2022, and 2021, the Company earned $101, $225, and $213 respectively, of dividend income on its equity investments. Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Company’s investment activities, as well as any fees for managerial assistance services rendered by the Company to its portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the years ended December 31, 2023, 2022, and 2021 the Company earned other income of $1,143 and $1,571, and $1,062 respectively, primarily related to prepayment and amendment fees. Loans are generally placed on non-accrual status when a payment default occurs or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Company will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. As of December 31, 2023, there were no loans on non-accrual. As of December 31, 2022, the fair value of the loan on non-accrual status was $8,898, which represents approximately 0.74%, of total investments at fair value. Deferred Financing Costs Deferred financing costs include capitalized expenses related to the closing or amendments of borrowings. Amortization of deferred financing costs is computed on the straight-line basis over the term of the borrowings. The unamortized balance of such costs is included as a direct deduction from the related liability in the accompanying consolidated statements of assets and liabilities. The amortization of such costs is included in interest and debt financing expenses in the accompanying consolidated statements of operations. Offering Costs Offering costs consist primarily of fees and expenses incurred in connection with the offering of shares, as well as legal, printing and other costs associated with the preparation and filing of applicable registration statements and offering materials. Offering costs are recognized as a deferred charge, are amortized on a straight-line basis over 12 months and are shown in the Company's consolidated statements of operations. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of paid-in capital upon each such offering. For the years ended December 31, 2023, 2022, and 2021 and the Company incurred offering costs of $23, $82, and $68 respectively. Income Taxes For U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a RIC under the Code. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay U.S. federal income taxes only on the portion of its taxable income and capital gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its shareholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% U.S. nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ended October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to U.S. federal income tax at corporate rates is considered to have been distributed. The Company intends to timely distribute to our shareholders substantially all of our annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, we may choose to carry forward ICTI for distribution in the following year and pay any applicable U.S. federal excise tax. 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. CLO-I, SPV II, SPV III and SPV IV are disregarded entities for tax purposes and are consolidated with the tax return of the Company. NCDL Equity Holdings has elected to be classified as a corporation for U.S. federal income tax purposes. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the year ended December 31, 2023, the Company incurred $6 of excise tax expense. The Company did not incur any excise tax expense for the years ended December 31, 2022 and 2021. Dividends and Distributions to Common Shareholders To the extent that the Company has taxable income available, the Company intends to continue to make quarterly distributions to its common shareholders. Dividends and distributions to common shareholders are recorded on the applicable record date. The amount to be distributed to common shareholders is determined by the Board each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, will generally be distributed at least annually, although the Company may decide to retain such capital gains for investment. The Company has adopted a dividend reinvestment plan under which shareholders will automatically receive dividends and other distributions in cash unless they elect to have their dividends and other distributions reinvested in additional shares. As a result of the foregoing, if the Board authorizes, and we declare, a cash dividend or distribution, shareholders that have “opted in” to our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares rather than receiving cash. Functional Currency The functional currency of the Company is the U.S. Dollar and all transactions were in U.S. Dollars. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS As of December 31, 2023 and December 31, 2022, our investments consisted of the following (dollar amounts in thousands): December 31, 2023 December 31, 2022 Amortized Cost Fair Value % of Fair Value Amortized Cost Fair Value % of Fair Value First-Lien Term Loans $ 1,450,120 $ 1,427,492 86.95 % $ 1,071,012 $ 1,039,820 86.62 % Subordinated Debt 1 $ 190,454 $ 183,387 11.17 % 136,353 133,243 11.10 % Equity Investments $ 25,595 $ 30,807 1.88 % 18,208 27,313 2.28 % Total $ 1,666,169 $ 1,641,686 100.00 % $ 1,225,573 $ 1,200,376 100.00 % 1 As of December 31, 2023, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $97,203, mezzanine debt of $83,528 and $2,656 of structured debt at fair value and second lien term loans and/or second lien notes of $100,711, mezzanine debt of $86,495 and 3,247 of structured debt at amortized cost. As of December 31, 2022, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $87,224$, mezzanine debt of $43,331 and $2,688 of structured debt at fair value and second lien term loans and/or second lien notes of $89,070, mezzanine debt of $44,445 and $2,838 of structured debt at amortized cost. The industry composition of our portfolio as a percentage of fair value as of December 31, 2023 and December 31, 2022 was as follows: Industry December 31, 2023 December 31, 2022 Aerospace & Defense 3.13 % 2.76 % Automotive 4.95 % 6.14 % Banking, Finance, Insurance, Real Estate 3.95 % 4.44 % Beverage, Food & Tobacco 7.76 % 6.40 % Capital Equipment 4.21 % 4.14 % Chemicals, Plastics, & Rubber 2.29 % 2.88 % Construction & Building 3.90 % 2.65 % Consumer Goods: Durable 1.51 % 1.91 % Consumer Goods: Non-durable 3.31 % 4.01 % Containers, Packaging & Glass 3.97 % 3.80 % Energy: Electricity 1.75 % — % Environmental Industries 2.73 % 1.65 % Healthcare & Pharmaceuticals 12.72 % 9.21 % High Tech Industries 8.97 % 9.14 % Media: Advertising, Printing & Publishing 1.12 % 1.25 % Media: Diversified & Production 0.96 % 1.35 % Retail 0.35 % 0.47 % Services: Business 18.43 % 21.92 % Services: Consumer 4.86 % 4.47 % Sovereign & Public Finance 0.65 % 0.85 % Telecommunications 3.17 % 4.09 % Transportation: Cargo 3.20 % 3.62 % Transportation: Consumer 0.13 % — % Utilities: Electric 0.89 % 0.39 % Wholesale 1.09 % 2.46 % Total 100.00 % 100.00 % The geographic composition of investments at cost and fair value was as follows: December 31, 2023 Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets USA 1,613,815 1,589,384 96.82 % 212.52 % Canada 38,462 38,292 2.33 % 5.12 % United Kingdom 13,892 14,010 0.85 % 1.87 % 1,666,169 1,641,686 100.00 % 219.51 % December 31, 2022 Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets USA 1,200,277 1,175,145 97.90 % 223.86 % Canada 10,441 10,411 0.87 % 1.98 % United Kingdom 14,855 14,820 1.23 % 2.82 % 1,225,573 1,200,376 100.00 % 228.66 % As of December 31, 2023 and December 31, 2022, on a fair value basis, 94.61% and 95.42%, respectively, of the Fund’s debt investments bore interest at a floating rate and 5.39% and 4.58%, respectively, of the Fund’s debt investments bore interest at a fixed rate. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Disclosures The following tables present fair value measurements of investments, by major class, and cash equivalents as of December 31, 2023 and December 31, 2022, according to the fair value hierarchy: As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: First Lien Term Loans $ — $ 34,481 $ 1,393,011 $ 1,427,492 Subordinated Debt 1 — 8,691 174,696 183,387 Equity Investments — — 30,807 30,807 Cash Equivalents 64,477 — — 64,477 Total $ 64,477 $ 43,172 $ 1,598,514 $ 1,706,163 _____________________ 1 Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $97,203, mezzanine debt of $83,528 and $2,656 of structured debt. As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: First Lien Term Loans $ — $ 22,964 $ 1,016,856 $ 1,039,820 Subordinated Debt 1 — — 133,243 133,243 Equity Investments — — 27,313 27,313 Cash Equivalents 17,572 — — 17,572 Total $ 17,572 $ 22,964 $ 1,177,412 $ 1,217,948 _____________________ 1 Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $87,224, mezzanine debt of $43,331 and $2,688 of structured debt. The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended December 31, 2023 and 2022: First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of December 31, 2022 $ 1,016,856 $ 133,243 $ 27,313 $ 1,177,412 Purchase of investments 513,487 65,296 9,110 587,893 Proceeds from principal repayments and sales of investments (118,469) (14,915) (8,667) (142,051) Payment-in-kind interest 221 3,047 — 3,268 Amortization of premium/accretion of discount, net 1,386 426 833 2,645 Net realized gain (loss) on investments (14,339) 238 6,112 (7,989) Net change in unrealized appreciation (depreciation) on investments 8,871 (4,191) (3,894) 786 Transfers out of Level 3 (1) (23,350) (8,448) — (31,798) Transfers to Level 3 (1) 8,348 — — 8,348 Balance as of December 31, 2023 $ 1,393,011 $ 174,696 $ 30,807 $ 1,598,514 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2023 $ 364 $ (4,167) $ 2,154 $ (1,649) _______________ (1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2023, transfers into Level 3 from Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies. First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of December 31, 2021 $ 677,380 $ 74,001 $ 8,133 $ 759,514 Purchase of investments 421,363 58,003 12,257 491,623 Proceeds from principal repayments and sales of investments (44,866) (4,131) — (48,997) Payment-in-kind interest 51 738 — 789 Amortization of premium/accretion of discount, net 1,407 324 — 1,731 Net realized gain (loss) on investments (340) 78 — (262) Net change in unrealized appreciation (depreciation) on investments (28,184) (3,813) 6,923 (25,074) Transfers out of Level 3 (1) (9,955) — — (9,955) Transfers to Level 3 (1) — 8,043 — 8,043 Balance as of December 31, 2022 $ 1,016,856 $ 133,243 $ 27,313 $ 1,177,412 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2022 $ (28,852) $ (3,836) $ 6,923 $ (25,765) _______________ (1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2022, transfers into Level 3 from Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies. Significant Unobservable Inputs ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2023 and December 31, 2022 were as follows: Investment Type Fair Value at December 31, 2023 Valuation Techniques Unobservable Inputs Ranges Weighted Average First Lien Term Loans $ 1,192,190 Yield Method Market Yield Discount Rates 6.13 % 18.73 % 10.63 % First Lien Term Loans 19,519 Market Approach EBITDA Multiple 6.50x 9.25x 7.21x First Lien Term Loans 181,302 Recent Transactions Transaction Price 59.50 100.00 97.52 Subordinated Debt 162,646 Yield Method Market Yield Discount Rates 9.70 % 24.91 % 14.44 % Subordinated Debt 12,050 Recent Transaction Transaction Price 84.75 98.01 89.53 Equity 158 Yield Method Market Yield Discount Rates 8.36 % 8.36 % 8.36 % Equity 29,390 Market Approach EBITDA Multiple 6.50x 19.50x 10.96x Equity 2 Market Approach Blended EBITDA Multiple 13.25x 13.25x 13.25x Blended Revenue Multiple 1.40x 1.40x 1.40x Total $ 1,597,257 Equity investments in the amount of $1,257 at December 31, 2023 have been excluded from the table above as the investments are valued using a recent transaction. Investment Type Fair Value at December 31, 2022 Valuation Techniques Unobservable Inputs Ranges Weighted Average First Lien Term Loans $ 943,976 Yield Method Market Yield Discount Rates 8.00 % 20.73 % 10.64 % First Lien Term Loan 8,898 Recovery Analysis Recovery Value 60.20 60.20 60.20 First Lien Term Loans 63,982 Recent Transactions Transaction Price 98.01 100.00 98.23 Subordinated Debt 107,500 Yield Method Market Yield Discount Rates 11.72 % 17.40 % 13.19 % Subordinated Debt 25,743 Recent Transactions Transaction Price 97.00 100.00 98.40 Equity 15,667 Enterprise Value EBITDA Multiple 6.50x 19.50x 7.78x Total $ 1,165,766 Equity investments in the amount of $11,646 at December 31, 2022 have been excluded from the table above as the investments are valued using a recent transaction. Debt investments are generally valued using a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure. A recent market trade, if applicable, will also be factored into the valuation. Equity investments are generally valued using a market approach, which utilizes market value multiples (EBITDA or revenue) of publicly traded comparable companies and available precedent sales transactions of comparable companies. The selected multiple is used to estimate the enterprise value of the underlying investment. The significant unobservable input used in the yield method is a discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the performance multiple, which may include a revenue multiple, EBITDA multiple, or forward-looking metrics. The multiple is used to estimate the enterprise value of the underlying investment. An increase or decrease in the multiple would result in an increase or decrease, respectively, in the fair value. A recent transaction, if applicable, may also be factored into the valuation if the transaction price is believed to be an indicator of value. Alternative valuation methodologies may be used as deemed appropriate for debt or equity investments, and may include, but are not limited to, a market analysis, income analysis, or liquidation (recovery) analysis. Weighted average inputs are calculated based on the relative fair value of the investments. Financial Instruments disclosed but not carried at fair value The fair value of the Company's credit facilities, which would be categorized as Level 3 within the fair value hierarchy approximates their carrying values. These fair value measurements were based on significant inputs not observable and thus represent Level 3 measurements. The fair value of the 2022 Notes and 2023 Notes (as defined in Note 6 ) was based on market quotations(s) received from broker/dealer(s). These fair value measurements were based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and thus represent Level 2 measurements. The carrying value and fair value of the Company’s debt obligations were as follows: December 31, 2023 December 31, 2022 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Wells Fargo Financing Facility (1) $ 231,000 $ 231,000 $ 111,300 $ 111,300 SMBC Financing Facility (1) 37,377 37,377 252,147 252,147 Revolving Credit Facility 126,500 126,500 — — 2022 Debt 342,000 338,345 342,000 328,705 2023 Debt 215,000 213,976 — — Total $ 951,877 $ 947,198 $ 705,447 $ 692,152 _______________ (1) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Advisory Agreements On December 31, 2019, immediately prior to its election to be regulated as a BDC, the Company entered into the investment advisory agreement with the Adviser. The Board, including all of the directors who are not “interested persons” (as defined in the 1940 Act) of the Company (the “Independent Directors”), approved the investment advisory agreement in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, the 1940 Act. Subsequent to fiscal year ended December 31, 2023, the Company entered into an amended and restated investment advisory agreement that became effective on January 29, 2024 upon consummation of the IPO. See Note 11 , Subsequent Events, for more information. The information below reflects the terms of the investment advisory agreement in effect as of December 31, 2023. On December 31, 2019, immediately prior to the Company’s election to be regulated as a BDC, the Adviser entered into the Sub-Advisory Agreement with Churchill, which was subsequently amended and restated on December 11, 2020, October 7, 2021 and March 8, 2022. The Board, including all of the Independent Directors, also approved the Sub-Advisory Agreement in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, the 1940 Act. The Adviser has delegated substantially all of its day-to-day portfolio-management obligations under the Investment Advisory Agreement to Churchill pursuant to the Sub-Advisory Agreement. The Adviser has general oversight over the investment process on behalf of the Company and manages the capital structure of the Company, including, but not limited to, asset and liability management. The Adviser also has ultimate responsibility for the Company’s performance under the terms of the investment advisory agreement. Each Advisory Agreement remained in effect for an initial period of two years and will remain in effect on a year-to-year basis thereafter if approved annually either by the Board or by the affirmative vote of the holders of a majority of our outstanding voting securities and, in each case, a majority of our Independent Directors. Most recently, on October 27, 2023, the Board, including all of the Independent Directors, approved the renewal of each Advisory Agreement in accordance with, and on the basis of an evaluation satisfactory to such directors as required by, the 1940 Act for an additional one-year term expiring on December 31, 2024. Each Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the applicable Adviser and may be terminated by either the Company or the applicable Adviser without penalty upon not less than 60 days’ written notice to the other. The holders of a majority of our outstanding voting securities may also terminate any of the Advisory Agreements without penalty. The Adviser will retain a portion of the management fee and incentive fee payable under the Investment Advisory Agreement. The remaining amounts will be paid by the Adviser to the Sub-Adviser as compensation for services provided pursuant to the Sub-Advisory Agreement. Prior to any Exchange Listing or any listing of the Company's securities on any other public trading market, the base management fee is calculated and payable quarterly in arrears at an annual rate of 0.75% of average total assets, excluding cash and cash equivalents and undrawn capital commitments and including assets financed using leverage (“Average Total Assets”), at the end of the two most recently completed calendar quarters. For purposes of this calculation, cash and cash equivalents include any temporary investments in cash-equivalents, U.S. government securities and other high quality investment grade debt investments that mature in 12 months or less from the date of investment. Following an Exchange Listing, the base management fee will be calculated at an annual rate of 1.25% of Average Total Assets. Prior to an Exchange Listing, or any listing of its securities on any other public trading market, the Company will pay no incentive fee to the Adviser. Following an Exchange Listing, the Company will pay an incentive fee to the Adviser that will consist of two parts. The first part will be calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the preceding quarter. The second part of the incentive fee is a capital gains incentive fee that will be determined and payable in arrears as of the end of each fiscal year. Pre-incentive fee net investment income will not include any realized capital gains, realized capital losses or unrealized capital gains or losses. If any distributions from portfolio companies are characterized as a return of capital, such returns of capital would affect the capital gains incentive fee to the extent a gain or loss is realized. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter in which it incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable incentive fee even if it has incurred a loss in that quarter due to realized and unrealized capital losses. Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 1.50% per quarter (6.0% annually). Pursuant to the Investment Advisory Agreement, following an Exchange Listing, the Company will pay its Adviser an incentive fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows: • no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 1.50% (6.0% annually); • 100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.76% in any calendar quarter following an Exchange Listing. The Company refers to this portion of the Company’s pre-incentive fee net investment income as the “catch-up” provision. Following an Exchange Listing, the catch-up is meant to provide the Adviser with 15% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.76% in any calendar quarter; and • 15% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.76% in any calendar quarter following an Exchange Listing. Following an Exchange Listing, the second part of the incentive fee is a capital gains incentive fee that will be determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 15% of the Company’s realized capital gains as of the end of the fiscal year following an Exchange Listing. In determining the capital gains incentive fee payable to the Adviser, the Company will calculate the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in the Company’s portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the amortized cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the amortized cost of such investment since inception. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the amortized cost of such investment. At the end of the applicable year, the amount of capital gains that will serve as the basis for the calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to our portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year equals 15% of such amount, as applicable, less the aggregate amount of any capital gains incentive fees paid in respect of the Company’s portfolio in all prior years following an Exchange Listing. For the years ended December 31, 2023, 2022, and 2021 base management fees were $10,509, $7,464, and $4,049 respectively. As of December 31, 2023 and December 31, 2022, $3,006 and $2,211, respectively, of such base management fees, were unpaid and are included in Management fees payable in the accompanying consolidated statements of assets and liabilities. For the years ended December 31, 2023, 2022, and 2021 the Company was not entitled to any incentive fees under the Investment Advisory Agreement. Administration Agreement On December 31, 2019, the Company entered into the Administration Agreement, which was approved by the Board. Pursuant to the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping and record keeping and other administrative services at such facilities. The Administrator performs, or oversees the performance of, the required administrative services, which include, among other things, assisting the Company with the preparation of the financial records that the Company is required to maintain and with the preparation of reports to shareholders and reports filed with the SEC. At the request of the Adviser or the Sub-Adviser, the Administrator also may provide significant managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), provides the Company with certain fund administration and bookkeeping services pursuant to a sub-administration agreement with the Administrator. For the years ended December 31, 2023, 2022 and 2021 the Company incurred $1,598, $1,111, and $660 respectively, in fees under the Administration Agreement, which are included in administration fees in the accompanying consolidated statements of operations. As of December 31, 2023 and December 31, 2022, fees of $505 and $808, respectively, were unpaid and included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities. Expense Support Agreement On December 31, 2019, the Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. The Expense Support Agreement automatically terminated pursuant to its terms upon the consummation of the IPO on January 29, 2024. Under the Expense Support Agreement, the Adviser was able to pay certain expenses of the Company, provided that no portion of the payment was used to pay any interest expense of the Company (each, an “Expense Payment”). Such Expense Payment was made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from the Adviser to pay such expense, and/or by an offset against amounts due from the Company to the Adviser or its affiliates. Following any calendar quarter in which Available Operating Funds (as defined below) exceeded the cumulative distributions accrued to our shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (such amount referred to as the “Excess Operating Funds”), the Company paid such Excess Operating Funds, or a portion thereof (each, a “Reimbursement Payment”), 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 were reimbursed. Available Operating Funds means the sum of (i) the Company’s net investment income (including net realized short-term capital gains reduced by net realized long-term capital losses), (ii) the Company’s net capital gains (including the excess of net realized long-term capital gains over net realized short-term capital losses) and (iii) dividends and other distributions paid to 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). The amount of the Reimbursement Payment for any calendar quarter was equal the lesser of (i) the Excess Operating Funds in such 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 were not been previously reimbursed by the Company to the Adviser. No Reimbursement Payment for any calendar quarter was made if (1) the annualized rate of regular cash distributions declared by the Company on record dates in the applicable calendar quarter of such Reimbursement Payment was less than the annualized rate of regular cash distributions declared by the Company on record dates in the calendar quarter in which the Expense Payment was committed to which such Reimbursement Payment relates, or (2) the Company’s Operating Expense Ratio (as defined below) at the time of such Reimbursement Payment was greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. The Operating Expense Ratio was calculated by dividing the Company’s operating costs and expenses incurred, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets. The Company’s obligation to make a Reimbursement Payment automatically becomes a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. The following table presents a cumulative summary of the Expense Payments that may be subject to reimbursement pursuant to the Expense Support Agreement: For the Quarter Ended Expense Payments by Adviser Reimbursement Payments to Adviser Expired Expense Support Unreimbursed Expense Payments Reimbursement Eligibility Expiration December 31, 2019 $ 1,696 $ — $ (1,696) $ — December 31, 2022 March 31, 2020 182 — (182) — March 31, 2023 June 30, 2020 3 (3) — — June 30, 2023 September 30, 2020 466 (466) — — September 30, 2023 December 31, 2020 56 (56) — — December 31, 2023 March 31, 2021 97 (97) — — March 31, 2024 June 30, 2021 62 (62) — — June 30, 2024 September 30, 2021 47 (47) — — September 30, 2024 December 31, 2021 42 (42) — — December 31, 2024 March 31, 2022 71 (71) — — March 31, 2025 June 30, 2022 54 (54) — — June 30, 2025 September 30, 2022 67 (67) — — September 30, 2025 June 30, 2023 136 (136) — — June 30, 2026 Total $ 2,979 $ (1,101) $ (1,878) $ — For the year ended December 31, 2023, the Company received $158, respectively, in expense support from the Adviser relating to offering costs and other general and administrative expenses. For the years ended December 31, 2022 and 2021 the Company received $179 and $522, respectively, in expense support from the Adviser relating to legal fees and offering costs. For the year ended December 31, 2023, the Company reimbursed the Adviser for the remaining balance of $1,101 under the Expense Support Agreement, for previously supported expenses,of which $632 is included in Due to adviser expense support in the accompanying consolidated statements of assets and liabilities. There were no unpaid expense reimbursements to the Adviser as of December 31, 2023. The cumulative amount of expense payments by the Adviser as of December 31, 2023 and December 31, 2022, are $2,979 and $2,843, respectively. As of December 31, 2023, there were no unreimbursed expense payments under the Expense Support Agreement. Directors' Fees The Board consists of seven members, five of whom are Independent Directors. On December 9, 2019, the Board established an Audit Committee, a Nominating and Corporate Governance Committee and a Special Transactions Committee, each consisting solely of the Independent Directors, and may establish additional committees in the future. For the years ended December 31, 2023, 2022, and 2021, the Company incurred $383, $383, and $383, respectively, in fees which are included in Directors’ fees in the accompanying consolidated statements of operations. As of December 31, 2023 and December 31, 2022, $96 and $96, respectively, were unpaid and are included in Directors’ fees payable in the accompanying consolidated statements of assets and liabilities. Other Related Party Transactions From time to time, the Sub-Adviser and the Administrator may pay amounts owed by the Company to third-party providers of goods or services and the Company will subsequently reimburse the Sub-Adviser and Administrator for such amounts paid on its behalf. Amounts payable to the Sub-Adviser and Administrator are settled in the normal course of business without formal payment terms. As of December 31, 2023 and December 31, 2022, the Company owed the Sub-Adviser and the Administrator $353 and $1,264 for reimbursements including the Company's allocable portion of overhead, which are included in Accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities. |
SECURED DEBT
SECURED DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
SECURED DEBT | SECURED DEBT The Company, CLO-I, CLO-II, SPV III and SPV IV are party to credit facilities or debt obligations as described below. In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowings. As of December 31, 2023 and December 31, 2022, asset coverage was 178.57% and 174.41%, respectively. Proceeds of the credit facilities or debt obligations are used for general corporate purposes, including the funding of portfolio investments. The Company, CLO-I, CLO-II, SPV III, and SPV IV were in compliance with all covenants and other requirements of their respective agreements. Subscription Facility On September 10, 2020, the Company entered into a revolving credit agreement (the “Subscription Facility Agreement” and the facility thereunder, the “Subscription Facility”) with Sumitomo Mitsui Banking Corporation (“SMBC”), as the administrative agent for certain secured parties, the syndication agent, the lead arranger, the book manager, the letter of credit issuer and the lender. The Subscription Facility had a maximum commitment of $50,000, subject to availability under the "Borrowing Base." The Borrowing Base was calculated based on the unfunded capital commitments of certain investors that had subscribed to purchase shares of the Company, to the extent the capital commitments of such investors also had been approved by SMBC for inclusion in the Borrowing base and met certain additional criteria. The Subscription Facility Agreement expired on September 8, 2023, and the Company fully paid down the outstanding balance including the accrued interest expense. Wells Fargo Financing Facility The Predecessor Entity borrowed funds under a credit agreement (the “Credit Agreement”), dated October 23, 2018 by and among the Predecessor Entity, Nuveen Alternatives Advisors LLC, as the original collateral manager to the Predecessor Entity, TIAA, as the sole preference shareholder (the “Preference Shareholder”), and Wells Fargo Bank, N.A., as lender (“Wells Fargo”) and administrative agent. As part of the Credit Agreement, the Predecessor Entity issued to Wells Fargo a $175,000 variable funding note (the “Wells Fargo Financing Facility”). On December 31, 2019, effective on the date of the Merger, the Credit Agreement was transferred to SPV I and the borrowings under the Credit Agreement were assumed by SPV I and the Company serves as the collateral manager (the "Wells Fargo Financing Facility Agreement"). The Wells Fargo Financing Facility Agreement was amended on October 28, 2020 and March 31, 2022. The most recent amendment on March 31, 2022, among other changes, extended the reinvestment period from October 28, 2023 to March 31, 2025 and the maturity date from October 28, 2025 to March 31, 2027, and changed the interest rate payable under the Agreement to the sum of 2.20% plus SOFR. On May 5, 2022, SPV III entered into the borrower joinder agreement (the “Joinder”) to become party to the Wells Fargo Financing Facility Agreement. Effective May 20, 2022, following the closing of the 2022 Debt Securitization (discussed further below), the maximum facility amount available was reduced to $275,000 from $350,000 and SPV III began borrowing under the Wells Fargo Financing Facility. The Wells Fargo Financing Facility Agreement, as amended, also requires the Company to maintain an asset coverage ratio equal to at least 1.50:1.00. The amount of the borrowings under the Wells Fargo Financing Facility equals the amount of the outstanding advances. Advances under the Wells Fargo Financing Facility may be prepaid and reborrowed at any time during the reinvestment period, but any termination or reduction of the facility amount prior to the first anniversary of the date of the amendment (subject to certain exceptions) is subject to a commitment reduction fee of 1%. As of December 31, 2023 and December 31, 2022, the Wells Fargo Financing Facility bore interest at a rate of SOFR, reset daily plus 2.20%, per annum. SPV III, beginning May 5, 2022, has pledged all of its assets to the collateral agent to secure their obligations under the Wells Fargo Financing Facility. The Company, and SPV III have made customary representations and warranties and are required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities. SMBC Financing Facility On November 24, 2020, SPV II entered into a senior secured revolving credit facility (the “SMBC Financing Facility” and the agreement relating thereto the “SMBC Financing Facility Agreement”) with SMBC, as the administrative agent, the collateral agent and the lender. On October 19, 2023, SPV IV entered into the borrower joinder agreement (the “SMBC Joinder”) to become party to the SMBC Financing Facility Agreement. As a result, SPV II and SPV IV are collectively borrowers under the SMBC Financing Facility. The SMBC Financing Facility Agreement was amended on December 23, 2021, June 29, 2022 and November 21, 2023. The most recent amendment on November 21, 2023 (the "Amendment"), among other things: (i) extended the reinvestment period from November 24, 2023 to November 24, 2024 and the stated maturity date from November 24, 2025 to November 24, 2026; (ii) changed the interest rate for loans under the SMBC Financing Facility Agreement from (A) either the Base Rate (as defined in the SMBC Financing Facility Agreement) plus 1.15% or the Term SOFR (as defined in the SMBC Financing Facility Agreement) plus 2.15% to (B) either the Base Rate plus 1.65% or Term SOFR plus 2.65%; (iii) reduced the maximum facility amount from $300 million to $150 million upon the occurrence of a permitted securitization, subject to a subsequent increase to $250 million, in the sole discretion of the administrative agent, if so requested by the borrowers; and (iv) provide for an unused commitment fee of, from the three month anniversary of the Amendment date to the six month anniversary of the Amendment date, 0.50% per annum on the unused commitments and on or after the six month anniversary of the Amendment date, 0.50% per annum on the unused commitments if such unused commitments are less than 50% of the total commitments and 1.00% per annum on the unused commitments if such unused commitments are greater than or equal to 50% of the total commitments. In connection with the Amendment, the borrowers paid an extension fee of $450 thousand plus an annualized fee of 0.30% multiplied by $150 million based on the length of time (in years) until the occurrence of a permitted securitization. Advances under the SMBC Financing Facility Agreement may be prepaid and reborrowed at any time during the reinvestment period. As of December 31, 2023 and December 31, 2022, the SMBC Financing Facility bore interest at one-month SOFR plus 2.65%, and one-month SOFR plus 2.15%, respectively, per annum. Effective December 7, 2023, following the closing of the 2023 Debt Securitization (discussed further below), the maximum facility amount available was reduced to $150 million from $300 million and SPV IV began borrowing under the SMBC Financing Facility. SPV IV, beginning October 19, 2023, has pledged all of its assets to the collateral agent to secure their obligations under the SMBC Financing Facility. The Company, and SPV IV have made customary representations and warranties and are required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities. Revolving Credit Facility On June 23, 2023, the Company entered into a senior secured revolving credit agreement (the “Senior Secured Revolving Credit Agreement" and facility thereunder, the “Revolving Credit Facility”) with SMBC as the lender, administrative agent, and one of the lead arrangers along with Wells Fargo. The Revolving Credit Facility is guaranteed by NCDL Equity Holdings and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the “Guarantors”). The initial maximum principal amount of the Revolving Credit Facility is $185,000, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the Revolving Credit Facility may be increased to $300,000 through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions, and includes a $25,000 limit for swingline loans. The availability period under the Revolving Credit Facility will terminate on June 23, 2027 (the “Commitment Termination Date”) and will mature on June 23, 2028 (the “Final Maturity Date”). During the period from the Commitment Termination Date to the Final Maturity Date, the Company will be obligated to make mandatory prepayments out of the proceeds of certain asset sales and other recovery events and equity and debt issuances. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn in U.S. dollars will bear interest at either term SOFR plus a margin, or the prime rate plus a margin. The Company may elect either the term SOFR or prime rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Company also will pay a fee of 0.375% on average daily undrawn amounts. As of December 31, 2023, the Revolving Credit Facility bore interest at one-month SOFR plus 2.25% per annum. The Senior Secured Revolving Credit Agreement includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders’ equity, as well as customary events of default. CLO-I On May 20, 2022 (the “Closing Date”), the Company completed a $448,325 term debt securitization (the “2022 Debt Securitization”). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company. The notes offered in the 2022 Debt Securitization (the “2022 Notes”) were issued by CLO-I, an indirect, wholly owned, consolidated subsidiary of the Company. The 2022 Notes consist of $199,000 of AAA Class A-1 2022 Notes, which bear interest at the three-month Term SOFR plus 1.80%; $34,250 of AAA Class A-1F 2022 Notes, which bear interest at 4.42%; $47,250 of AA Class B 2022 Notes, which bear interest at the three-month Term SOFR plus 2.30%; $31,500 of A Class C 2022 Notes, which bear interest at the three-month Term SOFR plus 3.15%; $27,000 of BBB Class D 2022 Notes, which bear interest at the three-month Term SOFR plus 4.15%; and $79,325 of Subordinated 2022 Notes, which do not bear interest. The Company directly owns all of the BBB Class D 2022 Notes and the Subordinated 2022 Notes and, as such, these notes are eliminated in consolidation. As part of the 2022 Debt Securitization, CLO-I also entered into a loan agreement (the “CLO-I Loan Agreement”) on the Closing Date, pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders (the “Lenders”) committed to make $30,000 of AAA Class A-L 2022 Loans to CLO-I (the “2022 Loans” and, together with the 2022 Notes, the “2022 Debt”). The 2022 Loans bear interest at the three-month Term SOFR plus 1.80% and were fully drawn upon the closing of the transactions. Any Lender may elect to convert all of the Class A-L 2022 Loans held by such Lenders into Class A-1 2022 Notes upon written notice to CLO-I in accordance with the CLO-I Loan Agreement. The 2022 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2026, all principal collections received on the underlying collateral may be used by CLO-I to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-I and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2022 Debt Securitization. The 2022 Notes are due on April 20, 2034. The 2022 Loans are scheduled to mature, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on April 20, 2034. The 2022 Debt is the secured obligation of CLO-I, and the indenture and the CLO-I Loan Agreement, as applicable, governing the 2022 Debt includes customary covenants and events of default. The 2022 Debt has not been, and will not be, registered under the Securities Act, or any state “blue sky” laws. The Company serves as collateral manager to CLO-I under a collateral management agreement (the “Collateral Management Agreement”) and has waived the management fee due to it in consideration for providing these services. CLO-II On December 7, 2023 (the “Closing Date”), the Company completed a $298,060 term debt securitization (the “2023 Debt Securitization”). The notes offered in the 2023 Debt Securitization (the “2023 Notes”) were issued by CLO-II, an indirect, wholly owned, consolidated subsidiary of the Company. The 2023 Notes consist of $2,000 of AAA Class X 2023 Notes, which bear interest at the three-month Term SOFR plus 2.00%, $100,500 of AAA Class A-1 2023 Notes, which bear interest at the three-month Term SOFR plus 2.35%; $37,500 of AA Class B 2023 Notes, which bear interest at three-month Term SOFR plus 3.20% and approximately $83,060 of Subordinated 2023 Notes, which do not bear interest. The Company directly owns all of the Subordinated 2023 Notes and as such, these notes are eliminated in consolidation. As part of the 2023 Debt Securitization, CLO-II also entered into a loan agreement (the “CLO-II Loan Agreement”) on the Closing Date, pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-II Loan Agreement as lenders (the “Lenders”) committed to make $25,000 of AAA Class A-L-A 2023 Loans and $50,000 AAA Class A-L-B 2023 Loans to CLO-II (the “2023 Loans” and, together with the 2023 Notes, the “2023 Debt”). The 2023 Loans bear interest at the three-month Term SOFR plus 2.35% and were fully drawn upon the closing of the transactions. Any Lender may elect to convert all or a portion of the Class A-L-A 2023 Loans held by such Lenders into Class A-1 2023 Notes upon written notice to CLO-II in accordance with the CLO-II Loan Agreement. The 2023 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through January 20, 2028, all principal collections received on the underlying collateral may be used by CLO-II to purchase new collateral under the direction of the Company, in its capacity as collateral manager of CLO-II and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2023 Debt Securitization. The 2023 Notes are due on January 20, 2036, with the exception of the Class X Notes. The 2023 Loans are scheduled to mature, and, unless earlier repaid, the entire unpaid principal balance thereof is due and payable on January 20, 2036. The 2023 Debt is the secured obligation of CLO-II, and the indenture and the CLO-II Loan Agreement, as applicable, governing the 2023 Debt includes customary covenants and events of default. The 2023 Debt has not been, and will not be, registered under the Securities Act, or any state “blue sky” laws. The Company serves as collateral manager to CLO-II under a collateral management agreement (the “Collateral Management Agreement”) and has waived the management fee due to it in consideration for providing these services. Summary of Secured Debt The Company's debt obligations consisted of the following as of December 31, 2023 and December 31, 2022: December 31, 2023 Wells Fargo Financing Facility SMBC Financing Facility CLO-I CLO-II Revolving Credit Facility Total Total Commitment $ 275,000 $ 150,000 $ 342,000 $ 215,000 $ 185,000 $ 1,167,000 Amount Outstanding (1) 231,000 37,377 342,000 215,000 126,500 951,877 Unused Portion (2) 44,000 112,623 — — 58,500 215,123 Amount Available (3) 43,837 112,623 — — 58,500 214,960 _______________ (1) Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing costs. (2) The unused portion on the credit facilities is the amount upon which commitment fees are based. (3) Available for borrowing on the credit facilities based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. December 31, 2022 Wells Fargo Financing Facility Subscription Facility SMBC Financing Facility CLO -I Total Total Commitment $ 275,000 $ 50,000 $ 300,000 $ 342,000 $ 967,000 Amount Outstanding (1) 111,300 — 252,147 342,000 705,447 Unused Portion (2) 163,700 50,000 47,853 — 261,553 Amount Available (3) 158,916 50,000 44,981 — 253,897 _______________ (1) Amount outstanding on the consolidated statements of assets and liabilities are net of deferred financing costs. (2) The unused portion is the amount upon which commitment fees are based. (3) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. For the years ended December 31, 2023, 2022, and 2021, the components of interest expense and debt financing expenses were as follows: For the Years Ended December 31, 2023 2022 2021 Interest expense $ 57,980 $ 23,424 $ 7,398 Unused fees 1,010 863 1,277 Amortization of deferred financing costs 2,216 1,408 1,152 Total interest and debt financing expenses $ 61,206 $ 25,695 $ 9,827 Average interest rate (1) 7.23 % 4.29 % 3.00 % Average daily borrowings $ 816,221 $ 566,195 $ 287,288 _______________ (1) Average interest rate includes borrowing interest expense and unused fees. Contractual Obligations The following tables show the contractual maturities of the Company's debt obligations as of December 31, 2023 and December 31, 2022: Payments Due by Period As of December 31, 2023 Total Less than 1 Year 1 to 3 years 3 to 5 years More than 5 Years Wells Fargo Financing Facility $ 231,000 $ — $ — $ 231,000 $ — SMBC Financing Facility 37,377 — 37,377 — — Revolving Credit Facility 126,500 — — 126,500 — CLO-I 342,000 — — — 342,000 CLO-II 215,000 — — — 215,000 Total debt obligations $ 951,877 $ — $ 37,377 $ 357,500 $ 557,000 Payments Due by Period As of December 31, 2022 Total Less than 1 Year 1 to 3 years 3 to 5 years More than 5 Years Wells Fargo Financing Facility $ 111,300 $ — $ — $ 111,300 $ — Subscription Facility — — — — — SMBC Financing Facility 252,147 — 252,147 — — CLO-I 342,000 — — — 342,000 Total debt obligations $ 705,447 $ — $ 252,147 $ 111,300 $ 342,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnifications or warranties. Future events could occur that might lead to the enforcement of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of December 31, 2023 and December 31, 2022 for any such exposure. As of December 31, 2023 and December 31, 2022, the Company had the following unfunded commitments to fund delayed draw loans and equity investments: Portfolio Company December 31, 2023 December 31, 2022 Affinity Hospice $ — $ 1,981 Allstar Holdings 7,373 — Anne Arundel 366 366 Apex Companies 1,115 — ARMstrong 3,847 — ASTP Holdings Co-Investment - Units 34 — BCM One — 70 Portfolio Company December 31, 2023 December 31, 2022 Blackbird Purchaser, Inc. — 2,709 Bounteous 4,467 4,467 BusinesSolver 970 1,939 Cadmus — 511 Chroma Color 1,379 — ClaimLogiq 3,225 — Classic Collision 21,867 717 CMP Ren Partners I-A LP 15 — Coding Solutions Acquisition Inc. — 1,967 CollisionRight — 506 Covercraft 4,386 4,386 Crete 1,443 2,726 CrossCountry Consulting 3,320 3,320 D&H United Fueling Solutions 1,567 — DMC Power 1,671 — E78 2,570 2,955 Elevation Labs 3,125 3,125 Eliassen Group, LLC 1,903 2,361 Engage 8,113 — Ergotech (INS) 1,979 — Evergreen Services Group — 793 Evergreen Services Group II 4,488 — EyeSouth 885 2,451 Fairway Lawns 419 6,171 Forefront Dermatology — 112 Genesee Scientific LLC — 2,027 GHR Healthcare — 1,422 Health Management Associates 1,026 — Heartland Veterinary Partners — 9,500 High Bar Brands 596 — Impact Environmental Group 7,203 — Industrial Service Group — 3,409 Infobase 721 721 ITSavvy 158 2,107 JEGS Automotive — 930 Kenco 1,416 1,416 Legacy Service Partners 764 — Leo Facilities 6,429 — Liberty Group 449 449 MEI Buyer LLC 1,814 — MGM Transformer Company 6,388 — Mobile Communications America Inc 5,970 — Mosaic Dental 553 — National Power 3,051 — NearU 3,291 3,686 NJEye, LLC 489 489 Online Labels Group 807 — Ovation Holdings 343 — Palmetto Exterminators 652 — Patriot Growth — 6,682 Pinnacle Supply Partners, LLC 3,636 — Precision Aviation Group 4,961 — Portfolio Company December 31, 2023 December 31, 2022 Prompt Care — 2,220 Propark Mobility 1,797 — Randy's Worldwide Automotive 3,750 3,750 Repipe Specialists 691 900 Rhino Tool House 921 — Riveron 1,607 — RMA Companies 3,510 — RoadOne 1,397 1,397 RoadOne - Common 235 — RSC Acquisition Inc — 10,603 S&S Truck Parts 246 246 Scaled Agile — 1,923 Sciens Building Solutions, LLC 1,623 3,303 Seko Global Logistics LLC — 3,524 Smile Brands — 1,959 Spectrio — 3,380 Sunny Sky Products 1,773 — Tech24 3,655 — Technical Safety Services 2,429 2,044 The Facilities Group 5,028 882 TIDI Products 4,085 — Tinuiti Inc. — 4,028 TPC Wire & Cable Corp — 157 Trilon Group 4,407 1,816 Vital Records Control — 122 Watermill Express — 121 Wellspring 3,756 1,579 Wittichen Supply — 3,846 World Insurance Associates, LLC — 2,532 Wpromote 588 588 WSB / EST 4,357 — Young Innovations 3,448 — Total unfunded commitments $ 180,547 $ 127,391 The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of December 31, 2023, the Company had cash and cash equivalents of $67,395, available borrowings under its credit facilities of $214,960 and undrawn capital commitments from its shareholders of $142,382. |
NET ASSETS
NET ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
NET ASSETS | NET ASSETS The Company has the authority to issue 500,000,000 shares of common stock, par value $0.01 per share. In connection with its Private Offering, the Company has entered into subscription agreements with investors, pursuant to which investors are required to fund drawdowns to purchase the Company's shares of common stock up to the amount of their respective capital commitment each time the Company delivers a drawdown notice. As of December 31, 2023, the Company had received capital commitments totaling $906,408 ($142,382 remaining undrawn), of which $100,000 ($15,708 remaining undrawn) is from an affiliated entity of the Company, TIAA. As of December 31, 2023, TIAA owned 4,278,149 shares of the Company's common stock. The following table summarizes total shares issued and proceeds received from inception through December 31, 2023: Date Shares Issued Proceeds Received Issuance Price per Share November 3, 2023 5,497,609 $100,000 $18.19 July 17, 2023 4,357,515 $78,565 $18.03 April 20, 2023 2,205,038 $40,000 $18.14 December 21, 2022 3,193,195 $60,000 $18.79 August 1, 2022 2,652,775 $50,082 $18.88 April 25, 2022 1,800,426 $34,964 $19.42 January 21, 2022 1,541,568 $30,000 $19.46 December 9, 2021 1,491,676 $29,207 $19.58 November 1, 2021 1,546,427 $30,000 $19.40 August 23, 2021 2,593,357 $50,000 $19.28 July 26, 2021 1,564,928 $30,000 $19.17 June 22, 2021 1,034,668 $20,000 $19.33 April 23, 2021 1,845,984 $35,000 $18.96 March 11, 2021 785,751 $15,000 $19.09 November 6, 2020 1,870,660 $35,000 $18.71 October 16, 2020 1,057,641 $20,000 $18.91 August 6, 2020 1,105,425 $20,000 $18.09 May 7, 2020 1,069,522 $20,000 $18.70 December 31, 2019 3,310,540 $66,211 $20.00 December 19, 2019 50 $1 $20.00 The following table summarizes the Company's dividends declared from inception through December 31, 2023: Date Declared Record Date Payment Date Dividend per Share December 28, 2023 December 29, 2023 January 10, 2024 $0.50 December 28, 2023 December 29, 2023 January 10, 2024 $0.05 (2) September 28, 2023 September 28, 2023 October 12, 2023 $0.50 September 28, 2023 September 28, 2023 October 12, 2023 $0.05 (2) June 28, 2023 June 28, 2023 July 12, 2023 $0.50 June 28, 2023 June 28, 2023 July 12, 2023 $0.05 (2) March 30, 2023 March 30, 2023 April 12, 2023 $0.50 March 30, 2023 March 30, 2023 April 12, 2023 $0.26 (1) December 29, 2022 December 29, 2022 January 17, 2023 $0.50 September 28, 2022 September 28, 2022 October 11, 2022 $0.47 June 30, 2022 June 30, 2022 July 12, 2022 $0.43 March 30, 2022 March 31, 2022 April 12, 2022 $0.41 December 29, 2021 December 29, 2021 January 18, 2022 $0.40 September 29, 2021 September 29, 2021 October 11, 2021 $0.38 June 29, 2021 June 29, 2021 July 12, 2021 $0.31 March 29, 2021 March 29, 2021 April 19, 2021 $0.30 December 29, 2020 December 29, 2020 January 18, 2021 $0.28 November 4, 2020 November 4, 2020 November 11, 2020 $0.23 August 4, 2020 August 4, 2020 August 11, 2020 $0.28 April 16, 2020 April 16, 2020 April 21, 2020 $0.17 ________________ (1) Represents a special dividend and a supplemental dividend. (2) Represents a supplemental dividend. The distributions declared were derived from investment company taxable income and net capital gain, if any. The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Company’s investment company taxable income for the full fiscal year and distributions paid during the full year. The following table reflects the shares issued pursuant to the dividend reinvestment from inception through December 31, 2023: Date Declared Record Date Payment Date Shares Issued December 28, 2023 December 29, 2023 January 10, 2024 185,541 September 28, 2023 September 28, 2023 October 12, 2023 158,545 June 28, 2023 June 28, 2023 July 12, 2023 128,818 March 30, 2023 March 30, 2023 April 12, 2023 150,703 December 29, 2022 December 29, 2022 January 17, 2023 93,329 September 28, 2022 September 28, 2022 October 11, 2022 68,093 June 30, 2022 June 30, 2022 July 12, 2022 45,341 March 30, 2022 March 31, 2022 April 12, 2022 32,320 December 29, 2021 December 29, 2021 January 18, 2022 23,017 September 29, 2021 September 29, 2021 October 11, 2021 10,639 June 29, 2021 June 29, 2021 July 12, 2021 3,039 March 29, 2021 March 29, 2021 April 19, 2021 1,824 December 29, 2020 December 29, 2020 January 18, 2021 1,550 November 4, 2020 November 4, 2020 November 11, 2020 98 August 4, 2020 August 4, 2020 August 11, 2020 34 |
CONSOLIDATED FINANCIAL HIGHLIGH
CONSOLIDATED FINANCIAL HIGHLIGHTS | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | CONSOLIDATED FINANCIAL HIGHLIGHTS The following is a schedule of financial highlights for the years ended December 31, 2023, 2022, 2021, 2020, and 2019: For the Years Ended December 31, 2023 2022 2021 2020 2019 Per share data: Net asset value at beginning of period $ 18.32 $ 19.39 $ 18.74 $ 20.00 $ 19.48 Net investment income (1) 2.52 1.95 1.58 1.05 1.58 Net realized gain (loss) (1) (0.24) (0.01) 0.06 0.08 0.12 Total net change in unrealized gain (loss) (1) (0.01) (1.20) 0.48 (0.70) 0.09 Net increase (decrease) in net assets resulting from operations (1) 2.27 0.74 2.12 0.43 1.79 Shareholder distributions from net investment income (2) (2.41) (1.81) (1.39) (0.68) (1.46) Other (3) (0.05) — (0.08) (1.01) 0.19 Net asset value at end of period $ 18.13 $ 18.32 $ 19.39 $ 18.74 $ 20.00 Net assets at end of period $ 747,885 $ 524,957 $ 374,051 $ 157,641 $ 66,211 Shares outstanding at end of period 41,242,105 28,650,548 19,293,813 8,413,970 3,310,590 Total return (4) 12.83 % 3.83 % 11.22 % (2.88) % 10.39 % Ratio/Supplemental data: Ratio of net expenses to average net assets (5) (6) 13.01 % 8.41 % 6.42 % 8.60 % 11.71 % Ratio of net investment income to average net assets (5) 14.06 % 10.34 % 8.11 % 5.55 % 8.37 % Portfolio turnover rate (7) 10.56 % 5.04 % 33.87 % 24.53 % 46.17 % Total committed capital, end of period $ 906,408 $ 905,178 $ 567,526 $ 352,555 $ 100,000 Ratio of total contributed capital to total committed capital, end of period 84.29 % 60.26 % 65.27 % 45.73 % 66.21 % Asset Coverage Ratio 178.57 % 174.41 % 191.22 % 182.03 % 159.90 % ________________ (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 declared during the period. (3) Includes 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 period and certain per share data based on shares outstanding as of a period end or transaction date. (4) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. (5) Ratios are annualized except for expenses included in the Expense Support Agreement (defined in Note 5 ). The ratio of total expenses to average net assets was 13.04%, 8.45%, 6.63%, 9.05% and 13.92% for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 respectively, on an annualized basis, excluding the effect of expense support which represented (0.03)%, (0.04)%, (0.21)%, (0.45)%, and (2.21)% of average net assets, respectively. Average net assets is calculated utilizing quarterly net assets. (6) The ratio of interest and debt financing expenses to average net assets for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 was 10.25%, 5.84%, 3.93%, 4.77% and 8.80%, respectively. Average net assets is calculated utilizing quarterly net assets. (7) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | INCOME TAX The Company elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code beginning with its taxable year ending December 31, 2019 and intends to continue to qualify annually as a RIC. As a result, the Company must timely distribute substantially all of its net taxable income each tax year as dividends to its shareholders. Accordingly, no provision for federal income tax has been made in the consolidated financial statements. The Company will file income tax returns in U.S. federal and applicable state and local jurisdictions. The Company’s federal income tax return is generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Company’s tax positions taken for the open tax year and has concluded that no provision for income tax is required in the Company’s consolidated financial statements. Taxable income generally differs from net increase (decrease) in net assets resulting from operations for financial reporting purposes due to the timing of temporary and permanent differences in the recognition of gains and losses on investment transactions. Temporary differences do not require reclassification. For the years ended December 31, 2023 and 2022, permanent differences that resulted in reclassifications among the components of net assets resulting from operations relate primarily to offering costs, paydowns, amendment fees, amortization of organization costs, investments in partnerships, and distribution reallocations. Temporary and permanent differences have no impact on the Company’s net assets. For the years ended December 31, 2023 and 2022, the Company's cost of investments for federal income tax purposes and gross unrealized appreciation and depreciation on investments were as follows: December 31, 2023 December 31, 2022 Tax cost of investments $ 1,665,824 $ 1,224,737 Gross unrealized appreciation on investments $ 13,351 11,333 Gross unrealized depreciation on investments $ (37,834) (35,694) Net unrealized appreciation (depreciation) on investments $ (24,483) $ (24,361) As of December 31, 2023 and 2022, the components of accumulated earnings (losses) on a tax basis were as follows: December 31, 2023 December 31, 2022 Undistributed ordinary income, net 2,375 854 Undistributed long-term income, net — — Total undistributed earnings $ 2,375 $ 854 Capital loss carryforward (6,679) (449) Unrealized earnings (losses), net (25,286) (25,170) Other book-to-tax differences 344 835 Total accumulated earnings (losses), net $ (29,246) $ (23,930) Capital losses in excess of capital gains earned in a tax year generally may be carried forward and used to offset capital gains, subject to certain limitations. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred after September 30, 2011 will not be subject to expiration. As of December 31, 2023, the Company had $(6,679) of capital loss carryforward available for use in future tax years. For income tax purposes, dividends paid and distributions made to the Company's shareholders are reported by the Company to the shareholders as ordinary income, capital gains, or a combination thereof. The tax character of the distributions paid for the years ended December 31, 2023 and 2022 was as follows: December 31, 2023 December 31, 2022 Distributions paid from: Ordinary income $ 81,206 $ 44,236 Net long-term capital gains — 331 Total taxable distributions $ 81,206 $ 44,567 The Company is subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. For the years ended December 31, 2023 and 2022 the Company incurred $6 and $0, respectively, in excise tax expense. The Company's wholly owned subsidiary, NCDL Equity Holdings, is subject to U.S. federal and state corporate-level income taxes. As a result the Company recorded a net deferred tax liability related to US GAAP to tax outside basis differences in NCDL Equity Holdings' investments in certain partnership interests of $855 and $24 as of December 31, 2023 and December 31, 2022, respectively, which are included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities. For the years ended December 31, 2023 and 2022, the Company recorded a net tax provision of $830 and $24, respectively, which are included in income tax (provision) benefit in the accompanying consolidated statements of operations. The Company accounts for income taxes in conformity with ASC Topic 740, Income Taxes ("ASC 740"). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns 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 recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of December 31, 2023, except as discussed below. Share Issuance On January 5, 2024, pursuant to the final drawdown notice dated December 21, 2023, the Company issued 7,888,094 shares of its common stock at an issuance price of $18.05 per share for aggregate proceeds of approximately $142.4 million. Following the final drawdown notice, the Company had no undrawn capital commitments remaining. Distributions The following table summarizes the Company's distributions declared since December 31, 2023: Date Declared Record Date Payment Date Distribution per Share January 10, 2024 March 30, 2024 April 29, 2024 $ 0.45 January 10, 2024 May 13, 2024 July 28, 2024 $ 0.10 (1) January 10, 2024 August 12, 2024 October 28, 2024 $ 0.10 (1) January 10, 2024 November 11, 2024 January 28, 2025 $ 0.10 (1) January 10, 2024 February 12, 2025 April 28, 2025 $ 0.10 (1) (1) Represents a special distribution. Initial Public Offering On January 29, 2024, the Company closed its IPO, issuing 5,500,000 shares of our common stock at a public offering price of $18.05 per share. We received total cash proceeds of $99.3 million. The Company's common stock began trading on the New York Stock Exchange (“NYSE”) under the symbol “NCDL” on January 25, 2024. Advisory Agreement As previously disclosed, on December 15, 2023, the Company's shareholders approved an amended and restated investment advisory agreement by and between us and the Adviser (the "Advisory Agreement"), pursuant to which the Adviser will continue to provide investment advisory services to the Company. The Advisory Agreement became effective on January 29, 2024 upon the consummation of the IPO. The Advisory Agreement amended and restated the prior investment advisory agreement, dated December 31, 2019, by and between the Company and the Adviser (the “Prior Advisory Agreement”) as follows: • reduced the base management fee payable by us to the Adviser following the IPO from an annual rate of 1.25% of Average Total Assets (as defined in the Advisory Agreement) to an annual rate of 0.75% of Average Total Assets for the first five quarters beginning with the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ending March 31, 2024 through the calendar quarter ending March 31, 2025), and thereafter, the base management fee will step up to 1.00% of Average Total Assets; • waived both the incentive fee on income and the incentive fee on capital gains for the first five quarters beginning with the calendar quarter in which the IPO was consummated; • the calculation of the incentive fee on income will be subject to a “three-year look back”; • the incentive fee on income will be subject to a cap equal to the difference between (x) 15% of the Cumulative Pre-Incentive Fee Net Return (as defined in the Advisory Agreement) in respect of the current calendar quarter and the eleven preceding calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which is the IPO was consummated) (such period, the “Trailing Twelve Quarters”) and (y) the aggregate incentive fee on income that were paid to the Adviser by the Company in respect of the first eleven calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which the IPO was consummated) included in the relevant Trailing Twelve Quarters; and • the calculation of the incentive fee on capital gain will include cumulative aggregate realized capital gains and cumulative aggregate realized capital losses from the beginning of the calendar quarter in which the IPO was consummated. The Advisory Agreement will remain in effect for an initial two year period from January 29, 2024, its effective date, and thereafter from year-to-year, subject to approval by the Board or a vote of a majority of the Company's outstanding voting securities, and by approval of a majority of the independent directors. NAM Sub-Advisory Agreement As previously disclosed, on December 15, 2023, the Company's shareholders approved a new investment sub-advisory agreement by and among the Adviser, Churchill and Nuveen Asset Management, LLC (“Nuveen Asset Management”), acting through its leveraged finance division, to manage certain of the Company's liquid investments (the “NAM Sub-Advisory Agreement”). The NAM Sub-Advisory Agreement became effective on January 29, 2024 upon the consummation of the IPO. Pursuant to the NAM Sub-Advisory Agreement, Nuveen Asset Management may manage a portion of the Company's portfolio consisting of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments (“Liquid Investments”), subject to the pace and amount of investment activity in the middle market investment program. The Company typically refers to an investment as liquid if the investment is, or we expect it to be, actively traded (with a typical settlement period of one month with respect to broadly syndicated loans). The percentage of the Company's portfolio allocated to the Liquid Investments strategy managed by Nuveen Asset Management will be at the discretion of Churchill, the Company’s investment sub-adviser. The fees payable to Nuveen Asset Management pursuant to the NAM Sub-Advisory Agreement to manage the Company's Liquid Investment allocation will be payable by Churchill and will not impact the advisory fees payable by the Company's shareholders. The NAM Sub-Advisory Agreement will remain in effect for an initial two year period from January 29, 2024, its effective date, and thereafter from year-to-year, subject to approval by the Board or a vote of a majority of the Company's outstanding voting securities, and by approval of a majority of the independent directors. Amended DRIP In connection with the IPO, the Board approved the Amended DRIP, which became effective on January 29, 2024, concurrent with the consummation of the IPO. The Amended DRIP changed the dividend reinvestment plan from an “opt in” dividend reinvestment plan to an “opt out” dividend reinvestment plan. As a result of the foregoing, if the Board authorizes, and the Company declares, a cash dividend or distribution, shareholders that acquired their shares in the IPO and do not “opt out” of the Amended DRIP will have their cash distributions automatically reinvested in additional shares rather than receiving cash. Notwithstanding the foregoing, a shareholder’s election (or deemed election) under the dividend reinvestment plan, dated December 19, 2019, will remain in effect for such shareholder and no further action is required by such shareholder with respect to their election under the Amended DRIP. With respect to each distribution under the Amended DRIP, the Board reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market for the accounts of participants in the Amended DRIP. If newly issued shares are used to implement the Amended DRIP, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the distribution payable to such participant by the market price per share of the Company's common stock at the close of regular trading of the NYSE on the distribution payment date, or if no sale is reported for such day, the average of the reported bid and asked prices. However, if the market price per share on the distribution payment date exceeds the most recently computed NAV per share, the Company will issue shares at the greater of (i) the most recently computed NAV per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed NAV per share). If shares are purchased in the open market to implement the Amended DRIP, the number of shares to be issued to a participant will be determined by dividing the dollar amount of the distribution payable to such participant by the weighted average price per share for all shares of common stock purchased by the plan administrator in the open market in connection with the dividend or distribution. Although each participant may from time to time have an undivided fractional interest in a share, no certificates for a fractional share will be issued. However, dividends and distributions on fractional shares will be credited to each participant’s account. Entity Formation On February 5, 2024 Nuveen Churchill BDC SPV V, LLC ("SPV V"), a wholly owned subsidiary of the Company, was formed. 2024 Debt Securitization On February 9, 2024, the Company priced a term debt securitization (the “2024 Debt Securitization”). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by Churchill NCDLC CLO-III, LLC (the “2024 Issuer”), a direct, wholly-owned, consolidated subsidiary of the Company. In connection with pricing of the 2024 Debt Securitization, on February 9, 2024, the Company and the 2024 Issuer entered into a Purchase and Placement Agreement (the “Purchase and Placement Agreement”) with Wells Fargo Securities, LLC, as initial purchaser (in such capacity, the “Initial Purchaser”), pursuant to which the 2024 Issuer agreed to sell certain of the notes (the “2024 Notes”) to be issued pursuant to an indenture to the Initial Purchaser as part of the 2024 Debt Securitization. The Company expects that the 2024 Issuer will, on or around March 14, 2024 (the “Closing Date”), enter into such indenture with U.S. Bank Trust Company, National Association, as trustee. The 2024 Notes consist of $2,000,000 of AAA Class X Notes, which bear interest at the three-month Term SOFR plus 1.40%; $175,500,000 of AAA Class A Notes, which bear interest at the three-month Term SOFR plus 2.00%; $37,500,000 of AA Class B Notes, which bear interest at the three-month Term SOFR plus 2.65%; and $81,970,000 of Subordinated Notes, which do not bear interest. The Company will directly retain all of the Subordinated Notes. The 2024 Debt is backed by a diversified portfolio of senior secured and second lien loans. Through April 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Company, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Company’s investment strategy, allowing the Company to maintain the initial leverage in the 2024 Debt Securitization. The Company expects that the 2024 Notes will mature on April 20, 2036. The closing of the issuance of the 2024 Debt, pursuant to the Purchase and Placement Agreement, is subject to customary closing conditions, including that the closing occur on or prior to the Closing Date and that certain of the 2024 Debt has been assigned agreed-upon ratings by S&P Global Ratings, an S&P Global Inc. business, or any respective successor or successors thereto. The Company will serve as collateral manager to the 2024 Issuer under a collateral management agreement and will waive any management fee due to it in consideration for providing these services. Chief Compliance Officer Appointment On February 20, 2024, John D. McCally submitted his resignation as the Chief Compliance Officer of the Company to the Board, effective as of March 1, 2024. Mr. McCally will continue to serve as the Vice President and Secretary of the Company. In connection with the foregoing, on February 20, 2024, the Board appointed Charmagne Kukulka as the Chief Compliance Officer of the Company, effective as of March 1, 2024. Charmagne Kukulka, 34, has been a Principal and Deputy Chief Compliance Officer at Churchill since May 2023. Ms. Kukulka is responsible to managing Churchill’s compliance program and provides compliance support in connection with regulatory matters affecting the business. Prior to joining Churchill, Ms. Kukulka was the Chief Compliance Officer at 13D Management LLC, specializing in investment adviser and investment company act rules and regulations from January 2022 to May 2023. She began her compliance career at Blackstone Inc., where she held various roles within the legal and compliance teams administering the compliance program for Blackstone’s registered funds platform from August 2013 to January 2022. Ms. Kukulka received her B.A. in Business and Corporate Communications from Arizona State University’s W.P. Carey School of Business. There are no family relationships between Ms. Kukulka and any director or executive officer of the Company, and she is not a party to any transaction that is required to be reported pursuant to Item 404(a) of Regulation S-K. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 75,938 | $ 17,286 | $ 27,266 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies |
Consolidation | The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value, unless otherwise disclosed within. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company 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, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and restricted cash represent cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. The Company has restrictions on the uses of the cash held by SPV III based on the terms of the Wells Fargo Financing Facility (as defined in Note 6 below). Cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. Cash, restricted cash and cash equivalents are carried at cost, which approximates fair value. |
Valuation of Portfolio Investments | Valuation of Portfolio Investments Investments are valued in accordance with the fair value principles established by FASB ASC Topic 820, Fair Value Measurement (“ASC Topic 820”) and in accordance with the 1940 Act. ASC Topic 820’s definition of fair value focuses on the amount that would be received to sell the asset or paid to transfer the liability in the principal or most advantageous market, and prioritizes the use of market-based inputs (observable) over entity-specific inputs (unobservable) within a measurement of fair value. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below: • Level 1 — Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2 — Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Active, publicly traded instruments are classified as Level 1 and their values are generally based on quoted market prices, even if both the market’s normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. Fair value is generally determined as the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. If available, fair value of investments is based on directly observable market prices or on market data derived from comparable assets. The Company’s valuation policy considers the fact that no ready market may exist for many of the securities in which it invests and that fair value for its investments must be determined using unobservable inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Company's board of directors (the “Board”) has designated the Adviser as the Company's valuation designee (the “Valuation Designee”) to determine the fair value of the Company's investments that do not have readily available market quotations, which became effective beginning with the fiscal quarter ended March 31, 2023. Pursuant to the Company's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the “Valuation Committee”) is responsible for determining the fair value of the Company’s assets for which market quotations are not readily available, subject to the oversight of the Board. With respect to investments for which market quotations are not readily available (Level 3), the Valuation Designee, subject to the oversight of the Board as described below, defined further below in Note 5 , undertakes a multi-step valuation process each quarter, as follows: i. the quarterly valuation process begins with each portfolio company or investment being initially valued by either the professionals of the applicable investment team that are responsible for the portfolio investment or an independent third-party valuation firm; ii. to the extent that an independent third-party valuation firm has not been engaged by, or on behalf of, the Company to value 100% of the portfolio, then at a minimum, an independent third-party valuation firm will be engaged by, or on behalf of, the Company will provide positive assurance of the portfolio each quarter (such that each investment is reviewed by a third-party valuation firm at least once on a rolling 12-month basis and each watch-list investment will be reviewed each quarter), including a review of management’s preliminary valuation and recommendation of fair value; iii. the Valuation Committee then reviews and discusses the valuations with any input, where appropriate, from the independent third-party valuation firm(s), and determine the fair value of each investment in good faith based on the Company’s valuation policy, subject to the oversight of the Board; and iv. the Valuation Designee provides the Board with the information relating to the fair value determination pursuant to the Company’s valuation policy in connection with each quarterly Board meeting, comply with the periodic board reporting requirements set forth in the Company’s valuation policy, and discuss with the Board its determination of the fair value of each investment in good faith. The Valuation Designee makes this fair value determination on a quarterly basis and in such other instances when a decision regarding the fair value of the portfolio investments is required. Factors considered by the Valuation Designee as part of the valuation of investments include each portfolio company's credit ratings/risk, current and projected earnings, current and expected leverage, ability to make interest and principal payments, liquidity, compliance with applicable loan covenants, and price to earnings (or other financial) ratios and those of comparable companies, as well as the estimated remaining life of the investment and current market yields and interest rate spreads of similar securities as of the measurement date. Other factors taken into account include changes in the interest rate environment and credit markets that may affect the price at which similar investments would trade. The Valuation Designee may also base its valuation of an investment on recent investments and securities with similar structure and risk characteristics. The Valuation Designee obtains market data from its ongoing investment purchase efforts, in addition to monitoring transactions that have closed or are discussed in industry publications. External information may include (but is not limited to) observable market data derived from the U.S. loan and equity markets. As part of compiling market data as an indication of current market conditions, management may utilize third-party sources. The values assigned to investments are based on available information and may fluctuate from period to period. In addition, such values do not necessarily represent the amount that ultimately might be realized upon a portfolio investment's sale. Due to the inherent uncertainty of valuation, the estimated fair value of an investment may differ from the value that would have been used had a ready market for the security existed, and the difference could be material. The Board is responsible for overseeing the Valuation Designee’s process for determining the fair value of the Company’s assets for which market quotations are not readily available, taking into account the Company’s valuation risks. To facilitate the Board’s oversight of the valuation process, the Valuation Designee provides the Board with quarterly reports, annual reports, and prompt reporting of material matters affecting the Valuation Designee’s determination of fair value. As part of the Board’s oversight role, the Board may request and review additional information to be informed of the Valuation Designee’s process for determining the fair value of the Company's investments. |
Investment Transactions | Investment transactions are recorded on the applicable trade date. Any amounts related to purchases, sales and principal paydowns that have traded, but not settled, are reflected as either a receivable for investments sold or payable for investments purchased on the consolidated statements of assets and liabilities. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized and are included as net realized gain (loss) on investments in the consolidated statements of operations. Net change in unrealized appreciation (depreciation) on investments is recognized in the consolidated statements of operations and reflects the period-to-period change in fair value and cost of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. |
Revenue Recognition | Interest income, including amortization of premium and accretion of discount on loans, and expenses are recorded on the accrual basis. The Company accrues interest income if it expects that ultimately it will be able to collect such income. The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. This non-cash source of income is included when determining what must be paid out to shareholders in the form of distributions in order for the Company to maintain its tax treatment as a RIC, even though the Company has not yet collected cash. As of December 31, 2023 and December 31, 2022, the fair value of the loans in the portfolio with PIK income provisions was $131,798 and $58,656, respectively, which represents approximately 8.03% and 4.89% of total investments at fair value, respectively. For the the years ended December 31, 2023, 2022, and 2021 the Company earned $3,644, $789, and $113 respectively, in PIK income provisions. 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. For the years ended December 31, 2023, 2022, and 2021, the Company earned $101, $225, and $213 respectively, of dividend income on its equity investments. Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Company’s investment activities, as well as any fees for managerial assistance services rendered by the Company to its portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the years ended December 31, 2023, 2022, and 2021 the Company earned other income of $1,143 and $1,571, and $1,062 respectively, primarily related to prepayment and amendment fees. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs include capitalized expenses related to the closing or amendments of borrowings. Amortization of deferred financing costs is computed on the straight-line basis over the term of the borrowings. The unamortized balance of such costs is included as a direct deduction from the related liability in the accompanying consolidated statements of assets and liabilities. The amortization of such costs is included in interest and debt financing expenses in the accompanying consolidated statements of operations. |
Offering Costs | Offering Costs |
Income Taxes | Income Taxes For U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a RIC under the Code. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay U.S. federal income taxes only on the portion of its taxable income and capital gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its shareholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% U.S. nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ended October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to U.S. federal income tax at corporate rates is considered to have been distributed. The Company intends to timely distribute to our shareholders substantially all of our annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, we may choose to carry forward ICTI for distribution in the following year and pay any applicable U.S. federal excise tax. |
Dividends and Distributions to Common Shareholders | Dividends and Distributions to Common Shareholders To the extent that the Company has taxable income available, the Company intends to continue to make quarterly distributions to its common shareholders. Dividends and distributions to common shareholders are recorded on the applicable record date. The amount to be distributed to common shareholders is determined by the Board each quarter and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, will generally be distributed at least annually, although the Company may decide to retain such capital gains for investment. |
Functional Currency | Functional Currency The functional currency of the Company is the U.S. Dollar and all transactions were in U.S. Dollars. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedules of Investments at Fair Value | As of December 31, 2023 and December 31, 2022, our investments consisted of the following (dollar amounts in thousands): December 31, 2023 December 31, 2022 Amortized Cost Fair Value % of Fair Value Amortized Cost Fair Value % of Fair Value First-Lien Term Loans $ 1,450,120 $ 1,427,492 86.95 % $ 1,071,012 $ 1,039,820 86.62 % Subordinated Debt 1 $ 190,454 $ 183,387 11.17 % 136,353 133,243 11.10 % Equity Investments $ 25,595 $ 30,807 1.88 % 18,208 27,313 2.28 % Total $ 1,666,169 $ 1,641,686 100.00 % $ 1,225,573 $ 1,200,376 100.00 % 1 As of December 31, 2023, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $97,203, mezzanine debt of $83,528 and $2,656 of structured debt at fair value and second lien term loans and/or second lien notes of $100,711, mezzanine debt of $86,495 and 3,247 of structured debt at amortized cost. As of December 31, 2022, Subordinated Debt is comprised of second lien term loans and/or second lien notes of $87,224$, mezzanine debt of $43,331 and $2,688 of structured debt at fair value and second lien term loans and/or second lien notes of $89,070, mezzanine debt of $44,445 and $2,838 of structured debt at amortized cost. The industry composition of our portfolio as a percentage of fair value as of December 31, 2023 and December 31, 2022 was as follows: Industry December 31, 2023 December 31, 2022 Aerospace & Defense 3.13 % 2.76 % Automotive 4.95 % 6.14 % Banking, Finance, Insurance, Real Estate 3.95 % 4.44 % Beverage, Food & Tobacco 7.76 % 6.40 % Capital Equipment 4.21 % 4.14 % Chemicals, Plastics, & Rubber 2.29 % 2.88 % Construction & Building 3.90 % 2.65 % Consumer Goods: Durable 1.51 % 1.91 % Consumer Goods: Non-durable 3.31 % 4.01 % Containers, Packaging & Glass 3.97 % 3.80 % Energy: Electricity 1.75 % — % Environmental Industries 2.73 % 1.65 % Healthcare & Pharmaceuticals 12.72 % 9.21 % High Tech Industries 8.97 % 9.14 % Media: Advertising, Printing & Publishing 1.12 % 1.25 % Media: Diversified & Production 0.96 % 1.35 % Retail 0.35 % 0.47 % Services: Business 18.43 % 21.92 % Services: Consumer 4.86 % 4.47 % Sovereign & Public Finance 0.65 % 0.85 % Telecommunications 3.17 % 4.09 % Transportation: Cargo 3.20 % 3.62 % Transportation: Consumer 0.13 % — % Utilities: Electric 0.89 % 0.39 % Wholesale 1.09 % 2.46 % Total 100.00 % 100.00 % The geographic composition of investments at cost and fair value was as follows: December 31, 2023 Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets USA 1,613,815 1,589,384 96.82 % 212.52 % Canada 38,462 38,292 2.33 % 5.12 % United Kingdom 13,892 14,010 0.85 % 1.87 % 1,666,169 1,641,686 100.00 % 219.51 % December 31, 2022 Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets USA 1,200,277 1,175,145 97.90 % 223.86 % Canada 10,441 10,411 0.87 % 1.98 % United Kingdom 14,855 14,820 1.23 % 2.82 % 1,225,573 1,200,376 100.00 % 228.66 % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Investments | The following tables present fair value measurements of investments, by major class, and cash equivalents as of December 31, 2023 and December 31, 2022, according to the fair value hierarchy: As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: First Lien Term Loans $ — $ 34,481 $ 1,393,011 $ 1,427,492 Subordinated Debt 1 — 8,691 174,696 183,387 Equity Investments — — 30,807 30,807 Cash Equivalents 64,477 — — 64,477 Total $ 64,477 $ 43,172 $ 1,598,514 $ 1,706,163 _____________________ 1 Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $97,203, mezzanine debt of $83,528 and $2,656 of structured debt. As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: First Lien Term Loans $ — $ 22,964 $ 1,016,856 $ 1,039,820 Subordinated Debt 1 — — 133,243 133,243 Equity Investments — — 27,313 27,313 Cash Equivalents 17,572 — — 17,572 Total $ 17,572 $ 22,964 $ 1,177,412 $ 1,217,948 _____________________ 1 Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $87,224, mezzanine debt of $43,331 and $2,688 of structured debt. |
Schedule of Reconciliation of the Beginning and Ending Balances for Investments and Fair value Debt Obligations | The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended December 31, 2023 and 2022: First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of December 31, 2022 $ 1,016,856 $ 133,243 $ 27,313 $ 1,177,412 Purchase of investments 513,487 65,296 9,110 587,893 Proceeds from principal repayments and sales of investments (118,469) (14,915) (8,667) (142,051) Payment-in-kind interest 221 3,047 — 3,268 Amortization of premium/accretion of discount, net 1,386 426 833 2,645 Net realized gain (loss) on investments (14,339) 238 6,112 (7,989) Net change in unrealized appreciation (depreciation) on investments 8,871 (4,191) (3,894) 786 Transfers out of Level 3 (1) (23,350) (8,448) — (31,798) Transfers to Level 3 (1) 8,348 — — 8,348 Balance as of December 31, 2023 $ 1,393,011 $ 174,696 $ 30,807 $ 1,598,514 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2023 $ 364 $ (4,167) $ 2,154 $ (1,649) _______________ (1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2023, transfers into Level 3 from Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies. First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of December 31, 2021 $ 677,380 $ 74,001 $ 8,133 $ 759,514 Purchase of investments 421,363 58,003 12,257 491,623 Proceeds from principal repayments and sales of investments (44,866) (4,131) — (48,997) Payment-in-kind interest 51 738 — 789 Amortization of premium/accretion of discount, net 1,407 324 — 1,731 Net realized gain (loss) on investments (340) 78 — (262) Net change in unrealized appreciation (depreciation) on investments (28,184) (3,813) 6,923 (25,074) Transfers out of Level 3 (1) (9,955) — — (9,955) Transfers to Level 3 (1) — 8,043 — 8,043 Balance as of December 31, 2022 $ 1,016,856 $ 133,243 $ 27,313 $ 1,177,412 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2022 $ (28,852) $ (3,836) $ 6,923 $ (25,765) _______________ (1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2022, transfers into Level 3 from Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies. |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2023 and December 31, 2022 were as follows: Investment Type Fair Value at December 31, 2023 Valuation Techniques Unobservable Inputs Ranges Weighted Average First Lien Term Loans $ 1,192,190 Yield Method Market Yield Discount Rates 6.13 % 18.73 % 10.63 % First Lien Term Loans 19,519 Market Approach EBITDA Multiple 6.50x 9.25x 7.21x First Lien Term Loans 181,302 Recent Transactions Transaction Price 59.50 100.00 97.52 Subordinated Debt 162,646 Yield Method Market Yield Discount Rates 9.70 % 24.91 % 14.44 % Subordinated Debt 12,050 Recent Transaction Transaction Price 84.75 98.01 89.53 Equity 158 Yield Method Market Yield Discount Rates 8.36 % 8.36 % 8.36 % Equity 29,390 Market Approach EBITDA Multiple 6.50x 19.50x 10.96x Equity 2 Market Approach Blended EBITDA Multiple 13.25x 13.25x 13.25x Blended Revenue Multiple 1.40x 1.40x 1.40x Total $ 1,597,257 Equity investments in the amount of $1,257 at December 31, 2023 have been excluded from the table above as the investments are valued using a recent transaction. Investment Type Fair Value at December 31, 2022 Valuation Techniques Unobservable Inputs Ranges Weighted Average First Lien Term Loans $ 943,976 Yield Method Market Yield Discount Rates 8.00 % 20.73 % 10.64 % First Lien Term Loan 8,898 Recovery Analysis Recovery Value 60.20 60.20 60.20 First Lien Term Loans 63,982 Recent Transactions Transaction Price 98.01 100.00 98.23 Subordinated Debt 107,500 Yield Method Market Yield Discount Rates 11.72 % 17.40 % 13.19 % Subordinated Debt 25,743 Recent Transactions Transaction Price 97.00 100.00 98.40 Equity 15,667 Enterprise Value EBITDA Multiple 6.50x 19.50x 7.78x Total $ 1,165,766 Equity investments in the amount of $11,646 at December 31, 2022 have been excluded from the table above as the investments are valued using a recent transaction. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying value and fair value of the Company’s debt obligations were as follows: December 31, 2023 December 31, 2022 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Wells Fargo Financing Facility (1) $ 231,000 $ 231,000 $ 111,300 $ 111,300 SMBC Financing Facility (1) 37,377 37,377 252,147 252,147 Revolving Credit Facility 126,500 126,500 — — 2022 Debt 342,000 338,345 342,000 328,705 2023 Debt 215,000 213,976 — — Total $ 951,877 $ 947,198 $ 705,447 $ 692,152 _______________ (1) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Expenses Reimbursed by the Advisor | The following table presents a cumulative summary of the Expense Payments that may be subject to reimbursement pursuant to the Expense Support Agreement: For the Quarter Ended Expense Payments by Adviser Reimbursement Payments to Adviser Expired Expense Support Unreimbursed Expense Payments Reimbursement Eligibility Expiration December 31, 2019 $ 1,696 $ — $ (1,696) $ — December 31, 2022 March 31, 2020 182 — (182) — March 31, 2023 June 30, 2020 3 (3) — — June 30, 2023 September 30, 2020 466 (466) — — September 30, 2023 December 31, 2020 56 (56) — — December 31, 2023 March 31, 2021 97 (97) — — March 31, 2024 June 30, 2021 62 (62) — — June 30, 2024 September 30, 2021 47 (47) — — September 30, 2024 December 31, 2021 42 (42) — — December 31, 2024 March 31, 2022 71 (71) — — March 31, 2025 June 30, 2022 54 (54) — — June 30, 2025 September 30, 2022 67 (67) — — September 30, 2025 June 30, 2023 136 (136) — — June 30, 2026 Total $ 2,979 $ (1,101) $ (1,878) $ — |
SECURED DEBT (Tables)
SECURED DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations | The Company's debt obligations consisted of the following as of December 31, 2023 and December 31, 2022: December 31, 2023 Wells Fargo Financing Facility SMBC Financing Facility CLO-I CLO-II Revolving Credit Facility Total Total Commitment $ 275,000 $ 150,000 $ 342,000 $ 215,000 $ 185,000 $ 1,167,000 Amount Outstanding (1) 231,000 37,377 342,000 215,000 126,500 951,877 Unused Portion (2) 44,000 112,623 — — 58,500 215,123 Amount Available (3) 43,837 112,623 — — 58,500 214,960 _______________ (1) Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing costs. (2) The unused portion on the credit facilities is the amount upon which commitment fees are based. (3) Available for borrowing on the credit facilities based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. December 31, 2022 Wells Fargo Financing Facility Subscription Facility SMBC Financing Facility CLO -I Total Total Commitment $ 275,000 $ 50,000 $ 300,000 $ 342,000 $ 967,000 Amount Outstanding (1) 111,300 — 252,147 342,000 705,447 Unused Portion (2) 163,700 50,000 47,853 — 261,553 Amount Available (3) 158,916 50,000 44,981 — 253,897 _______________ (1) Amount outstanding on the consolidated statements of assets and liabilities are net of deferred financing costs. (2) The unused portion is the amount upon which commitment fees are based. (3) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. For the years ended December 31, 2023, 2022, and 2021, the components of interest expense and debt financing expenses were as follows: For the Years Ended December 31, 2023 2022 2021 Interest expense $ 57,980 $ 23,424 $ 7,398 Unused fees 1,010 863 1,277 Amortization of deferred financing costs 2,216 1,408 1,152 Total interest and debt financing expenses $ 61,206 $ 25,695 $ 9,827 Average interest rate (1) 7.23 % 4.29 % 3.00 % Average daily borrowings $ 816,221 $ 566,195 $ 287,288 _______________ (1) Average interest rate includes borrowing interest expense and unused fees. |
Schedule of Maturities of Long-Term Debt | The following tables show the contractual maturities of the Company's debt obligations as of December 31, 2023 and December 31, 2022: Payments Due by Period As of December 31, 2023 Total Less than 1 Year 1 to 3 years 3 to 5 years More than 5 Years Wells Fargo Financing Facility $ 231,000 $ — $ — $ 231,000 $ — SMBC Financing Facility 37,377 — 37,377 — — Revolving Credit Facility 126,500 — — 126,500 — CLO-I 342,000 — — — 342,000 CLO-II 215,000 — — — 215,000 Total debt obligations $ 951,877 $ — $ 37,377 $ 357,500 $ 557,000 Payments Due by Period As of December 31, 2022 Total Less than 1 Year 1 to 3 years 3 to 5 years More than 5 Years Wells Fargo Financing Facility $ 111,300 $ — $ — $ 111,300 $ — Subscription Facility — — — — — SMBC Financing Facility 252,147 — 252,147 — — CLO-I 342,000 — — — 342,000 Total debt obligations $ 705,447 $ — $ 252,147 $ 111,300 $ 342,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unfunded Commitments to Fund Delayed Draw Loans | As of December 31, 2023 and December 31, 2022, the Company had the following unfunded commitments to fund delayed draw loans and equity investments: Portfolio Company December 31, 2023 December 31, 2022 Affinity Hospice $ — $ 1,981 Allstar Holdings 7,373 — Anne Arundel 366 366 Apex Companies 1,115 — ARMstrong 3,847 — ASTP Holdings Co-Investment - Units 34 — BCM One — 70 Portfolio Company December 31, 2023 December 31, 2022 Blackbird Purchaser, Inc. — 2,709 Bounteous 4,467 4,467 BusinesSolver 970 1,939 Cadmus — 511 Chroma Color 1,379 — ClaimLogiq 3,225 — Classic Collision 21,867 717 CMP Ren Partners I-A LP 15 — Coding Solutions Acquisition Inc. — 1,967 CollisionRight — 506 Covercraft 4,386 4,386 Crete 1,443 2,726 CrossCountry Consulting 3,320 3,320 D&H United Fueling Solutions 1,567 — DMC Power 1,671 — E78 2,570 2,955 Elevation Labs 3,125 3,125 Eliassen Group, LLC 1,903 2,361 Engage 8,113 — Ergotech (INS) 1,979 — Evergreen Services Group — 793 Evergreen Services Group II 4,488 — EyeSouth 885 2,451 Fairway Lawns 419 6,171 Forefront Dermatology — 112 Genesee Scientific LLC — 2,027 GHR Healthcare — 1,422 Health Management Associates 1,026 — Heartland Veterinary Partners — 9,500 High Bar Brands 596 — Impact Environmental Group 7,203 — Industrial Service Group — 3,409 Infobase 721 721 ITSavvy 158 2,107 JEGS Automotive — 930 Kenco 1,416 1,416 Legacy Service Partners 764 — Leo Facilities 6,429 — Liberty Group 449 449 MEI Buyer LLC 1,814 — MGM Transformer Company 6,388 — Mobile Communications America Inc 5,970 — Mosaic Dental 553 — National Power 3,051 — NearU 3,291 3,686 NJEye, LLC 489 489 Online Labels Group 807 — Ovation Holdings 343 — Palmetto Exterminators 652 — Patriot Growth — 6,682 Pinnacle Supply Partners, LLC 3,636 — Precision Aviation Group 4,961 — Portfolio Company December 31, 2023 December 31, 2022 Prompt Care — 2,220 Propark Mobility 1,797 — Randy's Worldwide Automotive 3,750 3,750 Repipe Specialists 691 900 Rhino Tool House 921 — Riveron 1,607 — RMA Companies 3,510 — RoadOne 1,397 1,397 RoadOne - Common 235 — RSC Acquisition Inc — 10,603 S&S Truck Parts 246 246 Scaled Agile — 1,923 Sciens Building Solutions, LLC 1,623 3,303 Seko Global Logistics LLC — 3,524 Smile Brands — 1,959 Spectrio — 3,380 Sunny Sky Products 1,773 — Tech24 3,655 — Technical Safety Services 2,429 2,044 The Facilities Group 5,028 882 TIDI Products 4,085 — Tinuiti Inc. — 4,028 TPC Wire & Cable Corp — 157 Trilon Group 4,407 1,816 Vital Records Control — 122 Watermill Express — 121 Wellspring 3,756 1,579 Wittichen Supply — 3,846 World Insurance Associates, LLC — 2,532 Wpromote 588 588 WSB / EST 4,357 — Young Innovations 3,448 — Total unfunded commitments $ 180,547 $ 127,391 |
NET ASSETS (Tables)
NET ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class | The following table summarizes total shares issued and proceeds received from inception through December 31, 2023: Date Shares Issued Proceeds Received Issuance Price per Share November 3, 2023 5,497,609 $100,000 $18.19 July 17, 2023 4,357,515 $78,565 $18.03 April 20, 2023 2,205,038 $40,000 $18.14 December 21, 2022 3,193,195 $60,000 $18.79 August 1, 2022 2,652,775 $50,082 $18.88 April 25, 2022 1,800,426 $34,964 $19.42 January 21, 2022 1,541,568 $30,000 $19.46 December 9, 2021 1,491,676 $29,207 $19.58 November 1, 2021 1,546,427 $30,000 $19.40 August 23, 2021 2,593,357 $50,000 $19.28 July 26, 2021 1,564,928 $30,000 $19.17 June 22, 2021 1,034,668 $20,000 $19.33 April 23, 2021 1,845,984 $35,000 $18.96 March 11, 2021 785,751 $15,000 $19.09 November 6, 2020 1,870,660 $35,000 $18.71 October 16, 2020 1,057,641 $20,000 $18.91 August 6, 2020 1,105,425 $20,000 $18.09 May 7, 2020 1,069,522 $20,000 $18.70 December 31, 2019 3,310,540 $66,211 $20.00 December 19, 2019 50 $1 $20.00 |
Schedule of Dividends Declared | The following table summarizes the Company's dividends declared from inception through December 31, 2023: Date Declared Record Date Payment Date Dividend per Share December 28, 2023 December 29, 2023 January 10, 2024 $0.50 December 28, 2023 December 29, 2023 January 10, 2024 $0.05 (2) September 28, 2023 September 28, 2023 October 12, 2023 $0.50 September 28, 2023 September 28, 2023 October 12, 2023 $0.05 (2) June 28, 2023 June 28, 2023 July 12, 2023 $0.50 June 28, 2023 June 28, 2023 July 12, 2023 $0.05 (2) March 30, 2023 March 30, 2023 April 12, 2023 $0.50 March 30, 2023 March 30, 2023 April 12, 2023 $0.26 (1) December 29, 2022 December 29, 2022 January 17, 2023 $0.50 September 28, 2022 September 28, 2022 October 11, 2022 $0.47 June 30, 2022 June 30, 2022 July 12, 2022 $0.43 March 30, 2022 March 31, 2022 April 12, 2022 $0.41 December 29, 2021 December 29, 2021 January 18, 2022 $0.40 September 29, 2021 September 29, 2021 October 11, 2021 $0.38 June 29, 2021 June 29, 2021 July 12, 2021 $0.31 March 29, 2021 March 29, 2021 April 19, 2021 $0.30 December 29, 2020 December 29, 2020 January 18, 2021 $0.28 November 4, 2020 November 4, 2020 November 11, 2020 $0.23 August 4, 2020 August 4, 2020 August 11, 2020 $0.28 April 16, 2020 April 16, 2020 April 21, 2020 $0.17 ________________ (1) Represents a special dividend and a supplemental dividend. (2) Represents a supplemental dividend. The distributions declared were derived from investment company taxable income and net capital gain, if any. The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Company’s investment company taxable income for the full fiscal year and distributions paid during the full year. The following table reflects the shares issued pursuant to the dividend reinvestment from inception through December 31, 2023: Date Declared Record Date Payment Date Shares Issued December 28, 2023 December 29, 2023 January 10, 2024 185,541 September 28, 2023 September 28, 2023 October 12, 2023 158,545 June 28, 2023 June 28, 2023 July 12, 2023 128,818 March 30, 2023 March 30, 2023 April 12, 2023 150,703 December 29, 2022 December 29, 2022 January 17, 2023 93,329 September 28, 2022 September 28, 2022 October 11, 2022 68,093 June 30, 2022 June 30, 2022 July 12, 2022 45,341 March 30, 2022 March 31, 2022 April 12, 2022 32,320 December 29, 2021 December 29, 2021 January 18, 2022 23,017 September 29, 2021 September 29, 2021 October 11, 2021 10,639 June 29, 2021 June 29, 2021 July 12, 2021 3,039 March 29, 2021 March 29, 2021 April 19, 2021 1,824 December 29, 2020 December 29, 2020 January 18, 2021 1,550 November 4, 2020 November 4, 2020 November 11, 2020 98 August 4, 2020 August 4, 2020 August 11, 2020 34 The following table summarizes the Company's distributions declared since December 31, 2023: Date Declared Record Date Payment Date Distribution per Share January 10, 2024 March 30, 2024 April 29, 2024 $ 0.45 January 10, 2024 May 13, 2024 July 28, 2024 $ 0.10 (1) January 10, 2024 August 12, 2024 October 28, 2024 $ 0.10 (1) January 10, 2024 November 11, 2024 January 28, 2025 $ 0.10 (1) January 10, 2024 February 12, 2025 April 28, 2025 $ 0.10 (1) |
CONSOLIDATED FINANCIAL HIGHLI_2
CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights for the years ended December 31, 2023, 2022, 2021, 2020, and 2019: For the Years Ended December 31, 2023 2022 2021 2020 2019 Per share data: Net asset value at beginning of period $ 18.32 $ 19.39 $ 18.74 $ 20.00 $ 19.48 Net investment income (1) 2.52 1.95 1.58 1.05 1.58 Net realized gain (loss) (1) (0.24) (0.01) 0.06 0.08 0.12 Total net change in unrealized gain (loss) (1) (0.01) (1.20) 0.48 (0.70) 0.09 Net increase (decrease) in net assets resulting from operations (1) 2.27 0.74 2.12 0.43 1.79 Shareholder distributions from net investment income (2) (2.41) (1.81) (1.39) (0.68) (1.46) Other (3) (0.05) — (0.08) (1.01) 0.19 Net asset value at end of period $ 18.13 $ 18.32 $ 19.39 $ 18.74 $ 20.00 Net assets at end of period $ 747,885 $ 524,957 $ 374,051 $ 157,641 $ 66,211 Shares outstanding at end of period 41,242,105 28,650,548 19,293,813 8,413,970 3,310,590 Total return (4) 12.83 % 3.83 % 11.22 % (2.88) % 10.39 % Ratio/Supplemental data: Ratio of net expenses to average net assets (5) (6) 13.01 % 8.41 % 6.42 % 8.60 % 11.71 % Ratio of net investment income to average net assets (5) 14.06 % 10.34 % 8.11 % 5.55 % 8.37 % Portfolio turnover rate (7) 10.56 % 5.04 % 33.87 % 24.53 % 46.17 % Total committed capital, end of period $ 906,408 $ 905,178 $ 567,526 $ 352,555 $ 100,000 Ratio of total contributed capital to total committed capital, end of period 84.29 % 60.26 % 65.27 % 45.73 % 66.21 % Asset Coverage Ratio 178.57 % 174.41 % 191.22 % 182.03 % 159.90 % ________________ (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 declared during the period. (3) Includes 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 period and certain per share data based on shares outstanding as of a period end or transaction date. (4) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. (5) Ratios are annualized except for expenses included in the Expense Support Agreement (defined in Note 5 ). The ratio of total expenses to average net assets was 13.04%, 8.45%, 6.63%, 9.05% and 13.92% for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 respectively, on an annualized basis, excluding the effect of expense support which represented (0.03)%, (0.04)%, (0.21)%, (0.45)%, and (2.21)% of average net assets, respectively. Average net assets is calculated utilizing quarterly net assets. (6) The ratio of interest and debt financing expenses to average net assets for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 was 10.25%, 5.84%, 3.93%, 4.77% and 8.80%, respectively. Average net assets is calculated utilizing quarterly net assets. (7) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax-basis Cost for Federal Income Tax Purposes | For the years ended December 31, 2023 and 2022, the Company's cost of investments for federal income tax purposes and gross unrealized appreciation and depreciation on investments were as follows: December 31, 2023 December 31, 2022 Tax cost of investments $ 1,665,824 $ 1,224,737 Gross unrealized appreciation on investments $ 13,351 11,333 Gross unrealized depreciation on investments $ (37,834) (35,694) Net unrealized appreciation (depreciation) on investments $ (24,483) $ (24,361) |
Schedule of Components of Accumulated Earnings (Losses) | As of December 31, 2023 and 2022, the components of accumulated earnings (losses) on a tax basis were as follows: December 31, 2023 December 31, 2022 Undistributed ordinary income, net 2,375 854 Undistributed long-term income, net — — Total undistributed earnings $ 2,375 $ 854 Capital loss carryforward (6,679) (449) Unrealized earnings (losses), net (25,286) (25,170) Other book-to-tax differences 344 835 Total accumulated earnings (losses), net $ (29,246) $ (23,930) |
Schedule of Tax Character of Distributions | The tax character of the distributions paid for the years ended December 31, 2023 and 2022 was as follows: December 31, 2023 December 31, 2022 Distributions paid from: Ordinary income $ 81,206 $ 44,236 Net long-term capital gains — 331 Total taxable distributions $ 81,206 $ 44,567 |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Dividends Declared | The following table summarizes the Company's dividends declared from inception through December 31, 2023: Date Declared Record Date Payment Date Dividend per Share December 28, 2023 December 29, 2023 January 10, 2024 $0.50 December 28, 2023 December 29, 2023 January 10, 2024 $0.05 (2) September 28, 2023 September 28, 2023 October 12, 2023 $0.50 September 28, 2023 September 28, 2023 October 12, 2023 $0.05 (2) June 28, 2023 June 28, 2023 July 12, 2023 $0.50 June 28, 2023 June 28, 2023 July 12, 2023 $0.05 (2) March 30, 2023 March 30, 2023 April 12, 2023 $0.50 March 30, 2023 March 30, 2023 April 12, 2023 $0.26 (1) December 29, 2022 December 29, 2022 January 17, 2023 $0.50 September 28, 2022 September 28, 2022 October 11, 2022 $0.47 June 30, 2022 June 30, 2022 July 12, 2022 $0.43 March 30, 2022 March 31, 2022 April 12, 2022 $0.41 December 29, 2021 December 29, 2021 January 18, 2022 $0.40 September 29, 2021 September 29, 2021 October 11, 2021 $0.38 June 29, 2021 June 29, 2021 July 12, 2021 $0.31 March 29, 2021 March 29, 2021 April 19, 2021 $0.30 December 29, 2020 December 29, 2020 January 18, 2021 $0.28 November 4, 2020 November 4, 2020 November 11, 2020 $0.23 August 4, 2020 August 4, 2020 August 11, 2020 $0.28 April 16, 2020 April 16, 2020 April 21, 2020 $0.17 ________________ (1) Represents a special dividend and a supplemental dividend. (2) Represents a supplemental dividend. The distributions declared were derived from investment company taxable income and net capital gain, if any. The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Company’s investment company taxable income for the full fiscal year and distributions paid during the full year. The following table reflects the shares issued pursuant to the dividend reinvestment from inception through December 31, 2023: Date Declared Record Date Payment Date Shares Issued December 28, 2023 December 29, 2023 January 10, 2024 185,541 September 28, 2023 September 28, 2023 October 12, 2023 158,545 June 28, 2023 June 28, 2023 July 12, 2023 128,818 March 30, 2023 March 30, 2023 April 12, 2023 150,703 December 29, 2022 December 29, 2022 January 17, 2023 93,329 September 28, 2022 September 28, 2022 October 11, 2022 68,093 June 30, 2022 June 30, 2022 July 12, 2022 45,341 March 30, 2022 March 31, 2022 April 12, 2022 32,320 December 29, 2021 December 29, 2021 January 18, 2022 23,017 September 29, 2021 September 29, 2021 October 11, 2021 10,639 June 29, 2021 June 29, 2021 July 12, 2021 3,039 March 29, 2021 March 29, 2021 April 19, 2021 1,824 December 29, 2020 December 29, 2020 January 18, 2021 1,550 November 4, 2020 November 4, 2020 November 11, 2020 98 August 4, 2020 August 4, 2020 August 11, 2020 34 The following table summarizes the Company's distributions declared since December 31, 2023: Date Declared Record Date Payment Date Distribution per Share January 10, 2024 March 30, 2024 April 29, 2024 $ 0.45 January 10, 2024 May 13, 2024 July 28, 2024 $ 0.10 (1) January 10, 2024 August 12, 2024 October 28, 2024 $ 0.10 (1) January 10, 2024 November 11, 2024 January 28, 2025 $ 0.10 (1) January 10, 2024 February 12, 2025 April 28, 2025 $ 0.10 (1) |
ORGANIZATION (Details)
ORGANIZATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||||
Total committed capital, end of period | $ 906,408 | $ 905,178 | $ 567,526 | $ 352,555 | $ 100,000 |
Undrawn committed capital | 142,382 | ||||
TIAA | Related Party | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total committed capital, end of period | 100,000 | ||||
Undrawn committed capital | $ 15,700 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Investments at fair value | $ 1,706,163,000 | [1] | $ 1,217,948,000 | [2] | |
Payment-in-kind interest income | 3,644,000 | 789,000 | $ 113,000 | ||
Dividend income | 101,000 | 225,000 | 213,000 | ||
Other income | 1,143,000 | 1,571,000 | 1,062,000 | ||
Offering costs | 23,000 | 82,000 | 68,000 | ||
Incurred excise tax expenses | 6,000 | 0 | $ 0 | ||
Payment in Kind (PIK) Note | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Investments at fair value | 131,798,000 | 58,656,000 | |||
Non-Accrual Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Investments at fair value | $ 0 | $ 8,898,000 | |||
Investment Type Concentration Risk | Investment Owned At Fair Value | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
% of Total Investments at Fair Value | 100% | 100% | |||
Investment Type Concentration Risk | Investment Owned At Fair Value | Payment in Kind (PIK) Note | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
% of Total Investments at Fair Value | 8.03% | 4.89% | |||
Investment Type Concentration Risk | Investment Owned At Fair Value | Non-Accrual Loans | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
% of Total Investments at Fair Value | 0.74% | ||||
[1] Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. |
INVESTMENTS - Schedule of Fair
INVESTMENTS - Schedule of Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Schedule of Investments [Line Items] | ||||
Amortized cost | $ 1,666,169 | $ 1,225,573 | ||
Fair Value | 1,641,686 | 1,200,376 | ||
Fair Value | 1,706,163 | [1] | 1,217,948 | [2] |
Subordinated Debt, Second Lien | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost | 100,711 | 89,070 | ||
Fair Value | 97,203 | 87,224 | ||
Subordinated Debt, Mezzanine Debt | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost | 86,495 | 44,445 | ||
Fair Value | 83,528 | 43,331 | ||
Structured Debt | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost | 3,247 | 2,838 | ||
Fair Value | $ 2,656 | $ 2,688 | ||
Investment Owned At Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
% of Total Investments at Fair Value | 100% | 100% | ||
First Lien Term Loans | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost | $ 1,450,120 | $ 1,071,012 | ||
Fair Value | $ 1,427,492 | $ 1,039,820 | ||
First Lien Term Loans | Investment Owned At Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
% of Total Investments at Fair Value | 86.95% | 86.62% | ||
Subordinated Debt | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost | $ 190,454 | $ 136,353 | ||
Fair Value | $ 183,387 | $ 133,243 | ||
Subordinated Debt | Investment Owned At Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
% of Total Investments at Fair Value | 11.17% | 11.10% | ||
Equity Investments | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost | $ 25,595 | $ 18,208 | ||
Fair Value | 30,807 | 27,313 | ||
Fair Value | $ 30,807 | [1] | $ 27,313 | [2] |
Equity Investments | Investment Owned At Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
% of Total Investments at Fair Value | 1.88% | 2.28% | ||
[1] Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. |
INVESTMENTS - Schedule of Portf
INVESTMENTS - Schedule of Portfolio Composition by Industry at Fair Value (Details) - Investment Owned At Fair Value - Investment Type Concentration Risk | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 100% | 100% |
Aerospace & Defense | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 3.13% | 2.76% |
Automotive | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 4.95% | 6.14% |
Banking, Finance, Insurance, Real Estate | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 3.95% | 4.44% |
Beverage, Food & Tobacco | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 7.76% | 6.40% |
Capital Equipment | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 4.21% | 4.14% |
Chemicals, Plastics, & Rubber | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 2.29% | 2.88% |
Construction & Building | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 3.90% | 2.65% |
Consumer Goods: Durable | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 1.51% | 1.91% |
Consumer Goods: Non-durable | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 3.31% | 4.01% |
Containers, Packaging & Glass | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 3.97% | 3.80% |
Energy: Electricity | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 1.75% | 0% |
Environmental Industries | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 2.73% | 1.65% |
Healthcare & Pharmaceuticals | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 12.72% | 9.21% |
High Tech Industries | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 8.97% | 9.14% |
Media: Advertising, Printing & Publishing | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 1.12% | 1.25% |
Media: Diversified & Production | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 0.96% | 1.35% |
Retail | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 0.35% | 0.47% |
Services: Business | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 18.43% | 21.92% |
Services: Consumer | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 4.86% | 4.47% |
Sovereign & Public Finance | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 0.65% | 0.85% |
Telecommunications | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 3.17% | 4.09% |
Transportation: Cargo | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 3.20% | 3.62% |
Transportation: Consumer | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 0.13% | 0% |
Utilities: Electric | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 0.89% | 0.39% |
Wholesale | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 1.09% | 2.46% |
INVESTMENTS - Schedules of Port
INVESTMENTS - Schedules of Portfolio Composition by Geographic Region at Amortization Cost and Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Cost | $ 1,666,169 | $ 1,225,573 |
Fair Value | $ 1,641,686 | $ 1,200,376 |
Fair Value as % of Net Assets | 219.51% | 228.66% |
Investment Owned At Fair Value | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 100% | 100% |
USA | ||
Schedule of Investments [Line Items] | ||
Cost | $ 1,613,815 | $ 1,200,277 |
Fair Value | $ 1,589,384 | $ 1,175,145 |
Fair Value as % of Net Assets | 212.52% | 223.86% |
USA | Investment Owned At Fair Value | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 96.82% | 97.90% |
Canada | ||
Schedule of Investments [Line Items] | ||
Cost | $ 38,462 | $ 10,441 |
Fair Value | $ 38,292 | $ 10,411 |
Fair Value as % of Net Assets | 5.12% | 1.98% |
Canada | Investment Owned At Fair Value | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 2.33% | 0.87% |
United Kingdom | ||
Schedule of Investments [Line Items] | ||
Cost | $ 13,892 | $ 14,855 |
Fair Value | $ 14,010 | $ 14,820 |
Fair Value as % of Net Assets | 1.87% | 2.82% |
United Kingdom | Investment Owned At Fair Value | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 0.85% | 1.23% |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) - Investment Owned At Fair Value - Investment Type Concentration Risk | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 100% | 100% |
Debt Securities, Variable Rate | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 94.61% | 95.42% |
Debt Securities, Fixed Rate | ||
Schedule of Investments [Line Items] | ||
% of Total Investments at Fair Value | 5.39% | 4.58% |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 1,706,163 | [1] | $ 1,217,948 | [2] |
First Lien Term Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,427,492 | 1,039,820 | ||
Subordinated Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 183,387 | 133,243 | ||
Equity Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 30,807 | 27,313 | ||
Cash Equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 64,477 | 17,572 | ||
Subordinated Debt, Second Lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 97,203 | 87,224 | ||
Subordinated Debt, Mezzanine Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 83,528 | 43,331 | ||
Structured Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 2,656 | 2,688 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 64,477 | 17,572 | ||
Level 1 | First Lien Term Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 1 | Subordinated Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 1 | Equity Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 1 | Cash Equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 64,477 | 17,572 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 43,172 | 22,964 | ||
Level 2 | First Lien Term Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 34,481 | 22,964 | ||
Level 2 | Subordinated Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 8,691 | 0 | ||
Level 2 | Equity Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 | Cash Equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,598,514 | 1,177,412 | ||
Level 3 | First Lien Term Loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,393,011 | 1,016,856 | ||
Level 3 | Subordinated Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 174,696 | 133,243 | ||
Level 3 | Equity Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 30,807 | 27,313 | ||
Level 3 | Cash Equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 0 | $ 0 | ||
[1] Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. Investment valued using unobservable inputs (Level 3). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 4 "Fair Value Measurements" for more information. |
FAIR VALUE MEASUREMENTS - Sch_2
FAIR VALUE MEASUREMENTS - Schedule of Reconciliation of the Beginning and Ending Balances for Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 1,177,412 | $ 759,514 |
Purchase of investments | 587,893 | 491,623 |
Proceeds from principal repayments and sales of investments | (142,051) | (48,997) |
Payment-in-kind interest | 3,268 | 789 |
Amortization of premium/accretion of discount, net | 2,645 | 1,731 |
Transfers out of Level 3 | (31,798) | (9,955) |
Transfers to Level 3 | 8,348 | 8,043 |
Ending balance | 1,598,514 | 1,177,412 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2023 | (1,649) | (25,765) |
Total | Net realized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total gains or losses included in earnings | (7,989) | (262) |
Total | Net change in unrealized appreciation (depreciation) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total gains or losses included in earnings | 786 | (25,074) |
First Lien Term Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,016,856 | 677,380 |
Purchase of investments | 513,487 | 421,363 |
Proceeds from principal repayments and sales of investments | (118,469) | (44,866) |
Payment-in-kind interest | 221 | 51 |
Amortization of premium/accretion of discount, net | 1,386 | 1,407 |
Transfers out of Level 3 | (23,350) | (9,955) |
Transfers to Level 3 | 8,348 | 0 |
Ending balance | 1,393,011 | 1,016,856 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2023 | 364 | (28,852) |
First Lien Term Loans | Net realized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total gains or losses included in earnings | (14,339) | (340) |
First Lien Term Loans | Net change in unrealized appreciation (depreciation) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total gains or losses included in earnings | 8,871 | (28,184) |
Subordinated Debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 133,243 | 74,001 |
Purchase of investments | 65,296 | 58,003 |
Proceeds from principal repayments and sales of investments | (14,915) | (4,131) |
Payment-in-kind interest | 3,047 | 738 |
Amortization of premium/accretion of discount, net | 426 | 324 |
Transfers out of Level 3 | (8,448) | 0 |
Transfers to Level 3 | 0 | 8,043 |
Ending balance | 174,696 | 133,243 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2023 | (4,167) | (3,836) |
Subordinated Debt | Net realized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total gains or losses included in earnings | 238 | 78 |
Subordinated Debt | Net change in unrealized appreciation (depreciation) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total gains or losses included in earnings | (4,191) | (3,813) |
Equity Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 27,313 | 8,133 |
Purchase of investments | 9,110 | 12,257 |
Proceeds from principal repayments and sales of investments | (8,667) | 0 |
Payment-in-kind interest | 0 | 0 |
Amortization of premium/accretion of discount, net | 833 | 0 |
Transfers out of Level 3 | 0 | 0 |
Transfers to Level 3 | 0 | 0 |
Ending balance | 30,807 | 27,313 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of December 31, 2023 | 2,154 | 6,923 |
Equity Investments | Net realized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total gains or losses included in earnings | 6,112 | 0 |
Equity Investments | Net change in unrealized appreciation (depreciation) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Total gains or losses included in earnings | $ (3,894) | $ 6,923 |
FAIR VALUE MEASUREMENTS - Sch_3
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 1,597,257,000 | $ 1,165,766,000 |
First Lien Term Loans | Yield Method | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 1,192,190,000 | $ 943,976,000 |
First Lien Term Loans | Yield Method | Low | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0613 | 0.0800 |
First Lien Term Loans | Yield Method | High | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1873 | 0.2073 |
First Lien Term Loans | Yield Method | Weighted Average | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1063 | 0.1064 |
First Lien Term Loans | Market Approach | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 19,519,000 | |
First Lien Term Loans | Market Approach | Low | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 6.5 | |
First Lien Term Loans | Market Approach | High | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 9.25 | |
First Lien Term Loans | Market Approach | Weighted Average | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 7.21 | |
First Lien Term Loans | Recent Transactions | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 181,302,000 | $ 63,982,000 |
First Lien Term Loans | Recent Transactions | Low | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 59.50 | 98.01 |
First Lien Term Loans | Recent Transactions | High | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 100 | 100 |
First Lien Term Loans | Recent Transactions | Weighted Average | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 97.52 | 98.23 |
First Lien Term Loans | Recovery Analysis | Recovery Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 8,898,000 | |
First Lien Term Loans | Recovery Analysis | Low | Recovery Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 60.20 | |
First Lien Term Loans | Recovery Analysis | High | Recovery Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 60.20 | |
First Lien Term Loans | Recovery Analysis | Weighted Average | Recovery Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 60.20 | |
Subordinated Debt | Yield Method | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 162,646,000 | $ 107,500,000 |
Subordinated Debt | Yield Method | Low | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0970 | 0.1172 |
Subordinated Debt | Yield Method | High | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.2491 | 0.1740 |
Subordinated Debt | Yield Method | Weighted Average | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1444 | 0.1319 |
Subordinated Debt | Recent Transactions | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 12,050,000 | $ 25,743,000 |
Subordinated Debt | Recent Transactions | Low | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 84.75 | 97 |
Subordinated Debt | Recent Transactions | High | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 98.01 | 100 |
Subordinated Debt | Recent Transactions | Weighted Average | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 89.53 | 98.40 |
Equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments valued using recent transactions | $ 1,257,000 | $ 11,646,000 |
Equity | Yield Method | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 158,000 | |
Equity | Yield Method | Low | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0836 | |
Equity | Yield Method | High | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0836 | |
Equity | Yield Method | Weighted Average | Market Yield Discount Rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0836 | |
Equity | Market Approach | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 29,390,000 | |
Equity | Market Approach | Blended EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 2,000 | |
Equity | Market Approach | Low | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 6.5 | |
Equity | Market Approach | Low | Blended EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 13,250 | |
Equity | Market Approach | Low | Blended Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 1.4 | |
Equity | Market Approach | High | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 19.5 | |
Equity | Market Approach | High | Blended EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 13,250 | |
Equity | Market Approach | High | Blended Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 1.4 | |
Equity | Market Approach | Weighted Average | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 10.96 | |
Equity | Market Approach | Weighted Average | Blended EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 13,250 | |
Equity | Market Approach | Weighted Average | Blended Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 1.4 | |
Equity | Enterprise Value | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 15,667,000 | |
Equity | Enterprise Value | Low | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 6.5 | |
Equity | Enterprise Value | High | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 19.5 | |
Equity | Enterprise Value | Weighted Average | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 7.78 |
FAIR VALUE MEASUREMENTS - Sch_4
FAIR VALUE MEASUREMENTS - Schedule of Carrying Value and Fair Value of the Company Debt Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total | $ 951,877 | $ 705,447 |
Reported Value Measurement | Secured Debt | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total | 951,877 | 705,447 |
Reported Value Measurement | Secured Debt | Wells Fargo Financing Facility | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total | 231,000 | 111,300 |
Reported Value Measurement | Secured Debt | SMBC Financing Facility | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total | 37,377 | 252,147 |
Reported Value Measurement | Secured Debt | Revolving Credit Facility | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total | 126,500 | 0 |
Reported Value Measurement | Secured Debt | 2022 Debt | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total | 342,000 | 342,000 |
Reported Value Measurement | Secured Debt | 2023 Debt | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Total | 215,000 | 0 |
Estimate of Fair Value Measurement | Secured Debt | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term debt, fair value | 947,198 | 692,152 |
Estimate of Fair Value Measurement | Secured Debt | Wells Fargo Financing Facility | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term debt, fair value | 231,000 | 111,300 |
Estimate of Fair Value Measurement | Secured Debt | SMBC Financing Facility | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term debt, fair value | 37,377 | 252,147 |
Estimate of Fair Value Measurement | Secured Debt | Revolving Credit Facility | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term debt, fair value | 126,500 | 0 |
Estimate of Fair Value Measurement | Secured Debt | 2022 Debt | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term debt, fair value | 338,345 | 328,705 |
Estimate of Fair Value Measurement | Secured Debt | 2023 Debt | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Long-term debt, fair value | $ 213,976 | $ 0 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) | 3 Months Ended | 12 Months Ended | 51 Months Ended | |||||||||||||||
Dec. 31, 2019 | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2020 USD ($) | Jun. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2023 USD ($) member part | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) member | |
Related Party Transaction [Line Items] | ||||||||||||||||||
Management fees | $ 10,509,000 | $ 7,464,000 | $ 4,049,000 | |||||||||||||||
Management fees payable | 3,006,000 | 2,211,000 | $ 3,006,000 | |||||||||||||||
Administration fees | 1,598,000 | 1,111,000 | 660,000 | |||||||||||||||
Administration fees payable | 505,000 | 808,000 | 505,000 | |||||||||||||||
Due to adviser expense support (See Note 5) | $ 632,000 | 1,147,000 | $ 632,000 | |||||||||||||||
Number of board members | member | 7 | 7 | ||||||||||||||||
Number of independent directors | member | 5 | 5 | ||||||||||||||||
Directors' fees | $ 383,000 | 383,000 | 383,000 | |||||||||||||||
Directors’ fees payable | 96,000 | 96,000 | $ 96,000 | |||||||||||||||
Accounts payable and accrued expenses | $ 2,789,000 | 2,583,000 | 2,789,000 | |||||||||||||||
Expense Support Agreement | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Period of interest expense payment | 45 days | |||||||||||||||||
Related Party | Investment Advisory Agreements | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Period of agreement will remain in effect | 2 years | |||||||||||||||||
Investment advisory agreement, renewal term | 1 year | |||||||||||||||||
Period of written notice | 60 days | |||||||||||||||||
Number of parts to pay an incentive fee | part | 2 | |||||||||||||||||
Related Party | Investment Advisory Agreement, Base Rate, After Exchange Listing | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Base management fee percentage | 1.25% | 1.25% | ||||||||||||||||
Related Party | Base Rate, Prior To Exchange Listing | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Base management fee percentage | 0.75% | |||||||||||||||||
Related Party | Quarterly Hurdle Rate | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Incentive fee percentage | 1.50% | |||||||||||||||||
Related Party | Annualized Hurdle Rate | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Incentive fee percentage | 6% | |||||||||||||||||
Related Party | Pre-Incentive Fee Net Investment Income below catch-up threshold | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Incentive fee percentage | 100% | |||||||||||||||||
Related Party | Quarterly Catch-Up Threshold | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Incentive fee percentage | 1.76% | |||||||||||||||||
Related Party | Pre-Incentive Fee Net Investment Income Exceeds Catch-Up Threshold | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Incentive fee percentage | 15% | |||||||||||||||||
Related Party | Realized Capital Gains | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Incentive fee percentage | 15% | |||||||||||||||||
Related Party | Expense Support Agreement | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Period of reimbursement payment | 3 years | |||||||||||||||||
Reimbursement of previously supported expense | $ 1,101,000 | |||||||||||||||||
Unpaid expense reimbursements | 0 | 0 | ||||||||||||||||
Expense Payments by Adviser | $ 136,000 | $ 67,000 | $ 54,000 | $ 71,000 | $ 42,000 | $ 47,000 | $ 62,000 | $ 97,000 | $ 56,000 | $ 466,000 | $ 3,000 | $ 182,000 | $ 1,696,000 | 2,979,000 | 2,843,000 | 2,979,000 | ||
Unreimbursed expense payments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | |||
Related Party | Expense Support Agreement, Amount Received | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Expense support (See Note 5) | (158,000) | (179,000) | $ (522,000) | |||||||||||||||
Related Party | Advisor And Administrator | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Accounts payable and accrued expenses | $ 353,000 | $ 1,264,000 | $ 353,000 |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Expenses Reimbursed by the Adviser (Details) - Related Party - Expense Support Agreement - USD ($) | 3 Months Ended | 12 Months Ended | 51 Months Ended | |||||||||||||
Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||||||||||||||||
Expense Payments by Adviser | $ 136,000 | $ 67,000 | $ 54,000 | $ 71,000 | $ 42,000 | $ 47,000 | $ 62,000 | $ 97,000 | $ 56,000 | $ 466,000 | $ 3,000 | $ 182,000 | $ 1,696,000 | $ 2,979,000 | $ 2,843,000 | $ 2,979,000 |
Reimbursement Payments to Adviser | (136,000) | (67,000) | (54,000) | (71,000) | (42,000) | (47,000) | (62,000) | (97,000) | (56,000) | (466,000) | (3,000) | 0 | 0 | (1,101,000) | ||
Expired Expense Support | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (182,000) | (1,696,000) | (1,878,000) | ||
Unreimbursed Expense Payments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
SECURED DEBT - Narrative (Detai
SECURED DEBT - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 07, 2023 | Nov. 21, 2023 | Nov. 20, 2023 | Jun. 23, 2023 | May 20, 2022 | May 05, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 06, 2023 | Sep. 30, 2022 | May 19, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 10, 2020 | Dec. 31, 2019 | Oct. 23, 2018 | |
Debt Instrument [Line Items] | |||||||||||||||||
Asset Coverage Ratio | 178.57% | 174.41% | 191.22% | 182.03% | 159.90% | ||||||||||||
Total Commitment | $ 1,167,000,000 | $ 967,000,000 | |||||||||||||||
Variable funding note | 951,877,000 | 705,447,000 | |||||||||||||||
Subscription Facility | Credit Facility | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total Commitment | 50,000,000 | $ 50,000,000 | |||||||||||||||
Variable funding note | 0 | ||||||||||||||||
Wells Fargo Financing Facility | Credit Facility | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total Commitment | $ 275,000,000 | 275,000,000 | 275,000,000 | $ 350,000,000 | |||||||||||||
Variable funding note | $ 231,000,000 | $ 111,300,000 | |||||||||||||||
Interest rate, stated percentage | 2.20% | ||||||||||||||||
Asset coverage ratio | 1.50 | ||||||||||||||||
Commitment reduction fee, percentage | 1% | ||||||||||||||||
Wells Fargo Financing Facility | Secured Overnight Financing Rate (SOFR) | Credit Facility | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 2.20% | 2.20% | |||||||||||||||
SMBC Financing Facility | Credit Facility | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total Commitment | $ 150,000,000 | $ 150,000,000 | $ 300,000,000 | $ 150,000,000 | $ 300,000,000 | $ 300,000,000 | |||||||||||
Variable funding note | $ 37,377,000 | $ 252,147,000 | |||||||||||||||
Subsequent increase | $ 250,000,000 | ||||||||||||||||
Unused commitment fee, percentage | 0.50% | ||||||||||||||||
Unused commitment fee percentage, less than fifty percent of total commitments | 0.50% | ||||||||||||||||
Unused commitment fee percentage, more than fifty percent of total commitments | 1% | ||||||||||||||||
Debt instrument, extension fee | $ 450,000 | ||||||||||||||||
Annualized fee percentage | 0.30% | ||||||||||||||||
SMBC Financing Facility | Secured Overnight Financing Rate (SOFR) | Credit Facility | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 2.65% | 2.15% | 2.15% | 2.65% | |||||||||||||
SMBC Financing Facility | Base Rate | Credit Facility | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 1.65% | 1.15% | |||||||||||||||
Revolving Credit Facility | Credit Facility | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total Commitment | $ 185,000,000 | $ 185,000,000 | |||||||||||||||
Variable funding note | $ 126,500,000 | ||||||||||||||||
Unused commitment fee, percentage | 0.375% | ||||||||||||||||
Maximum borrowing capacity, including accordion feature | $ 300,000,000 | ||||||||||||||||
Revolving Credit Facility | Credit Facility | Bridge Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total Commitment | $ 25,000,000 | ||||||||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Credit Facility | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 2.25% | ||||||||||||||||
2022 Debt | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | 448,325,000 | ||||||||||||||||
AAA Class A-1 2022 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 199,000,000 | ||||||||||||||||
AAA Class A-1 2022 Notes | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 1.80% | ||||||||||||||||
AAA Class A-1F 2022 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 4.42% | ||||||||||||||||
Debt securitization | $ 34,250,000 | ||||||||||||||||
AA Class B 2022 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 47,250,000 | ||||||||||||||||
AA Class B 2022 Notes | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 2.30% | ||||||||||||||||
A Class C 2022 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 31,500,000 | ||||||||||||||||
A Class C 2022 Notes | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 3.15% | ||||||||||||||||
BBB Class D 2022 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 27,000,000 | ||||||||||||||||
BBB Class D 2022 Notes | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 4.15% | ||||||||||||||||
Subordinated 2022 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 79,325,000 | ||||||||||||||||
AAA Class A-L 2022 Loans to CLO-I | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 30,000,000 | ||||||||||||||||
AAA Class A-L 2022 Loans to CLO-I | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 1.80% | ||||||||||||||||
2023 Debt | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | 298,060,000 | ||||||||||||||||
AAA Class X 2023 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 2,000,000 | ||||||||||||||||
AAA Class X 2023 Notes | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 2% | ||||||||||||||||
AAA Class A-1 2023 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 100,500,000 | ||||||||||||||||
AAA Class A-1 2023 Notes | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 2.35% | ||||||||||||||||
AA Class B 2023 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 37,500,000 | ||||||||||||||||
AA Class B 2023 Notes | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 3.20% | ||||||||||||||||
Subordinated 2023 Notes | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 83,060,000 | ||||||||||||||||
AAA Class A-L-A 2023 to CLO-II | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 25,000,000 | ||||||||||||||||
AAA Class A-L-A 2023 to CLO-II | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 2.35% | ||||||||||||||||
AAA Class A-L-B 2023 Loans to CLO-II | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt securitization | $ 50,000,000 | ||||||||||||||||
AAA Class A-L-B 2023 Loans to CLO-II | Secured Overnight Financing Rate (SOFR) | Secured Debt | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of interest rate | 2.35% | ||||||||||||||||
Wells Fargo Bank, N.A. | Wells Fargo Financing Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Variable funding note | $ 175,000,000 |
SECURED DEBT - Schedule of Debt
SECURED DEBT - Schedule of Debt Obligations (Details) - USD ($) | Dec. 31, 2023 | Dec. 07, 2023 | Dec. 06, 2023 | Nov. 21, 2023 | Nov. 20, 2023 | Jun. 23, 2023 | Dec. 31, 2022 | May 20, 2022 | May 19, 2022 | Sep. 10, 2020 |
Debt Instrument [Line Items] | ||||||||||
Total Commitment | $ 1,167,000,000 | $ 967,000,000 | ||||||||
Amount Outstanding | 951,877,000 | 705,447,000 | ||||||||
Unused Portion | 215,123,000 | 261,553,000 | ||||||||
Amount Available | 214,960,000 | 253,897,000 | ||||||||
CLO-I | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Commitment | 342,000,000 | 342,000,000 | ||||||||
Amount Outstanding | 342,000,000 | 342,000,000 | ||||||||
Unused Portion | 0 | 0 | ||||||||
Amount Available | 0 | 0 | ||||||||
CLO-II | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Commitment | 215,000,000 | |||||||||
Amount Outstanding | 215,000,000 | |||||||||
Unused Portion | 0 | |||||||||
Amount Available | 0 | |||||||||
Secured Debt | Wells Fargo Financing Facility | Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Commitment | 275,000,000 | 275,000,000 | $ 275,000,000 | $ 350,000,000 | ||||||
Amount Outstanding | 231,000,000 | 111,300,000 | ||||||||
Unused Portion | 44,000,000 | 163,700,000 | ||||||||
Amount Available | 43,837,000 | 158,916,000 | ||||||||
Secured Debt | Subscription Facility | Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Commitment | 50,000,000 | $ 50,000,000 | ||||||||
Amount Outstanding | 0 | |||||||||
Unused Portion | 50,000,000 | |||||||||
Amount Available | 50,000,000 | |||||||||
Secured Debt | SMBC Financing Facility | Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Commitment | 150,000,000 | $ 150,000,000 | $ 300,000,000 | $ 150,000,000 | $ 300,000,000 | 300,000,000 | ||||
Amount Outstanding | 37,377,000 | 252,147,000 | ||||||||
Unused Portion | 112,623,000 | 47,853,000 | ||||||||
Amount Available | 112,623,000 | $ 44,981,000 | ||||||||
Secured Debt | Revolving Credit Facility | Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total Commitment | 185,000,000 | $ 185,000,000 | ||||||||
Amount Outstanding | 126,500,000 | |||||||||
Unused Portion | 58,500,000 | |||||||||
Amount Available | $ 58,500,000 |
SECURED DEBT - Schedule of Comp
SECURED DEBT - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 57,980 | $ 23,424 | $ 7,398 |
Unused fees | 1,010 | 863 | 1,277 |
Amortization of deferred financing costs | 2,216 | 1,408 | 1,152 |
Total interest and debt financing expenses | $ 61,206 | $ 25,695 | $ 9,827 |
Average interest rate | 7.23% | 4.29% | 3% |
Average daily borrowings | $ 816,221 | $ 566,195 | $ 287,288 |
SECURED DEBT - Schedule of Cont
SECURED DEBT - Schedule of Contract Debt Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total | $ 951,877 | $ 705,447 |
1 to 3 years | 37,377 | 252,147 |
3 to 5 years | 357,500 | 111,300 |
More than 5 Years | 557,000 | 342,000 |
Wells Fargo Financing Facility | Credit Facility | ||
Debt Instrument [Line Items] | ||
Total | 231,000 | 111,300 |
1 to 3 years | 0 | 0 |
3 to 5 years | 231,000 | 111,300 |
More than 5 Years | 0 | 0 |
Subscription Facility | Credit Facility | ||
Debt Instrument [Line Items] | ||
Total | 0 | |
1 to 3 years | 0 | |
3 to 5 years | 0 | |
More than 5 Years | 0 | |
SMBC Financing Facility | Credit Facility | ||
Debt Instrument [Line Items] | ||
Total | 37,377 | 252,147 |
1 to 3 years | 37,377 | 252,147 |
3 to 5 years | 0 | 0 |
More than 5 Years | 0 | 0 |
Revolving Credit Facility | Credit Facility | ||
Debt Instrument [Line Items] | ||
Total | 126,500 | |
1 to 3 years | 0 | |
3 to 5 years | 126,500 | |
More than 5 Years | 0 | |
CLO-I | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total | 342,000 | 342,000 |
1 to 3 years | 0 | 0 |
3 to 5 years | 0 | 0 |
More than 5 Years | 342,000 | $ 342,000 |
CLO-II | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total | 215,000 | |
1 to 3 years | 0 | |
3 to 5 years | 0 | |
More than 5 Years | $ 215,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | $ 180,547 | $ 127,391 |
Investment, Identifier [Axis]: ARMstrong | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,847 | 0 |
Investment, Identifier [Axis]: ASTP Holdings Co-Investment - Units | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 34 | 0 |
Investment, Identifier [Axis]: Affinity Hospice | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 1,981 |
Investment, Identifier [Axis]: Allstar Holdings | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 7,373 | 0 |
Investment, Identifier [Axis]: Anne Arundel | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 366 | 366 |
Investment, Identifier [Axis]: Apex Companies | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,115 | 0 |
Investment, Identifier [Axis]: BCM One | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 70 |
Investment, Identifier [Axis]: Blackbird Purchaser, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 2,709 |
Investment, Identifier [Axis]: Bounteous | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 4,467 | 4,467 |
Investment, Identifier [Axis]: BusinesSolver | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 970 | 1,939 |
Investment, Identifier [Axis]: CMP Ren Partners I-A LP | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 15 | 0 |
Investment, Identifier [Axis]: Cadmus | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 511 |
Investment, Identifier [Axis]: Chroma Color | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,379 | 0 |
Investment, Identifier [Axis]: ClaimLogiq | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,225 | 0 |
Investment, Identifier [Axis]: Classic Collision | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 21,867 | 717 |
Investment, Identifier [Axis]: Coding Solutions Acquisition Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 1,967 |
Investment, Identifier [Axis]: CollisionRight | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 506 |
Investment, Identifier [Axis]: Covercraft | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 4,386 | 4,386 |
Investment, Identifier [Axis]: Crete | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,443 | 2,726 |
Investment, Identifier [Axis]: CrossCountry Consulting | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,320 | 3,320 |
Investment, Identifier [Axis]: D&H United Fueling Solutions | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,567 | 0 |
Investment, Identifier [Axis]: DMC Power | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,671 | 0 |
Investment, Identifier [Axis]: E78 | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 2,570 | 2,955 |
Investment, Identifier [Axis]: Elevation Labs | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,125 | 3,125 |
Investment, Identifier [Axis]: Eliassen Group, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,903 | 2,361 |
Investment, Identifier [Axis]: Engage | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 8,113 | 0 |
Investment, Identifier [Axis]: Ergotech (INS) | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,979 | 0 |
Investment, Identifier [Axis]: Evergreen Services Group | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 793 |
Investment, Identifier [Axis]: Evergreen Services Group II | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 4,488 | 0 |
Investment, Identifier [Axis]: EyeSouth | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 885 | 2,451 |
Investment, Identifier [Axis]: Fairway Lawns | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 419 | 6,171 |
Investment, Identifier [Axis]: Forefront Dermatology | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 112 |
Investment, Identifier [Axis]: GHR Healthcare | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 1,422 |
Investment, Identifier [Axis]: Genesee Scientific LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 2,027 |
Investment, Identifier [Axis]: Health Management Associates | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,026 | 0 |
Investment, Identifier [Axis]: Heartland Veterinary Partners | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 9,500 |
Investment, Identifier [Axis]: High Bar Brands | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 596 | 0 |
Investment, Identifier [Axis]: ITSavvy | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 158 | 2,107 |
Investment, Identifier [Axis]: Impact Environmental Group | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 7,203 | 0 |
Investment, Identifier [Axis]: Industrial Service Group | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 3,409 |
Investment, Identifier [Axis]: Infobase | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 721 | 721 |
Investment, Identifier [Axis]: JEGS Automotive | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 930 |
Investment, Identifier [Axis]: Kenco | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,416 | 1,416 |
Investment, Identifier [Axis]: Legacy Service Partners | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 764 | 0 |
Investment, Identifier [Axis]: Leo Facilities | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 6,429 | 0 |
Investment, Identifier [Axis]: Liberty Group | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 449 | 449 |
Investment, Identifier [Axis]: MEI Buyer LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,814 | 0 |
Investment, Identifier [Axis]: MGM Transformer Company | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 6,388 | 0 |
Investment, Identifier [Axis]: Mobile Communications America Inc | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 5,970 | 0 |
Investment, Identifier [Axis]: Mosaic Dental | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 553 | 0 |
Investment, Identifier [Axis]: NJEye, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 489 | 489 |
Investment, Identifier [Axis]: National Power | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,051 | 0 |
Investment, Identifier [Axis]: NearU | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,291 | 3,686 |
Investment, Identifier [Axis]: Online Labels Group | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 807 | 0 |
Investment, Identifier [Axis]: Ovation Holdings | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 343 | 0 |
Investment, Identifier [Axis]: Palmetto Exterminators | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 652 | 0 |
Investment, Identifier [Axis]: Patriot Growth | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 6,682 |
Investment, Identifier [Axis]: Pinnacle Supply Partners, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,636 | 0 |
Investment, Identifier [Axis]: Precision Aviation Group | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 4,961 | 0 |
Investment, Identifier [Axis]: Prompt Care | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 2,220 |
Investment, Identifier [Axis]: Propark Mobility | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,797 | 0 |
Investment, Identifier [Axis]: RMA Companies | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,510 | 0 |
Investment, Identifier [Axis]: RSC Acquisition Inc | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 10,603 |
Investment, Identifier [Axis]: Randy's Worldwide Automotive | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,750 | 3,750 |
Investment, Identifier [Axis]: Repipe Specialists | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 691 | 900 |
Investment, Identifier [Axis]: Rhino Tool House | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 921 | 0 |
Investment, Identifier [Axis]: Riveron | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,607 | 0 |
Investment, Identifier [Axis]: RoadOne | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,397 | 1,397 |
Investment, Identifier [Axis]: RoadOne - Common | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 235 | 0 |
Investment, Identifier [Axis]: S&S Truck Parts | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 246 | 246 |
Investment, Identifier [Axis]: Scaled Agile | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 1,923 |
Investment, Identifier [Axis]: Sciens Building Solutions, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,623 | 3,303 |
Investment, Identifier [Axis]: Seko Global Logistics LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 3,524 |
Investment, Identifier [Axis]: Smile Brands | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 1,959 |
Investment, Identifier [Axis]: Spectrio | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 3,380 |
Investment, Identifier [Axis]: Sunny Sky Products | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,773 | 0 |
Investment, Identifier [Axis]: TIDI Products | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 4,085 | 0 |
Investment, Identifier [Axis]: TPC Wire & Cable Corp | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 157 |
Investment, Identifier [Axis]: Tech24 | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,655 | 0 |
Investment, Identifier [Axis]: Technical Safety Services | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 2,429 | 2,044 |
Investment, Identifier [Axis]: The Facilities Group | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 5,028 | 882 |
Investment, Identifier [Axis]: Tinuiti Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 4,028 |
Investment, Identifier [Axis]: Trilon Group | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 4,407 | 1,816 |
Investment, Identifier [Axis]: Vital Records Control | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 122 |
Investment, Identifier [Axis]: WSB / EST | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 4,357 | 0 |
Investment, Identifier [Axis]: Watermill Express | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 121 |
Investment, Identifier [Axis]: Wellspring | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 3,756 | 1,579 |
Investment, Identifier [Axis]: Wittichen Supply | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 3,846 |
Investment, Identifier [Axis]: World Insurance Associates, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 2,532 |
Investment, Identifier [Axis]: Wpromote | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 588 | 588 |
Investment, Identifier [Axis]: Young Innovations | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | $ 3,448 | $ 0 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | |||||
Cash and cash equivalents | $ 67,395 | $ 39,270 | $ 35,186 | ||
Amount Available | 214,960 | 253,897 | |||
Total committed capital, end of period | 906,408 | $ 905,178 | $ 567,526 | $ 352,555 | $ 100,000 |
Unused Borrowings Under its Credit Facilities | |||||
Loss Contingencies [Line Items] | |||||
Amount Available | 214,960 | ||||
Undrawn Capital Commitments from its Shareholders | |||||
Loss Contingencies [Line Items] | |||||
Total committed capital, end of period | $ 142,382 |
NET ASSETS - Narrative (Details
NET ASSETS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |||
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | |||
Total committed capital, end of period | $ 906,408 | $ 905,178 | $ 567,526 | $ 352,555 | $ 100,000 |
Undrawn committed capital | $ 142,382 | ||||
Common shares, shares issued (in shares) | 41,242,105 | 28,650,548 | |||
TIAA | Related Party | |||||
Class of Stock [Line Items] | |||||
Total committed capital, end of period | $ 100,000 | ||||
Undrawn committed capital | $ 15,708 | ||||
Common shares, shares issued (in shares) | 4,278,149 |
NET ASSETS - Schedule of Total
NET ASSETS - Schedule of Total Shares Issued and Proceeds Received (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||||||||||||
Nov. 03, 2023 | Jul. 17, 2023 | Apr. 20, 2023 | Dec. 21, 2022 | Aug. 01, 2022 | Apr. 25, 2022 | Jan. 21, 2022 | Dec. 09, 2021 | Nov. 01, 2021 | Aug. 23, 2021 | Jul. 26, 2021 | Jun. 22, 2021 | Apr. 23, 2021 | Mar. 11, 2021 | Nov. 06, 2020 | Oct. 16, 2020 | Aug. 06, 2020 | May 07, 2020 | Dec. 31, 2019 | Dec. 19, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||
Shares Issued (in shares) | 5,497,609 | 4,357,515 | 2,205,038 | 3,193,195 | 2,652,775 | 1,800,426 | 1,541,568 | 1,491,676 | 1,546,427 | 2,593,357 | 1,564,928 | 1,034,668 | 1,845,984 | 785,751 | 1,870,660 | 1,057,641 | 1,105,425 | 1,069,522 | 3,310,540 | 50 | |||
Proceeds Received | $ 100,000 | $ 78,565 | $ 40,000 | $ 60,000 | $ 50,082 | $ 34,964 | $ 30,000 | $ 29,207 | $ 30,000 | $ 50,000 | $ 30,000 | $ 20,000 | $ 35,000 | $ 15,000 | $ 35,000 | $ 20,000 | $ 20,000 | $ 20,000 | $ 66,211 | $ 1 | $ 218,896 | $ 174,588 | $ 209,208 |
Issuance Price per share (in dollars per share) | $ 18.19 | $ 18.03 | $ 18.14 | $ 18.79 | $ 18.88 | $ 19.42 | $ 19.46 | $ 19.58 | $ 19.40 | $ 19.28 | $ 19.17 | $ 19.33 | $ 18.96 | $ 19.09 | $ 18.71 | $ 18.91 | $ 18.09 | $ 18.70 | $ 20 | $ 20 |
NET ASSETS - Schedule of Divide
NET ASSETS - Schedule of Dividends Declared (Details) - $ / shares | Jan. 10, 2024 | Dec. 28, 2023 | Oct. 12, 2023 | Sep. 28, 2023 | Jul. 12, 2023 | Jun. 28, 2023 | Apr. 12, 2023 | Mar. 30, 2023 | Jan. 17, 2023 | Dec. 29, 2022 | Oct. 11, 2022 | Sep. 28, 2022 | Jul. 12, 2022 | Jun. 30, 2022 | Apr. 12, 2022 | Mar. 30, 2022 | Jan. 18, 2022 | Dec. 29, 2021 | Oct. 11, 2021 | Sep. 29, 2021 | Jul. 12, 2021 | Jun. 29, 2021 | Apr. 19, 2021 | Mar. 29, 2021 | Jan. 18, 2021 | Dec. 29, 2020 | Nov. 11, 2020 | Nov. 04, 2020 | Aug. 11, 2020 | Aug. 04, 2020 | Apr. 16, 2020 |
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.47 | $ 0.43 | $ 0.41 | $ 0.40 | $ 0.38 | $ 0.31 | $ 0.30 | $ 0.28 | $ 0.23 | $ 0.28 | $ 0.17 | |||||||||||||||
Shares Issued (in shares) | 158,545 | 128,818 | 150,703 | 93,329 | 68,093 | 45,341 | 32,320 | 23,017 | 10,639 | 3,039 | 1,824 | 1,550 | 98 | 34 | |||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Shares Issued (in shares) | 185,541 | ||||||||||||||||||||||||||||||
Supplemental Dividend | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | ||||||||||||||||||||||||||||
Special Dividend | |||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.26 |
CONSOLIDATED FINANCIAL HIGHLI_3
CONSOLIDATED FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Company, Financial Highlights [Roll Forward] | |||||
Net asset value at beginning of period (in dollars per share) | $ 18.32 | $ 19.39 | $ 18.74 | $ 20 | $ 19.48 |
Net investment income (in dollars per share) | 2.52 | 1.95 | 1.58 | 1.05 | 1.58 |
Net realized gain (loss) (in dollars per share) | (0.24) | (0.01) | 0.06 | 0.08 | 0.12 |
Total net change in unrealized gain (loss) (in dollars per share) | (0.01) | (1.20) | 0.48 | (0.70) | 0.09 |
Net increase (decrease) in net assets resulting from operations (in dollars per share) | 2.27 | 0.74 | 2.12 | 0.43 | 1.79 |
Shareholder distributions from net investment income (in dollars per share) | (2.41) | (1.81) | (1.39) | (0.68) | (1.46) |
Other (in dollars per share) | (0.05) | 0 | (0.08) | (1.01) | 0.19 |
Net asset value at end of period (in dollars per share) | $ 18.13 | $ 18.32 | $ 19.39 | $ 18.74 | $ 20 |
Net assets at end of period | $ 747,885 | $ 524,957 | $ 374,051 | $ 157,641 | $ 66,211 |
Shares outstanding at end of period (in shares) | 41,242,105 | 28,650,548 | 19,293,813 | 8,413,970 | 3,310,590 |
Total return | 12.83% | 3.83% | 11.22% | (2.88%) | 10.39% |
Ratio/Supplemental data: | |||||
Ratio of net expenses to average net assets | 13.01% | 8.41% | 6.42% | 8.60% | 11.71% |
Ratio of net investment income to average net assets | 14.06% | 10.34% | 8.11% | 5.55% | 8.37% |
Portfolio turnover rate | 10.56% | 5.04% | 33.87% | 24.53% | 46.17% |
Total committed capital, end of period | $ 906,408 | $ 905,178 | $ 567,526 | $ 352,555 | $ 100,000 |
Ratio of total contributed capital to total committed capital, end of period | 84.29% | 60.26% | 65.27% | 45.73% | 66.21% |
Asset Coverage Ratio | 178.57% | 174.41% | 191.22% | 182.03% | 159.90% |
Ratio of total expenses to average net assets | 13.04% | 8.45% | 6.63% | 9.05% | 13.92% |
Effect of expense support to average net assets ratio | (0.03%) | (0.04%) | (0.21%) | (0.45%) | (2.21%) |
Ratio of interest and debt financing expenses to average net assets | 10.25% | 5.84% | 3.93% | 4.77% | 8.80% |
INCOME TAX - Schedule of Tax-ba
INCOME TAX - Schedule of Tax-basis Cost for Federal Income Tax Purposes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Tax cost of investments | $ 1,665,824 | $ 1,224,737 |
Gross unrealized appreciation on investments | 13,351 | 11,333 |
Gross unrealized depreciation on investments | (37,834) | (35,694) |
Net unrealized appreciation (depreciation) on investments | $ (24,483) | $ (24,361) |
INCOME TAX - Schedule of Compon
INCOME TAX - Schedule of Components of Accumulated Earnings (Deficit) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Undistributed ordinary income, net | $ 2,375 | $ 854 |
Undistributed long-term income, net | 0 | 0 |
Total undistributed earnings | 2,375 | 854 |
Capital loss carryforward | (6,679) | (449) |
Total undistributed earnings | (25,286) | (25,170) |
Other book-to-tax differences | 344 | 835 |
Total accumulated earnings (losses), net | $ (29,246) | $ (23,930) |
INCOME TAX - Narrative (Details
INCOME TAX - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Line Items] | |||
Capital loss carryforward | $ (6,679,000) | $ (449,000) | |
Incurred excise tax expenses | 6,000 | 0 | $ 0 |
Net deferred tax liability | 855,000 | 24,000 | |
Non-controlled/Non-affiliated | |||
Valuation Allowance [Line Items] | |||
Income tax (provision) benefit | $ 830,000 | $ 24,000 | $ 0 |
INCOME TAX - Schedule of Tax Ch
INCOME TAX - Schedule of Tax Character of Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Ordinary income | $ 81,206 | $ 44,236 |
Net long-term capital gains | 0 | 331 |
Total taxable distributions | $ 81,206 | $ 44,567 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Feb. 09, 2024 | Jan. 29, 2024 | Jan. 05, 2024 | Dec. 31, 2019 | Dec. 31, 2023 | |
Investment Advisory Agreement, Base Rate, After Exchange Listing | Related Party | |||||
Subsequent Event [Line Items] | |||||
Base management fee percentage | 1.25% | 1.25% | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Sale of stock, number of shares issued (in shares) | 7,888,094 | ||||
Issuance Price per share (in dollars per share) | $ 18.05 | ||||
Sale of stock, consideration received | $ 142,400,000 | ||||
Subsequent Event | AAA Class X Notes | 2024 Debt Securitization | |||||
Subsequent Event [Line Items] | |||||
Debt securitization | $ 2,000,000 | ||||
Subsequent Event | AAA Class X Notes | 2024 Debt Securitization | Secured Overnight Financing Rate (SOFR) | |||||
Subsequent Event [Line Items] | |||||
Percentage of interest rate | 1.40% | ||||
Subsequent Event | AAA Class A Notes | 2024 Debt Securitization | |||||
Subsequent Event [Line Items] | |||||
Debt securitization | $ 175,500,000 | ||||
Subsequent Event | AAA Class A Notes | 2024 Debt Securitization | Secured Overnight Financing Rate (SOFR) | |||||
Subsequent Event [Line Items] | |||||
Percentage of interest rate | 2% | ||||
Subsequent Event | AA Class B Notes | 2024 Debt Securitization | |||||
Subsequent Event [Line Items] | |||||
Debt securitization | $ 37,500,000 | ||||
Subsequent Event | AA Class B Notes | 2024 Debt Securitization | Secured Overnight Financing Rate (SOFR) | |||||
Subsequent Event [Line Items] | |||||
Percentage of interest rate | 2.65% | ||||
Subsequent Event | Subordinated Notes | 2024 Debt Securitization | |||||
Subsequent Event [Line Items] | |||||
Debt securitization | $ 81,970,000 | ||||
Subsequent Event | Investment Advisory Agreement, Base Rate, First Five Quarters | Related Party | |||||
Subsequent Event [Line Items] | |||||
Base management fee percentage | 0.75% | ||||
Subsequent Event | Investment Advisory Agreement, Base Rate, Thereafter | Related Party | |||||
Subsequent Event [Line Items] | |||||
Base management fee percentage | 1% | ||||
Subsequent Event | IPO | |||||
Subsequent Event [Line Items] | |||||
Sale of stock, number of shares issued (in shares) | 5,500,000 | ||||
Issuance Price per share (in dollars per share) | $ 18.05 | ||||
Sale of stock, consideration received | $ 99,300,000 |
SUBSEQUENT EVENTS - Schedule of
SUBSEQUENT EVENTS - Schedule of Dividends Declared (Details) - $ / shares | Apr. 28, 2025 | Jan. 28, 2025 | Oct. 28, 2024 | Jul. 28, 2024 | Apr. 29, 2024 | Dec. 28, 2023 | Sep. 28, 2023 | Jun. 28, 2023 | Mar. 30, 2023 | Dec. 29, 2022 | Sep. 28, 2022 | Jun. 30, 2022 | Mar. 30, 2022 | Dec. 29, 2021 | Sep. 29, 2021 | Jun. 29, 2021 | Mar. 29, 2021 | Dec. 29, 2020 | Nov. 04, 2020 | Aug. 04, 2020 | Apr. 16, 2020 |
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.47 | $ 0.43 | $ 0.41 | $ 0.40 | $ 0.38 | $ 0.31 | $ 0.30 | $ 0.28 | $ 0.23 | $ 0.28 | $ 0.17 | |||||
Forecast | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.45 |