Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Entity Registrant Name | SCP Private Credit Income BDC LLC | |
Entity Central Index Key | 0001743415 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,710,775 | |
Securities Act File Number | 814-01294 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 500 Park Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 212 | |
Local Phone Number | 993-1670 | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 83-0634992 | |
Entity Ex Transition Period | false |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Investments at fair value: | |||
Cash | $ 19,861 | $ 42,263 | |
Interest receivable | 3,696 | 3,290 | |
Receivable for investments sold | 40 | 40 | |
Prepaid expenses | 84 | 21 | |
Total assets | 429,490 | 466,182 | |
Liabilities | |||
Debt ($153,300 and $170,000 face amounts, respectively, reported net of unamortized debt issuance costs of $442 and $683, respectively. See note 5) | 152,858 | 170,117 | |
Distributions payable | 0 | 15,152 | |
Management fee payable (see note 3) | 1,036 | 4,288 | |
Incentive fee payable (see note 3) | 1,401 | 4,449 | |
Administration fee payable (see note 3) | 83 | 95 | |
Interest payable (see note 5) | 3,180 | 3,400 | |
Other liabilities and accrued expenses | 355 | 380 | |
Total liabilities | 158,913 | 197,881 | |
Commitments and contingencies (see note 6) | |||
Unitholders' Capital | |||
Common Unitholders' capital (26,710,775 and 26,710,775 units, respectively, issued and outstanding) | 277,433 | 277,433 | |
Accumulated distributable net loss | (6,856) | (9,132) | |
Total unitholders' capital | 270,577 | 268,301 | |
Total liabilities and unitholders' capital | $ 429,490 | $ 466,182 | |
Net asset value per unit | [1] | $ 10.13 | $ 10.04 |
Companies less than 5% owned [Member] | |||
Investments at fair value: | |||
Investments, Fair Value Disclosure | $ 391,851 | $ 406,610 | |
Companies 5% to 25% owned [Member] | |||
Investments at fair value: | |||
Investments, Fair Value Disclosure | $ 13,958 | $ 13,958 | |
[1] Calculated using the average Units outstanding method. Weighted average Units outstanding for the three months ended March 31, 2024 and March 31, 2023 were 26,710,775 and 21,816,409 , respectively. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument face amount | $ 153,300 | $ 170,800 | |
Net of unamortized debt issuance costs | $ 442 | $ 683 | |
Common unit issued | 26,710,775 | 26,710,775 | |
Common unit outstanding | 26,710,775 | [1] | 26,710,775 |
Companies less than 5% owned [Member] | |||
Investments at cost | $ 389,154 | $ 404,576 | |
Companies 5% to 25% owned [Member] | |||
Investments at cost | $ 21,187 | $ 21,187 | |
[1] Calculated using the average Units outstanding method. Weighted average Units outstanding for the three months ended March 31, 2024 and March 31, 2023 were 26,710,775 and 21,816,409 , respectively. |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Income: | ||
Total investment income | $ 12,834 | $ 14,792 |
Expenses: | ||
Management fees (see note 3) | 1,036 | 1,058 |
Incentive fees (see note 3) | 1,284 | (528) |
Administration fees (see note 3) | 83 | 105 |
Interest and other credit facility expenses (see note 5) | 3,570 | 6,408 |
Other general and administrative expenses | 272 | 266 |
Total expenses | 6,245 | 7,309 |
Net investment income | 6,589 | 7,483 |
Realized and unrealized gain (loss) on investments: | ||
Net realized gain | 24 | 0 |
Net change in unrealized gain (loss) | 663 | (10,472) |
Net realized and unrealized gain (loss) on investments | 687 | (10,472) |
Net Increase (Decrease) in Unitholders Capital Resulting From Operations | $ 7,276 | $ (2,989) |
Net Income (Loss) Per Unit | $ 0.27 | $ (0.14) |
Companies less than 5% owned [Member] | ||
Investment Income: | ||
Interest income from non-controlled/non-affiliated investments | $ 12,806 | $ 14,388 |
Other income from non-controlled/non-affiliated investments | 28 | 404 |
Realized and unrealized gain (loss) on investments: | ||
Net realized gain | 24 | 0 |
Net change in unrealized gain (loss) | 663 | (10,472) |
Companies 5% to 25% owned [Member] | ||
Realized and unrealized gain (loss) on investments: | ||
Net change in unrealized gain (loss) | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Unitholders Capital (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Net investment income | $ 6,589 | $ 7,483 | |
Net realized gain | 24 | 0 | |
Net change in unrealized gain (loss) | 663 | (10,472) | |
Net Income (Loss) | 7,276 | (2,989) | |
Distributions to unitholders: | |||
From distributable earnings | (5,000) | 0 | |
Increase in unitholders capital resulting from capital activity: | |||
Contributions | 0 | 65,000 | |
Net increase in unitholders' capital resulting from capital activity | 0 | 65,000 | |
Total increase in unitholders' capital | 2,276 | 62,011 | |
Unitholders' capital, beginning of year | 268,301 | 196,254 | |
Unitholders' capital, end of year | [1] | $ 270,577 | $ 258,265 |
Units issued | 0 | 6,197,690 | |
Net increase from capital unit activity | 0 | 6,197,690 | |
[1] Calculated using the average Units outstanding method. Weighted average Units outstanding for the three months ended March 31, 2024 and March 31, 2023 were 26,710,775 and 21,816,409 , respectively. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net increase (decrease) in unitholders' capital resulting from operations | $ 7,276 | $ (2,989) |
Adjustments to reconcile net increase (decrease) in unitholders capital resulting from operations to net cash provided by operating activities: | ||
Net realized gain on investments | (24) | 0 |
Net change in unrealized (gain) loss on investments | (663) | 10,472 |
Deferred Financing Costs | 241 | 389 |
Net accretion of discount on investments | (550) | (676) |
(Increase) decrease in operating assets: | ||
Purchase of investments | (1,136) | (27,877) |
Proceeds from disposition of investments | 17,730 | 27,323 |
Capitalization of payment-in-kind income | (598) | (473) |
Receivable for investments sold | 0 | (37) |
Interest receivable | (406) | 280 |
Prepaid expenses | (63) | (97) |
Increase (decrease) in operating liabilities: | ||
Management fee payable | (3,252) | 539 |
Incentive fee payable | (3,048) | (3,567) |
Administration fee payable | (12) | (3) |
Interest payable | (220) | 718 |
Other liabilities and accrued expenses | (25) | (204) |
Net Cash Provided by Operating Activities | 15,250 | 3,798 |
Cash Flows from Financing Activities: | ||
Contributions from unitholders | 0 | 65,000 |
Cash distributions paid | (20,152) | (10,825) |
Proceeds from borrowings | 0 | 12,868 |
Repayments of borrowings | (17,500) | (73,476) |
Net Cash Used in Financing Activities | (37,652) | (6,433) |
NET DECREASE IN CASH | (22,402) | (2,635) |
CASH AT BEGINNING OF PERIOD | 42,263 | 16,697 |
CASH AT END OF PERIOD | 19,861 | 14,062 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 3,790 | $ 5,690 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Jun. 16, 2023 | ||
Schedule of Investments [Line Items] | ||||
Fair Value | $ 13,958 | $ 14,413 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Alimera Sciences, Inc Industry Pharmaceuticals Spread above Index S+515 Floor 4.60% Interest Rate 10.50% Acquisition Date 12/31/2019 Maturity Date 5/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 515% | ||
Floor | [2] | 4.60% | ||
Interest Rate | [2],[3] | 10.50% | ||
Acquisition Date | [2] | Dec. 31, 2019 | ||
Maturity Date | [2] | May 01, 2028 | ||
Par Amount | [2] | $ 5,893 | ||
Cost | [2] | 5,934 | ||
Fair Value | [2] | $ 6,080 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Basic Fun, Inc Industry Specialty Retail Spread above Index S+650 Floor 1.00% Interest Rate 12.14% Acquisition Date 10/30/2020 Maturity Date 7/2/2024 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 650% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 12.14% | ||
Acquisition Date | [2] | Oct. 30, 2020 | ||
Maturity Date | [2] | Jul. 02, 2024 | ||
Par Amount | [2] | $ 960 | ||
Cost | [2] | 958 | ||
Fair Value | [2] | $ 960 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Fertility (ITC) Investment Holdco, LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.97% Acquisition Date 1/4/2023 Maturity Date 1/3/2029 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 650% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 11.97% | ||
Acquisition Date | [2] | Jan. 04, 2023 | ||
Maturity Date | [2] | Jan. 03, 2029 | ||
Par Amount | [2] | $ 10,278 | ||
Cost | [2] | 10,007 | ||
Fair Value | [2] | $ 10,278 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Glooko, Inn Industry Health Care Technology Spread above Index S+790 Floor 0.10% Interest Rate 13.35% Acquisition Date 9/30/2021 Maturity Date 10/1/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 790% | ||
Floor | [2] | 0.10% | ||
Interest Rate | [2],[3] | 13.35% | ||
Acquisition Date | [2] | Sep. 30, 2021 | ||
Maturity Date | [2] | Oct. 01, 2026 | ||
Par Amount | [2] | $ 1,769 | ||
Cost | [2] | 1,792 | ||
Fair Value | [2] | $ 1,849 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Neuronetics, Inc Industry Health Care Equipment & Supplies Spread above Index S+565 Floor 3.95% Interest Rate 11.00% Acquisition Date 3/2/2020 Maturity Date 3/29/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 565% | ||
Floor | [2] | 3.95% | ||
Interest Rate | [2],[3] | 11% | ||
Acquisition Date | [2] | Mar. 02, 2020 | ||
Maturity Date | [2] | Mar. 29, 2028 | ||
Par Amount | [2] | $ 5,238 | ||
Cost | [2] | 5,259 | ||
Fair Value | [2] | $ 5,238 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Centrexion Therapeutics, Inc. Warrants Industry Pharmaceuticals Acquisition Date 6/28/2019 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | Jun. 28, 2019 | |||
Par Amount | $ 56,483 | |||
Cost | 27 | |||
Fair Value | $ 9 | |||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% SLR-AMI Topco Blocker, LLC Industry Internet & Catalog Retail Acquisition Date 6/16/2023 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | [4],[5] | Jun. 16, 2023 | ||
Cost | [4],[5] | $ 21,187 | ||
Fair Value | [4],[5] | $ 13,958 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Vapotherm, Inc Industry Health Care Equipment & Supplies Acquisition Date 2/18/2022 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | Feb. 18, 2022 | |||
Par Amount | $ 27,426 | |||
Cost | 114 | |||
Fair Value | $ 1 | |||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% AMF Levered II, LLC Industry Diversified Financial Services Spread above Index S+705 Floor 1.00% Interest Rate 12.49% Acquisition Date 12/24/2021 Maturity Date 8/21/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 705% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 12.49% | ||
Acquisition Date | [7] | Dec. 24, 2021 | ||
Maturity Date | [7] | Aug. 21, 2028 | ||
Par Amount | [7] | $ 12,660 | ||
Cost | [7] | 12,478 | ||
Fair Value | [7] | $ 12,660 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Alimera Sciences, Inc. Industry Pharmaceuticals Spread above Index S+515 Floor 4.60% Interest Rate 10.47% Acquisition Date 12/31/2019 Maturity Date 5/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 515% | ||
Floor | [7] | 4.60% | ||
Interest Rate | [7],[8] | 10.47% | ||
Acquisition Date | [7] | Dec. 31, 2019 | ||
Maturity Date | [7] | May 01, 2028 | ||
Par Amount | [7] | $ 6,330 | ||
Cost | [7] | 6,385 | ||
Fair Value | [7] | $ 6,540 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% All States Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 11.57% Acquisition Date 9/1/2021 Maturity Date 9/1/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 600% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 11.57% | ||
Acquisition Date | [7] | Sep. 01, 2021 | ||
Maturity Date | [7] | Sep. 01, 2026 | ||
Par Amount | [7] | $ 5,152 | ||
Cost | [7] | 5,099 | ||
Fair Value | [7] | $ 5,152 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Arcutis Biotherapeutics, Inc Industry Pharmaceuticals Spread above Index S+745 Floor 0.10% Interest Rate 12.87% Acquisition Date 12/22/2021 Maturity Date 1/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7],[9] | 745% | ||
Floor | [7],[9] | 0.10% | ||
Interest Rate | [7],[8],[9] | 12.87% | ||
Acquisition Date | [7],[9] | Dec. 22, 2021 | ||
Maturity Date | [7],[9] | Jan. 01, 2027 | ||
Par Amount | [7],[9] | $ 24,520 | ||
Cost | [7],[9] | 25,141 | ||
Fair Value | [7],[9] | $ 25,787 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Ardelyx, Inc Industry Pharmaceuticals Spread above Index S+795 Floor 1.00% Interest Rate 13.29% Acquisition Date 2/23/2022 Maturity Date 3/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7],[9] | 795% | ||
Floor | [7],[9] | 1% | ||
Interest Rate | [7],[8],[9] | 13.29% | ||
Acquisition Date | [7],[9] | Feb. 23, 2022 | ||
Maturity Date | [7],[9] | Mar. 01, 2027 | ||
Par Amount | [7],[9] | $ 6,035 | ||
Cost | [7],[9] | 6,100 | ||
Fair Value | [7],[9] | $ 6,166 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Basic Fun, Inc Industry Specialty Retail Spread above Index S+650 Floor 1.00% Interest Rate 12.10% Acquisition Date 10/30/2020 Maturity Date 7/2/2024 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 650% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 12.10% | ||
Acquisition Date | [7] | Oct. 30, 2020 | ||
Maturity Date | [7] | Jul. 02, 2024 | ||
Par Amount | [7] | $ 960 | ||
Cost | [7] | 959 | ||
Fair Value | [7] | $ 960 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% BayMark Health Services, Inc Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 10.57% Acquisition Date 6/29/2021 Maturity Date 6/11/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 500% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 10.57% | ||
Acquisition Date | [7] | Jun. 29, 2021 | ||
Maturity Date | [7] | Jun. 11, 2027 | ||
Par Amount | [7] | $ 15,661 | ||
Cost | [7] | 15,566 | ||
Fair Value | [7] | $ 15,661 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% CC SAG Holdings Corp. (Spectrum Automotve) Industry Diversified Consumer Services Spread above Index S+575 Floor 0.75% Interest Rate 11.19% Acquisition Date 6/29/2021 Maturity Date 6/29/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 575% | ||
Floor | [7] | 0.75% | ||
Interest Rate | [7],[8] | 11.19% | ||
Acquisition Date | [7] | Jun. 29, 2021 | ||
Maturity Date | [7] | Jun. 29, 2028 | ||
Par Amount | [7] | $ 12,513 | ||
Cost | [7] | 12,367 | ||
Fair Value | [7] | $ 12,513 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Cerapedics, Inc Industry Biotechnology Spread above Index S+620 Floor 2.75% Interest Rate 11.52% Acquisition Date 12/27/2022 Maturity Date 1/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 620% | ||
Floor | [7] | 2.75% | ||
Interest Rate | [7],[8] | 11.52% | ||
Acquisition Date | [7] | Dec. 27, 2022 | ||
Maturity Date | [7] | Jan. 01, 2028 | ||
Par Amount | [7] | $ 12,122 | ||
Cost | [7] | 12,178 | ||
Fair Value | [7] | $ 12,376 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% ENS Holdings III Corp. & ES Opco USA LLC (BlueFin) Industry Trading Companies & Distributors Spread above Index S+475 Floor 1.00% Interest Rate 10.15% Acquisition Date 12/31/2019 Maturity Date 12/31/2025 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 475% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 10.15% | ||
Acquisition Date | [7] | Dec. 31, 2019 | ||
Maturity Date | [7] | Dec. 31, 2025 | ||
Par Amount | [7] | $ 7,238 | ||
Cost | [7] | 7,193 | ||
Fair Value | [7] | $ 7,238 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Enhanced Permanent Capital, LLC Industry Capital Markets Spread above Index S+700 Floor 1.00% Interest Rate 12.46% Acquisition Date 12/29/2020 Maturity Date 12/29/2025 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7],[9] | 700% | ||
Floor | [7],[9] | 1% | ||
Interest Rate | [7],[8],[9] | 12.46% | ||
Acquisition Date | [7],[9] | Dec. 29, 2020 | ||
Maturity Date | [7],[9] | Dec. 29, 2025 | ||
Par Amount | [7],[9] | $ 9,062 | ||
Cost | [7],[9] | 8,938 | ||
Fair Value | [7],[9] | $ 9,062 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Erie Construction Mid-west, LLC Industry Building Products Spread above Index S+475 Floor 1.00% Interest Rate 10.15% Acquisition Date 8/5/2021 Maturity Date 7/30/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 475% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 10.15% | ||
Acquisition Date | [7] | Aug. 05, 2021 | ||
Maturity Date | [7] | Jul. 30, 2027 | ||
Par Amount | [7] | $ 10,651 | ||
Cost | [7] | 10,539 | ||
Fair Value | [7] | $ 10,651 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Fertility (ITC) Investment Holdco, LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.78% Acquisition Date 1/4/2023 Maturity Date 1/3/2029 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 650% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 11.78% | ||
Acquisition Date | [7] | Jan. 04, 2023 | ||
Maturity Date | [7] | Jan. 03, 2029 | ||
Par Amount | [7] | $ 10,252 | ||
Cost | [7] | 9,992 | ||
Fair Value | [7] | $ 10,252 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Foundation Consumer Brands, LLC Industry Personal Products Spread above Index S+625 Floor 1.00% Interest Rate 11.73% Acquisition Date 2/12/2021 Maturity Date 2/12/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 625% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 11.73% | ||
Acquisition Date | [7] | Feb. 12, 2021 | ||
Maturity Date | [7] | Feb. 12, 2027 | ||
Par Amount | [7] | $ 11,321 | ||
Cost | [7] | 11,169 | ||
Fair Value | [7] | $ 11,321 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% GSM Acquisition Corp. Industry Leisure Equipment & Products Spread above Index S+500 Floor 1.00% Interest Rate 10.44% Acquisition Date 4/20/2021 Maturity Date 11/16/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 500% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 10.44% | ||
Acquisition Date | [7] | Apr. 20, 2021 | ||
Maturity Date | [7] | Nov. 16, 2026 | ||
Par Amount | [7] | $ 13,893 | ||
Cost | [7] | 13,818 | ||
Fair Value | [7] | $ 13,893 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% High Street Buyer, Inc. Industry Insurance Spread above Index S+525 Floor 0.75% Interest Rate 10.56% Acquisition Date 4/16/2021 Maturity Date 4/16/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 525% | ||
Floor | [7] | 0.75% | ||
Interest Rate | [7],[8] | 10.56% | ||
Acquisition Date | [7] | Apr. 16, 2021 | ||
Maturity Date | [7] | Apr. 16, 2028 | ||
Par Amount | [7] | $ 11,946 | ||
Cost | [7] | 11,781 | ||
Fair Value | [7] | $ 11,946 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Human Interest Inc. Industry Internet Software & Services Spread above Index S+785 Floor 1.00% Interest Rate 13.18% Acquisition Date 6/30/2022 Maturity Date 7/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 785% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 13.18% | ||
Acquisition Date | [7] | Jun. 30, 2022 | ||
Maturity Date | [7] | Jul. 01, 2027 | ||
Par Amount | [7] | $ 13,598 | ||
Cost | [7] | 13,452 | ||
Fair Value | [7] | $ 13,598 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Kaseya, Inc Industry Software Spread above Index S+600 Floor 0.75% Interest Rate 10.81% Acquisition Date 6/22/2022 Maturity Date 6/23/2029 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 600% | ||
Floor | [7] | 0.75% | ||
Interest Rate | [7],[8],[10] | 10.81% | ||
Acquisition Date | [7] | Jun. 22, 2022 | ||
Maturity Date | [7] | Jun. 23, 2029 | ||
Par Amount | [7] | $ 11,171 | ||
Cost | [7] | 11,039 | ||
Fair Value | [7] | $ 11,171 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Kid Distro Holdings, LLC (Distro Kid) Industry Software Spread above Index S+550 Floor 1.00% Interest Rate 10.96% Acquisition Date 9/24/2021 Maturity Date 10/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 550% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 10.96% | ||
Acquisition Date | [7] | Sep. 24, 2021 | ||
Maturity Date | [7] | Oct. 01, 2027 | ||
Par Amount | [7] | $ 12,299 | ||
Cost | [7] | 12,143 | ||
Fair Value | [7] | $ 12,299 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Meditrina, Inc Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 3.45% Interest Rate 10.82% Acquisition Date 12/20/2022 Maturity Date 12/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 550% | ||
Floor | [7] | 3.45% | ||
Interest Rate | [7],[8] | 10.82% | ||
Acquisition Date | [7] | Dec. 20, 2022 | ||
Maturity Date | [7] | Dec. 01, 2027 | ||
Par Amount | [7] | $ 1,212 | ||
Cost | [7] | 1,220 | ||
Fair Value | [7] | $ 1,227 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Neuronetics, Inc Industry Health Care Equipment & Supplies Spread above Index S+565 Floor 3.95% Interest Rate 10.97% Acquisition Date 3/2/2020 Maturity Date 3/29/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 565% | ||
Floor | [7] | 3.95% | ||
Interest Rate | [7],[8] | 10.97% | ||
Acquisition Date | [7] | Mar. 02, 2020 | ||
Maturity Date | [7] | Mar. 29, 2028 | ||
Par Amount | [7] | $ 5,238 | ||
Cost | [7] | 5,273 | ||
Fair Value | [7] | $ 5,526 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Nexus Intermediate III, LLC (Vortex) Industry Professional Services Spread above Index S+550 Floor 0.75% Interest Rate 11.18% Acquisition Date 12/13/2021 Maturity Date 12/6/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 550% | ||
Floor | [7] | 0.75% | ||
Interest Rate | [7],[8] | 11.18% | ||
Acquisition Date | [7] | Dec. 13, 2021 | ||
Maturity Date | [7] | Dec. 06, 2027 | ||
Par Amount | [7] | $ 5,366 | ||
Cost | [7] | 5,304 | ||
Fair Value | [7] | $ 5,366 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Outset Medical, Inc. Industry Health Care Equipment & Supplies Spread above Index S+515 Floor 2.75% Interest Rate 10.47% Acquisition Date 11/3/2022 Maturity Date 11/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 515% | ||
Floor | [7] | 2.75% | ||
Interest Rate | [7],[8] | 10.47% | ||
Acquisition Date | [7] | Nov. 03, 2022 | ||
Maturity Date | [7] | Nov. 01, 2027 | ||
Par Amount | [7] | $ 16,518 | ||
Cost | [7] | 16,594 | ||
Fair Value | [7] | $ 16,394 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Peter C. Foy & Associates Insurance Services, LLC Industry Insurance Spread above Index S+600 Floor 0.75% Interest Rate 11.44% Acquisition Date 10/29/2021 Maturity Date 11/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 600% | ||
Floor | [7] | 0.75% | ||
Interest Rate | [7],[8] | 11.44% | ||
Acquisition Date | [7] | Oct. 29, 2021 | ||
Maturity Date | [7] | Nov. 01, 2028 | ||
Par Amount | [7] | $ 15,383 | ||
Cost | [7] | 15,273 | ||
Fair Value | [7] | $ 15,383 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Pinnacle Treatment Centers, Inc. Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.99% Acquisition Date 1/22/2020 Maturity Date 1/2/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 650% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 11.99% | ||
Acquisition Date | [7] | Jan. 22, 2020 | ||
Maturity Date | [7] | Jan. 02, 2026 | ||
Par Amount | [7] | $ 8,232 | ||
Cost | [7] | 8,167 | ||
Fair Value | [7] | $ 8,232 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Plastics Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 10.41% Acquisition Date 8/26/2021 Maturity Date 8/18/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 500% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 10.41% | ||
Acquisition Date | [7] | Aug. 26, 2021 | ||
Maturity Date | [7] | Aug. 18, 2027 | ||
Par Amount | [7] | $ 15,019 | ||
Cost | [7] | 14,883 | ||
Fair Value | [7] | $ 15,019 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% RQM+ Corp. Industry Life Sciences Tools & Services Spread above Index S+575 Floor 1.00% Interest Rate 11.31% Acquisition Date 8/20/2021 Maturity Date 8/12/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 575% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 11.31% | ||
Acquisition Date | [7] | Aug. 20, 2021 | ||
Maturity Date | [7] | Aug. 12, 2026 | ||
Par Amount | [7] | $ 15,482 | ||
Cost | [7] | 15,360 | ||
Fair Value | [7] | $ 15,405 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% RxSense Holdings LLC Industry Diversified Consumer Services Spread above Index S+500 Floor 1.00% Interest Rate 10.41% Acquisition Date 3/17/2020 Maturity Date 3/13/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 500% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 10.41% | ||
Acquisition Date | [7] | Mar. 17, 2020 | ||
Maturity Date | [7] | Mar. 13, 2026 | ||
Par Amount | [7] | $ 14,449 | ||
Cost | [7] | 14,354 | ||
Fair Value | [7] | $ 14,449 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Southern Orthodontic Partners Management, LLC Industry Health Care Providers & Services Spread above Index S+600 Floor 1.00% Interest Rate 11.56% Acquisition Date 6/3/2022 Maturity Date 1/27/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 600% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 11.56% | ||
Acquisition Date | [7] | Jun. 03, 2022 | ||
Maturity Date | [7] | Jan. 27, 2026 | ||
Par Amount | [7] | $ 4,464 | ||
Cost | [7] | 4,435 | ||
Fair Value | [7] | $ 4,464 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% SunMed Group Holdings, LLC Industry Health Care Providers & Services Spread above Index S+550 Floor 0.75% Interest Rate 10.91% Acquisition Date 6/16/2021 Maturity Date 6/16/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 550% | ||
Floor | [7] | 0.75% | ||
Interest Rate | [7],[8] | 10.91% | ||
Acquisition Date | [7] | Jun. 16, 2021 | ||
Maturity Date | [7] | Jun. 16, 2028 | ||
Par Amount | [7] | $ 7,584 | ||
Cost | [7] | 7,497 | ||
Fair Value | [7] | $ 7,584 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% TAUC Management, LLC Industry Health Care Providers & Services Spread above Index P+450 Floor 1.00% Interest Rate 15.00% Acquisition Date 2/12/2021 Maturity Date 2/12/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 450% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 15% | ||
Acquisition Date | [7] | Feb. 12, 2021 | ||
Maturity Date | [7] | Feb. 12, 2027 | ||
Par Amount | [7] | $ 9,000 | ||
Cost | [7] | 8,928 | ||
Fair Value | [7] | $ 8,100 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Tilley Distribution, Inc. Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 11.45% Acquisition Date 12/8/2021 Maturity Date 12/31/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 600% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 11.45% | ||
Acquisition Date | [7] | Dec. 08, 2021 | ||
Maturity Date | [7] | Dec. 31, 2026 | ||
Par Amount | [7] | $ 12,109 | ||
Cost | [7] | 12,020 | ||
Fair Value | [7] | $ 12,109 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Transportation Insight, LLC Industry Road & Rail Spread above Index S+450 Floor 1.00% Interest Rate 9.91% Acquisition Date 10/27/2021 Maturity Date 12/18/2024 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 450% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 9.91% | ||
Acquisition Date | [7] | Oct. 27, 2021 | ||
Maturity Date | [7] | Dec. 18, 2024 | ||
Par Amount | [7] | $ 6,007 | ||
Cost | [7] | 5,980 | ||
Fair Value | [7] | $ 5,646 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Ultimate Baked Goods Midco LLC (Rise Baking) Industry Packaged Foods & Meats Spread above Index S+625 Floor 1.00% Interest Rate 11.68% Acquisition Date 8/12/2021 Maturity Date 8/13/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 625% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 11.68% | ||
Acquisition Date | [7] | Aug. 12, 2021 | ||
Maturity Date | [7] | Aug. 13, 2027 | ||
Par Amount | [7] | $ 7,535 | ||
Cost | [7] | 7,419 | ||
Fair Value | [7] | $ 7,535 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Vapotherm, Inc. Industry Health Care Equipment & Supplies Spread above Index S+930 Floor 1.00% Interest Rate 14.75% Acquisition Date 2/18/2022 Maturity Date 2/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 930% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8],[11] | 14.72% | ||
Acquisition Date | [7] | Feb. 18, 2022 | ||
Maturity Date | [7] | Feb. 01, 2027 | ||
Par Amount | [7] | $ 13,740 | ||
Cost | [7] | 14,004 | ||
Fair Value | [7] | $ 13,947 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Vessco Midco Holdings, LLC Industry Water Utilities Spread above Index S+450 Floor 1.00% Interest Rate 9.96% Acquisition Date 9/3/2021 Maturity Date 11/2/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 450% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 9.75% | ||
Acquisition Date | [7] | Sep. 03, 2021 | ||
Maturity Date | [7] | Nov. 02, 2026 | ||
Par Amount | [7] | $ 5,490 | ||
Cost | [7] | 5,451 | ||
Fair Value | [7] | $ 5,490 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% iCIMS, Inc Industry Software Spread above Index S+725 Floor 0.75% Interest Rate 12.58% Acquisition Date 8/18/2022 Maturity Date 8/18/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 725% | ||
Floor | [7] | 0.75% | ||
Interest Rate | [7],[8],[12] | 12.58% | ||
Acquisition Date | [7] | Aug. 18, 2022 | ||
Maturity Date | [7] | Aug. 18, 2028 | ||
Par Amount | [7] | $ 14,307 | ||
Cost | [7] | 14,116 | ||
Fair Value | [7] | 14,307 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% AMF Levered II, LLC Industry Diversified Financial Services Spread above Index S+705 Floor 1.00% Interest Rate 12.52% Acquisition Date 12/24/2021 Maturity Date 8/21/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 705% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 12.52% | ||
Acquisition Date | [2] | Dec. 24, 2021 | ||
Maturity Date | [2] | Aug. 21, 2028 | ||
Par Amount | [2] | $ 12,660 | ||
Cost | [2] | 12,469 | ||
Fair Value | [2] | $ 12,407 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% All State Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 11.61% Acquisition Date 9/1/2021 Maturity Date 9/1/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 600% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 11.61% | ||
Acquisition Date | [2] | Sep. 01, 2021 | ||
Maturity Date | [2] | Sep. 01, 2026 | ||
Par Amount | [2] | $ 5,165 | ||
Cost | [2] | 5,107 | ||
Fair Value | [2] | $ 5,165 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Arcutis Biotherapeutics, Inc Industry Pharmaceuticals Spread above Index S+745 Floor 0.10% Interest Rate 12.90% Acquisition Date 12/22/2021 Maturity Date 1/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2],[13] | 745% | ||
Floor | [2],[13] | 0.10% | ||
Interest Rate | [2],[3],[13] | 12.90% | ||
Acquisition Date | [2],[13] | Dec. 22, 2021 | ||
Maturity Date | [2],[13] | Jan. 01, 2027 | ||
Par Amount | [2],[13] | $ 24,520 | ||
Cost | [2],[13] | 25,044 | ||
Fair Value | [2],[13] | $ 25,011 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Ardelyx, Inc Industry Pharmaceuticals Spread above Index S+795 Floor 1.00% Interest Rate 13.32% Acquisition Date 2/23/2022 Maturity Date 3/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2],[13] | 795% | ||
Floor | [2],[13] | 1% | ||
Interest Rate | [2],[3],[13] | 13.32% | ||
Acquisition Date | [2],[13] | Feb. 23, 2022 | ||
Maturity Date | [2],[13] | Mar. 01, 2027 | ||
Par Amount | [2],[13] | $ 6,035 | ||
Cost | [2],[13] | 6,080 | ||
Fair Value | [2],[13] | $ 6,224 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% BayMark Health Services, Inc Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 10.61% Acquisition Date 6/29/2021 Maturity Date 6/11/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 500% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 10.61% | ||
Acquisition Date | [2] | Jun. 29, 2021 | ||
Maturity Date | [2] | Jun. 11, 2027 | ||
Par Amount | [2] | $ 15,701 | ||
Cost | [2] | 15,599 | ||
Fair Value | [2] | $ 15,701 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% BridgeBio Pharma, Inc Industry Biotechnology Interest Rate 9.00% Acquisition Date 11/17/2021 Maturity Date 11/17/2026 | ||||
Schedule of Investments [Line Items] | ||||
Interest Rate | [2],[3],[13],[14] | 9% | ||
Acquisition Date | [2],[13] | Nov. 17, 2021 | ||
Maturity Date | [2],[13] | Nov. 17, 2026 | ||
Par Amount | [2],[13] | $ 14,691 | ||
Cost | [2],[13] | 14,683 | ||
Fair Value | [2],[13] | $ 14,728 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% CC SAG Holdings Corp. (Spectrum Automotve) Industry Diversified Consumer Services Spread above Index S+575 Floor 0.75% Interest Rate 11.22% Acquisition Date 6/29/2021 Maturity Date 6/29/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 575% | ||
Floor | [2] | 0.75% | ||
Interest Rate | [2],[3] | 11.22% | ||
Acquisition Date | [2] | Jun. 29, 2021 | ||
Maturity Date | [2] | Jun. 29, 2028 | ||
Par Amount | [2] | $ 12,545 | ||
Cost | [2] | 12,391 | ||
Fair Value | [2] | $ 12,545 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Cerapedics, Inc Industry Biotechnology Spread above Index S+620 Floor 2.75% Interest Rate 11.55% Acquisition Date 12/27/2022 Maturity Date 1/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 620% | ||
Floor | [2] | 2.75% | ||
Interest Rate | [2],[3] | 11.55% | ||
Acquisition Date | [2] | Dec. 27, 2022 | ||
Maturity Date | [2] | Jan. 01, 2028 | ||
Par Amount | [2] | $ 12,122 | ||
Cost | [2] | 12,158 | ||
Fair Value | [2] | $ 12,122 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% ENS Holdings III Corp. & ES Opco USA LLC (BlueFin) Industry Trading Companies & Distributors Spread above Index S+475 Floor 1.00% Interest Rate 10.20% Acquisition Date 12/31/2019 Maturity Date 12/31/2025 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 475% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 10.20% | ||
Acquisition Date | [2] | Dec. 31, 2019 | ||
Maturity Date | [2] | Dec. 31, 2025 | ||
Par Amount | [2] | $ 6,967 | ||
Cost | [2] | 6,916 | ||
Fair Value | [2] | $ 6,967 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Enhanced Permanent Capital, LLC Industry Capital Markets Spread above Index S+700 Floor 1.00% Interest Rate 12.44% Acquisition Date 12/29/2020 Maturity Date 12/29/2025 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2],[13] | 700% | ||
Floor | [2],[13] | 1% | ||
Interest Rate | [2],[3],[13] | 12.44% | ||
Acquisition Date | [2],[13] | Dec. 29, 2020 | ||
Maturity Date | [2],[13] | Dec. 29, 2025 | ||
Par Amount | [2],[13] | $ 9,062 | ||
Cost | [2],[13] | 8,922 | ||
Fair Value | [2],[13] | $ 9,062 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Erie Construction Mid-west, LLC Industry Building Products Spread above Index S+475 Floor 1.00% Interest Rate 10.21% Acquisition Date 8/5/2021 Maturity Date 7/30/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 475% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 10.21% | ||
Acquisition Date | [2] | Aug. 05, 2021 | ||
Maturity Date | [2] | Jul. 30, 2027 | ||
Par Amount | [2] | $ 10,797 | ||
Cost | [2] | 10,676 | ||
Fair Value | [2] | $ 10,797 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Foundation Consumer Brands, LLC Industry Personal Products Spread above Index S+625 Floor 1.00% Interest Rate 11.97% Acquisition Date 2/12/2021 Maturity Date 2/12/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 625% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 11.79% | ||
Acquisition Date | [2] | Feb. 12, 2021 | ||
Maturity Date | [2] | Feb. 12, 2027 | ||
Par Amount | [2] | $ 11,367 | ||
Cost | [2] | 11,202 | ||
Fair Value | [2] | $ 11,367 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% GSM Acquisition Corp Industry Leisure Equipment & Products Spread above Index S+500 Floor 1.00% Interest Rate 10.47% Acquisition Date 4/20/2021 Maturity Date 11/16/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 500% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 10.47% | ||
Acquisition Date | [2] | Apr. 20, 2021 | ||
Maturity Date | [2] | Nov. 16, 2026 | ||
Par Amount | [2] | $ 13,928 | ||
Cost | [2] | 13,846 | ||
Fair Value | [2] | $ 13,928 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% High Street Buyer, Inc Industry Insurance Spread above Index S+575 Floor 0.75% Interest Rate 11.00% Acquisition Date 4/16/2021 Maturity Date 4/16/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 575% | ||
Floor | [2] | 0.75% | ||
Interest Rate | [2],[3] | 11% | ||
Acquisition Date | [2] | Apr. 16, 2021 | ||
Maturity Date | [2] | Apr. 16, 2028 | ||
Par Amount | [2] | $ 11,976 | ||
Cost | [2] | 11,803 | ||
Fair Value | [2] | $ 11,976 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Human Interest Inc Industry Internet Software & Services Spread above Index S+785 Floor 1.00% Interest Rate 13.19% Acquisition Date 6/30/2022 Maturity Date 7/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 785% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 13.19% | ||
Acquisition Date | [2] | Jun. 30, 2022 | ||
Maturity Date | [2] | Jul. 01, 2027 | ||
Par Amount | [2] | $ 13,598 | ||
Cost | [2] | 13,422 | ||
Fair Value | [2] | $ 13,598 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Kaseya, Inc Industry Software Spread above Index S+600 Floor 0.75% Interest Rate 11.38% Acquisition Date 6/22/2022 Maturity Date 6/23/2029 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 600% | ||
Floor | [2] | 0.75% | ||
Interest Rate | [2],[3],[15] | 11.38% | ||
Acquisition Date | [2] | Jun. 22, 2022 | ||
Maturity Date | [2] | Jun. 23, 2029 | ||
Par Amount | [2] | $ 11,100 | ||
Cost | [2] | 10,963 | ||
Fair Value | [2] | $ 11,100 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Kid Distro Holdings, LLC (Distro Kid) Industry Software Spread above Index S+550 Floor 1.00% Interest Rate 11.00% Acquisition Date 9/24/2021 Maturity Date 10/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 550% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 11% | ||
Acquisition Date | [2] | Sep. 24, 2021 | ||
Maturity Date | [2] | Oct. 01, 2027 | ||
Par Amount | [2] | $ 12,330 | ||
Cost | [2] | 12,164 | ||
Fair Value | [2] | $ 12,330 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Meditrina, Inc Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 3.45% Interest Rate 10.85% Acquisition Date 12/20/2022 Maturity Date 12/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 550% | ||
Floor | [2] | 3.45% | ||
Interest Rate | [2],[3] | 10.85% | ||
Acquisition Date | [2] | Dec. 20, 2022 | ||
Maturity Date | [2] | Dec. 01, 2027 | ||
Par Amount | [2] | $ 1,212 | ||
Cost | [2] | 1,215 | ||
Fair Value | [2] | $ 1,224 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Nexus Intermediate III, LLC (Vortex) Industry Professional Services Spread above Index S+550 Floor 0.75% Interest Rate 11.36% Acquisition Date 12/13/2021 Maturity Date 12/6/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 550% | ||
Floor | [2] | 0.75% | ||
Interest Rate | [2],[3] | 11.36% | ||
Acquisition Date | [2] | Dec. 13, 2021 | ||
Maturity Date | [2] | Dec. 06, 2027 | ||
Par Amount | [2] | $ 5,381 | ||
Cost | [2] | 5,315 | ||
Fair Value | [2] | $ 5,381 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Orthopedic Care Partners Management,LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 12.11% Acquisition Date 8/17/2022 Maturity Date 5/16/2024 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 650% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 12.11% | ||
Acquisition Date | [2] | Aug. 17, 2022 | ||
Maturity Date | [2] | May 16, 2024 | ||
Par Amount | [2] | $ 6,368 | ||
Cost | [2] | 6,354 | ||
Fair Value | [2] | $ 6,368 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Outset Medical, Inc Industry Health Care Providers & Services Spread above Index S+515 Floor 2.27% Interest Rate 10.50% Acquisition Date 11/3/2022 Maturity Date 11/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2],[13] | 515% | ||
Floor | [2],[13] | 2.75% | ||
Interest Rate | [2],[3],[13] | 10.50% | ||
Acquisition Date | [2],[13] | Nov. 03, 2022 | ||
Maturity Date | [2],[13] | Nov. 01, 2027 | ||
Par Amount | [2],[13] | $ 16,518 | ||
Cost | [2],[13] | 16,546 | ||
Fair Value | [2],[13] | $ 16,560 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Peter C. Foy & Associates Insurance Services, LLC Industry Insurance Spread above Index S+600 Floor 0.75% Interest Rate 11.47% Acquisition Date 10/29/2021 Maturity Date 11/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 600% | ||
Floor | [2] | 0.75% | ||
Interest Rate | [2],[3] | 11.47% | ||
Acquisition Date | [2] | Oct. 29, 2021 | ||
Maturity Date | [2] | Nov. 01, 2028 | ||
Par Amount | [2] | $ 15,422 | ||
Cost | [2] | 15,307 | ||
Fair Value | [2] | $ 15,113 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Pinnacle Treatment Centers, Inc Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.95% Acquisition Date 1/22/2020 Maturity Date 1/2/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 650% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 11.95% | ||
Acquisition Date | [2] | Jan. 22, 2020 | ||
Maturity Date | [2] | Jan. 02, 2026 | ||
Par Amount | [2] | $ 8,254 | ||
Cost | [2] | 8,180 | ||
Fair Value | [2] | $ 8,254 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Plastics Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 10.45% Acquisition Date 8/26/2021 Maturity Date 8/18/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 500% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 10.45% | ||
Acquisition Date | [2] | Aug. 26, 2021 | ||
Maturity Date | [2] | Aug. 18, 2027 | ||
Par Amount | [2] | $ 15,058 | ||
Cost | [2] | 14,912 | ||
Fair Value | [2] | $ 15,058 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% RQM+ Corp Industry Life Sciences Tools & Services Spread above Index S+575 Floor 1.00% Interest Rate 11.36% Acquisition Date 8/20/2021 Maturity Date 8/12/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 575% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 11.36% | ||
Acquisition Date | [2] | Aug. 20, 2021 | ||
Maturity Date | [2] | Aug. 12, 2026 | ||
Par Amount | [2] | $ 15,522 | ||
Cost | [2] | 15,388 | ||
Fair Value | [2] | $ 15,522 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% RxSense Holdings LLC Industry Diversified Consumer Services Spread above Index S+500 Floor 1.00% Interest Rate 10.48% Acquisition Date 3/17/2020 Maturity Date 3/13/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 500% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 10.48% | ||
Acquisition Date | [2] | Mar. 17, 2020 | ||
Maturity Date | [2] | Mar. 13, 2026 | ||
Par Amount | [2] | $ 14,486 | ||
Cost | [2] | 14,380 | ||
Fair Value | [2] | $ 14,486 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Southern Orthodontic Partners Management, LLC Industry Health Care Providers & Services Spread above Index S+625 Floor 1.00% Interest Rate 11.86% Acquisition Date 6/3/2022 Maturity Date 1/27/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 625% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 11.86% | ||
Acquisition Date | [2] | Jun. 03, 2022 | ||
Maturity Date | [2] | Jan. 27, 2026 | ||
Par Amount | [2] | $ 4,475 | ||
Cost | [2] | 4,443 | ||
Fair Value | [2] | $ 4,475 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% SunMed Group Holdings, LLC Industry Health Care Providers & Services Spread above Index S+550 Floor 0.75% Interest Rate 10.96% Acquisition Date 6/16/2021 Maturity Date 6/16/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 550% | ||
Floor | [2] | 0.75% | ||
Interest Rate | [2],[3] | 10.96% | ||
Acquisition Date | [2] | Jun. 16, 2021 | ||
Maturity Date | [2] | Jun. 16, 2028 | ||
Par Amount | [2] | $ 7,604 | ||
Cost | [2] | 7,512 | ||
Fair Value | [2] | $ 7,604 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% TAUC Management, LLC Industry Health Care Providers & Services Spread above Index P+450 Floor 1.00% Interest Rate 13.00% Acquisition Date 2/12/2021 Maturity Date 2/12/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 450% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 13% | ||
Acquisition Date | [2] | Feb. 12, 2021 | ||
Maturity Date | [2] | Feb. 12, 2027 | ||
Par Amount | [2] | $ 9,003 | ||
Cost | [2] | 8,925 | ||
Fair Value | [2] | $ 8,373 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Tilley Distribution, Inc Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 11.50% Acquisition Date 12/8/2021 Maturity Date 13/31/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 600% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 11.50% | ||
Acquisition Date | [2] | Dec. 08, 2021 | ||
Maturity Date | [2] | Dec. 31, 2026 | ||
Par Amount | [2] | $ 12,331 | ||
Cost | [2] | 12,233 | ||
Fair Value | [2] | $ 12,331 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Transportation Insight, LLC Industry Road & Rail Spread above Index S+450 Floor 1.00% Interest Rate 9.98% Acquisition Date 10/27/2021 Maturity Date 12/18/2024 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 450% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 9.98% | ||
Acquisition Date | [2] | Oct. 27, 2021 | ||
Maturity Date | [2] | Dec. 18, 2024 | ||
Par Amount | [2] | $ 6,021 | ||
Cost | [2] | 5,984 | ||
Fair Value | [2] | $ 5,780 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Ultimate Baked Goods Midco LLC (Rise Baking) Industry Packaged Foods & Meats Spread above Index S+625 Floor 1.00% Interest Rate 11.71% Acquisition Date 8/12/2021 Maturity Date 8/13/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 625% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 11.71% | ||
Acquisition Date | [2] | Aug. 12, 2021 | ||
Maturity Date | [2] | Aug. 13, 2027 | ||
Par Amount | [2] | $ 7,554 | ||
Cost | [2] | 7,430 | ||
Fair Value | [2] | $ 7,479 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Vapotherm, Inc Industry Health Care Equipment & Supplies Spread above Index S+930 Floor 1.00% Interest Rate 14.75% Acquisition Date 2/18/2022 Maturity Date 2/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 930% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3],[16] | 14.75% | ||
Acquisition Date | [2] | Feb. 18, 2022 | ||
Maturity Date | [2] | Feb. 01, 2027 | ||
Par Amount | [2] | $ 13,196 | ||
Cost | [2] | 13,401 | ||
Fair Value | [2] | $ 13,394 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Vessco Midco Holdings, LLC Industry Water Utilities Spread above Index S+450 Floor 1.00% Interest Rate 9.96% Acquisition Date 9/3/2021 Maturity Date 11/2/2026 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 450% | ||
Floor | [2] | 1% | ||
Interest Rate | [2],[3] | 9.96% | ||
Acquisition Date | [2] | Sep. 03, 2021 | ||
Maturity Date | [2] | Nov. 02, 2026 | ||
Par Amount | [2] | $ 5,513 | ||
Cost | [2] | 5,471 | ||
Fair Value | [2] | $ 5,513 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% iCIMS, Inc Industry Software Spread above Index S+725 Floor 0.75% Interest Rate 12.62% Acquisition Date 8/18/2022 Maturity Date 8/18/2028 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [1],[2] | 725% | ||
Floor | [2] | 0.75% | ||
Interest Rate | [2],[3],[17] | 12.62% | ||
Acquisition Date | [2] | Aug. 18, 2022 | ||
Maturity Date | [2] | Aug. 18, 2028 | ||
Par Amount | [2] | $ 14,195 | ||
Cost | [2] | 13,996 | ||
Fair Value | [2] | $ 14,195 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants | ||||
Schedule of Investments [Line Items] | ||||
Cost | 21,379 | |||
Fair Value | $ 14,028 | |||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Assertio Holdings, Inc. Common Stock Industry Pharmaceuticals Acquisition Date 7/31/2023 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | [18],[19] | Jul. 31, 2023 | ||
Par Amount | [18],[19] | $ 4,230 | ||
Cost | [18],[19] | 17 | ||
Fair Value | [18],[19] | $ 4 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Centrexion Therapeutics, Inc. Warrants Industry Pharmaceuticals Acquisition Date 6/28/2019 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | [18] | Jun. 28, 2019 | ||
Par Amount | [18] | $ 56,483 | ||
Cost | [18] | 27 | ||
Fair Value | [18] | $ 8 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Meditrina, Inc. Warrants Industry Health Care Equipment & Supplies Acquisition Date 12/20/2022 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | [18] | Dec. 20, 2022 | ||
Par Amount | [18] | $ 10,572 | ||
Cost | [18] | 8 | ||
Fair Value | [18] | $ 7 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% SLR-AMI Topco Blocker, LLC Industry Internet & Catalog Retail Acquisition Date 6/16/2023 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | [18],[20],[21] | Jun. 16, 2023 | ||
Cost | [18],[20],[21] | $ 21,187 | ||
Fair Value | [18],[20],[21] | $ 13,958 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Senseonics Holdings, Inc Common Stock Industry Health Care Equipment & Supplies Acquisition Date 7/25/2019 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | [9],[18],[19] | Jul. 25, 2019 | ||
Par Amount | [9],[18],[19] | $ 79,501 | ||
Cost | [9],[18],[19] | 23 | ||
Fair Value | [9],[18],[19] | $ 42 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Vapotherm, Inc Industry Health Care Equipment & Supplies Acquisition Date 2/18/2022 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | [18] | Feb. 18, 2022 | ||
Par Amount | [18] | $ 36,979 | ||
Cost | [18] | 117 | ||
Fair Value | [18] | 9 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Assertio Holdings, Inc. Common Stock Industry Pharmaceuticals Acquisition Date 7/31/2023 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | [22] | Jul. 31, 2023 | ||
Par Amount | [22] | $ 4,230 | ||
Cost | [22] | 17 | ||
Fair Value | [22] | $ 5 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Meditrina, Inc. Warrants Industry Health Care Equipment & Supplies Acquisition Date 12/20/2022 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | Dec. 20, 2022 | |||
Par Amount | $ 10,572 | |||
Cost | 8 | |||
Fair Value | $ 7 | |||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Senseonics Holdings, Inc Common Stock Industry Health Care Equipment & Supplies Acquisition Date 7/25/2019 | ||||
Schedule of Investments [Line Items] | ||||
Acquisition Date | [13],[22] | Jul. 25, 2019 | ||
Par Amount | [13],[22] | $ 79,501 | ||
Cost | [13],[22] | 23 | ||
Fair Value | [13],[22] | 45 | ||
Investment, Identifier [Axis]: Liabilities in Excess of Other | ||||
Schedule of Investments [Line Items] | ||||
Fair Value | (152,267) | |||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets - (50.0%) | ||||
Schedule of Investments [Line Items] | ||||
Fair Value | (135,232) | |||
Investment, Identifier [Axis]: Net Assets — 100.0% | ||||
Schedule of Investments [Line Items] | ||||
Fair Value | 270,577 | 268,301 | ||
Investment, Identifier [Axis]: Oldco AI, LLC (f/k/a Amerimark) | ||||
Schedule of Investments [Line Items] | ||||
Fair Value | 0 | 8,243 | ||
Investment, Identifier [Axis]: Oldco AI, LLC (f/k/a Amerimark) One | ||||
Schedule of Investments [Line Items] | ||||
Fair Value | 0 | 0 | ||
Investment, Identifier [Axis]: SLR-AMI Topco Blocker, LLC | ||||
Schedule of Investments [Line Items] | ||||
Fair Value | 13,958 | 13,958 | $ 6,170 | |
Investment, Identifier [Axis]: Total Bank Debt/Senior Secured Loans | ||||
Schedule of Investments [Line Items] | ||||
Cost | 388,962 | 404,387 | ||
Fair Value | 391,781 | 406,543 | ||
Investment, Identifier [Axis]: Total Common Equity/Equity | ||||
Schedule of Investments [Line Items] | ||||
Cost | 21,376 | |||
Fair Value | 14,025 | |||
Investment, Identifier [Axis]: Total Investments(10) — 150.0% | ||||
Schedule of Investments [Line Items] | ||||
Cost | [23] | 410,341 | ||
Fair Value | [23] | $ 405,809 | ||
Investment, Identifier [Axis]: Total Investments(10) — 156.8% | ||||
Schedule of Investments [Line Items] | ||||
Cost | [24] | 425,763 | ||
Fair Value | [24] | $ 420,568 | ||
Investment, Identifier [Axis]: ank Debt/Senior Secured Loans — 144.8% Orthopedic Care Partners Management, LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 12.06% Acquisition Date 8/17/2022 Maturity Date 5/16/2024 | ||||
Schedule of Investments [Line Items] | ||||
Spread above Index | [6],[7] | 650% | ||
Floor | [7] | 1% | ||
Interest Rate | [7],[8] | 12.06% | ||
Acquisition Date | [7] | Aug. 17, 2022 | ||
Maturity Date | [7] | May 16, 2024 | ||
Par Amount | [7] | $ 6,352 | ||
Cost | [7] | 6,347 | ||
Fair Value | [7] | $ 6,352 | ||
[1] Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR or PRIME rate. These instruments are often subject to a SOFR or PRIME rate floor. Indicates an investment that is wholly or partially held by SCP Private Credit Income BDC LLC (the “Company”, “we”, “us” or “our”) through its wholly-owned financing subsidiary SCP Private Credit Income BDC SPV LLC (the “SPV”). Such investments are pledged as collateral under the SPV Facility (see Note 5 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company. Floating rate debt investments typically bear interest at a rate determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (PRIME or “P”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of December 31, 2023. Denotes investments in which we are an “Affiliated Person” but do not exercise a controlling influence, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the period June 16, 2023 (date at which the Company became an Affiliated Person) through December 31, 2023 in these affiliated investments are as follows: Through this entity and other intermediate entities, the Company owns approximately 6.5 % of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former AmeriMark Interactive, LLC. Floating rate instruments accrue interest at a predetermined spread relative to an index, typically the SOFR or PRIME rate. These instruments are often subject to SOFR or PRIME rate floor. Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SCP Private Credit Income BDC SPV LLC (the “SPV”). Such investments are pledged as collateral under the SPV Facility (see Note 5 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company. Floating rate debt investments typically bear interest at a rate determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”) or the prime index rate (“PRIME” or “P”), and which typically reset monthly, quarterly or semi-annually. For each debt investment we have provided the current interest rate in effect as of March 31, 2024. Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making follow-on investments in existing portfolio companies or could be required to dispose of investments at inappropriate times in order to comply with the 1940 Act. As of March 31, 2024, on a fair value basis, non-qualifying assets in the portfolio represented 9.6% of the total assets of the Company. Kaseya, Inc. may elect to defer up to 2.50 % of the coupon as PIK. Vapotherm, Inc. may elect to defer up to 9.00 % of the coupon as PIK. iCIMS, Inc. may elect to defer up to 3.875 % of the coupon as paid in kind ("PIK"). Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making follow-on investments in existing portfolio companies or could be required to dispose of investments at inappropriate times in order to comply with the 1940 Act. As of December 31, 2023, on a fair value basis, non-qualifying assets in the portfolio represented 15.4% of the total assets of the Company. BridgeBio Pharma, Inc. may elect to defer up to 3.00 % of the coupon as PIK. Kaseya, Inc. may elect to defer up to 2.50 % of the coupon as PIK. Vapotherm, Inc. may elect to defer up to 8.00 % of the coupon as PIK. iCIMS, Inc. may elect to defer up to 3.875 % of the coupon as PIK. Non-income producing security. Denotes a Level 1 investment. Denotes investments in which we are an “Affiliated Person” but do not exercise a controlling influence, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the three months through March 31, 2024 in these affiliated investments are as follows: Name of Issuer Fair Value at Gross Gross Realized Gain Change in Unrealized Fair Value at Interest/Dividend SLR-AMI Topco Blocker, LLC $ 13,958 $ — $ — $ — $ — $ 13,958 — Through this entity and other intermediate entities, the Company owns approximately 6.5 % of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former AmeriMark Interactive, LLC. Denotes a Level 1 investment. Aggregate net unrealized depreciation for U.S. federal income tax purposes is $ 7,995 ; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $ 4,256 and $ 12,251 , respectively, based on a tax cost of $ 413,804 . The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed Aggregate net unrealized depreciation for U.S. federal income tax purposes is $ 8,658 ; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $ 3,286 and $ 11,944 , respectively, based on a tax cost of $ 429,226 . The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments 1 | Mar. 31, 2024 | Dec. 31, 2023 |
Investment, Identifier [Axis]: Biotechnology | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 3.10% | 6.40% |
Investment, Identifier [Axis]: Building Products | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 2.60% | 2.60% |
Investment, Identifier [Axis]: Capital Markets | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 2.20% | 2.20% |
Investment, Identifier [Axis]: Diversified Consumer Services | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 6.70% | 6.40% |
Investment, Identifier [Axis]: Diversified Financial Services | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 3.10% | 3% |
Investment, Identifier [Axis]: Health Care Equipment & Supplies | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 11% | 10.50% |
Investment, Identifier [Axis]: Health Care Providers & Services | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 16.80% | 16.30% |
Investment, Identifier [Axis]: Health Care Technology | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 0.40% | |
Investment, Identifier [Axis]: Insurance | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 6.70% | 6.40% |
Investment, Identifier [Axis]: Internet & Catalog Retail | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 3.40% | 3.30% |
Investment, Identifier [Axis]: Internet Software & Services | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 3.40% | 3.20% |
Investment, Identifier [Axis]: Leisure Equipment & Products | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 3.40% | 3.30% |
Investment, Identifier [Axis]: Life Sciences Tools & Services | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 3.80% | 3.70% |
Investment, Identifier [Axis]: Packaged Foods & Meats | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 1.90% | 1.80% |
Investment, Identifier [Axis]: Personal Products | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 2.80% | 2.70% |
Investment, Identifier [Axis]: Pharmaceuticals | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 9.50% | 8.90% |
Investment, Identifier [Axis]: Professional Services | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 1.30% | 1.30% |
Investment, Identifier [Axis]: Road and Rail | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 1.40% | 1.40% |
Investment, Identifier [Axis]: Software | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 9.30% | 8.90% |
Investment, Identifier [Axis]: Specialty Retail | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 0.20% | 0.20% |
Investment, Identifier [Axis]: Total Investments | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 100% | 100% |
Investment, Identifier [Axis]: Trading Companies & Distributors | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 6% | 5.80% |
Investment, Identifier [Axis]: Water Utilities | ||
Schedule of Investments [Line Items] | ||
Percentage Of Total Investments At Fair Value | 1.40% | 1.30% |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments (Parethetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Jun. 16, 2023 | ||
Schedule of Investments [Line Items] | ||||
Investment, Tax Basis, Unrealized Gain (Loss) | $ 7,995 | $ 8,658 | ||
Investment, Tax Basis, Unrealized Gain | 4,256 | 3,286 | ||
Investment, Tax Basis, Unrealized Loss | 12,251 | 11,944 | ||
Investment, Tax Basis, Cost | $ 413,804 | 429,226 | ||
Investment Owned, Fair Value | 13,958 | $ 14,413 | ||
Gross Additions | 16,126 | |||
Gross Reductions | (16,126) | |||
Realized Gain (Loss) | 0 | |||
Change in Unrealized Gain (Loss) | (455) | |||
Interest/Dividend Income | $ 171 | |||
BridgeBio Pharma, Inc. | ||||
Schedule of Investments [Line Items] | ||||
Rate Of Coupon As PIK | 3% | |||
iCIMS, Inc | ||||
Schedule of Investments [Line Items] | ||||
Rate Of Coupon As PIK | 3.875% | 3.875% | ||
Vapotherm, Inc. | ||||
Schedule of Investments [Line Items] | ||||
Rate Of Coupon As PIK | 9% | 8% | ||
ASC Holdco LLC | ||||
Schedule of Investments [Line Items] | ||||
Investment Company Percentage Of Ownership | 6.50% | 6.50% | ||
Kaseya, Inc. | ||||
Schedule of Investments [Line Items] | ||||
Rate Of Coupon As PIK | 2.50% | 2.50% | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Alimera Sciences, Inc Industry Pharmaceuticals Spread above Index S+515 Floor 4.60% Interest Rate 10.50% Acquisition Date 12/31/2019 Maturity Date 5/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | $ 6,080 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Basic Fun, Inc Industry Specialty Retail Spread above Index S+650 Floor 1.00% Interest Rate 12.14% Acquisition Date 10/30/2020 Maturity Date 7/2/2024 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 960 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Fertility (ITC) Investment Holdco, LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.97% Acquisition Date 1/4/2023 Maturity Date 1/3/2029 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 10,278 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Glooko, Inn Industry Health Care Technology Spread above Index S+790 Floor 0.10% Interest Rate 13.35% Acquisition Date 9/30/2021 Maturity Date 10/1/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 1,849 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Neuronetics, Inc Industry Health Care Equipment & Supplies Spread above Index S+565 Floor 3.95% Interest Rate 11.00% Acquisition Date 3/2/2020 Maturity Date 3/29/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 5,238 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Centrexion Therapeutics, Inc. Warrants Industry Pharmaceuticals Acquisition Date 6/28/2019 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 9 | |||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% SLR-AMI Topco Blocker, LLC Industry Internet & Catalog Retail Acquisition Date 6/16/2023 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [2],[3] | 13,958 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Vapotherm, Inc Industry Health Care Equipment & Supplies Acquisition Date 2/18/2022 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 1 | |||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% AMF Levered II, LLC Industry Diversified Financial Services Spread above Index S+705 Floor 1.00% Interest Rate 12.49% Acquisition Date 12/24/2021 Maturity Date 8/21/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | $ 12,660 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Alimera Sciences, Inc. Industry Pharmaceuticals Spread above Index S+515 Floor 4.60% Interest Rate 10.47% Acquisition Date 12/31/2019 Maturity Date 5/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 6,540 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% All States Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 11.57% Acquisition Date 9/1/2021 Maturity Date 9/1/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 5,152 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Arcutis Biotherapeutics, Inc Industry Pharmaceuticals Spread above Index S+745 Floor 0.10% Interest Rate 12.87% Acquisition Date 12/22/2021 Maturity Date 1/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4],[5] | 25,787 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Ardelyx, Inc Industry Pharmaceuticals Spread above Index S+795 Floor 1.00% Interest Rate 13.29% Acquisition Date 2/23/2022 Maturity Date 3/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4],[5] | 6,166 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Basic Fun, Inc Industry Specialty Retail Spread above Index S+650 Floor 1.00% Interest Rate 12.10% Acquisition Date 10/30/2020 Maturity Date 7/2/2024 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 960 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% BayMark Health Services, Inc Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 10.57% Acquisition Date 6/29/2021 Maturity Date 6/11/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 15,661 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% CC SAG Holdings Corp. (Spectrum Automotve) Industry Diversified Consumer Services Spread above Index S+575 Floor 0.75% Interest Rate 11.19% Acquisition Date 6/29/2021 Maturity Date 6/29/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 12,513 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Cerapedics, Inc Industry Biotechnology Spread above Index S+620 Floor 2.75% Interest Rate 11.52% Acquisition Date 12/27/2022 Maturity Date 1/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 12,376 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% ENS Holdings III Corp. & ES Opco USA LLC (BlueFin) Industry Trading Companies & Distributors Spread above Index S+475 Floor 1.00% Interest Rate 10.15% Acquisition Date 12/31/2019 Maturity Date 12/31/2025 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 7,238 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Enhanced Permanent Capital, LLC Industry Capital Markets Spread above Index S+700 Floor 1.00% Interest Rate 12.46% Acquisition Date 12/29/2020 Maturity Date 12/29/2025 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4],[5] | 9,062 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Erie Construction Mid-west, LLC Industry Building Products Spread above Index S+475 Floor 1.00% Interest Rate 10.15% Acquisition Date 8/5/2021 Maturity Date 7/30/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 10,651 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Fertility (ITC) Investment Holdco, LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.78% Acquisition Date 1/4/2023 Maturity Date 1/3/2029 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 10,252 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Foundation Consumer Brands, LLC Industry Personal Products Spread above Index S+625 Floor 1.00% Interest Rate 11.73% Acquisition Date 2/12/2021 Maturity Date 2/12/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 11,321 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% GSM Acquisition Corp. Industry Leisure Equipment & Products Spread above Index S+500 Floor 1.00% Interest Rate 10.44% Acquisition Date 4/20/2021 Maturity Date 11/16/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 13,893 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% High Street Buyer, Inc. Industry Insurance Spread above Index S+525 Floor 0.75% Interest Rate 10.56% Acquisition Date 4/16/2021 Maturity Date 4/16/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 11,946 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Human Interest Inc. Industry Internet Software & Services Spread above Index S+785 Floor 1.00% Interest Rate 13.18% Acquisition Date 6/30/2022 Maturity Date 7/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 13,598 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Kaseya, Inc Industry Software Spread above Index S+600 Floor 0.75% Interest Rate 10.81% Acquisition Date 6/22/2022 Maturity Date 6/23/2029 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 11,171 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Kid Distro Holdings, LLC (Distro Kid) Industry Software Spread above Index S+550 Floor 1.00% Interest Rate 10.96% Acquisition Date 9/24/2021 Maturity Date 10/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 12,299 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Meditrina, Inc Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 3.45% Interest Rate 10.82% Acquisition Date 12/20/2022 Maturity Date 12/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 1,227 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Neuronetics, Inc Industry Health Care Equipment & Supplies Spread above Index S+565 Floor 3.95% Interest Rate 10.97% Acquisition Date 3/2/2020 Maturity Date 3/29/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 5,526 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Nexus Intermediate III, LLC (Vortex) Industry Professional Services Spread above Index S+550 Floor 0.75% Interest Rate 11.18% Acquisition Date 12/13/2021 Maturity Date 12/6/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 5,366 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Outset Medical, Inc. Industry Health Care Equipment & Supplies Spread above Index S+515 Floor 2.75% Interest Rate 10.47% Acquisition Date 11/3/2022 Maturity Date 11/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 16,394 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Peter C. Foy & Associates Insurance Services, LLC Industry Insurance Spread above Index S+600 Floor 0.75% Interest Rate 11.44% Acquisition Date 10/29/2021 Maturity Date 11/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 15,383 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Pinnacle Treatment Centers, Inc. Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.99% Acquisition Date 1/22/2020 Maturity Date 1/2/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 8,232 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Plastics Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 10.41% Acquisition Date 8/26/2021 Maturity Date 8/18/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 15,019 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% RQM+ Corp. Industry Life Sciences Tools & Services Spread above Index S+575 Floor 1.00% Interest Rate 11.31% Acquisition Date 8/20/2021 Maturity Date 8/12/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 15,405 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% RxSense Holdings LLC Industry Diversified Consumer Services Spread above Index S+500 Floor 1.00% Interest Rate 10.41% Acquisition Date 3/17/2020 Maturity Date 3/13/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 14,449 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Southern Orthodontic Partners Management, LLC Industry Health Care Providers & Services Spread above Index S+600 Floor 1.00% Interest Rate 11.56% Acquisition Date 6/3/2022 Maturity Date 1/27/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 4,464 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% SunMed Group Holdings, LLC Industry Health Care Providers & Services Spread above Index S+550 Floor 0.75% Interest Rate 10.91% Acquisition Date 6/16/2021 Maturity Date 6/16/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 7,584 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% TAUC Management, LLC Industry Health Care Providers & Services Spread above Index P+450 Floor 1.00% Interest Rate 15.00% Acquisition Date 2/12/2021 Maturity Date 2/12/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 8,100 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Tilley Distribution, Inc. Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 11.45% Acquisition Date 12/8/2021 Maturity Date 12/31/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 12,109 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Transportation Insight, LLC Industry Road & Rail Spread above Index S+450 Floor 1.00% Interest Rate 9.91% Acquisition Date 10/27/2021 Maturity Date 12/18/2024 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 5,646 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Ultimate Baked Goods Midco LLC (Rise Baking) Industry Packaged Foods & Meats Spread above Index S+625 Floor 1.00% Interest Rate 11.68% Acquisition Date 8/12/2021 Maturity Date 8/13/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 7,535 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Vapotherm, Inc. Industry Health Care Equipment & Supplies Spread above Index S+930 Floor 1.00% Interest Rate 14.75% Acquisition Date 2/18/2022 Maturity Date 2/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 13,947 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% Vessco Midco Holdings, LLC Industry Water Utilities Spread above Index S+450 Floor 1.00% Interest Rate 9.96% Acquisition Date 9/3/2021 Maturity Date 11/2/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 5,490 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 144.8% iCIMS, Inc Industry Software Spread above Index S+725 Floor 0.75% Interest Rate 12.58% Acquisition Date 8/18/2022 Maturity Date 8/18/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | 14,307 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% AMF Levered II, LLC Industry Diversified Financial Services Spread above Index S+705 Floor 1.00% Interest Rate 12.52% Acquisition Date 12/24/2021 Maturity Date 8/21/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 12,407 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% All State Ag Parts, LLC Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 11.61% Acquisition Date 9/1/2021 Maturity Date 9/1/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 5,165 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Arcutis Biotherapeutics, Inc Industry Pharmaceuticals Spread above Index S+745 Floor 0.10% Interest Rate 12.90% Acquisition Date 12/22/2021 Maturity Date 1/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1],[6] | 25,011 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Ardelyx, Inc Industry Pharmaceuticals Spread above Index S+795 Floor 1.00% Interest Rate 13.32% Acquisition Date 2/23/2022 Maturity Date 3/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1],[6] | 6,224 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% BayMark Health Services, Inc Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 10.61% Acquisition Date 6/29/2021 Maturity Date 6/11/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 15,701 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% BridgeBio Pharma, Inc Industry Biotechnology Interest Rate 9.00% Acquisition Date 11/17/2021 Maturity Date 11/17/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1],[6] | 14,728 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% CC SAG Holdings Corp. (Spectrum Automotve) Industry Diversified Consumer Services Spread above Index S+575 Floor 0.75% Interest Rate 11.22% Acquisition Date 6/29/2021 Maturity Date 6/29/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 12,545 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Cerapedics, Inc Industry Biotechnology Spread above Index S+620 Floor 2.75% Interest Rate 11.55% Acquisition Date 12/27/2022 Maturity Date 1/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 12,122 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% ENS Holdings III Corp. & ES Opco USA LLC (BlueFin) Industry Trading Companies & Distributors Spread above Index S+475 Floor 1.00% Interest Rate 10.20% Acquisition Date 12/31/2019 Maturity Date 12/31/2025 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 6,967 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Enhanced Permanent Capital, LLC Industry Capital Markets Spread above Index S+700 Floor 1.00% Interest Rate 12.44% Acquisition Date 12/29/2020 Maturity Date 12/29/2025 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1],[6] | 9,062 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Erie Construction Mid-west, LLC Industry Building Products Spread above Index S+475 Floor 1.00% Interest Rate 10.21% Acquisition Date 8/5/2021 Maturity Date 7/30/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 10,797 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Foundation Consumer Brands, LLC Industry Personal Products Spread above Index S+625 Floor 1.00% Interest Rate 11.97% Acquisition Date 2/12/2021 Maturity Date 2/12/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 11,367 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% GSM Acquisition Corp Industry Leisure Equipment & Products Spread above Index S+500 Floor 1.00% Interest Rate 10.47% Acquisition Date 4/20/2021 Maturity Date 11/16/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 13,928 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% High Street Buyer, Inc Industry Insurance Spread above Index S+575 Floor 0.75% Interest Rate 11.00% Acquisition Date 4/16/2021 Maturity Date 4/16/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 11,976 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Human Interest Inc Industry Internet Software & Services Spread above Index S+785 Floor 1.00% Interest Rate 13.19% Acquisition Date 6/30/2022 Maturity Date 7/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 13,598 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Kaseya, Inc Industry Software Spread above Index S+600 Floor 0.75% Interest Rate 11.38% Acquisition Date 6/22/2022 Maturity Date 6/23/2029 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 11,100 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Kid Distro Holdings, LLC (Distro Kid) Industry Software Spread above Index S+550 Floor 1.00% Interest Rate 11.00% Acquisition Date 9/24/2021 Maturity Date 10/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 12,330 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Meditrina, Inc Industry Health Care Equipment & Supplies Spread above Index S+550 Floor 3.45% Interest Rate 10.85% Acquisition Date 12/20/2022 Maturity Date 12/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 1,224 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Nexus Intermediate III, LLC (Vortex) Industry Professional Services Spread above Index S+550 Floor 0.75% Interest Rate 11.36% Acquisition Date 12/13/2021 Maturity Date 12/6/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 5,381 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Orthopedic Care Partners Management,LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 12.11% Acquisition Date 8/17/2022 Maturity Date 5/16/2024 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 6,368 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Outset Medical, Inc Industry Health Care Providers & Services Spread above Index S+515 Floor 2.27% Interest Rate 10.50% Acquisition Date 11/3/2022 Maturity Date 11/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1],[6] | 16,560 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Peter C. Foy & Associates Insurance Services, LLC Industry Insurance Spread above Index S+600 Floor 0.75% Interest Rate 11.47% Acquisition Date 10/29/2021 Maturity Date 11/1/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 15,113 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Pinnacle Treatment Centers, Inc Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 11.95% Acquisition Date 1/22/2020 Maturity Date 1/2/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 8,254 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Plastics Management, LLC Industry Health Care Providers & Services Spread above Index S+500 Floor 1.00% Interest Rate 10.45% Acquisition Date 8/26/2021 Maturity Date 8/18/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 15,058 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% RQM+ Corp Industry Life Sciences Tools & Services Spread above Index S+575 Floor 1.00% Interest Rate 11.36% Acquisition Date 8/20/2021 Maturity Date 8/12/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 15,522 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% RxSense Holdings LLC Industry Diversified Consumer Services Spread above Index S+500 Floor 1.00% Interest Rate 10.48% Acquisition Date 3/17/2020 Maturity Date 3/13/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 14,486 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Southern Orthodontic Partners Management, LLC Industry Health Care Providers & Services Spread above Index S+625 Floor 1.00% Interest Rate 11.86% Acquisition Date 6/3/2022 Maturity Date 1/27/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 4,475 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% SunMed Group Holdings, LLC Industry Health Care Providers & Services Spread above Index S+550 Floor 0.75% Interest Rate 10.96% Acquisition Date 6/16/2021 Maturity Date 6/16/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 7,604 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% TAUC Management, LLC Industry Health Care Providers & Services Spread above Index P+450 Floor 1.00% Interest Rate 13.00% Acquisition Date 2/12/2021 Maturity Date 2/12/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 8,373 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Tilley Distribution, Inc Industry Trading Companies & Distributors Spread above Index S+600 Floor 1.00% Interest Rate 11.50% Acquisition Date 12/8/2021 Maturity Date 13/31/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 12,331 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Transportation Insight, LLC Industry Road & Rail Spread above Index S+450 Floor 1.00% Interest Rate 9.98% Acquisition Date 10/27/2021 Maturity Date 12/18/2024 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 5,780 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Ultimate Baked Goods Midco LLC (Rise Baking) Industry Packaged Foods & Meats Spread above Index S+625 Floor 1.00% Interest Rate 11.71% Acquisition Date 8/12/2021 Maturity Date 8/13/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 7,479 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Vapotherm, Inc Industry Health Care Equipment & Supplies Spread above Index S+930 Floor 1.00% Interest Rate 14.75% Acquisition Date 2/18/2022 Maturity Date 2/1/2027 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 13,394 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% Vessco Midco Holdings, LLC Industry Water Utilities Spread above Index S+450 Floor 1.00% Interest Rate 9.96% Acquisition Date 9/3/2021 Maturity Date 11/2/2026 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 5,513 | ||
Investment, Identifier [Axis]: Bank Debt/Senior Secured Loans — 151.5% iCIMS, Inc Industry Software Spread above Index S+725 Floor 0.75% Interest Rate 12.62% Acquisition Date 8/18/2022 Maturity Date 8/18/2028 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [1] | 14,195 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 14,028 | |||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Assertio Holdings, Inc. Common Stock Industry Pharmaceuticals Acquisition Date 7/31/2023 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [7],[8] | 4 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Centrexion Therapeutics, Inc. Warrants Industry Pharmaceuticals Acquisition Date 6/28/2019 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [7] | 8 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Meditrina, Inc. Warrants Industry Health Care Equipment & Supplies Acquisition Date 12/20/2022 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [7] | 7 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% SLR-AMI Topco Blocker, LLC Industry Internet & Catalog Retail Acquisition Date 6/16/2023 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [7],[9],[10] | 13,958 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Senseonics Holdings, Inc Common Stock Industry Health Care Equipment & Supplies Acquisition Date 7/25/2019 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [5],[7],[8] | 42 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.2% Vapotherm, Inc Industry Health Care Equipment & Supplies Acquisition Date 2/18/2022 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [7] | 9 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Assertio Holdings, Inc. Common Stock Industry Pharmaceuticals Acquisition Date 7/31/2023 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [11] | 5 | ||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Meditrina, Inc. Warrants Industry Health Care Equipment & Supplies Acquisition Date 12/20/2022 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 7 | |||
Investment, Identifier [Axis]: Common Equity/Equity Interests/Warrants — 5.3% Senseonics Holdings, Inc Common Stock Industry Health Care Equipment & Supplies Acquisition Date 7/25/2019 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [6],[11] | 45 | ||
Investment, Identifier [Axis]: Liabilities in Excess of Other | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | (152,267) | |||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets - (50.0%) | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | (135,232) | |||
Investment, Identifier [Axis]: Net Assets — 100.0% | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 270,577 | 268,301 | ||
Investment, Identifier [Axis]: Oldco AI, LLC (f/k/a Amerimark) | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 0 | 8,243 | ||
Gross Reductions | (15,016) | |||
Realized Gain (Loss) | 0 | |||
Change in Unrealized Gain (Loss) | 6,773 | |||
Interest/Dividend Income | 0 | |||
Investment, Identifier [Axis]: Oldco AI, LLC (f/k/a Amerimark) One | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 0 | 0 | ||
Gross Additions | 1,110 | |||
Gross Reductions | (1,110) | |||
Realized Gain (Loss) | 0 | |||
Change in Unrealized Gain (Loss) | 0 | |||
Interest/Dividend Income | 171 | |||
Investment, Identifier [Axis]: SLR-AMI Topco Blocker, LLC | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 13,958 | 13,958 | $ 6,170 | |
Gross Additions | 0 | 15,016 | ||
Gross Reductions | 0 | 0 | ||
Realized Gain (Loss) | 0 | 0 | ||
Change in Unrealized Gain (Loss) | 0 | (7,228) | ||
Interest/Dividend Income | 0 | 0 | ||
Investment, Identifier [Axis]: Total Bank Debt/Senior Secured Loans | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 391,781 | 406,543 | ||
Investment, Identifier [Axis]: Total Common Equity/Equity | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | 14,025 | |||
Investment, Identifier [Axis]: Total Investments(10) — 150.0% | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [12] | 405,809 | ||
Investment, Identifier [Axis]: Total Investments(10) — 156.8% | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [13] | $ 420,568 | ||
Investment, Identifier [Axis]: ank Debt/Senior Secured Loans — 144.8% Orthopedic Care Partners Management, LLC Industry Health Care Providers & Services Spread above Index S+650 Floor 1.00% Interest Rate 12.06% Acquisition Date 8/17/2022 Maturity Date 5/16/2024 | ||||
Schedule of Investments [Line Items] | ||||
Investment Owned, Fair Value | [4] | $ 6,352 | ||
[1] Indicates an investment that is wholly or partially held by SCP Private Credit Income BDC LLC (the “Company”, “we”, “us” or “our”) through its wholly-owned financing subsidiary SCP Private Credit Income BDC SPV LLC (the “SPV”). Such investments are pledged as collateral under the SPV Facility (see Note 5 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company. Denotes investments in which we are an “Affiliated Person” but do not exercise a controlling influence, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the period June 16, 2023 (date at which the Company became an Affiliated Person) through December 31, 2023 in these affiliated investments are as follows: Through this entity and other intermediate entities, the Company owns approximately 6.5 % of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former AmeriMark Interactive, LLC. Indicates an investment that is wholly or partially held by the Company through its wholly-owned financing subsidiary SCP Private Credit Income BDC SPV LLC (the “SPV”). Such investments are pledged as collateral under the SPV Facility (see Note 5 to the consolidated financial statements) and are not generally available to creditors, if any, of the Company. Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making follow-on investments in existing portfolio companies or could be required to dispose of investments at inappropriate times in order to comply with the 1940 Act. As of March 31, 2024, on a fair value basis, non-qualifying assets in the portfolio represented 9.6% of the total assets of the Company. Indicates assets that the Company believes may not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). If we fail to invest a sufficient portion of our assets in qualifying assets, we could be prevented from making follow-on investments in existing portfolio companies or could be required to dispose of investments at inappropriate times in order to comply with the 1940 Act. As of December 31, 2023, on a fair value basis, non-qualifying assets in the portfolio represented 15.4% of the total assets of the Company. Non-income producing security. Denotes a Level 1 investment. Denotes investments in which we are an “Affiliated Person” but do not exercise a controlling influence, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), due to beneficially owning, either directly or through one or more controlled companies, more than 5% but less than 25% of the outstanding voting securities of the investment. Transactions during the three months through March 31, 2024 in these affiliated investments are as follows: Name of Issuer Fair Value at Gross Gross Realized Gain Change in Unrealized Fair Value at Interest/Dividend SLR-AMI Topco Blocker, LLC $ 13,958 $ — $ — $ — $ — $ 13,958 — Through this entity and other intermediate entities, the Company owns approximately 6.5 % of the underlying common units of ASC Holdco, LLC, a joint venture which owns certain assets of the former AmeriMark Interactive, LLC. Denotes a Level 1 investment. Aggregate net unrealized depreciation for U.S. federal income tax purposes is $ 7,995 ; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $ 4,256 and $ 12,251 , respectively, based on a tax cost of $ 413,804 . The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed Aggregate net unrealized depreciation for U.S. federal income tax purposes is $ 8,658 ; aggregate gross unrealized appreciation and depreciation for U.S. federal tax purposes is $ 3,286 and $ 11,944 , respectively, based on a tax cost of $ 429,226 . The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. All investments are Level 3 unless otherwise indicated. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 7,276 | $ (2,989) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
N-2
N-2 - $ / shares | 3 Months Ended | |||||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 12, 2019 | ||
Cover [Abstract] | ||||||
Entity Central Index Key | 0001743415 | |||||
Amendment Flag | false | |||||
Securities Act File Number | 814-01294 | |||||
Document Type | 10-Q | |||||
Entity Registrant Name | SCP Private Credit Income BDC LLC | |||||
Entity Address, Address Line One | 500 Park Avenue | |||||
Entity Address, City or Town | New York | |||||
Entity Address, State or Province | NY | |||||
Entity Address, Postal Zip Code | 10022 | |||||
City Area Code | 212 | |||||
Local Phone Number | 993-1670 | |||||
Entity Emerging Growth Company | true | |||||
Entity Ex Transition Period | false | |||||
General Description of Registrant [Abstract] | ||||||
Risk Factors [Table Text Block] | Item 1A. R isk Factors In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Risk Factors” in the February 27, 2024 filing of our Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2024 to the risk factors discussed in “Risk Factors” in the February 27, 2024 filing of our Annual Report on Form 10-K. | |||||
Share Price | $ 10 | |||||
NAV Per Share | [1] | $ 10.13 | $ 10.04 | $ 10.25 | $ 10.33 | |
[1] Calculated using the average Units outstanding method. Weighted average Units outstanding for the three months ended March 31, 2024 and March 31, 2023 were 26,710,775 and 21,816,409 , respectively. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization SCP Private Credit Income BDC LLC (the “Company”, “we”, “us” or “our”) is a Delaware limited liability company formed on May 18, 2018. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“the 1940 Act”). Furthermore, as the Company is an investment company, it applies the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946. In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed primarily to provide investors with attractive long-term returns through investments made pursuant to the investment strategy of the Company described below (the Company’s investments in portfolio companies are referred to herein as “Portfolio Investments”). On October 5, 2018 (the “Initial Closing Date”), the Company closed on $ 326,000 in capital commitments. On March 12, 2019, the sale and issuance of 2,800,000 of the Company’s units (“Units”), at an aggregate purchase price of $ 28,000 ($ 10.00 per Unit) occurred and the Company commenced operations. As of March 31, 2024, $ 277,800 of capital commitments were drawn and $ 48,200 were unfunded. The Company has implemented a corporate lending strategy focused on sourcing, underwriting and managing a diverse portfolio of private senior secured loans primarily to upper middle market companies (generally, aggregate loan sizes of $ 100,000 to $ 300,000 to companies with earnings before interest, tax, depreciation and amortization (“EBITDA”) between approximately $ 25,000 and $ 100,000 ) across the United States. In addition to senior secured loans to upper middle market companies, the Company intends to invest a portion of its assets in non-traditional asset-based loans and first lien loans to rapidly growing healthcare companies. The Company also expects that some of its investments will contain delayed-draw term loan type features and/or other types of unfunded commitments. The offering period of the Company ended on April 5, 2019 (the “Offering Period”). The investment period of the Company ended on December 31, 2022. The term of the Company will be six years from the end of the Offering Period unless the Company is liquidated earlier as set forth in the Limited Liability Company Agreement of the Company (as amended, restated or otherwise modified from time to time, the “LLC Agreement”), but may be extended by the Company’s Board of Directors (the “Board”) for up to two consecutive one year periods upon approval of the Company’s independent directors and the approval of unitholders of the Company (“Unitholders”), which approval will be obtained through a non-1940 Act vote as described in the LLC Agreement. The Company may be dissolved and its affairs wound up prior to the end of the term under the circumstances set forth in the LLC Agreement. The fiscal year end of the Company is December 31. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and certain wholly-owned subsidiaries. The consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition for the periods presented. All significant intercompany balances and transactions have been eliminated. Certain prior period amounts may have been reclassified to conform to current period presentation. Interim consolidated financial statements are prepared in accordance with GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, they may not include all of the information and notes required by GAAP for annual consolidated financial statements. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2024. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for the fair presentation of financial statements, have been included. The significant accounting policies consistently followed by the Company are: (a) Investment transactions are accounted for on the trade date; (b) In accordance with GAAP and the 1940 Act, the Company’s assets will generally be valued as follows: (i) securities or other instruments (other than as referred to in clauses (ii) and (iii) below) for which market quotes are readily available and deemed to represent fair value under GAAP will be valued based on quotes obtained from a quotation reporting system, market makers or pricing services (when deemed to represent fair value under GAAP). A market quotation is readily available for a security only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. If the Company anticipates using a market quotation for a security, it will also monitor for circumstances that may necessitate the use of fair value, such as significant events that may cause concern over the reliability of a market quotation; (ii) exchange-traded options, futures and options on futures will be valued at the settlement price determined by the exchange or through the use of a model such as Black-Scholes; (iii) short-term investments with maturities of sixty (60) days or less generally will be valued at amortized cost; and (iv) securities, loans or other instruments for which market quotes are not readily available or reliable under GAAP will be valued as described below: a. the quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of SLR responsible for the Portfolio Investment; b. preliminary valuation conclusions are then documented and discussed with senior management of the Adviser; c. the audit committee of the Board reviews the preliminary valuations of the Adviser and third-party valuation specialist, if any, and responds to the valuation recommendations to reflect any comments; and d. the Board discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the input of the Adviser, the audit committee, and third-party valuation specialist, if any, which may from time to time be engaged by the Board. The valuation principles set forth above may be modified from time to time without notice to Unitholders, in whole or in part, as determined by the Board in its sole discretion. The Board will also (1) periodically assess and manage valuation risks; (2) establish and apply fair value methodologies; (3) test fair value methodologies; (4) oversee and evaluate third-party pricing services, as applicable; (5) oversee the reporting required by Rule 2a-5 under the 1940 Act; and (6) maintain recordkeeping requirements under Rule 2a-5. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will consider the pricing indicated by the external event to corroborate the valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. Investments are valued utilizing a market approach, an income approach, or both approaches, as appropriate. However, in accordance with ASC 820-10, certain investments that qualify as investment companies in accordance with ASC 946 may be valued using net asset value as a practical expedient for fair value. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation approaches to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. For the three months ended March 31, 2024, there has been no change to the Company’s valuation approaches or techniques and the nature of the related inputs considered in the valuation process. ASC Topic 820 classifies the inputs used to measure these fair values into the following hierarchy: Level 1 : Unadjusted quoted prices in active markets for identical assets or liabilities, accessible by the Company at the measurement date. Level 2 : Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. Level 3 : Unobservable inputs for the asset or liability. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The exercise of judgment is based in part on our knowledge of the asset class and our prior experience. (c) Gains or losses on investments are calculated by using the specific identification method. (d) The Company records dividend income and interest, adjusted for amortization of premium and accretion of discount, on an accrual basis. Loan origination fees, original issue discount, and market discounts are capitalized and we amortize such amounts into income using the effective interest method. Upon the prepayment of a loan, any unamortized loan origination fees are recorded as interest income. We record call premiums on loans repaid as interest income when we receive such amounts. Capital structuring fees, amendment fees, consent fees, and any other non-recurring fee income as well as management fee and other fee income for services rendered, if any, are recorded as other income when earned. (e) The Company intends to comply with the applicable provisions of the Code pertaining to RICs to make distributions of taxable income sufficient to relieve it of substantially all U.S. federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4 % excise tax on this income. The Company will accrue excise tax on such estimated excess taxable income as appropriate. (f) Book and tax basis differences relating to Unitholder distributions and other permanent book and tax differences are typically reclassified among the Company’s capital accounts annually. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from GAAP. (g) Distributions to Unitholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the Board. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. (h) In accordance with Regulation S-X and ASC Topic 810— Consolidation , the Company consolidates its interest in controlled investment company subsidiaries, financing subsidiaries and certain wholly-owned holding companies that serve to facilitate investment in portfolio companies. In addition, the Company may also consolidate any controlled operating companies substantially all of whose business consists of providing services to the Company. (i) The accounting records of the Company are maintained in U.S. dollars. Any assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against the U.S. dollar on the date of valuation. The Company will not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations would be included with the net unrealized gain or loss from investments. The Company’s investments in foreign securities, if any, may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments in terms of U.S. dollars and therefore the earnings of the Company. (j) In accordance with ASC 835-30, the Company reports origination and other expenses related to certain debt issuances, if any, as a direct deduction from the carrying amount of the debt liability. Applicable expenses are deferred and amortized using either the effective interest method or the straight-line method over the stated life. The straight-line method may be used on revolving facilities and/or when it approximates the effective yield method. (k) The Company records expenses related to applicable equity offering costs as a charge to capital upon the sale of Units, in accordance with ASC 946-20-25. (l) Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when principal or interest cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining principal and interest obligations. Cash interest payments received on such investments may be recognized as income or applied to principal depending on management’s judgment. (m) The Company records expenses directly related to its organization as incurred. (n) The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less would qualify, with limited exceptions. The Company believes that certain U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Agreements And Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Note 3. Agreements and Related Party Transactions The Company has entered into an investment management agreement with the Adviser (the “Investment Management Agreement”) pursuant to which it will pay management fees, administrative coordinator fees and incentive fees to the Adviser. The Company will pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee and an incentive fee. The Company will also pay the Adviser (in its capacity as Administrative Coordinator, defined herein) an administration fee for administrative and coordination services. The cost of the base management fee, the incentive fee, and the administration fee will be borne by the Unitholders. Management Fees and Administration Fees The Company will pay the Adviser a management fee (the “Management Fee”), calculated as of the close of business in New York, New York on the last day of each calendar quarter (each such date, the “Management Fee Calculation Date”), in an amount equal to 1.5 % per annum of Invested Capital (defined as, as of any date, the sum of (i) capital contributions to the Company plus (ii) the total amount of credit drawn on subscription credit facilities), and payable quarterly in arrears after such Management Fee Calculation Date. Pursuant to the Investment Management Agreement, the Adviser has also been appointed to provide administrative and coordination services to the Company (in such capacity, the “Administrative Coordinator”). The Company will pay the Administrative Coordinator, a fee (the “Administration Fee”), calculated as of the close of business in New York, New York on the last day of each calendar quarter (the “Administration Fee Calculation Date”), in an amount equal to 0.08 % per annum of the average Cost Basis (defined as the aggregate accreted and amortized cost of all Portfolio Investments, including any amounts reinvested in investments and the cost of investments acquired using leverage), as measured on the last day of the preceding quarter and the last day of the current quarter for the period ended and payable quarterly in arrears after such Administration Fee Calculation Date. The Administrative Coordinator will be responsible for all expenses of its own staff responsible for (i) certain on-going, routine, non-investment-related administrative services for the Company, (ii) the coordination of various third-party services needed or required by the Company and (iii) certain Unitholder servicing functions. Each of the Management Fee and the Administration Fee will be appropriately adjusted for any stub period. Such fees will be paid out of net current income and/or disposition proceeds or, to the extent such amounts are not available, from unfunded capital commitments that will be drawn down, or borrowings of the Company. In the event that the Adviser arranges for the Company to pay any portion of a placement fee to a placement agent, the amount of Management Fees otherwise payable shall be reduced by an amount equal to 100 % of such payment to the placement agent. Incentive Fee The Company will make distributions out of two categories: Current Proceeds and Disposition Proceeds (collectively referred to as “Investment Proceeds”). “Disposition Proceeds” means all amounts received by the Company upon the disposition of an investment, including full or partial repayments or amortization of principal (but excluding Current Proceeds). “Current Proceeds” means all proceeds from investments, including interest income, fee income, warrant gains, prepayment fees and exit fees, other than Disposition Proceeds. The Adviser will apportion each Unitholder’s pro rata share of Investment Proceeds between Disposition Proceeds and Current Proceeds. Amounts of Investment Proceeds apportioned to Unitholders will be divided between and distributed to Unitholders, on the one hand, and the Adviser, on the other hand, in the following amounts and order of priority: (i) Disposition Proceeds apportioned to Unitholders shall be divided between and distributed to Unitholders, on the one hand, and paid to the Adviser as an incentive fee, on the other hand, in the following amounts and order of priority: (A) Return of Capital Contributions . First, 100 % to such Unitholder until such Unitholder has received cumulative distributions of Investment Proceeds pursuant to this clause (i)(A) equal to such Unitholder’s total Capital Contributions to the Company (including amounts contributed to pay Management Fees, Administration Fees, Organizational Expenses (as defined below) and other Company expenses); (B) Unitholder Preferred Return . Second, 100 % of all remaining Disposition Proceeds to Unitholders until they have each received cumulative distributions of Investment Proceeds, without duplication, pursuant to this clause (B) and clause (D) below and pursuant to clause (ii)(A) and clause (ii)(C) below equal to 6 % per annum, compounded annually, on such Unitholder’s unreturned capital contributions to the Company (including amounts contributed to pay Management Fees, Administration Fees, Organizational Expenses and other Company expenses) (the “Preferred Return”); (C) Adviser Catch Up to 15 % . Third, 80 % of all remaining Disposition Proceeds paid to the Adviser as an incentive fee until the Adviser has received payments of Investment Proceeds with respect to Unitholders pursuant to this clause (C) and clause (ii)(B) equal to 15 % of the total amounts distributed to Unitholders and paid to the Adviser pursuant to clause (B) above and this clause (C) and pursuant to clause (ii)(A) and clause (ii)(B); and (D) 85 %/ 15 % Shares . Thereafter, 85 % to Unitholders and 15 % paid to the Adviser as an incentive fee. (ii) Current Proceeds apportioned to Unitholders shall be divided between and distributed to Unitholders, on the one hand, and paid to the Adviser as an incentive fee, on the other hand, in the following amounts and order of priority: (A) Unitholder Preferred Return . First, 100 % of all Current Proceeds to Unitholders until Unitholders have received cumulative distributions of Investment Proceeds, without duplication, pursuant to this clause (A) and clause (C) below and pursuant to clause (i)(B) and clause (i)(D) equal to the Preferred Return; (B) Adviser Catch Up to 15 % . Second, 80 % of all remaining Current Proceeds paid to the Adviser as an incentive fee until the Adviser has received payments of Investment Proceeds with respect to Unitholders pursuant to this clause (B) and clause (i)(C) equal to 15 % of the total amounts distributed to Unitholders and paid to the Adviser pursuant to clause (A) above and this clause (B) and pursuant to Section clause (i)(B) and clause (i)(C); and (C) 85 %/ 15 % Units . Thereafter, 85 % to Unitholders and 15 % paid to the Adviser as an incentive fee. In no event will the Adviser receive amounts attributable to Disposition Proceeds that, as of any distribution or payment date, exceeds 20 % of cumulative realized capital gains net of all cumulative realized capital losses and unrealized capital depreciation. The Adviser has the right with respect to all Unitholders, upon approval of the Company’s independent directors, to waive or reduce the incentive fee to which it is entitled. The Adviser may also elect not to receive all or any portion of the incentive fee that would otherwise be distributed to it, and may cause any or all amounts subsequently available for distribution to the Unitholders to be distributed to the Adviser until it has received the same aggregate amount of incentive fees had it not previously waived receipt of incentive fees. The Adviser will be entitled to withhold from any distributions, in its discretion, any required tax withholdings. Amounts of taxes paid or withheld from amounts otherwise distributable to a Unitholder will be deemed distributed for purposes of the calculations above. Upon liquidation of the Company, the Adviser will be required to restore funds to the Company for distribution to the Unitholders if and to the extent that the Adviser has received cumulative incentive fees in excess of the incentive fees that would have been payable to the Adviser on an aggregate basis covering all transactions of the Company; provided, however, that in no event will the Adviser be required to contribute an aggregate amount in excess of 100 % of the net amount distributed to the Adviser (net of taxes) on account of its incentive fees. In addition, the Adviser will apply an interim incentive fee adjustment at the end of each fiscal year so that, in the event of any over-distribution of incentive fee to the Adviser (measured with respect to each Unitholder using the fair value of the Company’s portfolio at the end of the applicable fiscal year as if the Company were to liquidate on such date), future distributions that would, absent such interim incentive fee adjustment, otherwise be distributed to the Adviser as an incentive fee, shall be distributed to such Unitholder until such over-distribution (net of taxes payable by the Adviser with respect to such incentive fee) has been eliminated. For the three months ended March 31, 2024, the Company incurred $ 1,036 in Management Fees, $ 83 in Administration Fees and $ 1,284 in incentive fees. For the three months ended March 31, 2023, the Company incurred $ 1,058 in Management Fees, $ 105 in Administration Fees and ($ 528 ) in Incentive Fees. The aggregate amount of certain annual operating expenses relating to Unitholders investing directly in the Company will not exceed the Operating Expense Cap, calculated as follows: (A) if the Company has less than or equal to $ 400,000 in capital commitments, an amount equal to the sum of (x) the product of the capital commitments and 0.0025 and (y) $ 1,250 , or (B) if the Company has greater than $ 400,000 in capital commitments, $ 2,250 . Any amount in excess of the Operating Expense Cap for any fiscal year will be paid by the Adviser. For the avoidance of doubt, the Operating Expense Cap will not apply to any fees, costs, expenses and liabilities allocable to persons investing indirectly in the Company through any Unitholder. The Adviser or Administrative Coordinator and/or their affiliates has advanced organizational and offering expenses to the Company, which include organizational fees, costs, expenses and liabilities of the Company, including legal expenses, incurred in connection with the initial offering of Units and the formation and establishment of the Company (“Organizational Expenses”). The Adviser or Administrative Coordinator (or such affiliate) has been reimbursed by the Company for such advanced costs and expenses in an amount not to exceed $ 500 . $ 308 of offering expenses were charged to capital and $ 84 of organizational costs were expensed in 2019. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 4. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access. Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level 3. Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Gains and losses for assets and liabilities categorized within the Level 3 table below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Such reclassifications involving Level 3 assets and liabilities are reported as transfers in/out of Level 3 as of the end of the quarter in which the reclassifications occur. Within the fair value hierarchy tables below, cash and cash equivalents are excluded but could be classified as Level 1. The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2024 and December 31, 2023: Fair Value Measurements As of March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Bank Debt/Senior Secured Loans $ — $ — $ 391,781 $ 391,781 Common Equity/Equity Interests/Warrants 46 — 13,982 14,028 Total Investments $ 46 $ — $ 405,763 $ 405,809 While the Company has not made an election to apply the fair value option of accounting to any of its debt obligations, if the Company’s debt obligations were carried at fair value at March 31, 2024, the fair value of the SPV Facility and the Subscription Facility would be $ 153,300 and $ 0 , respectively. Fair Value Measurements As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Bank Debt/Senior Secured Loans $ — $ — $ 406,543 $ 406,543 Common Equity/Equity Interests/Warrants 50 — 13,975 14,025 Total Investments $ 50 $ — $ 420,518 $ 420,568 While the Company has not made an election to apply the fair value option of accounting to any of its debt obligations, if the Company’s debt obligations were carried at fair value at December 31, 2023, the fair value of the SPV Facility and the Subscription Facility would be $ 170,800 and $ 0 , respectively. All debt obligations would be considered Level 3 liabilities and would be valued with market yield as the unobservable input. The following table provides a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2024, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2024: Bank Debt/Senior Common Equity/Equity Total Fair value, December 31, 2023 $ 406,543 $ 13,975 $ 420,518 Total gains or losses included in earnings: Net realized gain — — — Net change in unrealized gain 664 3 667 Purchase of investment securities* 2,280 4 2,284 Proceeds from dispositions of investment securities ( 17,706 ) — ( 17,706 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value, March 31, 2024 $ 391,781 $ 13,982 $ 405,763 Unrealized gains for the period relating to Net change in unrealized gain $ 765 $ 3 $ 768 * Includes PIK capitalization and accretion of discount The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2023, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2023: Bank Debt/Senior Common Equity/Equity Total Fair value, December 31, 2022 $ 532,753 $ 60 $ 532,813 Total gains or losses included in earnings: Net realized gain 12 — 12 Net change in unrealized loss ( 1,678 ) ( 7,294 ) ( 8,972 ) Purchase of investment securities* 95,190 21,226 116,416 Proceeds from dispositions of investment securities ( 219,734 ) ( 17 ) ( 219,751 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value, December 31, 2023 $ 406,543 $ 13,975 $ 420,518 Unrealized losses for the period relating to Net change in unrealized loss $ ( 1,534 ) $ ( 7,306 ) $ ( 8,840 ) * Includes PIK capitalization and accretion of discount Quantitative Information about Level 3 Fair Value Measurements The Company typically determines the fair value of its performing debt investments utilizing 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 current contractual interest rates, relative maturities and other key terms and risks associated with an investment. Among other factors, a significant determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company. Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 assets and liabilities primarily reflect current market yields, including indices, and readily available quotes from brokers, dealers, and pricing services as indicated by comparable assets and liabilities, as well as enterprise values, returns on equity and earnings before income taxes, depreciation and amortization (“EBITDA”) multiples of similar companies, and comparable market transactions for equity securities. Quantitative information about the Company’s Level 3 asset fair value measurements as of March 31, 2024 is summarized in the table below: Asset or Fair Value at Principal Valuation Unobservable Input Range (Weighted Senior Secured Loans Asset $ 391,781 Income Approach Market Yield 10.0 % - 17.7 % ( 12.5 %) Common Equity/Equity Interests/Warrants Asset $ 24 Market Approach Volatility 16.5 % - 16.5 % ( 16.5 %) $ 13,958 EBITDA Multiple Comparable Multiple 5.5 x- 6.5 x ( 6.0 x) Significant increases or decreases in any of the above unobservable inputs in isolation, including unobservable inputs used in deriving bid-ask spreads, if applicable, would result in a significantly lower or higher fair value measurement for such assets. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s investments. Quantitative information about the Company’s Level 3 asset fair value measurements as of December 31, 2023 is summarized in the table below: Asset or Fair Value at Principal Valuation Unobservable Input Range (Weighted Senior Secured Loans Asset $ 406,543 Income Approach Market Yield 10.0 % - 17.6 % ( 12.2 %) Common Equity/Equity Interests/Warrants Asset $ 17 Market Approach Volatility 18.9 % - 18.9 % ( 18.9 %) $ 13,958 EBITDA Multiple Comparable Multiple 5.5 x- 6.5 x ( 6.0 x) Significant increases or decreases in any of the above unobservable inputs in isolation, including unobservable inputs used in deriving bid-ask spreads, if applicable, would result in a significantly lower or higher fair value measurement for such assets. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s investments |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Note 5. Debt Revolving credit facility due August 2024 (the “ SPV Facility”) —On February 27, 2019, the Company, through its wholly-owned subsidiary, SCP Private Credit Income BDC SPV LLC (the “SPV”), entered into a $ 100,000 SPV Facility with JPMorgan Chase Bank, N.A. acting as administrative agent. Effective with the latest amendment dated October 20, 2023, the stated interest rate on the SPV Facility is SOFR plus 2.70 % with no floor requirement and the current final maturity date is August 15, 2024 . Maximum commitments are $ 261,388 and future advances are no longer permitted. The SPV Facility is secured by all of the assets held by the SPV. Under the terms of the SPV Facility, the Company and SPV, as applicable, have made certain customary representations and warranties, and are required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. The SPV also includes usual and customary events of default for credit facilities of this nature. As of March 31, 2024, there were $ 153,300 of borrowings outstanding under the SPV Facility. Revolving credit facility due December 2024 (the “ Subscription Facility”) —During the first quarter of 2019, the Company established the $ 35,000 Subscription Facility with East West Bank. Effective with the latest amendment dated December 22, 2023, the facility size is now $ 32.0 million with a stated interest rate of SOFR plus 2.95 %. and a maturity date of December 31, 2024 . Under the terms of the Subscription Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, including reporting requirements and other customary requirements for similar credit facilities. The Subscription Facility also includes usual and customary events of default for credit facilities of this nature. As of March 31, 2024, there were no borrowings outstanding under the Subscription Facility. The average annualized interest cost for borrowings for the three months ended March 31, 2024 and the year ended December 31, 2023 was 8.15 % and 8.08 %, respectively. These costs are exclusive of other credit facility expenses such as unused fees and fees paid to the back-up servicer, if any. The maximum amount borrowed on the credit facilities during the three months ended March 31, 2024 and the year ended December 31, 2023 was $ 170,800 and $ 338,126 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Commitments and Contingencies The Company had unfunded debt commitments to various revolving and delayed-draw term loans. The total amount of these unfunded commitments as of March 31, 2024 and December 31, 2023 is $ 10,803 and $ 14,730 , respectively, comprised of the following: March 31, December 31, iCIMS, Inc. $ 2,196 $ 2,308 RxSense Holdings, LLC 1,558 1,558 Kid Distro Holdings, LLC 1,121 1,121 GSM Acquisition Corp. 1,101 1,101 Foundation Consumer Brands, LLC 967 967 Basic Fun, Inc. 960 960 Ultimate Baked Goods Midco LLC 749 749 SunMed Group Holdings, LLC 515 515 ENS Holdings III Corp. & ES Opco USA LLC 431 717 Vessco Midco Holdings, LLC 405 396 TAUC Management, LLC 385 385 Vapotherm, Inc. 241 — CC SAG Holdings Corp. (Spectrum Automotive) 174 174 High Street Buyer, Inc. — 1,890 Nexus Intermediate III, LLC (Vortex) — 1,264 Kaseya, Inc. — 625 Total Commitments $ 10,803 $ 14,730 The credit agreements of the above loan commitments contain customary lending provisions and/or are subject to the respective portfolio company’s achievement of certain milestones that allow relief to the Company from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. As of March 31, 2024 and December 31, 2023, the Company had sufficient cash available and/or liquid securities available to fund its commitments and had reviewed them for any appropriate fair value adjustment. In the normal course of our business, we invest or trade in various financial instruments and may enter into various investment activities with off-balance sheet risk, which may include forward foreign currency contracts. Generally, these financial instruments represent future commitments to purchase or sell other financial instruments at specific terms at future dates. These financial instruments contain varying degrees of off-balance sheet risk whereby changes in the market value or our satisfaction of the obligations may exceed the amount recognized in our Consolidated Statements of Assets and Liabilities. As of March 31, 2024, we held no such contracts. From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2024 and December 31, 2023, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure. |
Unitholders' Capital
Unitholders' Capital | 3 Months Ended |
Mar. 31, 2024 | |
Limited Liability Company (LLC) Members' Equity [Abstract] | |
Unitholders' Capital | Note 7. Unitholders’ Capital Transactions in Unitholders’ capital were as follows: Three months ended Three months ended Units at beginning of period 26,710,775 18,992,563 Units issued — 6,197,690 Units issued and outstanding at end of period 26,710,775 25,190,253 |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 8. Financial Highlights The following is a schedule of financial highlights for the three months ended March 31, 2024 and March 31, 2023: Three months ended Three months ended Per Share Data: (a) Net asset value per Unit, beginning of period $ 10.04 $ 10.33 Net investment income 0.25 0.34 Net realized and unrealized gain (loss) 0.03 ( 0.42 )* Net increase (decrease) in Unitholders’ capital resulting from operations 0.28 ( 0.08 ) Distributions to Unitholders: From distributable earnings ( 0.19 ) — Net asset value per Unit, end of period $ 10.13 $ 10.25 Total Return (b)(c) 2.79 % ( 0.77 )% Unitholders’ capital, end of period $ 270,577 $ 258,265 Units outstanding, end of period 26,710,775 25,190,253 Ratios to average net assets of Unitholders’ Net investment income 2.46 % 3.32 % Operating expenses 1.00 % 0.40 % Interest and other credit facility expenses 1.33 % 2.84 % Total expenses 2.33 % 3.24 % Average debt outstanding $ 157,897 $ 305,208 Portfolio turnover ratio 0.3 % 5.2 % (a) Calculated using the average Units outstanding method. Weighted average Units outstanding for the three months ended March 31, 2024 and March 31, 2023 were 26,710,775 and 21,816,409 , respectively. (b) Calculated as the change in net asset value (“NAV”) per Unit during the period plus distributions declared per Unit, divided by the beginning NAV per Unit. Total return does not include a sales load. (c) Not annualized for periods less than one year. * Includes the impact of the different Unit amounts used in calculating per Unit data as a result of calculating certain per Unit data based upon the weighted average Units outstanding during the period and certain per Unit data based on the Units outstanding as of a period end. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9. Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure in these consolidated financial statements. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of assets measured at fair value on a recurring basis | The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2024 and December 31, 2023: Fair Value Measurements As of March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Bank Debt/Senior Secured Loans $ — $ — $ 391,781 $ 391,781 Common Equity/Equity Interests/Warrants 46 — 13,982 14,028 Total Investments $ 46 $ — $ 405,763 $ 405,809 Fair Value Measurements As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Bank Debt/Senior Secured Loans $ — $ — $ 406,543 $ 406,543 Common Equity/Equity Interests/Warrants 50 — 13,975 14,025 Total Investments $ 50 $ — $ 420,518 $ 420,568 |
Summary of the changes in fair value of level 3 assets | The following table provides a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2024, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2024: Bank Debt/Senior Common Equity/Equity Total Fair value, December 31, 2023 $ 406,543 $ 13,975 $ 420,518 Total gains or losses included in earnings: Net realized gain — — — Net change in unrealized gain 664 3 667 Purchase of investment securities* 2,280 4 2,284 Proceeds from dispositions of investment securities ( 17,706 ) — ( 17,706 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value, March 31, 2024 $ 391,781 $ 13,982 $ 405,763 Unrealized gains for the period relating to Net change in unrealized gain $ 765 $ 3 $ 768 * Includes PIK capitalization and accretion of discount The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2023, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2023: Bank Debt/Senior Common Equity/Equity Total Fair value, December 31, 2022 $ 532,753 $ 60 $ 532,813 Total gains or losses included in earnings: Net realized gain 12 — 12 Net change in unrealized loss ( 1,678 ) ( 7,294 ) ( 8,972 ) Purchase of investment securities* 95,190 21,226 116,416 Proceeds from dispositions of investment securities ( 219,734 ) ( 17 ) ( 219,751 ) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value, December 31, 2023 $ 406,543 $ 13,975 $ 420,518 Unrealized losses for the period relating to Net change in unrealized loss $ ( 1,534 ) $ ( 7,306 ) $ ( 8,840 ) * Includes PIK capitalization and accretion of discount |
Summary of quantitative information about the company's level 3 asset fair value measurements | Quantitative information about the Company’s Level 3 asset fair value measurements as of March 31, 2024 is summarized in the table below: Asset or Fair Value at Principal Valuation Unobservable Input Range (Weighted Senior Secured Loans Asset $ 391,781 Income Approach Market Yield 10.0 % - 17.7 % ( 12.5 %) Common Equity/Equity Interests/Warrants Asset $ 24 Market Approach Volatility 16.5 % - 16.5 % ( 16.5 %) $ 13,958 EBITDA Multiple Comparable Multiple 5.5 x- 6.5 x ( 6.0 x) Quantitative information about the Company’s Level 3 asset fair value measurements as of December 31, 2023 is summarized in the table below: Asset or Fair Value at Principal Valuation Unobservable Input Range (Weighted Senior Secured Loans Asset $ 406,543 Income Approach Market Yield 10.0 % - 17.6 % ( 12.2 %) Common Equity/Equity Interests/Warrants Asset $ 17 Market Approach Volatility 18.9 % - 18.9 % ( 18.9 %) $ 13,958 EBITDA Multiple Comparable Multiple 5.5 x- 6.5 x ( 6.0 x) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of unfunded commitments | The total amount of these unfunded commitments as of March 31, 2024 and December 31, 2023 is $ 10,803 and $ 14,730 , respectively, comprised of the following: March 31, December 31, iCIMS, Inc. $ 2,196 $ 2,308 RxSense Holdings, LLC 1,558 1,558 Kid Distro Holdings, LLC 1,121 1,121 GSM Acquisition Corp. 1,101 1,101 Foundation Consumer Brands, LLC 967 967 Basic Fun, Inc. 960 960 Ultimate Baked Goods Midco LLC 749 749 SunMed Group Holdings, LLC 515 515 ENS Holdings III Corp. & ES Opco USA LLC 431 717 Vessco Midco Holdings, LLC 405 396 TAUC Management, LLC 385 385 Vapotherm, Inc. 241 — CC SAG Holdings Corp. (Spectrum Automotive) 174 174 High Street Buyer, Inc. — 1,890 Nexus Intermediate III, LLC (Vortex) — 1,264 Kaseya, Inc. — 625 Total Commitments $ 10,803 $ 14,730 |
Unitholders' Capital (Tables)
Unitholders' Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Limited Liability Company (LLC) Members' Equity [Abstract] | |
Summary of limited liability company unit holders capital | Transactions in Unitholders’ capital were as follows: Three months ended Three months ended Units at beginning of period 26,710,775 18,992,563 Units issued — 6,197,690 Units issued and outstanding at end of period 26,710,775 25,190,253 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Summary of investment company, financial highlights | The following is a schedule of financial highlights for the three months ended March 31, 2024 and March 31, 2023: Three months ended Three months ended Per Share Data: (a) Net asset value per Unit, beginning of period $ 10.04 $ 10.33 Net investment income 0.25 0.34 Net realized and unrealized gain (loss) 0.03 ( 0.42 )* Net increase (decrease) in Unitholders’ capital resulting from operations 0.28 ( 0.08 ) Distributions to Unitholders: From distributable earnings ( 0.19 ) — Net asset value per Unit, end of period $ 10.13 $ 10.25 Total Return (b)(c) 2.79 % ( 0.77 )% Unitholders’ capital, end of period $ 270,577 $ 258,265 Units outstanding, end of period 26,710,775 25,190,253 Ratios to average net assets of Unitholders’ Net investment income 2.46 % 3.32 % Operating expenses 1.00 % 0.40 % Interest and other credit facility expenses 1.33 % 2.84 % Total expenses 2.33 % 3.24 % Average debt outstanding $ 157,897 $ 305,208 Portfolio turnover ratio 0.3 % 5.2 % (a) Calculated using the average Units outstanding method. Weighted average Units outstanding for the three months ended March 31, 2024 and March 31, 2023 were 26,710,775 and 21,816,409 , respectively. (b) Calculated as the change in net asset value (“NAV”) per Unit during the period plus distributions declared per Unit, divided by the beginning NAV per Unit. Total return does not include a sales load. (c) Not annualized for periods less than one year. * Includes the impact of the different Unit amounts used in calculating per Unit data as a result of calculating certain per Unit data based upon the weighted average Units outstanding during the period and certain per Unit data based on the Units outstanding as of a period end. |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 12, 2019 | Oct. 05, 2018 | Mar. 31, 2024 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Investment company committed capital | $ 326,000 | ||
Stock issued during period shares new issues | 2,800,000 | ||
Stock issued during period value new issues | $ 28,000 | ||
Share price | $ 10 | ||
Investment company funded capital commitments | $ 277,800 | ||
Investment company unfunded capital commitments | 48,200 | ||
Minimum [Member] | Investments [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Investee maximum borrowings | 100,000 | ||
Earnings before interest tax depreciation and amortization | 25,000 | ||
Maximum [Member] | Investments [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Investee maximum borrowings | 300,000 | ||
Earnings before interest tax depreciation and amortization | $ 100,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Percentage of excise tax | 4% |
Agreements and Related Party _2
Agreements and Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Oct. 05, 2018 | Mar. 31, 2024 | Mar. 31, 2023 | ||
Agreements And Related Party Transactions [Line Items] | ||||
Investment company, total return | [1],[2],[3] | 2.79% | (0.77%) | |
Percentage of reimbursement of distributions by adviser upon liquidation | 100% | |||
Percentage of cumulative realized capital gains net exceeds | 20% | |||
Management fee expense | $ 1,036 | $ 1,058 | ||
Administrative fees expense | 83 | 105 | ||
Incentive fee expense | $ 1,284 | (528) | ||
Investment company committed capital | $ 326,000 | |||
First, Unitholder Preferred Return [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
percentage of current proceeds to unitholders | 100% | |||
Second., Adviser Catch Up [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Percentage of total amount distributed to unitholders and advisers | 15% | |||
Percentage of Current Proceeds to Advisers | 80% | |||
Third Order of Priority Return of Capital Contributions [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Percentage of distribution to unitholders | 85% | |||
Percentage of distribution to adviser as an incentive fee | 15% | |||
Capital Commitment Condition One [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Investment company committed capital | $ 400,000 | |||
Multiplier to capital commitment | 0.0025 | |||
Aggregate operating expenses relating to unitholders | $ 1,250 | |||
Capital Commitment Condition Two [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Investment company committed capital | 400,000 | |||
Aggregate operating expenses relating to unitholders | $ 2,250 | |||
First Return Of Capital Contributions [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Percentage of disposition proceeds to unitholders | 100% | |||
Second Unitholder Preferred Return [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Percentage of disposition proceeds to unitholders | 100% | |||
Third Adviser Catch Up [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Percentage of disposition proceeds to advisers | 80% | |||
Percentage of total amount distributed to unitholders and advisers | 15% | |||
Fourth Order Of Priority Return Of Capital Contributions [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Percentage of distribution to unitholders | 85% | |||
Percentage of distribution to adviser as an incentive fee | 15% | |||
Minimum [Member] | Second Unitholder Preferred Return [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Investment company, total return | 6% | |||
Advisor [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Management fee expense | $ 1,036 | 1,058 | ||
Administrative fees expense | 83 | 105 | ||
Incentive fee expense | 1,284 | $ 528 | ||
Reimbursement of organizational and offering expenses | 500 | |||
Reimbursement of offering expenses | 308 | |||
Reimbursement of organizational expenses | $ 84 | |||
Management Fee [Member] | Advisor [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Related party transaction rate | 1.50% | |||
Percentage of payment to placement agent | 100% | |||
Administration Fee [Member] | Advisor [Member] | ||||
Agreements And Related Party Transactions [Line Items] | ||||
Related party transaction rate | 0.08% | |||
[1] Calculated as the change in net asset value (“NAV”) per Unit during the period plus distributions declared per Unit, divided by the beginning NAV per Unit. Total return does not include a sales load. Calculated using the average Units outstanding method. Weighted average Units outstanding for the three months ended March 31, 2024 and March 31, 2023 were 26,710,775 and 21,816,409 , respectively. Not annualized for periods less than one year. |
Fair Value - Summary of Assets
Fair Value - Summary of Assets Measured At Fair Value On A Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 405,809 | $ 420,568 |
Bank Debt/Senior Secured Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 391,781 | 406,543 |
Common Equity/Equity Interests/Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 14,028 | 14,025 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 46 | 50 |
Fair Value, Inputs, Level 1 [Member] | Bank Debt/Senior Secured Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Common Equity/Equity Interests/Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 46 | 50 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Bank Debt/Senior Secured Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Common Equity/Equity Interests/Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 405,763 | 420,518 |
Fair Value, Inputs, Level 3 [Member] | Bank Debt/Senior Secured Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 391,781 | 406,543 |
Fair Value, Inputs, Level 3 [Member] | Common Equity/Equity Interests/Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | $ 13,982 | $ 13,975 |
Fair Value - Summary of The Cha
Fair Value - Summary of The Changes In Fair Value Of Level 3 Assets (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Opening balance | $ 420,518 | $ 532,813 | ||
Net realized gain | 0 | 12 | ||
Net change in unrealized loss | 667 | (8,972) | ||
Purchase of investment securities* | 2,284 | [1] | 116,416 | [2] |
Proceeds from dispositions of investment securities | (17,706) | (219,751) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Closing balance | 405,763 | 420,518 | ||
Net change in unrealized gain (loss) | 768 | (8,840) | ||
Bank Debt/Senior Secured Loans | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Opening balance | 406,543 | 532,753 | ||
Net realized gain | 0 | 12 | ||
Net change in unrealized loss | 664 | (1,678) | ||
Purchase of investment securities* | 2,280 | [1] | 95,190 | [2] |
Proceeds from dispositions of investment securities | (17,706) | (219,734) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Closing balance | 391,781 | 406,543 | ||
Net change in unrealized gain (loss) | 765 | (1,534) | ||
Common Equity/Equity Interests/Warrants | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Opening balance | 13,975 | 60 | ||
Net realized gain | 0 | 0 | ||
Net change in unrealized loss | 3 | (7,294) | ||
Purchase of investment securities* | 4 | [1] | 21,226 | [2] |
Proceeds from dispositions of investment securities | 0 | (17) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Closing balance | 13,982 | 13,975 | ||
Net change in unrealized gain (loss) | $ 3 | $ (7,306) | ||
[1] Includes PIK capitalization and accretion of discount Includes PIK capitalization and accretion of discount |
Fair Value - Summary of Quantit
Fair Value - Summary of Quantitative Information About The Company's Level 3 Asset Fair Value Measurements (Detail) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Bank Debt/Senior Secured Loans | Valuation, Income Approach [Member] | Measurement Input Market Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | $ 391,781 | $ 406,543 |
Common Equity/Equity Interests/Warrants | Measurement Ebitda Multiple | Measurement Input Comparable Multiple [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | 13,958 | 13,958 |
Common Equity/Equity Interests/Warrants | Valuation, Market Approach [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | $ 24 | $ 17 |
Minimum [Member] | Bank Debt/Senior Secured Loans | Valuation, Income Approach [Member] | Measurement Input Market Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 10 | 10 |
Minimum [Member] | Common Equity/Equity Interests/Warrants | Measurement Ebitda Multiple | Measurement Input Comparable Multiple [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 5.5 | 5.5 |
Minimum [Member] | Common Equity/Equity Interests/Warrants | Valuation, Market Approach [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 16.5 | 18.9 |
Maximum [Member] | Bank Debt/Senior Secured Loans | Valuation, Income Approach [Member] | Measurement Input Market Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 17.7 | 17.6 |
Maximum [Member] | Common Equity/Equity Interests/Warrants | Measurement Ebitda Multiple | Measurement Input Comparable Multiple [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 6.5 | 6.5 |
Maximum [Member] | Common Equity/Equity Interests/Warrants | Valuation, Market Approach [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 16.5 | 18.9 |
Weighted Average [Member] | Bank Debt/Senior Secured Loans | Valuation, Income Approach [Member] | Measurement Input Market Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 12.5 | 12.2 |
Weighted Average [Member] | Common Equity/Equity Interests/Warrants | Measurement Ebitda Multiple | Measurement Input Comparable Multiple [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 6 | 6 |
Weighted Average [Member] | Common Equity/Equity Interests/Warrants | Valuation, Market Approach [Member] | Measurement Input, Price Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Alternative Investment, Measurement Input | 16.5 | 18.9 |
Fair Value - Additional informa
Fair Value - Additional information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
SPV Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Fair value of amount outstanding | $ 153,300 | $ 170,800 |
Subscription Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Fair value of amount outstanding | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 22, 2023 | Feb. 27, 2019 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2019 | |
Line of Credit Facility [Line Items] | |||||
Long term debt weighted average interest over a period of time | 8.15% | 8.08% | |||
Line of credit facility, average outstanding amount | $ 170,800 | $ 338,126 | |||
SPV Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 261,388 | ||||
Minimum [Member] | SPV Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 100,000 | ||||
East West Bank [Member] | Subscription Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 32,000 | $ 35,000 | |||
Long-Term Line of Credit | 0 | ||||
Line of credit facility, expiration date | Dec. 31, 2024 | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | SPV Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.70% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | East West Bank [Member] | Subscription Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.95% | ||||
JPMorgan Chase Bank [Member] | SCP Private Credit Income BDC SPV LLC [Member] | SPV Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-Term Line of Credit | $ 153,300 | ||||
Line of credit facility, expiration date | Aug. 15, 2024 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Unfunded Commitments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | $ 10,803 | $ 14,730 |
iCIMS, Inc. | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 2,196 | 2,308 |
High Street Buyer, Inc. | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 0 | 1,890 |
RxSense Holdings LLC | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 1,558 | 1,558 |
CC SAG Holdings Corp [Member] | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 174 | 174 |
Vessco Midco Holdings, LLC | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 405 | 396 |
Kaseya, Inc. | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 0 | 625 |
Nexus Intermediate III, LLC (Vortex) | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 0 | 1,264 |
ENS Holdings III Corp. & ES Opco USA LLC (BlueFin) | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 431 | 717 |
Kid Distro Holdings, LLC (Distro Kid) | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 1,121 | 1,121 |
Basic Fun, Inc. | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 960 | 960 |
Foundation Consumer Brands, LLC | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 967 | 967 |
GSM Acquisition Corp. | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 1,101 | 1,101 |
TAUC Management, LLC | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 385 | 385 |
Vapotherm, Inc. | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 241 | 0 |
Ultimate Baked Goods Midco LLC | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | 749 | 749 |
SunMed Group Holdings, LLC | ||
Schedule Of Unfunded Commitments [Line Items] | ||
Unfunded commitments | $ 515 | $ 515 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Unfunded commitments | $ 10,803 | $ 14,730 |
Revolving Term Loans [Member] | ||
Unfunded commitments | $ 10,803 | $ 14,730 |
Unitholders' Capital - Summary
Unitholders' Capital - Summary of Limited Liability Company Unit Holders Capital (Detail) - shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Schedule Of Members Equity [Line Items] | |||
Units at beginning of period | 26,710,775 | 18,992,563 | |
Units issued | 0 | 6,197,690 | |
Units issued and outstanding at end of period | [1] | 26,710,775 | 25,190,253 |
[1] Calculated using the average Units outstanding method. Weighted average Units outstanding for the three months ended March 31, 2024 and March 31, 2023 were 26,710,775 and 21,816,409 , respectively. |
Financial Highlights - Summary
Financial Highlights - Summary of Investment Company, Financial Highlights (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Per Share Data: | ||||
Net asset value per Unit, beginning of period | [1] | $ 10.04 | $ 10.33 | |
Net investment income | [1] | 0.25 | 0.34 | |
Net realized and unrealized gain (loss) | [1] | 0.03 | (0.42) | [2] |
Net increase (decrease) in Unitholders' capital resulting from operations | [1] | 0.28 | (0.08) | |
Distributions to Unitholders: | ||||
From distributable earnings | [1] | (0.19) | 0 | |
Net asset value per unit, end of period | [1] | $ 10.13 | $ 10.25 | |
Total Return | [1],[3],[4] | 2.79% | (0.77%) | |
Unitholders' capital, end of year | [1] | $ 270,577 | $ 258,265 | |
Units issued and outstanding at end of period | [1] | 26,710,775 | 25,190,253 | |
Ratios to average net assets of Unitholders' Capital: | ||||
Net investment income (loss) | [1],[4] | 2.46% | 3.32% | |
Operating expenses | [1],[4] | 1% | 0.40% | |
Interest and other credit facility expenses | [1],[4] | 1.33% | 2.84% | |
Total expenses | [1],[4] | 2.33% | 3.24% | |
Average debt outstanding | [1],[4] | $ 157,897 | $ 305,208 | |
Portfolio turnover ratio | [1],[4] | 0.30% | 5.20% | |
[1] Calculated using the average Units outstanding method. Weighted average Units outstanding for the three months ended March 31, 2024 and March 31, 2023 were 26,710,775 and 21,816,409 , respectively. Includes the impact of the different Unit amounts used in calculating per Unit data as a result of calculating certain per Unit data based upon the weighted average Units outstanding during the period and certain per Unit data based on the Units outstanding as of a period end. Calculated as the change in net asset value (“NAV”) per Unit during the period plus distributions declared per Unit, divided by the beginning NAV per Unit. Total return does not include a sales load. Not annualized for periods less than one year. |
Financial Highlights - Summar_2
Financial Highlights - Summary of Investment Company, Financial Highlights (Parenthetical) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | ||
Weighted average limited liability company units outstanding | 26,710,775 | 21,816,409 |
Income Tax Information and Dist
Income Tax Information and Distributions to Unitholders and Other Tax Information - Summary of Investment Company Distribution to Shareholders (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Company, Tax Information and Distributions to Unitholders [Line Items] | ||
From net investment income | $ 5,000 | $ 0 |
Income Tax Information and Di_2
Income Tax Information and Distributions to Unitholders and Other Tax Information - Summary of Total Accumulated Earnings Loss on a Tax Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of total accumulated earnings (loss) on a tax basis [Line Items] | ||
Total tax accumulated earnings (loss) | $ (6,856) | $ (9,132) |