Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 10, 2023 | |
Document Information [Line Items] | ||
Entity Registrant Name | Kayne Anderson BDC, Inc. | |
Trading Symbol | None | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 41,506,935 | |
Amendment Flag | false | |
Entity Central Index Key | 0001747172 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Securities Act File Number | 814-01363 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-0531326 | |
Entity Address, Address Line One | 811 Main Street | |
Entity Address, Address Line Two | 14th Floor | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | (713) | |
Local Phone Number | 493-2020 | |
Title of 12(b) Security | None | |
Security Exchange Name | NONE | |
Entity Interactive Data Current | Yes |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Investments, at fair value: | |||
Long-term investments (amortized cost of $1,267,227 and $1,147,788) | $ 1,283,951 | $ 1,165,119 | |
Short-term investments (amortized cost of $15,094 and $9,847) | 15,094 | 9,847 | |
Cash and cash equivalents | 12,919 | 8,526 | |
Receivable for principal payments on investments | 148 | 111 | |
Interest receivable | 12,270 | 10,444 | |
Prepaid expenses and other assets | 207 | 347 | |
Total Assets | 1,324,589 | 1,194,394 | |
Liabilities: | |||
Corporate Credit Facility (Note 6) | 237,000 | 269,000 | |
Unamortized Corporate Credit Facility issuance costs | (2,120) | (2,517) | |
Revolving Funding Facility (Note 6) | 320,000 | 200,000 | |
Unamortized Revolving Funding Facility issuance costs | (2,850) | (2,827) | |
Subscription Credit Agreement (Note 6) | 9,000 | 108,000 | |
Unamortized Subscription Credit Facility issuance costs | (63) | (65) | |
Notes (Note 6) | 75,000 | ||
Unamortized notes issuance costs | (881) | ||
Payable for investments purchased | 956 | ||
Distributions payable | 20,678 | 15,428 | |
Management fee payable | 2,848 | 2,415 | |
Incentive fee payable | 9,320 | 4,762 | |
Accrued expenses and other liabilities | 9,731 | 7,201 | |
Total Liabilities | 677,663 | 602,353 | |
Commitments and contingencies (Note 8) | |||
Net Assets: | |||
Common Shares, $0.001 par value; 100,000,000 shares authorized; 39,013,826 and 35,879,291 as of June 30, 2023 and December 31, 2022, respectively, issued and outstanding | 39 | 36 | |
Additional paid-in capital | 626,581 | 574,540 | |
Total distributable earnings (deficit) | 20,306 | 17,465 | |
Total Net Assets | 646,926 | 592,041 | |
Total Liabilities and Net Assets | $ 1,324,589 | $ 1,194,394 | |
Net Asset Value Per Common Share (in Dollars per share) | [1] | $ 16.58 | $ 16.5 |
[1] The per common share data was derived by using weighted average shares outstanding. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Long-term investments (amortized cost) (in Dollars) | $ 1,267,227 | $ 1,147,788 |
Short-term investments (amortized cost) (in Dollars) | $ 15,094 | $ 9,847 |
Common shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common shares, shares authorized | 100,000,000 | 100,000,000 |
Common shares, shares issued | 39,013,826 | 35,879,291 |
Common shares, shares outstanding | 39,013,826 | 35,879,291 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investment income from investments: | ||||
Interest income | $ 40,746 | $ 12,991 | $ 77,112 | $ 24,892 |
Total Investment Income | 40,746 | 12,991 | 77,112 | 24,892 |
Expenses: | ||||
Management fees | 2,848 | 1,498 | 5,533 | 2,824 |
Incentive fees | 2,420 | 775 | 4,558 | 1,730 |
Interest expense | 13,002 | 3,014 | 24,525 | 5,822 |
Professional fees | 143 | 155 | 293 | 300 |
Directors fees | 178 | 107 | 317 | 214 |
Offering costs | 29 | |||
Other general and administrative expenses | 422 | 302 | 871 | 615 |
Total Expenses | 19,013 | 5,851 | 36,097 | 11,534 |
Net Investment Income (Loss) | 21,733 | 7,140 | 41,015 | 13,358 |
Net realized gains (losses): | ||||
Investments | 23 | |||
Total net realized gains (losses) | 23 | |||
Net change in unrealized gains (losses): | ||||
Investments | (731) | 322 | (606) | (190) |
Total net change in unrealized gains (losses) | (731) | 322 | (606) | (190) |
Total realized and unrealized gains (losses) | (731) | 322 | (606) | (167) |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 21,002 | $ 7,462 | $ 40,409 | $ 13,191 |
Basic and diluted net investment income per common share (in Dollars per share) | $ 0.56 | $ 0.3 | $ 1.1 | $ 0.58 |
Basic and diluted net increase in net assets resulting from operations (in Dollars per share) | $ 0.54 | $ 0.32 | $ 1.08 | $ 0.57 |
Weighted Average Common Shares Outstanding - Basic (in Shares) | 38,905,173 | 23,529,376 | 37,425,525 | 22,964,415 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Diluted net investment income per common share | $ 0.56 | $ 0.30 | $ 1.10 | $ 0.58 |
Diluted net increase in net assets resulting from operations | $ 0.54 | $ 0.32 | $ 1.08 | $ 0.57 |
Weighted Average Common Shares Outstanding - Diluted (in Shares) | 38,905,173 | 23,529,376 | 37,425,525 | 22,964,415 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Increase (Decrease) in Net Assets Resulting from Operations: | ||||
Net investment income (loss) | $ 21,733 | $ 7,140 | $ 41,015 | $ 13,358 |
Net realized gains (losses) on investments | 23 | |||
Net change in unrealized gains (losses) on investments | (731) | 322 | (606) | (190) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,002 | 7,462 | 40,409 | 13,191 |
Decrease in Net Assets Resulting from Stockholder Distributions | ||||
Dividends and distributions to stockholders | (20,678) | (6,103) | (37,568) | (6,103) |
Net Decrease in Net Assets Resulting from Stockholder Distributions | (20,678) | (6,103) | (37,568) | (6,103) |
Increase in Net Assets Resulting from Capital Share Transactions | ||||
Issuance of common shares | 50,000 | 50,000 | 68,582 | |
Reinvestment of distributions | 1,089 | 1,222 | 2,044 | 2,124 |
Net Increase in Net Assets Resulting from Capital Share Transactions | 51,089 | 1,222 | 52,044 | 70,706 |
Total Increase (Decrease) in Net Assets | 51,413 | 2,581 | 54,885 | 77,794 |
Net Assets, Beginning of Period | 595,513 | 387,182 | 592,041 | 311,969 |
Net Assets, End of Period | $ 646,926 | $ 389,763 | $ 646,926 | $ 389,763 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net increase (decrease) in net assets resulting from operations | $ 40,409 | $ 13,191 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||
Net realized (gains)/losses on investments | (23) | |
Net change in unrealized (gains)/losses on investments | 606 | 190 |
Net accretion of discount on investments | (4,317) | (2,011) |
Sales (purchases) of short-term investments, net | (5,247) | (4,731) |
Purchases of portfolio investments | (177,629) | (181,452) |
Proceeds from sales of investments and principal repayments | 63,543 | 43,777 |
Paid-in-kind interest from portfolio investments | (1,035) | |
Amortization of deferred financing cost | 1,184 | 1,005 |
Increase/(decrease) in operating assets and liabilities: | ||
(Increase)/decrease in interest and dividends receivable | (1,826) | (2,217) |
(Increase)/decrease in deferred offering costs | 29 | |
(Increase)/decrease in receivable for principal payments on investments | (37) | (333) |
(Increase)/decrease in prepaid expenses and other assets | 140 | (97) |
Increase/(decrease) in payable for investments purchased | (956) | |
Increase/(decrease) in management fees payable | 433 | 546 |
Increase/(decrease) in incentive fee payable | 4,558 | 1,730 |
Increase/(decrease) in accrued organizational and offering costs, net | (6) | |
Increase/(decrease) in accrued other general and administrative expenses | 2,530 | 1,978 |
Net cash used in operating activities | (77,644) | (128,424) |
Cash Flows from Financing Activities: | ||
Borrowings/(payments) on Corporate Credit Facility, net | (32,000) | 78,000 |
Borrowings on Revolving Funding Facility, net | 120,000 | 150,000 |
Borrowings/(payments) on Loan and Security Agreement, net | (162,000) | |
Borrowings/(payments) on Subscription and Credit Agreement, net | (99,000) | 9,000 |
Payments of debt issuance costs | (1,689) | (5,185) |
Distributions paid in cash | (30,274) | (8,594) |
Proceeds from issuance of common shares | 50,000 | 68,582 |
Proceeds from issuance of Notes | 75,000 | |
Net cash provided by financing activities | 82,037 | 129,803 |
Net increase in cash and cash equivalents | 4,393 | 1,379 |
Cash and cash equivalents, beginning of period | 8,526 | 2,035 |
Cash and cash equivalents, end of period | 12,919 | 3,414 |
Supplemental and Non-Cash Information: | ||
Interest paid during the period | 20,556 | 4,654 |
Non-cash financing activities not included herein consisted of reinvestment of dividends | $ 2,044 | $ 2,124 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (Unaudited) - Debt and Equity Investments [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |||
Home Brands Group Holdings, Inc. (ReBath) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 18,232 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | 18,131 | |||
Principal/ Par (in Dollars) | [1],[2] | $ 18,417 | |||
Percentage of Net Assets | [1],[2] | 2.80% | |||
Sundance Holdings Group, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 8,852 | |||
Amortized Cost (in Dollars) | [2],[3],[4] | 8,435 | |||
Principal/ Par (in Dollars) | [2] | $ 8,897 | |||
Percentage of Net Assets | [2] | 1.40% | |||
Aerospace & defense [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 54,686 | [1] | $ 48,166 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 53,621 | [1],[3] | 47,229 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 54,816 | [1] | $ 48,265 | [5] |
Percentage of Net Assets | [2] | 8.50% | [1] | 8.10% | [5] |
Aerospace & defense [Member] | First lien senior secured revolving loan [Member] | Basel U.S. Acquisition Co., Inc. (IAC) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1],[7] | [5],[8] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3],[7] | [5],[6],[8] | ||
Interest Rate | [2] | 11.88% | [1],[7] | 11.10% | [5],[8] |
Principal/ Par (in Dollars) | [2] | [1],[7] | [5],[8] | ||
Maturity Date | [2] | Dec. 05, 2028 | [1],[7] | Dec. 05, 2028 | [5],[8] |
Investment Interest Rate | [2] | 6.50% | [1],[7] | 6.50% | [5],[8] |
Percentage of Net Assets | [2] | 0% | [1],[7] | 0% | [5],[8] |
Aerospace & defense [Member] | First lien senior secured loan [Member] | Basel U.S. Acquisition Co., Inc. (IAC) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 18,588 | [1] | $ 18,681 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 18,124 | [1],[3] | $ 18,180 | [5],[6] |
Interest Rate | [2] | 11.88% | [1] | 11.10% | [5] |
Principal/ Par (in Dollars) | [2] | $ 18,588 | [1] | $ 18,681 | [5] |
Maturity Date | [2] | Dec. 05, 2028 | [1] | Dec. 05, 2028 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 2.90% | [1] | 3.10% | [5] |
Aerospace & defense [Member] | First lien senior secured loan [Member] | Fastener Distribution Holdings, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 20,597 | [1] | $ 20,701 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 20,076 | [1],[3] | $ 20,347 | [5],[6] |
Interest Rate | [2] | 12.39% | [1] | 11.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 20,597 | [1] | $ 20,701 | [5] |
Maturity Date | [2] | Oct. 01, 2025 | [1] | Apr. 01, 2024 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 3.20% | [1] | 3.50% | [5] |
Aerospace & defense [Member] | First lien senior secured loan [Member] | Precinmac (US) Holdings, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 5,272 | [1] | $ 5,326 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 5,299 | [1],[3] | $ 5,315 | [5],[6] |
Interest Rate | [2] | 11.20% | [1] | 10.42% | [5] |
Principal/ Par (in Dollars) | [2] | $ 5,380 | [1] | $ 5,408 | [5] |
Maturity Date | [2] | Aug. 31, 2027 | [1] | Aug. 31, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.80% | [1] | 0.90% | [5] |
Aerospace & defense [Member] | First lien senior secured delayed draw loan [Member] | Fastener Distribution Holdings, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 9,144 | [1] | $ 2,362 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 9,031 | [1],[3] | $ 2,293 | [5],[6] |
Interest Rate | [2] | 12.39% | [1] | 11.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 9,144 | [1] | $ 2,362 | [5] |
Maturity Date | [2] | Oct. 01, 2025 | [1] | Apr. 01, 2024 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 1.40% | [1] | 0.40% | [5] |
Aerospace & defense [Member] | First lien senior secured delayed draw loan [Member] | Precinmac (US) Holdings, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,085 | [1] | $ 1,096 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 1,091 | [1],[3] | $ 1,094 | [5],[6] |
Interest Rate | [2] | 11.20% | [1] | 10.42% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,107 | [1] | $ 1,113 | [5] |
Maturity Date | [2] | Aug. 31, 2027 | [1] | Aug. 31, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.20% | [1] | 0.20% | [5] |
Automobile components [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 27,434 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | 27,043 | |||
Principal/ Par (in Dollars) | [1],[2] | $ 27,434 | |||
Percentage of Net Assets | [1],[2] | 4.10% | |||
Automobile components [Member] | First lien senior secured revolving loan [Member] | Vehicle Accessories, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | ||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | [1],[2] | 11% | |||
Principal/ Par (in Dollars) | [1],[2] | ||||
Maturity Date | [1],[2] | Nov. 30, 2026 | |||
Investment Interest Rate | [1],[2] | 5.50% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Automobile components [Member] | First lien senior secured loan [Member] | Speedstar Holding LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 6,043 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 5,943 | |||
Interest Rate | [1],[2] | 12.66% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 6,043 | |||
Maturity Date | [1],[2] | Jan. 22, 2027 | |||
Investment Interest Rate | [1],[2] | 7.25% | |||
Percentage of Net Assets | [1],[2] | 0.80% | |||
Automobile components [Member] | First lien senior secured loan [Member] | Vehicle Accessories, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 21,118 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 20,835 | |||
Interest Rate | [1],[2] | 11% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 21,118 | |||
Maturity Date | [1],[2] | Nov. 30, 2026 | |||
Investment Interest Rate | [1],[2] | 5.50% | |||
Percentage of Net Assets | [1],[2] | 3.30% | |||
Automobile components [Member] | First lien senior secured delayed draw loan [Member] | Speedstar Holding LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 273 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 265 | |||
Interest Rate | [1],[2] | 12.68% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 273 | |||
Maturity Date | [1],[2] | Jan. 22, 2027 | |||
Investment Interest Rate | [1],[2] | 7.25% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Biotechnology [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 11,910 | [1] | $ 11,618 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 11,218 | [1],[3] | 11,237 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 11,677 | [1] | $ 11,735 | [5] |
Percentage of Net Assets | [2] | 1.80% | [1] | 2% | [5] |
Biotechnology [Member] | First lien senior secured revolving loan [Member] | Alcami Corporation (Alcami) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 12.20% | [1] | 11.42% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Dec. 21, 2028 | [1] | Dec. 21, 2028 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Biotechnology [Member] | First lien senior secured loan [Member] | Alcami Corporation (Alcami) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 11,910 | [1] | $ 11,618 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 11,218 | [1],[3] | $ 11,237 | [5],[6] |
Interest Rate | [2] | 12.20% | [1] | 11.42% | [5] |
Principal/ Par (in Dollars) | [2] | $ 11,677 | [1] | $ 11,735 | [5] |
Maturity Date | [2] | Dec. 21, 2028 | [1] | Dec. 21, 2028 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 1.80% | [1] | 2% | [5] |
Biotechnology [Member] | First lien senior secured delayed draw loan [Member] | Alcami Corporation (Alcami) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 12.20% | [1] | 11.42% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Dec. 21, 2028 | [1] | Jun. 30, 2024 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Building products [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 21,425 | $ 39,728 | [2],[5] | ||
Amortized Cost (in Dollars) | 21,168 | 38,901 | [2],[4],[5],[6] | ||
Principal/ Par (in Dollars) | $ 21,695 | $ 39,642 | [2],[5] | ||
Percentage of Net Assets | 3.30% | 6.70% | [2],[5] | ||
Building products [Member] | First lien senior secured revolving loan [Member] | Eastern Wholesale Fence [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,260 | [1] | $ 1,275 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 1,256 | [1],[3] | $ 1,252 | [5],[6] |
Interest Rate | [2] | 13.39% | [1] | 11.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,275 | [1] | $ 1,275 | [5] |
Maturity Date | [2] | Oct. 30, 2025 | [1] | Oct. 30, 2025 | [5] |
Investment Interest Rate | [2] | 8% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 0.20% | [1] | 0.20% | [5] |
Building products [Member] | First lien senior secured revolving loan [Member] | BCI Burke Holding Corp. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 11% | [1] | 10.23% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Jun. 14, 2027 | [1] | Jun. 14, 2027 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Building products [Member] | First lien senior secured loan [Member] | Eastern Wholesale Fence [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 20,165 | [1] | $ 21,239 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 19,912 | [1],[3] | $ 20,778 | [5],[6] |
Interest Rate | [2] | 13.39% | [1] | 11.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 20,420 | [1] | $ 21,239 | [5] |
Maturity Date | [2] | Oct. 30, 2025 | [1] | Oct. 30, 2025 | [5] |
Investment Interest Rate | [2] | 8% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 3.10% | [1] | 3.60% | [5] |
Building products [Member] | First lien senior secured loan [Member] | BCI Burke Holding Corp. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 16,403 | [1] | $ 16,572 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 16,196 | [1],[3] | $ 16,256 | [5],[6] |
Interest Rate | [2] | 11% | [1] | 10.23% | [5] |
Principal/ Par (in Dollars) | [2] | $ 16,403 | [1] | $ 16,489 | [5] |
Maturity Date | [2] | Dec. 14, 2027 | [1] | Dec. 14, 2027 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 2.50% | [1] | 2.80% | [5] |
Building products [Member] | First lien senior secured delayed draw loan [Member] | BCI Burke Holding Corp. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 636 | [1] | $ 642 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 625 | [1],[3] | $ 615 | [5],[6] |
Interest Rate | [2] | 11% | [1] | 9.70% | [5] |
Principal/ Par (in Dollars) | [2] | $ 636 | [1] | $ 639 | [5] |
Maturity Date | [2] | Dec. 14, 2023 | [1] | Dec. 14, 2023 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0.10% | [5] |
Capital Markets [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 5,343 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | 5,305 | |||
Principal/ Par (in Dollars) | [1],[2] | $ 5,343 | |||
Percentage of Net Assets | [1],[2] | 0.80% | |||
Capital Markets [Member] | First lien senior secured loan [Member] | Atria Wealth Solutions, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 5,112 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 5,092 | |||
Interest Rate | [1],[2] | 12% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 5,112 | |||
Maturity Date | [1],[2] | Feb. 29, 2024 | |||
Investment Interest Rate | [1],[2] | 6.50% | |||
Percentage of Net Assets | [1],[2] | 0.80% | |||
Capital Markets [Member] | First lien senior secured delayed draw loan [Member] | Atria Wealth Solutions, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 231 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 213 | |||
Interest Rate | [1],[2] | 12% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 231 | |||
Maturity Date | [1],[2] | Feb. 29, 2024 | |||
Investment Interest Rate | [1],[2] | 6.50% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Chemicals [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 37,809 | [1] | $ 33,563 | [4],[5],[6] |
Amortized Cost (in Dollars) | [2],[4] | 37,378 | [1],[3] | 33,257 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 37,869 | [1] | $ 33,824 | [5] |
Percentage of Net Assets | [2] | 5.90% | [1] | 5.70% | [5] |
Chemicals [Member] | First lien senior secured revolving loan [Member] | Fralock Buyer LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 348 | [1] | [5] | |
Amortized Cost (in Dollars) | [2],[4] | $ 348 | [1],[3] | [5],[6] | |
Interest Rate | [2] | 11% | [1] | 10.23% | [5] |
Principal/ Par (in Dollars) | [2] | $ 349 | [1] | [5] | |
Maturity Date | [2] | Apr. 17, 2024 | [1] | Apr. 17, 2024 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0% | [5] |
Chemicals [Member] | First lien senior secured revolving loan [Member] | USALCO, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,462 | [1] | $ 1,070 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 1,429 | [1],[3] | $ 1,042 | [5],[6] |
Interest Rate | [2] | 11.22% | [1] | 10.38% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,462 | [1] | $ 1,081 | [5] |
Maturity Date | [2] | Oct. 19, 2026 | [1] | Oct. 19, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.20% | [1] | 0.20% | [5] |
Chemicals [Member] | First lien senior secured loan [Member] | FAR Technologies Holdings, Inc.(f/k/a Cyalume Technologies Holdings, Inc.) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 1,274 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 1,269 | |||
Interest Rate | [1],[2] | 10.50% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 1,274 | |||
Maturity Date | [1],[2] | Aug. 30, 2024 | |||
Investment Interest Rate | [1],[2] | 5% | |||
Percentage of Net Assets | [1],[2] | 0.20% | |||
Chemicals [Member] | First lien senior secured loan [Member] | Fralock Buyer LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 11,608 | [1] | $ 11,621 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 11,596 | [1],[3] | $ 11,560 | [5],[6] |
Interest Rate | [2] | 11% | [1] | 10.23% | [5] |
Principal/ Par (in Dollars) | [2] | $ 11,667 | [1] | $ 11,679 | [5] |
Maturity Date | [2] | Apr. 17, 2024 | [1] | Apr. 17, 2024 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 1.80% | [1] | 2% | [5] |
Chemicals [Member] | First lien senior secured loan [Member] | Schrieve Chemical Company, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 587 | [1] | $ 609 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 579 | [1],[3] | $ 597 | [5],[6] |
Interest Rate | [2] | 11.64% | [1] | 10.33% | [5] |
Principal/ Par (in Dollars) | [2] | $ 587 | [1] | $ 609 | [5] |
Maturity Date | [2] | Dec. 02, 2024 | [1] | Dec. 02, 2024 | [5] |
Investment Interest Rate | [2] | 6.38% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0.10% | [5] |
Chemicals [Member] | First lien senior secured loan [Member] | USALCO, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 19,084 | [1] | $ 18,989 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 18,738 | [1],[3] | $ 18,792 | [5],[6] |
Interest Rate | [2] | 11.22% | [1] | 10.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 19,084 | [1] | $ 19,181 | [5] |
Maturity Date | [2] | Oct. 19, 2027 | [1] | Oct. 19, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 3% | [1] | 3.20% | [5] |
Chemicals [Member] | First lien senior secured loan [Member] | Cyalume Technologies Holdings, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 1,274 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 1,266 | |||
Interest Rate | [2],[5] | 9.73% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 1,274 | |||
Maturity Date | [2],[5] | Aug. 30, 2024 | |||
Investment Interest Rate | [2],[5] | 5% | |||
Percentage of Net Assets | [2],[5] | 0.20% | |||
Chemicals [Member] | First lien senior secured loan One [Member] | Schrieve Chemical Company, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 3,446 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 3,419 | |||
Interest Rate | [1],[2] | 11.64% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 3,446 | |||
Maturity Date | [1],[2] | Dec. 02, 2024 | |||
Investment Interest Rate | [1],[2] | 6.38% | |||
Percentage of Net Assets | [1],[2] | 0.50% | |||
Commercial services & supplies [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 151,894 | [1] | $ 137,619 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 152,731 | [1],[3] | 138,665 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 155,158 | [1] | $ 140,949 | [5] |
Percentage of Net Assets | [2] | 23.40% | [1] | 23.20% | [5] |
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | Allentown, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 636 | [1] | $ 347 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 635 | [1],[3] | $ 348 | [5],[6] |
Interest Rate | [2] | 13.25% | [1] | 12.50% | [5] |
Principal/ Par (in Dollars) | [2] | $ 643 | [1] | $ 357 | [5] |
Maturity Date | [2] | Apr. 22, 2027 | [1] | Apr. 22, 2027 | [5] |
Investment Interest Rate | [2] | 5% | [1] | 5% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0.10% | [5] |
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | American Equipment Holdings LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 966 | [1] | $ 1,610 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 901 | [1],[3] | $ 1,559 | [5],[6] |
Interest Rate | [2] | 11.72% | [1] | 10.45% | [5] |
Principal/ Par (in Dollars) | [2] | $ 966 | [1] | $ 1,610 | [5] |
Maturity Date | [2] | Nov. 05, 2026 | [1] | Nov. 05, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0.30% | [5] |
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | Arborworks Acquisition LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 2,897 | [1] | $ 2,750 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 3,234 | [1],[3] | $ 3,053 | [5],[6] |
Interest Rate | [2] | 15.39% | [1] | 11.41% | [5] |
Principal/ Par (in Dollars) | [2] | $ 3,291 | [1] | $ 3,125 | [5] |
Maturity Date | [2] | Nov. 09, 2026 | [1] | Nov. 09, 2026 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 0.40% | [1] | 0.50% | [5] |
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,248 | [1] | $ 596 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 1,240 | [1],[3] | $ 577 | [5],[6] |
Interest Rate | [2] | 11.44% | [1] | 10.67% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,264 | [1] | $ 604 | [5] |
Maturity Date | [2] | Feb. 01, 2027 | [1] | Feb. 01, 2027 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 0.20% | [1] | 0.10% | [5] |
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | Gusmer Enterprises, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 209 | [1] | [5] | |
Amortized Cost (in Dollars) | [2],[4] | $ 154 | [1],[3] | [5],[6] | |
Interest Rate | [2] | 12.26% | [1] | 11.43% | [5] |
Principal/ Par (in Dollars) | [2] | $ 210 | [1] | [5] | |
Maturity Date | [2] | May 07, 2027 | [1] | May 07, 2027 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | PMFC Holding, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 547 | [1] | $ 342 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 547 | [1],[3] | $ 342 | [5],[6] |
Interest Rate | [2] | 12.74% | [1] | 11.18% | [5] |
Principal/ Par (in Dollars) | [2] | $ 547 | [1] | $ 342 | [5] |
Maturity Date | [2] | Jul. 31, 2025 | [1] | Jul. 31, 2023 | [5] |
Investment Interest Rate | [2] | 7.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0.10% | [5] |
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | Regiment Security Partners LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,448 | [1] | $ 1,345 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 1,427 | [1],[3] | $ 1,320 | [5],[6] |
Interest Rate | [2] | 13.37% | [1] | 12.66% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,448 | [1] | $ 1,345 | [5] |
Maturity Date | [2] | Sep. 15, 2026 | [1] | Sep. 15, 2026 | [5] |
Investment Interest Rate | [2] | 8% | [1] | 8% | [5] |
Percentage of Net Assets | [2] | 0.20% | [1] | 0.20% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Advanced Environmental Monitoring [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[9] | $ 10,158 | [1] | $ 10,158 | [5] |
Amortized Cost (in Dollars) | [2],[4],[9] | $ 9,955 | [1],[3] | $ 9,918 | [5],[6] |
Interest Rate | [2],[9] | 12.88% | [1] | 11.68% | [5] |
Principal/ Par (in Dollars) | [2],[9] | $ 10,158 | [1] | $ 10,158 | [5] |
Maturity Date | [2],[9] | Jan. 29, 2026 | [1] | Jan. 29, 2026 | [5] |
Investment Interest Rate | [2],[9] | 7.50% | [1] | 7% | [5] |
Percentage of Net Assets | [2],[9] | 1.60% | [1] | 1.70% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Allentown, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 7,548 | [1] | $ 7,452 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 7,566 | [1],[3] | $ 7,588 | [5],[6] |
Interest Rate | [2] | 11.20% | [1] | 10.42% | [5] |
Principal/ Par (in Dollars) | [2] | $ 7,624 | [1] | $ 7,663 | [5] |
Maturity Date | [2] | Apr. 22, 2027 | [1] | Apr. 22, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 1.20% | [1] | 1.30% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | American Equipment Holdings LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 20,147 | [1] | $ 2,107 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 19,871 | [1],[3] | $ 2,072 | [5],[6] |
Interest Rate | [2] | 11.45% | [1] | 10.51% | [5] |
Principal/ Par (in Dollars) | [2] | $ 20,147 | [1] | $ 2,107 | [5] |
Maturity Date | [2] | Nov. 05, 2026 | [1] | Nov. 05, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 3.10% | [1] | 0.30% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Arborworks Acquisition LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 17,784 | [1] | $ 17,473 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 19,935 | [1],[3] | $ 19,533 | [5],[6] |
Interest Rate | [2] | 10.08% | [1] | 11.56% | [5] |
Principal/ Par (in Dollars) | [2] | $ 20,209 | [1] | $ 19,855 | [5] |
Maturity Date | [2] | Nov. 09, 2026 | [1] | Nov. 09, 2026 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 2.80% | [1] | 2.90% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 16,086 | [1] | $ 6,099 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 16,053 | [1],[3] | $ 6,027 | [5],[6] |
Interest Rate | [2] | 11.44% | [1] | 10.21% | [5] |
Principal/ Par (in Dollars) | [2] | $ 16,290 | [1] | $ 6,176 | [5] |
Maturity Date | [2] | Feb. 01, 2027 | [1] | Feb. 01, 2027 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 2.50% | [1] | 1% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Gusmer Enterprises, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 4,735 | [1] | $ 4,795 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 4,696 | [1],[3] | $ 4,647 | [5],[6] |
Interest Rate | [2] | 12.21% | [1] | 11.43% | [5] |
Principal/ Par (in Dollars) | [2] | $ 4,771 | [1] | $ 4,795 | [5] |
Maturity Date | [2] | May 07, 2027 | [1] | May 07, 2027 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 0.70% | [1] | 0.80% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | PMFC Holding, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 5,590 | [1] | $ 5,619 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 5,413 | [1],[3] | $ 5,604 | [5],[6] |
Interest Rate | [2] | 12.78% | [1] | 10.88% | [5] |
Principal/ Par (in Dollars) | [2] | $ 5,590 | [1] | $ 5,619 | [5] |
Maturity Date | [2] | Jul. 31, 2025 | [1] | Jul. 31, 2023 | [5] |
Investment Interest Rate | [2] | 7.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0.90% | [1] | 0.90% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Regiment Security Partners LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 6,422 | [1] | $ 6,461 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 6,334 | [1],[3] | $ 6,358 | [5],[6] |
Interest Rate | [2] | 13.37% | [1] | 12.66% | [5] |
Principal/ Par (in Dollars) | [2] | $ 6,422 | [1] | $ 6,461 | [5] |
Maturity Date | [2] | Sep. 15, 2026 | [1] | Sep. 15, 2026 | [5] |
Investment Interest Rate | [2] | 8% | [1] | 8% | [5] |
Percentage of Net Assets | [2] | 1% | [1] | 1.10% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | The Kleinfelder Group, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 12,696 | [1] | $ 12,697 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 12,637 | [1],[3] | $ 12,678 | [5],[6] |
Interest Rate | [2] | 11.84% | [1] | 9.98% | [5] |
Principal/ Par (in Dollars) | [2] | $ 12,696 | [1] | $ 12,760 | [5] |
Maturity Date | [2] | Nov. 29, 2024 | [1] | Nov. 30, 2024 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 5.25% | [5] |
Percentage of Net Assets | [2] | 2% | [1] | 2.10% | [5] |
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | Allentown, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,363 | [1] | [5] | |
Amortized Cost (in Dollars) | [2],[4] | $ 1,363 | [1],[3] | [5],[6] | |
Interest Rate | [2] | 11.20% | [1] | 10.42% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,377 | [1] | [5] | |
Maturity Date | [2] | Oct. 22, 2023 | [1] | Oct. 22, 2023 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.20% | [1] | 0% | [5] |
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | American Equipment Holdings LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 7,369 | [1] | $ 6,303 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 7,264 | [1],[3] | $ 6,202 | [5],[6] |
Interest Rate | [2] | 11.45% | [1] | 10.88% | [5] |
Principal/ Par (in Dollars) | [2] | $ 7,369 | [1] | $ 6,303 | [5] |
Maturity Date | [2] | Nov. 05, 2026 | [1] | Nov. 05, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 1.10% | [1] | 1.10% | [5] |
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | Gusmer Enterprises, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 7,932 | [1] | $ 8,032 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 7,869 | [1],[3] | $ 7,891 | [5],[6] |
Interest Rate | [2] | 12.22% | [1] | 11.44% | [5] |
Principal/ Par (in Dollars) | [2] | $ 7,992 | [1] | $ 8,032 | [5] |
Maturity Date | [2] | May 07, 2027 | [1] | May 07, 2027 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 1.20% | [1] | 1.40% | [5] |
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | PMFC Holding, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 2,804 | [1] | $ 2,818 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 2,801 | [1],[3] | $ 2,811 | [5],[6] |
Interest Rate | [2] | 12.73% | [1] | 10.88% | [5] |
Principal/ Par (in Dollars) | [2] | $ 2,804 | [1] | $ 2,818 | [5] |
Maturity Date | [2] | Jul. 31, 2025 | [1] | Jul. 31, 2023 | [5] |
Investment Interest Rate | [2] | 7.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0.40% | [1] | 0.50% | [5] |
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | Regiment Security Partners LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 2,622 | [1] | $ 2,635 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 2,610 | [1],[3] | $ 2,593 | [5],[6] |
Interest Rate | [2] | 13.37% | [1] | 12.66% | [5] |
Principal/ Par (in Dollars) | [2] | $ 2,622 | [1] | $ 2,635 | [5] |
Maturity Date | [2] | Sep. 15, 2023 | [1] | Sep. 15, 2023 | [5] |
Investment Interest Rate | [2] | 8% | [1] | 8% | [5] |
Percentage of Net Assets | [2] | 0.40% | [1] | 0.40% | [5] |
Commercial services & supplies [Member] | First lien senior secured loan One [Member] | American Equipment Holdings LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 18,142 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 17,853 | |||
Interest Rate | [2],[5] | 10.88% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 18,142 | |||
Maturity Date | [2],[5] | Nov. 05, 2026 | |||
Investment Interest Rate | [2],[5] | 6% | |||
Percentage of Net Assets | [2],[5] | 3.10% | |||
Commercial services & supplies [Member] | First lien senior secured loan One [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 6,114 | [1] | $ 16,168 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 6,014 | [1],[3] | $ 16,097 | [5],[6] |
Interest Rate | [2] | 11.69% | [1] | 10.49% | [5] |
Principal/ Par (in Dollars) | [2] | $ 6,145 | [1] | $ 16,372 | [5] |
Maturity Date | [2] | Feb. 01, 2027 | [1] | Feb. 01, 2027 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 0.90% | [1] | 2.70% | [5] |
Commercial services & supplies [Member] | First lien senior secured delayed draw loan One [Member] | American Equipment Holdings LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 3,896 | [1] | $ 3,670 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 3,840 | [1],[3] | $ 3,594 | [5],[6] |
Interest Rate | [2] | 10.83% | [1] | 9.33% | [5] |
Principal/ Par (in Dollars) | [2] | $ 3,896 | [1] | $ 3,670 | [5] |
Maturity Date | [2] | Nov. 05, 2026 | [1] | Nov. 05, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.60% | [1] | 0.60% | [5] |
Commercial services & supplies [Member] | First Lien Senior Secured Loan [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 10,677 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 10,372 | |||
Interest Rate | [1],[2] | 11.94% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 10,677 | |||
Maturity Date | [1],[2] | Feb. 01, 2027 | |||
Investment Interest Rate | [1],[2] | 6.75% | |||
Percentage of Net Assets | [1],[2] | 1.70% | |||
Containers & packaging [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 48,978 | [1] | $ 51,955 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 48,273 | [1],[3] | 50,856 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 48,981 | [1] | $ 51,721 | [5] |
Percentage of Net Assets | [2] | 7.60% | [1] | 8.80% | [5] |
Containers & packaging [Member] | First lien senior secured revolving loan [Member] | FCA, LLC (FCA Packaging) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 11.29% | [1] | 9.46% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Jul. 18, 2028 | [1] | Jul. 18, 2028 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Containers & packaging [Member] | First lien senior secured loan [Member] | Drew Foam Companies, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 7,284 | [1] | $ 7,375 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 7,267 | [1],[3] | $ 7,288 | [5],[6] |
Interest Rate | [2] | 12.14% | [1] | 11.48% | [5] |
Principal/ Par (in Dollars) | [2] | $ 7,338 | [1] | $ 7,375 | [5] |
Maturity Date | [2] | Nov. 05, 2025 | [1] | Nov. 05, 2025 | [5] |
Investment Interest Rate | [2] | 6.75% | [1] | 6.75% | [5] |
Percentage of Net Assets | [2] | 1.10% | [1] | 1.20% | [5] |
Containers & packaging [Member] | First lien senior secured loan [Member] | FCA, LLC (FCA Packaging) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 20,992 | [1] | $ 23,616 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 20,476 | [1],[3] | $ 23,004 | [5],[6] |
Interest Rate | [2] | 11.29% | [1] | 9.46% | [5] |
Principal/ Par (in Dollars) | [2] | $ 20,784 | [1] | $ 23,382 | [5] |
Maturity Date | [2] | Jul. 18, 2028 | [1] | Jul. 18, 2028 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 3.30% | [1] | 4% | [5] |
Containers & packaging [Member] | First lien senior secured loan One [Member] | Drew Foam Companies, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 20,702 | [1] | $ 20,964 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 20,530 | [1],[3] | $ 20,564 | [5],[6] |
Interest Rate | [2] | 11.97% | [1] | 10.89% | [5] |
Principal/ Par (in Dollars) | [2] | $ 20,859 | [1] | $ 20,964 | [5] |
Maturity Date | [2] | Nov. 05, 2025 | [1] | Nov. 05, 2025 | [5] |
Investment Interest Rate | [2] | 6.75% | [1] | 6.75% | [5] |
Percentage of Net Assets | [2] | 3.20% | [1] | 3.60% | [5] |
Diversified telecommunication services [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 29,975 | [1] | $ 30,048 | [2],[5] | |
Amortized Cost (in Dollars) | [4] | 29,511 | [1],[3] | 29,898 | [2],[5],[6] |
Principal/ Par (in Dollars) | $ 29,975 | [1] | $ 30,426 | [2],[5] | |
Percentage of Net Assets | 4.60% | [1] | 5.10% | [2],[5] | |
Diversified telecommunication services [Member] | First lien senior secured revolving loan [Member] | Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 272 | [1] | $ 563 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 150 | [1],[3] | $ 442 | [5],[6] |
Interest Rate | [2] | 10.97% | [1] | 9.14% | [5] |
Principal/ Par (in Dollars) | [2] | $ 272 | [1] | $ 572 | [5] |
Maturity Date | [2] | Oct. 29, 2027 | [1] | Oct. 29, 2027 | [5] |
Investment Interest Rate | [2] | 5.75% | [1] | 5% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0.10% | [5] |
Diversified telecommunication services [Member] | First lien senior secured loan [Member] | Network Connex (f/k/a NTI Connect, LLC) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 5,222 | [1] | $ 5,249 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 5,177 | [1],[3] | $ 5,187 | [5],[6] |
Interest Rate | [2] | 9.80% | [1] | 9.48% | [5] |
Principal/ Par (in Dollars) | [2] | $ 5,222 | [1] | $ 5,249 | [5] |
Maturity Date | [2] | Nov. 30, 2024 | [1] | Nov. 30, 2024 | [5] |
Investment Interest Rate | [2] | 4.75% | [1] | 4.75% | [5] |
Percentage of Net Assets | [2] | 0.80% | [1] | 0.90% | [5] |
Diversified telecommunication services [Member] | First lien senior secured loan [Member] | Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 15,094 | [1] | $ 1,716 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 14,868 | [1],[3] | $ 1,727 | [5],[6] |
Interest Rate | [2] | 10.95% | [1] | 9.58% | [5] |
Principal/ Par (in Dollars) | [2] | $ 15,094 | [1] | $ 1,742 | [5] |
Maturity Date | [2] | Oct. 29, 2027 | [1] | Oct. 29, 2027 | [5] |
Investment Interest Rate | [2] | 5.75% | [1] | 5% | [5] |
Percentage of Net Assets | [2] | 2.30% | [1] | 0.30% | [5] |
Diversified telecommunication services [Member] | First lien senior secured delayed draw loan [Member] | Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 9,387 | [1] | $ 9,293 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 9,316 | [1],[3] | $ 9,354 | [5],[6] |
Interest Rate | [2] | 11.15% | [1] | 9.66% | [5] |
Principal/ Par (in Dollars) | [2] | $ 9,387 | [1] | $ 9,434 | [5] |
Maturity Date | [2] | Oct. 29, 2027 | [1] | Oct. 29, 2027 | [5] |
Investment Interest Rate | [2] | 5.75% | [1] | 5% | [5] |
Percentage of Net Assets | [2] | 1.50% | [1] | 1.60% | [5] |
Diversified telecommunication services [Member] | First lien senior secured loan One [Member] | Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 13,227 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 13,188 | |||
Interest Rate | [2],[5] | 9.24% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 13,429 | |||
Maturity Date | [2],[5] | Oct. 29, 2027 | |||
Investment Interest Rate | [2],[5] | 5% | |||
Percentage of Net Assets | [2],[5] | 2.20% | |||
Electronic equipment, instruments & components [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 3,029 | [1] | $ 3,021 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 2,987 | [1],[3] | 2,993 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 3,029 | [1] | $ 3,044 | [5] |
Percentage of Net Assets | [2] | 0.50% | [1] | 0.50% | [5] |
Electronic equipment, instruments & components [Member] | First lien senior secured loan [Member] | Process Insights, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 3,029 | [1] | $ 3,021 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 2,987 | [1],[3] | $ 2,993 | [5],[6] |
Interest Rate | [2] | 11.40% | [1] | 10.49% | [5] |
Principal/ Par (in Dollars) | [2] | $ 3,029 | [1] | $ 3,044 | [5] |
Maturity Date | [2] | Oct. 30, 2025 | [1] | Oct. 30, 2025 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.50% | [1] | 0.50% | [5] |
Food products [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 132,411 | [1] | $ 123,090 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 130,447 | [1],[3] | 119,963 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 133,502 | [1] | $ 123,178 | [5] |
Percentage of Net Assets | [2] | 20.50% | [1] | 20.80% | [5] |
Food products [Member] | First lien senior secured revolving loan [Member] | Gulf Pacific Holdings, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,798 | [1] | $ 1,498 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 1,678 | [1],[3] | $ 1,384 | [5],[6] |
Interest Rate | [2] | 11.15% | [1] | 10.42% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,798 | [1] | $ 1,498 | [5] |
Maturity Date | [2] | Sep. 30, 2028 | [1] | Sep. 30, 2028 | [5] |
Investment Interest Rate | [2] | 5.75% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.30% | [1] | 0.30% | [5] |
Food products [Member] | First lien senior secured revolving loan [Member] | IF&P Foods, LLC (FreshEdge) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,758 | [1] | $ 1,366 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 1,700 | [1],[3] | $ 1,187 | [5],[6] |
Interest Rate | [2] | 10.61% | [1] | 8.91% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,776 | [1] | $ 1,366 | [5] |
Maturity Date | [2] | Oct. 03, 2028 | [1] | Oct. 03, 2028 | [5] |
Investment Interest Rate | [2] | 5.63% | [1] | 5.25% | [5] |
Percentage of Net Assets | [2] | 0.30% | [1] | 0.20% | [5] |
Food products [Member] | First lien senior secured revolving loan [Member] | Siegel Egg Co., LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 2,464 | [1] | $ 1,913 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 2,550 | [1],[3] | $ 1,873 | [5],[6] |
Interest Rate | [2] | 11.34% | [1] | 9.25% | [5] |
Principal/ Par (in Dollars) | [2] | $ 2,594 | [1] | $ 1,923 | [5] |
Maturity Date | [2] | Dec. 29, 2026 | [1] | Dec. 29, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 0.40% | [1] | 0.30% | [5] |
Food products [Member] | First lien senior secured revolving loan [Member] | Worldwide Produce Acquisition, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 126 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 118 | |||
Interest Rate | [1],[2] | 11.23% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 127 | |||
Maturity Date | [1],[2] | Jan. 17, 2029 | |||
Investment Interest Rate | [1],[2] | 6.25% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Food products [Member] | First lien senior secured loan [Member] | BC CS 2, L.P. (Cuisine Solutions) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 25,000 | [1],[7] | $ 25,000 | [5],[8] |
Amortized Cost (in Dollars) | [2],[4] | $ 24,366 | [1],[3],[7] | $ 24,283 | [5],[6],[8] |
Interest Rate | [2] | 12.94% | [1],[7] | 12.18% | [5],[8] |
Principal/ Par (in Dollars) | [2] | $ 25,000 | [1],[7] | $ 25,000 | [5],[8] |
Maturity Date | [2] | Jul. 08, 2028 | [1],[7] | Jul. 08, 2028 | [5],[8] |
Investment Interest Rate | [2] | 8% | [1],[7] | 8% | [5],[8] |
Percentage of Net Assets | [2] | 3.90% | [1],[7] | 4.20% | [5],[8] |
Food products [Member] | First lien senior secured loan [Member] | BR PJK Produce, LLC (Keany) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 29,862 | [1] | $ 29,863 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 29,025 | [1],[3] | $ 29,095 | [5],[6] |
Interest Rate | [2] | 11.39% | [1] | 10.47% | [5] |
Principal/ Par (in Dollars) | [2] | $ 29,714 | [1] | $ 29,863 | [5] |
Maturity Date | [2] | Nov. 14, 2027 | [1] | Nov. 14, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 4.60% | [1] | 5% | [5] |
Food products [Member] | First lien senior secured loan [Member] | Gulf Pacific Holdings, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 20,282 | [1] | $ 20,384 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 19,921 | [1],[3] | $ 19,905 | [5],[6] |
Interest Rate | [2] | 11.14% | [1] | 10.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 20,282 | [1] | $ 20,384 | [5] |
Maturity Date | [2] | Sep. 30, 2028 | [1] | Sep. 30, 2028 | [5] |
Investment Interest Rate | [2] | 5.75% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 3.10% | [1] | 3.50% | [5] |
Food products [Member] | First lien senior secured loan [Member] | IF&P Foods, LLC (FreshEdge) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 27,109 | [1],[9] | $ 27,520 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 26,773 | [1],[3],[9] | $ 26,853 | [5],[6] |
Interest Rate | [2] | 10.51% | [1],[9] | 8.91% | [5] |
Principal/ Par (in Dollars) | [2] | $ 27,382 | [1],[9] | $ 27,520 | [5] |
Maturity Date | [2] | Oct. 03, 2028 | [1],[9] | Oct. 03, 2028 | [5] |
Investment Interest Rate | [2] | 5.63% | [1],[9] | 5.25% | [5] |
Percentage of Net Assets | [2] | 4.20% | [1],[9] | 4.70% | [5] |
Food products [Member] | First lien senior secured loan [Member] | Siegel Egg Co., LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 14,768 | [1] | $ 15,546 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 15,338 | [1],[3] | $ 15,383 | [5],[6] |
Interest Rate | [2] | 11.34% | [1] | 9.25% | [5] |
Principal/ Par (in Dollars) | [2] | $ 15,545 | [1] | $ 15,624 | [5] |
Maturity Date | [2] | Dec. 29, 2026 | [1] | Dec. 29, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 2.30% | [1] | 2.60% | [5] |
Food products [Member] | First lien senior secured loan [Member] | Worldwide Produce Acquisition, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 2,875 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 2,794 | |||
Interest Rate | [1],[2] | 11.23% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 2,875 | |||
Maturity Date | [1],[2] | Jan. 17, 2029 | |||
Investment Interest Rate | [1],[2] | 6.25% | |||
Percentage of Net Assets | [1],[2] | 0.40% | |||
Food products [Member] | First lien senior secured delayed draw loan [Member] | BR PJK Produce, LLC (Keany) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 11.39% | [1] | 10.47% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Nov. 24, 2027 | [1] | May 14, 2024 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Food products [Member] | First lien senior secured delayed draw loan [Member] | Gulf Pacific Holdings, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,710 | [1] | [5] | |
Amortized Cost (in Dollars) | [2],[4] | $ 1,618 | [1],[3] | [5],[6] | |
Interest Rate | [2] | 10.98% | [1] | 10.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,710 | [1] | [5] | |
Maturity Date | [2] | Sep. 30, 2028 | [1] | Sep. 30, 2024 | [5] |
Investment Interest Rate | [2] | 5.75% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.30% | [1] | 0% | [5] |
Food products [Member] | First lien senior secured delayed draw loan [Member] | IF&P Foods, LLC (FreshEdge) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 4,025 | [1] | [5],[9] | |
Amortized Cost (in Dollars) | [2],[4] | $ 3,979 | [1],[3] | [5],[6],[9] | |
Interest Rate | [2] | 10.77% | [1] | 8.91% | [5],[9] |
Principal/ Par (in Dollars) | [2] | $ 4,065 | [1] | [5],[9] | |
Maturity Date | [2] | Oct. 03, 2024 | [1] | Oct. 03, 2024 | [5],[9] |
Investment Interest Rate | [2] | 5.63% | [1] | 5.25% | [5],[9] |
Percentage of Net Assets | [2] | 0.60% | [1] | 0% | [5],[9] |
Food products [Member] | First lien senior secured delayed draw loan [Member] | Worldwide Produce Acquisition, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 634 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 587 | |||
Interest Rate | [1],[2] | 11.49% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 634 | |||
Maturity Date | [1],[2] | Jan. 17, 2029 | |||
Investment Interest Rate | [1],[2] | 6.25% | |||
Percentage of Net Assets | [1],[2] | 0.10% | |||
Food products [Member] | First lien senior secured delayed draw loan One [Member] | Worldwide Produce Acquisition, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | ||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | [1],[2] | 11.49% | |||
Principal/ Par (in Dollars) | [1],[2] | ||||
Maturity Date | [1],[2] | Apr. 18, 2024 | |||
Investment Interest Rate | [1],[2] | 6.25% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Health care providers & services [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 108,108 | [1] | $ 114,406 | [2],[5] | |
Amortized Cost (in Dollars) | [4] | 106,419 | [1],[3] | 113,034 | [2],[5],[6] |
Principal/ Par (in Dollars) | $ 108,257 | [1] | $ 114,553 | [2],[5] | |
Percentage of Net Assets | 16.70% | [1] | 19.30% | [2],[5] | |
Health care providers & services [Member] | First lien senior secured revolving loan [Member] | Brightview, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 230 | [1] | [5] | |
Amortized Cost (in Dollars) | [2],[4] | $ 230 | [1],[3] | [5],[6] | |
Interest Rate | [2] | 11.22% | [1] | 10.13% | [5] |
Principal/ Par (in Dollars) | [2] | $ 232 | [1] | [5] | |
Maturity Date | [2] | Apr. 12, 2024 | [1] | Dec. 14, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.75% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Health care providers & services [Member] | First lien senior secured revolving loan [Member] | Light Wave Dental Management LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 677 | [1] | $ 558 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 587 | [1],[3] | $ 555 | [5],[6] |
Interest Rate | [2] | 12.10% | [1] | 11.32% | [5] |
Principal/ Par (in Dollars) | [2] | $ 677 | [1] | $ 558 | [5] |
Maturity Date | [2] | Jan. 02, 2024 | [1] | Dec. 31, 2023 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0.10% | [5] |
Health care providers & services [Member] | First lien senior secured revolving loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 10.66% | [1] | 9.93% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Dec. 30, 2026 | [1] | Dec. 30, 2026 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Health care providers & services [Member] | First lien senior secured loan [Member] | Brightview, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 12,806 | [1] | $ 12,872 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 12,894 | [1],[3] | $ 12,923 | [5],[6] |
Interest Rate | [2] | 11.22% | [1] | 10.13% | [5] |
Principal/ Par (in Dollars) | [2] | $ 12,936 | [1] | $ 13,002 | [5] |
Maturity Date | [2] | Apr. 12, 2024 | [1] | Dec. 14, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.75% | [5] |
Percentage of Net Assets | [2] | 2% | [1] | 2.20% | [5] |
Health care providers & services [Member] | First lien senior secured loan [Member] | Guardian Dentistry Partners [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 8,098 | [1] | $ 8,139 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 7,946 | [1],[3] | $ 7,961 | [5],[6] |
Interest Rate | [2] | 11.72% | [1] | 10.94% | [5] |
Principal/ Par (in Dollars) | [2] | $ 8,098 | [1] | $ 8,139 | [5] |
Maturity Date | [2] | Aug. 20, 2026 | [1] | Aug. 20, 2026 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 1.30% | [1] | 1.40% | [5] |
Health care providers & services [Member] | First lien senior secured loan [Member] | Light Wave Dental Management LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 22,536 | [1] | $ 6,254 | [5],[10] |
Amortized Cost (in Dollars) | [2],[4] | $ 21,866 | [1],[3] | $ 6,254 | [5],[6],[10] |
Interest Rate | [2] | 12.10% | [1] | 30% | [5],[10] |
Principal/ Par (in Dollars) | [2] | $ 22,536 | [1] | $ 6,254 | [5],[10] |
Maturity Date | [2] | Sep. 30, 2023 | [1] | Sep. 30, 2023 | [5],[10] |
Investment Interest Rate | [2] | 7% | [1] | 30% | [5],[10] |
Percentage of Net Assets | [2] | 3.50% | [1] | 1% | [5],[10] |
Health care providers & services [Member] | First lien senior secured loan [Member] | OMH-HealthEdge Holdings, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 12,188 | [1] | $ 17,572 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 12,020 | [1],[3] | $ 17,271 | [5],[6] |
Interest Rate | [2] | 10.03% | [1] | 10.03% | [5] |
Principal/ Par (in Dollars) | [2] | $ 12,188 | [1] | $ 17,572 | [5] |
Maturity Date | [2] | Oct. 24, 2025 | [1] | Oct. 24, 2025 | [5] |
Investment Interest Rate | [2] | 5.25% | [1] | 5.25% | [5] |
Percentage of Net Assets | [2] | 1.90% | [1] | 3% | [5] |
Health care providers & services [Member] | First lien senior secured loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 11,888 | [1] | $ 11,948 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 11,695 | [1],[3] | $ 11,725 | [5],[6] |
Interest Rate | [2] | 10.66% | [1] | 9.93% | [5] |
Principal/ Par (in Dollars) | [2] | $ 11,888 | [1] | $ 11,948 | [5] |
Maturity Date | [2] | Dec. 30, 2026 | [1] | Dec. 30, 2026 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 1.80% | [1] | 2% | [5] |
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Brightview, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,710 | [1] | $ 1,719 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 1,714 | [1],[3] | $ 1,714 | [5],[6] |
Interest Rate | [2] | 11.22% | [1] | 10.14% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,727 | [1] | $ 1,736 | [5] |
Maturity Date | [2] | Apr. 12, 2024 | [1] | Dec. 14, 2026 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.75% | [5] |
Percentage of Net Assets | [2] | 0.30% | [1] | 0.30% | [5] |
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Guardian Dentistry Partners [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 15,762 | [1] | $ 21,708 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 15,501 | [1],[3] | $ 21,402 | [5],[6] |
Interest Rate | [2] | 11.72% | [1] | 10.94% | [5] |
Principal/ Par (in Dollars) | [2] | $ 15,762 | [1] | $ 21,708 | [5] |
Maturity Date | [2] | Aug. 20, 2026 | [1] | Aug. 20, 2026 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 2.40% | [1] | 3.70% | [5] |
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Light Wave Dental Management LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 9,559 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 9,437 | |||
Interest Rate | [2],[5] | 11.32% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 9,559 | |||
Maturity Date | [2],[5] | Dec. 31, 2023 | |||
Investment Interest Rate | [2],[5] | 6.50% | |||
Percentage of Net Assets | [2],[5] | 1.60% | |||
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 11,080 | [1] | $ 11,136 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 10,911 | [1],[3] | $ 10,941 | [5],[6] |
Interest Rate | [2] | 10.66% | [1] | 9.93% | [5] |
Principal/ Par (in Dollars) | [2] | $ 11,080 | [1] | $ 11,136 | [5] |
Maturity Date | [2] | Dec. 30, 2026 | [1] | Dec. 30, 2026 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 1.70% | [1] | 1.90% | [5] |
Health care providers & services [Member] | First lien senior secured loan One [Member] | Light Wave Dental Management LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 5,295 | [1] | $ 12,941 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 5,217 | [1],[3] | $ 12,851 | [5],[6] |
Interest Rate | [2] | 10.03% | [1] | 11.32% | [5] |
Principal/ Par (in Dollars) | [2] | $ 5,295 | [1] | $ 12,941 | [5] |
Maturity Date | [2] | Oct. 24, 2025 | [1] | Dec. 31, 2023 | [5] |
Investment Interest Rate | [2] | 5.25% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0.80% | [1] | 2.10% | [5] |
Health care providers & services [Member] | First lien senior secured delayed draw loan One [Member] | Guardian Dentistry Partners [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 5,838 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 5,838 | |||
Interest Rate | [1],[2] | 11.72% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 5,838 | |||
Maturity Date | [1],[2] | Aug. 20, 2026 | |||
Investment Interest Rate | [1],[2] | 6.50% | |||
Percentage of Net Assets | [1],[2] | 0.90% | |||
Healthcare Equipment & Supplies [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 19,432 | [1] | $ 19,727 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 18,996 | [1],[3] | 19,001 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 19,628 | [1] | $ 19,727 | [5] |
Percentage of Net Assets | [2] | 3% | [1] | 3.30% | [5] |
Healthcare Equipment & Supplies [Member] | First lien senior secured revolving loan [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 11.85% | [1] | 10.90% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Nov. 03, 2027 | [1] | Nov. 03, 2027 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Healthcare Equipment & Supplies [Member] | First lien senior secured loan [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 19,432 | [1] | $ 19,727 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 18,996 | [1],[3] | $ 19,001 | [5],[6] |
Interest Rate | [2] | 11.85% | [1] | 10.90% | [5] |
Principal/ Par (in Dollars) | [2] | $ 19,628 | [1] | $ 19,727 | [5] |
Maturity Date | [2] | Nov. 03, 2027 | [1] | Nov. 03, 2027 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 3% | [1] | 3.30% | [5] |
Healthcare Equipment & Supplies [Member] | First lien senior secured delayed draw loan [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 11.85% | [1] | 10.90% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Nov. 03, 2024 | [1] | Nov. 03, 2024 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Household durables [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 20,957 | [1] | $ 20,878 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 21,029 | [1],[3] | 20,892 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 21,384 | [1] | $ 21,305 | [5] |
Percentage of Net Assets | [2] | 3.20% | [1] | 3.50% | [5] |
Household durables [Member] | First lien senior secured revolving loan [Member] | Curio Brands, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 10.89% | [1] | 10.23% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Dec. 21, 2027 | [1] | Dec. 21, 2027 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Household durables [Member] | First lien senior secured loan [Member] | Curio Brands, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 16,918 | [1] | $ 17,648 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 16,908 | [1],[3] | $ 17,596 | [5],[6] |
Interest Rate | [2] | 10.89% | [1] | 10.23% | [5] |
Principal/ Par (in Dollars) | [2] | $ 17,263 | [1] | $ 18,009 | [5] |
Maturity Date | [2] | Dec. 21, 2027 | [1] | Dec. 21, 2027 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 2.60% | [1] | 3% | [5] |
Household durables [Member] | First lien senior secured delayed draw loan [Member] | Curio Brands, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 4,039 | [1] | $ 3,230 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 4,121 | [1],[3] | $ 3,296 | [5],[6] |
Interest Rate | [2] | 10.89% | [1] | 10.23% | [5] |
Principal/ Par (in Dollars) | [2] | $ 4,121 | [1] | $ 3,296 | [5] |
Maturity Date | [2] | Dec. 21, 2023 | [1] | Dec. 21, 2027 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 0.60% | [1] | 0.50% | [5] |
Household products [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 18,951 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | 18,706 | |||
Principal/ Par (in Dollars) | [2],[5] | $ 19,046 | |||
Percentage of Net Assets | [2],[5] | 3.20% | |||
Household products [Member] | First lien senior secured revolving loan [Member] | Home Brands Group Holdings, Inc. (ReBath) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 10.16% | [1] | 9.16% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Nov. 08, 2026 | [1] | Nov. 08, 2026 | [5] |
Investment Interest Rate | [2] | 4.75% | [1] | 4.75% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Household products [Member] | First lien senior secured loan [Member] | Home Brands Group Holdings, Inc. (ReBath) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 18,232 | [1] | $ 18,951 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 18,131 | [1],[3] | $ 18,706 | [5],[6] |
Interest Rate | [2] | 10.16% | [1] | 9.16% | [5] |
Principal/ Par (in Dollars) | [2] | $ 18,417 | [1] | $ 19,046 | [5] |
Maturity Date | [2] | Nov. 08, 2026 | [1] | Nov. 08, 2026 | [5] |
Investment Interest Rate | [2] | 4.75% | [1] | 4.75% | [5] |
Percentage of Net Assets | [2] | 2.80% | [1] | 3.20% | [5] |
Insurance [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 29,470 | [1] | $ 14,842 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 28,899 | [1],[3] | 14,359 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 29,470 | [1] | $ 14,842 | [5] |
Percentage of Net Assets | [2] | 4.60% | [1] | 2.50% | [5] |
Insurance [Member] | First lien senior secured revolving loan [Member] | Allcat Claims Service, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | $ 1,651 | [5] | |
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | $ 1,591 | [5],[6] | |
Interest Rate | [2] | 11.20% | [1] | 10.33% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | $ 1,651 | [5] | |
Maturity Date | [2] | Jul. 07, 2027 | [1] | Jul. 07, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0.30% | [5] |
Insurance [Member] | First lien senior secured loan [Member] | Allcat Claims Service, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 7,756 | [1] | $ 7,795 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 7,567 | [1],[3] | $ 7,641 | [5],[6] |
Interest Rate | [2] | 11.24% | [1] | 10.41% | [5] |
Principal/ Par (in Dollars) | [2] | $ 7,756 | [1] | $ 7,795 | [5] |
Maturity Date | [2] | Jul. 07, 2027 | [1] | Jul. 07, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 1.20% | [1] | 1.30% | [5] |
Insurance [Member] | First lien senior secured delayed draw loan [Member] | Allcat Claims Service, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 21,714 | [1] | $ 5,396 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 21,332 | [1],[3] | $ 5,127 | [5],[6] |
Interest Rate | [2] | 11.20% | [1] | 10.24% | [5] |
Principal/ Par (in Dollars) | [2] | $ 21,714 | [1] | $ 5,396 | [5] |
Maturity Date | [2] | Jul. 07, 2027 | [1] | Jul. 07, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 3.40% | [1] | 0.90% | [5] |
IT services [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 52,199 | [1] | $ 44,892 | [2],[5] | |
Amortized Cost (in Dollars) | [4] | 51,365 | [1],[3] | 43,887 | [2],[5],[6] |
Principal/ Par (in Dollars) | $ 52,358 | [1] | $ 44,892 | [2],[5] | |
Percentage of Net Assets | 8.10% | [1] | 7.60% | [2],[5] | |
IT services [Member] | First lien senior secured revolving loan [Member] | Improving Acquisition LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 11.55% | [1] | 10.24% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Jul. 26, 2027 | [1] | Jul. 26, 2027 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
IT services [Member] | First lien senior secured loan [Member] | Domain Information Services Inc. (Integris) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 20,548 | [1] | $ 20,632 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 20,139 | [1],[3] | $ 20,133 | [5],[6] |
Interest Rate | [2] | 11.29% | [1] | 10.63% | [5] |
Principal/ Par (in Dollars) | [2] | $ 20,548 | [1] | $ 20,632 | [5] |
Maturity Date | [2] | Sep. 30, 2025 | [1] | Sep. 30, 2025 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 3.20% | [1] | 3.50% | [5] |
IT services [Member] | First lien senior secured loan [Member] | Improving Acquisition LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 31,651 | [1] | $ 24,260 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 31,226 | [1],[3] | $ 23,754 | [5],[6] |
Interest Rate | [2] | 11.61% | [1] | 10.24% | [5] |
Principal/ Par (in Dollars) | [2] | $ 31,810 | [1] | $ 24,260 | [5] |
Maturity Date | [2] | Jul. 26, 2027 | [1] | Jul. 26, 2027 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 4.90% | [1] | 4.10% | [5] |
Leisure products [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 46,132 | $ 26,637 | [2],[5] | ||
Amortized Cost (in Dollars) | 46,698 | 27,684 | [2],[4],[5],[6] | ||
Principal/ Par (in Dollars) | $ 47,211 | $ 27,942 | [2],[5] | ||
Percentage of Net Assets | 7.10% | 4.50% | [2],[5] | ||
Leisure products [Member] | First lien senior secured revolving loan [Member] | MacNeill Pride Group [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | $ 877 | [5] | |
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | $ 874 | [5],[6] | |
Interest Rate | [2] | 12% | [1] | 11.09% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | $ 899 | [5] | |
Maturity Date | [2] | Apr. 22, 2026 | [1] | Apr. 22, 2026 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0.10% | [5] |
Leisure products [Member] | First lien senior secured revolving loan [Member] | Trademark Global LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 66 | [1] | $ 2,574 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 64 | [1],[3] | $ 2,744 | [5],[6] |
Interest Rate | [2] | 12.81% | [1] | 11.88% | [5] |
Principal/ Par (in Dollars) | [2] | $ 71 | [1] | $ 2,760 | [5] |
Maturity Date | [2] | Jul. 30, 2024 | [1] | Jul. 30, 2024 | [5] |
Investment Interest Rate | [2] | 4.50% | [1] | 4.50% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0.40% | [5] |
Leisure products [Member] | First lien senior secured loan [Member] | VENUplus, Inc. (f/k/a CTM Group, Inc.) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 4,443 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 4,338 | |||
Interest Rate | [1],[2] | 12.16% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 4,443 | |||
Maturity Date | [1],[2] | Dec. 21, 2027 | |||
Investment Interest Rate | [1],[2] | 6.75% | |||
Percentage of Net Assets | [1],[2] | 0.70% | |||
Leisure products [Member] | First lien senior secured loan [Member] | MacNeill Pride Group [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 8,468 | [1] | $ 8,403 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 8,482 | [1],[3] | $ 8,533 | [5],[6] |
Interest Rate | [2] | 12% | [1] | 11.09% | [5] |
Principal/ Par (in Dollars) | [2] | $ 8,575 | [1] | $ 8,619 | [5] |
Maturity Date | [2] | Apr. 22, 2026 | [1] | Apr. 22, 2026 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 1.30% | [1] | 1.40% | [5] |
Leisure products [Member] | First lien senior secured loan [Member] | Trademark Global LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 10,845 | [1] | $ 10,739 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 11,590 | [1],[3] | $ 11,451 | [5],[6] |
Interest Rate | [2] | 12.81% | [1] | 11.88% | [5] |
Principal/ Par (in Dollars) | [2] | $ 11,631 | [1] | $ 11,516 | [5] |
Maturity Date | [2] | Jul. 30, 2024 | [1] | Jul. 30, 2024 | [5] |
Investment Interest Rate | [2] | 7.50% | [1] | 4.50% | [5] |
Percentage of Net Assets | [2] | 1.70% | [1] | 1.80% | [5] |
Leisure products [Member] | First lien senior secured delayed draw loan [Member] | MacNeill Pride Group [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 3,363 | [1] | $ 4,017 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 3,357 | [1],[3] | $ 4,061 | [5],[6] |
Interest Rate | [2] | 12% | [1] | 11.09% | [5] |
Principal/ Par (in Dollars) | [2] | $ 3,406 | [1] | $ 4,119 | [5] |
Maturity Date | [2] | Apr. 22, 2026 | [1] | Apr. 22, 2026 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 0.50% | [1] | 0.70% | [5] |
Leisure products [Member] | First lien senior secured revolving loan one [Member] | Trademark Global LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,908 | [1] | $ 27 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 2,046 | [1],[3] | $ 21 | [5],[6] |
Interest Rate | [2] | 12.81% | [1] | 11.88% | [5] |
Principal/ Par (in Dollars) | [2] | $ 2,046 | [1] | $ 29 | [5] |
Maturity Date | [2] | Jul. 30, 2024 | [1] | Jul. 30, 2024 | [5] |
Investment Interest Rate | [2] | 4.50% | [1] | 4.50% | [5] |
Percentage of Net Assets | [2] | 0.30% | [1] | 0.10% | [5] |
Machinery [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 50,800 | [1] | $ 26,133 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 49,922 | [1],[3] | 25,754 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 50,799 | [1] | $ 26,133 | [5] |
Percentage of Net Assets | [2] | 7.90% | [1] | 4.40% | [5] |
Machinery [Member] | First lien senior secured revolving loan [Member] | Techniks Holdings, LLC / Eppinger Holdings Germany GMBH [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | ||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | [1],[2] | 12.14% | |||
Principal/ Par (in Dollars) | [1],[2] | ||||
Maturity Date | [1],[2] | Sep. 30, 2027 | |||
Investment Interest Rate | [1],[2] | 6.75% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Machinery [Member] | First lien senior secured loan [Member] | Pennsylvania Machine Works, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 2,009 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 1,991 | |||
Interest Rate | [2],[5] | 11.09% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 2,009 | |||
Maturity Date | [2],[5] | Mar. 06, 2027 | |||
Investment Interest Rate | [2],[5] | 6.25% | |||
Percentage of Net Assets | [2],[5] | 0.30% | |||
Machinery [Member] | First lien senior secured loan [Member] | PVI Holdings, Inc [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 24,016 | [1] | $ 24,124 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 23,695 | [1],[3] | $ 23,763 | [5],[6] |
Interest Rate | [2] | 10.92% | [1] | 10.12% | [5] |
Principal/ Par (in Dollars) | [2] | $ 24,016 | [1] | $ 24,124 | [5] |
Maturity Date | [2] | Jul. 18, 2027 | [1] | Jul. 18, 2027 | [5] |
Investment Interest Rate | [2] | 5.94% | [1] | 6.38% | [5] |
Percentage of Net Assets | [2] | 3.70% | [1] | 4.10% | [5] |
Machinery [Member] | First lien senior secured loan [Member] | Techniks Holdings, LLC / Eppinger Holdings Germany GMBH [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2],[7] | $ 24,866 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4],[7] | $ 24,324 | |||
Interest Rate | [1],[2],[7] | 12.14% | |||
Principal/ Par (in Dollars) | [1],[2],[7] | $ 24,865 | |||
Maturity Date | [1],[2],[7] | Feb. 04, 2025 | |||
Investment Interest Rate | [1],[2],[7] | 6.75% | |||
Percentage of Net Assets | [1],[2],[7] | 3.90% | |||
Machinery [Member] | First lien senior secured loan [Member] | Pennsylvania Machine Works, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 1,918 | ||||
Amortized Cost (in Dollars) | $ 1,903 | ||||
Interest Rate | 11.50% | ||||
Principal/ Par (in Dollars) | $ 1,918 | ||||
Maturity Date | Mar. 06, 2027 | ||||
Investment Interest Rate | 6% | ||||
Percentage of Net Assets | 0.30% | ||||
Personal products [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 40,311 | [1] | $ 20,262 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 39,943 | [1],[3] | 20,572 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 40,808 | [1] | $ 20,919 | [5] |
Percentage of Net Assets | [2] | 6.20% | [1] | 3.40% | [5] |
Personal products [Member] | First lien senior secured revolving loan [Member] | DRS Holdings III, Inc. (Dr. Scholl's) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 11.64% | [1] | 10.48% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Nov. 01, 2025 | [1] | Nov. 01, 2025 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 5.75% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Personal products [Member] | First lien senior secured loan [Member] | DRS Holdings III, Inc. (Dr. Scholl's) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 11,175 | [1] | $ 11,149 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 11,251 | [1],[3] | $ 11,295 | [5],[6] |
Interest Rate | [2] | 11.45% | [1] | 10.48% | [5] |
Principal/ Par (in Dollars) | [2] | $ 11,316 | [1] | $ 11,377 | [5] |
Maturity Date | [2] | Nov. 01, 2025 | [1] | Nov. 01, 2025 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 5.75% | [5] |
Percentage of Net Assets | [2] | 1.70% | [1] | 1.90% | [5] |
Personal products [Member] | First lien senior secured loan [Member] | PH Beauty Holdings III, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 9,136 | [1] | $ 9,113 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 9,279 | [1],[3] | $ 9,277 | [5],[6] |
Interest Rate | [2] | 10.48% | [1] | 9.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 9,492 | [1] | $ 9,542 | [5] |
Maturity Date | [2] | Sep. 28, 2025 | [1] | Sep. 28, 2025 | [5] |
Investment Interest Rate | [2] | 5% | [1] | 5% | [5] |
Percentage of Net Assets | [2] | 1.40% | [1] | 1.50% | [5] |
Personal products [Member] | First lien senior secured loan [Member] | Silk Holdings III Corp. (Suave) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 20,000 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 19,413 | |||
Interest Rate | [1],[2] | 12.77% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 20,000 | |||
Maturity Date | [1],[2] | May 01, 2029 | |||
Investment Interest Rate | [1],[2] | 7.75% | |||
Percentage of Net Assets | [1],[2] | 3.10% | |||
Pharmaceuticals [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 7,085 | [1] | $ 7,331 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 7,040 | [1],[3] | 7,276 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 7,085 | [1] | $ 7,331 | [5] |
Percentage of Net Assets | [2] | 1.10% | [1] | 1.20% | [5] |
Pharmaceuticals [Member] | First lien senior secured revolving loan [Member] | Foundation Consumer Brands [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | ||||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | ||||
Interest Rate | [2],[5] | 10.15% | |||
Principal/ Par (in Dollars) | [2],[5] | ||||
Maturity Date | [2],[5] | Feb. 12, 2027 | |||
Investment Interest Rate | [2],[5] | 5.50% | |||
Percentage of Net Assets | [2],[5] | 0% | |||
Pharmaceuticals [Member] | First lien senior secured loan [Member] | Foundation Consumer Brands [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 7,085 | [1] | $ 7,331 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 7,040 | [1],[3] | $ 7,276 | [5],[6] |
Interest Rate | [2] | 10.72% | [1] | 10.15% | [5] |
Principal/ Par (in Dollars) | [2] | $ 7,085 | [1] | $ 7,331 | [5] |
Maturity Date | [2] | Feb. 12, 2027 | [1] | Feb. 12, 2027 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 1.10% | [1] | 1.20% | [5] |
Professional services [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 63,658 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | 62,468 | |||
Principal/ Par (in Dollars) | [1],[2] | $ 63,778 | |||
Percentage of Net Assets | [1],[2] | 9.80% | |||
Professional services [Member] | First lien senior secured revolving loan [Member] | Universal Marine Medical Supply International, LLC (Unimed) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 509 | [1] | $ 509 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 452 | [1],[3] | $ 446 | [5],[6] |
Interest Rate | [2] | 13.14% | [1] | 12.14% | [5] |
Principal/ Par (in Dollars) | [2] | $ 509 | [1] | $ 509 | [5] |
Maturity Date | [2] | Dec. 05, 2027 | [1] | Dec. 05, 2027 | [5] |
Investment Interest Rate | [2] | 7.50% | [1] | 7.50% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0.10% | [5] |
Professional services [Member] | First lien senior secured revolving loan [Member] | DISA Holdings Corp. (DISA) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 56 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 1 | |||
Interest Rate | [2],[5] | 9.82% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 56 | |||
Maturity Date | [2],[5] | Sep. 09, 2028 | |||
Investment Interest Rate | [2],[5] | 5.50% | |||
Percentage of Net Assets | [2],[5] | 0% | |||
Professional services [Member] | First lien senior secured loan [Member] | 4 Over International, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 23,932 | [1] | $ 24,205 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 23,914 | [1],[3] | $ 24,013 | [5],[6] |
Interest Rate | [2] | 11.84% | [1] | 10.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 24,052 | [1] | $ 24,326 | [5] |
Maturity Date | [2] | Dec. 07, 2023 | [1] | Dec. 07, 2023 | [5] |
Investment Interest Rate | [2] | 6.50% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 3.70% | [1] | 4.10% | [5] |
Professional services [Member] | First lien senior secured loan [Member] | Universal Marine Medical Supply International, LLC (Unimed) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 14,141 | [1] | $ 14,756 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 13,829 | [1],[3] | $ 14,395 | [5],[6] |
Interest Rate | [2] | 12.88% | [1] | 12.10% | [5] |
Principal/ Par (in Dollars) | [2] | $ 14,141 | [1] | $ 14,756 | [5] |
Maturity Date | [2] | Dec. 05, 2027 | [1] | Dec. 05, 2027 | [5] |
Investment Interest Rate | [2] | 7.50% | [1] | 7.50% | [5] |
Percentage of Net Assets | [2] | 2.20% | [1] | 2.50% | [5] |
Professional services [Member] | First lien senior secured loan [Member] | DISA Holdings Corp. (DISA) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 22,289 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 21,741 | |||
Interest Rate | [2],[5] | 9.72% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 22,401 | |||
Maturity Date | [2],[5] | Sep. 09, 2028 | |||
Investment Interest Rate | [2],[5] | 5.50% | |||
Percentage of Net Assets | [2],[5] | 3.80% | |||
Professional services [Member] | First lien senior secured delayed draw loan [Member] | DISA Holdings Corp. (DISA) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 2,430 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 2,283 | |||
Interest Rate | [2],[5] | 9.73% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 2,443 | |||
Maturity Date | [2],[5] | Sep. 09, 2028 | |||
Investment Interest Rate | [2],[5] | 5.50% | |||
Percentage of Net Assets | [2],[5] | 0.40% | |||
Professional services [Member] | First lien senior secured loan [Member] | 4 Over International, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 22,289 | ||||
Amortized Cost (in Dollars) | $ 21,636 | ||||
Interest Rate | 10.66% | ||||
Principal/ Par (in Dollars) | $ 22,289 | ||||
Maturity Date | Sep. 09, 2028 | ||||
Investment Interest Rate | 5.50% | ||||
Percentage of Net Assets | 3.40% | ||||
Professional services [Member] | First lien senior secured delayed draw loan [Member] | 4 Over International, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 2,787 | ||||
Amortized Cost (in Dollars) | $ 2,637 | ||||
Interest Rate | 10.66% | ||||
Principal/ Par (in Dollars) | $ 2,787 | ||||
Maturity Date | Sep. 11, 2028 | ||||
Investment Interest Rate | 5.50% | ||||
Percentage of Net Assets | 0.40% | ||||
Professional services [Member] | First lien senior secured revolving loan [Member] | 4 Over International, LLC [Member] | |||||
Aerospace & defense | |||||
Interest Rate | 10.66% | ||||
Maturity Date | Sep. 09, 2028 | ||||
Investment Interest Rate | 5.50% | ||||
Percentage of Net Assets | 0% | ||||
Software [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 34,477 | [1] | $ 35,000 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 33,784 | [1],[3] | 33,835 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 34,825 | [1] | $ 35,000 | [5] |
Percentage of Net Assets | [2] | 5.30% | [1] | 5.90% | [5] |
Software [Member] | First lien senior secured loan [Member] | AIDC Intermediate Co 2, LLC (Peak Technologies) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 34,477 | [1] | $ 35,000 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 33,784 | [1],[3] | $ 33,835 | [5],[6] |
Interest Rate | [2] | 11.47% | [1] | 10.44% | [5] |
Principal/ Par (in Dollars) | [2] | $ 34,825 | [1] | $ 35,000 | [5] |
Maturity Date | [2] | Jul. 22, 2027 | [1] | Jul. 22, 2027 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 5.30% | [1] | 5.90% | [5] |
Specialty retail [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 8,656 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | 8,548 | |||
Principal/ Par (in Dollars) | [2],[5] | $ 8,743 | |||
Percentage of Net Assets | [2],[5] | 1.50% | |||
Specialty retail [Member] | First lien senior secured loan [Member] | Sundance Holdings Group, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[9] | $ 8,852 | [1] | $ 8,656 | [5] |
Amortized Cost (in Dollars) | [2],[4],[9] | $ 8,435 | [1],[3] | $ 8,548 | [5],[6] |
Interest Rate | [2],[9] | 13.40% | [1] | 10.73% | [5] |
Principal/ Par (in Dollars) | [2],[9] | $ 8,897 | [1] | $ 8,743 | [5] |
Maturity Date | [2],[9] | May 01, 2024 | [1] | May 01, 2024 | [5] |
Investment Interest Rate | [2],[9] | 8% | [1] | 6% | [5] |
Percentage of Net Assets | [2],[9] | 1.40% | [1] | 1.50% | [5] |
Textiles, apparel & luxury goods [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 46,705 | [1] | $ 46,653 | [2],[5] | |
Amortized Cost (in Dollars) | [4] | 46,579 | [1],[3] | 45,818 | [2],[5],[6] |
Principal/ Par (in Dollars) | $ 47,444 | [1] | $ 46,723 | [2],[5] | |
Percentage of Net Assets | 7.30% | [1] | 7.90% | [2],[5] | |
Textiles, apparel & luxury goods [Member] | First lien senior secured revolving loan [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 1,892 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 1,795 | |||
Interest Rate | [2],[5] | 11.91% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 1,892 | |||
Maturity Date | [2],[5] | Jul. 20, 2027 | |||
Investment Interest Rate | [2],[5] | 7.25% | |||
Percentage of Net Assets | [2],[5] | 0.30% | |||
Textiles, apparel & luxury goods [Member] | First lien senior secured loan [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 30,119 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 29,478 | |||
Interest Rate | [2],[5] | 11.98% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 30,119 | |||
Maturity Date | [2],[5] | Jul. 20, 2027 | |||
Investment Interest Rate | [2],[5] | 7.25% | |||
Percentage of Net Assets | [2],[5] | 5.10% | |||
Textiles, apparel & luxury goods [Member] | First lien senior secured loan [Member] | BEL USA, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 6,749 | [1] | $ 6,936 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 6,790 | [1],[3] | $ 6,937 | [5],[6] |
Interest Rate | [2] | 11.43% | [1] | 10.43% | [5] |
Principal/ Par (in Dollars) | [2] | $ 6,817 | [1] | $ 7,006 | [5] |
Maturity Date | [2] | Nov. 02, 2023 | [1] | Feb. 02, 2025 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 1.10% | [1] | 1.20% | [5] |
Textiles, apparel & luxury goods [Member] | First lien senior secured loan [Member] | YS Garments, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 7,250 | [1] | $ 7,706 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 7,407 | [1],[3] | $ 7,608 | [5],[6] |
Interest Rate | [2] | 12.59% | [1] | 9.51% | [5] |
Principal/ Par (in Dollars) | [2] | $ 7,591 | [1] | $ 7,706 | [5] |
Maturity Date | [2] | Aug. 09, 2024 | [1] | Aug. 09, 2024 | [5] |
Investment Interest Rate | [2] | 7.50% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 1.10% | [1] | 1.30% | [5] |
Textiles, apparel & luxury goods [Member] | First lien senior secured loan One [Member] | BEL USA, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 111 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 112 | |||
Interest Rate | [1],[2] | 11.43% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 112 | |||
Maturity Date | [1],[2] | Feb. 02, 2025 | |||
Investment Interest Rate | [1],[2] | 6.25% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Textiles, apparel & luxury goods [Member] | First lien senior secured loan [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 29,668 | ||||
Amortized Cost (in Dollars) | $ 29,400 | ||||
Interest Rate | 11.89% | ||||
Principal/ Par (in Dollars) | $ 29,968 | ||||
Maturity Date | Jul. 20, 2027 | ||||
Investment Interest Rate | 6.50% | ||||
Percentage of Net Assets | 4.60% | ||||
Textiles, apparel & luxury goods [Member] | First lien senior secured revolving loan [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | $ 2,927 | ||||
Amortized Cost (in Dollars) | $ 2,870 | ||||
Interest Rate | 11.70% | ||||
Principal/ Par (in Dollars) | $ 2,956 | ||||
Maturity Date | Jul. 20, 2027 | ||||
Investment Interest Rate | 6.50% | ||||
Percentage of Net Assets | 0.50% | ||||
Trading companies & distributors [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 175,226 | [1] | $ 149,951 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 171,921 | [1],[3] | 146,299 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 176,583 | [1] | $ 150,524 | [5] |
Percentage of Net Assets | [2] | 27.10% | [1] | 25.30% | [5] |
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,076 | [1] | [5] | |
Amortized Cost (in Dollars) | [2],[4] | $ 989 | [1],[3] | [5],[6] | |
Interest Rate | [2] | 12.22% | [1] | 11.34% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,087 | [1] | [5] | |
Maturity Date | [2] | Dec. 17, 2026 | [1] | Dec. 17, 2026 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0.20% | [1] | 0% | [5] |
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | EIS Legacy, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 10.36% | [1] | 9.73% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Nov. 01, 2027 | [1] | Nov. 01, 2027 | [5] |
Investment Interest Rate | [2] | 5% | [1] | 5% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | I.D. Images Acquisition, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | $ 596 | [5] | |
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | $ 567 | [5],[6] | |
Interest Rate | [2] | 11.64% | [1] | 10.67% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | $ 596 | [5] | |
Maturity Date | [2] | Jul. 30, 2026 | [1] | Jul. 30, 2026 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0.10% | [5] |
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | Krayden Holdings, Inc [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | ||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | [1],[2] | 11.34% | |||
Principal/ Par (in Dollars) | [1],[2] | ||||
Maturity Date | [1],[2] | Mar. 01, 2029 | |||
Investment Interest Rate | [1],[2] | 6% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | United Safety & Survivability Corporation (USSC) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,209 | [1] | $ 1,075 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 1,188 | [1],[3] | $ 1,051 | [5],[6] |
Interest Rate | [2] | 11.99% | [1] | 10.88% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,209 | [1] | $ 1,075 | [5] |
Maturity Date | [2] | Sep. 30, 2027 | [1] | Sep. 30, 2027 | [5] |
Investment Interest Rate | [2] | 6.75% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 0.20% | [1] | 0.20% | [5] |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | BCDI Meteor Acquisition, LLC (Meteor) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 16,215 | [1] | $ 16,420 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 16,005 | [1],[3] | $ 16,010 | [5],[6] |
Interest Rate | [2] | 12.34% | [1] | 11.66% | [5] |
Principal/ Par (in Dollars) | [2] | $ 16,379 | [1] | $ 16,420 | [5] |
Maturity Date | [2] | Jun. 29, 2028 | [1] | Jun. 29, 2028 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 7% | [5] |
Percentage of Net Assets | [2] | 2.50% | [1] | 2.80% | [5] |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Broder Bros., Co. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 4,701 | [1] | $ 4,763 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 4,446 | [1],[3] | $ 4,456 | [5],[6] |
Interest Rate | [2] | 11.50% | [1] | 10.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 4,701 | [1] | $ 4,763 | [5] |
Maturity Date | [2] | Dec. 04, 2025 | [1] | Dec. 04, 2025 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 6% | [5] |
Percentage of Net Assets | [2] | 0.70% | [1] | 0.80% | [5] |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 27,268 | [1] | $ 27,896 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 26,619 | [1],[3] | $ 26,809 | [5],[6] |
Interest Rate | [2] | 12.22% | [1] | 11.34% | [5] |
Principal/ Par (in Dollars) | [2] | $ 27,544 | [1] | $ 27,896 | [5] |
Maturity Date | [2] | Dec. 17, 2026 | [1] | Dec. 17, 2026 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 4.20% | [1] | 4.70% | [5] |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | EIS Legacy, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 18,185 | [1] | $ 18,140 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 17,836 | [1],[3] | $ 17,885 | [5],[6] |
Interest Rate | [2] | 10.36% | [1] | 9.73% | [5] |
Principal/ Par (in Dollars) | [2] | $ 18,185 | [1] | $ 18,277 | [5] |
Maturity Date | [2] | Nov. 01, 2027 | [1] | Nov. 01, 2027 | [5] |
Investment Interest Rate | [2] | 5% | [1] | 5% | [5] |
Percentage of Net Assets | [2] | 2.80% | [1] | 3.10% | [5] |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Engineered Fastener Company, LLC (EFC International) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 23,723 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 23,180 | |||
Interest Rate | [1],[2] | 11.89% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 23,723 | |||
Maturity Date | [1],[2] | Nov. 01, 2027 | |||
Investment Interest Rate | [1],[2] | 6.50% | |||
Percentage of Net Assets | [1],[2] | 3.70% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Genuine Cable Group, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 28,474 | [1] | $ 34,476 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 28,363 | [1],[3] | $ 33,732 | [5],[6] |
Interest Rate | [2] | 10.70% | [1] | 10.17% | [5] |
Principal/ Par (in Dollars) | [2] | $ 29,204 | [1] | $ 34,912 | [5] |
Maturity Date | [2] | Nov. 01, 2026 | [1] | Nov. 01, 2026 | [5] |
Investment Interest Rate | [2] | 5.50% | [1] | 5.75% | [5] |
Percentage of Net Assets | [2] | 4.40% | [1] | 5.80% | [5] |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | I.D. Images Acquisition, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 15,336 | [1] | $ 15,415 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 15,158 | [1],[3] | $ 15,236 | [5],[6] |
Interest Rate | [2] | 11.64% | [1] | 10.98% | [5] |
Principal/ Par (in Dollars) | [2] | $ 15,336 | [1] | $ 15,415 | [5] |
Maturity Date | [2] | Jul. 30, 2026 | [1] | Jul. 30, 2026 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 2.40% | [1] | 2.60% | [5] |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Krayden Holdings, Inc [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 9,539 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 9,110 | |||
Interest Rate | [1],[2] | 11.34% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 9,539 | |||
Maturity Date | [1],[2] | Mar. 01, 2029 | |||
Investment Interest Rate | [1],[2] | 6% | |||
Percentage of Net Assets | [1],[2] | 1.50% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | United Safety & Survivability Corporation (USSC) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 12,500 | [1] | $ 12,563 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 12,295 | [1],[3] | $ 12,332 | [5],[6] |
Interest Rate | [2] | 12.14% | [1] | 11.48% | [5] |
Principal/ Par (in Dollars) | [2] | $ 12,500 | [1] | $ 12,563 | [5] |
Maturity Date | [2] | Sep. 30, 2027 | [1] | Sep. 30, 2027 | [5] |
Investment Interest Rate | [2] | 6.75% | [1] | 6.75% | [5] |
Percentage of Net Assets | [2] | 1.90% | [1] | 2.10% | [5] |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Refrigeration Sales Corp. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 6,876 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 6,789 | |||
Interest Rate | [2],[5] | 11.26% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 6,876 | |||
Maturity Date | [2],[5] | Jun. 22, 2026 | |||
Investment Interest Rate | [2],[5] | 6.50% | |||
Percentage of Net Assets | [2],[5] | 1.20% | |||
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 3,626 | [1] | $ 3,710 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 3,538 | [1],[3] | $ 3,566 | [5],[6] |
Interest Rate | [2] | 12.22% | [1] | 11.34% | [5] |
Principal/ Par (in Dollars) | [2] | $ 3,663 | [1] | $ 3,710 | [5] |
Maturity Date | [2] | Dec. 17, 2026 | [1] | Dec. 17, 2026 | [5] |
Investment Interest Rate | [2] | 7% | [1] | 6.50% | [5] |
Percentage of Net Assets | [2] | 0.60% | [1] | 0.60% | [5] |
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | EIS Legacy, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | [1] | [5] | ||
Amortized Cost (in Dollars) | [2],[4] | [1],[3] | [5],[6] | ||
Interest Rate | [2] | 10.36% | [1] | 9.73% | [5] |
Principal/ Par (in Dollars) | [2] | [1] | [5] | ||
Maturity Date | [2] | Nov. 01, 2027 | [1] | May 01, 2023 | [5] |
Investment Interest Rate | [2] | 5% | [1] | 5% | [5] |
Percentage of Net Assets | [2] | 0% | [1] | 0% | [5] |
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | I.D. Images Acquisition, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 2,594 | [1] | $ 2,608 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 2,577 | [1],[3] | $ 2,587 | [5],[6] |
Interest Rate | [2] | 11.64% | [1] | 10.98% | [5] |
Principal/ Par (in Dollars) | [2] | $ 2,594 | [1] | $ 2,608 | [5] |
Maturity Date | [2] | Jul. 30, 2026 | [1] | Jul. 30, 2026 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 0.40% | [1] | 0.40% | [5] |
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | Krayden Holdings, Inc [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | ||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | [1],[2] | 11.34% | |||
Principal/ Par (in Dollars) | [1],[2] | ||||
Maturity Date | [1],[2] | Mar. 01, 2029 | |||
Investment Interest Rate | [1],[2] | 6% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | United Safety & Survivability Corporation (USSC) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 666 | [1] | $ 670 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 629 | [1],[3] | $ 628 | [5],[6] |
Interest Rate | [2] | 12.12% | [1] | 11.41% | [5] |
Principal/ Par (in Dollars) | [2] | $ 666 | [1] | $ 670 | [5] |
Maturity Date | [2] | Sep. 30, 2027 | [1] | Sep. 30, 2027 | [5] |
Investment Interest Rate | [2] | 6.75% | [1] | 6.75% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0.10% | [5] |
Trading companies & distributors [Member] | First lien senior secured loan One [Member] | Genuine Cable Group, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | $ 5,395 | |||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 5,347 | |||
Interest Rate | [1],[2] | 10.70% | |||
Principal/ Par (in Dollars) | [1],[2] | $ 5,534 | |||
Maturity Date | [1],[2] | Nov. 01, 2026 | |||
Investment Interest Rate | [1],[2] | 5.50% | |||
Percentage of Net Assets | [1],[2] | 0.80% | |||
Trading companies & distributors [Member] | First lien senior secured loan One [Member] | I.D. Images Acquisition, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 4,719 | [1] | $ 4,743 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 4,641 | [1],[3] | $ 4,651 | [5],[6] |
Interest Rate | [2] | 11.45% | [1] | 10.67% | [5] |
Principal/ Par (in Dollars) | [2] | $ 4,719 | [1] | $ 4,743 | [5] |
Maturity Date | [2] | Jul. 30, 2026 | [1] | Jul. 30, 2026 | [5] |
Investment Interest Rate | [2] | 6.25% | [1] | 6.25% | [5] |
Percentage of Net Assets | [2] | 0.70% | [1] | 0.80% | [5] |
Trading companies & distributors [Member] | First lien senior secured delayed draw loan One [Member] | Krayden Holdings, Inc [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [1],[2] | ||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | [1],[2] | 11.34% | |||
Principal/ Par (in Dollars) | [1],[2] | ||||
Maturity Date | [1],[2] | Mar. 01, 2029 | |||
Investment Interest Rate | [1],[2] | 6% | |||
Percentage of Net Assets | [1],[2] | 0% | |||
Wireless telecommunication services [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 29,510 | [1] | $ 29,361 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 29,479 | [1],[3] | 28,966 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 29,959 | [1] | $ 29,510 | [5] |
Percentage of Net Assets | [2] | 4.60% | [1] | 5% | [5] |
Wireless telecommunication services [Member] | First lien senior secured revolving loan [Member] | Centerline Communications, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 591 | [1] | [5] | |
Amortized Cost (in Dollars) | [2],[4] | $ 575 | [1],[3] | [5],[6] | |
Interest Rate | [2] | 11.44% | [1] | 10.06% | [5] |
Principal/ Par (in Dollars) | [2] | $ 600 | [1] | [5] | |
Maturity Date | [2] | Aug. 10, 2027 | [1] | Aug. 10, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 0.10% | [1] | 0% | [5] |
Wireless telecommunication services [Member] | First lien senior secured loan [Member] | Centerline Communications, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 14,796 | [1] | $ 1,026 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 14,799 | [1],[3] | $ 1,000 | [5],[6] |
Interest Rate | [2] | 11.44% | [1] | 9.93% | [5] |
Principal/ Par (in Dollars) | [2] | $ 15,021 | [1] | $ 1,031 | [5] |
Maturity Date | [2] | Aug. 10, 2027 | [1] | Aug. 10, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 2.30% | [1] | 0.20% | [5] |
Wireless telecommunication services [Member] | First lien senior secured delayed draw loan [Member] | Centerline Communications, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 8,352 | [1] | $ 7,080 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 8,353 | [1],[3] | $ 6,999 | [5],[6] |
Interest Rate | [2] | 11.44% | [1] | 10.06% | [5] |
Principal/ Par (in Dollars) | [2] | $ 8,479 | [1] | $ 7,116 | [5] |
Maturity Date | [2] | Aug. 10, 2027 | [1] | Aug. 10, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 1.30% | [1] | 1.20% | [5] |
Wireless telecommunication services [Member] | First lien senior secured loan One [Member] | Centerline Communications, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,010 | [1] | $ 15,022 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 998 | [1],[3] | $ 14,819 | [5],[6] |
Interest Rate | [2] | 11.28% | [1] | 10.06% | [5] |
Principal/ Par (in Dollars) | [2] | $ 1,025 | [1] | $ 15,098 | [5] |
Maturity Date | [2] | Aug. 10, 2027 | [1] | Aug. 10, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 0.20% | [1] | 2.50% | [5] |
Wireless telecommunication services [Member] | First lien senior secured delayed draw loan One [Member] | Centerline Communications, LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 4,761 | [1] | $ 6,233 | [5] |
Amortized Cost (in Dollars) | [2],[4] | $ 4,754 | [1],[3] | $ 6,148 | [5],[6] |
Interest Rate | [2] | 11.28% | [1] | 9.93% | [5] |
Principal/ Par (in Dollars) | [2] | $ 4,834 | [1] | $ 6,265 | [5] |
Maturity Date | [2] | Aug. 10, 2027 | [1] | Aug. 10, 2027 | [5] |
Investment Interest Rate | [2] | 6% | [1] | 5.50% | [5] |
Percentage of Net Assets | [2] | 0.70% | [1] | 1.10% | [5] |
Total Private Credit Debt Investments [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2] | $ 1,276,048 | [1] | $ 1,157,971 | [5] |
Amortized Cost (in Dollars) | [2],[4] | 1,260,790 | [1],[3] | 1,141,538 | [5],[6] |
Principal/ Par (in Dollars) | [2] | $ 1,286,382 | [1] | $ 1,165,969 | [5] |
Percentage of Net Assets | [2] | 197.20% | [1] | 195.60% | [5] |
Asset management & custody banks [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 5,264 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | 5,303 | |||
Principal/ Par (in Dollars) | [2],[5] | $ 5,371 | |||
Percentage of Net Assets | [2],[5] | 0.90% | |||
Asset management & custody banks [Member] | First lien senior secured loan [Member] | Atria Wealth Solutions, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 5,036 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 5,101 | |||
Interest Rate | [2],[5] | 10.84% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 5,139 | |||
Maturity Date | [2],[5] | Feb. 29, 2024 | |||
Investment Interest Rate | [2],[5] | 6% | |||
Percentage of Net Assets | [2],[5] | 0.90% | |||
Asset management & custody banks [Member] | First lien senior secured delayed draw loan [Member] | Atria Wealth Solutions, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 228 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 202 | |||
Interest Rate | [2],[5] | 10.84% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 232 | |||
Maturity Date | [2],[5] | Feb. 29, 2024 | |||
Investment Interest Rate | [2],[5] | 6% | |||
Percentage of Net Assets | [2],[5] | 0% | |||
Auto components [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 25,974 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | 25,726 | |||
Principal/ Par (in Dollars) | [2],[5] | $ 26,133 | |||
Percentage of Net Assets | [2],[5] | 4.40% | |||
Auto components [Member] | First lien senior secured revolving loan [Member] | Vehicle Accessories, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | ||||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | ||||
Interest Rate | [2],[5] | 12% | |||
Principal/ Par (in Dollars) | [2],[5] | ||||
Maturity Date | [2],[5] | Nov. 30, 2026 | |||
Investment Interest Rate | [2],[5] | 4.50% | |||
Percentage of Net Assets | [2],[5] | 0% | |||
Auto components [Member] | First lien senior secured loan [Member] | Speedstar Holding LLC [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 4,908 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 4,828 | |||
Interest Rate | [2],[5] | 11.73% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 4,908 | |||
Maturity Date | [2],[5] | Jan. 22, 2027 | |||
Investment Interest Rate | [2],[5] | 7% | |||
Percentage of Net Assets | [2],[5] | 0.80% | |||
Auto components [Member] | First lien senior secured loan [Member] | Vehicle Accessories, Inc. [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 21,066 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | $ 20,898 | |||
Interest Rate | [2],[5] | 10.34% | |||
Principal/ Par (in Dollars) | [2],[5] | $ 21,225 | |||
Maturity Date | [2],[5] | Nov. 30, 2026 | |||
Investment Interest Rate | [2],[5] | 5.50% | |||
Percentage of Net Assets | [2],[5] | 3.60% | |||
Universal Marine Medical Supply International, LLC (Unimed) [Member] | |||||
Aerospace & defense | |||||
Fair Value (in Dollars) | [2],[5] | $ 64,245 | |||
Amortized Cost (in Dollars) | [2],[4],[5],[6] | 62,879 | |||
Principal/ Par (in Dollars) | [2],[5] | $ 64,491 | |||
Percentage of Net Assets | [2],[5] | 10.90% | |||
[1] As of June 30, 2023, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. Loan contains a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), the Secured Overnight Funding Rate (“SOFR” or “S”) (which can include one-, three- or six-month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”). As of June 30, 2023, the tax cost of the Company’s investments approximates their amortized cost. The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss. Certain lenders represent a “first out” portion of the investment and have priority to the “last-out” portion with respect to payments of principal and interest. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments II (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |||
Auto components | |||||
Cost | $ 1,282,321 | $ 1,157,635 | |||
Fair Value | 1,299,045 | 1,174,966 | |||
Private equity investments [Member] | |||||
Auto components | |||||
Cost | $ 6,437 | $ 6,250 | |||
Number of Units (in Shares) | 4,470 | 4,388 | |||
Percentage of Net Assets | 1.20% | 1.10% | |||
Fair Value | $ 7,903 | $ 7,148 | |||
Private equity investments [Member] | Auto components [Member] | |||||
Auto components | |||||
Cost | $ 250 | $ 250 | |||
Number of Units (in Shares) | 378.25 | 378.25 | |||
Percentage of Net Assets | 0.10% | 0.10% | |||
Fair Value | $ 412 | $ 348 | |||
Private equity investments [Member] | Auto components [Member] | Vehicle Accessories, Inc. - Class A common [Member] | |||||
Auto components | |||||
Cost | [1] | [2] | |||
Number of Units (in Shares) | 128.25 | [1] | 128.25 | [2] | |
Percentage of Net Assets | 0% | [1] | 0% | [2] | |
Fair Value | $ 132 | [1] | $ 80 | [2] | |
Private equity investments [Member] | Auto components [Member] | Vehicle Accessories, Inc. - preferred [Member] | |||||
Auto components | |||||
Cost | $ 250 | [1] | $ 250 | [2] | |
Number of Units (in Shares) | 250 | [1] | 250 | [2] | |
Percentage of Net Assets | 0.10% | [1] | 0.10% | [2] | |
Fair Value | $ 280 | [1] | $ 268 | [2] | |
Private equity investments [Member] | Commercial services & supplies [Member] | |||||
Auto components | |||||
Cost | $ 937 | $ 750 | |||
Number of Units (in Shares) | 832 | 750 | |||
Percentage of Net Assets | 0.30% | 0.10% | |||
Fair Value | $ 1,723 | $ 808 | |||
Private equity investments [Member] | Commercial services & supplies [Member] | American Equipment Holdings LLC [Member] | |||||
Auto components | |||||
Cost | $ 285 | [3] | $ 250 | [4] | |
Number of Units (in Shares) | 250 | [3] | 250 | [4] | |
Percentage of Net Assets | 0.10% | [3] | 0% | [4] | |
Fair Value | $ 519 | [3] | $ 248 | [4] | |
Private equity investments [Member] | Commercial services & supplies [Member] | BLP Buyer, Inc. (Bishop Lifting Products) - Class A common [Member] | |||||
Auto components | |||||
Cost | $ 652 | [5] | $ 500 | [6] | |
Number of Units (in Shares) | 582 | [5] | 500 | [6] | |
Percentage of Net Assets | 0.20% | [5] | 0.10% | [6] | |
Fair Value | $ 1,204 | [5] | $ 560 | [6] | |
Private equity investments [Member] | Food products [Member] | |||||
Auto components | |||||
Cost | $ 3,250 | $ 3,250 | |||
Number of Units (in Shares) | 2,002.25 | 2,002.25 | |||
Percentage of Net Assets | 0.50% | 0.60% | |||
Fair Value | $ 3,589 | $ 3,739 | |||
Private equity investments [Member] | Food products [Member] | BC CS 2, L.P. (Cuisine Solutions) [Member] | |||||
Auto components | |||||
Cost | $ 2,000 | [7],[8] | $ 2,000 | [9] | |
Number of Units (in Shares) | 2,000 | [7],[8] | 2,000 | [9] | |
Percentage of Net Assets | 0.40% | [7],[8] | 0.40% | [9] | |
Fair Value | $ 2,337 | [7],[8] | $ 2,220 | [9] | |
Private equity investments [Member] | Food products [Member] | Gulf Pacific Holdings, LLC - Class A common [Member] | |||||
Auto components | |||||
Cost | $ 250 | [3] | $ 250 | [4] | |
Number of Units (in Shares) | 0.25 | [3] | 0.25 | [4] | |
Percentage of Net Assets | 0% | [3] | 0% | [4] | |
Fair Value | $ 247 | [3] | $ 278 | [4] | |
Private equity investments [Member] | Food products [Member] | Gulf Pacific Holdings, LLC - Class C common [Member] | |||||
Auto components | |||||
Cost | [3] | [4] | |||
Number of Units (in Shares) | 0.25 | [3] | 0.25 | [4] | |
Percentage of Net Assets | 0% | [3] | 0% | [4] | |
Fair Value | [3] | [4] | |||
Private equity investments [Member] | Food products [Member] | IF&P Foods, LLC (FreshEdge) – Class A common [Member] | |||||
Auto components | |||||
Cost | $ 750 | [3] | $ 750 | [4] | |
Number of Units (in Shares) | 0.75 | [3] | 0.75 | [4] | |
Percentage of Net Assets | 0.10% | [3] | 0.10% | [4] | |
Fair Value | $ 933 | [3] | $ 745 | [4] | |
Private equity investments [Member] | Food products [Member] | IF&P Foods, LLC (FreshEdge) – Class B common [Member] | |||||
Auto components | |||||
Cost | [3] | [4] | |||
Number of Units (in Shares) | 0.75 | [3] | 0.75 | [4] | |
Percentage of Net Assets | 0% | [3] | 0% | [4] | |
Fair Value | [3] | [4] | |||
Private equity investments [Member] | Food products [Member] | Siegel Parent, LLC [Member] | |||||
Auto components | |||||
Cost | $ 250 | [10] | $ 250 | [11] | |
Number of Units (in Shares) | 0.25 | [10] | 0.25 | [11] | |
Percentage of Net Assets | 0% | [10] | 0.10% | [11] | |
Fair Value | $ 72 | [10] | $ 496 | [11] | |
Private equity investments [Member] | Healthcare Equipment & Supplies [Member] | |||||
Auto components | |||||
Cost | $ 750 | $ 750 | |||
Number of Units (in Shares) | 7.5 | 7.5 | |||
Percentage of Net Assets | 0.10% | 0.10% | |||
Fair Value | $ 635 | $ 745 | |||
Private equity investments [Member] | Healthcare Equipment & Supplies [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Auto components | |||||
Cost | $ 750 | [3] | $ 750 | [4] | |
Number of Units (in Shares) | 7.5 | [3] | 7.5 | [4] | |
Percentage of Net Assets | 0.10% | [3] | 0.10% | [4] | |
Fair Value | $ 635 | [3] | $ 745 | [4] | |
Private equity investments [Member] | IT services [Member] | |||||
Auto components | |||||
Cost | $ 250 | $ 250 | |||
Number of Units (in Shares) | 250 | 250 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 288 | $ 250 | |||
Private equity investments [Member] | IT services [Member] | Domain Information Services Inc. (Integris) [Member] | |||||
Auto components | |||||
Cost | $ 250 | $ 250 | |||
Number of Units (in Shares) | 250 | 250 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 288 | $ 250 | |||
Private equity investments [Member] | Textiles, apparel & luxury goods [Member] | |||||
Auto components | |||||
Cost | $ 1,000 | $ 1,000 | |||
Number of Units (in Shares) | 1,000 | 1,000 | |||
Percentage of Net Assets | 0.20% | 0.20% | |||
Fair Value | $ 1,256 | $ 1,258 | |||
Private equity investments [Member] | Textiles, apparel & luxury goods [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||||
Auto components | |||||
Cost | $ 1,000 | [10] | $ 1,000 | [11] | |
Number of Units (in Shares) | 1,000 | [10] | 1,000 | [11] | |
Percentage of Net Assets | 0.20% | [10] | 0.20% | [11] | |
Fair Value | $ 1,256 | [10] | $ 1,258 | [11] | |
Total Private Investments [Member] | |||||
Auto components | |||||
Cost | $ 1,267,227 | $ 1,147,788 | |||
Percentage of Net Assets | 198.40% | 196.70% | |||
Fair Value | $ 1,283,951 | $ 1,165,119 | |||
Short-Term Investments [Member] | |||||
Auto components | |||||
Cost | 15,094 | 9,847 | |||
Fair Value | 15,094 | 9,847 | |||
Short-Term Investments [Member] | Total Short-Term Investments [Member] | |||||
Auto components | |||||
Cost | $ 15,094 | $ 9,847 | |||
Number of Units (in Shares) | 15,094 | 9,847 | |||
Percentage of Net Assets | 2.30% | 1.70% | |||
Fair Value | $ 15,094 | $ 9,847 | |||
Short-Term Investments [Member] | First American Treasury Obligations Fund - Institutional Class Z, 5.00% [Member] | |||||
Auto components | |||||
Cost | [12] | $ 15,094 | |||
Number of Units (in Shares) | [12] | 15,094 | |||
Percentage of Net Assets | [12] | 2.30% | |||
Fair Value | [12] | $ 15,094 | |||
Short-Term Investments [Member] | First American Treasury Obligations Fund - Institutional Class Z, 4.16% [Member] | |||||
Auto components | |||||
Cost | [13] | $ 9,847 | |||
Number of Units (in Shares) | [13] | 9,847 | |||
Percentage of Net Assets | [13] | 1.70% | |||
Fair Value | [13] | $ 9,847 | |||
Total Investments [Member] | |||||
Auto components | |||||
Cost | $ 1,282,321 | $ 1,157,635 | |||
Percentage of Net Assets | 200.70% | 198.40% | |||
Fair Value | $ 1,299,045 | $ 1,174,966 | |||
Liabilities in Excess of Other Assets [Member] | |||||
Auto components | |||||
Percentage of Net Assets | (100.70%) | (98.40%) | |||
Fair Value | $ (652,119) | $ (582,925) | |||
Net Assets [Member] | |||||
Auto components | |||||
Percentage of Net Assets | 100% | 100% | |||
Fair Value | $ 646,926 | $ 592,041 | |||
[1] The Company owns 0.19% of the common equity and 0.43% of the preferred equity of Vehicle Accessories, Inc. The Company owns 0.19% of the common equity and 0.43% of the preferred equity of Vehicle Accessories, Inc. The Company owns 71.55% of a pass-through, taxable limited liability company, KSCF IV Equity Aggregator Blocker, LLC (the “Aggregator Blocker”), which holds the Company’s equity investments in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, IF&P Foods, LLC (FreshEdge) and LSL Industries, LLC (LSL Healthcare). Through the Company’s ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments. The Company owns 71% of a pass-through, taxable limited liability company, KSCF IV Equity Aggregator Blocker, LLC (the “Aggregator Blocker”), which holds the Company’s equity investments in American Equipment Holdings LLC, Gulf Pacific Holdings, LLC, IF&P Foods, LLC (FreshEdge) and LSL Industries, LLC (LSL Healthcare). Through the Company’s ownership of the Aggregator Blocker, the Company owns the respective units of each company listed above in the Schedule of Investments. The Company owns 0.53% of the common equity BLP Buyer, Inc. (Bishop Lifting Products). The Company owns 0.53% of the common equity BLP Buyer, Inc. (Bishop Lifting Products). The Company has a senior secured loan in an investment vehicle (BC CS 2, L.P.) that is collateralized by a preferred stock investment in Cuisine Solutions, Inc.. Non-qualifying investment as defined by Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, 3.8% of the Company’s total assets were in non-qualifying investments. The Company owns 40.32% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the “Aggregator”), which holds the Company’s equity investments in Siegel Parent, LLC and American Soccer Company, Incorporated (SCORE). The Aggregator’s ownership of Siegel Parent, LLC is 1.1442%. Through the Company’s ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments. The Company owns 40% of a pass-through limited liability company, KSCF IV Equity Aggregator, LLC (the “Aggregator”), which holds the Company’s equity investments in Siegel Parent, LLC and American Soccer Company, Incorporated (SCORE). The Aggregator’s ownership of Siegel Parent, LLC is 1.1442%. Through the Company’s ownership of the Aggregator, the Company owns the respective units of each company listed above in the Schedule of Investments. The indicated rate is the yield as of December 31, 2022. |
Organization
Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization [Abstract] | |
Organization | Note 1. Organization Organization Kayne Anderson BDC, Inc. (the “Company”) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company intends to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed as a Delaware corporation to make investments in middle-market companies and commenced operations on February 5, 2021. As of June 30, 2023, the Company has entered into subscription agreements with investors for an aggregate capital commitment of $875,188 to purchase shares of the Company’s common stock. See Note 11 – Subsequent Events. KA Credit Advisors, LLC (the “Advisor”) is an indirect subsidiary of Kayne Anderson Capital Advisors, L.P. (“KACALP” or “Kayne Anderson”). The Advisor is registered with the Securities and Exchange Commission (“SEC”) as an investment advisor under the Investment Advisory Act of 1940, as amended. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments, determining the value of the investments and monitoring its investments and portfolio companies on an ongoing basis. The Board consists of seven directors, four of whom are independent. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through debt investments in middle-market companies. The Company conducts private offerings of its Common Stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any private offering, each investor will make a capital commitment (a “Capital Commitment”) to purchase shares of its Common Stock (“Shares”) pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. Following the initial closing of the private offering (the “Initial Closing”) on February 5, 2021 and prior to any Liquidity Event (as defined below), the Advisor may, in its sole discretion, permit additional closings of the private offering. A “Liquidity Event” is defined as (a) an initial public offering of Shares (the “Initial Public Offering”) or the listing of Shares on an exchange (together with the Initial Public Offering, an “Exchange Listing”), (b) the sale of the Company or (c) a disposition of the Company’s investments and distribution of the net proceeds (after repayment of borrowed funds or other forms of leverage) to the Company’s investors. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies A. Basis of Presentation B. Consolidation , C. Use of Estimates D. Cash and Cash Equivalents E. Investment Valuation, Fair Value Fair Value Measurement and Disclosures Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors has designated the Advisor as the “valuation designee” to perform fair value determinations of the Company’s portfolio holdings, subject to oversight by and periodic reporting to the Board. The valuation designee performs fair valuation of the Company’s portfolio holdings in accordance with the Company’s Valuation Program, as approved by the Board. Traded Investments (Level 1 or Level 2) Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of the Company’s Advisor, fair market value will be determined using the Advisor’s valuation process for investments that are privately issued or otherwise restricted as to resale. The Company may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While the Company anticipates these equity securities to be issued by privately held companies, the Company may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. (“NASDAQ”) are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices. Non-Traded Investments (Level 3) Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of the Company’s Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of the Company’s Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. The Company expects that a significant majority of its investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for the Company’s Level 3 investments: ● Valuation Designee ● Valuation Firm ● Oversight . Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company’s financial statements will express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s financial statements. F. Interest Income Recognition no Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, principal and interest are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection. As of June 30, 2023 and December 31, 2022, the Company did not have any investments in portfolio companies on non-accrual status. G. Debt Issuance Costs H. Dividends to Common Stockholders I. Organizational Costs J. Offering Costs K. Income Taxes The Company must pay distributions equal to 90% of its investment company taxable income (ordinary income and short-term capital gains) to qualify as a RIC and it must distribute all of its taxable income (ordinary income, short-term capital gains and long-term capital gains) to avoid federal income taxes. The Company will be subject to federal income tax on any undistributed portion of income. For purposes of the distribution test, the Company may elect to treat as paid on the last day of its taxable year all or part of any distributions that are declared after the end of its taxable year if such distributions are declared before the due date of its tax return, including any extensions. All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax. A distribution will be treated as paid during the calendar year if it is paid during the calendar year or declared by the Company in October, November or December of such year, payable to stockholders of record on a date during such months and paid by the Company no later than January of the following year. Any such distributions paid during January of the following year will be deemed to be received by stockholders on December 31 of the year the distributions are declared, rather than when the distributions are actually received. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. L. Commitments and Contingencies |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Agreements and Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Note 3. Agreements and Related Party Transactions A. Administration Agreement The Company will reimburse the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement, which may include, after completion of our Exchange Listing, its allocable portion of office facilities, overhead, and compensation paid to or compensatory distributions received by its officers (including our Chief Compliance Officer and Chief Financial Officer) and its respective staff who provide services to the Company. As the Company reimburses the Administrator for its expenses, the Company will indirectly bear such cost. The Administration Agreement may be terminated by either party with 60 days’ written notice. B. Investment Advisory Agreement Base Management Fee Prior to an Exchange Listing, the base management fee will be calculated at an annual rate of 0.90% of the fair market value of the Company’s investments including, in each case, assets purchased with borrowed funds or other forms of leverage, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase. After an Exchange Listing, the base management fee will be calculated at an annual rate of 1.50% of the fair market value of the Company’s investments. However, following an Exchange Listing, if borrowed funds or other forms of leverage utilized to finance the Company’s investments is greater than a debt-to-equity ratio of 1.0x, the base management fee will be 1.00% of the fair market value of the portion of the Company’s investments financed with borrowed funds or other forms of leverage above a 1.0x debt-to-equity ratio. The base management fee will be payable quarterly in arrears and calculated based on the average of the Company’s fair market value of investments, at the end of the two most recently completed calendar quarters, including, in each case, assets purchased with borrowed funds or other forms of leverage, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase. Base management fees for any partial quarter will be appropriately pro-rated. For the three months ended June 30, 2023 and 2022, the Company incurred base management fees of $2,848 and $1,498 respectively. For the six months ended June 30, 2023 and 2022, the Company incurred base management fees of $5,533 and $2,824, respectively. Incentive Fee The Company will also pay the Advisor an incentive fee. The incentive fee will consist of two parts—an incentive fee on income and an incentive fee on capital gains. Described in more detail below, these components of the incentive fee will be largely independent of each other with the result that one component may be payable even if the other is not. Incentive Fee on Income The incentive fee based on income (the “income incentive fee”) is determined and paid quarterly in arrears in cash (subject to the limitations described in “Payment of Incentive Fees” below). The Company’s quarterly pre-incentive fee net investment income must exceed a preferred return of 1.50% of the Company’s net asset value (“NAV”) at the end of the immediately preceding calendar quarter (6.0% annualized but not compounded) (the “Hurdle Amount”) in order for the Company to receive an income incentive fee. The income incentive fee is calculated as follows: ● Prior to an Exchange Listing ● After an Exchange Listing Incentive Fee on Capital Gains The incentive fee on capital gains (the “capital gains incentive fee”) will be calculated and payable in arrears in cash as follows: ● Prior to an Exchange Listing ● After an Exchange Listing Payment of Incentive Fees Prior to an Exchange Listing, any incentive fees earned by the Advisor shall accrue as earned but only become payable in cash to the Advisor upon consummation of an Exchange Listing. To the extent the Company does not complete an Exchange Listing, the incentive fees will be payable to the Advisor (a) upon consummation of a sale of the Company or (b) once substantially all the proceeds from a Company Liquidation payable to the Company’s stockholders have been distributed to such stockholders. For the three months ended June 30, 2023, the Company incurred incentive fees on income of $2,420 and no For the three months ended June 30, 2022, the Company incurred incentive fees on income of $775 and no For the six months ended June 30, 2023, the Company incurred incentive fees on income of $4,558 and no For the six months ended June 30, 2022, the Company incurred incentive fees on income of $1,728 and on capital gains of $2 (total of $1,730) C. Other— |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Investments | Note 4. Investments The following table presents the composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Amortized Fair Amortized Fair Cost Value Cost Value First-lien senior secured debt investments $ 1,260,790 $ 1,276,048 $ 1,141,538 $ 1,157,971 Equity investments 6,437 7,903 6,250 7,148 Short-term investments 15,094 15,094 9,847 9,847 Total Investments $ 1,282,321 $ 1,299,045 $ 1,157,635 $ 1,174,966 As of June 30, 2023 and December 31, 2022, $70,791 and $45,901, respectively, of the Company’s total assets were non-qualifying assets, as defined by Section 55(a) of the 1940 Act. The Company uses Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies. The industry composition of long-term investments based on fair value as of June 30, 2023 and December 31, 2022 was as follows: June 30, December 31, Trading companies & distributors 13.6 % 12.9 % Commercial services & supplies 12.0 % 11.9 % Food products 10.6 % 10.9 % Health care providers & services 8.4 % 9.8 % Professional services 5.0 % 5.5 % Aerospace & defense 4.3 % 4.1 % IT services 4.1 % 3.9 % Machinery 4.0 % 2.2 % Containers & packaging 3.8 % 4.5 % Textiles, apparel & luxury goods 3.7 % 4.1 % Leisure products 3.6 % 2.3 % Personal care products 3.1 % 1.7 % Chemicals 2.9 % 2.9 % Software 2.7 % 3.0 % Diversified telecommunication services 2.3 % 2.6 % Wireless telecommunication services 2.3 % 2.5 % Insurance 2.3 % 1.3 % Automobile components 2.2 % 2.3 % Building products 1.7 % 3.4 % Household durables 1.6 % 1.8 % Health care equipment & supplies 1.6 % 1.8 % Household products 1.4 % 1.6 % Biotechnology 0.9 % 1.0 % Specialty retail 0.7 % 0.7 % Pharmaceuticals 0.6 % 0.6 % Capital Markets 0.4 % - % Electronic equipment, instruments & components 0.2 % 0.3 % Asset management & custody banks - % 0.4 % Total 100.0 % 100.0 % |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 5. Fair Value The Fair Value Measurement Topic of the FASB Accounting Standards Codification (ASC 820) defines fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants under current market conditions at the measurement date. As required by ASC 820, the Company has performed an analysis of all investments measured at fair value to determine the significance and character of all inputs to their fair value determination. Inputs are the assumptions, along with considerations of risk, that a market participant would use to value an asset or a liability. In general, observable inputs are based on market data that is readily available, regularly distributed and verifiable that the Company obtains from independent, third-party sources. Unobservable inputs are developed by the Company based on its own assumptions of how market participants would value an asset or a liability. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories. Level 1 — Valuations based on quoted unadjusted prices for identical instruments in active markets traded on a national exchange to which the Company has access at the date of measurement. Level 2 — Valuations based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The following tables present the fair value hierarchy of investments as of June 30, 2023 and December 31, 2022. Note that the valuation levels below are not necessarily an indication of the risk or liquidity associated with the underlying investment. Fair Value Hierarchy as of June 30, 2023 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 1,276,048 $ 1,276,048 Equity investments - - 7,903 7,903 Short-term investments 15,094 - - 15,094 Total Investments $ 15,094 $ - $ 1,283,951 $ 1,299,045 Fair Value Hierarchy as of December 31, 2022 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 1,157,971 $ 1,157,971 Equity investments - - 7,148 7,148 Short-term investments 9,847 - - 9,847 Total Investments $ 9,847 $ - $ 1,165,119 $ 1,174,966 The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2023 and 2022. First-lien senior secured Private debt equity For the three months ended June 30, 2023 investments investments Total Fair value, beginning of period $ 1,247,020 $ 7,339 $ 1,254,359 Purchases of investments 74,232 187 74,419 Proceeds from sales of investments and principal repayments (46,298 ) - (46,298 ) Net change in unrealized gain (loss) (1,108 ) 377 (731 ) Net realized gain (loss) - - - Net accretion of discount on investments 2,202 - 2,202 Transfers into (out of) Level 3 - - - Fair value, end of period $ 1,276,048 $ 7,903 $ 1,283,951 First-lien senior secured Private debt equity For the three months ended June 30, 2022 investments investments Total Fair value, beginning of period $ 616,067 $ 1,000 $ 617,067 Purchases of investments 114,678 250 114,928 Proceeds from sales of investments and principal repayments (15,615 ) - (15,615 ) Net change in unrealized gain (loss) 189 133 322 Net realized gain (loss) - - - Net accretion of discount on investments 1,262 - 1,262 Transfers into (out of) Level 3 - - - Fair value, end of period $ 716,581 $ 1,383 $ 717,964 First-lien senior secured Private debt Equity For the six months ended June 30, 2023 investments investments Total Fair value, beginning of period $ 1,157,971 $ 7,148 $ 1,165,119 Purchases of investments 178,477 187 178,664 Proceeds from sales of investments and principal repayments (63,543 ) - (63,543 ) Net change in unrealized gain (loss) (1,174 ) 568 (606 ) Net realized gain (loss) - - - Net accretion of discount on investments 4,317 - 4,317 Transfers into (out of) Level 3 - - - Fair value, end of period $ 1,276,048 $ 7,903 $ 1,283,951 First-lien senior secured Private debt Equity For the six months ended June 30, 2022 investments investments Total Fair value, beginning of period $ 578,195 $ 250 $ 578,445 Purchases of investments 180,452 1,000 181,452 Proceeds from sales of investments and principal repayments (43,777 ) - (43,777 ) Net change in unrealized gain (loss) (323 ) 133 (190 ) Net realized gain (loss) 23 - 23 Net accretion of discount on investments 2,011 - 2,011 Transfers into (out of) Level 3 - - - Fair value, end of period $ 716,581 $ 1,383 $ 717,964 For the three and six months ended June 30, 2023 and 2022, the Company did not recognize any transfers to or from Level 3. The increase in unrealized gain (loss) relates to investments that were held during the period. The Company includes these unrealized gains and losses on the Statement of Operations – Net Change in Unrealized Gains (Losses). Valuation Techniques and Unobservable Inputs Non-traded debt investments are typically valued using either a market yield analysis or an enterprise value analysis. For debt investments that are not considered to be credit impaired, the Advisor uses a market yield analysis to determine fair value. If the debt investment is considered to be credit impaired (which is determined by performing an enterprise value analysis), the Advisor will use the enterprise value analysis or a liquidation basis analysis to determine fair value. To determine fair value using a market yield analysis, the Advisor discounts the contractual cash flows of each investment at an appropriate discount rate (the market yield). To determine the estimated market yield for its debt investments, the Advisor analyzes changes in the risk/reward (measured by yields and leverage) of middle market indices as compared to changes in risk/reward for the underlying investment and estimates the appropriate discount rate for such debt investment. In this context, the discount rate and the fair market value of the investment is impacted by the structure and pricing of the security relative to current market yields for similar investments in similar businesses as well as the financial performance of such business. In performing this analysis, the Advisor considers data sources including, but not limited to: (i) industry publications, such as S&P Global’s High-End Middle Market Lending Review; Thomson Reuter’s Refinitiv Middle Market Monthly Stats; CapitalIQ; Pitchbook News; The Lead Left, and other data sources; (ii) comparable investments reviewed or completed by affiliates of the Advisor, and (iii) information obtained and provided by the Advisor’s independent valuation managers. To determine if a debt investment is credit impaired, the Advisor estimates the enterprise value of the business and compares such estimate to the outstanding indebtedness of such business. The Advisor utilizes the following valuation methodologies to determine the estimated enterprise value of the company: (i) analysis of valuations of publicly traded companies in a similar line of business (“public company comparable analysis”), (ii) analysis of valuations of M&A transaction valuations for companies in a similar line of business (“precedent transaction analysis”), (iii) discounted cash flows (“DCF analysis”) and (iv) other valuation methodologies. In determining the non-traded debt investment valuations, the following factors are considered, where relevant: the nature and realizable value of any collateral; the company’s ability to make interest payments, amortization payments (if any) and other fixed charges; call features, put features and other relevant terms of the debt security; the company’s historical and projected financial results; the markets in which the company does business; changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be valued; and other relevant factors. Equity investments in private companies are typically valued using one of or a combination of the following valuation techniques: (i) public company comparable analysis, (ii) precedent transaction analysis and (iii) DCF analysis. Under all of these valuation techniques, the Advisor estimates operating results of the companies in which it invests, including earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) and free cash flow. These estimates utilize unobservable inputs such as historical operating results, which may be unaudited, and projected operating results, which will be based on operating assumptions for such company. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. These estimates will be sensitive to changes in assumptions specific to such company as well as general assumptions for the industry. Other unobservable inputs utilized in the valuation techniques outlined above include: discounts for lack of marketability, selection of publicly traded companies, selection of similar precedent transactions, selected ranges for valuation multiples and expected required rates of return (discount rates). Quantitative Table for Valuation Techniques The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2023 and December 31, 2022. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Advisor’s determination of fair value. As of June 30, 2023 Valuation Unobservable Weighted Fair Value Technique Input Range Average First-lien senior secured debt investments $ 1,276,048 Discounted cash flow analysis Discount rate 7.8% - 15.1% 10.4 % Equity investments $ 7,903 Precedent Transaction Analysis Original cost 1.0 1.0 Comparable Multiples EV / EBITDA 6.4 - 17.2 11.8 $ 1,283,951 As of December 31, 2022 Valuation Unobservable Weighted Fair Value Technique Input Range Average First-lien senior secured debt investments $ 1,157,971 Discounted cash flow analysis Discount rate 8.4% - 15.0 10.1 % Equity investments $ 1,988 Precedent Transaction Analysis Original Cost 1.0 1.0 5,160 Comparable Multiples EV/ EBITDA 6.6 - 17.2 12.7 $ 1,165,119 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 6. Debt Subscription Credit Agreement As of June 30, 2023, the Company had a $125,000 credit agreement (the “Subscription Credit Agreement”) with certain lenders party thereto. The Subscription Credit Agreement permits the Company to elect the commitment amount each quarter to borrow up to $125,000, subject to availability under the borrowing base which is calculated based on the unused capital commitments of the investors meeting various eligibility requirements. The interest rate under the Subscription Credit Agreement is equal to the Secured Overnight Funding Rate (“SOFR”) plus 1.975% (subject to a 0.275% SOFR floor). The Company is also required to pay a commitment fee of 0.25% per annum on any unused portion of the Subscription Credit Agreement. The Company also pays an extension fee of 0.05% per quarter on the elected commitment amount on the first day of each calendar quarter. The Subscription Credit Agreement will expire on December 31, 2023. For the six months ended June 30, 2023 and 2022, the average amount of borrowings outstanding under the Subscription Credit Agreement were $67,320 and $54,110, respectively, with a weighted average interest rate of 6.76% and 2.50%, respectively. As of June 30, 2023, the Company had $9,000 outstanding under the Subscription Credit Agreement at a weighted average interest rate of 7.11%. Corporate Credit Facility As of June 30, 2023, the Company had a senior secured revolving credit facility (the “Corporate Credit Facility”), that has a total commitment of $400,000. The Company entered into the Corporate Credit Facility on February 18, 2022. The Corporate Credit Facility’s commitment termination date and the final maturity date are February 18, 2026 and February 18, 2027, respectively. The Corporate Credit Facility also provides for a feature that allows the Company, under certain circumstances, to increase the overall size of the Corporate Credit Facility to a maximum of $550,000. The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus an applicable spread of 2.35% per annum or an “alternate base rate” (as defined in the agreements governing the Corporate Credit Facility) plus an applicable spread of 1.25%. The Company is also required to pay a commitment fee of 0.375% per annum on any unused portion of the Corporate Credit Facility. Under the Corporate Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, and (e) maintaining a ratio of total assets (less total liabilities not representing indebtedness) to total indebtedness of the Company and its consolidated subsidiaries of not less than 1.5:1.0. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Corporate Credit Facility. Amounts available to borrow under the Corporate Credit Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Corporate Credit Facility) that are pledged as collateral. The Corporate Credit Facility is secured by certain assets in the Company’s portfolio and excludes investments held by Kayne Anderson BDC Financing LLC (“KABDCF”) under the Revolving Funding Facility (as defined below). For the six months ended June 30, 2023 and 2022, the average amount of borrowings outstanding under the Corporate Credit Facility was $293,044 and $57,315, respectively, with a weighted average interest rate of 7.06% and 2.91%, respectively. As of June 30, 2023, the Company had $237,000 outstanding under the Corporate Credit Facility at a weighted average interest rate of 7.37%. Revolving Funding Facility As of June 30, 2023, the Company had a senior secured revolving funding facility (the “Revolving Funding Facility”), that has a total commitment of $455,000. The Company and KABDCF entered into the Revolving Funding Facility on February 18, 2022, and on June 29, 2023, amended the facility and increased the commitment amount from $350,000 to $455,000. The interest rate and all other terms remained unchanged. The Revolving Funding Facility is secured by all of the assets held by KABDCF and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility are February 18, 2025 and February 18, 2027, respectively. The interest rate on the Revolving Funding Facility is equal to daily SOFR plus 2.75% per annum. KABDCF is also required to pay a commitment fee of between 0.50% and 1.50% per annum depending on the size of the unused portion of the Revolving Funding Facility. Amounts available to borrow under the Revolving Funding Facility are subject to a borrowing base that applies different advance rates to different types of assets held by KABDCF and is subject to limitations with respect to the loans securing the Revolving Funding Facility, including restrictions on, loan size, industry concentration, payment frequency and status, as well as restrictions on portfolio company leverage, all of which may also affect the borrowing base and therefore amounts available to borrow. The Company and KABDCF are also required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. These covenants are subject to important limitations and exceptions that are described in the agreements governing the Revolving Funding Facility. For the six months ended June 30, 2023 and 2022, the average amount of borrowings outstanding under the Revolving Funding Facility was $268,204 and $110,221, respectively, with a weighted average interest rate of 7.45% and 2.80%, respectively. As of June 30, 2023, the Company had $320,000 outstanding under the Revolving Funding Facility at a weighted average interest rate of 7.80%. Loan and Security Agreement On February 18, 2022, the Company and KABDCF established two new credit facilities (described above) and fully repaid the $150,000 outstanding balance on the Loan and Security Agreement (the “LSA”), which was entered into by KABDCF on February 5, 2021. Advances under the LSA had an interest rate of LIBOR plus 4.25% (subject to a 1.00% LIBOR floor). For the six months ended June 30, 2022, the average amount of borrowings outstanding under the LSA were $41,105 with a weighted average interest rate of 5.25%. Senior Unsecured Notes On June 29, 2023, the Company completed a private placement of $75,000 of senior unsecured notes (the “Notes”). Net proceeds from the offering was used to refinance existing debt and for general corporate purposes. The table below sets forth a summary of the key terms of each series of Notes outstanding at June 30, 2023. Principal Estimated Outstanding Fair Value Fixed June 30, Unamortized June 30, Interest Series 2023 Issuance Costs 2023 Rate Maturity A $ 25,000 $ 291 $ 25,000 8.65 % 6/30/2027 B 50,000 590 50,000 8.74 % 6/30/2028 $ 75,000 $ 881 $ 75,000 Holders of the Notes are entitled to receive cash interest payments semi-annually (on January 30 and July 30) at the fixed rate. As of June 30, 2023, the weighted average interest rate on the outstanding Notes was 8.71%. As of June 30, 2023, the Notes were rated “BBB” by Kroll Bond Rating Agency (“KBRA”). The Company is required to maintain a current rating from one rating agency with respect to the Notes. In the event the Company does not maintain a current rating from a rating agency for a specified period of time or the credit rating on the Notes falls below “BBB-” (a “Below Investment Grade Event”), the interest rate per annum on the Notes will increase by 1.0% during the period the Notes are rated below “BBB-”. In the event the Company’s Secured Debt Ratio exceeds 60% (until June 29, 2024) or 55% (on or after June 29, 2024) (a “Secured Debt Ratio Event”), the interest rate per annum on the Notes will increase by 1.5% during the period the ratio is above stated percentage. If a Below Investment Grade Event and a Secured Debt Ratio Event is continuing at the same time the aggregate increase in interest rate per annum will not exceed 2.0%. The Notes were issued in private placement offerings to institutional investors and are not listed on any exchange or automated quotation system. The Notes contain various covenants related to other indebtedness, liens and limits on the Company’s overall leverage. The Company must maintain a minimum amount of shareholder equity and the Company’s asset coverage ratio must be greater than 150% as of the last business day of each fiscal quarter. The Notes are redeemable in certain circumstances at the option of the Company and may be redeemed under certain circumstances to cure the asset coverage ratio covenant. The Notes are unsecured obligations of the Company and, upon liquidation, dissolution or winding up of the Company, will rank: (1) senior to all of the Company’s outstanding common shares; (2) on parity with any unsecured creditors of the Company and any unsecured senior securities representing indebtedness of the Company; and (3) junior to any secured creditors of the Company. At June 30, 2023, the Company was in compliance with all covenants under the Notes agreements. Debt obligations consisted of the following as of June 30, 2023 and December 31, 2022. June 30, 2023 Aggregate Outstanding Principal Amount Available (1) Net (2) Notes $ 75,000 $ 75,000 $ - $ 74,119 Corporate Credit Facility 400,000 237,000 163,000 234,880 Revolving Funding Facility 455,000 320,000 16,394 317,150 Subscription Credit Agreement 125,000 9,000 116,000 8,937 Total debt $ 1,055,000 $ 641,000 $ 295,394 $ 635,086 (1) The amount available reflects any limitations related to the Credit Facility’s borrowing base as of June 30, 2023. (2) The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility, and Subscription Credit Agreement are presented net of deferred financing costs totaling $5,914. December 31, 2022 Aggregate Outstanding Amount (1) Net (2) Corporate Credit Facility $ 400,000 $ 269,000 $ 131,000 $ 266,483 Revolving Funding Facility 350,000 200,000 21,793 197,173 Subscription Credit Agreement 125,000 108,000 17,000 107,935 Total debt $ 875,000 $ 577,000 $ 169,793 $ 571,591 (1) The amount available reflects any limitations related to the Credit Facility’s borrowing base as of December 31, 2022. (2) The carrying value of the Corporate Credit Facility, Revolving Funding Facility and Subscription Credit Agreement are presented net of deferred financing costs totaling $5,409. For the three and six months ended June 30, 2023 and 2022, the components of interest expense were as follows: For the three months ended June 30, June 30, Interest expense $ 12,409 $ 2,528 Amortization of debt issuance costs 593 486 Total interest expense $ 13,002 $ 3,014 Average interest rate 8.1 % 4.3 % Average borrowings $ 643,780 $ 283,637 For the six months ended June 30, June 30, Interest expense $ 23,341 $ 4,817 Amortization of debt issuance costs 1,184 1,005 Total interest expense $ 24,525 $ 5,822 Average interest rate 7.9 % 4.5 % Average borrowings $ 629,398 $ 262,751 |
Share Transactions
Share Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Share Transactions [Line Items] | |
Share Transactions | Note 7. Share Transactions Common Stock Issuances The following table summarizes the number of common stock shares issued and aggregate proceeds received from such issuances related to the Company’s capital call notices pursuant to subscription agreements with investors for the six months ended June 30, 2023 and 2022. For the six months ended June 30, 2023 Offering Aggregate price per Common stock offering Common stock issue date share shares issued amount April 4, 2023 $ 16.61 3,010,942 $ 50,000 Total common stock issued 3,010,942 $ 50,000 For the six months ended June 30, 2022 Offering Aggregate price per Common stock offering Common stock issue date share shares issued amount January 24, 2022 $ 16.36 4,191,292 $ 68,582 Total common stock issued 4,191,292 $ 68,582 As of June 30, 2023, the Company had subscription agreements with investors for an aggregate capital commitment of $875,188 to purchase shares of common stock. Of this amount, the Company had $257,469 of undrawn commitments as of June 30, 2023. See Note 11 – Subsequent Events. Dividends and Dividend Reinvestment The following table summarizes the dividends declared and payable by the Company for the six months ended June 30, 2023 and 2022. See Note 11 – Subsequent Events. For the six months ended June 30, 2023 Dividend Dividend Dividend record payment per Dividend declaration date date date share March 7, 2023 March 31, 2023 April 14, 2023 $ 0.47 May 10, 2023 June 30, 2023 July 14, 2023 $ 0.53 Total dividends declared $ 1.00 For the six months ended June 30, 2022 Dividend Dividend Dividend record payment per Dividend declaration date date date share April 19, 2022 April 20, 2022 April 26, 2022 $ 0.26 Total dividends declared $ 0.26 The following tables summarize the amounts received and shares of common stock issued to shareholders pursuant to the Company’s dividend reinvestment plan (“DRIP”) for the six months ended June 30, 2023 and 2022. See Note 11 – Subsequent Events. Dividend DRIP payment shares DRIP Dividend record date date issued value December 29, 2022 January 13, 2023 57,860 $ 955 March 31, 2023 April 14, 2023 65,733 $ 1,089 123,593 $ 2,044 Dividend DRIP payment shares DRIP Dividend record date date issued value December 29, 2021 January 18, 2022 55,590 $ 902 April 20, 2022 April 26, 2022 75,270 $ 1,222 130,860 $ 2,124 For the dividend declared on May 10, 2023 and paid on July 14, 2023, there were 81,527 shares issued with a DRIP value of $1,352. These shares are excluded from the table above, as the DRIP shares were issued after June 30, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies The Company had an aggregate of $116,145 and $149,338, respectively, of unfunded commitments to provide debt financing to its portfolio companies as of June 30, 2023 and December 31, 2022. Such commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and certain operational metrics. The commitment period for these amounts may be shorter than the maturity date if drawn or funded. These commitments are not reflected in the Company’s consolidated statement of assets and liabilities. Consequently, such commitments result in an element of credit risk in excess of the amount recognized in the Company’s consolidated statement of assets and liabilities. A summary of the composition of the unfunded commitments as of June 30, 2023 and December 31, 2022 is shown in the table below. As of As of June 30, December 31, Alcami Corporation (Alcami) $ 2,543 $ 2,543 Allcat Claims Service, LLC 5,370 20,106 Allentown, LLC 377 2,040 American Equipment Holdings LLC 2,253 2,956 American Soccer Company, Incorporated (SCORE) 1,774 2,838 Arborworks Acquisition LLC 1,396 1,563 Atria Wealth Solutions, Inc. 2,996 2,996 Basel U.S. Acquisition Co., Inc. (IAC) 1,622 1,622 BCI Burke Holding Corp. 4,659 4,659 BLP Buyer, Inc. (Bishop Lifting Products) 387 1,047 BR PJK Produce, LLC (Keany) 1,429 1,429 Brightview, LLC 2,672 2,904 Centerline Communications, LLC 1,200 1,800 CGI Automated Manufacturing, LLC 1,631 2,717 Curio Brands, LLC 1,776 2,722 DISA Holdings Corp. (DISA) 7,474 7,769 DRS Holdings III, Inc. (Dr. Scholl’s) 310 310 Eastern Wholesale Fence 425 425 EIS Legacy, LLC 3,846 6,539 Fastener Distribution Holdings, LLC - 6,810 FCA, LLC (FCA Packaging) 2,670 2,670 Foundation Consumer Brands 577 577 Fralock Buyer LLC 399 749 Gulf Pacific Holdings, LLC 11,052 13,066 Gusmer Enterprises, Inc. 3,466 3,676 Home Brands Group Holdings, Inc. (ReBath) 2,099 2,099 I.D. Images Acquisition, LLC 2,020 1,424 IF&P Foods, LLC (FreshEdge) 1,639 6,114 Improving Acquisition LLC 1,672 2,028 Krayden Holdings, Inc. 5,436 - Light Wave Dental Management LLC 2,332 6,774 LSL Industries, LLC (LSL Healthcare) 15,224 15,224 MacNeill Pride Group 3,877 2,978 Pavion Corp., f/k/a Corbett Technology Solutions, Inc. 1,634 1,334 PMFC Holding, LLC 137 342 Regiment Security Partners LLC 3,104 3,207 SGA Dental Partners Holdings, LLC 1,724 1,724 Siegel Egg Co., LLC 537 1,207 Techniks Holdings, LLC / Eppinger Holdings Germany GMBH 2,500 - Trademark Global LLC 954 240 United Safety & Survivability Corporation (USSC) 2,809 2,942 Universal Marine Medical Supply International, LLC (Unimed) 2,035 2,035 USALCO, LLC 1,081 1,462 Vehicle Accessories, Inc. 1,671 1,671 Worldwide Produce Acquisition, LLC 1,356 - Total unfunded commitments $ 116,145 $ 149,338 From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2023 and December 31, 2022, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9. Earnings Per Share In accordance with the provisions of ASC Topic 260, Earnings per Share The following table sets forth the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2023 and 2022. For the three months ended For the six months ended June 30, June 30, June 30, June 30, Net increase (decrease) in net assets resulting from operations $ 21,002 $ 7,462 $ 40,409 $ 13,191 Weighted average shares of common stock outstanding - basic and diluted 38,905,173 23,529,376 37,425,525 22,964,415 Earnings (loss) per share of common stock - basic and diluted $ 0.54 $ 0.32 $ 1.08 $ 0.57 |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2023 | |
Financial Highlights [Line Items] | |
Financial Highlights | Note 10. Financial Highlights The following per share of common stock data has been derived from information provided in the unaudited financial statements. The following is a schedule of financial highlights for the six months ended June 30, 2023 and 2022. For the six months ended June 30, Per Common Share Operating Performance (1) 2023 (amounts in 2022 (amounts in Net Asset Value, Beginning of Period $ 16.50 $ 16.22 Results of Operations: Net Investment Income 1.10 0.58 Net Realized and Unrealized Gain (Loss) on Investments (2) (0.02 ) 0.01 Net Increase (Decrease) in Net Assets Resulting from Operations 1.08 0.59 Distributions to Common Stockholders Distributions (1.00 ) (0.26 ) Net Decrease in Net Assets Resulting from Distributions (1.00 ) (0.26 ) Net Asset Value, End of Period $ 16.58 $ 16.55 Shares Outstanding, End of Period 39,013,826 23,550,054 Ratio/Supplemental Data Net assets, end of period $ 646,926 $ 389,763 Weighted-average shares outstanding 37,425,525 22,964,415 Total Return (3) 6.6 % 3.6 % Portfolio turnover 5.1 % 6.9 % Ratio of operating expenses to average net assets 11.9 % 6.4 % Ratio of net investment income (loss) to average net assets 13.5 % 7.4 % (1) The per common share data was derived by using weighted average shares outstanding. (2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period. For the six months ended June 30, 2023 and 2022, such share transactions include the effect of share issuances of $0.00 and $0.01 per share, respectively. During the period, shares were issued at prices that reflect the aggregate amount of the Company’s initial organizational and offering expenses. As a result, investors subscribing after the initial capital call are allocated organizational expenses consistently with all stockholders. (3) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events The Company’s management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except as described below. On July 14, 2023, the Company paid a distribution of $0.53 per share to each common stockholder of record as of June 30, 2023. The total distribution was $20,678 and $1,352 was reinvested into the Company through the purchase of 81,527 shares of common stock. On August 8, 2023, the Company sold 2,411,582 shares of its common stock for a total aggregate offering price of $40,575. No underwriting discounts or commissions have been or will be paid in connection with the sale of such shares of common stock. This issuance of the common stock is exempt from the registration requirements of the Securities Act of 1933, as amended, (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relied, in part, upon representations from the stockholders in the subscription agreements that each stockholder was an accredited investor as defined in Regulation D under the Securities Act. As of August 10, 2023, the Company has subscription agreements with investors for an aggregate capital commitment of $887,003 to purchase shares of common stock ($228,709 is undrawn). On August 10, 2023, the Board declared a distribution of $0.53 per share to each common stockholder of record as of September 29, 2023. The distribution will be paid on October 13, 2023. On August 10, 2023, the Board accepted James C. Baker, Jr.’s resignation as Chief Executive Officer and elected Douglas L. Goodwillie and Kenneth B. Leonard as Co-Chief Executive Officers, effective August 16, 2023. Mr. Baker’s resignation was not due to any disagreement with the Company on any matter relating to its operations, policies or practices. Mr. Goodwillie and Mr. Leonard have served as Co-Chief Investment Officers of the Company since inception. Additional information regarding Mr. Goodwillie’s and Mr. Leonard’s business experience is available in the Company’s annual proxy statement, which was filed with the SEC on April 26, 2023. For purposes of SEC disclosure requirements, we note the following: There is no arrangement or understanding between Mr. Goodwillie or Mr. Leonard and any other persons pursuant to which either Mr. Goodwillie or Mr. Leonard was selected as an officer. There are no family relationships between Mr. Goodwillie or Mr. Leonard and any director, executive officer or person nominated or chosen by the Company to become an executive officer of the Company within the meaning of Item 401(d) of Regulation S-K under the U.S. Securities Act of 1933 (“Regulation S-K”). Since the beginning of the Company’s last fiscal year, the Company has not engaged in any transaction in which Mr. Goodwillie or Mr. Leonard had a direct or indirect material interest within the meaning of Item 404(a) of Regulation S-K. |
N-2
N-2 - $ / shares | 6 Months Ended | ||||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | ||
Cover [Abstract] | |||||
Entity Central Index Key | 0001747172 | ||||
Amendment Flag | false | ||||
Securities Act File Number | 814-01363 | ||||
Document Type | 10-Q | ||||
Entity Registrant Name | Kayne Anderson BDC, Inc. | ||||
Entity Address, Address Line One | 811 Main Street | ||||
Entity Address, Address Line Two | 14th Floor | ||||
Entity Address, City or Town | Houston | ||||
Entity Address, State or Province | TX | ||||
Entity Address, Postal Zip Code | 77002 | ||||
City Area Code | (713) | ||||
Local Phone Number | 493-2020 | ||||
Entity Emerging Growth Company | true | ||||
Entity Ex Transition Period | false | ||||
General Description of Registrant [Abstract] | |||||
Risk Factors [Table Text Block] | Item 1A. Risk Factors. In addition to the other information set forth in this report, you should carefully consider the risk factors described below and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 are not the only risks facing us. 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. Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us. The financial markets recently have encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks, which may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors, some banks have already been impacted and others may be materially and adversely impacted. Our business is dependent on bank relationships and we are proactively monitoring the financial health of such bank relationships. Continued strain on the banking system may adversely impact our business, financial condition and results of operations. | ||||
NAV Per Share | [1] | $ 16.58 | $ 16.5 | $ 16.55 | $ 16.22 |
[1] The per common share data was derived by using weighted average shares outstanding. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | A. Basis of Presentation |
Consolidation | B. Consolidation , |
Use of Estimates | C. Use of Estimates |
Cash and Cash Equivalents | D. Cash and Cash Equivalents |
Investment Valuation, Fair Value | E. Investment Valuation, Fair Value Fair Value Measurement and Disclosures Pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors has designated the Advisor as the “valuation designee” to perform fair value determinations of the Company’s portfolio holdings, subject to oversight by and periodic reporting to the Board. The valuation designee performs fair valuation of the Company’s portfolio holdings in accordance with the Company’s Valuation Program, as approved by the Board. Traded Investments (Level 1 or Level 2) Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of the Company’s Advisor, fair market value will be determined using the Advisor’s valuation process for investments that are privately issued or otherwise restricted as to resale. The Company may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While the Company anticipates these equity securities to be issued by privately held companies, the Company may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. (“NASDAQ”) are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices. Non-Traded Investments (Level 3) Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of the Company’s Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of the Company’s Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. The Company expects that a significant majority of its investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for the Company’s Level 3 investments: ● Valuation Designee ● Valuation Firm ● Oversight . Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company’s financial statements will express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s financial statements. |
Interest Income Recognition | F. Interest Income Recognition no Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, principal and interest are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection. As of June 30, 2023 and December 31, 2022, the Company did not have any investments in portfolio companies on non-accrual status. |
Debt Issuance Costs | G. Debt Issuance Costs |
Dividends to Common Stockholders | H. Dividends to Common Stockholders |
Organizational Costs | I. Organizational Costs |
Offering Costs | J. Offering Costs |
Income Taxes | K. Income Taxes The Company must pay distributions equal to 90% of its investment company taxable income (ordinary income and short-term capital gains) to qualify as a RIC and it must distribute all of its taxable income (ordinary income, short-term capital gains and long-term capital gains) to avoid federal income taxes. The Company will be subject to federal income tax on any undistributed portion of income. For purposes of the distribution test, the Company may elect to treat as paid on the last day of its taxable year all or part of any distributions that are declared after the end of its taxable year if such distributions are declared before the due date of its tax return, including any extensions. All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax. A distribution will be treated as paid during the calendar year if it is paid during the calendar year or declared by the Company in October, November or December of such year, payable to stockholders of record on a date during such months and paid by the Company no later than January of the following year. Any such distributions paid during January of the following year will be deemed to be received by stockholders on December 31 of the year the distributions are declared, rather than when the distributions are actually received. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. |
Commitments and Contingencies | L. Commitments and Contingencies |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments [Abstract] | |
Schedule of Investment Portfolio at Amortized Cost and Fair Value | The following table presents the composition of the Company’s investment portfolio at amortized cost and fair value June 30, 2023 December 31, 2022 Amortized Fair Amortized Fair Cost Value Cost Value First-lien senior secured debt investments $ 1,260,790 $ 1,276,048 $ 1,141,538 $ 1,157,971 Equity investments 6,437 7,903 6,250 7,148 Short-term investments 15,094 15,094 9,847 9,847 Total Investments $ 1,282,321 $ 1,299,045 $ 1,157,635 $ 1,174,966 |
Schedule of Composition of Long-Term Investments Based On Fair Value | The industry composition of long-term investments based on fair value June 30, December 31, Trading companies & distributors 13.6 % 12.9 % Commercial services & supplies 12.0 % 11.9 % Food products 10.6 % 10.9 % Health care providers & services 8.4 % 9.8 % Professional services 5.0 % 5.5 % Aerospace & defense 4.3 % 4.1 % IT services 4.1 % 3.9 % Machinery 4.0 % 2.2 % Containers & packaging 3.8 % 4.5 % Textiles, apparel & luxury goods 3.7 % 4.1 % Leisure products 3.6 % 2.3 % Personal care products 3.1 % 1.7 % Chemicals 2.9 % 2.9 % Software 2.7 % 3.0 % Diversified telecommunication services 2.3 % 2.6 % Wireless telecommunication services 2.3 % 2.5 % Insurance 2.3 % 1.3 % Automobile components 2.2 % 2.3 % Building products 1.7 % 3.4 % Household durables 1.6 % 1.8 % Health care equipment & supplies 1.6 % 1.8 % Household products 1.4 % 1.6 % Biotechnology 0.9 % 1.0 % Specialty retail 0.7 % 0.7 % Pharmaceuticals 0.6 % 0.6 % Capital Markets 0.4 % - % Electronic equipment, instruments & components 0.2 % 0.3 % Asset management & custody banks - % 0.4 % Total 100.0 % 100.0 % |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy of Investments | The following tables present the fair value hierarchy of investments Fair Value Hierarchy as of June 30, 2023 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 1,276,048 $ 1,276,048 Equity investments - - 7,903 7,903 Short-term investments 15,094 - - 15,094 Total Investments $ 15,094 $ - $ 1,283,951 $ 1,299,045 Fair Value Hierarchy as of December 31, 2022 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 1,157,971 $ 1,157,971 Equity investments - - 7,148 7,148 Short-term investments 9,847 - - 9,847 Total Investments $ 9,847 $ - $ 1,165,119 $ 1,174,966 |
Schedule of Fair Value of Investments for Which Level 3 Inputs | The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2023 and 2022. First-lien senior secured Private debt equity For the three months ended June 30, 2023 investments investments Total Fair value, beginning of period $ 1,247,020 $ 7,339 $ 1,254,359 Purchases of investments 74,232 187 74,419 Proceeds from sales of investments and principal repayments (46,298 ) - (46,298 ) Net change in unrealized gain (loss) (1,108 ) 377 (731 ) Net realized gain (loss) - - - Net accretion of discount on investments 2,202 - 2,202 Transfers into (out of) Level 3 - - - Fair value, end of period $ 1,276,048 $ 7,903 $ 1,283,951 First-lien senior secured Private debt equity For the three months ended June 30, 2022 investments investments Total Fair value, beginning of period $ 616,067 $ 1,000 $ 617,067 Purchases of investments 114,678 250 114,928 Proceeds from sales of investments and principal repayments (15,615 ) - (15,615 ) Net change in unrealized gain (loss) 189 133 322 Net realized gain (loss) - - - Net accretion of discount on investments 1,262 - 1,262 Transfers into (out of) Level 3 - - - Fair value, end of period $ 716,581 $ 1,383 $ 717,964 First-lien senior secured Private debt Equity For the six months ended June 30, 2023 investments investments Total Fair value, beginning of period $ 1,157,971 $ 7,148 $ 1,165,119 Purchases of investments 178,477 187 178,664 Proceeds from sales of investments and principal repayments (63,543 ) - (63,543 ) Net change in unrealized gain (loss) (1,174 ) 568 (606 ) Net realized gain (loss) - - - Net accretion of discount on investments 4,317 - 4,317 Transfers into (out of) Level 3 - - - Fair value, end of period $ 1,276,048 $ 7,903 $ 1,283,951 First-lien senior secured Private debt Equity For the six months ended June 30, 2022 investments investments Total Fair value, beginning of period $ 578,195 $ 250 $ 578,445 Purchases of investments 180,452 1,000 181,452 Proceeds from sales of investments and principal repayments (43,777 ) - (43,777 ) Net change in unrealized gain (loss) (323 ) 133 (190 ) Net realized gain (loss) 23 - 23 Net accretion of discount on investments 2,011 - 2,011 Transfers into (out of) Level 3 - - - Fair value, end of period $ 716,581 $ 1,383 $ 717,964 |
Schedule of Significant Unobservable Inputs of Level 3 Investments | The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments As of June 30, 2023 Valuation Unobservable Weighted Fair Value Technique Input Range Average First-lien senior secured debt investments $ 1,276,048 Discounted cash flow analysis Discount rate 7.8% - 15.1% 10.4 % Equity investments $ 7,903 Precedent Transaction Analysis Original cost 1.0 1.0 Comparable Multiples EV / EBITDA 6.4 - 17.2 11.8 $ 1,283,951 As of December 31, 2022 Valuation Unobservable Weighted Fair Value Technique Input Range Average First-lien senior secured debt investments $ 1,157,971 Discounted cash flow analysis Discount rate 8.4% - 15.0 10.1 % Equity investments $ 1,988 Precedent Transaction Analysis Original Cost 1.0 1.0 5,160 Comparable Multiples EV/ EBITDA 6.6 - 17.2 12.7 $ 1,165,119 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Key Terms of Each Series of Notes Outstanding | The table below sets forth a summary of the key terms of each series of Notes outstanding Principal Estimated Outstanding Fair Value Fixed June 30, Unamortized June 30, Interest Series 2023 Issuance Costs 2023 Rate Maturity A $ 25,000 $ 291 $ 25,000 8.65 % 6/30/2027 B 50,000 590 50,000 8.74 % 6/30/2028 $ 75,000 $ 881 $ 75,000 |
Schedule of Debt Obligations | Debt obligations consisted of the following June 30, 2023 Aggregate Outstanding Principal Amount Available (1) Net (2) Notes $ 75,000 $ 75,000 $ - $ 74,119 Corporate Credit Facility 400,000 237,000 163,000 234,880 Revolving Funding Facility 455,000 320,000 16,394 317,150 Subscription Credit Agreement 125,000 9,000 116,000 8,937 Total debt $ 1,055,000 $ 641,000 $ 295,394 $ 635,086 (1) The amount available reflects any limitations related to the Credit Facility’s borrowing base as of June 30, 2023. (2) The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility, and Subscription Credit Agreement are presented net of deferred financing costs totaling $5,914. December 31, 2022 Aggregate Outstanding Amount (1) Net (2) Corporate Credit Facility $ 400,000 $ 269,000 $ 131,000 $ 266,483 Revolving Funding Facility 350,000 200,000 21,793 197,173 Subscription Credit Agreement 125,000 108,000 17,000 107,935 Total debt $ 875,000 $ 577,000 $ 169,793 $ 571,591 (1) The amount available reflects any limitations related to the Credit Facility’s borrowing base as of December 31, 2022. (2) The carrying value of the Corporate Credit Facility, Revolving Funding Facility and Subscription Credit Agreement are presented net of deferred financing costs totaling $5,409. |
Schedule of Components of Interest Expense | the components of interest expense were as follows: For the three months ended June 30, June 30, Interest expense $ 12,409 $ 2,528 Amortization of debt issuance costs 593 486 Total interest expense $ 13,002 $ 3,014 Average interest rate 8.1 % 4.3 % Average borrowings $ 643,780 $ 283,637 For the six months ended June 30, June 30, Interest expense $ 23,341 $ 4,817 Amortization of debt issuance costs 1,184 1,005 Total interest expense $ 24,525 $ 5,822 Average interest rate 7.9 % 4.5 % Average borrowings $ 629,398 $ 262,751 |
Share Transactions (Tables)
Share Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share Transactions (Tables) [Line Items] | |
Schedule of Common Stock Shares Issued and Aggregate Proceeds | The following table summarizes the number of common stock shares issued and aggregate proceeds received from such issuances related to the Company’s capital call notices pursuant to subscription agreements with investors For the six months ended June 30, 2023 Offering Aggregate price per Common stock offering Common stock issue date share shares issued amount April 4, 2023 $ 16.61 3,010,942 $ 50,000 Total common stock issued 3,010,942 $ 50,000 For the six months ended June 30, 2022 Offering Aggregate price per Common stock offering Common stock issue date share shares issued amount January 24, 2022 $ 16.36 4,191,292 $ 68,582 Total common stock issued 4,191,292 $ 68,582 |
Schedule of Dividends Declared and Payable | The following table summarizes the dividends declared and payable by the Company For the six months ended June 30, 2023 Dividend Dividend Dividend record payment per Dividend declaration date date date share March 7, 2023 March 31, 2023 April 14, 2023 $ 0.47 May 10, 2023 June 30, 2023 July 14, 2023 $ 0.53 Total dividends declared $ 1.00 For the six months ended June 30, 2022 Dividend Dividend Dividend record payment per Dividend declaration date date date share April 19, 2022 April 20, 2022 April 26, 2022 $ 0.26 Total dividends declared $ 0.26 |
Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder | The following tables summarize the amounts received and shares of common stock issued to shareholders pursuant to the Company’s dividend reinvestment plan (“DRIP”) for the six months ended June 30, 2023 and 2022. See Note 11 – Subsequent Events. Dividend DRIP payment shares DRIP Dividend record date date issued value December 29, 2022 January 13, 2023 57,860 $ 955 March 31, 2023 April 14, 2023 65,733 $ 1,089 123,593 $ 2,044 Dividend DRIP payment shares DRIP Dividend record date date issued value December 29, 2021 January 18, 2022 55,590 $ 902 April 20, 2022 April 26, 2022 75,270 $ 1,222 130,860 $ 2,124 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Composition of the Unfunded Commitments | A summary of the composition of the unfunded commitments as of June 30, 2023 and December 31, 2022 is shown in the table below. As of As of June 30, December 31, Alcami Corporation (Alcami) $ 2,543 $ 2,543 Allcat Claims Service, LLC 5,370 20,106 Allentown, LLC 377 2,040 American Equipment Holdings LLC 2,253 2,956 American Soccer Company, Incorporated (SCORE) 1,774 2,838 Arborworks Acquisition LLC 1,396 1,563 Atria Wealth Solutions, Inc. 2,996 2,996 Basel U.S. Acquisition Co., Inc. (IAC) 1,622 1,622 BCI Burke Holding Corp. 4,659 4,659 BLP Buyer, Inc. (Bishop Lifting Products) 387 1,047 BR PJK Produce, LLC (Keany) 1,429 1,429 Brightview, LLC 2,672 2,904 Centerline Communications, LLC 1,200 1,800 CGI Automated Manufacturing, LLC 1,631 2,717 Curio Brands, LLC 1,776 2,722 DISA Holdings Corp. (DISA) 7,474 7,769 DRS Holdings III, Inc. (Dr. Scholl’s) 310 310 Eastern Wholesale Fence 425 425 EIS Legacy, LLC 3,846 6,539 Fastener Distribution Holdings, LLC - 6,810 FCA, LLC (FCA Packaging) 2,670 2,670 Foundation Consumer Brands 577 577 Fralock Buyer LLC 399 749 Gulf Pacific Holdings, LLC 11,052 13,066 Gusmer Enterprises, Inc. 3,466 3,676 Home Brands Group Holdings, Inc. (ReBath) 2,099 2,099 I.D. Images Acquisition, LLC 2,020 1,424 IF&P Foods, LLC (FreshEdge) 1,639 6,114 Improving Acquisition LLC 1,672 2,028 Krayden Holdings, Inc. 5,436 - Light Wave Dental Management LLC 2,332 6,774 LSL Industries, LLC (LSL Healthcare) 15,224 15,224 MacNeill Pride Group 3,877 2,978 Pavion Corp., f/k/a Corbett Technology Solutions, Inc. 1,634 1,334 PMFC Holding, LLC 137 342 Regiment Security Partners LLC 3,104 3,207 SGA Dental Partners Holdings, LLC 1,724 1,724 Siegel Egg Co., LLC 537 1,207 Techniks Holdings, LLC / Eppinger Holdings Germany GMBH 2,500 - Trademark Global LLC 954 240 United Safety & Survivability Corporation (USSC) 2,809 2,942 Universal Marine Medical Supply International, LLC (Unimed) 2,035 2,035 USALCO, LLC 1,081 1,462 Vehicle Accessories, Inc. 1,671 1,671 Worldwide Produce Acquisition, LLC 1,356 - Total unfunded commitments $ 116,145 $ 149,338 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share of Common Stock | The following table sets forth the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2023 and 2022. For the three months ended For the six months ended June 30, June 30, June 30, June 30, Net increase (decrease) in net assets resulting from operations $ 21,002 $ 7,462 $ 40,409 $ 13,191 Weighted average shares of common stock outstanding - basic and diluted 38,905,173 23,529,376 37,425,525 22,964,415 Earnings (loss) per share of common stock - basic and diluted $ 0.54 $ 0.32 $ 1.08 $ 0.57 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Financial Highlights (Tables) [Line Items] | |
Schedule of Financial Highlights | The following per share of common stock data has been derived from information provided in the unaudited financial statements. For the six months ended June 30, Per Common Share Operating Performance (1) 2023 (amounts in 2022 (amounts in Net Asset Value, Beginning of Period $ 16.50 $ 16.22 Results of Operations: Net Investment Income 1.10 0.58 Net Realized and Unrealized Gain (Loss) on Investments (2) (0.02 ) 0.01 Net Increase (Decrease) in Net Assets Resulting from Operations 1.08 0.59 Distributions to Common Stockholders Distributions (1.00 ) (0.26 ) Net Decrease in Net Assets Resulting from Distributions (1.00 ) (0.26 ) Net Asset Value, End of Period $ 16.58 $ 16.55 Shares Outstanding, End of Period 39,013,826 23,550,054 Ratio/Supplemental Data Net assets, end of period $ 646,926 $ 389,763 Weighted-average shares outstanding 37,425,525 22,964,415 Total Return (3) 6.6 % 3.6 % Portfolio turnover 5.1 % 6.9 % Ratio of operating expenses to average net assets 11.9 % 6.4 % Ratio of net investment income (loss) to average net assets 13.5 % 7.4 % (1) The per common share data was derived by using weighted average shares outstanding. (2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period. For the six months ended June 30, 2023 and 2022, such share transactions include the effect of share issuances of $0.00 and $0.01 per share, respectively. During the period, shares were issued at prices that reflect the aggregate amount of the Company’s initial organizational and offering expenses. As a result, investors subscribing after the initial capital call are allocated organizational expenses consistently with all stockholders. (3) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized. |
Organization (Details)
Organization (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Organization [Abstract] | |
Aggregate capital commitment amount | $ 875,188 |
Significant Accounting Polici_2
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
Investments percentage | 25% | |
PIK interest (in Dollars) | $ 1,035 | |
Aggregate interest income | 1.30% | |
Distributions percentage | 90% | |
Non-deductible excise tax, description | All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax. |
Agreements and Related Party _2
Agreements and Related Party Transactions (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Dec. 18, 2018 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Agreements and Related Party Transactions [Line Items] | |||||
Base management fee annual rate | 1.50% | ||||
Fair market value in percentage | 1% | ||||
Incurred base management fees | $ 2,848 | $ 1,498 | $ 5,533 | $ 2,824 | |
Pre-incentive fee net investment income preferred return | 1.50% | ||||
Pre-incentive fee net investment income annual preferred return | 6% | ||||
Incentive fee on income description | ●Prior to an Exchange Listing: 100% of our pre-incentive fee net investment income for the immediately preceding calendar quarter in excess of 1.50% of the Company’s NAV at the end of the immediately preceding calendar quarter until the Advisor has received 10% of the total pre-incentive fee net income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.6667%, 10% of all remaining pre-incentive fee net investment income for that quarter. ● After an Exchange Listing: 100% of the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter in excess of 1.50% of the Company’s NAV at the end of the immediately preceding calendar quarter until the Advisor has received 15% of the total pre-incentive fee net income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.7647%, 15% of all remaining pre-incentive fee net investment income for that quarter. | ||||
Incentive fees | 2,420 | 775 | $ 4,558 | 1,730 | |
Incentive fee on capital gains | 2 | ||||
Incentive fee expense excluding capital gain | $ 1,728 | ||||
Equity contribution amount | $ 10 | ||||
Agreement [Member] | |||||
Agreements and Related Party Transactions [Line Items] | |||||
Incentive fees | $ 2,420 | ||||
Base Management Fee [Member] | |||||
Agreements and Related Party Transactions [Line Items] | |||||
Base management fee annual rate | 0.90% | ||||
Prior to an Exchange Listing [Member] | |||||
Agreements and Related Party Transactions [Line Items] | |||||
Capital gains percentage | 10% | ||||
After an Exchange Listing [Member] | |||||
Agreements and Related Party Transactions [Line Items] | |||||
Capital gains percentage | 15% |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Non-qualifying assets | $ 70,791 | $ 45,901 |
Investments (Details) - Schedul
Investments (Details) - Schedule of Investment Portfolio at Amortized Cost and Fair Value - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Servicing Asset at Amortized Cost [Line Items] | ||
Total Investments, Amortized Cost | $ 1,282,321 | $ 1,157,635 |
Total Investments, Fair Value | 1,299,045 | 1,174,966 |
First-lien senior secured debt investments [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Total Investments, Amortized Cost | 1,260,790 | 1,141,538 |
Total Investments, Fair Value | 1,276,048 | 1,157,971 |
Equity investments [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Total Investments, Amortized Cost | 6,437 | 6,250 |
Total Investments, Fair Value | 7,903 | 7,148 |
Short-term investments [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Total Investments, Amortized Cost | 15,094 | 9,847 |
Total Investments, Fair Value | $ 15,094 | $ 9,847 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Composition of Long-Term Investments Based On Fair Value | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 100% | 100% |
Trading companies & distributors [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 13.60% | 12.90% |
Commercial services & supplies [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 12% | 11.90% |
Food products [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 10.60% | 10.90% |
Health care providers & services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 8.40% | 9.80% |
Professional services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 5% | 5.50% |
Aerospace & defense [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 4.30% | 4.10% |
IT services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 4.10% | 3.90% |
Machinery [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 4% | 2.20% |
Containers & packaging [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 3.80% | 4.50% |
Textiles, apparel & luxury goods [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 3.70% | 4.10% |
Leisure products [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 3.60% | 2.30% |
Personal Care Products [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 3.10% | 1.70% |
Chemicals [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 2.90% | 2.90% |
Software [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 2.70% | 3% |
Diversified telecommunication services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 2.30% | 2.60% |
Wireless telecommunication services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 2.30% | 2.50% |
Insurance [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 2.30% | 1.30% |
Automobile components [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 2.20% | 2.30% |
Building products [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 1.70% | 3.40% |
Household durables [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 1.60% | 1.80% |
Health care equipment & supplies [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 1.60% | 1.80% |
Household products [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 1.40% | 1.60% |
Biotechnology [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 0.90% | 1% |
Specialty retail [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 0.70% | 0.70% |
Pharmaceuticals [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 0.60% | 0.60% |
Capital Markets [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 0.40% | |
Electronic equipment, instruments & components [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 0.20% | 0.30% |
Asset management & custody banks [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 0.40% |
Fair Value (Details) - Schedule
Fair Value (Details) - Schedule of Fair Value Hierarchy of Investments - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
First-lien senior secured debt investments | $ 1,276,048 | $ 1,157,971 |
Equity investments | 7,903 | 7,148 |
Short-term investments | 15,094 | 9,847 |
Total Investments | 1,299,045 | 1,174,966 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
First-lien senior secured debt investments | ||
Equity investments | ||
Short-term investments | 15,094 | 9,847 |
Total Investments | 15,094 | 9,847 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
First-lien senior secured debt investments | ||
Equity investments | ||
Short-term investments | ||
Total Investments | ||
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
First-lien senior secured debt investments | 1,276,048 | 1,157,971 |
Equity investments | 7,903 | 7,148 |
Short-term investments | ||
Total Investments | $ 1,283,951 | $ 1,165,119 |
Fair Value (Details) - Schedu_2
Fair Value (Details) - Schedule of Fair Value of Investments for Which Level 3 Inputs - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, beginning of period | $ 1,254,359 | $ 617,067 | $ 1,165,119 | $ 578,445 |
Purchases of investments | 74,419 | 114,928 | 178,664 | 181,452 |
Proceeds from sales of investments and principal repayments | (46,298) | (15,615) | (63,543) | (43,777) |
Net change in unrealized gain (loss) | (731) | 322 | (606) | (190) |
Net realized gain (loss) | 23 | |||
Net accretion of discount on investments | 2,202 | 1,262 | 4,317 | 2,011 |
Transfers into (out of) Level 3 | ||||
Fair value, end of period | 1,283,951 | 717,964 | 1,283,951 | 717,964 |
First-lien senior secured debt investments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, beginning of period | 1,247,020 | 616,067 | 1,157,971 | 578,195 |
Purchases of investments | 74,232 | 114,678 | 178,477 | 180,452 |
Proceeds from sales of investments and principal repayments | (46,298) | (15,615) | (63,543) | (43,777) |
Net change in unrealized gain (loss) | (1,108) | 189 | (1,174) | (323) |
Net realized gain (loss) | 23 | |||
Net accretion of discount on investments | 2,202 | 1,262 | 4,317 | 2,011 |
Transfers into (out of) Level 3 | ||||
Fair value, end of period | 1,276,048 | 716,581 | 1,276,048 | 716,581 |
Private equity investments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair value, beginning of period | 7,339 | 1,000 | 7,148 | 250 |
Purchases of investments | 187 | 250 | 187 | 1,000 |
Proceeds from sales of investments and principal repayments | ||||
Net change in unrealized gain (loss) | 377 | 133 | 568 | 133 |
Net realized gain (loss) | ||||
Net accretion of discount on investments | ||||
Transfers into (out of) Level 3 | ||||
Fair value, end of period | $ 7,903 | $ 1,383 | $ 7,903 | $ 1,383 |
Fair Value (Details) - Schedu_3
Fair Value (Details) - Schedule of Significant Unobservable Inputs of Level 3 Investments - Level 3 [Member] $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value (in Dollars) | $ 1,283,951 | $ 1,165,119 |
First-lien senior secured debt investments | Discounted cash flow analysis | Discount rate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value (in Dollars) | $ 1,276,048 | $ 1,157,971 |
Unobservable Input | Discount rate | Discount rate |
Valuation Technique | Discounted cash flow analysis | Discounted cash flow analysis |
First-lien senior secured debt investments | Discounted cash flow analysis | Minimum [Member] | Discount rate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Range | 7.80% | 8.40% |
First-lien senior secured debt investments | Discounted cash flow analysis | Maximum [Member] | Discount rate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Range | 15.10% | 15% |
First-lien senior secured debt investments | Discounted cash flow analysis | Weighted Average [Member] | Discount rate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Weighted Average | 10.40% | 10.10% |
Equity investments [Member] | Precedent Transaction Analysis [Member] | Original cost [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value (in Dollars) | $ 7,903 | $ 1,988 |
Unobservable Input | Original cost | Original Cost |
Valuation Technique | Precedent Transaction Analysis | Precedent Transaction Analysis |
Range | 1 | 1 |
Equity investments [Member] | Precedent Transaction Analysis [Member] | Weighted Average [Member] | Original cost [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Weighted Average | 1 | 1 |
Equity investments [Member] | Comparable Multiples [Member] | EV / EBITDA [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value (in Dollars) | $ 5,160 | |
Unobservable Input | EV / EBITDA | EV/ EBITDA |
Valuation Technique | Comparable Multiples | Comparable Multiples |
Equity investments [Member] | Comparable Multiples [Member] | Minimum [Member] | EV / EBITDA [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Range | 6.4 | 6.6 |
Equity investments [Member] | Comparable Multiples [Member] | Maximum [Member] | EV / EBITDA [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Range | 17.2 | 17.2 |
Equity investments [Member] | Comparable Multiples [Member] | Weighted Average [Member] | EV / EBITDA [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Weighted Average | 11.8 | 12.7 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jun. 29, 2023 | Feb. 18, 2022 | |
Debt [Line Items] | |||||
Credit agreement amount (in Dollars) | $ 75,000 | ||||
Subject to availability amount (in Dollars) | $ 125,000 | ||||
SOFR plus percentage | 2.75% | ||||
Commitment fee percentage | 0.25% | ||||
Extension fee percentage | 0.05% | ||||
Weighted average interest rate | 7.06% | 2.91% | |||
Total commitment amount (in Dollars) | $ 400,000 | ||||
Credit Facility amount (in Dollars) | 641,000 | $ 577,000 | |||
Outstanding amount (in Dollars) | $ 237,000 | ||||
outstanding balance on the loan (in Dollars) | $ 150,000 | ||||
Outstanding notes, weighted average interest rate | 8.71% | ||||
Line of Credit Facility, Interest Rate During Period | 1% | ||||
Increase interest rate percentage | 1.50% | ||||
Aggregate interest threshold | 2% | ||||
Asset coverage ratio | 150% | ||||
Private Placement [Member] | |||||
Debt [Line Items] | |||||
Senior unsecured notes (in Dollars) | $ 75,000 | ||||
Until June 29, 2024 [Member] | |||||
Debt [Line Items] | |||||
Secured Debt Ratio percentage | 60% | ||||
After June 29 2024 [Member] | |||||
Debt [Line Items] | |||||
Secured Debt Ratio threshold | 55% | ||||
Corporate Credit Facility [Member] | |||||
Debt [Line Items] | |||||
Credit agreement amount (in Dollars) | $ 125,000 | ||||
Weighted average interest rate | 7.37% | ||||
Interest rate description | The interest rate on the Corporate Credit Facility is equal to Term SOFR (a forward-looking rate based on SOFR futures) plus an applicable spread of 2.35% per annum or an “alternate base rate” (as defined in the agreements governing the Corporate Credit Facility) plus an applicable spread of 1.25%. | ||||
Credit Facility amount (in Dollars) | $ 293,044 | $ 57,315 | |||
Corporate Credit Facility [Member] | Maximum [Member] | |||||
Debt [Line Items] | |||||
Credit Facility amount (in Dollars) | $ 550,000 | ||||
Subscription Credit Agreement [Member] | |||||
Debt [Line Items] | |||||
SOFR plus percentage | 1.975% | ||||
SOFR floor percentage | 0.275% | ||||
Average borrowings outstanding (in Dollars) | $ 67,320 | $ 54,110 | |||
Weighted average interest rate | 6.76% | 2.50% | |||
Commitment fee percentage | 0.375% | ||||
Credit Facility amount (in Dollars) | $ 9,000 | 108,000 | |||
Subscription Credit Agreement [Member] | Borrowings [Member] | |||||
Debt [Line Items] | |||||
Weighted average interest rate | 7.11% | ||||
Outstanding Amount (in Dollars) | $ 9,000 | ||||
Revolving Funding Facility [Member] | |||||
Debt [Line Items] | |||||
SOFR plus percentage | 7.45% | 2.80% | |||
Average borrowings outstanding (in Dollars) | $ 268,204 | $ 110,221 | |||
Weighted average interest rate | 7.80% | ||||
Total commitment amount (in Dollars) | $ 455,000 | ||||
Revolving Funding Facility [Member] | Maximum [Member] | |||||
Debt [Line Items] | |||||
Total commitment amount (in Dollars) | $ 455,000 | ||||
Commitment fee percentage | 1.50% | ||||
Revolving Funding Facility [Member] | Minimum [Member] | |||||
Debt [Line Items] | |||||
Total commitment amount (in Dollars) | $ 350,000 | ||||
Commitment fee percentage | 0.50% | ||||
Revolving Funding Facility [Member] | Borrowings [Member] | |||||
Debt [Line Items] | |||||
Average borrowings outstanding (in Dollars) | $ 320,000 | ||||
Loan and Security Agreement [Member] | |||||
Debt [Line Items] | |||||
SOFR plus percentage | 5.25% | ||||
Average borrowings outstanding (in Dollars) | $ 41,105 | ||||
Interest rate description | Advances under the LSA had an interest rate of LIBOR plus 4.25% (subject to a 1.00% LIBOR floor). | ||||
Loan and Security Agreement And Subscription Credit Agreement [Member] | |||||
Debt [Line Items] | |||||
Deferred financing costs (in Dollars) | $ 5,914 | $ 5,409 |
Debt (Details) - Schedule of Ke
Debt (Details) - Schedule of Key Terms of Each Series of Notes Outstanding $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Principal Outstanding | $ 75,000 |
Unamortized Issuance Costs | 881 |
Estimated Fair Value | 75,000 |
Series A [Member] | |
Debt Instrument [Line Items] | |
Principal Outstanding | 25,000 |
Unamortized Issuance Costs | 291 |
Estimated Fair Value | $ 25,000 |
Fixed Interest Rate | 8.65% |
Maturity | Jun. 30, 2027 |
Series B [Member] | |
Debt Instrument [Line Items] | |
Principal Outstanding | $ 50,000 |
Unamortized Issuance Costs | 590 |
Estimated Fair Value | $ 50,000 |
Fixed Interest Rate | 8.74% |
Maturity | Jun. 30, 2028 |
Debt (Details) - Schedule of De
Debt (Details) - Schedule of Debt Obligations - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | ||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | $ 1,055,000 | $ 875,000 | |||
Outstanding Principal | 641,000 | 577,000 | |||
Amount Available | 295,394 | [1] | 169,793 | [2] | |
Net Carrying Value | 635,086 | [3] | 571,591 | [4] | |
Notes [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 75,000 | ||||
Outstanding Principal | 75,000 | ||||
Amount Available | [1] | ||||
Net Carrying Value | [3] | 74,119 | |||
Corporate Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 400,000 | 400,000 | |||
Outstanding Principal | 237,000 | 269,000 | |||
Amount Available | 163,000 | [1] | 131,000 | [2] | |
Net Carrying Value | 234,880 | [3] | 266,483 | [4] | |
Revolving Funding Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 455,000 | 350,000 | |||
Outstanding Principal | 320,000 | 200,000 | |||
Amount Available | 16,394 | [1] | 21,793 | [2] | |
Net Carrying Value | 317,150 | [3] | 197,173 | [4] | |
Subscription Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 125,000 | 125,000 | |||
Outstanding Principal | 9,000 | 108,000 | |||
Amount Available | 116,000 | [1] | 17,000 | [2] | |
Net Carrying Value | $ 8,937 | [3] | $ 107,935 | [4] | |
[1]The amount available reflects any limitations related to the Credit Facility’s borrowing base as of June 30, 2023.[2] The amount available reflects any limitations related to the Credit Facility’s borrowing base as of December 31, 2022. The carrying value of the Corporate Credit Facility, Revolving Funding Facility and Subscription Credit Agreement are presented net of deferred financing costs totaling $5,409. |
Debt (Details) - Schedule of Co
Debt (Details) - Schedule of Components of Interest Expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Components of Interest Expense [Abstract] | ||||
Interest expense | $ 12,409 | $ 2,528 | $ 23,341 | $ 4,817 |
Amortization of debt issuance costs | 593 | 486 | 1,184 | 1,005 |
Total interest expense | $ 13,002 | $ 3,014 | $ 24,525 | $ 5,822 |
Average interest rate | 8.10% | 4.30% | 7.90% | 4.50% |
Average borrowings | $ 643,780 | $ 283,637 | $ 629,398 | $ 262,751 |
Share Transactions (Details)
Share Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 14, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Transactions (Details) [Line Items] | |||||
Aggregate capital commitment | $ 875,188 | ||||
Undrawn commitments | $ 257,469 | $ 257,469 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in Shares) | 123,593 | 130,860 | |||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 1,089 | $ 1,222 | $ 2,044 | $ 2,124 | |
Subsequent Event [Member] | |||||
Share Transactions (Details) [Line Items] | |||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in Shares) | 81,527 | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 1,352 |
Share Transactions (Details) -
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | ||
Common stock shares issued | 3,010,942 | 4,191,292 |
Aggregate offering amount | $ 50,000 | $ 68,582 |
April 4, 2023 [Member] | ||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | ||
Offering price per share | $ 16.61 | |
Common stock shares issued | 3,010,942 | |
Aggregate offering amount | $ 50,000 | |
January 24, 2022 [Member] | ||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | ||
Offering price per share | $ 16.36 | |
Common stock shares issued | 4,191,292 | |
Aggregate offering amount | $ 68,582 |
Share Transactions (Details) _2
Share Transactions (Details) - Schedule of Dividends Declared and Payable - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share Transactions (Details) - Schedule of Dividends Declared and Payable [Line Items] | ||
Dividend per share | $ 1 | $ 0.26 |
March 7, 2023 [Member] | ||
Share Transactions (Details) - Schedule of Dividends Declared and Payable [Line Items] | ||
Dividend record date | Mar. 31, 2023 | |
Dividend payment date | Apr. 14, 2023 | |
Dividend per share | $ 0.47 | |
May 10, 2023 [Member] | ||
Share Transactions (Details) - Schedule of Dividends Declared and Payable [Line Items] | ||
Dividend record date | Jun. 30, 2023 | |
Dividend payment date | Jul. 14, 2023 | |
Dividend per share | $ 0.53 | |
April 19, 2022 [Member] | ||
Share Transactions (Details) - Schedule of Dividends Declared and Payable [Line Items] | ||
Dividend record date | Apr. 20, 2022 | |
Dividend payment date | Apr. 26, 2022 | |
Dividend per share | $ 0.26 |
Share Transactions (Details) _3
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||
DRIP shares issued | 123,593 | 130,860 |
DRIP value | $ 2,044 | $ 2,124 |
December 29, 2022 [Member] | ||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||
Dividend payment date | Jan. 13, 2023 | |
DRIP shares issued | 57,860 | |
DRIP value | $ 955 | |
March 31, 2023 [Member] | ||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||
Dividend payment date | Apr. 14, 2023 | |
DRIP shares issued | 65,733 | |
DRIP value | $ 1,089 | |
December 29, 2021 [Member] | ||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||
Dividend payment date | Jan. 18, 2022 | |
DRIP shares issued | 55,590 | |
DRIP value | $ 902 | |
April 20, 2022 [Member] | ||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||
Dividend payment date | Apr. 26, 2022 | |
DRIP shares issued | 75,270 | |
DRIP value | $ 1,222 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Unfunded commitments | $ 116,145 | $ 149,338 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | $ 116,145 | $ 149,338 |
Alcami Corporation (Alcami) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,543 | 2,543 |
Allcat Claims Service, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 5,370 | 20,106 |
Allentown, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 377 | 2,040 |
American Equipment Holdings LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,253 | 2,956 |
American Soccer Company, Incorporated (SCORE) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,774 | 2,838 |
Arborworks Acquisition LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,396 | 1,563 |
Atria Wealth Solutions, Inc. [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,996 | 2,996 |
Basel U.S. Acquisition Co., Inc. (IAC) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,622 | 1,622 |
BCI Burke Holding Corp. [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 4,659 | 4,659 |
BLP Buyer, Inc. (Bishop Lifting Products) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 387 | 1,047 |
BR PJK Produce, LLC (Keany) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,429 | 1,429 |
Brightview, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,672 | 2,904 |
Centerline Communications, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,200 | 1,800 |
CGI Automated Manufacturing, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,631 | 2,717 |
Curio Brands, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,776 | 2,722 |
DISA Holdings Corp. (DISA) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 7,474 | 7,769 |
DRS Holdings III, Inc. (Dr. Scholl's) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 310 | 310 |
Eastern Wholesale Fence [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 425 | 425 |
EIS Legacy, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 3,846 | 6,539 |
Fastener Distribution Holdings, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 6,810 | |
FCA, LLC (FCA Packaging) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,670 | 2,670 |
Foundation Consumer Brands [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 577 | 577 |
Fralock Buyer LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 399 | 749 |
Gulf Pacific Holdings, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 11,052 | 13,066 |
Gusmer Enterprises, Inc. [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 3,466 | 3,676 |
Home Brands Group Holdings, Inc. (ReBath) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,099 | 2,099 |
I.D. Images Acquisition, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,020 | 1,424 |
IF&P Foods, LLC (FreshEdge) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,639 | 6,114 |
Improving Acquisition LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,672 | 2,028 |
Krayden Holdings, Inc. [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 5,436 | |
Light Wave Dental Management LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,332 | 6,774 |
LSL Industries, LLC (LSL Healthcare) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 15,224 | 15,224 |
MacNeill Pride Group [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 3,877 | 2,978 |
Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,634 | 1,334 |
PMFC Holding, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 137 | 342 |
Regiment Security Partners LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 3,104 | 3,207 |
SGA Dental Partners Holdings, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,724 | 1,724 |
Siegel Egg Co., LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 537 | 1,207 |
Techniks Holdings, LLC / Eppinger Holdings Germany GMBH [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,500 | |
Trademark Global LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 954 | 240 |
United Safety & Survivability Corporation (USSC) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,809 | 2,942 |
Universal Marine Medical Supply International, LLC (Unimed) [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 2,035 | 2,035 |
USALCO, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,081 | 1,462 |
Vehicle Accessories, Inc. [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | 1,671 | 1,671 |
Worldwide Produce Acquisition, LLC [Member] | ||
Commitments and Contingencies [Line Items] | ||
Total unfunded commitments | $ 1,356 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share of Common Stock - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Basic and Diluted Earnings Per Share of Common Stock [Abstract] | ||||
Net increase (decrease) in net assets resulting from operations | $ 21,002 | $ 7,462 | $ 40,409 | $ 13,191 |
Weighted average shares of common stock outstanding - basic | 38,905,173 | 23,529,376 | 37,425,525 | 22,964,415 |
Earnings (loss) per share of common stock - basic | $ 0.54 | $ 0.32 | $ 1.08 | $ 0.57 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share of Common Stock (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Basic and Diluted Earnings Per Share of Common Stock [Abstract] | ||||
Weighted average shares of common stock outstanding - diluted | 38,905,173 | 23,529,376 | 37,425,525 | 22,964,415 |
Earnings (loss) per share of common stock - diluted | $ 0.54 | $ 0.32 | $ 1.08 | $ 0.57 |
Financial Highlights (Details)
Financial Highlights (Details) - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Financial Highlights (Details) [Line Items] | ||
Issuance price per share | $ 0 | $ 0.01 |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of Financial Highlights - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Schedule of Financial Highlights [Abstract] | |||
Net Asset Value, Beginning of Period | [1] | $ 16.5 | $ 16.22 |
Results of Operations: | |||
Net Investment Income | [1] | 1.1 | 0.58 |
Net Realized and Unrealized Gain (Loss) on Investments | [1],[2] | (0.02) | 0.01 |
Net Increase (Decrease) in Net Assets Resulting from Operations | [1] | 1.08 | 0.59 |
Distributions to Common Stockholders | |||
Distributions | [1] | (1) | (0.26) |
Net Decrease in Net Assets Resulting from Distributions | [1] | (1) | (0.26) |
Net Asset Value, End of Period | [1] | $ 16.58 | $ 16.55 |
Shares Outstanding, End of Period (in Shares) | [1] | 39,013,826 | 23,550,054 |
Ratio/Supplemental Data | |||
Net assets, end of period (in Dollars) | $ 646,926 | $ 389,763 | |
Weighted-average shares outstanding (in Shares) | 37,425,525 | 22,964,415 | |
Total Return | [3] | 6.60% | 3.60% |
Portfolio turnover | 5.10% | 6.90% | |
Ratio of operating expenses to average net assets | 11.90% | 6.40% | |
Ratio of net investment income (loss) to average net assets | 13.50% | 7.40% | |
[1] The per common share data was derived by using weighted average shares outstanding. Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized. |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | Aug. 08, 2023 | Aug. 08, 2023 | Jul. 14, 2023 |
Subsequent Events [Line Items] | |||
Common stockholder per share (in Dollars per share) | $ 0.53 | ||
Distribution paid | $ 20,678 | ||
purchase of common stock | $ 1,352 | ||
Reinvested share (in Shares) | 81,527 | ||
Sold shares (in Shares) | 2,411,582 | ||
Sale of common stock | $ 40,575 | ||
Capital commitments amount | 887,003 | ||
Undrawn commitments value | $ 228,709 |