Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 22, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | No | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference [Text Block] | Kayne Anderson BDC, Inc. will file with the Securities and Exchange Commission, not later than 120 days after the close of its fiscal year ended December 31, 2023, a definitive proxy statement containing the information required to be disclosed under Part III of Form 10-K. | ||
Entity Information [Line Items] | |||
Entity Registrant Name | Kayne Anderson BDC, Inc. | ||
Entity Central Index Key | 0001747172 | ||
Securities Act File Number | 814-01363 | ||
Entity Tax Identification Number | 83-0531326 | ||
Entity Incorporation, State or Country Code | DE | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Public Float | $ 0 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | 717 Texas Avenue | ||
Entity Address, Address Line Two | Suite 2200 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77002 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | (713) | ||
Local Phone Number | 493-2020 | ||
Entity Listings [Line Items] | |||
No Trading Symbol Flag | true | ||
Security Exchange Name | NONE | ||
Title of 12(g) Security | Common Stock, par value $0.001 per share | ||
Entity Common Stock, Shares Outstanding | 48,789,228 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Table] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | Los Angeles, California |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Investments, at fair value: | ||||
Long-term investments (amortized cost of $1,343,223 and $1,147,788) | $ 1,363,498 | $ 1,165,119 | ||
Short-term investments (amortized cost of $12,802 and $9,847) | 12,802 | 9,847 | ||
Cash and cash equivalents | 34,069 | 8,526 | ||
Receivable for principal payments on investments | 104 | 111 | ||
Interest receivable | 12,874 | 10,444 | ||
Prepaid expenses and other assets | 319 | 347 | ||
Total Assets | 1,423,666 | 1,194,394 | ||
Liabilities: | ||||
Corporate Credit Facility (Note 6) | 234,000 | 269,000 | ||
Unamortized Corporate Credit Facility issuance costs | (1,715) | (2,517) | ||
Revolving Funding Facility (Note 6) | 306,000 | 200,000 | ||
Unamortized Revolving Funding Facility issuance costs | (2,019) | (2,827) | ||
Revolving Funding Facility II (Note 6) | 70,000 | |||
Unamortized Revolving Funding Facility II issuance costs | (1,805) | |||
Subscription Credit Agreement (Note 6) | 10,750 | 108,000 | ||
Unamortized Subscription Credit Facility issuance costs | (41) | (65) | ||
Notes (Note 6) | 75,000 | |||
Unamortized notes issuance costs | (851) | |||
Payable for investments purchased | 956 | |||
Distributions payable | 22,050 | 15,428 | ||
Management fee payable | 2,996 | 2,415 | ||
Incentive fee payable | 14,195 | 4,762 | ||
Accrued expenses and other liabilities | 11,949 | 7,201 | ||
Accrued excise tax expense | 101 | |||
Total Liabilities | 740,610 | 602,353 | ||
Commitments and contingencies (Note 8) | ||||
Net Assets: | ||||
Common Shares, $0.001 par value; 100,000,000 shares authorized; 41,603,666 and 35,879,291 as of December 31, 2023 and December 31, 2022, respectively, issued and outstanding | 42 | 36 | ||
Additional paid-in capital | 669,990 | 574,540 | ||
Total distributable earnings (deficit) | 13,024 | 17,465 | ||
Total Net Assets | 683,056 | 592,041 | ||
Total Liabilities and Net Assets | $ 1,423,666 | $ 1,194,394 | ||
Net Asset Value Per Common Share (in Dollars per share) | [1] | $ 16.42 | $ 16.5 | [2] |
[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 | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Long-term investments (amortized cost) (in Dollars) | $ 1,343,223 | $ 1,147,788 |
Short-term investments (amortized cost) (in Dollars) | $ 12,802 | $ 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 | 41,603,666 | 35,879,291 |
Common shares, shares outstanding | 41,603,666 | 35,879,291 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment income from investments: | |||
Interest income | $ 160,433 | $ 74,829 | $ 18,755 |
Dividend income | 571 | ||
Total Investment Income | 161,004 | 74,829 | 18,755 |
Expenses: | |||
Management fees | 11,433 | 7,147 | 2,095 |
Incentive fees | 9,433 | 4,698 | 65 |
Interest expense | 52,314 | 20,292 | 4,455 |
Professional fees | 691 | 645 | 597 |
Directors fees | 611 | 460 | 307 |
Offering costs | 29 | 257 | |
Excise tax | 101 | ||
Initial organization costs | 175 | ||
Other general and administrative expenses | 1,604 | 1,379 | 677 |
Total Expenses | 76,187 | 34,650 | 8,628 |
Net Investment Income (Loss) | 84,817 | 40,179 | 10,127 |
Net realized gains (losses): | |||
Investments | (10,686) | 84 | 332 |
Total net realized gains (losses) | (10,686) | 84 | 332 |
Net change in unrealized gains (losses): | |||
Investments | 2,944 | 5,502 | 11,829 |
Total net change in unrealized gains (losses) | 2,944 | 5,502 | 11,829 |
Total realized and unrealized gains (losses) | (7,742) | 5,586 | 12,161 |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 77,075 | $ 45,765 | $ 22,288 |
Basic net investment income per common share (in Dollars per share) | $ 2.16 | $ 1.48 | $ 0.94 |
Basic net increase in net assets resulting from operations (in Dollars per share) | $ 1.96 | $ 1.68 | $ 2.08 |
Weighted Average Common Shares Outstanding - Basic (in Shares) | 39,250,232 | 27,184,302 | 10,718,083 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Diluted net investment income per common share | $ 2.16 | $ 1.48 | $ 0.94 |
Diluted net increase in net assets resulting from operations | $ 1.96 | $ 1.68 | $ 2.08 |
Weighted Average Common Shares Outstanding - Diluted (in Shares) | 39,250,232 | 27,184,302 | 10,718,083 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Net Assets Resulting from Operations: | |||
Net investment income (loss) | $ 84,817 | $ 40,179 | $ 10,127 |
Net realized gains (losses) on investments | (10,686) | 84 | 332 |
Net change in unrealized gains (losses) on investments | 2,944 | 5,502 | 11,829 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 77,075 | 45,765 | 22,288 |
Decrease in Net Assets Resulting from Stockholder Distributions | |||
Dividends and distributions to stockholders | (81,617) | (39,553) | (10,514) |
Net Decrease in Net Assets Resulting from Stockholder Distributions | (81,617) | (39,553) | (10,514) |
Increase in Net Assets Resulting from Capital Share Transactions | |||
Issuance of common shares | 90,575 | 268,218 | 299,501 |
Reinvestment of distributions | 4,982 | 5,642 | 1,492 |
Net Increase in Net Assets Resulting from Capital Share Transactions | 95,557 | 273,860 | 300,993 |
Total Increase (Decrease) in Net Assets | 91,015 | 280,072 | 312,767 |
Net Assets, Beginning of Period | 592,041 | 311,969 | (798) |
Net Assets, End of Period | $ 683,056 | $ 592,041 | $ 311,969 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net increase (decrease) in net assets resulting from operations | $ 77,075 | $ 45,765 | $ 22,288 |
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 | 10,686 | (84) | (332) |
Net change in unrealized (gains)/losses on investments | (2,944) | (5,502) | (11,829) |
Net accretion of discount on investments | (9,777) | (4,819) | (1,175) |
Sales (purchases) of short-term investments, net | (2,955) | (6,173) | (3,674) |
Purchases of portfolio investments | (391,341) | (718,236) | (647,460) |
Proceeds from sales of investments and principal repayments | 196,649 | 142,118 | 82,524 |
Paid-in-kind interest from portfolio investments | (1,652) | (151) | (173) |
Amortization of deferred financing cost | 2,694 | 2,122 | 260 |
Increase/(decrease) in operating assets and liabilities: | |||
(Increase)/decrease in interest and dividends receivable | (2,430) | (8,311) | (2,133) |
(Increase)/decrease in deferred offering costs | 29 | 202 | |
(Increase)/decrease in receivable for principal payments on investments | 7 | (111) | |
Increase/(decrease) in excise tax payable | 101 | ||
(Increase)/decrease in prepaid expenses and other assets | 28 | (199) | 29 |
Increase/(decrease) in payable for investments purchased | (956) | 956 | |
Increase/(decrease) in management fees payable | 581 | 1,463 | 952 |
Increase/(decrease) in incentive fee payable | 9,433 | 4,697 | 65 |
Increase/(decrease) in payable to affiliate | (1,075) | ||
Increase/(decrease) in accrued organizational and offering costs, net | (6) | (135) | |
Increase/(decrease) in accrued other general and administrative expenses | 4,748 | 4,672 | 2,529 |
Net cash used in operating activities | (110,053) | (541,770) | (559,137) |
Cash Flows from Financing Activities: | |||
Borrowings/(payments) on Corporate Credit Facility, net | (35,000) | 269,000 | |
Borrowings on Revolving Funding Facility, net | 106,000 | 200,000 | |
Borrowings on Revolving Funding Facility II, net | 70,000 | ||
(Payments)/Borrowings on Loan and Security Agreement, net | (162,000) | 162,000 | |
Borrowings/(payments) on Subscription Credit Agreement, net | (97,250) | 3,000 | 105,000 |
Payments of debt issuance costs | (3,716) | (6,859) | (932) |
Distributions paid in cash | (70,013) | (23,098) | (4,407) |
Proceeds from issuance of common shares | 90,575 | 268,218 | 299,501 |
Proceeds from issuance of Notes | 75,000 | ||
Net cash provided by financing activities | 135,596 | 548,261 | 561,162 |
Net increase in cash and cash equivalents | 25,543 | 6,491 | 2,025 |
Cash and cash equivalents, beginning of period | 8,526 | 2,035 | 10 |
Cash and cash equivalents, end of period | 34,069 | 8,526 | 2,035 |
Supplemental and Non-Cash Information: | |||
Interest paid during the period | 44,384 | 14,211 | 2,346 |
Non-cash financing activities not included herein consisted of reinvestment of dividends | $ 4,982 | $ 5,642 | $ 1,492 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - Debt and Equity Investments [Member] - Private Credit Investments [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |||
Aerospace & defense [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 83,963 | [1],[2],[3] | $ 47,229 | [5],[6],[7] |
Principal/ Par (in Dollars) | 85,748 | [1],[3] | 48,265 | [5],[7] | |
Fair Value (in Dollars) | $ 85,837 | [1],[3] | $ 48,166 | [5],[7] | |
Percentage of Net Assets | 12.60% | [1],[3] | 8.10% | [5],[7] | |
Aerospace & defense [Member] | First lien senior secured revolving loan [Member] | Basel U.S. Acquisition Co., Inc. (IAC) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3],[8],[9] | [5],[7],[10] | |||
Interest Rate | 11.51% | 11.10% | |||
Principal/ Par (in Dollars) | [4] | [1],[2],[3],[8],[9] | [5],[6],[7],[10] | ||
Maturity Date | [1],[3],[8],[9] | Dec. 05, 2028 | [5],[7],[10] | ||
Fair Value (in Dollars) | [1],[3],[8],[9] | [5],[7],[10] | |||
Percentage of Net Assets | 0% | [1] | 0% | ||
Investment Interest Rate | 6% | 6.50% | [5],[7],[10] | ||
Aerospace & defense [Member] | First lien senior secured loan [Member] | Basel U.S. Acquisition Co., Inc. (IAC) [Member] | |||||
Amortized Cost (in Dollars) | $ 18,066 | [1],[2],[3],[4],[8],[9] | $ 18,180 | [5],[7],[10] | |
Interest Rate | 11.51% | 11.10% | |||
Principal/ Par (in Dollars) | $ 18,494 | [1],[3],[8],[9] | $ 18,681 | [5],[7],[10] | |
Maturity Date | Dec. 05, 2028 | [1],[3],[8],[9] | Dec. 05, 2028 | [5],[7],[10] | |
Fair Value (in Dollars) | $ 18,679 | [1],[3],[8],[9] | $ 18,681 | [5],[7],[10] | |
Percentage of Net Assets | 2.70% | [1],[3],[8],[9] | 3.10% | [5],[7],[10] | |
Investment Interest Rate | 6% | 6.50% | [5],[7],[10] | ||
Aerospace & defense [Member] | First lien senior secured loan [Member] | Fastener Distribution Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 20,090 | [1],[2],[3],[4] | $ 20,347 | [5],[7] | |
Interest Rate | 12% | 11.73% | |||
Principal/ Par (in Dollars) | $ 20,494 | [1],[3] | $ 20,701 | [5],[7] | |
Maturity Date | Oct. 01, 2025 | [1],[3] | Apr. 01, 2024 | [5],[7] | |
Fair Value (in Dollars) | $ 20,494 | [1],[3] | $ 20,701 | [5],[7] | |
Percentage of Net Assets | 3% | [1],[3] | 3.50% | [5],[7] | |
Investment Interest Rate | 6.50% | 7% | |||
Aerospace & defense [Member] | First lien senior secured loan [Member] | Precinmac (US) Holdings, Inc. [Member] | |||||
Amortized Cost (in Dollars) | $ 5,281 | [1],[2],[3],[4] | $ 5,315 | [5],[7] | |
Interest Rate | 11.46% | 10.42% | |||
Principal/ Par (in Dollars) | $ 5,352 | [1],[3] | $ 5,408 | [5],[7] | |
Maturity Date | Aug. 31, 2027 | [1],[3] | Aug. 31, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 5,272 | [1],[3] | $ 5,326 | [5],[7] | |
Percentage of Net Assets | 0.80% | [1],[3] | 0.90% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Aerospace & defense [Member] | First lien senior secured delayed draw loan [Member] | Fastener Distribution Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 9,009 | [1],[2],[3],[4],[8] | $ 2,293 | [5],[7] | |
Interest Rate | 12% | 11.73% | |||
Principal/ Par (in Dollars) | $ 9,098 | [1],[3],[8] | $ 2,362 | [5],[7] | |
Maturity Date | Oct. 01, 2025 | [1],[3],[8] | Apr. 01, 2024 | [5],[7] | |
Fair Value (in Dollars) | $ 9,098 | [1],[3],[8] | $ 2,362 | [5],[7] | |
Percentage of Net Assets | 1.30% | [1],[3],[8] | 0.40% | ||
Investment Interest Rate | 6.50% | 7% | [5],[7] | ||
Aerospace & defense [Member] | First lien senior secured delayed draw loan [Member] | Precinmac (US) Holdings, Inc. [Member] | |||||
Amortized Cost (in Dollars) | $ 1,087 | [1],[2],[3],[4] | $ 1,094 | [5],[7] | |
Interest Rate | 11.46% | 10.42% | |||
Principal/ Par (in Dollars) | $ 1,102 | [1],[3] | $ 1,113 | [5],[7] | |
Maturity Date | Aug. 31, 2027 | [1],[3] | Aug. 31, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 1,086 | [1],[3] | $ 1,096 | [5],[7] | |
Percentage of Net Assets | 0.20% | [1],[3] | 0.20% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Aerospace & defense [Member] | First lien senior secured loan [Member] | Vitesse Systems Parent, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 30,430 | |||
Interest Rate | 12.63% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 31,208 | |||
Maturity Date | [1],[3] | Dec. 22, 2028 | |||
Fair Value (in Dollars) | [1],[3] | $ 31,208 | |||
Percentage of Net Assets | [1],[3] | 4.60% | |||
Investment Interest Rate | 7% | ||||
Automobile components [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 26,960 | [1],[2],[3] | $ 25,726 | [5],[6],[7] |
Principal/ Par (in Dollars) | 27,294 | [1],[3] | 26,133 | [5],[7] | |
Fair Value (in Dollars) | $ 27,263 | [1],[3] | $ 25,974 | [5],[7] | |
Percentage of Net Assets | 4% | [1],[3] | 4.40% | [5],[7] | |
Automobile components [Member] | First lien senior secured revolving loan [Member] | Vehicle Accessories, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [4] | [1],[2],[3] | [5],[6],[7] | ||
Interest Rate | 10.72% | 12% | |||
Principal/ Par (in Dollars) | [1],[3] | [5],[7] | |||
Maturity Date | [1],[3] | Nov. 30, 2026 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | [1],[3] | 0% | [5],[7] | |
Investment Interest Rate | 5.25% | 4.50% | |||
Automobile components [Member] | First lien senior secured loan [Member] | Speedstar Holding LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 5,925 | [1],[2],[3],[4] | $ 4,828 | [5],[7] | |
Interest Rate | 12.79% | 11.73% | |||
Principal/ Par (in Dollars) | $ 6,012 | [1],[3] | $ 4,908 | [5],[7] | |
Maturity Date | Jan. 22, 2027 | [1],[3] | Jan. 22, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 5,982 | [1],[3] | $ 4,908 | [5],[7] | |
Percentage of Net Assets | 0.90% | [1],[3] | 0.80% | [5],[7] | |
Investment Interest Rate | 7.25% | 7% | |||
Automobile components [Member] | First lien senior secured loan [Member] | Vehicle Accessories, Inc. [Member] | |||||
Amortized Cost (in Dollars) | $ 20,770 | [1],[2],[3],[4] | $ 20,898 | [5],[7] | |
Interest Rate | 10.72% | 10.34% | |||
Principal/ Par (in Dollars) | $ 21,011 | [1],[3] | $ 21,225 | [5],[7] | |
Maturity Date | Nov. 30, 2026 | [1],[3] | Nov. 30, 2026 | [5],[7] | |
Fair Value (in Dollars) | $ 21,011 | [1],[3] | $ 21,066 | [5],[7] | |
Percentage of Net Assets | 3.10% | [1],[3] | 3.60% | [5],[7] | |
Investment Interest Rate | 5.25% | 5.50% | |||
Automobile components [Member] | First lien senior secured delayed draw loan [Member] | Speedstar Holding LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 265 | |||
Interest Rate | 12.78% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 271 | |||
Maturity Date | [1],[3] | Jan. 22, 2027 | |||
Fair Value (in Dollars) | [1],[3] | $ 270 | |||
Percentage of Net Assets | [1],[3] | 0% | |||
Investment Interest Rate | 7.25% | ||||
Biotechnology [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 11,197 | [1],[2],[3] | $ 11,237 | [5],[6],[7] |
Principal/ Par (in Dollars) | 11,618 | [1],[3] | 11,735 | [5],[7] | |
Fair Value (in Dollars) | $ 11,850 | [1],[3] | $ 11,618 | [5],[7] | |
Percentage of Net Assets | 1.70% | [1],[3] | 2% | [5],[7] | |
Biotechnology [Member] | First lien senior secured revolving loan [Member] | Alcami Corporation (Alcami) [Member] | |||||
Amortized Cost (in Dollars) | [4] | [1],[2],[3] | [5],[6],[7] | ||
Interest Rate | 12.46% | 11.42% | |||
Principal/ Par (in Dollars) | [1],[3] | [5],[7] | |||
Maturity Date | [1],[3] | Dec. 21, 2028 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | [1],[3] | 0% | [5],[7] | |
Investment Interest Rate | 7% | 7% | |||
Biotechnology [Member] | First lien senior secured loan [Member] | Alcami Corporation (Alcami) [Member] | |||||
Amortized Cost (in Dollars) | $ 11,197 | [1],[2],[3],[4] | $ 11,237 | [5],[7] | |
Interest Rate | 12.46% | 11.42% | |||
Principal/ Par (in Dollars) | $ 11,618 | [1],[3] | $ 11,735 | [5],[7] | |
Maturity Date | Dec. 21, 2028 | [1],[3] | Dec. 21, 2028 | [5],[7] | |
Fair Value (in Dollars) | $ 11,850 | [1],[3] | $ 11,618 | [5],[7] | |
Percentage of Net Assets | 1.70% | [1],[3] | 2% | [5],[7] | |
Investment Interest Rate | 7% | 7% | |||
Biotechnology [Member] | First lien senior secured delayed draw loan [Member] | Alcami Corporation (Alcami) [Member] | |||||
Amortized Cost (in Dollars) | [4] | [1],[2],[3] | [5],[6],[7] | ||
Interest Rate | 12.46% | 11.42% | |||
Principal/ Par (in Dollars) | [1],[3] | [5],[7] | |||
Maturity Date | [1],[3] | Jun. 30, 2024 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | [1],[3] | 0% | [5],[7] | |
Investment Interest Rate | 7% | 7% | |||
Building products [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 27,149 | [1],[2],[3] | $ 38,901 | [5],[6],[7] |
Principal/ Par (in Dollars) | 27,825 | [1],[3] | 39,642 | [5],[7] | |
Fair Value (in Dollars) | $ 27,620 | [1],[3] | $ 39,728 | [5],[7] | |
Percentage of Net Assets | 4% | [1],[3] | 6.70% | [5],[7] | |
Building products [Member] | First lien senior secured revolving loan [Member] | Eastern Wholesale Fence [Member] | |||||
Amortized Cost (in Dollars) | $ 364 | [1],[2],[3],[4] | $ 1,252 | [5],[7] | |
Interest Rate | 13.50% | 11.73% | |||
Principal/ Par (in Dollars) | $ 368 | [1],[3] | $ 1,275 | [5],[7] | |
Maturity Date | Oct. 30, 2025 | [1],[3] | Oct. 30, 2025 | [5],[7] | |
Fair Value (in Dollars) | $ 365 | [1],[3] | $ 1,275 | [5],[7] | |
Percentage of Net Assets | 0% | [1],[3] | 0.20% | [5],[7] | |
Investment Interest Rate | 8% | 7% | |||
Building products [Member] | First lien senior secured revolving loan [Member] | BCI Burke Holding Corp. [Member] | |||||
Amortized Cost (in Dollars) | [4],[5],[6],[7] | ||||
Interest Rate | 10.23% | ||||
Principal/ Par (in Dollars) | [5],[7] | ||||
Maturity Date | [5],[7] | Jun. 14, 2027 | |||
Fair Value (in Dollars) | [5],[7] | ||||
Percentage of Net Assets | [5],[7] | 0% | |||
Investment Interest Rate | 5.50% | ||||
Building products [Member] | First lien senior secured loan [Member] | Ruff Roofers Buyer, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 6,910 | |||
Interest Rate | 11.08% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 7,186 | |||
Maturity Date | [1],[3] | Nov. 19, 2029 | |||
Fair Value (in Dollars) | [1],[3] | $ 7,186 | |||
Percentage of Net Assets | [1],[3] | 1.10% | |||
Investment Interest Rate | 5.75% | ||||
Building products [Member] | First lien senior secured loan [Member] | Eastern Wholesale Fence [Member] | |||||
Amortized Cost (in Dollars) | $ 19,875 | [1],[2],[3],[4] | $ 20,778 | [5],[7] | |
Interest Rate | 13.50% | 11.73% | |||
Principal/ Par (in Dollars) | $ 20,271 | [1],[3] | $ 21,239 | [5],[7] | |
Maturity Date | Oct. 30, 2025 | [1],[3] | Oct. 30, 2025 | [5],[7] | |
Fair Value (in Dollars) | $ 20,069 | [1],[3] | $ 21,239 | [5],[7] | |
Percentage of Net Assets | 2.90% | [1],[3] | 3.60% | [5],[7] | |
Investment Interest Rate | 8% | 7% | |||
Building products [Member] | First lien senior secured loan [Member] | BCI Burke Holding Corp. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 16,256 | |||
Interest Rate | 10.23% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 16,489 | |||
Maturity Date | [5],[7] | Dec. 14, 2027 | |||
Fair Value (in Dollars) | [5],[7] | $ 16,572 | |||
Percentage of Net Assets | [5],[7] | 2.80% | |||
Investment Interest Rate | 5.50% | ||||
Building products [Member] | First lien senior secured delayed draw loan [Member] | Ruff Roofers Buyer, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | 11.08% | ||||
Principal/ Par (in Dollars) | [1],[3] | ||||
Maturity Date | [1],[3] | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[3] | 0% | |||
Investment Interest Rate | 5.75% | ||||
Building products [Member] | First lien senior secured delayed draw loan [Member] | BCI Burke Holding Corp. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 615 | |||
Interest Rate | 9.70% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 639 | |||
Maturity Date | [5],[7] | Dec. 14, 2023 | |||
Fair Value (in Dollars) | [5],[7] | $ 642 | |||
Percentage of Net Assets | [5],[7] | 0.10% | |||
Investment Interest Rate | 5.50% | ||||
Building products [Member] | First lien senior secured delayed draw loan [Member] | Ruff Roofers Buyer, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | 11.08% | ||||
Principal/ Par (in Dollars) | [1],[3] | ||||
Maturity Date | [1],[3] | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[3] | 0% | |||
Investment Interest Rate | 5.75% | ||||
Building products [Member] | First lien senior secured revolving loan [Member] | Ruff Roofers Buyer, LLC [Member] | |||||
Interest Rate | 11.08% | ||||
Maturity Date | Nov. 19, 2029 | ||||
Percentage of Net Assets | 0% | ||||
Investment Interest Rate | 5.75% | ||||
Capital Markets [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 8,291 | |||
Principal/ Par (in Dollars) | [1],[3] | 8,305 | |||
Fair Value (in Dollars) | [1],[3] | $ 8,305 | |||
Percentage of Net Assets | [1],[3] | 1.20% | |||
Capital Markets [Member] | First lien senior secured loan [Member] | Atria Wealth Solutions, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 5,080 | |||
Interest Rate | 11.97% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 5,087 | |||
Maturity Date | [1],[3] | May 31, 2024 | |||
Fair Value (in Dollars) | [1],[3] | $ 5,087 | |||
Percentage of Net Assets | [1],[3] | 0.70% | |||
Investment Interest Rate | 6.50% | ||||
Capital Markets [Member] | First lien senior secured delayed draw loan [Member] | Atria Wealth Solutions, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 3,211 | |||
Interest Rate | 11.97% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 3,218 | |||
Maturity Date | [1],[3] | May 31, 2024 | |||
Fair Value (in Dollars) | [1],[3] | $ 3,218 | |||
Percentage of Net Assets | [1],[3] | 0.50% | |||
Investment Interest Rate | 6.50% | ||||
Chemicals [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 41,681 | [1],[2],[3] | $ 33,257 | [5],[6],[7] |
Principal/ Par (in Dollars) | 42,135 | [1],[3] | 33,824 | [5],[7] | |
Fair Value (in Dollars) | $ 42,045 | [1],[3] | $ 33,563 | [5],[7] | |
Percentage of Net Assets | 6.20% | [1],[3] | 5.70% | [5],[7] | |
Chemicals [Member] | First lien senior secured revolving loan [Member] | Fralock Buyer LLC [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 449 | [1],[2],[3] | [5],[6],[7] | |
Interest Rate | 11.61% | 10.23% | |||
Principal/ Par (in Dollars) | $ 449 | [1],[3] | [5],[7] | ||
Maturity Date | Apr. 17, 2024 | [1],[3] | Apr. 17, 2024 | [5],[7] | |
Fair Value (in Dollars) | $ 446 | [1],[3] | [5],[7] | ||
Percentage of Net Assets | 0.10% | [1],[3] | 0% | [5],[7] | |
Investment Interest Rate | 6% | 5.50% | |||
Chemicals [Member] | First lien senior secured revolving loan [Member] | USALCO, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 1,021 | [1],[2],[3],[4] | $ 1,042 | [5],[7] | |
Interest Rate | 11.47% | 10.38% | |||
Principal/ Par (in Dollars) | $ 1,049 | [1],[3] | $ 1,081 | [5],[7] | |
Maturity Date | Oct. 19, 2026 | [1],[3] | Oct. 19, 2026 | [5],[7] | |
Fair Value (in Dollars) | $ 1,049 | [1],[3] | $ 1,070 | [5],[7] | |
Percentage of Net Assets | 0.10% | [1],[3] | 0.20% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Chemicals [Member] | First lien senior secured loan [Member] | Fralock Buyer LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 11,628 | [1],[3],[4] | $ 11,560 | [5],[7] | |
Interest Rate | 11.61% | 10.23% | |||
Principal/ Par (in Dollars) | $ 11,654 | [1],[3] | $ 11,679 | [5],[7] | |
Maturity Date | Apr. 17, 2024 | [1],[3] | Apr. 17, 2024 | [5],[7] | |
Fair Value (in Dollars) | $ 11,567 | [1],[3] | $ 11,621 | [5],[7] | |
Percentage of Net Assets | 1.70% | [1],[3] | 2% | [5],[7] | |
Investment Interest Rate | 6% | 5.50% | |||
Chemicals [Member] | First lien senior secured loan [Member] | USALCO, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 18,684 | [1],[2],[3],[4] | $ 18,792 | [5],[7] | |
Interest Rate | 11.61% | 10.73% | |||
Principal/ Par (in Dollars) | $ 18,989 | [1],[3] | $ 19,181 | [5],[7] | |
Maturity Date | Oct. 19, 2027 | [1],[3] | Oct. 19, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 18,989 | [1],[3] | $ 18,989 | [5],[7] | |
Percentage of Net Assets | 2.80% | [1],[3] | 3.20% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Chemicals [Member] | First lien senior secured loan [Member] | Cyalume Technologies Holdings, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 1,266 | |||
Interest Rate | 9.73% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 1,274 | |||
Maturity Date | [5],[7] | Aug. 30, 2024 | |||
Fair Value (in Dollars) | [5],[7] | $ 1,274 | |||
Percentage of Net Assets | [5],[7] | 0.20% | |||
Investment Interest Rate | 5% | ||||
Chemicals [Member] | First lien senior secured loan [Member] | Schrieve Chemical Company, LLC [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 597 | |||
Interest Rate | 10.33% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 609 | |||
Maturity Date | [5],[7] | Dec. 02, 2024 | |||
Fair Value (in Dollars) | [5],[7] | $ 609 | |||
Percentage of Net Assets | [5],[7] | 0.10% | |||
Investment Interest Rate | 6% | ||||
Chemicals [Member] | First lien senior secured loan [Member] | FAR Technologies Holdings, Inc.(f/k/a Cyalume Technologies Holdings, Inc.) [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 1,271 | |||
Interest Rate | 10.61% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 1,274 | |||
Maturity Date | [1],[3] | Aug. 30, 2024 | |||
Fair Value (in Dollars) | [1],[3] | $ 1,274 | |||
Percentage of Net Assets | [1],[3] | 0.20% | |||
Investment Interest Rate | 5% | ||||
Chemicals [Member] | First lien senior secured loan [Member] | Shrieve Chemical Company, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 8,628 | |||
Interest Rate | 11.90% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 8,720 | |||
Maturity Date | [1],[3] | Dec. 02, 2024 | |||
Fair Value (in Dollars) | [1],[3] | $ 8,720 | |||
Percentage of Net Assets | [1],[3] | 1.30% | |||
Investment Interest Rate | 6.38% | ||||
Commercial services & supplies [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 115,924 | [1],[2],[3] | $ 138,665 | [5],[6],[7] |
Principal/ Par (in Dollars) | 117,686 | [1],[3] | 140,949 | [5],[7] | |
Fair Value (in Dollars) | $ 117,485 | [1],[3] | $ 137,619 | [5],[7] | |
Percentage of Net Assets | 17.20% | [1],[3] | 23.20% | [5],[7] | |
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | Allentown, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 234 | [1],[2],[3],[4] | $ 348 | [5],[7] | |
Interest Rate | 13.50% | 12.50% | |||
Principal/ Par (in Dollars) | $ 235 | [1],[3] | $ 357 | [5],[7] | |
Maturity Date | Apr. 22, 2027 | [1],[3] | Apr. 22, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 235 | [1],[3] | $ 347 | [5],[7] | |
Percentage of Net Assets | 0% | [1],[3] | 0.10% | [5],[7] | |
Investment Interest Rate | 5% | 5% | |||
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | American Equipment Holdings LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 2,672 | [1],[2],[3],[4] | $ 1,559 | [5],[7] | |
Interest Rate | 11.74% | 10.45% | |||
Principal/ Par (in Dollars) | $ 2,736 | [1],[3] | $ 1,610 | [5],[7] | |
Maturity Date | Nov. 05, 2026 | [1],[3] | Nov. 05, 2026 | [5],[7] | |
Fair Value (in Dollars) | $ 2,723 | [1],[3] | $ 1,610 | [5],[7] | |
Percentage of Net Assets | 0.40% | [1],[3] | 0.30% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | Arborworks Acquisition LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 1,253 | [11] | $ 3,053 | [5],[7] | |
Interest Rate | 11.41% | ||||
Principal/ Par (in Dollars) | $ 1,253 | [1],[3],[11] | $ 3,125 | [5],[7] | |
Maturity Date | Nov. 06, 2028 | [1],[3],[11] | Nov. 09, 2026 | [5],[7] | |
Fair Value (in Dollars) | $ 1,253 | [11] | $ 2,750 | [5],[7] | |
Percentage of Net Assets | 0.20% | [11] | 0.50% | [5],[7] | |
Investment Interest Rate | 7% | ||||
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||||
Amortized Cost (in Dollars) | $ 196 | [1],[2],[3],[4] | $ 577 | [5],[7] | |
Interest Rate | 11.11% | 10.67% | |||
Principal/ Par (in Dollars) | $ 273 | [1],[3] | $ 604 | [5],[7] | |
Maturity Date | Dec. 22, 2029 | [1],[3] | Feb. 01, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 273 | [1],[3] | $ 596 | [5],[7] | |
Percentage of Net Assets | 0% | [1],[3] | 0.10% | [5],[7] | |
Investment Interest Rate | 5.75% | 6.25% | |||
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | Gusmer Enterprises, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [4] | [1],[2],[3] | [5],[6],[7] | ||
Interest Rate | 12.47% | 11.43% | |||
Principal/ Par (in Dollars) | [1],[3] | [5],[7] | |||
Maturity Date | [1],[3] | May 07, 2027 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | [1],[3] | 0% | [5],[7] | |
Investment Interest Rate | 7% | 7% | |||
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | Regiment Security Partners LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 1,427 | [1],[2],[3],[4] | $ 1,320 | [5],[7] | |
Interest Rate | 13.52% | 12.66% | |||
Principal/ Par (in Dollars) | $ 1,448 | [1],[3] | $ 1,345 | [5],[7] | |
Maturity Date | Sep. 15, 2026 | [1],[3] | Sep. 15, 2026 | [5],[7] | |
Fair Value (in Dollars) | $ 1,448 | [1],[3] | $ 1,345 | [5],[7] | |
Percentage of Net Assets | 0.20% | [1],[3] | 0.20% | [5],[7] | |
Investment Interest Rate | 8% | 8% | |||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Advanced Environmental Monitoring [Member] | |||||
Amortized Cost (in Dollars) | [12] | $ 9,994 | [1],[3] | $ 9,918 | [5],[7] |
Interest Rate | 12.01% | 11.68% | |||
Principal/ Par (in Dollars) | [12] | $ 10,158 | [1],[2],[3],[4] | $ 10,158 | [5],[7] |
Maturity Date | [12] | Jan. 29, 2026 | [1],[3] | Jan. 29, 2026 | [5],[7] |
Fair Value (in Dollars) | [12] | $ 10,158 | [1],[3] | $ 10,158 | [5],[7] |
Percentage of Net Assets | 1.50% | 1.70% | [5],[7],[12] | ||
Investment Interest Rate | 6.50% | 7% | |||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | American Equipment Holdings LLC [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 2,072 | |||
Interest Rate | 10.51% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 2,107 | |||
Maturity Date | [5],[7] | Nov. 05, 2026 | |||
Fair Value (in Dollars) | [5],[7] | $ 2,107 | |||
Percentage of Net Assets | [5],[7] | 0.30% | |||
Investment Interest Rate | 6% | ||||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Arborworks Acquisition LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 4,688 | [11] | $ 19,533 | [5],[7] | |
Interest Rate | 11.56% | ||||
Principal/ Par (in Dollars) | $ 4,688 | [11] | $ 19,855 | [5],[7] | |
Maturity Date | Nov. 06, 2028 | [1],[3],[11] | Nov. 09, 2026 | [5],[7] | |
Fair Value (in Dollars) | $ 4,688 | [11] | $ 17,473 | [5],[7] | |
Percentage of Net Assets | 0.70% | [11] | 2.90% | [5],[7] | |
Investment Interest Rate | 7% | ||||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||||
Amortized Cost (in Dollars) | $ 25,549 | [1],[2],[3],[4] | $ 6,027 | [5],[7] | |
Interest Rate | 11.11% | 10.21% | |||
Principal/ Par (in Dollars) | $ 26,099 | [1],[3] | $ 6,176 | [5],[7] | |
Maturity Date | Dec. 22, 2029 | [1],[3] | Feb. 01, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 26,099 | [1],[3] | $ 6,099 | [5],[7] | |
Percentage of Net Assets | 3.80% | [1],[3] | 1% | [5],[7] | |
Investment Interest Rate | 5.75% | 6.50% | |||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Gusmer Enterprises, Inc. [Member] | |||||
Amortized Cost (in Dollars) | $ 4,682 | [1],[2],[3],[4] | $ 4,647 | [5],[7] | |
Interest Rate | 12.47% | 11.43% | |||
Principal/ Par (in Dollars) | $ 4,747 | [1],[3] | $ 4,795 | [5],[7] | |
Maturity Date | May 07, 2027 | [1],[3] | May 07, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 4,735 | [1],[3] | $ 4,795 | [5],[7] | |
Percentage of Net Assets | 0.70% | [1],[3] | 0.80% | [5],[7] | |
Investment Interest Rate | 7% | 7% | |||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Regiment Security Partners LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 6,309 | [1],[2],[3],[4] | $ 6,358 | [5],[7] | |
Interest Rate | 13.52% | 12.66% | |||
Principal/ Par (in Dollars) | $ 6,383 | [1],[3] | $ 6,461 | [5],[7] | |
Maturity Date | Sep. 15, 2026 | [1],[3] | Sep. 15, 2026 | [5],[7] | |
Fair Value (in Dollars) | $ 6,383 | [1],[3] | $ 6,461 | [5],[7] | |
Percentage of Net Assets | 1% | [1],[3] | 1.10% | [5],[7] | |
Investment Interest Rate | 8% | 8% | |||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | The Kleinfelder Group, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 12,678 | |||
Interest Rate | 9.98% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 12,760 | |||
Maturity Date | [5],[7] | Nov. 30, 2024 | |||
Fair Value (in Dollars) | [5],[7] | $ 12,697 | |||
Percentage of Net Assets | [5],[7] | 2.10% | |||
Investment Interest Rate | 5.25% | ||||
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | Allentown, LLC [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 1,354 | [1],[2],[3] | [5],[6],[7] | |
Interest Rate | 11.46% | 10.42% | |||
Principal/ Par (in Dollars) | $ 1,370 | [1],[3] | [5],[7] | ||
Maturity Date | Apr. 22, 2027 | [1],[3] | Oct. 22, 2023 | [5],[7] | |
Fair Value (in Dollars) | $ 1,370 | [1],[3] | [5],[7] | ||
Percentage of Net Assets | 0.20% | [1],[3] | 0% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | American Equipment Holdings LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 6,167 | [1],[2],[3],[4] | $ 6,202 | [5],[7] | |
Interest Rate | 11.88% | 10.88% | |||
Principal/ Par (in Dollars) | $ 6,239 | [1],[3] | $ 6,303 | [5],[7] | |
Maturity Date | Nov. 05, 2026 | [1],[3] | Nov. 05, 2026 | [5],[7] | |
Fair Value (in Dollars) | $ 6,208 | [1],[3] | $ 6,303 | [5],[7] | |
Percentage of Net Assets | 0.90% | [1],[3] | 1.10% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | 11.11% | ||||
Principal/ Par (in Dollars) | [1],[3] | ||||
Maturity Date | [1],[3] | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[3] | 0% | |||
Investment Interest Rate | 5.75% | ||||
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | Gusmer Enterprises, Inc. [Member] | |||||
Amortized Cost (in Dollars) | $ 7,798 | [1],[2],[3],[4] | $ 7,891 | [5],[7] | |
Interest Rate | 12.47% | 11.44% | |||
Principal/ Par (in Dollars) | $ 7,951 | [1],[3] | $ 8,032 | [5],[7] | |
Maturity Date | May 07, 2027 | [1],[3] | May 07, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 7,931 | [1],[3] | $ 8,032 | [5],[7] | |
Percentage of Net Assets | 1.20% | [1],[3] | 1.40% | [5],[7] | |
Investment Interest Rate | 7% | 7% | |||
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | Regiment Security Partners LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 2,588 | [1],[2],[3],[4] | $ 2,593 | [5],[7] | |
Interest Rate | 13.52% | 12.66% | |||
Principal/ Par (in Dollars) | $ 2,609 | [1],[3] | $ 2,635 | [5],[7] | |
Maturity Date | Sep. 15, 2026 | [1],[3] | Sep. 15, 2023 | [5],[7] | |
Fair Value (in Dollars) | $ 2,609 | [1],[3] | $ 2,635 | [5],[7] | |
Percentage of Net Assets | 0.40% | [1],[3] | 0.40% | [5],[7] | |
Investment Interest Rate | 8% | 8% | |||
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | PMFC Holding, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 2,787 | [1],[2],[3],[4] | $ 2,811 | [5],[7] | |
Interest Rate | 13.03% | 10.88% | |||
Principal/ Par (in Dollars) | $ 2,789 | [1],[3] | $ 2,818 | [5],[7] | |
Maturity Date | Jul. 31, 2025 | [1],[3] | Jul. 31, 2023 | [5],[7] | |
Fair Value (in Dollars) | $ 2,789 | [1],[3] | $ 2,818 | [5],[7] | |
Percentage of Net Assets | 0.40% | [1],[3] | 0.50% | [5],[7] | |
Investment Interest Rate | 7.50% | 6.50% | |||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | American Equipment Holdings LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 19,812 | |||
Interest Rate | 11.86% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 20,045 | |||
Maturity Date | [1],[3] | Nov. 05, 2026 | |||
Fair Value (in Dollars) | [1],[3] | $ 19,945 | |||
Percentage of Net Assets | [1],[3] | 2.90% | |||
Investment Interest Rate | 6% | ||||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 16,097 | |||
Interest Rate | 10.49% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 16,372 | |||
Maturity Date | [5],[7] | Feb. 01, 2027 | |||
Fair Value (in Dollars) | [5],[7] | $ 16,168 | |||
Percentage of Net Assets | [5],[7] | 2.70% | |||
Investment Interest Rate | 6.25% | ||||
Commercial services & supplies [Member] | First lien senior secured loan [Member] | PMFC Holding, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 5,427 | [1],[2],[3],[4] | $ 5,604 | [5],[7] | |
Interest Rate | 13.02% | 10.88% | |||
Principal/ Par (in Dollars) | $ 5,561 | [1],[3] | $ 5,619 | [5],[7] | |
Maturity Date | Jul. 31, 2025 | [1],[3] | Jul. 31, 2023 | [5],[7] | |
Fair Value (in Dollars) | $ 5,561 | [1],[3] | $ 5,619 | [5],[7] | |
Percentage of Net Assets | 0.80% | [1],[3] | 0.90% | [5],[7] | |
Investment Interest Rate | 7.50% | 6.50% | |||
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | PMFC Holding, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 547 | [1],[2],[3],[4] | $ 342 | [5],[7] | |
Interest Rate | 13.03% | 11.18% | |||
Principal/ Par (in Dollars) | $ 547 | [1],[3] | $ 342 | [5],[7] | |
Maturity Date | Jul. 31, 2025 | [1],[3] | Jul. 31, 2023 | [5],[7] | |
Fair Value (in Dollars) | $ 547 | [1],[3] | $ 342 | [5],[7] | |
Percentage of Net Assets | 0.10% | [1],[3] | 0.10% | [5],[7] | |
Investment Interest Rate | 7.50% | 6.50% | |||
Commercial services & supplies [Member] | First lien senior secured loan One [Member] | Allentown, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 7,535 | [1],[2],[3],[4] | $ 7,588 | [5],[7] | |
Interest Rate | 11.46% | 10.42% | |||
Principal/ Par (in Dollars) | $ 7,586 | [1],[3] | $ 7,663 | [5],[7] | |
Maturity Date | Apr. 22, 2027 | [1],[3] | Apr. 22, 2027 | [5],[7] | |
Fair Value (in Dollars) | $ 7,586 | [1],[3] | $ 7,452 | [5],[7] | |
Percentage of Net Assets | 1.10% | [1],[3] | 1.30% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Commercial services & supplies [Member] | First lien senior secured loan One [Member] | American Equipment Holdings LLC [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 17,853 | |||
Interest Rate | 10.88% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 18,142 | |||
Maturity Date | [5],[7] | Nov. 05, 2026 | |||
Fair Value (in Dollars) | [5],[7] | $ 18,142 | |||
Percentage of Net Assets | [5],[7] | 3.10% | |||
Investment Interest Rate | 6% | ||||
Commercial services & supplies [Member] | First lien senior secured delayed draw loan One [Member] | American Equipment Holdings LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 4,905 | [1],[2],[3],[4] | $ 3,594 | [5],[7] | |
Interest Rate | 11.81% | 9.33% | |||
Principal/ Par (in Dollars) | $ 4,969 | [1],[3] | $ 3,670 | [5],[7] | |
Maturity Date | Nov. 05, 2026 | [1],[3] | Nov. 05, 2026 | [5],[7] | |
Fair Value (in Dollars) | $ 4,944 | [1],[3] | $ 3,670 | [5],[7] | |
Percentage of Net Assets | 0.70% | [1],[3] | 0.60% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Containers & packaging [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 96,374 | [1],[2],[3] | $ 50,856 | [5],[6],[7] |
Principal/ Par (in Dollars) | 98,255 | [1],[3] | 51,721 | [5],[7] | |
Fair Value (in Dollars) | $ 98,427 | [1],[3] | $ 51,955 | [5],[7] | |
Percentage of Net Assets | 14.40% | [1],[3] | 8.80% | [5],[7] | |
Containers & packaging [Member] | First lien senior secured revolving loan [Member] | Carton Packaging Buyer, Inc. (Century Box) [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | 11.39% | ||||
Principal/ Par (in Dollars) | [1],[3] | ||||
Maturity Date | Oct. 30, 2028 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[3] | 0% | |||
Investment Interest Rate | 6% | ||||
Containers & packaging [Member] | First lien senior secured revolving loan [Member] | FCA, LLC (FCA Packaging) [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | [5],[7] | |||
Interest Rate | 11.90% | 9.46% | |||
Principal/ Par (in Dollars) | [1],[3] | ||||
Maturity Date | Jul. 18, 2028 | Jul. 18, 2028 | |||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | [1],[3] | 0% | [4],[5],[6],[7] | |
Investment Interest Rate | 6.50% | 6.50% | |||
Containers & packaging [Member] | First lien senior secured loan [Member] | Carton Packaging Buyer, Inc. (Century Box) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 23,605 | |||
Interest Rate | 11.39% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 24,261 | |||
Maturity Date | Oct. 30, 2028 | ||||
Fair Value (in Dollars) | [1],[3] | $ 24,262 | |||
Percentage of Net Assets | [1],[3] | 3.60% | |||
Investment Interest Rate | 6% | ||||
Containers & packaging [Member] | First lien senior secured loan [Member] | Drew Foam Companies, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 7,288 | |||
Interest Rate | 11.48% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 7,375 | |||
Maturity Date | Nov. 05, 2025 | ||||
Fair Value (in Dollars) | [5],[7] | $ 7,375 | |||
Percentage of Net Assets | [5],[7] | 1.20% | |||
Investment Interest Rate | 6.75% | ||||
Containers & packaging [Member] | First lien senior secured loan [Member] | FCA, LLC (FCA Packaging) [Member] | |||||
Amortized Cost (in Dollars) | $ 18,419 | [1],[3] | $ 23,004 | [5],[7] | |
Interest Rate | 11.90% | 9.46% | |||
Principal/ Par (in Dollars) | $ 18,673 | [1],[3] | $ 23,382 | ||
Maturity Date | Jul. 18, 2028 | Jul. 18, 2028 | |||
Fair Value (in Dollars) | $ 19,047 | [1],[3] | $ 23,616 | [5],[7] | |
Percentage of Net Assets | 2.80% | [1],[3] | 4% | [5],[7] | |
Investment Interest Rate | 6.50% | 6.50% | |||
Containers & packaging [Member] | First lien senior secured loan [Member] | Innopak Industries, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 27,564 | |||
Interest Rate | 11.71% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 28,224 | |||
Maturity Date | Mar. 05, 2027 | ||||
Fair Value (in Dollars) | [1],[3] | $ 28,224 | |||
Percentage of Net Assets | [1],[3] | 4.10% | |||
Investment Interest Rate | 6.25% | ||||
Containers & packaging [Member] | First lien senior secured loan [Member] | Drew Foam Companies, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 6,997 | |||
Interest Rate | 12.75% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 7,052 | |||
Maturity Date | Nov. 05, 2025 | ||||
Fair Value (in Dollars) | [1],[3] | $ 6,999 | |||
Percentage of Net Assets | [1],[3] | 1% | |||
Investment Interest Rate | 7.25% | ||||
Containers & packaging [Member] | First lien senior secured loan One [Member] | Drew Foam Companies, Inc. [Member] | |||||
Amortized Cost (in Dollars) | $ 19,789 | [1],[3] | $ 20,564 | [5],[7] | |
Interest Rate | 12.80% | 10.89% | |||
Principal/ Par (in Dollars) | $ 20,045 | [1],[3] | $ 20,964 | ||
Maturity Date | Nov. 05, 2025 | Nov. 05, 2025 | |||
Fair Value (in Dollars) | $ 19,895 | [1],[3] | $ 20,964 | [5],[7] | |
Percentage of Net Assets | 2.90% | [1],[3] | 3.60% | [5],[7] | |
Investment Interest Rate | 7.25% | 6.75% | |||
Diversified telecommunication services [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 5,140 | [1],[2],[3] | $ 29,898 | [5],[6],[7] |
Principal/ Par (in Dollars) | 5,195 | [1],[3] | 30,426 | [5],[7] | |
Fair Value (in Dollars) | $ 5,196 | [1],[3] | $ 30,048 | [5],[7] | |
Percentage of Net Assets | 0.80% | [1],[3] | 5.10% | [5],[7] | |
Diversified telecommunication services [Member] | First lien senior secured revolving loan [Member] | Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 442 | |||
Interest Rate | 9.14% | ||||
Principal/ Par (in Dollars) | $ 572 | ||||
Maturity Date | Oct. 29, 2027 | ||||
Fair Value (in Dollars) | [5],[7] | $ 563 | |||
Percentage of Net Assets | [5],[7] | 0.10% | |||
Investment Interest Rate | 5% | ||||
Diversified telecommunication services [Member] | First lien senior secured loan [Member] | Network Connex (f/k/a NTI Connect, LLC) [Member] | |||||
Amortized Cost (in Dollars) | $ 5,140 | [1],[3] | $ 5,187 | [5],[7] | |
Interest Rate | 11% | 9.48% | |||
Principal/ Par (in Dollars) | $ 5,195 | [1],[3] | $ 5,249 | ||
Maturity Date | Jan. 31, 2026 | Nov. 30, 2024 | |||
Fair Value (in Dollars) | $ 5,196 | [1],[3] | $ 5,249 | [5],[7] | |
Percentage of Net Assets | 0.80% | [1],[3] | 0.90% | [5],[7] | |
Investment Interest Rate | 5.50% | 4.75% | |||
Diversified telecommunication services [Member] | First lien senior secured loan [Member] | Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 1,727 | |||
Interest Rate | 9.58% | ||||
Principal/ Par (in Dollars) | $ 1,742 | ||||
Maturity Date | Oct. 29, 2027 | ||||
Fair Value (in Dollars) | [5],[7] | $ 1,716 | |||
Percentage of Net Assets | [5],[7] | 0.30% | |||
Investment Interest Rate | 5% | ||||
Diversified telecommunication services [Member] | First lien senior secured delayed draw loan [Member] | Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 9,354 | |||
Interest Rate | 9.66% | ||||
Principal/ Par (in Dollars) | $ 9,434 | ||||
Maturity Date | Oct. 29, 2027 | ||||
Fair Value (in Dollars) | [5],[7] | $ 9,293 | |||
Percentage of Net Assets | [5],[7] | 1.60% | |||
Investment Interest Rate | 5% | ||||
Diversified telecommunication services [Member] | First lien senior secured loan One [Member] | Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 13,188 | |||
Interest Rate | 9.24% | ||||
Principal/ Par (in Dollars) | $ 13,429 | ||||
Maturity Date | Oct. 29, 2027 | ||||
Fair Value (in Dollars) | [5],[7] | $ 13,227 | |||
Percentage of Net Assets | [5],[7] | 2.20% | |||
Investment Interest Rate | 5% | ||||
Food products [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 150,750 | [1],[2],[3] | $ 119,963 | [5],[6],[7] |
Principal/ Par (in Dollars) | 154,125 | [1],[3] | 123,178 | [5],[7] | |
Fair Value (in Dollars) | $ 152,556 | [1],[3] | $ 123,090 | [5],[7] | |
Percentage of Net Assets | 22.30% | [1],[3] | 20.80% | [5],[7] | |
Food products [Member] | BC CS 2, L.P. (Cuisine Solutions) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3],[9],[13] | $ 21,063 | |||
Interest Rate | 13.55% | ||||
Principal/ Par (in Dollars) | [1],[3],[9],[13] | $ 21,555 | |||
Maturity Date | Jul. 08, 2028 | ||||
Fair Value (in Dollars) | [1],[3],[9],[13] | $ 21,555 | |||
Percentage of Net Assets | [1],[2],[3],[4],[9],[13] | 3.20% | |||
Investment Interest Rate | 8% | ||||
Food products [Member] | First lien senior secured revolving loan [Member] | City Line Distributors, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | [1],[3] | 11.47% | |||
Principal/ Par (in Dollars) | [1],[3] | ||||
Maturity Date | Aug. 31, 2028 | ||||
Percentage of Net Assets | 0% | ||||
Investment Interest Rate | [1],[3] | 6% | |||
Food products [Member] | First lien senior secured revolving loan [Member] | Gulf Pacific Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 2,602 | [1],[3] | $ 1,384 | [5],[7] | |
Interest Rate | 11.29% | [1],[3] | 10.42% | ||
Principal/ Par (in Dollars) | $ 2,697 | [1],[3] | $ 1,498 | ||
Maturity Date | Sep. 30, 2028 | Sep. 30, 2028 | |||
Fair Value (in Dollars) | $ 2,683 | $ 1,498 | [5],[7] | ||
Percentage of Net Assets | 0.40% | 0.30% | [5],[7] | ||
Investment Interest Rate | 5.75% | [1],[3] | 6% | ||
Food products [Member] | First lien senior secured revolving loan [Member] | IF&P Foods, LLC (FreshEdge) [Member] | |||||
Amortized Cost (in Dollars) | [12] | $ 1,690 | [1],[3] | $ 1,187 | [5],[7] |
Interest Rate | 10.91% | [1],[3],[12] | 8.91% | ||
Principal/ Par (in Dollars) | $ 1,759 | [1],[3],[12] | $ 1,366 | ||
Maturity Date | Oct. 03, 2028 | Oct. 03, 2028 | |||
Fair Value (in Dollars) | $ 1,737 | $ 1,366 | [5],[7],[12] | ||
Percentage of Net Assets | 0.30% | 0.20% | [5],[7],[12] | ||
Investment Interest Rate | 5.63% | [1],[3],[12] | 5.25% | ||
Food products [Member] | First lien senior secured revolving loan [Member] | Siegel Egg Co., LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 2,557 | [1],[3] | $ 1,873 | [5],[7] | |
Interest Rate | 11.99% | [1],[3] | 9.25% | ||
Principal/ Par (in Dollars) | $ 2,594 | [1],[3] | $ 1,923 | ||
Maturity Date | Dec. 29, 2026 | Dec. 29, 2026 | |||
Fair Value (in Dollars) | $ 2,451 | $ 1,913 | [5],[7] | ||
Percentage of Net Assets | 0.40% | 0.30% | [5],[7] | ||
Investment Interest Rate | 6.50% | [1],[3] | 5.50% | ||
Food products [Member] | First lien senior secured revolving loan [Member] | Worldwide Produce Acquisition, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 190 | |||
Interest Rate | [1],[3] | 11.60% | |||
Principal/ Par (in Dollars) | [1],[3] | $ 198 | |||
Maturity Date | Jan. 18, 2029 | ||||
Fair Value (in Dollars) | $ 196 | ||||
Percentage of Net Assets | 0% | ||||
Investment Interest Rate | [1],[3] | 6.25% | |||
Food products [Member] | First lien senior secured loan [Member] | BC CS 2, L.P. (Cuisine Solutions) [Member] | |||||
Amortized Cost (in Dollars) | [5],[7],[10] | $ 24,283 | |||
Interest Rate | 12.18% | ||||
Principal/ Par (in Dollars) | $ 25,000 | ||||
Maturity Date | Jul. 08, 2028 | ||||
Fair Value (in Dollars) | [5],[7],[10] | $ 25,000 | |||
Percentage of Net Assets | [5],[7],[10] | 4.20% | |||
Investment Interest Rate | 8% | ||||
Food products [Member] | First lien senior secured loan [Member] | BR PJK Produce, LLC (Keany) [Member] | |||||
Amortized Cost (in Dollars) | $ 28,973 | [1],[3] | $ 29,095 | [5],[7] | |
Interest Rate | 11.50% | 10.47% | |||
Principal/ Par (in Dollars) | $ 29,564 | [1],[3] | $ 29,863 | ||
Maturity Date | Nov. 14, 2027 | Nov. 14, 2027 | |||
Fair Value (in Dollars) | $ 29,564 | [1],[3] | $ 29,863 | [5],[7] | |
Percentage of Net Assets | 4.30% | [1],[3] | 5% | [5],[7] | |
Investment Interest Rate | 6% | 6.25% | |||
Food products [Member] | First lien senior secured loan [Member] | City Line Distributors, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 8,576 | |||
Interest Rate | 11.47% | ||||
Principal/ Par (in Dollars) | [1],[3] | $ 8,895 | |||
Maturity Date | Aug. 31, 2028 | ||||
Fair Value (in Dollars) | [1],[3] | $ 8,895 | |||
Percentage of Net Assets | [1],[3] | 1.30% | |||
Investment Interest Rate | 6% | ||||
Food products [Member] | First lien senior secured loan [Member] | Gulf Pacific Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 19,847 | [1],[3] | $ 19,905 | [5],[7] | |
Interest Rate | 11.25% | [1],[3] | 10.73% | ||
Principal/ Par (in Dollars) | $ 20,180 | [1],[3] | $ 20,384 | ||
Maturity Date | Sep. 30, 2028 | Sep. 30, 2028 | |||
Fair Value (in Dollars) | $ 20,079 | $ 20,384 | [5],[7] | ||
Percentage of Net Assets | 2.90% | 3.50% | [5],[7] | ||
Investment Interest Rate | 5.75% | [1],[3] | 6% | ||
Food products [Member] | First lien senior secured loan [Member] | IF&P Foods, LLC (FreshEdge) [Member] | |||||
Amortized Cost (in Dollars) | $ 26,684 | [1],[3],[14] | $ 26,853 | [5],[7],[12] | |
Interest Rate | 11.07% | 8.91% | |||
Principal/ Par (in Dollars) | $ 27,245 | $ 27,520 | |||
Maturity Date | Oct. 03, 2028 | [1],[3],[14] | Oct. 03, 2028 | ||
Fair Value (in Dollars) | $ 26,904 | [1],[3],[14] | $ 27,520 | [5],[7],[12] | |
Percentage of Net Assets | 4% | [1],[2],[3],[4],[14] | 4.70% | [5],[7],[12] | |
Investment Interest Rate | 5.63% | [1],[3],[14] | 5.25% | ||
Food products [Member] | First lien senior secured loan [Member] | Siegel Egg Co., LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 15,290 | [1],[3] | $ 15,383 | [5],[7] | |
Interest Rate | 11.99% | [1],[3] | 9.25% | ||
Principal/ Par (in Dollars) | $ 15,466 | [1],[3] | $ 15,624 | ||
Maturity Date | Dec. 29, 2026 | Dec. 29, 2026 | |||
Fair Value (in Dollars) | $ 14,616 | $ 15,546 | [5],[7] | ||
Percentage of Net Assets | 2.10% | 2.60% | [5],[7] | ||
Investment Interest Rate | 6.50% | [1],[3] | 5.50% | ||
Food products [Member] | First lien senior secured loan [Member] | Worldwide Produce Acquisition, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 2,786 | |||
Interest Rate | [1],[3] | 11.60% | |||
Principal/ Par (in Dollars) | [1],[3] | $ 2,860 | |||
Maturity Date | Jan. 18, 2029 | ||||
Fair Value (in Dollars) | $ 2,832 | ||||
Percentage of Net Assets | 0.40% | ||||
Investment Interest Rate | [1],[3] | 6.25% | |||
Food products [Member] | First lien senior secured delayed draw loan [Member] | BR PJK Produce, LLC (Keany) [Member] | |||||
Amortized Cost (in Dollars) | $ 2,812 | [1],[3] | [5],[7] | ||
Interest Rate | 11.46% | 10.47% | |||
Principal/ Par (in Dollars) | [1],[3] | $ 2,938 | |||
Maturity Date | Nov. 14, 2027 | May 14, 2024 | |||
Fair Value (in Dollars) | $ 2,938 | [1],[3] | [5],[7] | ||
Percentage of Net Assets | 0.40% | [1],[3] | 0% | [4],[5],[6],[7] | |
Investment Interest Rate | 6% | 6.25% | |||
Food products [Member] | First lien senior secured delayed draw loan [Member] | City Line Distributors, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||||
Interest Rate | 11.47% | ||||
Principal/ Par (in Dollars) | [1],[3] | ||||
Maturity Date | Mar. 03, 2025 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[3] | 0% | |||
Investment Interest Rate | 6% | ||||
Food products [Member] | First lien senior secured delayed draw loan [Member] | Gulf Pacific Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 1,618 | [1],[3] | [5],[7] | ||
Interest Rate | 11.38% | [1],[3] | 10.73% | ||
Principal/ Par (in Dollars) | [1],[3] | $ 1,701 | |||
Maturity Date | Sep. 30, 2028 | Sep. 30, 2024 | |||
Fair Value (in Dollars) | $ 1,693 | [5],[7] | |||
Percentage of Net Assets | 0.20% | 0% | [4],[5],[6],[7] | ||
Investment Interest Rate | 5.75% | [1],[3] | 6% | ||
Food products [Member] | First lien senior secured delayed draw loan [Member] | IF&P Foods, LLC (FreshEdge) [Member] | |||||
Amortized Cost (in Dollars) | [12] | $ 3,969 | [1],[3] | [5],[7] | |
Interest Rate | 11.07% | [1],[3],[12] | 8.91% | ||
Principal/ Par (in Dollars) | [1],[3],[12] | $ 4,045 | |||
Maturity Date | Oct. 03, 2028 | Oct. 03, 2024 | |||
Fair Value (in Dollars) | $ 3,994 | [5],[7],[12] | |||
Percentage of Net Assets | 0.60% | 0% | [4],[5],[6],[7],[12] | ||
Investment Interest Rate | 5.63% | [1],[3],[12] | 5.25% | ||
Food products [Member] | First lien senior secured delayed draw loan [Member] | Worldwide Produce Acquisition, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 587 | |||
Interest Rate | [1],[3] | 11.60% | |||
Principal/ Par (in Dollars) | [1],[3] | $ 631 | |||
Maturity Date | Jan. 18, 2029 | ||||
Fair Value (in Dollars) | $ 625 | ||||
Percentage of Net Assets | 0.10% | ||||
Investment Interest Rate | [1],[3] | 6.25% | |||
Food products [Member] | First lien senior secured loan [Member] | IF&P Foods, LLC (FreshEdge) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3],[12] | $ 211 | |||
Interest Rate | [1],[3],[12] | 11.48% | |||
Principal/ Par (in Dollars) | [1],[3],[12] | $ 216 | |||
Maturity Date | Oct. 03, 2028 | ||||
Fair Value (in Dollars) | $ 213 | ||||
Percentage of Net Assets | 0% | ||||
Investment Interest Rate | [1],[3],[12] | 6% | |||
Food products [Member] | First lien senior secured loan [Member] | J&K Ingredients, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 11,295 | |||
Interest Rate | [1],[3] | 11.63% | |||
Principal/ Par (in Dollars) | [1],[3] | $ 11,581 | |||
Maturity Date | Nov. 16, 2028 | ||||
Fair Value (in Dollars) | $ 11,581 | ||||
Percentage of Net Assets | 1.70% | ||||
Investment Interest Rate | [1],[3] | 6.25% | |||
Food products [Member] | First lien senior secured delayed draw loan One [Member] | Worldwide Produce Acquisition, LLC [Member] | |||||
Interest Rate | 11.60% | ||||
Maturity Date | Apr. 18, 2024 | ||||
Percentage of Net Assets | 0% | ||||
Investment Interest Rate | 6.25% | ||||
Health care providers & services [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 98,635 | [1],[2],[3] | $ 113,034 | [5],[6],[7] |
Principal/ Par (in Dollars) | 100,522 | [1],[3] | 114,553 | [5],[7] | |
Fair Value (in Dollars) | $ 100,254 | [1],[3] | $ 114,406 | [5],[7] | |
Percentage of Net Assets | 14.70% | [1],[3] | 19.30% | [5],[7] | |
Health care providers & services [Member] | First lien senior secured revolving loan [Member] | Brightview, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 774 | [1],[3] | [5],[7] | ||
Interest Rate | 11.47% | [1],[3] | 10.13% | ||
Principal/ Par (in Dollars) | [1],[3] | $ 774 | |||
Maturity Date | Dec. 14, 2026 | Dec. 14, 2026 | |||
Fair Value (in Dollars) | $ 761 | [5],[7] | |||
Percentage of Net Assets | 0.10% | 0% | [4],[5],[6],[7] | ||
Investment Interest Rate | 6% | [1],[3] | 5.75% | ||
Health care providers & services [Member] | First lien senior secured revolving loan [Member] | Light Wave Dental Management LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 2,099 | [1],[3] | $ 555 | [5],[7] | |
Interest Rate | 12.35% | [1],[3] | 11.32% | ||
Principal/ Par (in Dollars) | $ 2,181 | [1],[3] | $ 558 | ||
Maturity Date | Jun. 30, 2029 | Dec. 31, 2023 | |||
Fair Value (in Dollars) | $ 2,181 | $ 558 | [5],[7] | ||
Percentage of Net Assets | 0.30% | 0.10% | [5],[7] | ||
Investment Interest Rate | 7% | [1],[3] | 6.50% | ||
Health care providers & services [Member] | First lien senior secured revolving loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | [5],[7] | |||
Interest Rate | 11.67% | [1],[3] | 9.93% | ||
Principal/ Par (in Dollars) | [1],[2],[3],[4] | ||||
Maturity Date | Dec. 30, 2026 | Dec. 30, 2026 | |||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | 0% | [4],[5],[6],[7] | ||
Investment Interest Rate | 6% | [1],[3] | 6% | ||
Health care providers & services [Member] | First lien senior secured loan [Member] | Brightview, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 12,855 | [1],[3] | $ 12,923 | [5],[7] | |
Interest Rate | 11.47% | [1],[3] | 10.13% | ||
Principal/ Par (in Dollars) | $ 12,870 | [1],[3] | $ 13,002 | ||
Maturity Date | Dec. 14, 2026 | Dec. 14, 2026 | |||
Fair Value (in Dollars) | $ 12,645 | $ 12,872 | [5],[7] | ||
Percentage of Net Assets | 1.90% | 2.20% | [5],[7] | ||
Investment Interest Rate | 6% | [1],[3] | 5.75% | ||
Health care providers & services [Member] | First lien senior secured loan [Member] | Guardian Dentistry Partners [Member] | |||||
Amortized Cost (in Dollars) | $ 7,929 | [1],[3] | $ 7,961 | [5],[7] | |
Interest Rate | 11.97% | [1],[3] | 10.94% | ||
Principal/ Par (in Dollars) | $ 8,057 | [1],[3] | $ 8,139 | ||
Maturity Date | Aug. 20, 2026 | Aug. 20, 2026 | |||
Fair Value (in Dollars) | $ 8,057 | $ 8,139 | [5],[7] | ||
Percentage of Net Assets | 1.20% | 1.40% | [5],[7] | ||
Investment Interest Rate | 6.50% | [1],[3] | 6.50% | ||
Health care providers & services [Member] | First lien senior secured loan [Member] | Light Wave Dental Management LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 21,834 | [1],[3] | $ 6,254 | [5],[7] | |
Interest Rate | 12.35% | [1],[3] | 30% | ||
Principal/ Par (in Dollars) | $ 22,423 | [1],[3] | $ 6,254 | ||
Maturity Date | Jun. 30, 2029 | Sep. 30, 2023 | |||
Fair Value (in Dollars) | $ 22,423 | $ 6,254 | [5],[7] | ||
Percentage of Net Assets | 3.30% | 1% | [5],[7] | ||
Investment Interest Rate | 7% | [1],[3] | 30% | ||
Health care providers & services [Member] | First lien senior secured loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 11,683 | [1],[3] | $ 11,725 | [5],[7] | |
Interest Rate | 11.67% | [1],[3] | 9.93% | ||
Principal/ Par (in Dollars) | $ 11,828 | [1],[3] | $ 11,948 | ||
Maturity Date | Dec. 30, 2026 | Dec. 30, 2026 | |||
Fair Value (in Dollars) | $ 11,828 | $ 11,948 | [5],[7] | ||
Percentage of Net Assets | 1.70% | 2% | [5],[7] | ||
Investment Interest Rate | 6% | [1],[3] | 6% | ||
Health care providers & services [Member] | First lien senior secured loan [Member] | OMH-HealthEdge Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 17,271 | |||
Interest Rate | 10.03% | ||||
Principal/ Par (in Dollars) | $ 17,572 | ||||
Maturity Date | Oct. 24, 2025 | ||||
Fair Value (in Dollars) | [5],[7] | $ 17,572 | |||
Percentage of Net Assets | [5],[7] | 3% | |||
Investment Interest Rate | 5.25% | ||||
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Brightview, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 1,714 | [1],[3] | $ 1,714 | [5],[7] | |
Interest Rate | 11.47% | [1],[3] | 10.14% | ||
Principal/ Par (in Dollars) | $ 1,719 | [1],[3] | $ 1,736 | ||
Maturity Date | Dec. 14, 2026 | Dec. 14, 2026 | |||
Fair Value (in Dollars) | $ 1,689 | $ 1,719 | [5],[7] | ||
Percentage of Net Assets | 0.30% | 0.30% | [5],[7] | ||
Investment Interest Rate | 6% | [1],[3] | 5.75% | ||
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Guardian Dentistry Partners [Member] | |||||
Amortized Cost (in Dollars) | $ 15,464 | [1],[3] | $ 21,402 | [5],[7] | |
Interest Rate | 11.97% | [1],[3] | 10.94% | ||
Principal/ Par (in Dollars) | $ 15,682 | [1],[3] | $ 21,708 | ||
Maturity Date | Aug. 20, 2026 | Aug. 20, 2026 | |||
Fair Value (in Dollars) | $ 15,682 | $ 21,708 | [5],[7] | ||
Percentage of Net Assets | 2.30% | 3.70% | [5],[7] | ||
Investment Interest Rate | 6.50% | [1],[3] | 6.50% | ||
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Light Wave Dental Management LLC [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 9,437 | |||
Interest Rate | 11.32% | ||||
Principal/ Par (in Dollars) | $ 9,559 | ||||
Maturity Date | Dec. 31, 2023 | ||||
Fair Value (in Dollars) | [5],[7] | $ 9,559 | |||
Percentage of Net Assets | [5],[7] | 1.60% | |||
Investment Interest Rate | 6.50% | ||||
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 10,856 | [1],[3] | $ 10,941 | [5],[7] | |
Interest Rate | 11.67% | [1],[3] | 9.93% | ||
Principal/ Par (in Dollars) | $ 11,024 | [1],[3] | $ 11,136 | ||
Maturity Date | Dec. 30, 2026 | Dec. 30, 2026 | |||
Fair Value (in Dollars) | $ 11,024 | $ 11,136 | [5],[7] | ||
Percentage of Net Assets | 1.60% | 1.90% | [5],[7] | ||
Investment Interest Rate | 6% | [1],[3] | 6% | ||
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Guardian Dentistry Partners Two [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 5,808 | |||
Interest Rate | [1],[3] | 11.97% | |||
Principal/ Par (in Dollars) | [1],[3] | $ 5,808 | |||
Maturity Date | Aug. 20, 2026 | ||||
Fair Value (in Dollars) | $ 5,808 | ||||
Percentage of Net Assets | 0.90% | ||||
Investment Interest Rate | [1],[3] | 6.50% | |||
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Guided Practice Solutions: Dental, LLC (GPS) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 6,056 | |||
Interest Rate | [1],[3] | 11.72% | |||
Principal/ Par (in Dollars) | [1],[3] | $ 6,475 | |||
Maturity Date | Dec. 29, 2025 | ||||
Fair Value (in Dollars) | $ 6,475 | ||||
Percentage of Net Assets | 0.90% | ||||
Investment Interest Rate | [1],[3] | 6.25% | |||
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | [1],[3] | 11.67% | |||
Principal/ Par (in Dollars) | [1],[2],[3],[4] | ||||
Maturity Date | Apr. 19, 2024 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | 0% | ||||
Investment Interest Rate | [1],[3] | 6% | |||
Health care providers & services [Member] | First lien senior secured loan [Member] | Light Wave Dental Management LLC [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 12,851 | |||
Interest Rate | 11.32% | ||||
Principal/ Par (in Dollars) | $ 12,941 | ||||
Maturity Date | Dec. 31, 2023 | ||||
Fair Value (in Dollars) | [5],[7] | $ 12,941 | |||
Percentage of Net Assets | [5],[7] | 2.10% | |||
Investment Interest Rate | 6.50% | ||||
Health care providers & services [Member] | First lien senior secured loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 1,563 | |||
Interest Rate | [1],[3] | 11.61% | |||
Principal/ Par (in Dollars) | [1],[3] | $ 1,681 | |||
Maturity Date | Dec. 30, 2026 | ||||
Fair Value (in Dollars) | $ 1,681 | ||||
Percentage of Net Assets | 0.20% | ||||
Investment Interest Rate | [1],[3] | 6% | |||
Health care equipment & supplies [Member] | First lien senior secured revolving loan [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | 12.15% | ||||
Maturity Date | Nov. 03, 2027 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment Interest Rate | 6.50% | ||||
Health care equipment & supplies [Member] | First lien senior secured loan [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 18,911 | |||
Interest Rate | 12.15% | ||||
Principal/ Par (in Dollars) | $ 19,529 | ||||
Maturity Date | Nov. 03, 2027 | ||||
Fair Value (in Dollars) | [1],[3] | $ 19,334 | |||
Percentage of Net Assets | [1],[3] | 2.80% | |||
Investment Interest Rate | 6.50% | ||||
Health care equipment & supplies [Member] | First lien senior secured delayed draw loan [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | 12.15% | ||||
Maturity Date | Nov. 03, 2024 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment Interest Rate | 6.50% | ||||
Healthcare Equipment & Supplies [Member] | |||||
Amortized Cost (in Dollars) | [4] | $ 18,911 | [1],[2],[3] | $ 19,001 | [5],[6],[7] |
Principal/ Par (in Dollars) | 19,529 | [1],[3] | 19,727 | [4],[5],[6],[7] | |
Fair Value (in Dollars) | $ 19,334 | $ 19,727 | [5],[7] | ||
Percentage of Net Assets | 2.80% | 3.30% | [5],[7] | ||
Healthcare Equipment & Supplies [Member] | First lien senior secured revolving loan [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | ||||
Interest Rate | 10.90% | ||||
Maturity Date | Nov. 03, 2027 | ||||
Fair Value (in Dollars) | [4],[5],[6],[7] | ||||
Percentage of Net Assets | [4],[5],[6],[7] | 0% | |||
Investment Interest Rate | 6.50% | ||||
Healthcare Equipment & Supplies [Member] | First lien senior secured loan [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 19,001 | |||
Interest Rate | 10.90% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 19,727 | |||
Maturity Date | [5],[7] | Nov. 03, 2027 | |||
Fair Value (in Dollars) | [5],[7] | $ 19,727 | |||
Percentage of Net Assets | [5],[7] | 3.30% | |||
Investment Interest Rate | 6.50% | ||||
Healthcare Equipment & Supplies [Member] | First lien senior secured delayed draw loan [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Amortized Cost (in Dollars) | [4],[5],[6],[7] | ||||
Interest Rate | 10.90% | ||||
Principal/ Par (in Dollars) | [4],[5],[6],[7] | ||||
Maturity Date | [5],[7] | Nov. 03, 2024 | |||
Fair Value (in Dollars) | [5],[7] | ||||
Percentage of Net Assets | [5],[7] | 0% | |||
Investment Interest Rate | 6.50% | ||||
Household durables [Member] | |||||
Amortized Cost (in Dollars) | $ 20,980 | [1],[2],[3],[4] | $ 20,892 | [5],[7] | |
Principal/ Par (in Dollars) | 21,294 | [1],[3] | 21,305 | [5],[7] | |
Fair Value (in Dollars) | $ 20,869 | $ 20,878 | [5],[7] | ||
Percentage of Net Assets | 3.10% | 3.50% | [5],[7] | ||
Household durables [Member] | First lien senior secured revolving loan [Member] | Curio Brands, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | [5],[7] | |||
Interest Rate | 10.96% | 10.23% | |||
Principal/ Par (in Dollars) | [5],[7] | ||||
Maturity Date | Dec. 21, 2027 | Dec. 21, 2027 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | [1],[2],[3],[4] | 0% | [5],[7] | |
Investment Interest Rate | 5.50% | 5.50% | |||
Household durables [Member] | First lien senior secured loan [Member] | Curio Brands, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 16,859 | [1],[3] | $ 17,596 | [5],[7] | |
Interest Rate | 10.96% | 10.23% | |||
Principal/ Par (in Dollars) | $ 17,173 | $ 18,009 | [5],[7] | ||
Maturity Date | Dec. 21, 2027 | Dec. 21, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 16,830 | [1],[3] | $ 17,648 | [5],[7] | |
Percentage of Net Assets | 2.50% | [1],[3] | 3% | [5],[7] | |
Investment Interest Rate | 5.50% | 5.50% | |||
Household durables [Member] | First lien senior secured delayed draw loan [Member] | Curio Brands, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 4,121 | [1],[3] | $ 3,296 | [5],[7] | |
Interest Rate | 10.96% | 10.23% | |||
Principal/ Par (in Dollars) | $ 4,121 | $ 3,296 | [5],[7] | ||
Maturity Date | Dec. 21, 2027 | Dec. 21, 2027 | |||
Fair Value (in Dollars) | $ 4,039 | [1],[3] | $ 3,230 | [5],[7] | |
Percentage of Net Assets | 0.60% | [1],[3] | 0.50% | [5],[7] | |
Investment Interest Rate | 5.50% | 5.50% | |||
Household products [Member] | |||||
Amortized Cost (in Dollars) | $ 16,826 | [1],[2],[3],[4] | $ 18,706 | ||
Principal/ Par (in Dollars) | 17,052 | [1],[3] | 19,046 | ||
Fair Value (in Dollars) | $ 16,967 | $ 18,951 | |||
Percentage of Net Assets | 2.50% | 3.20% | |||
Household products [Member] | First lien senior secured revolving loan [Member] | Home Brands Group Holdings, Inc. (ReBath) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | [5],[7] | |||
Interest Rate | 10.29% | 9.16% | |||
Principal/ Par (in Dollars) | [5],[7] | ||||
Maturity Date | Nov. 08, 2026 | Nov. 08, 2026 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | [1],[2],[3],[4] | 0% | [5],[7] | |
Investment Interest Rate | 4.75% | 4.75% | |||
Household products [Member] | First lien senior secured loan [Member] | Home Brands Group Holdings, Inc. (ReBath) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 16,826 | |||
Interest Rate | 10.29% | ||||
Principal/ Par (in Dollars) | $ 17,052 | ||||
Maturity Date | Nov. 08, 2026 | ||||
Fair Value (in Dollars) | [1],[3] | $ 16,967 | |||
Percentage of Net Assets | [1],[3] | 2.50% | |||
Investment Interest Rate | 4.75% | ||||
Household products [Member] | First lien senior secured loan [Member] | |||||
Amortized Cost (in Dollars) | $ 18,706 | ||||
Interest Rate | 9.16% | ||||
Principal/ Par (in Dollars) | $ 19,046 | ||||
Maturity Date | Nov. 08, 2026 | ||||
Fair Value (in Dollars) | $ 18,951 | ||||
Percentage of Net Assets | 3.20% | ||||
Investment Interest Rate | 4.75% | ||||
Insurance [Member] | |||||
Amortized Cost (in Dollars) | $ 28,817 | [1],[2],[3],[4] | $ 14,359 | [5],[7] | |
Principal/ Par (in Dollars) | 29,322 | [1],[3] | 14,842 | [5],[7] | |
Fair Value (in Dollars) | $ 29,322 | $ 14,842 | [5],[7] | ||
Percentage of Net Assets | 4.30% | 2.50% | [5],[7] | ||
Insurance [Member] | First lien senior secured revolving loan [Member] | Allcat Claims Service, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 1,591 | [5],[7] | ||
Interest Rate | 11.53% | 10.33% | |||
Principal/ Par (in Dollars) | [5],[7] | $ 1,651 | |||
Maturity Date | Jul. 07, 2027 | Jul. 07, 2027 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | $ 1,651 | [5],[7] | ||
Percentage of Net Assets | 0% | [1],[2],[3],[4] | 0.30% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Insurance [Member] | First lien senior secured loan [Member] | Allcat Claims Service, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 7,551 | [1],[3] | $ 7,641 | [5],[7] | |
Interest Rate | 11.53% | 10.41% | |||
Principal/ Par (in Dollars) | $ 7,717 | $ 7,795 | [5],[7] | ||
Maturity Date | Jul. 07, 2027 | Jul. 07, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 7,717 | [1],[3] | $ 7,795 | [5],[7] | |
Percentage of Net Assets | 1.10% | [1],[3] | 1.30% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Insurance [Member] | First lien senior secured delayed draw loan [Member] | Allcat Claims Service, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 21,266 | [1],[3] | $ 5,127 | [5],[7] | |
Interest Rate | 11.53% | 10.24% | |||
Principal/ Par (in Dollars) | $ 21,605 | $ 5,396 | [5],[7] | ||
Maturity Date | Jul. 07, 2027 | Jul. 07, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 21,605 | [1],[3] | $ 5,396 | [5],[7] | |
Percentage of Net Assets | 3.20% | [1],[3] | 0.90% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
IT services [Member] | |||||
Amortized Cost (in Dollars) | $ 51,262 | [1],[2],[3],[4] | $ 43,887 | [5],[7] | |
Principal/ Par (in Dollars) | 52,094 | [1],[3] | 44,892 | [5],[7] | |
Fair Value (in Dollars) | $ 51,834 | $ 44,892 | [5],[7] | ||
Percentage of Net Assets | 7.60% | 7.60% | [5],[7] | ||
IT services [Member] | First lien senior secured revolving loan [Member] | Improving Acquisition LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | [5],[7] | |||
Interest Rate | 12.22% | 10.24% | |||
Principal/ Par (in Dollars) | [5],[7] | ||||
Maturity Date | Jul. 26, 2027 | Jul. 26, 2027 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | [1],[2],[3],[4] | 0% | [5],[7] | |
Investment Interest Rate | 6.50% | 6% | |||
IT services [Member] | First lien senior secured loan [Member] | Domain Information Services Inc. (Integris) [Member] | |||||
Amortized Cost (in Dollars) | $ 20,122 | [1],[3] | $ 20,133 | [5],[7] | |
Interest Rate | 11.29% | 10.63% | |||
Principal/ Par (in Dollars) | $ 20,444 | $ 20,632 | [5],[7] | ||
Maturity Date | Sep. 30, 2025 | Sep. 30, 2025 | [5],[7] | ||
Fair Value (in Dollars) | $ 20,342 | [1],[3] | $ 20,632 | [5],[7] | |
Percentage of Net Assets | 3% | [1],[3] | 3.50% | [5],[7] | |
Investment Interest Rate | 5.75% | 6.25% | |||
IT services [Member] | First lien senior secured loan [Member] | Improving Acquisition LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 31,140 | [1],[3] | $ 23,754 | [5],[7] | |
Interest Rate | 12.22% | 10.24% | |||
Principal/ Par (in Dollars) | $ 31,650 | $ 24,260 | [5],[7] | ||
Maturity Date | Jul. 26, 2027 | Jul. 26, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 31,492 | [1],[3] | $ 24,260 | [5],[7] | |
Percentage of Net Assets | 4.60% | [1],[3] | 4.10% | [5],[7] | |
Investment Interest Rate | 6.50% | 6% | |||
Leisure products [Member] | |||||
Amortized Cost (in Dollars) | $ 45,911 | [1],[2],[3],[4] | $ 27,684 | [5],[7] | |
Principal/ Par (in Dollars) | 46,330 | [1],[3] | 27,942 | [5],[7] | |
Fair Value (in Dollars) | $ 45,103 | $ 26,637 | [5],[7] | ||
Percentage of Net Assets | 6.60% | 4.50% | [5],[7] | ||
Leisure products [Member] | First lien senior secured revolving loan [Member] | BCI Burke Holding Corp. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | 11.11% | ||||
Maturity Date | Jun. 14, 2027 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment Interest Rate | 5.50% | ||||
Leisure products [Member] | First lien senior secured revolving loan [Member] | MacNeill Pride Group [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 874 | [5],[7] | ||
Interest Rate | 11.86% | 11.09% | |||
Principal/ Par (in Dollars) | [5],[7] | $ 899 | |||
Maturity Date | Apr. 22, 2026 | Apr. 22, 2026 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | $ 877 | [5],[7] | ||
Percentage of Net Assets | 0% | [1],[2],[3],[4] | 0.10% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.25% | |||
Leisure products [Member] | First lien senior secured revolving loan [Member] | Trademark Global LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 2,627 | [1],[3] | $ 21 | [5],[7] | |
Interest Rate | 12.97% | 11.88% | |||
Principal/ Par (in Dollars) | $ 2,630 | $ 29 | [5],[7] | ||
Maturity Date | Jul. 30, 2024 | Jul. 30, 2024 | [5],[7] | ||
Fair Value (in Dollars) | $ 2,393 | [1],[3] | $ 27 | [5],[7] | |
Percentage of Net Assets | 0.30% | [1],[3] | 0.10% | [5],[7] | |
Investment Interest Rate | 1.50% | 4.50% | |||
Leisure products [Member] | First lien senior secured loan [Member] | BCI Burke Holding Corp. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 15,219 | |||
Interest Rate | 11.11% | ||||
Principal/ Par (in Dollars) | $ 15,373 | ||||
Maturity Date | Dec. 14, 2027 | ||||
Fair Value (in Dollars) | [1],[3] | $ 15,603 | |||
Percentage of Net Assets | [1],[3] | 2.30% | |||
Investment Interest Rate | 5.50% | ||||
Leisure products [Member] | First lien senior secured loan [Member] | VENUplus, Inc. (f/k/a CTM Group, Inc.) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 4,325 | |||
Interest Rate | 12.29% | ||||
Principal/ Par (in Dollars) | $ 4,420 | ||||
Maturity Date | Nov. 30, 2026 | ||||
Fair Value (in Dollars) | [1],[3] | $ 4,398 | |||
Percentage of Net Assets | [1],[3] | 0.60% | |||
Investment Interest Rate | 6.75% | ||||
Leisure products [Member] | First lien senior secured loan [Member] | MacNeill Pride Group [Member] | |||||
Amortized Cost (in Dollars) | $ 8,198 | [1],[3] | $ 8,533 | [5],[7] | |
Interest Rate | 11.86% | 11.09% | |||
Principal/ Par (in Dollars) | $ 8,254 | $ 8,619 | [5],[7] | ||
Maturity Date | Apr. 22, 2026 | Apr. 22, 2026 | [5],[7] | ||
Fair Value (in Dollars) | $ 8,151 | [1],[3] | $ 8,403 | [5],[7] | |
Percentage of Net Assets | 1.20% | [1],[3] | 1.40% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.25% | |||
Leisure products [Member] | First lien senior secured loan [Member] | Trademark Global LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 11,776 | [1],[3] | $ 11,451 | [5],[7] | |
Interest Rate | 12.97% | 11.88% | |||
Principal/ Par (in Dollars) | $ 11,798 | $ 11,516 | [5],[7] | ||
Maturity Date | Jul. 30, 2024 | Jul. 30, 2024 | [5],[7] | ||
Fair Value (in Dollars) | $ 10,736 | [1],[3] | $ 10,739 | [5],[7] | |
Percentage of Net Assets | 1.60% | [1],[3] | 1.80% | [5],[7] | |
Investment Interest Rate | 1.50% | 4.50% | |||
Leisure products [Member] | First lien senior secured delayed draw loan [Member] | BCI Burke Holding Corp. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 545 | |||
Interest Rate | 11.11% | ||||
Principal/ Par (in Dollars) | $ 578 | ||||
Maturity Date | Dec. 14, 2027 | ||||
Fair Value (in Dollars) | [1],[3] | $ 586 | |||
Percentage of Net Assets | [1],[3] | 0.10% | |||
Investment Interest Rate | 5.50% | ||||
Leisure products [Member] | First lien senior secured delayed draw loan [Member] | MacNeill Pride Group [Member] | |||||
Amortized Cost (in Dollars) | $ 3,221 | [1],[3] | $ 4,061 | [5],[7] | |
Interest Rate | 11.86% | 11.09% | |||
Principal/ Par (in Dollars) | $ 3,277 | $ 4,119 | [5],[7] | ||
Maturity Date | Apr. 22, 2026 | Apr. 22, 2026 | [5],[7] | ||
Fair Value (in Dollars) | $ 3,236 | [1],[3] | $ 4,017 | [5],[7] | |
Percentage of Net Assets | 0.50% | [1],[3] | 0.70% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.25% | |||
Leisure products [Member] | First lien senior secured revolving loan [Member] | Trademark Global LLC [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 2,744 | |||
Interest Rate | 11.88% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 2,760 | |||
Maturity Date | [5],[7] | Jul. 30, 2024 | |||
Fair Value (in Dollars) | [5],[7] | $ 2,574 | |||
Percentage of Net Assets | [5],[7] | 0.40% | |||
Investment Interest Rate | 4.50% | ||||
Machinery [Member] | |||||
Amortized Cost (in Dollars) | $ 50,969 | [1],[2],[3],[4] | $ 25,754 | [5],[7] | |
Principal/ Par (in Dollars) | 51,665 | [1],[3] | 26,133 | [5],[7] | |
Fair Value (in Dollars) | $ 51,715 | $ 26,133 | [5],[7] | ||
Percentage of Net Assets | 7.60% | 4.40% | [5],[7] | ||
Machinery [Member] | First lien senior secured loan [Member] | Pennsylvania Machine Works, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 1,896 | [1],[3] | $ 1,991 | [5],[7] | |
Interest Rate | 11.61% | 11.09% | |||
Principal/ Par (in Dollars) | $ 1,908 | $ 2,009 | [5],[7] | ||
Maturity Date | Mar. 06, 2027 | Mar. 06, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 1,908 | [1],[3] | $ 2,009 | [5],[7] | |
Percentage of Net Assets | 0.30% | [1],[3] | 0.30% | [5],[7] | |
Investment Interest Rate | 6% | 6.25% | |||
Machinery [Member] | First lien senior secured loan [Member] | PVI Holdings, Inc [Member] | |||||
Amortized Cost (in Dollars) | $ 23,602 | [1],[3] | $ 23,763 | [5],[7] | |
Interest Rate | 12.16% | 10.12% | |||
Principal/ Par (in Dollars) | $ 23,895 | $ 24,124 | [5],[7] | ||
Maturity Date | Jan. 18, 2028 | Jul. 18, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 24,074 | [1],[3] | $ 24,124 | [5],[7] | |
Percentage of Net Assets | 3.50% | [1],[3] | 4.10% | [5],[7] | |
Investment Interest Rate | 6.77% | 6.38% | |||
Machinery [Member] | First lien senior secured loan [Member] | Techniks Holdings, LLC / Eppinger Holdings Germany GMBH [Member] | |||||
Amortized Cost (in Dollars) | $ 24,468 | ||||
Interest Rate | 12.75% | ||||
Principal/ Par (in Dollars) | $ 24,812 | ||||
Maturity Date | Feb. 04, 2025 | ||||
Fair Value (in Dollars) | [1],[3],[9] | $ 24,688 | |||
Percentage of Net Assets | [1],[3],[9] | 3.60% | |||
Investment Interest Rate | 7.25% | ||||
Machinery [Member] | First lien senior secured revolving loan [Member] | Techniks Holdings, LLC / Eppinger Holdings Germany GMBH [Member] | |||||
Amortized Cost (in Dollars) | [1],[3],[9] | $ 1,003 | |||
Interest Rate | 11.80% | ||||
Principal/ Par (in Dollars) | $ 1,050 | ||||
Maturity Date | Feb. 04, 2025 | ||||
Fair Value (in Dollars) | [1],[3],[9] | $ 1,045 | |||
Percentage of Net Assets | [1],[3],[9] | 0.20% | |||
Investment Interest Rate | 6.25% | ||||
Personal care products [Member] | |||||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 39,583 | |||
Principal/ Par (in Dollars) | [1],[3] | 40,346 | |||
Fair Value (in Dollars) | $ 40,485 | ||||
Percentage of Net Assets | 5.90% | ||||
Personal care products [Member] | First lien senior secured revolving loan [Member] | DRS Holdings III, Inc. (Dr. Scholl's) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | 11.71% | ||||
Principal/ Par (in Dollars) | |||||
Maturity Date | Nov. 01, 2025 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment Interest Rate | 6.25% | ||||
Personal care products [Member] | First lien senior secured loan [Member] | DRS Holdings III, Inc. (Dr. Scholl's) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 10,954 | |||
Interest Rate | 11.71% | ||||
Principal/ Par (in Dollars) | $ 11,004 | ||||
Maturity Date | Nov. 01, 2025 | ||||
Fair Value (in Dollars) | [1],[3] | $ 11,004 | |||
Percentage of Net Assets | [1],[3] | 1.60% | |||
Investment Interest Rate | 6.25% | ||||
Personal care products [Member] | First lien senior secured loan [Member] | PH Beauty Holdings III, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 9,278 | |||
Interest Rate | 10.65% | ||||
Principal/ Par (in Dollars) | $ 9,442 | ||||
Maturity Date | Sep. 28, 2025 | ||||
Fair Value (in Dollars) | [1],[3] | $ 9,183 | |||
Percentage of Net Assets | [1],[3] | 1.30% | |||
Investment Interest Rate | 5% | ||||
Personal care products [Member] | First lien senior secured loan [Member] | Silk Holdings I I I Corp Suave [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 19,351 | |||
Interest Rate | 13.10% | ||||
Principal/ Par (in Dollars) | $ 19,900 | ||||
Maturity Date | May 01, 2029 | ||||
Fair Value (in Dollars) | [1],[3] | $ 20,298 | |||
Percentage of Net Assets | [1],[3] | 3% | |||
Investment Interest Rate | 7.75% | ||||
Pharmaceuticals [Member] | |||||
Amortized Cost (in Dollars) | $ 6,744 | [1],[2],[3],[4] | $ 7,276 | ||
Principal/ Par (in Dollars) | 6,781 | [1],[3] | 7,331 | ||
Fair Value (in Dollars) | $ 6,832 | $ 7,331 | |||
Percentage of Net Assets | 1% | 1.20% | |||
Pharmaceuticals [Member] | First lien senior secured revolving loan [Member] | Foundation Consumer Brands [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | [5],[7] | |||
Interest Rate | 11.79% | 10.15% | |||
Principal/ Par (in Dollars) | [5],[7] | ||||
Maturity Date | Feb. 12, 2027 | Feb. 12, 2027 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [5],[7] | |||
Percentage of Net Assets | 0% | [1],[2],[3],[4] | 0% | [5],[7] | |
Investment Interest Rate | 6.25% | 5.50% | |||
Pharmaceuticals [Member] | First lien senior secured loan [Member] | Foundation Consumer Brands [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 6,744 | |||
Interest Rate | 11.79% | ||||
Principal/ Par (in Dollars) | $ 6,781 | ||||
Maturity Date | Feb. 12, 2027 | ||||
Fair Value (in Dollars) | [1],[3] | $ 6,832 | |||
Percentage of Net Assets | [1],[3] | 1% | |||
Investment Interest Rate | 6.25% | ||||
Pharmaceuticals [Member] | First lien senior secured loan [Member] | Foundation Consumer Brands [Member] | |||||
Amortized Cost (in Dollars) | $ 7,276 | ||||
Interest Rate | 10.15% | ||||
Principal/ Par (in Dollars) | $ 7,331 | ||||
Maturity Date | Feb. 12, 2027 | ||||
Fair Value (in Dollars) | $ 7,331 | ||||
Percentage of Net Assets | 1.20% | ||||
Investment Interest Rate | 5.50% | ||||
Professional services [Member] | |||||
Amortized Cost (in Dollars) | $ 60,054 | [1],[2],[3],[4] | $ 62,879 | [5],[7] | |
Principal/ Par (in Dollars) | 61,792 | [1],[3] | 64,491 | [5],[7] | |
Fair Value (in Dollars) | $ 61,792 | [1],[3] | $ 64,245 | [4],[5],[6],[7] | |
Percentage of Net Assets | 9% | [1],[3] | 10.90% | [5],[7] | |
Professional services [Member] | First lien senior secured revolving loan [Member] | Universal Marine Medical Supply International, LLC (Unimed) [Member] | |||||
Amortized Cost (in Dollars) | $ 2,494 | [1],[3] | $ 446 | [5],[7] | |
Interest Rate | 13% | 12.14% | |||
Principal/ Par (in Dollars) | $ 2,544 | $ 509 | [5],[7] | ||
Maturity Date | Dec. 05, 2027 | Dec. 05, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 2,544 | [1],[3] | $ 509 | [5],[7] | |
Percentage of Net Assets | 0.40% | [1],[3] | 0.10% | [5],[7] | |
Investment Interest Rate | 7.50% | 7.50% | |||
Professional services [Member] | First lien senior secured loan [Member] | 4 Over International, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 18,757 | [1],[3] | $ 24,013 | [5],[7] | |
Interest Rate | 12.46% | 10.73% | |||
Principal/ Par (in Dollars) | $ 19,438 | $ 24,326 | [5],[7] | ||
Maturity Date | Dec. 07, 2026 | Dec. 07, 2023 | [5],[7] | ||
Fair Value (in Dollars) | $ 19,438 | [1],[3] | $ 24,205 | [5],[7] | |
Percentage of Net Assets | 2.80% | [1],[3] | 4.10% | [5],[7] | |
Investment Interest Rate | 7% | 6% | |||
Professional services [Member] | First lien senior secured loan [Member] | Universal Marine Medical Supply International, LLC (Unimed) [Member] | |||||
Amortized Cost (in Dollars) | $ 13,253 | [1],[3] | $ 14,395 | [5],[7] | |
Interest Rate | 13.01% | 12.10% | |||
Principal/ Par (in Dollars) | $ 13,527 | $ 14,756 | [5],[7] | ||
Maturity Date | Dec. 05, 2027 | Dec. 05, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 13,527 | [1],[3] | $ 14,756 | [5],[7] | |
Percentage of Net Assets | 2% | [1],[3] | 2.50% | [5],[7] | |
Investment Interest Rate | 7.50% | 7.50% | |||
Professional services [Member] | First lien senior secured delayed draw loan [Member] | DISA Holdings Corp. (DISA) [Member] | |||||
Amortized Cost (in Dollars) | $ 3,578 | [1],[3] | $ 2,283 | [5],[7] | |
Interest Rate | 10.84% | 9.73% | |||
Principal/ Par (in Dollars) | $ 3,714 | $ 2,443 | [5],[7] | ||
Maturity Date | Sep. 09, 2028 | Sep. 09, 2028 | [5],[7] | ||
Fair Value (in Dollars) | $ 3,714 | [1],[3] | $ 2,430 | [5],[7] | |
Percentage of Net Assets | 0.50% | [1],[3] | 0.40% | [5],[7] | |
Investment Interest Rate | 5.50% | 5.50% | |||
Professional services [Member] | First lien senior secured loan [Member] | DISA Holdings Corp. (DISA) [Member] | |||||
Amortized Cost (in Dollars) | $ 21,625 | [1],[3] | $ 21,741 | [5],[7] | |
Interest Rate | 10.84% | 9.72% | |||
Principal/ Par (in Dollars) | $ 22,177 | $ 22,401 | [5],[7] | ||
Maturity Date | Sep. 09, 2028 | Sep. 09, 2028 | [5],[7] | ||
Fair Value (in Dollars) | $ 22,177 | [1],[3] | $ 22,289 | [5],[7] | |
Percentage of Net Assets | 3.20% | [1],[3] | 3.80% | [5],[7] | |
Investment Interest Rate | 5.50% | 5.50% | |||
Professional services [Member] | First lien senior secured revolving loan [Member] | DISA Holdings Corp. (DISA) [Member] | |||||
Amortized Cost (in Dollars) | $ 347 | [1],[3] | $ 1 | [5],[7] | |
Interest Rate | 10.84% | 9.82% | |||
Principal/ Par (in Dollars) | $ 392 | $ 56 | [5],[7] | ||
Maturity Date | Sep. 09, 2028 | Sep. 09, 2028 | [5],[7] | ||
Fair Value (in Dollars) | $ 392 | [1],[3] | $ 56 | [5],[7] | |
Percentage of Net Assets | 0.10% | [1],[3] | 0% | [5],[7] | |
Investment Interest Rate | 5.50% | 5.50% | |||
Software [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 33,835 | |||
Principal/ Par (in Dollars) | [5],[7] | 35,000 | |||
Fair Value (in Dollars) | [4],[5],[6],[7] | $ 35,000 | |||
Percentage of Net Assets | [5],[7] | 5.90% | |||
Software [Member] | First lien senior secured loan [Member] | AIDC Intermediate Co 2, LLC (Peak Technologies) [Member] | |||||
Amortized Cost (in Dollars) | $ 33,736 | [1],[3] | $ 33,835 | [5],[7] | |
Interest Rate | 11.80% | 10.44% | |||
Principal/ Par (in Dollars) | $ 34,650 | $ 35,000 | [5],[7] | ||
Maturity Date | Jul. 22, 2027 | Jul. 22, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 34,650 | [1],[3] | $ 35,000 | [5],[7] | |
Percentage of Net Assets | 5.10% | [1],[3] | 5.90% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.25% | |||
Specialty retail [Member] | |||||
Amortized Cost (in Dollars) | $ 9,022 | [1],[2],[3],[4] | $ 8,548 | [5],[7] | |
Principal/ Par (in Dollars) | 9,210 | [1],[3] | 8,743 | [5],[7] | |
Fair Value (in Dollars) | $ 8,911 | [1],[3] | $ 8,656 | [4],[5],[6],[7] | |
Percentage of Net Assets | 1.30% | [1],[3] | 1.50% | [5],[7] | |
Specialty retail [Member] | First lien senior secured loan [Member] | Sundance Holdings Group, LLC [Member] | |||||
Amortized Cost (in Dollars) | [12] | $ 9,022 | [1],[3] | $ 8,548 | [5],[7] |
Interest Rate | 15.03% | 10.73% | |||
Principal/ Par (in Dollars) | $ 9,210 | $ 8,743 | [5],[7],[12] | ||
Maturity Date | May 01, 2024 | May 01, 2024 | [5],[7],[12] | ||
Fair Value (in Dollars) | [12] | $ 8,911 | [1],[3] | $ 8,656 | [5],[7] |
Percentage of Net Assets | [12] | 1.30% | [1],[3] | 1.50% | [5],[7] |
Investment Interest Rate | 1.50% | 6% | |||
Specialty retail [Member] | First lien senior secured delayed draw loan [Member] | Sundance Holdings Group, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3],[12] | ||||
Interest Rate | 15.03% | ||||
Maturity Date | May 01, 2024 | ||||
Fair Value (in Dollars) | [1],[3],[12] | ||||
Percentage of Net Assets | [1],[2],[3],[4],[12] | 0% | |||
Investment Interest Rate | 1.50% | ||||
Textiles, apparel & luxury goods [Member] | |||||
Amortized Cost (in Dollars) | $ 44,011 | [1],[2],[3],[4] | $ 45,818 | [5],[7] | |
Principal/ Par (in Dollars) | 44,693 | [1],[3] | 46,723 | [5],[7] | |
Fair Value (in Dollars) | $ 43,854 | [1],[3] | $ 46,653 | [4],[5],[6],[7] | |
Percentage of Net Assets | 6.40% | [1],[3] | 7.90% | [5],[7] | |
Textiles, apparel & luxury goods [Member] | First lien senior secured loan [Member] | BEL USA, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 5,774 | [1],[3] | $ 6,937 | [5],[7] | |
Interest Rate | 12.53% | 10.43% | |||
Principal/ Par (in Dollars) | $ 5,804 | $ 7,006 | [5],[7] | ||
Maturity Date | Jun. 02, 2026 | Feb. 02, 2025 | [5],[7] | ||
Fair Value (in Dollars) | $ 5,804 | [1],[3] | $ 6,936 | [5],[7] | |
Percentage of Net Assets | 0.80% | [1],[3] | 1.20% | [5],[7] | |
Investment Interest Rate | 7% | 6% | |||
Textiles, apparel & luxury goods [Member] | First lien senior secured loan [Member] | YS Garments, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 6,758 | [1],[3] | $ 7,608 | [5],[7] | |
Interest Rate | 13% | 9.51% | |||
Principal/ Par (in Dollars) | $ 6,849 | $ 7,706 | [5],[7] | ||
Maturity Date | Aug. 09, 2026 | Aug. 09, 2024 | [5],[7] | ||
Fair Value (in Dollars) | $ 6,729 | [1],[3] | $ 7,706 | [5],[7] | |
Percentage of Net Assets | 1% | [1],[3] | 1.30% | [5],[7] | |
Investment Interest Rate | 7.50% | 5.50% | |||
Textiles, apparel & luxury goods [Member] | First lien senior secured loan [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||||
Amortized Cost (in Dollars) | $ 29,317 | [1],[3] | $ 29,478 | [5],[7] | |
Interest Rate | 12.75% | 11.98% | |||
Principal/ Par (in Dollars) | $ 29,816 | $ 30,119 | [5],[7] | ||
Maturity Date | Jul. 20, 2027 | Jul. 20, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 29,145 | [1],[3] | $ 30,119 | [5],[7] | |
Percentage of Net Assets | 4.30% | [1],[3] | 5.10% | [5],[7] | |
Investment Interest Rate | 7.25% | 7.25% | |||
Textiles, apparel & luxury goods [Member] | First lien senior secured loan [Member] | BEL USA, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 95 | |||
Interest Rate | 12.53% | ||||
Principal/ Par (in Dollars) | $ 96 | ||||
Maturity Date | Jun. 02, 2026 | ||||
Fair Value (in Dollars) | [1],[3] | $ 96 | |||
Percentage of Net Assets | [1],[3] | 0% | |||
Investment Interest Rate | 7% | ||||
Textiles, apparel & luxury goods [Member] | First lien senior secured revolving loan [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||||
Amortized Cost (in Dollars) | $ 2,067 | [1],[3] | $ 1,795 | [5],[7] | |
Interest Rate | 12.75% | 11.91% | |||
Principal/ Par (in Dollars) | $ 2,128 | $ 1,892 | [5],[7] | ||
Maturity Date | Jul. 20, 2027 | Jul. 20, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 2,080 | [1],[3] | $ 1,892 | [5],[7] | |
Percentage of Net Assets | 0.30% | [1],[3] | 0.30% | [5],[7] | |
Investment Interest Rate | 7.25% | 7.25% | |||
Trading companies & distributors [Member] | |||||
Amortized Cost (in Dollars) | $ 203,709 | [1],[2],[3],[4] | $ 146,299 | [5],[7] | |
Principal/ Par (in Dollars) | 208,619 | [1],[3] | 150,524 | [5],[7] | |
Fair Value (in Dollars) | $ 208,750 | [1],[3] | $ 149,951 | [4],[5],[6],[7] | |
Percentage of Net Assets | 30.60% | [1],[3] | 25.30% | [5],[7] | |
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 244 | [1],[3] | [5],[7] | ||
Interest Rate | 12.61% | 11.34% | |||
Principal/ Par (in Dollars) | $ 327 | [5],[7] | |||
Maturity Date | Dec. 17, 2026 | Dec. 17, 2026 | [5],[7] | ||
Fair Value (in Dollars) | $ 327 | [1],[3] | [4],[5],[6],[7] | ||
Percentage of Net Assets | 0% | [1],[3] | 0% | [5],[7] | |
Investment Interest Rate | 7% | 6.50% | |||
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | EIS Legacy, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | [5],[7] | |||
Interest Rate | 11.24% | 9.73% | |||
Principal/ Par (in Dollars) | [5],[7] | ||||
Maturity Date | Nov. 01, 2027 | Nov. 01, 2027 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [4],[5],[6],[7] | |||
Percentage of Net Assets | 0% | [1],[2],[3],[4] | 0% | [5],[7] | |
Investment Interest Rate | 5.75% | 5% | |||
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | I.D. Images Acquisition, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 567 | [5],[7] | ||
Interest Rate | 11.75% | 10.67% | |||
Principal/ Par (in Dollars) | [5],[7] | $ 596 | |||
Maturity Date | Jul. 30, 2026 | Jul. 30, 2026 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | $ 596 | [5],[7] | ||
Percentage of Net Assets | 0% | [1],[2],[3],[4] | 0.10% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.25% | |||
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | Krayden Holdings, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | 11.20% | ||||
Maturity Date | Mar. 01, 2029 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment Interest Rate | 5.75% | ||||
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | OAO Acquisitions, Inc. (BearCom) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | 11.61% | ||||
Maturity Date | Dec. 27, 2029 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment Interest Rate | 6.25% | ||||
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | United Safety & Survivability Corporation (USSC) [Member] | |||||
Amortized Cost (in Dollars) | $ 860 | [1],[3] | $ 1,051 | [5],[7] | |
Interest Rate | 11.79% | 10.88% | |||
Principal/ Par (in Dollars) | $ 870 | $ 1,075 | [5],[7] | ||
Maturity Date | Sep. 30, 2027 | Sep. 30, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 870 | [1],[3] | $ 1,075 | [5],[7] | |
Percentage of Net Assets | 0.10% | [1],[3] | 0.20% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.25% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | BCDI Meteor Acquisition, LLC (Meteor) [Member] | |||||
Amortized Cost (in Dollars) | $ 15,955 | [1],[3] | $ 16,010 | [5],[7] | |
Interest Rate | 12.45% | 11.66% | |||
Principal/ Par (in Dollars) | $ 16,297 | $ 16,420 | [5],[7] | ||
Maturity Date | Jun. 29, 2028 | Jun. 29, 2028 | [5],[7] | ||
Fair Value (in Dollars) | $ 16,297 | [1],[3] | $ 16,420 | [5],[7] | |
Percentage of Net Assets | 2.40% | [1],[3] | 2.80% | [5],[7] | |
Investment Interest Rate | 7% | 7% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Broder Bros., Co. [Member] | |||||
Amortized Cost (in Dollars) | $ 4,439 | [1],[3] | $ 4,456 | [5],[7] | |
Interest Rate | 11.61% | 10.73% | |||
Principal/ Par (in Dollars) | $ 4,640 | $ 4,763 | [5],[7] | ||
Maturity Date | Dec. 04, 2025 | Dec. 04, 2025 | [5],[7] | ||
Fair Value (in Dollars) | $ 4,640 | [1],[3] | $ 4,763 | [5],[7] | |
Percentage of Net Assets | 0.70% | [1],[3] | 0.80% | [5],[7] | |
Investment Interest Rate | 6% | 6% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 19,849 | [1],[3] | $ 26,809 | [5],[7] | |
Interest Rate | 12.61% | 11.34% | |||
Principal/ Par (in Dollars) | $ 20,510 | $ 27,896 | [5],[7] | ||
Maturity Date | Dec. 17, 2026 | Dec. 17, 2026 | [5],[7] | ||
Fair Value (in Dollars) | $ 20,459 | [1],[3] | $ 27,896 | [5],[7] | |
Percentage of Net Assets | 3% | [1],[3] | 4.70% | [5],[7] | |
Investment Interest Rate | 7% | 6.50% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | EIS Legacy, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 17,838 | [1],[3] | $ 17,885 | [5],[7] | |
Interest Rate | 11.24% | 9.73% | |||
Principal/ Par (in Dollars) | $ 18,079 | $ 18,277 | [5],[7] | ||
Maturity Date | Nov. 01, 2027 | Nov. 01, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 18,079 | [1],[3] | $ 18,140 | [5],[7] | |
Percentage of Net Assets | 2.60% | [1],[3] | 3.10% | [5],[7] | |
Investment Interest Rate | 5.75% | 5% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Engineered Fastener Company, LLC (EFC International) [Member} | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 23,113 | |||
Interest Rate | 12% | ||||
Principal/ Par (in Dollars) | $ 23,604 | ||||
Maturity Date | Nov. 01, 2027 | ||||
Fair Value (in Dollars) | [1],[3] | $ 23,899 | |||
Percentage of Net Assets | [1],[3] | 3.50% | |||
Investment Interest Rate | 6.50% | ||||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Genuine Cable Group, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 28,336 | [1],[3] | $ 33,732 | [5],[7] | |
Interest Rate | 10.96% | 10.17% | |||
Principal/ Par (in Dollars) | $ 29,057 | $ 34,912 | [5],[7] | ||
Maturity Date | Nov. 01, 2026 | Nov. 01, 2026 | [5],[7] | ||
Fair Value (in Dollars) | $ 28,984 | [1],[3] | $ 34,476 | [5],[7] | |
Percentage of Net Assets | 4.20% | [1],[3] | 5.80% | [5],[7] | |
Investment Interest Rate | 5.50% | 5.75% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | I.D. Images Acquisition, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 13,538 | [1],[3] | $ 15,236 | [5],[7] | |
Interest Rate | 11.75% | 10.98% | |||
Principal/ Par (in Dollars) | $ 13,651 | $ 15,415 | [5],[7] | ||
Maturity Date | Jul. 30, 2026 | Jul. 30, 2026 | [5],[7] | ||
Fair Value (in Dollars) | $ 13,651 | [1],[3] | $ 15,415 | [5],[7] | |
Percentage of Net Assets | 2% | [1],[3] | 2.60% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.25% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | OAO Acquisitions, Inc. (BearCom) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 20,979 | |||
Interest Rate | 11.61% | ||||
Principal/ Par (in Dollars) | $ 21,370 | ||||
Maturity Date | Dec. 27, 2029 | ||||
Fair Value (in Dollars) | [1],[3] | $ 21,370 | |||
Percentage of Net Assets | [1],[3] | 3.10% | |||
Investment Interest Rate | 6.25% | ||||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | United Safety & Survivability Corporation (USSC) [Member] | |||||
Amortized Cost (in Dollars) | $ 12,147 | [1],[3] | $ 12,332 | [5],[7] | |
Interest Rate | 11.79% | 11.48% | |||
Principal/ Par (in Dollars) | $ 12,436 | $ 12,563 | [5],[7] | ||
Maturity Date | Sep. 30, 2027 | Sep. 30, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 12,436 | [1],[3] | $ 12,563 | [5],[7] | |
Percentage of Net Assets | 1.80% | [1],[3] | 2.10% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.75% | |||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Refrigeration Sales Corp. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 6,789 | |||
Interest Rate | 11.26% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 6,876 | |||
Maturity Date | [5],[7] | Jun. 22, 2026 | |||
Fair Value (in Dollars) | [5],[7] | $ 6,876 | |||
Percentage of Net Assets | [5],[7] | 1.20% | |||
Investment Interest Rate | 6.50% | ||||
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1] | $ 3,510 | [3] | $ 3,566 | [2],[5],[7] |
Interest Rate | 12.61% | 11.34% | |||
Principal/ Par (in Dollars) | $ 3,616 | $ 3,710 | [5],[7] | ||
Maturity Date | Dec. 17, 2026 | Dec. 17, 2026 | [5],[7] | ||
Fair Value (in Dollars) | $ 3,607 | [1],[3] | $ 3,710 | [5],[7] | |
Percentage of Net Assets | [1] | 0.50% | [3] | 0.60% | [2],[5],[7] |
Investment Interest Rate | 7% | 6.50% | |||
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | EIS Legacy, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | [5],[7] | |||
Interest Rate | 11.24% | 9.73% | |||
Principal/ Par (in Dollars) | [5],[7] | ||||
Maturity Date | Apr. 20, 2025 | May 01, 2023 | [5],[7] | ||
Fair Value (in Dollars) | [1],[3] | [4],[5],[6],[7] | |||
Percentage of Net Assets | 0% | [1],[2],[3],[4] | 0% | [5],[7] | |
Investment Interest Rate | 5.75% | 5% | |||
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | I.D. Images Acquisition, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 2,450 | [1],[3] | $ 2,587 | [5],[7] | |
Interest Rate | 11.75% | 10.98% | |||
Principal/ Par (in Dollars) | $ 2,486 | $ 2,608 | [5],[7] | ||
Maturity Date | Jul. 30, 2026 | Jul. 30, 2026 | [5],[7] | ||
Fair Value (in Dollars) | $ 2,486 | [1],[3] | $ 2,608 | [5],[7] | |
Percentage of Net Assets | 0.40% | [1],[3] | 0.40% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.25% | |||
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | Krayden Holdings, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | 11.20% | ||||
Maturity Date | Mar. 01, 2025 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment Interest Rate | 5.75% | ||||
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | OAO Acquisitions, Inc. (BearCom) [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | 11.61% | ||||
Maturity Date | Dec. 27, 2025 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment Interest Rate | 6.25% | ||||
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | United Safety & Survivability Corporation (USSC) [Member] | |||||
Amortized Cost (in Dollars) | $ 3,110 | $ 628 | [5],[7] | ||
Interest Rate | 11.79% | 11.41% | |||
Principal/ Par (in Dollars) | $ 3,160 | $ 670 | [5],[7] | ||
Maturity Date | Sep. 30, 2027 | Sep. 30, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 3,160 | $ 670 | [5],[7] | ||
Percentage of Net Assets | 0.50% | 0.10% | [5],[7] | ||
Investment Interest Rate | 6.25% | 6.75% | |||
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | Krayden Holdings, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | ||||
Interest Rate | 11.20% | ||||
Maturity Date | Mar. 01, 2025 | ||||
Fair Value (in Dollars) | [1],[3] | ||||
Percentage of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment Interest Rate | 5.75% | ||||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 6,559 | |||
Interest Rate | 12.61% | ||||
Principal/ Par (in Dollars) | $ 6,681 | ||||
Maturity Date | Dec. 17, 2026 | ||||
Fair Value (in Dollars) | [1],[3] | $ 6,664 | |||
Percentage of Net Assets | [1],[3] | 1% | |||
Investment Interest Rate | 7% | ||||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | EIS Legacy, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 9,356 | |||
Interest Rate | 11.27% | ||||
Principal/ Par (in Dollars) | $ 9,666 | ||||
Maturity Date | Nov. 01, 2027 | ||||
Fair Value (in Dollars) | [1],[3] | $ 9,666 | |||
Percentage of Net Assets | [1],[3] | 1.40% | |||
Investment Interest Rate | 5.75% | ||||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Genuine Cable Group, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 5,347 | |||
Interest Rate | 10.96% | ||||
Principal/ Par (in Dollars) | $ 5,506 | ||||
Maturity Date | Nov. 01, 2026 | ||||
Fair Value (in Dollars) | [1],[3] | $ 5,492 | |||
Percentage of Net Assets | [1],[3] | 0.80% | |||
Investment Interest Rate | 5.50% | ||||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | I.D. Images Acquisition, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 4,457 | [1],[3] | $ 4,651 | [5],[7] | |
Interest Rate | 11.70% | 10.67% | |||
Principal/ Par (in Dollars) | $ 4,522 | $ 4,743 | [5],[7] | ||
Maturity Date | Jul. 30, 2026 | Jul. 30, 2026 | [5],[7] | ||
Fair Value (in Dollars) | $ 4,522 | [1],[3] | $ 4,743 | [5],[7] | |
Percentage of Net Assets | 0.70% | [1],[3] | 0.80% | [5],[7] | |
Investment Interest Rate | 6.25% | 6.25% | |||
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | Krayden Holdings, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 9,099 | |||
Interest Rate | 11.20% | ||||
Principal/ Par (in Dollars) | $ 9,491 | ||||
Maturity Date | Mar. 01, 2029 | ||||
Fair Value (in Dollars) | [1],[3] | $ 9,491 | |||
Percentage of Net Assets | [1],[3] | 1.40% | |||
Investment Interest Rate | 5.75% | ||||
Trading companies & distributors [Member] | First lien senior secured loan One [Member] | I.D. Images Acquisition, LLC [Member] | |||||
Amortized Cost (in Dollars) | [1],[3] | $ 1,033 | |||
Interest Rate | 11.75% | ||||
Principal/ Par (in Dollars) | $ 1,043 | ||||
Maturity Date | Jul. 30, 2026 | ||||
Fair Value (in Dollars) | [1],[3] | $ 1,043 | |||
Percentage of Net Assets | [1],[3] | 0.20% | |||
Investment Interest Rate | 6.25% | ||||
Trading companies & distributors [Member] | First lien senior secured loan [Member] | United Safety & Survivability Corporation (USSC) [Member] | |||||
Amortized Cost (in Dollars) | $ 1,490 | ||||
Interest Rate | 11.79% | ||||
Principal/ Par (in Dollars) | $ 1,607 | ||||
Maturity Date | Sep. 28, 2027 | ||||
Fair Value (in Dollars) | $ 1,607 | ||||
Percentage of Net Assets | 0.30% | ||||
Investment Interest Rate | 6.25% | ||||
Wireless telecommunication services [Member] | |||||
Amortized Cost (in Dollars) | $ 30,591 | [1],[2],[3],[4] | $ 28,966 | [5],[7] | |
Principal/ Par (in Dollars) | 31,011 | [1],[3] | 29,510 | [5],[7] | |
Fair Value (in Dollars) | $ 28,918 | [1],[3] | $ 29,361 | [4],[5],[6],[7] | |
Percentage of Net Assets | 4.20% | [1],[3] | 5% | [5],[7] | |
Wireless telecommunication services [Member] | First lien senior secured revolving loan [Member] | Centerline Communications, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 1,778 | [1],[3] | [5],[7] | ||
Interest Rate | 11.53% | 10.06% | |||
Principal/ Par (in Dollars) | $ 1,800 | [5],[7] | |||
Maturity Date | Aug. 10, 2027 | Aug. 10, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 1,679 | [1],[3] | [4],[5],[6],[7] | ||
Percentage of Net Assets | 0.20% | [1],[3] | 0% | [5],[7] | |
Investment Interest Rate | 6% | 5.50% | |||
Wireless telecommunication services [Member] | First lien senior secured loan [Member] | Centerline Communications, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 14,751 | [1],[3] | $ 1,000 | [5],[7] | |
Interest Rate | 11.53% | 9.93% | |||
Principal/ Par (in Dollars) | $ 14,945 | $ 1,031 | [5],[7] | ||
Maturity Date | Aug. 10, 2027 | Aug. 10, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 13,936 | [1],[3] | $ 1,026 | [5],[7] | |
Percentage of Net Assets | 2% | [1],[3] | 0.20% | [5],[7] | |
Investment Interest Rate | 6% | 5.50% | |||
Wireless telecommunication services [Member] | First lien senior secured delayed draw loan [Member] | Centerline Communications, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 6,954 | [1],[3] | $ 6,999 | [5],[7] | |
Interest Rate | 11.53% | 10.06% | |||
Principal/ Par (in Dollars) | $ 7,044 | $ 7,116 | [5],[7] | ||
Maturity Date | Aug. 10, 2027 | Aug. 10, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 6,568 | [1],[3] | $ 7,080 | [5],[7] | |
Percentage of Net Assets | 1% | [1],[3] | 1.20% | [5],[7] | |
Investment Interest Rate | 6% | 5.50% | |||
Wireless telecommunication services [Member] | First lien senior secured delayed draw loan [Member] | Centerline Communications, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 6,112 | [1],[3] | $ 6,148 | [5],[7] | |
Interest Rate | 11.53% | 9.93% | |||
Principal/ Par (in Dollars) | $ 6,202 | $ 6,265 | [5],[7] | ||
Maturity Date | Aug. 10, 2027 | Aug. 10, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 5,783 | [1],[3] | $ 6,233 | [5],[7] | |
Percentage of Net Assets | 0.90% | [1],[3] | 1.10% | [5],[7] | |
Investment Interest Rate | 6% | 5.50% | |||
Wireless telecommunication services [Member] | First lien senior secured loan [Member] | Centerline Communications, LLC [Member] | |||||
Amortized Cost (in Dollars) | $ 996 | [1],[3] | $ 14,819 | [5],[7] | |
Interest Rate | 11.53% | 10.06% | |||
Principal/ Par (in Dollars) | $ 1,020 | $ 15,098 | [5],[7] | ||
Maturity Date | Aug. 10, 2027 | Aug. 10, 2027 | [5],[7] | ||
Fair Value (in Dollars) | $ 952 | [1],[3] | $ 15,022 | [5],[7] | |
Percentage of Net Assets | 0.10% | [1],[3] | 2.50% | [5],[7] | |
Investment Interest Rate | 6% | 5.50% | |||
Total Private Credit Debt Investments [Member] | |||||
Amortized Cost (in Dollars) | $ 1,327,190 | [1],[2],[3],[4] | $ 1,141,538 | [5],[7] | |
Principal/ Par (in Dollars) | 1,353,096 | [1],[3] | 1,165,969 | [5],[7] | |
Fair Value (in Dollars) | $ 1,346,174 | [1],[3] | $ 1,157,971 | [4],[5],[6],[7] | |
Percentage of Net Assets | 197.10% | [1],[3] | 195.60% | [5],[7] | |
Asset management & custody banks [Member] | |||||
Amortized Cost (in Dollars) | [4],[5],[6],[7] | $ 5,303 | |||
Principal/ Par (in Dollars) | [5],[7] | 5,371 | |||
Fair Value (in Dollars) | [5],[7] | $ 5,264 | |||
Percentage of Net Assets | [5],[7] | 0.90% | |||
Asset management & custody banks [Member] | First lien senior secured loan [Member] | Atria Wealth Solutions, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 5,101 | |||
Interest Rate | 10.84% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 5,139 | |||
Maturity Date | [5],[7] | Feb. 29, 2024 | |||
Fair Value (in Dollars) | [5],[7] | $ 5,036 | |||
Percentage of Net Assets | [5],[7] | 0.90% | |||
Investment Interest Rate | 6% | ||||
Asset management & custody banks [Member] | First lien senior secured delayed draw loan [Member] | Atria Wealth Solutions, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 202 | |||
Interest Rate | 10.84% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 232 | |||
Maturity Date | [5],[7] | Feb. 29, 2024 | |||
Fair Value (in Dollars) | [5],[7] | $ 228 | |||
Percentage of Net Assets | [5],[7] | 0% | |||
Investment Interest Rate | 6% | ||||
Electronic equipment, instruments & components [Member] | |||||
Amortized Cost (in Dollars) | [4],[5],[6],[7] | $ 2,993 | |||
Principal/ Par (in Dollars) | [5],[7] | 3,044 | |||
Fair Value (in Dollars) | [5],[7] | $ 3,021 | |||
Percentage of Net Assets | [5],[7] | 0.50% | |||
Electronic equipment, instruments & components [Member] | First lien senior secured loan [Member] | Process Insights, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 2,993 | |||
Interest Rate | 10.49% | ||||
Principal/ Par (in Dollars) | $ 3,044 | ||||
Maturity Date | Oct. 30, 2025 | ||||
Fair Value (in Dollars) | [5],[7] | $ 3,021 | |||
Percentage of Net Assets | [5],[7] | 0.50% | |||
Investment Interest Rate | 6% | ||||
Personal products [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 20,572 | |||
Principal/ Par (in Dollars) | [5],[7] | 20,919 | |||
Fair Value (in Dollars) | [5],[7] | $ 20,262 | |||
Percentage of Net Assets | [5],[7] | 3.40% | |||
Personal products [Member] | First lien senior secured revolving loan [Member] | DRS Holdings III, Inc. (Dr. Scholl's) [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | ||||
Interest Rate | 10.48% | ||||
Principal/ Par (in Dollars) | [5],[7] | ||||
Maturity Date | [5],[7] | Nov. 01, 2025 | |||
Fair Value (in Dollars) | [5],[7] | ||||
Percentage of Net Assets | [5],[7] | 0% | |||
Investment Interest Rate | 5.75% | ||||
Personal products [Member] | First lien senior secured loan [Member] | DRS Holdings III, Inc. (Dr. Scholl's) [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 11,295 | |||
Interest Rate | 10.48% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 11,377 | |||
Maturity Date | [5],[7] | Nov. 01, 2025 | |||
Fair Value (in Dollars) | [5],[7] | $ 11,149 | |||
Percentage of Net Assets | [5],[7] | 1.90% | |||
Investment Interest Rate | 5.75% | ||||
Personal products [Member] | First lien senior secured loan [Member] | PH Beauty Holdings III, Inc. [Member] | |||||
Amortized Cost (in Dollars) | [5],[7] | $ 9,277 | |||
Interest Rate | 9.73% | ||||
Principal/ Par (in Dollars) | [5],[7] | $ 9,542 | |||
Maturity Date | [5],[7] | Sep. 28, 2025 | |||
Fair Value (in Dollars) | [5],[7] | $ 9,113 | |||
Percentage of Net Assets | [5],[7] | 1.50% | |||
Investment Interest Rate | 5% | ||||
[1] As of December 31, 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. As of December 31, 2023, the tax cost of the Company’s investments approximates their amortized cost. 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 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”). 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. Debt investments are pledged to the Company’s credit facilities, and a single debt investment may be divided into parts that are individually pledged to separate credit facilities. 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, 2023, 4.8% of the Company’s total assets were in non-qualifying investments. Debt investment on non-accrual status as of December 31, 2023. 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. 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.. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments II - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |||
Automobile components | |||||
Fair Value | $ 1,376,300 | $ 1,174,966 | |||
Total Private Investments [Member] | |||||
Automobile components | |||||
Cost | $ 1,343,223 | [1] | $ 1,147,788 | ||
Percentage of Net Assets | 199.60% | [1] | 196.70% | ||
Fair Value | $ 1,363,498 | [1] | $ 1,165,119 | ||
Equity Investments [Member] | Total Private Equity Investments [Member] | |||||
Automobile components | |||||
Cost | $ 6,250 | ||||
Number of Shares/Units (in Shares) | 4,388 | ||||
Percentage of Net Assets | 1.10% | ||||
Fair Value | $ 7,148 | ||||
Equity Investments [Member] | Automobile components [Member] | |||||
Automobile components | |||||
Cost | [1] | $ 250 | |||
Number of Shares/Units (in Shares) | [1] | 378,250 | |||
Percentage of Net Assets | [1] | 0.10% | |||
Fair Value | [1] | $ 618 | |||
Equity Investments [Member] | Automobile components [Member] | Vehicle Accessories, Inc. - Class A common [Member] | |||||
Automobile components | |||||
Cost | [1] | ||||
Number of Shares/Units (in Shares) | [1] | 128,250 | |||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 326 | |||
Equity Investments [Member] | Automobile components [Member] | Vehicle Accessories, Inc. - preferred [Member] | |||||
Automobile components | |||||
Cost | [1],[2] | $ 250 | |||
Number of Shares/Units (in Shares) | [1],[2] | 250,000 | |||
Percentage of Net Assets | [2] | 0.10% | |||
Fair Value | [1],[2] | $ 292 | |||
Equity Investments [Member] | Commercial services & supplies [Member] | |||||
Automobile components | |||||
Cost | $ 10,115 | [1] | $ 750 | ||
Number of Shares/Units (in Shares) | 628,931 | [1] | 750 | ||
Percentage of Net Assets | 1.60% | [1] | 0.10% | ||
Fair Value | $ 10,995 | [1] | $ 808 | ||
Equity Investments [Member] | Commercial services & supplies [Member] | American Equipment Holdings LLC- Class A units [Member] | |||||
Automobile components | |||||
Cost | [1],[3] | $ 284 | |||
Number of Shares/Units (in Shares) | [1],[3] | 426 | |||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1],[3] | $ 508 | |||
Equity Investments [Member] | Commercial services & supplies [Member] | BLP Buyer, Inc. (Bishop Lifting Products) - Class A common [Member] | |||||
Automobile components | |||||
Cost | $ 652 | [1],[4] | $ 500 | [5] | |
Number of Shares/Units (in Shares) | 582,469 | [1],[4] | 500 | [5] | |
Percentage of Net Assets | 0.10% | 0.10% | [5] | ||
Fair Value | $ 1,200 | [1],[4] | $ 560 | [5] | |
Equity Investments [Member] | Commercial services & supplies [Member] | Arborworks Acquisition LLC – Class A Preferred Units [Member] | |||||
Automobile components | |||||
Cost | [1],[6] | $ 9,179 | |||
Number of Shares/Units (in Shares) | [1],[6] | 21,716 | |||
Percentage of Net Assets | 1.40% | ||||
Fair Value | [1],[6] | $ 9,287 | |||
Equity Investments [Member] | Commercial services & supplies [Member] | Arborworks Acquisition LLC – Class B Preferred Units [Member] | |||||
Automobile components | |||||
Cost | [1],[6] | ||||
Number of Shares/Units (in Shares) | [1],[6] | 21,716 | |||
Percentage of Net Assets | 0% | ||||
Fair Value | [1],[6] | ||||
Equity Investments [Member] | Commercial services & supplies [Member] | Arborworks Acquisition LLC – Class A Common Units [Member] | |||||
Automobile components | |||||
Cost | [1],[6] | ||||
Number of Shares/Units (in Shares) | [1],[6] | 2,604 | |||
Percentage of Net Assets | 0% | ||||
Fair Value | [1],[6] | ||||
Equity Investments [Member] | Commercial services & supplies [Member] | American Equipment Holdings LLC [Member] | |||||
Automobile components | |||||
Cost | [7] | $ 250 | |||
Number of Shares/Units (in Shares) | [7] | 250 | |||
Percentage of Net Assets | [7] | 0% | |||
Fair Value | [7] | $ 248 | |||
Equity Investments [Member] | Food products [Member] | |||||
Automobile components | |||||
Cost | $ 3,668 | [1] | $ 3,250 | ||
Number of Shares/Units (in Shares) | 2,420,666 | [1] | 2,002.25 | ||
Percentage of Net Assets | 0.60% | [1] | 0.60% | ||
Fair Value | $ 4,195 | [1] | $ 3,739 | ||
Equity Investments [Member] | Food products [Member] | BC CS 2, L.P. (Cuisine Solutions) [Member] | |||||
Automobile components | |||||
Cost | $ 2,000 | [1],[8],[9] | $ 2,000 | [10] | |
Number of Shares/Units (in Shares) | 2,000,000 | [1],[8],[9] | 2,000 | [10] | |
Percentage of Net Assets | 0.40% | 0.40% | [10] | ||
Fair Value | $ 2,611 | [1],[8],[9] | $ 2,220 | [10] | |
Equity Investments [Member] | Food products [Member] | City Line Distributors, LLC - Class A units [Member] | |||||
Automobile components | |||||
Cost | [1],[6] | $ 418 | |||
Number of Shares/Units (in Shares) | [1],[6] | 418,416 | |||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1],[6] | $ 418 | |||
Equity Investments [Member] | Food products [Member] | Gulf Pacific Holdings, LLC - Class A common [Member] | |||||
Automobile components | |||||
Cost | $ 250 | [1],[3] | $ 250 | [7] | |
Number of Shares/Units (in Shares) | 250 | [1],[3] | 0.25 | [7] | |
Percentage of Net Assets | 0% | 0% | [7] | ||
Fair Value | $ 189 | [1],[3] | $ 278 | [7] | |
Equity Investments [Member] | Food products [Member] | Gulf Pacific Holdings, LLC - Class C common [Member] | |||||
Automobile components | |||||
Cost | [1],[3] | ||||
Number of Shares/Units (in Shares) | [1],[3] | 250 | |||
Percentage of Net Assets | 0% | ||||
Fair Value | [1],[3] | ||||
Equity Investments [Member] | Food products [Member] | IF&P Foods, LLC (FreshEdge) - Class A preferred [Member] | |||||
Automobile components | |||||
Cost | [1],[3] | $ 750 | |||
Number of Shares/Units (in Shares) | [1],[3] | 750 | |||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1],[3] | $ 905 | |||
Equity Investments [Member] | Food products [Member] | IF&P Foods, LLC (FreshEdge) – Class B common [Member] | |||||
Automobile components | |||||
Cost | [1],[3] | [7] | |||
Number of Shares/Units (in Shares) | 750 | [1],[3] | 0.75 | [7] | |
Percentage of Net Assets | 0% | 0% | |||
Fair Value | [1],[3] | ||||
Equity Investments [Member] | Food products [Member] | Siegel Parent, LLC [Member] | |||||
Automobile components | |||||
Cost | $ 250 | [1],[11] | $ 250 | [12] | |
Number of Shares/Units (in Shares) | 250 | [1],[11] | 0.25 | [12] | |
Percentage of Net Assets | 0% | 0.10% | [12] | ||
Fair Value | $ 72 | [1],[11] | $ 496 | [12] | |
Equity Investments [Member] | Food products [Member] | IF&P Foods, LLC (FreshEdge) – Class A common [Member] | |||||
Automobile components | |||||
Cost | [7] | $ 750 | |||
Number of Shares/Units (in Shares) | [7] | 0.75 | |||
Percentage of Net Assets | [7] | 0.10% | |||
Fair Value | [7] | $ 745 | |||
Equity Investments [Member] | Healthcare Equipment & Supplies [Member] | |||||
Automobile components | |||||
Cost | $ 750 | ||||
Number of Shares/Units (in Shares) | 7.5 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | $ 745 | ||||
Equity Investments [Member] | Healthcare Equipment & Supplies [Member] | LSL Industries, LLC (LSL Healthcare) [Member] | |||||
Automobile components | |||||
Cost | $ 750 | [1],[3] | $ 750 | [7] | |
Number of Shares/Units (in Shares) | 7,500 | [1],[3] | 7.5 | [7] | |
Percentage of Net Assets | 0.10% | 0.10% | [7] | ||
Fair Value | $ 552 | [1],[3] | $ 745 | [7] | |
Equity Investments [Member] | IT services [Member] | |||||
Automobile components | |||||
Cost | $ 250 | ||||
Number of Shares/Units (in Shares) | 250 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | $ 250 | ||||
Equity Investments [Member] | IT services [Member] | Domain Information Services Inc. (Integris) [Member] | |||||
Automobile components | |||||
Cost | $ 250 | [1] | $ 250 | ||
Number of Shares/Units (in Shares) | 250,000 | [1] | 250 | ||
Percentage of Net Assets | 0% | [1] | 0% | ||
Fair Value | $ 344 | [1] | $ 250 | ||
Equity Investments [Member] | Specialty retail [Member] | Sundance Direct Holdings, Inc. - common [Member] | |||||
Automobile components | |||||
Cost | [1] | ||||
Number of Shares/Units (in Shares) | [1] | 21,479 | |||
Percentage of Net Assets | [1] | 0% | |||
Fair Value | [1] | ||||
Equity Investments [Member] | Textiles, apparel & luxury goods [Member] | |||||
Automobile components | |||||
Cost | $ 1,000 | ||||
Number of Shares/Units (in Shares) | 1,000 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | $ 1,258 | ||||
Equity Investments [Member] | Textiles, apparel & luxury goods [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||||
Automobile components | |||||
Cost | $ 1,000 | [1],[13] | $ 1,000 | [12] | |
Number of Shares/Units (in Shares) | 1,000,000 | [1],[13] | 1,000 | [12] | |
Percentage of Net Assets | 0.10% | 0.20% | [12] | ||
Fair Value | $ 620 | [1],[13] | $ 1,258 | [12] | |
Equity Investments [Member] | Food & beverage [Member] | Gulf Pacific Holdings, LLC - Class C common [Member] | |||||
Automobile components | |||||
Cost | [7] | ||||
Number of Shares/Units (in Shares) | [7] | 0.25 | |||
Percentage of Net Assets | 0% | ||||
Equity Investments [Member] | Auto components [Member] | |||||
Automobile components | |||||
Cost | $ 250 | ||||
Number of Shares/Units (in Shares) | 378.25 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | $ 348 | ||||
Equity Investments [Member] | Auto components [Member] | Vehicle Accessories, Inc. - Class A common [Member] | |||||
Automobile components | |||||
Cost | [14] | ||||
Number of Shares/Units (in Shares) | [14] | 128.25 | |||
Percentage of Net Assets | [14] | 0% | |||
Fair Value | [14] | $ 80 | |||
Equity Investments [Member] | Auto components [Member] | Vehicle Accessories, Inc. - preferred [Member] | |||||
Automobile components | |||||
Cost | [14] | $ 250 | |||
Number of Shares/Units (in Shares) | [14] | 250 | |||
Percentage of Net Assets | [14] | 0.10% | |||
Fair Value | [14] | $ 268 | |||
Equity Investments [Member] | Food & beverage [Member] | |||||
Automobile components | |||||
Cost | [1] | $ 16,033 | |||
Percentage of Net Assets | [1] | 2.50% | |||
Fair Value | [1] | $ 17,324 | |||
Short-Term Investments [Member] | |||||
Automobile components | |||||
Fair Value | 12,802 | 9,847 | |||
Short-Term Investments [Member] | Total Short-Term Investments [Member] | |||||
Automobile components | |||||
Cost | $ 9,847 | ||||
Number of Shares/Units (in Shares) | 9,847 | ||||
Percentage of Net Assets | 1.70% | ||||
Fair Value | $ 9,847 | ||||
Short-Term Investments [Member] | First American Treasury Obligations Fund - Institutional Class Z, 0.01% [Member] | |||||
Automobile components | |||||
Cost | [1],[15] | $ 12,802 | |||
Number of Shares/Units (in Shares) | [1],[15] | 12,802,362 | |||
Percentage of Net Assets | 1.90% | ||||
Fair Value | [1],[15] | $ 12,802 | |||
Short-Term Investments [Member] | First American Treasury Obligations Fund - Institutional Class Z, 4.16% [Member] | |||||
Automobile components | |||||
Cost | [2],[16] | $ 9,847 | |||
Number of Shares/Units (in Shares) | [2],[16] | 9,847 | |||
Percentage of Net Assets | [2],[16] | 1.70% | |||
Fair Value | [2],[16] | $ 9,847 | |||
Total Short-Term Investments [Member] | |||||
Automobile components | |||||
Cost | [1] | $ 12,802 | |||
Number of Shares/Units (in Shares) | [1] | 12,802,362 | |||
Percentage of Net Assets | [1] | 1.90% | |||
Fair Value | [1] | $ 12,802 | |||
Total Investments [Member] | |||||
Automobile components | |||||
Cost | $ 1,356,025 | [1] | $ 1,157,635 | ||
Percentage of Net Assets | 201.50% | [1] | 198.40% | ||
Fair Value | $ 1,376,300 | [1] | $ 1,174,966 | ||
Liabilities in Excess of Other Assets [Member] | |||||
Automobile components | |||||
Percentage of Net Assets | (101.50%) | [1] | (98.40%) | ||
Liabilities in Excess of Other Assets | $ (693,244) | [1] | $ (582,925) | ||
Net Assets [Member] | |||||
Automobile components | |||||
Percentage of Net Assets | 100% | [1] | 100% | ||
Net Assets | $ 683,056 | [1] | $ 592,041 | ||
[1] Non-income producing investment. The Company owns 0.19% of the common equity and 0.43% of the preferred equity of Vehicle Accessories, Inc. The Company owns 27.15% 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). In November 2023, the Company completed a restructure of the investment in Arborworks Acquisition LLC whereby the existing term loan and revolver were restructured to a new term loan and preferred and common equity. KABDC Corp II, LLC, a wholly owned subsidiary of the Company, holds the preferred and common equity of Arborworks Acquisition LLC that the Company owns following this restructure. 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. 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, 2023, 4.8% of the Company’s total assets were in non-qualifying investments. 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% 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 33.95% 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, 2023. The indicated rate is the yield as of December 31, 2022. |
Organization
Organization | 12 Months Ended |
Dec. 31, 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. The Company is managed by KA Credit Advisors, LLC (the “Advisor”), an indirect controlled subsidiary of Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), a prominent alternative investment management firm. The Advisor is registered with the United States Securities and Exchange Commission (the “SEC”) 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. As of December 31, 2023, the Company has entered into subscription agreements with investors for an aggregate capital commitment of $1,046,928 to purchase shares of the Company’s common stock. On December 5, 2023, the Company completed its final close of subscription agreements with investors. 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 pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase shares of common stock 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 of common stock (the “Initial Public Offering”) or the listing of shares of common stock 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 borrowings under credit facilities and issuances of senior unsecured notes) to the Company’s investors. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies A. Basis of Presentation B. Consolidation Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, Kayne Anderson BDC Financing, LLC, (“KABDCF”); Kayne Anderson BDC Financing II, LLC (“KABDCF II”); KABDC Corp, LLC and KABDC Corp II, LLC in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. KABDC Corp, LLC and KABDC Corp II, LLC are Delaware LLCs that have elected to be treated as corporations for U.S. tax purposes and were formed to facilitate compliance with the requirements to be treated as a RIC under the Code by holding (directly or indirectly through a subsidiary) equity or equity related investments in portfolio companies organized as limited liability companies or limited partnerships. 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 Advisor’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, broadly syndicated 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 Loans are generally placed on non-accrual status when it has been determined that a significant impairment in the financial condition and ability of the borrower to repay principal and interest has occurred and is expected to continue such that it is probable the collectability of full amount of the loan (principal and interest) is doubtful. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. If cash payments are received subsequent to a loan being placed on non-accrual status, these payments will first be applied to previously accrued but uncollected interest, then to recover the principal. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer a 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 December 31, 2023, the Company had one debt investment on non-accrual status, which represented 0.4% and 0.4% of total debt investments at cost and fair value, respectively. As of December 31, 2022, the Company did not have any debt 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 | 12 Months Ended |
Dec. 31, 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 borrowings under credit facilities and issuances of senior unsecured notes, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase. The base management fee is 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 borrowings under credit facilities and issuances of senior unsecured notes, 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 years ended December 31, 2023, 2022 and 2021, the Company incurred base management fees of $11,433, $7,147 and $2,095, 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. Prior to an Exchange Listing, the income incentive fee is calculated as 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. Incentive Fee on Capital Gains Prior to an Exchange Listing, the incentive fee on capital gains (the “capital gains incentive fee”) will be calculated and payable in arrears in cash as 10% of the Company’s realized capital gains, if any, on a cumulative basis from formation through (a) the day before an Exchange Listing, (b) upon consummation of a Liquidity Event or (c) upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis. For the purpose of computing the capital gain incentive fee, the calculation methodology will look through derivative financial instruments or swaps as if the Company owned the reference assets directly. 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 year ended December 31, 2023, the Company incurred incentive fees on income of $9,433 and no incentive fees on capital gains. For the year ended December 31, 2022, the Company incurred incentive fees on income of $4,698 and no incentive fees on capital gains. For the year ended December 31, 2021, the Company incurred incentive fees on income of $31 and on realized gains $34 (total of $65). |
Investments
Investments | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Amortized Fair Amortized Fair Cost Value Cost Value First-lien senior secured debt investments $ 1,327,190 $ 1,346,174 $ 1,141,538 $ 1,157,971 Equity investments 16,033 17,324 6,250 7,148 Short-term investments 12,802 12,802 9,847 9,847 Total Investments $ 1,356,025 $ 1,376,300 $ 1,157,635 $ 1,174,966 As of December 31, 2023 and December 31, 2022, $68,578 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 December 31, 2023 and 2022 was as follows: December 31, December 31, Trading companies & distributors 15.3 % 12.9 % Food products 11.5 % 10.9 % Commercial services & supplies 9.4 % 11.9 % Health care providers & services 7.4 % 9.8 % Containers & packaging 7.2 % 4.5 % Aerospace & defense 6.3 % 4.1 % Professional services 4.5 % 5.5 % IT services 3.8 % 3.9 % Machinery 3.8 % 2.2 % Leisure products 3.3 % 2.3 % Textiles, apparel & luxury goods 3.3 % 4.1 % Chemicals 3.1 % 2.9 % Personal care products 3.0 % 1.7 % Software 2.5 % 3.0 % Insurance 2.2 % 1.3 % Wireless telecommunication services 2.1 % 2.5 % Automobile components 2.0 % 2.3 % Building products 2.0 % 3.4 % Household durables 1.5 % 1.8 % Health care equipment & supplies 1.5 % 1.8 % Household products 1.2 % 1.6 % Biotechnology 0.9 % 1.0 % Specialty retail 0.7 % 0.7 % Capital markets 0.6 % - % Pharmaceuticals 0.5 % 0.6 % Diversified telecommunication services 0.4 % 2.6 % Electronic equipment, instruments & components - % 0.3 % Asset management & custody banks - % 0.4 % Total 100.0 % 100.0 % |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value [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 December 31, 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 December 31, 2023 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 1,346,174 $ 1,346,174 Equity investments - - 17,324 17,324 Short-term investments 12,802 - - 12,802 Total Investments $ 12,802 $ - $ 1,363,498 $ 1,376,300 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 years ended December 31, 2023 and 2022. For the year ended December 31, 2023 First-lien Private Total Fair value, beginning of period $ 1,157,971 $ 7,148 $ 1,165,119 Purchases of investments, including PIK, if any 392,388 605 392,993 Proceeds from sales of investments and principal repayments (196,649 ) - (196,649 ) Net change in unrealized gain (loss) 2,552 392 2,944 Net realized gain (loss) (10,686 ) - (10,686 ) Net accretion of discount on investments 9,777 - 9,777 Other(1) (9,179 ) 9,179 - Transfers into (out of) Level 3 - - - Fair value, end of period $ 1,346,174 $ 17,324 $ 1,363,498 (1) Reflects non-cash conversions. These transactions represent non-cash investing activities. First-lien Private senior secured equity For the year ended December 31, 2022 debt investments investments Total Fair value, beginning of period $ 578,195 $ 250 $ 578,445 Purchases of investments 712,387 6,000 718,387 Proceeds from sales of investments and principal repayments (142,118 ) - (142,118 ) Net change in unrealized gain (loss) 4,604 898 5,502 Net realized gain (loss) 84 - 84 Net accretion of discount on investments 4,819 - 4,819 Transfers into (out of) Level 3 - - - Fair value, end of period $ 1,157,971 $ 7,148 $ 1,165,119 For the years ended December 31, 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 December 31, 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. The Company calculates weighted average, based on the value of the unobservable input of each investment relative to the fair value of the investment compared to the total fair value of all investments. As of December 31, 2023 Valuation Unobservable Weighted Fair Value Technique Input Range Average First-lien senior secured debt investments $ 1,346,174 Discounted cash flow analysis Discount rate 8.3% – 15.0 % 10.2 % Preferred equity investment 9,287 Discounted cash flow analysis Discount rate 15.0 % 15.0 % Other equity investments 8,037 Comparable Multiples EV / EBITDA 7.1 – 17.2 11.5 $ 1,363,498 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 | 12 Months Ended |
Dec. 31, 2023 | |
Debt [Abstract] | |
Debt | Note 6. Debt Subscription Credit Agreement As of December 31, 2023, the Company had a $50,000 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 $50,000, 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 2.25% (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 0.075% per quarter on the elected commitment amount on the first day of each calendar quarter. The Subscription Credit Agreement will expire on December 31, 2024. For the years ended December 31, 2023 and 2022, the average amount of borrowings outstanding under the Subscription Credit Agreement were $41,782 and $65,751, respectively, with a weighted average interest rate of 7.03% and 3.70%, respectively. As of December 31, 2023, the Company had $10,750 outstanding under the Subscription Credit Agreement at a weighted average interest rate of 7.35%. Corporate Credit Facility As of December 31, 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 years ended December 31, 2023 and 2022, the average amount of borrowings outstanding under the Corporate Credit Facility was $251,655 and $134,239, respectively, with a weighted average interest rate of 7.35% and 4.26%, respectively. As of December 31, 2023, the Company had $234,000 outstanding under the Corporate Credit Facility at a weighted average interest rate of 7.71%. Revolving Funding Facility As of December 31, 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 years ended December 31, 2023 and 2022, the average amount of borrowings outstanding under the Revolving Funding Facility was $290,890 and $147,808, respectively, with a weighted average interest rate of 7.74% and 4.20%, respectively. As of December 31, 2023, the Company had $306,000 outstanding under the Revolving Funding Facility at a weighted average interest rate of 8.06 %. Revolving Funding Facility II On December 22, 2023, the Company and Kayne Anderson BDC Financing II, LLC (“KABDCF II”), a wholly-owned, special purpose financing subsidiary, entered into a new senior secured revolving credit facility (the “Revolving Funding Facility II”). The Revolving Funding Facility II has an initial commitment of $150,000 which, under certain circumstances, can be increased up to $500,000. The Revolving Funding Facility II is secured by all of the assets held by KABDCF II and the Company has agreed that it will not grant or allow a lien on the membership interest of KABDCF II. The end of the reinvestment period and the stated maturity date for the Revolving Funding Facility II are December 22, 2026, and December 22, 2028, respectively. The interest rate on the Revolving Funding Facility II is equal to 3-month term SOFR plus 2.70% per annum. KABDCF II is also required to pay a commitment fee of 0.50% between December 22, 2023 and September 22, 2024 and 0.75% thereafter on the unused portion of the Revolving Funding Facility II. Amounts available to borrow under the Revolving Funding Facility II are subject to a borrowing base that has limitations with respect to the loans securing the Revolving Funding Facility II, including limitations on, loan size, payment frequency and status, sector concentrations, 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 II 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 II. For the period ended December 22, 2023 through December 31, 2023, the average amount of borrowings outstanding under the Revolving Funding Facility II was $70,000, with a weighted average interest rate of 8.07%. As of December 31, 2023, the Company had $70,000 outstanding under the Revolving Funding Facility II at a weighted average interest rate of 8.07 %. 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 year ended December 31, 2022, the average amount of borrowings outstanding under the LSA were $20,384 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 December 31, 2023. Series Principal Unamortized Issuance Costs Estimated Fair Value December 31, Fixed A $ 25,000 $ 276 $ 26,906 8.65 % B 50,000 575 54,173 8.74 % $ 75,000 $ 851 $ 81,079 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 December 31, 2023, the weighted average interest rate on the outstanding Notes was 8.71%. As of December 31, 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 December 31, 2023, the Company was in compliance with all covenants under the Notes agreements. Debt obligations consisted of the following as of December 31, 2023 and 2022. December 31, 2023 Aggregate Outstanding Principal Amount Available (1) Net Carrying Value (2) Notes $ 75,000 $ 75,000 $ - $ 74,149 Corporate Credit Facility 400,000 234,000 166,000 232,285 Revolving Funding Facility 455,000 306,000 18,536 303,981 Revolving Funding Facility II 150,000 70,000 9,716 68,195 Subscription Credit Agreement 50,000 10,750 39,250 10,709 Total debt $ 1,130,000 $ 695,750 $ 233,502 $ 689,319 (1) The amount available under the Company’s credit facilities reflects the assets held at KABDCF and KABDCF II and any limitations related to each borrowing base as of December 31, 2023. (2) The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility, Revolving Funding Facility II and Subscription Credit Agreement are presented net of deferred financing costs totaling $6,431. December 31, 2022 Aggregate Outstanding Principal Amount Available (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 under the Company’s credit facilities reflects the assets held at KABDCF and any limitations related to the 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 years ended December 31, 2023, 2022 and 2021, the components of interest expense were as follows: For the years ended December 31, December 31, December 31, Interest expense $ 49,620 $ 18,170 $ 4,195 Amortization of debt issuance costs 2,694 2,122 260 Total interest expense $ 52,314 $ 20,292 $ 4,455 Average interest rate 8.4 % 5.5 % 5.4 % Average borrowings $ 624,464 $ 368,182 $ 91,355 |
Share Transactions
Share Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Share Transactions [Abstract] | |
Share Transactions | Note 7. Share Transactions Common Stock Issuances The following tables summarize 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 years ended December 31, 2023, 2022 and 2021. See Note 12 – Subsequent Events. For the year ended December 31, 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 August 8, 2023 $ 16.82 2,411,582 40,575 Total common stock issued 5,422,524 $ 90,575 For the year ended December 31, 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 July 22, 2022 $ 16.30 7,666,830 125,000 October 31, 2022 $ 16.58 1,485,844 24,636 December 9, 2022 $ 16.89 2,961,068 50,000 Total common stock issued 16,305,034 $ 268,218 For the year ended December 31, 2021 Offering Aggregate price per Common stock offering Common stock issue date share shares issued amount February 5, 2021 $ 15.00 5,666,667 $ 85,000 April 23, 2021 $ 15.57 3,532,434 55,000 July 23, 2021 $ 15.72 2,862,595 45,000 October 28, 2021 $ 15.98 2,502,612 40,000 December 2, 2021 $ 16.31 4,568,314 74,501 Total common stock issued $ 19,132,622 $ 299,501 On December 5, 2023, the Company completed its final close of subscription agreements with investors. As of December 31, 2023, the Company had subscription agreements with investors for an aggregate capital commitment of $1,046,928 to purchase shares of common stock. Of this amount, the Company had $388,634 of undrawn commitments at December 31, 2023. See Note 12 – Subsequent Events. Dividends and Dividend Reinvestment The following tables summarize the dividends declared and payable by the Company for the years ended December 31, 2023, 2022 and 2021. See Note 12 – Subsequent Events. For the year ended December 31, 2023 Dividend Dividend declaration date Dividend record date Dividend payment date per share March 7, 2023 March 31, 2023 April 14, 2023 $ 0.47 May 10, 2023 June 30, 2023 July 14, 2023 0.53 August 10, 2023 September 29, 2023 October 13, 2023 0.53 November 9, 2023 December 29, 2023 January 16, 2024 0.53 Total dividends declared $ 2.06 For the year ended December 31, 2022 Dividend Dividend declaration date Dividend record date Dividend payment date per share April 19, 2022 April 20, 2022 April 26, 2022 $ 0.26 July 19, 2022 July 20, 2022 July 27, 2022 0.30 October 18, 2022 October 13, 2022 October 25, 2022 0.35 December 16, 2022 December 29, 2022 January 13, 2023 0.43 Total dividends declared $ 1.34 For the year ended December 31, 2021 Dividend declaration date Dividend record date Dividend payment date Dividend April 23, 2021 April 20, 2021 May 14, 2021 $ 0.15 July 19, 2021 July 20, 2021 July 27, 2021 0.22 October 18, 2021 October 22, 2021 November 2, 2021 0.25 December 2, 2021 December 29, 2021 January 18, 2022 0.24 Total dividends declared $ 0.86 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 years ended December 31, 2023, 2022 and 2021. See Note 12 - Subsequent Events. For the year ended December 31, 2023 DRIP shares DRIP Dividend record date Dividend payment date issued value December 29, 2022 January 13, 2023 57,860 $ 955 March 31, 2023 April 14, 2023 65,733 1,089 June 30, 2023 July 14, 2023 81,527 1,352 September 29, 2023 October 13, 2023 96,731 1,586 301,851 $ 4,982 For the dividend declared on November 9, 2023 and paid on January 16, 2024, there were 95,791 shares issued with a DRIP value of $1,573. These shares are excluded from the table above, as the DRIP shares were issued after December 31, 2023. For the year ended December 31, 2022 DRIP shares DRIP Dividend record date Dividend payment date issued value December 29, 2021 January 18, 2022 55,590 $ 902 April 20, 2022 April 26, 2022 75,270 1,222 July 20, 2022 July 27, 2022 88,081 1,431 October 13, 2022 October 25, 2022 127,414 2,087 346,355 $ 5,642 For the dividend declared on December 16, 2022 and paid on January 13, 2023, there were 57,860 shares issued with a DRIP value of $955. These shares are excluded from the table above, as the DRIP shares were issued after December 31, 2022. For the year ended December 31, 2021 Dividend record date Dividend payment date DRIP DRIP April 20, 2021 May 14, 2021 1,361 $ 21 July 20, 2021 July 27, 2021 37,460 585 October 22, 2021 November 2, 2021 55,792 886 94,613 $ 1,492 For the dividend declared on December 2, 2021 and paid on January 18, 2022, there were 55,590 shares issued with a DRIP value of $902. These shares are excluded from the table above, as the DRIP shares were issued after December 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies The Company had an aggregate of $147,928 and $149,338, respectively, of unfunded commitments to provide debt financing to its portfolio companies as of December 31, 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 December 31, 2023 and 2022 is shown in the table below. As of As of December 31, December 31, Alcami Corporation (Alcami) $ 2,543 $ 2,543 Allcat Claims Service, LLC 5,370 20,106 Allentown, LLC 785 2,040 American Equipment Holdings LLC 483 2,956 American Soccer Company, Incorporated (SCORE) 2,601 2,838 Arborworks Acquisition LLC 1,872 1,563 Atria Wealth Solutions, Inc. - 2,996 Basel U.S. Acquisition Co., Inc. (IAC) 1,622 1,622 BCI Burke Holding Corp. 4,659 4,659 OAO Acquisitions, Inc. (BearCom) 6,982 - BLP Buyer, Inc. (Bishop Lifting Products) 6,548 1,047 BR PJK Produce, LLC (Keany) 2,870 1,429 Brightview, LLC - 2,904 Carton Packaging Buyer, Inc. 2,848 - Centerline Communications, LLC - 1,800 CGI Automated Manufacturing, LLC 2,390 2,717 City Line Distributors, LLC 5,322 - Curio Brands, LLC 1,719 2,722 DISA Holdings Corp. (DISA) 6,142 7,769 DRS Holdings III, Inc. (Dr. Scholl’s) 310 310 Eastern Wholesale Fence 1,332 425 EIS Legacy, LLC 6,922 6,539 Fastener Distribution Holdings, LLC - 6,810 FCA, LLC (FCA Packaging) 2,670 2,670 Foundation Consumer Brands 577 577 Fralock Buyer LLC 300 749 Guided Practice Solutions: Dental, LLC (GPS) 10,299 - Gulf Pacific Holdings, LLC 10,153 13,066 Gusmer Enterprises, Inc. 3,676 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) 1,656 6,114 Improving Acquisition LLC 1,672 2,028 Krayden Holdings, Inc. 5,438 - Light Wave Dental Management LLC 827 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. - 1,334 PMFC Holding, LLC 137 342 Regiment Security Partners LLC 104 3,207 Ruff Roofers Buyer, LLC 10,966 - SGA Dental Partners Holdings, LLC 5,087 1,724 Siegel Egg Co., LLC 537 1,207 Sundance Holdings Group, LLC 439 - Techniks Holdings, LLC / Eppinger Holdings Germany GMBH 1,450 - Trademark Global LLC 480 240 United Safety & Survivability Corporation (USSC) 469 2,942 Universal Marine Medical Supply International, LLC (Unimed) - 2,035 USALCO, LLC 1,494 1,462 Vehicle Accessories, Inc. 1,671 1,671 Worldwide Produce Acquisition, LLC 1,286 - Total unfunded commitments $ 147,928 $ 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 December 31, 2023 and 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 | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023, 2022 and 2021. For the years ended December 31, December 31, December 31, Net increase (decrease) in net assets resulting from operations $ 77,075 $ 45,765 $ 22,288 Weighted average shares of common stock outstanding – basic and diluted 39,250,232 27,184,302 10,718,083 Earnings (loss) per share of common stock – basic and diluted $ 1.96 $ 1.68 $ 2.08 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 10. Income Taxes The Company has elected to be treated as a RIC under the Code beginning with the taxable year end December 31, 2021. As a RIC, the Company is not subject to a federal excise tax based on distributive requirements of its taxable income on a calendar year basis. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4% excise tax on such income, to the extent required. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (losses), as appropriate. The permanent differences for tax purposes from distributable earnings to additional paid in capital were reclassified for tax purposes for the tax years ended December 31, 2023, 2022 and 2021. These reclassifications have no impact on net assets. For the years ended December 31, December 31, December 31, Increase (decrease) in distributable earnings $ 101 $ 29 $ 257 Increase (decrease) in additional paid-in capital $ (101 ) $ (29 ) $ (257 ) Taxable income generally differs from the net increase in net assets resulting from operations for financial reporting purposes due to (1) unrealized appreciation (depreciation) on investments, as gains and losses are generally not included in taxable income until these are realized; (2) income or loss recognition on exited investments; (3) non-deductible U.S. federal excise taxes; and (4) other non-deductible expense. The following reconciles net increase in net assets resulting from operations to taxable income for the years ended December 31, 2023, 2022 and 2021: For the years ended December 31, December 31, December 31, Net increase (decrease) in net assets resulting from operations $ 77,075 $ 45,765 $ 22,288 Net change in unrealized losses (gains) from investments (2,944 ) (5,502 ) (11,829 ) Non-deductible expenses, including excise taxes, offering costs disallowed 101 29 257 Capital loss carryforward 10,686 - - Other book tax differences (65 ) (67 ) 117 Taxable income before deductions for distributions $ 84,853 $ 40,225 $ 10,833 For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. For the year ended December 31, 2023, the Company incurred $101 of U.S. federal excise tax. There was no U.S. federal excise tax incurred for the years ended December 31, 2022 or 2021, respectively. The final determination of tax character will not be made until the Company files its tax return for each tax year and the tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of each calendar year. The tax character of distributions paid to stockholders during the tax years ended December 31, 2023, 2022 and 2021 were as follows. For the years ended December 31, December 31, December 31, Ordinary income $ 81,617 $ 39,553 $ 10,514 Capital gains - - - Return of capital - - - Total $ 81,617 $ 39,553 $ 10,514 For the years ended December 31, 2023, 2022 and 2021, the components of accumulated earnings on a tax basis were as follows. For the years ended December 31, December 31, December 31, Undistributed net investment income (loss) $ 4,227 $ 991 $ 319 Undistributed capital gains - - - Capital loss carryforward (10,686 ) - - Other accumulated gain (loss) - - - Other temporary book / tax differences (792 ) (857 ) (924 ) Net unrealized appreciation (depreciation) 20,275 17,331 11,829 Total $ 13,024 $ 17,465 $ 11,224 Capital losses can be carried forward indefinitely to offset future capital gains. As of December 31, 2023, the Company had a capital loss carryforward of $263, which was characterized as short-term, and $10,423, which was characterized as long-term. As of December 31, 2022 and 2021, the Company had no As of December 31, 2023, 2022 and 2021, the Company’s aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes was as follows: For the years ended December 31, December 31, December 31, Tax cost $ 1,356,025 $ 1,157,635 $ 570,290 Gross unrealized appreciation $ 25,718 $ 21,476 $ 11,829 Gross unrealized depreciation (5,443 ) (4,145 ) - Net unrealized appreciation/(depreciation) on investments $ 20,275 $ 17,331 $ 11,829 KABDC Corp, LLC and KABDC Corp II, LLC are wholly owned subsidiaries that were formed in December 2021 and October 2023, respectively. Each of these wholly owned subsidiaries are Delaware LLCs that have elected to be treated as a corporation for U.S. tax purposes. As such, KABDC Corp, LLC and KABDC Corp II, LLC are subject to U.S. Federal, state and local taxes. For the Company’s tax years ended December 31, 2023, 2022 and 2021, KABDC Corp, LLC and KABDC Corp II, LLC did not have a material provision for income taxes. FASB ASC Topic 740, Accounting for Uncertainty in Income Taxes |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Financial Highlights [Abstract] | |
Financial Highlights | Note 11. Financial Highlights The following per share of common stock data has been derived from information provided in the audited financial statements. The following is a schedule of financial highlights for the years ended December 31, 2023, 2022 and 2021. For the years ended December 31, Per Common Share Operating Performance (1) 2023 2022 2021 Net Asset Value, Beginning of Period (2) $ 16.50 $ 16.22 $ 14.86 Results of Operations: Net Investment Income 2.16 1.48 0.94 Net Realized and Unrealized Gain (Loss) on Investments (3) (0.18 ) 0.14 1.28 Net Increase (Decrease) in Net Assets Resulting from Operations 1.98 1.62 2.22 Distributions to Common Stockholders Distributions (2.06 ) (1.34 ) (0.86 ) Net Decrease in Net Assets Resulting from Distributions (2.06 ) (1.34 ) (0.86 ) Net Asset Value, End of Period $ 16.42 $ 16.50 $ 16.22 Shares Outstanding, End of Period 41,603,666 35,879,291 19,227,902 Ratio/Supplemental Data Net assets, end of period $ 683,056 $ 592,041 $ 311,969 Weighted-average shares outstanding 39,250,232 27,184,302 10,718,083 Total Return (4) 12.5 % 10.3 % 14.2 % Portfolio turnover 15.5 % 17.6 % 31.3 % Ratio of operating expenses to average net assets (5) 11.9 % 7.9 % 5.8 % Ratio of net investment income (loss) to average net assets (5) 13.3 % 9.1 % 6.8 % (1) The per common share data was derived by using weighted average shares outstanding. (2) On February 5, 2021, the initial offering price of $15.00 per share less $0.14 per share of organizational costs. (3) 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 years ended December 31, 2023, 2022 and 2021, such share transactions include the effect of share issuances of $0.00, $0.04 and $0.19 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. (4) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized. (5) The ratios reflect an annualized amount, except in the case of non-recurring expenses (e.g. initial organizational expense of $175 for the period February 5, 2021 (commencement of operations) through December 31, 2021). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. 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 January 16, 2024, the Company paid a distribution of $0.53 per share to each common stockholder of record as of December 29, 2023. The total distribution was $22,050 and $1,573 was reinvested into the Company through the issuance of 95,791 shares of common stock. On February 14, 2024, the Company sold 7,089,771 shares of its common stock for a total aggregate offering price of $118,689. As of February 22, 2024, the Company has subscription agreements with investors for an aggregate capital commitment of $1,046,928 to purchase shares of common stock ($269,945 is undrawn). |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 77,075 | $ 45,765 | $ 22,288 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
N-2
N-2 - $ / shares | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | [2] | Dec. 31, 2021 | [2] | Dec. 31, 2020 | [2] | ||
Cover [Abstract] | ||||||||
Entity Central Index Key | 0001747172 | |||||||
Amendment Flag | false | |||||||
Securities Act File Number | 814-01363 | |||||||
Document Type | 10-K | |||||||
Entity Registrant Name | Kayne Anderson BDC, Inc. | |||||||
Entity Address, Address Line One | 717 Texas Avenue | |||||||
Entity Address, Address Line Two | Suite 2200 | |||||||
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 Well-known Seasoned Issuer | No | |||||||
Entity Emerging Growth Company | true | |||||||
Entity Ex Transition Period | false | |||||||
Financial Highlights [Abstract] | ||||||||
Senior Securities, Note [Text Block] | Senior Securities and Indebtedness We will be permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our shares of common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities. We currently intend to target asset coverage of 200% to 180% (which equates to a debt-to-equity ratio of 1.0x to 1.25x) but may alter this target based on market conditions. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. Regulations governing our operations as a BDC will affect our ability to raise, and the method of raising, additional capital, which may expose us to risks. | |||||||
General Description of Registrant [Abstract] | ||||||||
Investment Objectives and Practices [Text Block] | Our investment objective is to generate current income and, to a lesser extent, capital appreciation. Nearly all of our debt investments are in middle market companies. We define “middle market companies” as companies that, in general, generate between $10 million and $150 million of annual EBITDA. Further, we refer to companies that generate between $10 million and $50 million of annual EBITDA as “core middle market companies” and companies that generate between $50 million and $150 million of annual EBITDA as “upper middle market companies.” We typically adjust EBITDA for non-recurring and/or normalizing items to assess the financial performance of our borrowers over time. We intend to achieve our investment objective by investing primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. Under normal market conditions, we expect at least 90% of our portfolio (including investments purchased with proceeds from borrowings under credit facilities and issuance of senior unsecured notes) to be invested in first lien senior secured, unitranche and split-lien loans. Our investment decisions are made on a case-by-case basis. We expect that a majority of these debt investments will be made in core middle market companies and will generally have stated maturities of three to six years. We expect that the loans in which we principally invest will be to companies that have principal business activities in the United States. The Advisor executes on our investment objective by (1) accessing the established loan sourcing channels developed by Kayne Anderson’s middle market private credit platform (“KAPC” or “Kayne Anderson Private Credit”), which includes an extensive network of private equity firms, other middle market lenders, financial advisors, intermediaries and management teams, (2) selecting investments within our middle market company focus, (3) implementing KAPC’s underwriting process and (4) drawing upon its experience and resources and the broader Kayne Anderson network. KAPC was established in 2011 and manages (directly and through affiliates) assets under management (“AUM”) of approximately $6.5 billion related to middle market private credit as of December 31, 2023. See “ Risk Factors—Risks Relating to Our Business and Structure—We depend upon our Advisor and Administrator for our success and upon their access to the investment professionals and partners of Kayne Anderson and its affiliates. Any inability of the Advisor or the Administrator to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.” We intend to principally invest in the following types of debt securities: ● First lien debt ● Split-lien debt ● Unitranche debt Senior secured debt often has restrictive covenants for the purpose of pursuing principal protection and repayment before junior creditors as covenants provide opportunities for lenders to take action following a covenant breach. The loans in which we principally invest have financial maintenance covenants, which require borrowers to maintain certain financial performance criteria and financial ratios on a monthly or quarterly basis. | |||||||
Risk Factors [Table Text Block] | Item 1A. Risk Factors Investing in our shares of common stock involves a number of significant risks. Before you invest in our shares of common stock, you should be aware of various risks, including those described below. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our NAV could decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours. Summary of Principal Risk Factors Investing in our shares of common stock involves a number of significant risks. You should carefully consider information found in the section entitled “Risk Factors” and elsewhere in this annual report on Form 10-K. Some of the risks involved in investing in our shares of common stock include: Principal Risks Relating to Our Business and Structure ● We have a limited operating history and may not replicate the historical results achieved by other entities managed by members of the Advisor’s investment committee, the Advisor or its affiliates. ● We use leverage pursuant to borrowings under credit facilities and issuances of senior unsecured notes to finance our investments and changes in interest rates will affect our cost of capital and net investment income. ● We depend upon our Advisor and Administrator for our success and upon their access to the investment professionals and partners of Kayne Anderson and its affiliates. Any inability of the Advisor or the Administrator to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. ● Our financial condition, results of operations and cash flows depend on our ability to manage our business and future growth effectively. ● There are significant potential conflicts of interest that could affect our investment returns, including conflicts related to obligations the Advisor’s investment committee, the Advisor or its affiliates have to other clients and conflicts related to fees and expenses of such other clients. ● We generally may make investments that could give rise to a conflict of interest and our ability to enter into transactions with our affiliates will be restricted. ● We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. ● We will be subject to corporate-level income tax if we are unable to qualify as a RIC. ● We finance our investments with borrowings under credit facilities and issuances of senior unsecured notes, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. ● Adverse developments in the credit markets may impair our ability to enter into new credit facilities or our ability to issue senior unsecured notes. ● The majority of our portfolio investments are recorded at fair value as determined in good faith by our Advisor and, as a result, there may be uncertainty as to the value of our portfolio investments. ● Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval, and we may temporarily deviate from our regular investment strategy. ● Efforts to comply with the Exchange Act and the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance would adversely affect us and the value of our shares of common stock. ● We are highly dependent on information systems, and systems failures could significantly disrupt our business, which may, in turn, negatively affect the value of our shares of common stock and our ability to pay distributions. ● We and our portfolio companies and service providers may be subject to cybersecurity risks and our business could be adversely affected by changes to data protection laws and regulations. Principal Risks Relating to Our Investments ● Rising interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans. ● Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us. ● We invest in highly leveraged companies, which could cause us to lose all or a part of our investment in those companies. ● The lack of liquidity in our investments may adversely affect our business. ● Our prospective portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields. ● Our prospective portfolio companies may be unable to repay or refinance outstanding principal on their loas at or prior to maturity. ● Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry. ● There is no assurance that portfolio company management will be able to operate their companies in accordance with our expectations. Risks Relating to Our Common Stock ● There is no public market for our shares of common stock, and we cannot assure you that a market for our shares of common stock will develop in the future. ● During extended periods of capital market disruption and instability, there is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital. ● Our stockholders may experience dilution in their ownership percentage. Risks Relating to Our Business and Structure We have a limited operating history and may not replicate the historical results achieved by other entities managed by members of the Advisor’s investment committee, the Advisor or its affiliates. We commenced operations in February 2021. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective, that we will not qualify or maintain our qualification to be treated as a RIC, and that the value of your investment could decline substantially. The 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to certain other investment vehicles managed by our Advisor and its affiliates. BDCs are required, for example, to invest at least 70% of their total assets primarily in securities of U.S. private or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt instruments that mature in one year or less from the date of investment. Moreover, qualification for taxation as a RIC requires satisfaction of source-of-income, asset diversification and distribution requirements. Our Advisor has a limited operating history under these constraints, which may hinder our ability to take advantage of attractive investment opportunities and to achieve our investment objective. Furthermore, our investments may differ from those of existing accounts that are or have been managed by members of the Advisor’s investment committee, the Advisor or affiliates of the Advisor. We cannot assure you that we will replicate the historical results achieved for other KAPC funds managed by members of the Advisor’s investment committee, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. Additionally, all or a portion of the prior results may have been achieved in particular market conditions, which may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance. We use leverage pursuant to borrowings under credit facilities and issuances of senior unsecured notes to finance our investments and changes in interest rates will affect our cost of capital and net investment income. We use leverage pursuant to borrowings under credit facilities and issuances of senior unsecured notes and intend to further borrow under credit facilities and/or issue senior unsecured notes in the future in order to finance our investments. As a result, our net investment income will depend, in part, upon the difference between the rate at which we borrow under credit facilities and senior unsecured notes and the rate at which we invest these funds. In addition, we anticipate that many of our debt investments and borrowings under credit facilities will have floating interest rates that reset on a periodic basis, and many of our investments will be subject to interest rate floors. As a result, a significant change in market interest rates could have a material adverse effect on our net investment income. See “ Risks Relating to Our Investments—Rising interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans In periods of rising interest rates, our cost of funds will increase because we expect that the interest rates on the majority of amounts we borrow will be floating, which could reduce our net investment income to the extent any of our debt investments have fixed interest rates. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act and applicable commodities laws. These activities may limit our ability to benefit from lower interest rates with respect to hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. See “ Risks Relating to Our Investments—We may be subject to risks under hedging transactions and our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. Downgrades of the U.S. credit rating, impending automatic spending cuts or government shutdowns could negatively impact our liquidity, financial condition and earnings. The U.S. debt ceiling and budget deficit concerns have increased the possibility of credit-rating downgrades or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, including, most recently, in June 2023, ratings agencies have lowered, and threatened to lower the long-term sovereign credit rating on the United States. The legislation suspends the debt ceiling through early 2025 unless Congress takes legislative action to further extend or defer it. The impact of the increased debt ceiling and/or downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the U.S. Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations. The alternative reference rates that have replaced LIBOR in our credit arrangements and other financial instruments may not yield the same or similar economic results as LIBOR over the life of such transactions. The London Interbank Offered Rate (“LIBOR”) is an index rate that historically was widely used in lending transactions and was a common reference rate for setting the floating interest rate on private loans. LIBOR was typically the reference rate used in floating-rate loans extended to our portfolio companies. The ICE Benchmark Administration (“IBA”) (the entity that is responsible for calculating LIBOR) ceased providing overnight, one, three, six and twelve months USD LIBOR tenors on June 30, 2023. In addition, the United Kingdom’s Financial Conduct Authority (“FCA”), which oversees the IBA, now prohibits entities supervised by the FCA from using LIBOR, including USD LIBOR, except in very limited circumstances. In the United States, the SOFR is the preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. SOFR is published by the Federal Reserve Bank of New York each U.S. Government Securities Business Day, for transactions made on the immediately preceding U.S. Government Securities Business Day. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions. All of our loans that referenced LIBOR have been amended to reference the forward-looking term rate published by CME Group Benchmark Administration Limited based on the secured overnight financing rate (“CME Term SOFR”). CME Term SOFR rates are forward-looking rates that are derived by compounding projected overnight SOFR rates over one, three, and six months taking into account the values of multiple consecutive, executed, one-month and three-month CME Group traded SOFR futures contracts and, in some cases, over-the-counter SOFR Overnight Indexed Swaps as an indicator of CME Term SOFR reference rate values. CME Term SOFR and the inputs on which it is based are derived from SOFR. Because CME Term SOFR is a relatively new market rate, there will likely be no established trading market for credit agreements or other financial instruments when they are issued, and an established market may never develop or may not be liquid. Market terms for instruments referencing CME Term SOFR rates may be lower than those of later-issued CME Term SOFR indexed instruments. Similarly, if CME Term SOFR does not prove to be widely used, the trading price of instruments referencing CME Term SOFR may be lower than those of instruments indexed to indices that are more widely used. There can be no guarantee that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in loans referencing SOFR. If the manner in which SOFR or CME Term SOFR is calculated is changed, that change may result in a reduction of the amount of interest payable on such loans and the trading prices of the SOFR Loans. In addition, there can be no guarantee that loans referencing SOFR or CME Term SOFR will continue to reference those rates until maturity or that, in the future, our loans will reference benchmark rates other than CME Term SOFR. Should any of these events occur, our loans, and the yield generated thereby, could be affected. Specifically, the anticipated yield on our loans may not be fully realized and our loans may be subject to increased pricing volatility and market risk. We depend upon our Advisor and Administrator for our success and upon their access to the investment professionals and partners of Kayne Anderson and its affiliates. Any inability of the Advisor or the Administrator to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. Our portfolio is subject to management risk because it is actively managed. Our Advisor applies investment techniques and risk analyses in making investment decisions for us, but there can be no guarantee that they will produce the desired results. We depend upon, and intend to rely significantly on, the Advisor’s and its affiliates’ relationships with private equity sponsors, financial intermediaries, direct lending institutions and other counterparties that are active in our markets. We do not have any internal management capacity or employees. We depend upon Kayne Anderson’s key personnel for our future success and upon their access to certain individuals and investment opportunities to execute on our investment objective. In particular, we depend on the diligence, skill and network of business contacts of our portfolio managers, who evaluate, negotiate, structure, close and monitor our investments. These individuals manage a number of investment vehicles on behalf of Kayne Anderson and, as a result, do not devote all of their time to managing us, which could negatively impact our performance. Furthermore, these individuals do not have long-term employment contracts with Kayne Anderson, although they do have equity interests and other financial incentives to remain with Kayne Anderson. We also depend on the senior management of Kayne Anderson. The departure of any of our portfolio managers or the senior management of Kayne Anderson could have a material adverse effect on our ability to achieve our investment objective. In addition, we can offer no assurance that our Advisor will remain our investment advisor or that we will continue to have access to Kayne Anderson’s industry contacts and deal flow. This could have a material adverse effect on our financial condition, results of operations and cash flows. We depend on the diligence, skill and network of business contacts of the professionals available to our Administrator to carry out the administrative functions necessary for us to operate, including the ability to select and engage sub-administrators and third-party service providers. We can offer no assurance, however, that the professionals of the Administrator will continue to provide administrative services to us. Furthermore, if the Advisor fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. This could have a material adverse effect on our financial condition, results of operations and cash flows. Our financial condition, results of operations and cash flows depend on our ability to manage our business and future growth effectively. Our ability to achieve our investment objective depends on our ability to manage our business and grow, which depends, in turn, on the Advisor’s ability to identify, invest in and monitor companies that meet our investment selection criteria. Accomplishing this result on a cost-effective basis is largely a function of the Advisor’s structuring of the investment process, its ability to provide competent, attentive and efficient services to us and our access to financing on acceptable terms. The management team of the Advisor has substantial responsibilities under our Investment Advisor Agreement. We can offer no assurance that any current or future employees of the Advisor will contribute effectively to the work of, or remain associated with, the Advisor. We caution you that the principals of our Advisor or Administrator may also be called upon to provide and currently do provide managerial assistance to portfolio companies and other investment vehicles, including other BDCs, which are managed by affiliates of the Advisor. Such demands on their time may distract them or slow our rate of investment. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. The Advisor may frequently be required to make investment analyses and decisions on an expedited basis in order to take advantage of investment opportunities, and our Advisor may not have knowledge of all circumstances that could impact an investment by the Company. Investment analyses and decisions by the Advisor may frequently be required to be undertaken on an expedited basis to take advantage of investment opportunities, and the Advisor may not have knowledge of all circumstances that could adversely affect an investment by us. Moreover, there can be no assurance that our due diligence processes will uncover all relevant facts that would be material to an investment decision. Before making an investment, we will assess the strength of the underlying assets and other factors that we believe are material to the performance of the investment. In making the assessment and otherwise conducting customary due diligence, we will rely on the resources available to us and, in some cases, an investigation by third parties. This process is particularly important and highly subjective. We may make investments in, or loans to, companies which are not subject to public company reporting requirements including requirements regarding preparation of financial statements and our portfolio companies may utilize divergent reporting standards that may make it difficult for the Advisor to accurately assess the prior performance of a portfolio company. We will, therefore, depend upon the compliance by investment companies with their contractual reporting obligations. As a result, the evaluation of potential investments and our ability to perform due diligence on, and effectively monitor investments, may be impeded, and we may not realize the returns which we expect on any particular investment. In the event of fraud by any company in which we invest or with respect to which we make a loan, we may suffer a partial or total loss of the amounts invested in that company. There are significant potential conflicts of interest that could affect our investment returns, including conflicts related to obligations the Advisor’s investment committee, the Advisor or its affiliates have to other clients and conflicts related to fees and expenses of such other clients, the valuation process for certain portfolio holdings of ours, other arrangements with the Advisor or its affiliates, and the Advisor’s recommendations given to us may differ from those rendered to their other clients. As a result of our arrangements with the Advisor and its affiliates and the Advisor’s investment committee, there may be times when the Advisor or such persons have interests that differ from those of our stockholders, giving rise to a conflict of interest. In particular, the following conflicts of interest may arise, among others: ● the members of the Advisor’s investment committee serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of accounts sponsored or managed by the Advisor or its affiliates; ● the Advisor, its affiliates and its personnel may have obligations to other clients or investors in entities they manage, the fulfilment of which may not be in the best interests of us or our stockholders; ● our investment objective may overlap with the investment objectives of such affiliated accounts; ● certain of the Advisor’s other accounts may provide for higher management or incentive fees, greater expense reimbursements or overhead allocations, or permit affiliates of the Advisor to receive origination and other transaction fees; ● members of Kayne Anderson and its affiliates may serve on the boards of directors of and advise companies which may compete with our portfolio investments. Moreover, these other funds, separate accounts and other vehicles managed by Kayne Anderson and its affiliates may pursue investment opportunities that may also be suitable for us; and ● the participation of the Advisor’s investment professionals in our valuation process could result in a conflict of interest as the Advisor’s base management fee is based, in part, on our fair market value of investments including assets purchased with borrowings under credit facilities and issuances of senior unsecured notes, excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase, and our incentive fees will be based, in part, on unrealized gains and losses. Additionally, the incentive fee payable by us to the Advisor may create an incentive for the Advisor to cause us to realize capital gains or losses that may not be in the best interests of us or our stockholders. Under the incentive fee structure, the Advisor benefits when we recognize capital gains and, because the Advisor determines when an investment is sold, the Advisor controls the timing of the recognition of such capital gains. Our Board is charged with protecting our stockholders’ interests by monitoring how the Advisor addresses these and other conflicts of interest associated with its management services and compensation. The part of the management and incentive fees payable to Advisor that relates to our net investment income is computed and paid on income that may include interest income that has been accrued but not yet received in cash, such as market discount, debt instruments with paid-in-kind (“PIK”) interest, preferred stock with PIK dividends, zero coupon securities, and other deferred interest instruments and may create an incentive for the Advisor to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangements. This fee structure may be considered to give rise to a conflict of interest for the Advisor to the extent that it may encourage the Advisor to favor debt financings that provide for deferred interest, rather than current cash payments of interest. Under these investments, we will accrue the interest over the life of the investment, but we will not receive the cash income from the investment until the end of the term. Our net investment income used to calculate the income portion of our investment fee, however, includes accrued interest. The Advisor may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the fees even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because the Advisor is not obligated to reimburse us for any fees received even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued. The Advisor seeks to allocate investment opportunities among eligible accounts in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term, and there can be no assurance that we will be able to participate in all investment opportunities that are suitable to us. The Advisor’s investment committee, the Advisor or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion. Principals of the Advisor and its affiliates and members of the Advisor’s investment committee may serve as directors of, or in a similar capacity with, companies in which we invest, the securities of which are purchased or sold on our behalf. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations (for example, the antifraud provisions for the federal securities laws), we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us. The Investment Advisory Agreement and the Administration Agreement were not negotiated on an arm’s-length basis and may not be as favorable to us as if they had been negotiated with an unaffiliated third party. The Investment Advisory Agreement and the Administration Agreement were negotiated between related parties. Consequently, their terms, including fees payable to the Advisor, may not be as favorable to us as if they had been negotiated with an unaffiliated third party. For example, certain accounts managed by the Advisor have lower management, incentive or other fees than those charged under the Investment Advisory Agreement and/or a reduced ability to recover expenses and overhead than may be recovered by the Administrator under the Administration Agreement. In addition, we may choose not to enforce, or to enforce less vigorously, our rights and remedies under these agreements because of our desire to maintain our ongoing relationship with the Advisor, the Administrator and their respective affiliates. Any such decision, however, would breach our fiduciary obligations to our stockholders. We generally may make investments that could give rise to a conflict of interest and our ability to enter into transactions with our affiliates will be restricted. We, along with our Advisor and certain of its affiliates, have obtained exemptive relief from the SEC to permit us to invest alongside certain entities and accounts advised by the Advisor and its affiliates subject to certain conditions. Pursuant to such exemptive relief, and subject to certain conditions, we are permitted to co-invest in the same security with our affiliates in a manner that is consistent with our investment objective, investment strategy, regulatory consideration and other relevant factors. If opportunities arise that would otherwise be appropriate for us and an affiliate to purchase different securities in the same issuer, our Advisor will need to decide which account will proceed with such investment. Our Advisor’s investment allocation policy incorporates the conditions of exemptive relief to seek to ensure that investment opportunities are allocated in a manner that is fair and equitable. However, although the Advisor endeavors to fairly allocate investment opportunities in the long-run, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term. We do not expect to invest in, or hold securities of, companies that are controlled by our affiliates’ other clients. If our affiliates’ other client or clients gain control over one of our portfolio companies, this may create conflicts of interest and subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions our Advisor may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, our Advisor may be unable to engage in certain transactions that they would otherwise pursue. In order to avoid these conflicts and restrictions, our Advisor may choose to exit these investments prematurely and, as a result, we may forgo positive returns associated with such investments. In addition, to the extent that another client holds a different class of securities than us as a result of such transactions, our interests may not be aligned. Our ability to enter into transactions with our affiliates may be restricted. In situations where co-investment with affiliates’ other clients is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of exemptive relief that have been granted to our Advisor and its affiliates by the SEC, our Advisor will need to decide which client or clients will proceed with the investment. Generally, we will not have an entitlement to make a co-investment in these circumstances and, to the extent that another client elects to proceed with the investment, we will not be permitted to participate. Moreover, except in certain circumstances, we will be unable to invest in any issuer in which an affiliate’s other client holds a controlling interest. These restrictions may limit the scope of investment opportunities that would otherwise be available to us. We will be prohibited under the 1940 Act from participating in certain transactions with certain affiliates of ours without the prior approval of a majority of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting | |||||||
NAV Per Share | [1] | $ 16.42 | $ 16.5 | $ 16.22 | $ 14.86 | |||
Summary Risk Factors [Member] | ||||||||
General Description of Registrant [Abstract] | ||||||||
Risk [Text Block] | Investing in our shares of common stock involves a number of significant risks. Before you invest in our shares of common stock, you should be aware of various risks, including those described below. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our NAV could decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours. Summary of Principal Risk Factors Investing in our shares of common stock involves a number of significant risks. You should carefully consider information found in the section entitled “Risk Factors” and elsewhere in this annual report on Form 10-K. Some of the risks involved in investing in our shares of common stock include: | |||||||
Principal Risks Relating to Our Business and Structure [Member] | ||||||||
General Description of Registrant [Abstract] | ||||||||
Risk [Text Block] | Principal Risks Relating to Our Business and Structure ● We have a limited operating history and may not replicate the historical results achieved by other entities managed by members of the Advisor’s investment committee, the Advisor or its affiliates. ● We use leverage pursuant to borrowings under credit facilities and issuances of senior unsecured notes to finance our investments and changes in interest rates will affect our cost of capital and net investment income. ● We depend upon our Advisor and Administrator for our success and upon their access to the investment professionals and partners of Kayne Anderson and its affiliates. Any inability of the Advisor or the Administrator to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. ● Our financial condition, results of operations and cash flows depend on our ability to manage our business and future growth effectively. ● There are significant potential conflicts of interest that could affect our investment returns, including conflicts related to obligations the Advisor’s investment committee, the Advisor or its affiliates have to other clients and conflicts related to fees and expenses of such other clients. ● We generally may make investments that could give rise to a conflict of interest and our ability to enter into transactions with our affiliates will be restricted. ● We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. ● We will be subject to corporate-level income tax if we are unable to qualify as a RIC. ● We finance our investments with borrowings under credit facilities and issuances of senior unsecured notes, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. ● Adverse developments in the credit markets may impair our ability to enter into new credit facilities or our ability to issue senior unsecured notes. ● The majority of our portfolio investments are recorded at fair value as determined in good faith by our Advisor and, as a result, there may be uncertainty as to the value of our portfolio investments. ● Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval, and we may temporarily deviate from our regular investment strategy. ● Efforts to comply with the Exchange Act and the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance would adversely affect us and the value of our shares of common stock. ● We are highly dependent on information systems, and systems failures could significantly disrupt our business, which may, in turn, negatively affect the value of our shares of common stock and our ability to pay distributions. ● We and our portfolio companies and service providers may be subject to cybersecurity risks and our business could be adversely affected by changes to data protection laws and regulations. | |||||||
Principal Risks Relating to Our Investments [Member] | ||||||||
General Description of Registrant [Abstract] | ||||||||
Risk [Text Block] | Principal Risks Relating to Our Investments ● Rising interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans. ● Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us. ● We invest in highly leveraged companies, which could cause us to lose all or a part of our investment in those companies. ● The lack of liquidity in our investments may adversely affect our business. ● Our prospective portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields. ● Our prospective portfolio companies may be unable to repay or refinance outstanding principal on their loas at or prior to maturity. ● Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry. ● There is no assurance that portfolio company management will be able to operate their companies in accordance with our expectations. | |||||||
Risks Relating to Our Common Stock [Member] | ||||||||
General Description of Registrant [Abstract] | ||||||||
Risk [Text Block] | Risks Relating to Our Common Stock ● There is no public market for our shares of common stock, and we cannot assure you that a market for our shares of common stock will develop in the future. ● During extended periods of capital market disruption and instability, there is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital. ● Our stockholders may experience dilution in their ownership percentage. | |||||||
Risks Relating to Our Business and Structure [Member] | ||||||||
General Description of Registrant [Abstract] | ||||||||
Risk [Text Block] | Risks Relating to Our Business and Structure We have a limited operating history and may not replicate the historical results achieved by other entities managed by members of the Advisor’s investment committee, the Advisor or its affiliates. We commenced operations in February 2021. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective, that we will not qualify or maintain our qualification to be treated as a RIC, and that the value of your investment could decline substantially. The 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that do not apply to certain other investment vehicles managed by our Advisor and its affiliates. BDCs are required, for example, to invest at least 70% of their total assets primarily in securities of U.S. private or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt instruments that mature in one year or less from the date of investment. Moreover, qualification for taxation as a RIC requires satisfaction of source-of-income, asset diversification and distribution requirements. Our Advisor has a limited operating history under these constraints, which may hinder our ability to take advantage of attractive investment opportunities and to achieve our investment objective. Furthermore, our investments may differ from those of existing accounts that are or have been managed by members of the Advisor’s investment committee, the Advisor or affiliates of the Advisor. We cannot assure you that we will replicate the historical results achieved for other KAPC funds managed by members of the Advisor’s investment committee, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. Additionally, all or a portion of the prior results may have been achieved in particular market conditions, which may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance. We use leverage pursuant to borrowings under credit facilities and issuances of senior unsecured notes to finance our investments and changes in interest rates will affect our cost of capital and net investment income. We use leverage pursuant to borrowings under credit facilities and issuances of senior unsecured notes and intend to further borrow under credit facilities and/or issue senior unsecured notes in the future in order to finance our investments. As a result, our net investment income will depend, in part, upon the difference between the rate at which we borrow under credit facilities and senior unsecured notes and the rate at which we invest these funds. In addition, we anticipate that many of our debt investments and borrowings under credit facilities will have floating interest rates that reset on a periodic basis, and many of our investments will be subject to interest rate floors. As a result, a significant change in market interest rates could have a material adverse effect on our net investment income. See “ Risks Relating to Our Investments—Rising interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans In periods of rising interest rates, our cost of funds will increase because we expect that the interest rates on the majority of amounts we borrow will be floating, which could reduce our net investment income to the extent any of our debt investments have fixed interest rates. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act and applicable commodities laws. These activities may limit our ability to benefit from lower interest rates with respect to hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. See “ Risks Relating to Our Investments—We may be subject to risks under hedging transactions and our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. Downgrades of the U.S. credit rating, impending automatic spending cuts or government shutdowns could negatively impact our liquidity, financial condition and earnings. The U.S. debt ceiling and budget deficit concerns have increased the possibility of credit-rating downgrades or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, including, most recently, in June 2023, ratings agencies have lowered, and threatened to lower the long-term sovereign credit rating on the United States. The legislation suspends the debt ceiling through early 2025 unless Congress takes legislative action to further extend or defer it. The impact of the increased debt ceiling and/or downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the U.S. Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations. The alternative reference rates that have replaced LIBOR in our credit arrangements and other financial instruments may not yield the same or similar economic results as LIBOR over the life of such transactions. The London Interbank Offered Rate (“LIBOR”) is an index rate that historically was widely used in lending transactions and was a common reference rate for setting the floating interest rate on private loans. LIBOR was typically the reference rate used in floating-rate loans extended to our portfolio companies. The ICE Benchmark Administration (“IBA”) (the entity that is responsible for calculating LIBOR) ceased providing overnight, one, three, six and twelve months USD LIBOR tenors on June 30, 2023. In addition, the United Kingdom’s Financial Conduct Authority (“FCA”), which oversees the IBA, now prohibits entities supervised by the FCA from using LIBOR, including USD LIBOR, except in very limited circumstances. In the United States, the SOFR is the preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. SOFR is published by the Federal Reserve Bank of New York each U.S. Government Securities Business Day, for transactions made on the immediately preceding U.S. Government Securities Business Day. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions. All of our loans that referenced LIBOR have been amended to reference the forward-looking term rate published by CME Group Benchmark Administration Limited based on the secured overnight financing rate (“CME Term SOFR”). CME Term SOFR rates are forward-looking rates that are derived by compounding projected overnight SOFR rates over one, three, and six months taking into account the values of multiple consecutive, executed, one-month and three-month CME Group traded SOFR futures contracts and, in some cases, over-the-counter SOFR Overnight Indexed Swaps as an indicator of CME Term SOFR reference rate values. CME Term SOFR and the inputs on which it is based are derived from SOFR. Because CME Term SOFR is a relatively new market rate, there will likely be no established trading market for credit agreements or other financial instruments when they are issued, and an established market may never develop or may not be liquid. Market terms for instruments referencing CME Term SOFR rates may be lower than those of later-issued CME Term SOFR indexed instruments. Similarly, if CME Term SOFR does not prove to be widely used, the trading price of instruments referencing CME Term SOFR may be lower than those of instruments indexed to indices that are more widely used. There can be no guarantee that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in loans referencing SOFR. If the manner in which SOFR or CME Term SOFR is calculated is changed, that change may result in a reduction of the amount of interest payable on such loans and the trading prices of the SOFR Loans. In addition, there can be no guarantee that loans referencing SOFR or CME Term SOFR will continue to reference those rates until maturity or that, in the future, our loans will reference benchmark rates other than CME Term SOFR. Should any of these events occur, our loans, and the yield generated thereby, could be affected. Specifically, the anticipated yield on our loans may not be fully realized and our loans may be subject to increased pricing volatility and market risk. We depend upon our Advisor and Administrator for our success and upon their access to the investment professionals and partners of Kayne Anderson and its affiliates. Any inability of the Advisor or the Administrator to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. Our portfolio is subject to management risk because it is actively managed. Our Advisor applies investment techniques and risk analyses in making investment decisions for us, but there can be no guarantee that they will produce the desired results. We depend upon, and intend to rely significantly on, the Advisor’s and its affiliates’ relationships with private equity sponsors, financial intermediaries, direct lending institutions and other counterparties that are active in our markets. We do not have any internal management capacity or employees. We depend upon Kayne Anderson’s key personnel for our future success and upon their access to certain individuals and investment opportunities to execute on our investment objective. In particular, we depend on the diligence, skill and network of business contacts of our portfolio managers, who evaluate, negotiate, structure, close and monitor our investments. These individuals manage a number of investment vehicles on behalf of Kayne Anderson and, as a result, do not devote all of their time to managing us, which could negatively impact our performance. Furthermore, these individuals do not have long-term employment contracts with Kayne Anderson, although they do have equity interests and other financial incentives to remain with Kayne Anderson. We also depend on the senior management of Kayne Anderson. The departure of any of our portfolio managers or the senior management of Kayne Anderson could have a material adverse effect on our ability to achieve our investment objective. In addition, we can offer no assurance that our Advisor will remain our investment advisor or that we will continue to have access to Kayne Anderson’s industry contacts and deal flow. This could have a material adverse effect on our financial condition, results of operations and cash flows. We depend on the diligence, skill and network of business contacts of the professionals available to our Administrator to carry out the administrative functions necessary for us to operate, including the ability to select and engage sub-administrators and third-party service providers. We can offer no assurance, however, that the professionals of the Administrator will continue to provide administrative services to us. Furthermore, if the Advisor fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. This could have a material adverse effect on our financial condition, results of operations and cash flows. Our financial condition, results of operations and cash flows depend on our ability to manage our business and future growth effectively. Our ability to achieve our investment objective depends on our ability to manage our business and grow, which depends, in turn, on the Advisor’s ability to identify, invest in and monitor companies that meet our investment selection criteria. Accomplishing this result on a cost-effective basis is largely a function of the Advisor’s structuring of the investment process, its ability to provide competent, attentive and efficient services to us and our access to financing on acceptable terms. The management team of the Advisor has substantial responsibilities under our Investment Advisor Agreement. We can offer no assurance that any current or future employees of the Advisor will contribute effectively to the work of, or remain associated with, the Advisor. We caution you that the principals of our Advisor or Administrator may also be called upon to provide and currently do provide managerial assistance to portfolio companies and other investment vehicles, including other BDCs, which are managed by affiliates of the Advisor. Such demands on their time may distract them or slow our rate of investment. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. The Advisor may frequently be required to make investment analyses and decisions on an expedited basis in order to take advantage of investment opportunities, and our Advisor may not have knowledge of all circumstances that could impact an investment by the Company. Investment analyses and decisions by the Advisor may frequently be required to be undertaken on an expedited basis to take advantage of investment opportunities, and the Advisor may not have knowledge of all circumstances that could adversely affect an investment by us. Moreover, there can be no assurance that our due diligence processes will uncover all relevant facts that would be material to an investment decision. Before making an investment, we will assess the strength of the underlying assets and other factors that we believe are material to the performance of the investment. In making the assessment and otherwise conducting customary due diligence, we will rely on the resources available to us and, in some cases, an investigation by third parties. This process is particularly important and highly subjective. We may make investments in, or loans to, companies which are not subject to public company reporting requirements including requirements regarding preparation of financial statements and our portfolio companies may utilize divergent reporting standards that may make it difficult for the Advisor to accurately assess the prior performance of a portfolio company. We will, therefore, depend upon the compliance by investment companies with their contractual reporting obligations. As a result, the evaluation of potential investments and our ability to perform due diligence on, and effectively monitor investments, may be impeded, and we may not realize the returns which we expect on any particular investment. In the event of fraud by any company in which we invest or with respect to which we make a loan, we may suffer a partial or total loss of the amounts invested in that company. There are significant potential conflicts of interest that could affect our investment returns, including conflicts related to obligations the Advisor’s investment committee, the Advisor or its affiliates have to other clients and conflicts related to fees and expenses of such other clients, the valuation process for certain portfolio holdings of ours, other arrangements with the Advisor or its affiliates, and the Advisor’s recommendations given to us may differ from those rendered to their other clients. As a result of our arrangements with the Advisor and its affiliates and the Advisor’s investment committee, there may be times when the Advisor or such persons have interests that differ from those of our stockholders, giving rise to a conflict of interest. In particular, the following conflicts of interest may arise, among others: ● the members of the Advisor’s investment committee serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of accounts sponsored or managed by the Advisor or its affiliates; ● the Advisor, its affiliates and its personnel may have obligations to other clients or investors in entities they manage, the fulfilment of which may not be in the best interests of us or our stockholders; ● our investment objective may overlap with the investment objectives of such affiliated accounts; ● certain of the Advisor’s other accounts may provide for higher management or incentive fees, greater expense reimbursements or overhead allocations, or permit affiliates of the Advisor to receive origination and other transaction fees; ● members of Kayne Anderson and its affiliates may serve on the boards of directors of and advise companies which may compete with our portfolio investments. Moreover, these other funds, separate accounts and other vehicles managed by Kayne Anderson and its affiliates may pursue investment opportunities that may also be suitable for us; and ● the participation of the Advisor’s investment professionals in our valuation process could result in a conflict of interest as the Advisor’s base management fee is based, in part, on our fair market value of investments including assets purchased with borrowings under credit facilities and issuances of senior unsecured notes, excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase, and our incentive fees will be based, in part, on unrealized gains and losses. Additionally, the incentive fee payable by us to the Advisor may create an incentive for the Advisor to cause us to realize capital gains or losses that may not be in the best interests of us or our stockholders. Under the incentive fee structure, the Advisor benefits when we recognize capital gains and, because the Advisor determines when an investment is sold, the Advisor controls the timing of the recognition of such capital gains. Our Board is charged with protecting our stockholders’ interests by monitoring how the Advisor addresses these and other conflicts of interest associated with its management services and compensation. The part of the management and incentive fees payable to Advisor that relates to our net investment income is computed and paid on income that may include interest income that has been accrued but not yet received in cash, such as market discount, debt instruments with paid-in-kind (“PIK”) interest, preferred stock with PIK dividends, zero coupon securities, and other deferred interest instruments and may create an incentive for the Advisor to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangements. This fee structure may be considered to give rise to a conflict of interest for the Advisor to the extent that it may encourage the Advisor to favor debt financings that provide for deferred interest, rather than current cash payments of interest. Under these investments, we will accrue the interest over the life of the investment, but we will not receive the cash income from the investment until the end of the term. Our net investment income used to calculate the income portion of our investment fee, however, includes accrued interest. The Advisor may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the fees even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because the Advisor is not obligated to reimburse us for any fees received even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued. The Advisor seeks to allocate investment opportunities among eligible accounts in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term, and there can be no assurance that we will be able to participate in all investment opportunities that are suitable to us. The Advisor’s investment committee, the Advisor or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion. Principals of the Advisor and its affiliates and members of the Advisor’s investment committee may serve as directors of, or in a similar capacity with, companies in which we invest, the securities of which are purchased or sold on our behalf. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations (for example, the antifraud provisions for the federal securities laws), we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us. The Investment Advisory Agreement and the Administration Agreement were not negotiated on an arm’s-length basis and may not be as favorable to us as if they had been negotiated with an unaffiliated third party. The Investment Advisory Agreement and the Administration Agreement were negotiated between related parties. Consequently, their terms, including fees payable to the Advisor, may not be as favorable to us as if they had been negotiated with an unaffiliated third party. For example, certain accounts managed by the Advisor have lower management, incentive or other fees than those charged under the Investment Advisory Agreement and/or a reduced ability to recover expenses and overhead than may be recovered by the Administrator under the Administration Agreement. In addition, we may choose not to enforce, or to enforce less vigorously, our rights and remedies under these agreements because of our desire to maintain our ongoing relationship with the Advisor, the Administrator and their respective affiliates. Any such decision, however, would breach our fiduciary obligations to our stockholders. We generally may make investments that could give rise to a conflict of interest and our ability to enter into transactions with our affiliates will be restricted. We, along with our Advisor and certain of its affiliates, have obtained exemptive relief from the SEC to permit us to invest alongside certain entities and accounts advised by the Advisor and its affiliates subject to certain conditions. Pursuant to such exemptive relief, and subject to certain conditions, we are permitted to co-invest in the same security with our affiliates in a manner that is consistent with our investment objective, investment strategy, regulatory consideration and other relevant factors. If opportunities arise that would otherwise be appropriate for us and an affiliate to purchase different securities in the same issuer, our Advisor will need to decide which account will proceed with such investment. Our Advisor’s investment allocation policy incorporates the conditions of exemptive relief to seek to ensure that investment opportunities are allocated in a manner that is fair and equitable. However, although the Advisor endeavors to fairly allocate investment opportunities in the long-run, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term. We do not expect to invest in, or hold securities of, companies that are controlled by our affiliates’ other clients. If our affiliates’ other client or clients gain control over one of our portfolio companies, this may create conflicts of interest and subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions our Advisor may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, our Advisor may be unable to engage in certain transactions that they would otherwise pursue. In order to avoid these conflicts and restrictions, our Advisor may choose to exit these investments prematurely and, as a result, we may forgo positive returns associated with such investments. In addition, to the extent that another client holds a different class of securities than us as a result of such transactions, our interests may not be aligned. Our ability to enter into transactions with our affiliates may be restricted. In situations where co-investment with affiliates’ other clients is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of exemptive relief that have been granted to our Advisor and its affiliates by the SEC, our Advisor will need to decide which client or clients will proceed with the investment. Generally, we will not have an entitlement to make a co-investment in these circumstances and, to the extent that another client elects to proceed with the investment, we will not be permitted to participate. Moreover, except in certain circumstances, we will be unable to invest in any issuer in which an affiliate’s other client holds a controlling interest. These restrictions may limit the scope of investment opportunities that would otherwise be available to us. We will be prohibited under the 1940 Act from participating in certain transactions with certain affiliates of ours without the prior approval of a majority of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate on a principal basis, absent the prior approval of our Board and, in some cases, the SEC. The 1940 Act also prohibits certain “joint” transactions with certain affiliates of ours, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction involves a joint investment), without prior approval of our Board and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain “joint transactions” involving entities that share a common investment advisor. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any portfolio company that is controlled by a fund managed by the Advisor or their respective affiliates except under certain circumstances or without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us. We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. There will be competition for investments from numerous other potential investors, many of which will have significant financial resources. As a result, there can be no guarantee that a sufficient quantity of suitable investment opportunities for us will be found, that investments on favorable terms can be negotiated, or that we will be able to fully realize the value of our investments. Competition for investments may have the effect of increasing our costs and expenses or otherwise decreasing returns generated on underlying investments, thereby reducing our investment returns. A number of entities compete with us to make the types of investments that we plan to make in middle market companies, including BDCs, traditional commercial banks, private investment funds, regional banking institutions, small business investment companies, investment banks and insurance companies. Additionally, with increased competition for investment opportunities, alternative investment vehicles such as hedge funds may seek to invest in areas they have not traditionally invested in or from which they had withdrawn during the economic downturn, including investing in middle market companies. We will compete with public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than we do. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source of income, asset diversification and distribution requirements we must satisfy to qualify and maintain our qualification as a RIC. As a result of this competition, we may from time to time not be able to take advantage of attractive investment opportunities, and we may not be able to identify and make investments that are consistent with our investment objective. With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. With respect to all investments, we may lose some investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss. Although our Advisor allocates opportunities in accordance with its allocation policy, allocations to other accounts managed or sponsored by our Advisor or its affiliates reduce the amount and frequency of opportunities available to us and may not be in the best interests of us and our stockholders. The competitive pressures we face may have a material adverse effect on our business, financial condition and results of operations. We will be subject to corporate-level income tax if we are unable to qualify as a RIC. We have elected, and intend to qualify annually thereafter, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code; however, no assurance can be given that we will be able to qualify for and maintain RIC tax treatment. In order to qualify, and maintain qualification, as a RIC under the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if we distribute to our stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to the sum of 90% of our investment company taxable income, which is generally our net ordinary income plus the excess of our net short-term capital gains in excess of our net long-term capital losses, determined without regard to any deduction for dividends paid, and 90% of our net tax-exempt interest income, if any, to our stockholders on an annual basis. We are subject, to the extent we | |||||||
Risks Relating to Our Common Stock One [Member] | ||||||||
General Description of Registrant [Abstract] | ||||||||
Risk [Text Block] | Risks Relating to Our Common Stock There is no public market for our shares of common stock, and no market for our shares of our common stock may develop in the future. There is no existing trading market for our shares of common stock, and no market for our shares of common stock may develop in the future. If developed, any such market may not be sustained. In the absence of a trading market, holders of our shares of common stock may be unable to liquidate an investment in our shares. There are restrictions on the ability of holders of our Common Stock to transfer shares in excess of the restrictions typically associated with a private offering of securities under Regulation D and other exemptions from registration under the Securities Act, and these additional restrictions could further limit the liquidity of an investment in our shares of common stock and the price at which holders may be able to sell the shares. We are relying on an exemption from registration under the Securities Act and state securities laws in offering our shares of common stock pursuant to the Subscription Agreements. As such, absent an effective registration statement covering our Common Stock, such shares may be resold only in transactions that are exempt from the registration requirements of the Securities Act and with our prior consent. Our Common Stock has limited transferability which could delay, defer or prevent a transaction or a change of control of the Company that might involve a premium price for our securities or otherwise be in the best interest of our stockholders. Certain provisions of the DGCL, our certificate of incorporation, bylaws, and actions of our Board could deter takeover attempts and have an adverse impact on the value of common stock. The General Corporation Law of the State of Delaware, as amended (the “DGCL”), contains provisions that may discourage, delay or make more difficult a change in control of us or the removal of our directors. Our certificate of incorporation and bylaws contain provisions that limit liability and provide for indemnification of our directors and officers. These provisions and others which we may adopt also may have the effect of deterring hostile takeovers or delaying changes in control or management. We are subject to Section 203 of the DGCL, the application of which is subject to any applicable requirements of the 1940 Act. This section generally prohibits us from engaging in mergers and other business combinations with stockholders that beneficially own 15% or more of our voting stock, either individually or together with their affiliates, unless our directors or stockholders approve the business combination in the prescribed manner. Section 203 of the DGCL may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our certificate of incorporation that classify our Board of Directors in three classes serving staggered three-year terms, and provisions of our certificate of incorporation authorizing our Board of Directors to classify or reclassify shares of our preferred stock in one or more classes or series, and to cause the issuance of additional shares of our stock. These provisions, as well as other provisions in our certificate of incorporation and bylaws, may delay, defer or prevent a transaction or a change in control in circumstances that could give our stockholders the opportunity to realize a premium of the NAV of our shares of common stock. During extended periods of capital market disruption and instability, there is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital. We intend to make periodic distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this Annual Report on Form 10-K. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. If we declare a distribution and if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan (“DRIP”), we may be forced to sell some of our investments in order to make cash distribution payments. To the extent we make distributions to stockholders that include a return of capital, such portion of the distribution essentially constitutes a return of the stockholder’s investment. Although such return of capital may not be taxable, such distributions may increase an investor’s tax liability for capital gains upon the future sale of our Common Stock. A return of capital distribution may cause a stockholder to recognize a capital gain from the sale of our Common Stock even if the stockholder sells its shares for less than the original purchase price. Investing in our Common Stock may involve an above average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk, and therefore, an investment in our shares may not be suitable for someone with lower risk tolerance. In addition, our Common Stock is intended for long-term investors who can accept the risks of investing primarily in illiquid loans and other debt or debt-like instruments and should not be treated as a trading vehicle. A stockholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us. Our stockholders do not have preemptive rights to any shares of common stock we issue in the future. To the extent that we issue additional equity interests at or below NAV your percentage ownership interest in us may be diluted. In addition, depending upon the terms and pricing of any future and the value of our investments, you may also experience dilution in the book value and fair value of your shares of common stock. Under the 1940 Act, we generally are prohibited from issuing or selling our shares of common stock at a price below NAV per share, which may be a disadvantage as compared with certain public companies. We may, however, sell our shares of common stock, or warrants, options, or rights to acquire our shares of common stock, at a price below the current NAV of our shares of common stock if our Board of Directors determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders, including a majority of those stockholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board of Directors, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing our shares of common stock or senior securities convertible into, or exchangeable for, our shares of common stock, then the percentage ownership of our stockholders at that time will decrease and you will experience dilution. In the event that we enter into a Subscription Agreement with one or more investors after the Initial Closing, each such investor will be required to make Catch-up Purchases on one or more dates to be determined by us. Each Catch-up Purchase will dilute the ownership percentage of all investors whose subscriptions were accepted at previous closings. As a result, each subsequent closing after the Initial Closing will result in existing stockholders experiencing dilution as a result of Catch-up Purchases. In addition, distributions declared in cash payable to stockholders that are participants in our DRIP will generally be automatically reinvested in our shares of common stock. As a result, stockholders that do not participate in our DRIP may experience dilution over time. We may be subject to risks that arise from newly enacted federal tax legislation and our stockholders may receive our shares of Common Stock as dividends, which could result in adverse tax consequences to them. The Inflation Reduction Act of 2022, among other things, introduced a 15% book minimum tax on larger corporations, a 1% excise tax on stock buybacks and increased investment in the Internal Revenue Service (the “IRS”) to aid in the enforcement of tax laws. The impact of such legislation, as well as federal tax legislation proposed but not yet enacted, on us, our stockholders and entities in which we may invest is uncertain. Prospective investors are urged to consult their tax advisors regarding the effects of the new legislation on an investment in us. In order to satisfy the annual distribution requirement applicable to RICs, we will have the ability to declare a large portion of a dividend in our shares of common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in our shares of common stock. We currently do not intend to pay dividends in our shares of common stock. We may in the future determine to issue preferred stock, which could adversely affect the value of shares of Common Stock. The issuance of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could make an investment in shares of Common Stock less attractive. In addition, the dividends on any preferred stock we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred stock must take preference over any distributions or other payments to holders of Common Stock, and holders of preferred stock are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred stock that converts into shares of Common Stock). In addition, under the 1940 Act, preferred stock would constitute a “senior security” for purposes of the 150% asset coverage test. We do not currently anticipate issuing preferred stock. | |||||||
General Risk Factors [Member] | ||||||||
General Description of Registrant [Abstract] | ||||||||
Risk [Text Block] | General Risk Factors Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations. The current worldwide financial markets situation, as well as various social and political tensions in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may contribute to increased market volatility, may have long term effects on the United States and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. For example, the COVID-19 pandemic adversely impacted global commercial activity and contributed to significant volatility in financial markets. In addition, the large-scale invasion of Ukraine by Russia, and resulting market volatility, could adversely affect our business, financial condition or results of operations. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia. The ongoing conflict and the rapidly evolving measures in response could be expected to have a negative impact on the economy and business activity globally and could have a material adverse effect on our portfolio companies and our business, financial condition, cash flows and results of operations. The severity and duration of the conflict and its impact on global economic and market conditions are impossible to predict. In addition, sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact our business or the business of our portfolio companies, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which our business and the business of our portfolio companies rely. In addition, the political reunification of China and Taiwan, over which China continues to claim sovereignty, is a highly complex issue that has included threats of invasion by China. Any escalation of hostility between China and/or Taiwan would likely have a significant adverse impact not only on the value of investments in both countries, but also on economies and financial markets globally. In addition, the recent outbreak of hostilities in the Middle East and escalating tensions in the region may create volatility and disruption of global markets. We do not currently have portfolio investments with direct exposure to the Middle East, China, Taiwan, Russia or Ukraine. Political, social and economic uncertainty, including uncertainty related to the COVID-19 pandemic, creates and exacerbates risks. Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the U.S. Such risks include the large-scale invasion of Ukraine by Russia that began in February 2022, heightened tensions between China and Taiwan, the recent outbreak of hostilities in the Middle East, or the effect on world leaders and governments of global health pandemics, such as the COVID-19 pandemic. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. We do not currently have portfolio investments with direct exposure to the Middle East, China, Taiwan, Russia or Ukraine. Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments. For example, the COVID-19 pandemic led to disruptions in local, regional, national and global markets and economies. With respect to the U.S. credit markets (in particular for middle market loans), this outbreak resulted in the following among other things: (i) significant disruption to the businesses of many middle market loan borrowers including supply chains, demand and practical aspects of their operations, as well as lay-offs of employees; (ii) increased draws by borrowers on revolving lines of credit; (iii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; (iv) volatility and disruption of these markets including greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues; and (v) rapidly evolving proposals and/or actions by state and federal governments to address problems experienced by the markets and by businesses and the economy in general which were not necessarily adequate to address the problems faced by the loan market and middle market businesses. Although many of these conditions have improved or resolved over the course of the pandemic, similar consequences could occur in the future as a result of new variants of the virus or other infectious diseases. The COVID-19 outbreak has had, and any future outbreaks could have, an adverse impact on the markets and the economy in general, which could have a material adverse impact on, among other things, the ability of lenders to originate loans, the volume and type of loans originated, and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by us and returns to us, among other things. Recurring COVID-19 outbreaks, including as a result of new variants of the virus, have led to the re-introduction of public health restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. It is impossible to determine the scope of any future outbreaks, how long any such outbreak, market disruption or uncertainties may last, the effect any governmental actions will have or the full potential impact on us and our portfolio companies in which we invest. Although it is impossible to predict the precise nature and consequences of these events, or of any political or policy decisions and regulatory changes occasioned by emerging events or uncertainty on applicable laws or regulations that impact us and our targeted investments, it is clear that these types of events are impacting and will, for at least some time, continue to impact us and our targeted investments and, in certain instances, the impact will be adverse and profound. If public health uncertainties and market disruptions continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income which would have a material adverse effect on our business, financial condition or results of operations. We will also be negatively affected if the operations and effectiveness of us or a portfolio company (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted. We are subject to risks related to corporate responsibility. Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business. | |||||||
[1] The per common share data was derived by using weighted average shares outstanding. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | A. Basis of Presentation |
Consolidation | B. Consolidation Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, Kayne Anderson BDC Financing, LLC, (“KABDCF”); Kayne Anderson BDC Financing II, LLC (“KABDCF II”); KABDC Corp, LLC and KABDC Corp II, LLC in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. KABDC Corp, LLC and KABDC Corp II, LLC are Delaware LLCs that have elected to be treated as corporations for U.S. tax purposes and were formed to facilitate compliance with the requirements to be treated as a RIC under the Code by holding (directly or indirectly through a subsidiary) equity or equity related investments in portfolio companies organized as limited liability companies or limited partnerships. |
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 Advisor’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, broadly syndicated 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 Loans are generally placed on non-accrual status when it has been determined that a significant impairment in the financial condition and ability of the borrower to repay principal and interest has occurred and is expected to continue such that it is probable the collectability of full amount of the loan (principal and interest) is doubtful. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. If cash payments are received subsequent to a loan being placed on non-accrual status, these payments will first be applied to previously accrued but uncollected interest, then to recover the principal. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer a 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 December 31, 2023, the Company had one debt investment on non-accrual status, which represented 0.4% and 0.4% of total debt investments at cost and fair value, respectively. As of December 31, 2022, the Company did not have any debt 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) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Amortized Fair Amortized Fair Cost Value Cost Value First-lien senior secured debt investments $ 1,327,190 $ 1,346,174 $ 1,141,538 $ 1,157,971 Equity investments 16,033 17,324 6,250 7,148 Short-term investments 12,802 12,802 9,847 9,847 Total Investments $ 1,356,025 $ 1,376,300 $ 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 as of December 31, 2023 and 2022 was as follows: December 31, December 31, Trading companies & distributors 15.3 % 12.9 % Food products 11.5 % 10.9 % Commercial services & supplies 9.4 % 11.9 % Health care providers & services 7.4 % 9.8 % Containers & packaging 7.2 % 4.5 % Aerospace & defense 6.3 % 4.1 % Professional services 4.5 % 5.5 % IT services 3.8 % 3.9 % Machinery 3.8 % 2.2 % Leisure products 3.3 % 2.3 % Textiles, apparel & luxury goods 3.3 % 4.1 % Chemicals 3.1 % 2.9 % Personal care products 3.0 % 1.7 % Software 2.5 % 3.0 % Insurance 2.2 % 1.3 % Wireless telecommunication services 2.1 % 2.5 % Automobile components 2.0 % 2.3 % Building products 2.0 % 3.4 % Household durables 1.5 % 1.8 % Health care equipment & supplies 1.5 % 1.8 % Household products 1.2 % 1.6 % Biotechnology 0.9 % 1.0 % Specialty retail 0.7 % 0.7 % Capital markets 0.6 % - % Pharmaceuticals 0.5 % 0.6 % Diversified telecommunication services 0.4 % 2.6 % Electronic equipment, instruments & components - % 0.3 % Asset management & custody banks - % 0.4 % Total 100.0 % 100.0 % |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value [Abstract] | |
Schedule of Fair Value Hierarchy of Investments | The following tables present the fair value hierarchy of investments as of December 31, 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 December 31, 2023 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 1,346,174 $ 1,346,174 Equity investments - - 17,324 17,324 Short-term investments 12,802 - - 12,802 Total Investments $ 12,802 $ - $ 1,363,498 $ 1,376,300 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 years ended December 31, 2023 and 2022. For the year ended December 31, 2023 First-lien Private Total Fair value, beginning of period $ 1,157,971 $ 7,148 $ 1,165,119 Purchases of investments, including PIK, if any 392,388 605 392,993 Proceeds from sales of investments and principal repayments (196,649 ) - (196,649 ) Net change in unrealized gain (loss) 2,552 392 2,944 Net realized gain (loss) (10,686 ) - (10,686 ) Net accretion of discount on investments 9,777 - 9,777 Other(1) (9,179 ) 9,179 - Transfers into (out of) Level 3 - - - Fair value, end of period $ 1,346,174 $ 17,324 $ 1,363,498 (1) Reflects non-cash conversions. These transactions represent non-cash investing activities. First-lien Private senior secured equity For the year ended December 31, 2022 debt investments investments Total Fair value, beginning of period $ 578,195 $ 250 $ 578,445 Purchases of investments 712,387 6,000 718,387 Proceeds from sales of investments and principal repayments (142,118 ) - (142,118 ) Net change in unrealized gain (loss) 4,604 898 5,502 Net realized gain (loss) 84 - 84 Net accretion of discount on investments 4,819 - 4,819 Transfers into (out of) Level 3 - - - Fair value, end of period $ 1,157,971 $ 7,148 $ 1,165,119 |
Schedule of Significant Unobservable Inputs Level 3 Investments | The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2023 and December 31, 2022. As of December 31, 2023 Valuation Unobservable Weighted Fair Value Technique Input Range Average First-lien senior secured debt investments $ 1,346,174 Discounted cash flow analysis Discount rate 8.3% – 15.0 % 10.2 % Preferred equity investment 9,287 Discounted cash flow analysis Discount rate 15.0 % 15.0 % Other equity investments 8,037 Comparable Multiples EV / EBITDA 7.1 – 17.2 11.5 $ 1,363,498 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) | 12 Months Ended |
Dec. 31, 2023 | |
Debt [Abstract] | |
Schedule of Series of Notes Outstanding | The table below sets forth a summary of the key terms of each series of Notes outstanding at December 31, 2023. Series Principal Unamortized Issuance Costs Estimated Fair Value December 31, Fixed A $ 25,000 $ 276 $ 26,906 8.65 % B 50,000 575 54,173 8.74 % $ 75,000 $ 851 $ 81,079 |
Schedule of Debt Obligations | Debt obligations consisted of the following as of December 31, 2023 and 2022. December 31, 2023 Aggregate Outstanding Principal Amount Available (1) Net Carrying Value (2) Notes $ 75,000 $ 75,000 $ - $ 74,149 Corporate Credit Facility 400,000 234,000 166,000 232,285 Revolving Funding Facility 455,000 306,000 18,536 303,981 Revolving Funding Facility II 150,000 70,000 9,716 68,195 Subscription Credit Agreement 50,000 10,750 39,250 10,709 Total debt $ 1,130,000 $ 695,750 $ 233,502 $ 689,319 (1) The amount available under the Company’s credit facilities reflects the assets held at KABDCF and KABDCF II and any limitations related to each borrowing base as of December 31, 2023. (2) The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility, Revolving Funding Facility II and Subscription Credit Agreement are presented net of deferred financing costs totaling $6,431. December 31, 2022 Aggregate Outstanding Principal Amount Available (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 under the Company’s credit facilities reflects the assets held at KABDCF and any limitations related to the 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 | For the years ended December 31, 2023, 2022 and 2021, the components of interest expense were as follows: For the years ended December 31, December 31, December 31, Interest expense $ 49,620 $ 18,170 $ 4,195 Amortization of debt issuance costs 2,694 2,122 260 Total interest expense $ 52,314 $ 20,292 $ 4,455 Average interest rate 8.4 % 5.5 % 5.4 % Average borrowings $ 624,464 $ 368,182 $ 91,355 |
Share Transactions (Tables)
Share Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Transactions [Abstract] | |
Schedule of Common Stock Shares Issued and Aggregate Proceeds | The following tables summarize 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 years ended December 31, 2023, 2022 and 2021. See Note 12 – Subsequent Events. For the year ended December 31, 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 August 8, 2023 $ 16.82 2,411,582 40,575 Total common stock issued 5,422,524 $ 90,575 For the year ended December 31, 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 July 22, 2022 $ 16.30 7,666,830 125,000 October 31, 2022 $ 16.58 1,485,844 24,636 December 9, 2022 $ 16.89 2,961,068 50,000 Total common stock issued 16,305,034 $ 268,218 For the year ended December 31, 2021 Offering Aggregate price per Common stock offering Common stock issue date share shares issued amount February 5, 2021 $ 15.00 5,666,667 $ 85,000 April 23, 2021 $ 15.57 3,532,434 55,000 July 23, 2021 $ 15.72 2,862,595 45,000 October 28, 2021 $ 15.98 2,502,612 40,000 December 2, 2021 $ 16.31 4,568,314 74,501 Total common stock issued $ 19,132,622 $ 299,501 |
Schedule of Dividends Declared and Payable by the Company | The following tables summarize the dividends declared and payable by the Company for the years ended December 31, 2023, 2022 and 2021. See Note 12 – Subsequent Events. For the year ended December 31, 2023 Dividend Dividend declaration date Dividend record date Dividend payment date per share March 7, 2023 March 31, 2023 April 14, 2023 $ 0.47 May 10, 2023 June 30, 2023 July 14, 2023 0.53 August 10, 2023 September 29, 2023 October 13, 2023 0.53 November 9, 2023 December 29, 2023 January 16, 2024 0.53 Total dividends declared $ 2.06 For the year ended December 31, 2022 Dividend Dividend declaration date Dividend record date Dividend payment date per share April 19, 2022 April 20, 2022 April 26, 2022 $ 0.26 July 19, 2022 July 20, 2022 July 27, 2022 0.30 October 18, 2022 October 13, 2022 October 25, 2022 0.35 December 16, 2022 December 29, 2022 January 13, 2023 0.43 Total dividends declared $ 1.34 For the year ended December 31, 2021 Dividend declaration date Dividend record date Dividend payment date Dividend April 23, 2021 April 20, 2021 May 14, 2021 $ 0.15 July 19, 2021 July 20, 2021 July 27, 2021 0.22 October 18, 2021 October 22, 2021 November 2, 2021 0.25 December 2, 2021 December 29, 2021 January 18, 2022 0.24 Total dividends declared $ 0.86 |
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 years ended December 31, 2023, 2022 and 2021. See Note 12 - Subsequent Events. For the year ended December 31, 2023 DRIP shares DRIP Dividend record date Dividend payment date issued value December 29, 2022 January 13, 2023 57,860 $ 955 March 31, 2023 April 14, 2023 65,733 1,089 June 30, 2023 July 14, 2023 81,527 1,352 September 29, 2023 October 13, 2023 96,731 1,586 301,851 $ 4,982 For the year ended December 31, 2022 DRIP shares DRIP Dividend record date Dividend payment date issued value December 29, 2021 January 18, 2022 55,590 $ 902 April 20, 2022 April 26, 2022 75,270 1,222 July 20, 2022 July 27, 2022 88,081 1,431 October 13, 2022 October 25, 2022 127,414 2,087 346,355 $ 5,642 For the year ended December 31, 2021 Dividend record date Dividend payment date DRIP DRIP April 20, 2021 May 14, 2021 1,361 $ 21 July 20, 2021 July 27, 2021 37,460 585 October 22, 2021 November 2, 2021 55,792 886 94,613 $ 1,492 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Schedule of Composition of the Unfunded Commitments | A summary of the composition of the unfunded commitments as of December 31, 2023 and 2022 is shown in the table below. As of As of December 31, December 31, Alcami Corporation (Alcami) $ 2,543 $ 2,543 Allcat Claims Service, LLC 5,370 20,106 Allentown, LLC 785 2,040 American Equipment Holdings LLC 483 2,956 American Soccer Company, Incorporated (SCORE) 2,601 2,838 Arborworks Acquisition LLC 1,872 1,563 Atria Wealth Solutions, Inc. - 2,996 Basel U.S. Acquisition Co., Inc. (IAC) 1,622 1,622 BCI Burke Holding Corp. 4,659 4,659 OAO Acquisitions, Inc. (BearCom) 6,982 - BLP Buyer, Inc. (Bishop Lifting Products) 6,548 1,047 BR PJK Produce, LLC (Keany) 2,870 1,429 Brightview, LLC - 2,904 Carton Packaging Buyer, Inc. 2,848 - Centerline Communications, LLC - 1,800 CGI Automated Manufacturing, LLC 2,390 2,717 City Line Distributors, LLC 5,322 - Curio Brands, LLC 1,719 2,722 DISA Holdings Corp. (DISA) 6,142 7,769 DRS Holdings III, Inc. (Dr. Scholl’s) 310 310 Eastern Wholesale Fence 1,332 425 EIS Legacy, LLC 6,922 6,539 Fastener Distribution Holdings, LLC - 6,810 FCA, LLC (FCA Packaging) 2,670 2,670 Foundation Consumer Brands 577 577 Fralock Buyer LLC 300 749 Guided Practice Solutions: Dental, LLC (GPS) 10,299 - Gulf Pacific Holdings, LLC 10,153 13,066 Gusmer Enterprises, Inc. 3,676 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) 1,656 6,114 Improving Acquisition LLC 1,672 2,028 Krayden Holdings, Inc. 5,438 - Light Wave Dental Management LLC 827 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. - 1,334 PMFC Holding, LLC 137 342 Regiment Security Partners LLC 104 3,207 Ruff Roofers Buyer, LLC 10,966 - SGA Dental Partners Holdings, LLC 5,087 1,724 Siegel Egg Co., LLC 537 1,207 Sundance Holdings Group, LLC 439 - Techniks Holdings, LLC / Eppinger Holdings Germany GMBH 1,450 - Trademark Global LLC 480 240 United Safety & Survivability Corporation (USSC) 469 2,942 Universal Marine Medical Supply International, LLC (Unimed) - 2,035 USALCO, LLC 1,494 1,462 Vehicle Accessories, Inc. 1,671 1,671 Worldwide Produce Acquisition, LLC 1,286 - Total unfunded commitments $ 147,928 $ 149,338 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2023, 2022 and 2021. For the years ended December 31, December 31, December 31, Net increase (decrease) in net assets resulting from operations $ 77,075 $ 45,765 $ 22,288 Weighted average shares of common stock outstanding – basic and diluted 39,250,232 27,184,302 10,718,083 Earnings (loss) per share of common stock – basic and diluted $ 1.96 $ 1.68 $ 2.08 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Reclassifications Impact on Net Assets | These reclassifications have no impact on net assets. For the years ended December 31, December 31, December 31, Increase (decrease) in distributable earnings $ 101 $ 29 $ 257 Increase (decrease) in additional paid-in capital $ (101 ) $ (29 ) $ (257 ) |
Schedule of Reconciles Net Increase in Net Assets Resulting from Operations to Taxable Income | The following reconciles net increase in net assets resulting from operations to taxable income for the years ended December 31, 2023, 2022 and 2021: For the years ended December 31, December 31, December 31, Net increase (decrease) in net assets resulting from operations $ 77,075 $ 45,765 $ 22,288 Net change in unrealized losses (gains) from investments (2,944 ) (5,502 ) (11,829 ) Non-deductible expenses, including excise taxes, offering costs disallowed 101 29 257 Capital loss carryforward 10,686 - - Other book tax differences (65 ) (67 ) 117 Taxable income before deductions for distributions $ 84,853 $ 40,225 $ 10,833 |
Schedule of Tax Character of Distributions Paid to Stockholders | The tax character of distributions paid to stockholders during the tax years ended December 31, 2023, 2022 and 2021 were as follows. For the years ended December 31, December 31, December 31, Ordinary income $ 81,617 $ 39,553 $ 10,514 Capital gains - - - Return of capital - - - Total $ 81,617 $ 39,553 $ 10,514 |
Schedule of Accumulated Earnings on a Tax Basis | For the years ended December 31, 2023, 2022 and 2021, the components of accumulated earnings on a tax basis were as follows. For the years ended December 31, December 31, December 31, Undistributed net investment income (loss) $ 4,227 $ 991 $ 319 Undistributed capital gains - - - Capital loss carryforward (10,686 ) - - Other accumulated gain (loss) - - - Other temporary book / tax differences (792 ) (857 ) (924 ) Net unrealized appreciation (depreciation) 20,275 17,331 11,829 Total $ 13,024 $ 17,465 $ 11,224 |
Schedule of Aggregate Unrealized Appreciation and Depreciation on Investments | As of December 31, 2023, 2022 and 2021, the Company’s aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes was as follows: For the years ended December 31, December 31, December 31, Tax cost $ 1,356,025 $ 1,157,635 $ 570,290 Gross unrealized appreciation $ 25,718 $ 21,476 $ 11,829 Gross unrealized depreciation (5,443 ) (4,145 ) - Net unrealized appreciation/(depreciation) on investments $ 20,275 $ 17,331 $ 11,829 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The following per share of common stock data has been derived from information provided in the audited financial statements. The following is a schedule of financial highlights for the years ended December 31, 2023, 2022 and 2021. For the years ended December 31, Per Common Share Operating Performance (1) 2023 2022 2021 Net Asset Value, Beginning of Period (2) $ 16.50 $ 16.22 $ 14.86 Results of Operations: Net Investment Income 2.16 1.48 0.94 Net Realized and Unrealized Gain (Loss) on Investments (3) (0.18 ) 0.14 1.28 Net Increase (Decrease) in Net Assets Resulting from Operations 1.98 1.62 2.22 Distributions to Common Stockholders Distributions (2.06 ) (1.34 ) (0.86 ) Net Decrease in Net Assets Resulting from Distributions (2.06 ) (1.34 ) (0.86 ) Net Asset Value, End of Period $ 16.42 $ 16.50 $ 16.22 Shares Outstanding, End of Period 41,603,666 35,879,291 19,227,902 Ratio/Supplemental Data Net assets, end of period $ 683,056 $ 592,041 $ 311,969 Weighted-average shares outstanding 39,250,232 27,184,302 10,718,083 Total Return (4) 12.5 % 10.3 % 14.2 % Portfolio turnover 15.5 % 17.6 % 31.3 % Ratio of operating expenses to average net assets (5) 11.9 % 7.9 % 5.8 % Ratio of net investment income (loss) to average net assets (5) 13.3 % 9.1 % 6.8 % (1) The per common share data was derived by using weighted average shares outstanding. (2) On February 5, 2021, the initial offering price of $15.00 per share less $0.14 per share of organizational costs. (3) 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 years ended December 31, 2023, 2022 and 2021, such share transactions include the effect of share issuances of $0.00, $0.04 and $0.19 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. (4) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized. (5) The ratios reflect an annualized amount, except in the case of non-recurring expenses (e.g. initial organizational expense of $175 for the period February 5, 2021 (commencement of operations) through December 31, 2021). |
Organization (Details)
Organization (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Organization [Abstract] | |
Aggregate capital commitment | $ 1,046,928 |
Significant Accounting Polici_2
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |||
Investments percentage | 25% | ||
PIK interest (in Dollars) | $ 1,652 | $ 151 | $ 173 |
Aggregate interest income | 1% | 0.20% | 0.90% |
Distributions percentage | 90% | ||
Non-deductible excise tax | 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. | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Financing receivable, nonaccrual, percent past due | 0.40% | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Financing receivable, nonaccrual, percent past due | 0.40% |
Agreements and Related Party _2
Agreements and Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Agreements and Related Party Transactions [Line Items] | |||
Base management fee annual rate | 10% | ||
Management fees | $ 11,433 | $ 7,147 | $ 2,095 |
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, the income incentive fee is calculated as 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. | ||
Incentive fees | $ 9,433 | 4,698 | 65 |
Realized gains total | $ (10,686) | $ 84 | 332 |
Base Management Fee [Member] | |||
Agreements and Related Party Transactions [Line Items] | |||
Base management fee annual rate | 0.90% | ||
Base Management Fee [Member] | |||
Agreements and Related Party Transactions [Line Items] | |||
Management fees | $ 11,433 | ||
Payment of Incentive Fees [Member] | |||
Agreements and Related Party Transactions [Line Items] | |||
Incentive fees | 31 | ||
Realized gain | 34 | ||
Realized gains total | $ 65 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Non-qualifying assets | $ 68,578 | $ 45,901 |
Investments (Details) - Schedul
Investments (Details) - Schedule of Investment Portfolio at Amortized Cost and Fair Value - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Servicing Asset at Amortized Cost [Line Items] | ||
Total Investments, Amortized Cost | $ 1,356,025 | $ 1,157,635 |
Total Investments, Fair Value | 1,376,300 | 1,174,966 |
First-lien senior secured debt investments [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Total Investments, Amortized Cost | 1,327,190 | 1,141,538 |
Total Investments, Fair Value | 1,346,174 | 1,157,971 |
Equity investments [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Total Investments, Amortized Cost | 16,033 | 6,250 |
Total Investments, Fair Value | 17,324 | 7,148 |
Short-term investments [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Total Investments, Amortized Cost | 12,802 | 9,847 |
Total Investments, Fair Value | $ 12,802 | $ 9,847 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 100% | 100% |
Trading companies & distributors [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 15.30% | 12.90% |
Food products [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 11.50% | 10.90% |
Commercial services & supplies [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 9.40% | 11.90% |
Health care providers & services [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 7.40% | 9.80% |
Containers & packaging [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 7.20% | 4.50% |
Aerospace & defense [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 6.30% | 4.10% |
Professional services [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 4.50% | 5.50% |
IT services [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 3.80% | 3.90% |
Machinery [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 3.80% | 2.20% |
Leisure products [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 3.30% | 2.30% |
Textiles, apparel & luxury goods [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 3.30% | 4.10% |
Chemicals [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 3.10% | 2.90% |
Personal care products [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 3% | 1.70% |
Software [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 2.50% | 3% |
Insurance [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 2.20% | 1.30% |
Wireless telecommunication services [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 2.10% | 2.50% |
Automobile components [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 2% | 2.30% |
Building products [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 2% | 3.40% |
Household durables [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 1.50% | 1.80% |
Health care equipment & supplies [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 1.50% | 1.80% |
Household products [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 1.20% | 1.60% |
Biotechnology [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 0.90% | 1% |
Specialty retail [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 0.70% | 0.70% |
Capital markets [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 0.60% | |
Pharmaceuticals [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 0.50% | 0.60% |
Diversified telecommunication services [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 0.40% | 2.60% |
Electronic equipment, instruments & components [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [Line Items] | ||
Long-term investments fair value percentage | 0.30% | |
Asset management & custody banks [Member] | ||
Investments (Details) - Schedule of Composition of Long-Term Investments Based on Fair Value [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 | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Fair Value Hierarchy of Investments [Line Items] | ||
First-lien senior secured debt investments | $ 1,346,174 | $ 1,157,971 |
Equity investments | 17,324 | 7,148 |
Short-term investments | 12,802 | 9,847 |
Total Investments | 1,376,300 | 1,174,966 |
Level 1 [Member] | ||
Schedule of Fair Value Hierarchy of Investments [Line Items] | ||
First-lien senior secured debt investments | ||
Equity investments | ||
Short-term investments | 12,802 | 9,847 |
Total Investments | 12,802 | 9,847 |
Level 2 [Member] | ||
Schedule of Fair Value Hierarchy of Investments [Line Items] | ||
First-lien senior secured debt investments | ||
Equity investments | ||
Short-term investments | ||
Total Investments | ||
Level 3 [Member] | ||
Schedule of Fair Value Hierarchy of Investments [Line Items] | ||
First-lien senior secured debt investments | 1,346,174 | 1,157,971 |
Equity investments | 17,324 | 7,148 |
Short-term investments | ||
Total Investments | $ 1,363,498 | $ 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Fair Value of Investments for which Level 3 Inputs [Line Items] | |||
Fair value, beginning of period | $ 1,165,119 | $ 578,445 | |
Purchases of investments, including PIK, if any | 392,993 | 718,387 | |
Proceeds from sales of investments and principal repayments | (196,649) | (142,118) | |
Net change in unrealized gain (loss) | 2,944 | 5,502 | |
Net realized gain (loss) | (10,686) | 84 | |
Net accretion of discount on investments | 9,777 | 4,819 | |
Other | [1] | ||
Transfers into (out of) Level 3 | |||
Fair value, end of period | 1,363,498 | 1,165,119 | |
First-lien senior secured debt investments [Member] | |||
Schedule of Fair Value of Investments for which Level 3 Inputs [Line Items] | |||
Fair value, beginning of period | 1,157,971 | 578,195 | |
Purchases of investments, including PIK, if any | 392,388 | 712,387 | |
Proceeds from sales of investments and principal repayments | (196,649) | (142,118) | |
Net change in unrealized gain (loss) | 2,552 | 4,604 | |
Net realized gain (loss) | (10,686) | 84 | |
Net accretion of discount on investments | 9,777 | 4,819 | |
Other | [1] | (9,179) | |
Transfers into (out of) Level 3 | |||
Fair value, end of period | 1,346,174 | 1,157,971 | |
Private equity investments [Member] | |||
Schedule of Fair Value of Investments for which Level 3 Inputs [Line Items] | |||
Fair value, beginning of period | 7,148 | 250 | |
Purchases of investments, including PIK, if any | 605 | 6,000 | |
Proceeds from sales of investments and principal repayments | |||
Net change in unrealized gain (loss) | 392 | 898 | |
Net realized gain (loss) | |||
Net accretion of discount on investments | |||
Other | [1] | 9,179 | |
Transfers into (out of) Level 3 | |||
Fair value, end of period | $ 17,324 | $ 7,148 | |
[1]Reflects non-cash conversions. These transactions represent non-cash investing activities. |
Fair Value (Details) - Schedu_3
Fair Value (Details) - Schedule of Significant Unobservable Inputs Level 3 Investments - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value (in Dollars) | $ 1,363,498 | $ 1,165,119 |
First-lien senior secured debt investments [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value (in Dollars) | $ 1,346,174 | $ 1,157,971 |
Valuation Technique | Discounted cash flow analysis | Discounted cash flow analysis |
Unobservable Input | Discount rate | Discount rate |
First-lien senior secured debt investments [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 8.30% | 8.40% |
First-lien senior secured debt investments [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 15% | 15% |
First-lien senior secured debt investments [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 10.20% | 10.10% |
Preferred equity investment [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value (in Dollars) | $ 9,287 | |
Valuation Technique | Discounted cash flow analysis | |
Unobservable Input | Discount rate | |
Range | 15% | |
Preferred equity investment [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 15% | |
Other equity investments [Member] | Precedent Transaction Analysis [Member] | Original cost [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value (in Dollars) | $ 8,037 | |
Valuation Technique | Comparable Multiples | |
Unobservable Input | EV / EBITDA | |
Other equity investments [Member] | Precedent Transaction Analysis [Member] | Minimum [Member] | Original cost [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 7.10% | |
Other equity investments [Member] | Precedent Transaction Analysis [Member] | Maximum [Member] | Original cost [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 17.20% | |
Other equity investments [Member] | Precedent Transaction Analysis [Member] | Weighted Average [Member] | Original cost [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 11.50% | |
Equity investments [Member] | Precedent Transaction Analysis [Member] | Original cost [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value (in Dollars) | $ 1,988 | |
Valuation Technique | Precedent Transaction Analysis | |
Unobservable Input | Original Cost | |
Range | 1% | |
Equity investments [Member] | Precedent Transaction Analysis [Member] | Weighted Average [Member] | Original cost [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 1% | |
Equity investments [Member] | Comparable Multiples [Member] | EV / EBITDA [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value (in Dollars) | $ 5,160 | |
Valuation Technique | Comparable Multiples | |
Unobservable Input | EV / EBITDA | |
Equity investments [Member] | Comparable Multiples [Member] | Minimum [Member] | EV / EBITDA [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 6.60% | |
Equity investments [Member] | Comparable Multiples [Member] | Maximum [Member] | EV / EBITDA [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 17.20% | |
Equity investments [Member] | Comparable Multiples [Member] | Weighted Average [Member] | EV / EBITDA [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average | 12.70% |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Sep. 22, 2024 | Dec. 22, 2023 | Jun. 29, 2023 | Feb. 18, 2022 | Dec. 31, 2023 | Jun. 29, 2024 | Dec. 31, 2022 | |
Debt (Details) [Line Items] | |||||||
Credit agreement amount (in Dollars) | $ 75,000 | ||||||
Subject to availability amount (in Dollars) | $ 50,000 | ||||||
Commitment fee percentage | 0.25% | ||||||
Extension fee percentage | 0.075% | ||||||
Average borrowings outstanding (in Dollars) | $ 20,384 | ||||||
Initial commitment amount (in Dollars) | $ 400,000 | ||||||
Line of credit facility, interest rate during period | 1.25% | ||||||
Commitment fee percentage | 0.50% | ||||||
outstanding balance on the loan (in Dollars) | $ 150,000 | ||||||
Percentage of asset coverage ratio | 150% | ||||||
Deferred financing costs (in Dollars) | $ 5,409 | ||||||
Maximum [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Initial commitment amount (in Dollars) | $ 350,000 | ||||||
Line of credit facility, interest rate during period | 1.50% | ||||||
Percentage of secured debt ratio | 60% | ||||||
Minimum [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Initial commitment amount (in Dollars) | $ 455,000 | ||||||
Line of credit facility, interest rate during period | 1% | ||||||
Percentage of secured debt ratio | 55% | ||||||
Senior Unsecured Notes [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Average borrowings outstanding (in Dollars) | $ 75,000 | ||||||
Corporate Credit Facility [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Credit agreement amount (in Dollars) | $ 50,000 | ||||||
Weighted average interest rate | 7.35% | 5.25% | |||||
Corporate Credit Facility [Member] | Borrowings [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Weighted average interest rate | 7.71% | ||||||
Subscription Credit Agreement [Member] | |||||||
Debt (Details) [Line Items] | |||||||
SOFR plus percentage | 2.25% | ||||||
SOFR floor percentage | 0.275% | ||||||
Weighted average interest rate | 7.03% | 3.70% | |||||
Subscription Credit Agreement [Member] | Borrowings [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Weighted average interest rate | 7.35% | ||||||
SOFR [Member] | |||||||
Debt (Details) [Line Items] | |||||||
SOFR plus percentage | 2.75% | ||||||
Loan and Security Agreement [Member] | |||||||
Debt (Details) [Line Items] | |||||||
SOFR plus percentage | 7.74% | 4.20% | |||||
Revolving Funding Facility Two [Member] | |||||||
Debt (Details) [Line Items] | |||||||
SOFR plus percentage | 2.70% | ||||||
Weighted average interest rate | 8.07% | ||||||
Senior Unsecured Notes [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Weighted average interest rate | 8.71% | ||||||
Forecast [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Commitment fee percentage | 0.75% | ||||||
Subscription Credit Agreement [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Average borrowings outstanding (in Dollars) | $ 41,782 | $ 65,751 | |||||
Commitment fee percentage | 0.375% | ||||||
Subscription Credit Agreement [Member] | Borrowings [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Average borrowings outstanding (in Dollars) | $ 10,750 | ||||||
Corporate Credit Facility [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Average borrowings outstanding (in Dollars) | $ 251,655 | $ 134,239 | |||||
Line of credit facility, interest rate during period | 2.35% | ||||||
Corporate Credit Facility [Member] | Maximum [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Credit Facility amount (in Dollars) | $ 550,000 | ||||||
Corporate Credit Facility [Member] | Borrowings [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Average borrowings outstanding (in Dollars) | 234,000 | ||||||
Revolving Funding Facility [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Average borrowings outstanding (in Dollars) | $ 70,000 | ||||||
Revolving Funding Facility [Member] | Maximum [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Commitment fee percentage | 1.50% | ||||||
Revolving Funding Facility [Member] | Minimum [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Commitment fee percentage | 0.50% | ||||||
Revolving Funding Facility [Member] | Borrowings [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Average borrowings outstanding (in Dollars) | $ 306,000 | ||||||
Weighted average interest rate | 8.06% | ||||||
Revolving Funding Facility [Member] | Corporate Credit Facility [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Weighted average interest rate | 4.26% | ||||||
Revolving Funding Facility [Member] | Revolving Funding Facility [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Initial commitment amount (in Dollars) | $ 455,000 | ||||||
Loan and Security Agreement [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Average borrowings outstanding (in Dollars) | $ 290,890 | $ 147,808 | |||||
Interest rate description | Advances under the LSA had an interest rate of LIBOR plus 4.25% (subject to a 1.00% LIBOR floor | ||||||
Revolving Funding Facility Two [Member] | |||||||
Debt (Details) [Line Items] | |||||||
SOFR plus percentage | 8.07% | ||||||
Average borrowings outstanding (in Dollars) | $ 70,000 | ||||||
Revolving Funding Facility Two [Member] | Maximum [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Initial commitment (in Dollars) | $ 500,000 | ||||||
Revolving Funding Facility Two [Member] | Minimum [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Initial commitment (in Dollars) | $ 150,000 | ||||||
Loan and Security Agreement and Subscription Credit Agreement [Member] | |||||||
Debt (Details) [Line Items] | |||||||
Deferred financing costs (in Dollars) | $ 6,431 |
Debt (Details) - Schedule of Se
Debt (Details) - Schedule of Series of Notes Outstanding $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Principal Outstanding | $ 75,000 |
Unamortized Issuance Costs | 851 |
Estimated Fair Value | 81,079 |
Series A [Member] | |
Debt Instrument [Line Items] | |
Principal Outstanding | 25,000 |
Unamortized Issuance Costs | 276 |
Estimated Fair Value | $ 26,906 |
Fixed Interest Rate | 8.65% |
Series B [Member] | |
Debt Instrument [Line Items] | |
Principal Outstanding | $ 50,000 |
Unamortized Issuance Costs | 575 |
Estimated Fair Value | $ 54,173 |
Fixed Interest Rate | 8.74% |
Debt (Details) - Schedule of De
Debt (Details) - Schedule of Debt Obligations - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | $ 1,130,000 | $ 875,000 | |||
Outstanding Principal | 695,750 | 577,000 | |||
Amount Available | 233,502 | [1] | 169,793 | [2] | |
Carrying Value [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Net Carrying Value | 689,319 | [3] | 571,591 | [4] | |
Notes [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 75,000 | ||||
Outstanding Principal | 75,000 | ||||
Amount Available | [1] | ||||
Notes [Member] | Carrying Value [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Net Carrying Value | [3] | 74,149 | |||
Corporate Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 400,000 | ||||
Outstanding Principal | 234,000 | ||||
Amount Available | [1] | 166,000 | |||
Corporate Credit Facility [Member] | Carrying Value [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Net Carrying Value | [3] | 232,285 | |||
Revolving Funding Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 455,000 | ||||
Outstanding Principal | 306,000 | ||||
Amount Available | [1] | 18,536 | |||
Revolving Funding Facility [Member] | Carrying Value [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Net Carrying Value | [3] | 303,981 | |||
Revolving Funding Facility II [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 150,000 | ||||
Outstanding Principal | 70,000 | ||||
Amount Available | [1] | 9,716 | |||
Revolving Funding Facility II [Member] | Carrying Value [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Net Carrying Value | [3] | 68,195 | |||
Subscription Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 50,000 | 125,000 | |||
Outstanding Principal | 10,750 | 108,000 | |||
Amount Available | 39,250 | [1] | 17,000 | [2] | |
Subscription Credit Agreement [Member] | Carrying Value [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Net Carrying Value | $ 10,709 | [3] | 107,935 | [4] | |
Corporate Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 400,000 | ||||
Outstanding Principal | 269,000 | ||||
Amount Available | [2] | 131,000 | |||
Corporate Credit Facility [Member] | Carrying Value [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Net Carrying Value | [4] | 266,483 | |||
Revolving Funding Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Aggregate Principal Committed | 350,000 | ||||
Outstanding Principal | 200,000 | ||||
Amount Available | [2] | 21,793 | |||
Revolving Funding Facility [Member] | Carrying Value [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Net Carrying Value | [4] | $ 197,173 | |||
[1] The amount available under the Company’s credit facilities reflects the assets held at KABDCF and KABDCF II and any limitations related to each borrowing base as of December 31, 2023. The amount available under the Company’s credit facilities reflects the assets held at KABDCF and any limitations related to the borrowing base as of December 31, 2022. The carrying value of the Notes, Corporate Credit Facility, Revolving Funding Facility, Revolving Funding Facility II and Subscription Credit Agreement are presented net of deferred financing costs totaling $6,431. 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Components of Interest Expense [Abstract] | |||
Interest expense | $ 49,620 | $ 18,170 | $ 4,195 |
Amortization of debt issuance costs | 2,694 | 2,122 | 260 |
Total interest expense | $ 52,314 | $ 20,292 | $ 4,455 |
Average interest rate | 8.40% | 5.50% | 5.40% |
Average borrowings | $ 624,464 | $ 368,182 | $ 91,355 |
Share Transactions (Details)
Share Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 16, 2024 | Jan. 18, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 13, 2023 | |
Share Transactions (Details) [Line Items] | ||||||
Aggregate capital commitment | $ 1,046,928 | |||||
Shares issued (in Shares) | 55,590 | 301,851 | 346,355 | 94,613 | ||
DRIP value | $ 1,573 | $ 902 | ||||
Shares issued (in Shares) | 5,422,524 | 16,305,034 | 19,132,622 | |||
Dividend Declared [Member] | ||||||
Share Transactions (Details) [Line Items] | ||||||
DRIP value | $ 955 | |||||
Shares issued (in Shares) | 57,860 | |||||
Undrawn Commitments [Member] | ||||||
Share Transactions (Details) [Line Items] | ||||||
Aggregate capital commitment | $ 388,634 | |||||
Subsequent Event [Member] | ||||||
Share Transactions (Details) [Line Items] | ||||||
Shares issued (in Shares) | 95,791 |
Share Transactions (Details) -
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Common stock shares issued | 5,422,524 | 16,305,034 | 19,132,622 |
Aggregate offering amount | $ 90,575 | $ 268,218 | $ 299,501 |
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 | ||
August 8, 2023 [Member] | |||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Offering price per share | $ 16.82 | ||
Common stock shares issued | 2,411,582 | ||
Aggregate offering amount | $ 40,575 | ||
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 | ||
July 22, 2022 [Member] | |||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Offering price per share | $ 16.3 | ||
Common stock shares issued | 7,666,830 | ||
Aggregate offering amount | $ 125,000 | ||
October 31, 2022 [Member] | |||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Offering price per share | $ 16.58 | ||
Common stock shares issued | 1,485,844 | ||
Aggregate offering amount | $ 24,636 | ||
December 9, 2022 [Member] | |||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Offering price per share | $ 16.89 | ||
Common stock shares issued | 2,961,068 | ||
Aggregate offering amount | $ 50,000 | ||
February 5, 2021 [Member] | |||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Offering price per share | $ 15 | ||
Common stock shares issued | 5,666,667 | ||
Aggregate offering amount | $ 85,000 | ||
April 23, 2021 [Member] | |||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Offering price per share | $ 15.57 | ||
Common stock shares issued | 3,532,434 | ||
Aggregate offering amount | $ 55,000 | ||
July 23, 2021 [Member] | |||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Offering price per share | $ 15.72 | ||
Common stock shares issued | 2,862,595 | ||
Aggregate offering amount | $ 45,000 | ||
October 28, 2021 [Member] | |||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Offering price per share | $ 15.98 | ||
Common stock shares issued | 2,502,612 | ||
Aggregate offering amount | $ 40,000 | ||
December 2, 2021 [Member] | |||
Share Transactions (Details) - Schedule of Common Stock Shares Issued and Aggregate Proceeds [Line Items] | |||
Offering price per share | $ 16.31 | ||
Common stock shares issued | 4,568,314 | ||
Aggregate offering amount | $ 74,501 |
Share Transactions (Details) _2
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend per share | $ 2.06 | $ 1.34 | $ 0.86 |
March 7, 2023 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [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 by the Company [Line Items] | |||
Dividend record date | Jun. 30, 2023 | ||
Dividend payment date | Jul. 14, 2023 | ||
Dividend per share | $ 0.53 | ||
August 10, 2023 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Sep. 29, 2023 | ||
Dividend payment date | Oct. 13, 2023 | ||
Dividend per share | $ 0.53 | ||
November 9, 2023 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Dec. 29, 2023 | ||
Dividend payment date | Jan. 16, 2024 | ||
Dividend per share | $ 0.53 | ||
April 19, 2022 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Apr. 20, 2022 | ||
Dividend payment date | Apr. 26, 2022 | ||
Dividend per share | $ 0.26 | ||
July 19, 2022 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Jul. 20, 2022 | ||
Dividend payment date | Jul. 27, 2022 | ||
Dividend per share | $ 0.3 | ||
October 18, 2022 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Oct. 13, 2022 | ||
Dividend payment date | Oct. 25, 2022 | ||
Dividend per share | $ 0.35 | ||
December 16, 2022 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Dec. 29, 2022 | ||
Dividend payment date | Jan. 13, 2023 | ||
Dividend per share | $ 0.43 | ||
April 23, 2021 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Apr. 20, 2021 | ||
Dividend payment date | May 14, 2021 | ||
Dividend per share | $ 0.15 | ||
July 19, 2021 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Jul. 20, 2021 | ||
Dividend payment date | Jul. 27, 2021 | ||
Dividend per share | $ 0.22 | ||
October 18, 2021 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Oct. 22, 2021 | ||
Dividend payment date | Nov. 02, 2021 | ||
Dividend per share | $ 0.25 | ||
December 2, 2021 [Member] | |||
Share Transactions (Details) - Schedule of Dividends Declared and Payable by the Company [Line Items] | |||
Dividend record date | Dec. 29, 2021 | ||
Dividend payment date | Jan. 18, 2022 | ||
Dividend per share | $ 0.24 |
Share Transactions (Details) _3
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 18, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||||
DRIP shares issued | 55,590 | 301,851 | 346,355 | 94,613 |
DRIP value | $ 4,982 | $ 5,642 | $ 1,492 | |
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 | |||
June 30, 2023 [Member] | ||||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||||
Dividend payment date | Jul. 14, 2023 | |||
DRIP shares issued | 81,527 | |||
DRIP value | $ 1,352 | |||
September 29, 2023 [Member] | ||||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||||
Dividend payment date | Oct. 13, 2023 | |||
DRIP shares issued | 96,731 | |||
DRIP value | $ 1,586 | |||
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 | |||
July 20, 2022 [Member] | ||||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||||
Dividend payment date | Jul. 27, 2022 | |||
DRIP shares issued | 88,081 | |||
DRIP value | $ 1,431 | |||
October 13, 2022 [Member] | ||||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||||
Dividend payment date | Oct. 25, 2022 | |||
DRIP shares issued | 127,414 | |||
DRIP value | $ 2,087 | |||
April 20, 2021 [Member] | ||||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||||
Dividend payment date | May 14, 2021 | |||
DRIP shares issued | 1,361 | |||
DRIP value | $ 21 | |||
July 20, 2021 [Member] | ||||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||||
Dividend payment date | Jul. 27, 2021 | |||
DRIP shares issued | 37,460 | |||
DRIP value | $ 585 | |||
October 22, 2021 [Member] | ||||
Share Transactions (Details) - Schedule of Amounts Received and Shares of Common Stock Issued to Shareholder [Line Items] | ||||
Dividend payment date | Nov. 02, 2021 | |||
DRIP shares issued | 55,792 | |||
DRIP value | $ 886 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies [Abstract] | ||
Unfunded commitments | $ 147,928 | $ 149,338 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | $ 147,928 | $ 149,338 |
Alcami Corporation (Alcami) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,543 | 2,543 |
Allcat Claims Service, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 5,370 | 20,106 |
Allentown, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 785 | 2,040 |
American Equipment Holdings LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 483 | 2,956 |
American Soccer Company, Incorporated (SCORE) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,601 | 2,838 |
Arborworks Acquisition LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,872 | 1,563 |
Atria Wealth Solutions, Inc. [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,996 | |
Basel U.S. Acquisition Co., Inc. (IAC) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,622 | 1,622 |
BCI Burke Holding Corp. [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 4,659 | 4,659 |
OAO Acquisitions, Inc. (BearCom) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 6,982 | |
BLP Buyer, Inc. (Bishop Lifting Products) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 6,548 | 1,047 |
BR PJK Produce, LLC (Keany) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,870 | 1,429 |
Brightview, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,904 | |
Carton Packaging Buyer, Inc. [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,848 | |
Centerline Communications, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,800 | |
CGI Automated Manufacturing, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,390 | 2,717 |
City Line Distributors, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 5,322 | |
Curio Brands, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,719 | 2,722 |
DISA Holdings Corp. (DISA) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 6,142 | 7,769 |
DRS Holdings III, Inc. (Dr. Scholl's) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 310 | 310 |
Eastern Wholesale Fence [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,332 | 425 |
EIS Legacy, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 6,922 | 6,539 |
Fastener Distribution Holdings, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 6,810 | |
FCA, LLC (FCA Packaging) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,670 | 2,670 |
Foundation Consumer Brands [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 577 | 577 |
Fralock Buyer LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 300 | 749 |
Guided Practice Solutions: Dental, LLC (GPS) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 10,299 | |
Gulf Pacific Holdings, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 10,153 | 13,066 |
Gusmer Enterprises, Inc. [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 3,676 | 3,676 |
Home Brands Group Holdings, Inc. (ReBath) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,099 | 2,099 |
I.D. Images Acquisition, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,020 | 1,424 |
IF&P Foods, LLC (FreshEdge) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,656 | 6,114 |
Improving Acquisition LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,672 | 2,028 |
Krayden Holdings, Inc. [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 5,438 | |
Light Wave Dental Management LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 827 | 6,774 |
LSL Industries, LLC (LSL Healthcare) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 15,224 | 15,224 |
MacNeill Pride Group [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 3,877 | 2,978 |
Pavion Corp., f/k/a Corbett Technology Solutions, Inc. [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,334 | |
PMFC Holding, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 137 | 342 |
Regiment Security Partners LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 104 | 3,207 |
Ruff Roofers Buyer, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 10,966 | |
SGA Dental Partners Holdings, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 5,087 | 1,724 |
Siegel Egg Co., LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 537 | 1,207 |
Sundance Holdings Group, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 439 | |
Techniks Holdings, LLC / Eppinger Holdings Germany GMBH [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,450 | |
Trademark Global LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 480 | 240 |
United Safety & Survivability Corporation (USSC) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 469 | 2,942 |
Universal Marine Medical Supply International, LLC (Unimed) [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 2,035 | |
USALCO, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,494 | 1,462 |
Vehicle Accessories, Inc. [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | 1,671 | 1,671 |
Worldwide Produce Acquisition, LLC [Member] | ||
Commitments and Contingencies (Details) - Schedule of Composition of the Unfunded Commitments [Line Items] | ||
Total unfunded commitments | $ 1,286 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Basic and Diluted Earnings Per Share of Common Stock [Abstract] | |||
Net increase (decrease) in net assets resulting from operations | $ 77,075 | $ 45,765 | $ 22,288 |
Weighted average shares of common stock outstanding – basic | 39,250,232 | 27,184,302 | 10,718,083 |
Earnings (loss) per share of common stock – basic | $ 1.96 | $ 1.68 | $ 2.08 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share of Common Stock (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Basic and Diluted Earnings Per Share of Common Stock [Abstract] | |||
Weighted average shares of common stock outstanding - diluted | 39,250,232 | 27,184,302 | 10,718,083 |
Earnings (loss) per share of common stock - diluted | $ 1.96 | $ 1.68 | $ 2.08 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
Excise tax percentage | 4% | ||
U.S. federal excise tax amount | $ 101 | ||
Capital loss carryforward current | 263 | ||
Capital loss carryforward noncurrent | 10,423 | ||
Capital loss carryforward | $ 10,686 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Reclassifications Impact on Net Assets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Distributable Earnings to Additional Paid in Capital were Reclassified for Tax Purposes [Abstract] | |||
Increase (decrease) in distributable earnings | $ 101 | $ 29 | $ 257 |
Increase (decrease) in additional paid-in capital | $ (101) | $ (29) | $ (257) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Reconciles Net Increase in Net Assets Resulting from Operations to Taxable Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Reconciles Net Increase in Net Assets Resulting from Operations to Taxable Income [Abstract] | |||
Net increase (decrease) in net assets resulting from operations | $ 77,075 | $ 45,765 | $ 22,288 |
Net change in unrealized losses (gains) from investments | (2,944) | (5,502) | (11,829) |
Non-deductible expenses, including excise taxes, offering costs disallowed | 101 | 29 | 257 |
Capital loss carryforward | 10,686 | ||
Other book tax differences | (65) | (67) | 117 |
Taxable income before deductions for distributions | $ 84,853 | $ 40,225 | $ 10,833 |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Tax Character of Distributions Paid to Stockholders - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Tax Character of Distributions Paid to Stockholders [Abstract] | |||
Ordinary income | $ 81,617 | $ 39,553 | $ 10,514 |
Capital gains | |||
Return of capital | |||
Total | $ 81,617 | $ 39,553 | $ 10,514 |
Income Taxes (Details) - Sche_4
Income Taxes (Details) - Schedule of Accumulated Earnings on a Tax Basis - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Accumulated Earnings on a Tax Basis [Abstract] | |||
Undistributed net investment income (loss) | $ 4,227 | $ 991 | $ 319 |
Undistributed capital gains | |||
Capital loss carryforward | (10,686) | ||
Other accumulated gain (loss) | |||
Other temporary book / tax differences | (792) | (857) | (924) |
Net unrealized appreciation (depreciation) | 20,275 | 17,331 | 11,829 |
Total | $ 13,024 | $ 17,465 | $ 11,224 |
Income Taxes (Details) - Sche_5
Income Taxes (Details) - Schedule of Aggregate Unrealized Appreciation and Depreciation on Investments - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Aggregate Unrealized Appreciation and Depreciation on Investments [Abstract] | |||
Tax cost | $ 1,356,025 | $ 1,157,635 | $ 570,290 |
Gross unrealized appreciation | 25,718 | 21,476 | 11,829 |
Gross unrealized depreciation | (5,443) | (4,145) | |
Net unrealized appreciation/(depreciation) on investments | $ 20,275 | $ 17,331 | $ 11,829 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 05, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Highlights [Line Items] | ||||
Initial offering price per share | $ 15 | |||
Investment company organizational costs price per share | $ 0.14 | |||
Issuance price per share | $ 0 | $ 0.04 | $ 0.19 | |
Non-recurring expenses (in Dollars) | $ 175 |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of Financial Highlights - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Schedule of Financial Highlights [Abstract] | ||||||
Net Asset Value, Beginning of Period | [1],[2] | $ 16.5 | $ 16.22 | $ 14.86 | ||
Results of Operations: | ||||||
Net Investment Income | [1] | 2.16 | 1.48 | 0.94 | ||
Net Realized and Unrealized Gain (Loss) on Investments | [1],[3] | (0.18) | 0.14 | 1.28 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | [1] | 1.98 | 1.62 | 2.22 | ||
Distributions to Common Stockholders | ||||||
Distributions | [1] | (2.06) | (1.34) | (0.86) | ||
Net Decrease in Net Assets Resulting from Distributions | [1] | (2.06) | (1.34) | (0.86) | ||
Net Asset Value, End of Period | [1] | $ 16.42 | $ 16.5 | [2] | $ 16.22 | [2] |
Shares Outstanding, End of Period (in Shares) | [1] | 41,603,666 | 35,879,291 | 19,227,902 | ||
Net assets, end of period (in Dollars) | [1] | $ 683,056 | $ 592,041 | $ 311,969 | ||
Weighted-average shares outstanding (in Shares) | [1] | 39,250,232 | 27,184,302 | 10,718,083 | ||
Total Return | [1],[4] | 12.50% | 10.30% | 14.20% | ||
Portfolio turnover | [1] | 15.50% | 17.60% | 31.30% | ||
Ratio of operating expenses to average net assets | [1],[5] | 11.90% | 7.90% | 5.80% | ||
Ratio of net investment income (loss) to average net assets | [1],[5] | 13.30% | 9.10% | 6.80% | ||
[1] The per common share data was derived by using weighted average shares outstanding. 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. 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. The ratios reflect an annualized amount, except in the case of non-recurring expenses (e.g. initial organizational expense of $175 for the period February 5, 2021 (commencement of operations) through December 31, 2021). |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 14, 2024 | Jan. 16, 2024 |
Subsequent Events (Details) [Line Items] | ||
Common stockholder per share (in Dollars per share) | $ 0.53 | |
Dividends | $ 22,050 | |
Dividends reinvested amount | $ 1,573 | |
Purchase shares (in Shares) | 95,791 | |
Aggregate offering price amount | $ 118,689 | |
Forecast [Member] | ||
Subsequent Events (Details) [Line Items] | ||
Sale of shares (in Shares) | 7,089,771 | |
Aggregate capital commitment | $ 1,046,928 | |
Undrawn amount | $ 269,945 |