Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-56123 | |
Entity Registrant Name | NMF SLF I, Inc. | |
Entity Address, Address Line One | 1633 Broadway, 48th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | 212 | |
Local Phone Number | 720-0300 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 83-3291673 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 82,381,922 | |
Entity Central Index Key | 0001766037 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Non-controlled/non-affiliated investments at fair value (cost of $1,237,106 and $1,191,246, respectively) | $ 1,230,366 | [1] | $ 1,173,399 | [2] |
Cash and cash equivalents | 17,469 | 16,012 | ||
Interest receivable | 8,376 | 6,833 | ||
Other assets | 268 | 328 | ||
Total assets | 1,256,479 | 1,196,572 | ||
Borrowings | ||||
Wells Credit Facility | 360,300 | 394,500 | ||
Deferred financing costs (net of accumulated amortization of $2,640 and $1,975, respectively) | (1,990) | (2,644) | ||
Net borrowings | 358,310 | 391,856 | ||
Distribution payable | 27,268 | 40,489 | ||
Payable for unsettled securities purchased | 5,602 | 0 | ||
Interest payable | 2,286 | 2,181 | ||
Management fee payable | 1,952 | 1,878 | ||
Accrued organizational and offering expenses | 0 | 61 | ||
Total liabilities | 396,352 | 437,497 | ||
Commitments and contingencies (See Note 8) | ||||
Net Assets | ||||
Common stock, par value 0.001, 500,000,000 shares authorized, 82,381,922 and 73,750,032 shares issued and outstanding, respectively | 82 | 74 | ||
Paid in capital in excess of par | 860,861 | 771,472 | ||
Accumulated undistributed earnings | (816) | (12,471) | ||
Total net assets | 860,127 | 759,075 | ||
Total liabilities and net assets | $ 1,256,479 | $ 1,196,572 | ||
Net asset value per share (in dollars per share) | $ 10.44 | $ 10.29 | ||
Affiliates | ||||
Borrowings | ||||
Payable to affiliates/ Other liabilities | $ 64 | $ 160 | ||
Nonrelated Parties | ||||
Borrowings | ||||
Payable to affiliates/ Other liabilities | $ 870 | $ 872 | ||
[1]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | ||
Statement of Financial Position [Abstract] | ||||
Investments, cost | $ 1,237,106 | [1] | $ 1,191,246 | [2] |
Deferred financing costs, accumulated amortization | $ 2,640 | $ 1,975 | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | ||
Common stock, shares issued (in shares) | 82,381,922 | 73,750,032 | ||
[1]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investment income | ||||
Interest income (excluding Payment-in-kind ("PIK") interest income) | $ 35,251 | $ 24,434 | $ 98,972 | $ 62,237 |
PIK interest income | 1,663 | 1,039 | 4,366 | 2,727 |
Fee income | 788 | 942 | 2,101 | 3,822 |
Total investment income | 37,702 | 26,415 | 105,439 | 68,786 |
Expenses | ||||
Interest and other financing expenses | 7,209 | 4,940 | 21,198 | 10,557 |
Management fee | 1,952 | 1,887 | 5,794 | 5,137 |
Administrative expenses | 280 | 263 | 862 | 777 |
Professional fees | 224 | 232 | 738 | 779 |
Other general and administrative expenses | 116 | 74 | 314 | 221 |
Total expenses | 9,781 | 7,396 | 28,906 | 17,471 |
Net investment income | 27,921 | 19,019 | 76,533 | 51,315 |
Net realized and unrealized gains (losses) | ||||
Net realized gains (losses) on investments | 72 | (138) | 191 | 1,260 |
Net change in unrealized appreciation (depreciation) of investments | 5,374 | (7,948) | 11,107 | (20,378) |
Net realized and unrealized gains (losses) | 5,446 | (8,086) | 11,298 | (19,118) |
Net increase in net assets resulting from operations | $ 33,367 | $ 10,933 | $ 87,831 | $ 32,197 |
Basic earnings per share (in dollars per share) | $ 0.41 | $ 0.15 | $ 1.12 | $ 0.45 |
Diluted earnings per share (in dollars per share) | $ 0.41 | $ 0.15 | $ 1.12 | $ 0.45 |
Weighted average shares of common stock outstanding - basic (in shares) | 81,401,276 | 73,125,855 | 78,632,968 | 71,404,519 |
Weighted average shares of common stock outstanding - diluted (in shares) | 81,401,276 | 73,125,855 | 78,632,968 | 71,404,519 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Increase (decrease) in net assets resulting from operations: | ||||
Net investment income | $ 27,921 | $ 19,019 | $ 76,533 | $ 51,315 |
Net realized gains (losses) on investments | 72 | (138) | 191 | 1,260 |
Net change in unrealized appreciation (depreciation) of investments | 5,374 | (7,948) | 11,107 | (20,378) |
Net increase in net assets resulting from operations | 33,367 | 10,933 | 87,831 | 32,197 |
Capital transactions | ||||
Distributions declared to stockholders from net investment income | (27,268) | (18,659) | (76,177) | (50,755) |
Reinvestment of distributions | 48,909 | 32,096 | 89,398 | 64,117 |
Total net increase in net assets resulting from capital transactions | 21,641 | 13,437 | 13,221 | 13,362 |
Net increase (decrease) in net assets | 55,008 | 24,370 | 101,052 | 45,559 |
Net assets at the beginning of the period | 805,119 | 741,288 | 759,075 | 720,099 |
Net assets at the end of the period | $ 860,127 | $ 765,658 | $ 860,127 | $ 765,658 |
Capital share activity | ||||
Shares issued from the reinvestment of distributions (in shares) | 4,748,390 | 3,022,333 | 8,631,890 | 6,010,548 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net increase in net assets resulting from operations | $ 87,831 | $ 32,197 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | ||
Net realized gains on investments | (191) | (1,260) |
Net change in unrealized (appreciation) depreciation of investments | (11,107) | 20,378 |
Amortization of purchase discount | (2,722) | (3,802) |
Amortization of deferred financing costs | 665 | 664 |
Non-cash investment income | (4,154) | (2,771) |
(Increase) decrease in operating assets: | ||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 64 | 141 |
Interest receivable | (1,543) | 259 |
Receivable from affiliate | 0 | (6) |
Other assets | 59 | 9 |
Increase (decrease) in operating liabilities: | ||
Payable for unsettled securities purchased | 5,602 | (26,310) |
Interest payable | 105 | 981 |
Management fee payable | 74 | 427 |
Accrued organizational and offering expenses | (61) | 0 |
Payable to affiliates | (96) | (114) |
Other liabilities | (6) | 443 |
Net cash flows provided by (used in) operating activities | 35,664 | (87,344) |
Cash flows from financing activities | ||
Proceeds from Wells Credit Facility | 40,000 | 203,000 |
Repayment of Wells Credit Facility | (74,200) | (120,000) |
Deferred financing costs paid | (7) | (6) |
Net cash flows (used in) provided by financing activities | (34,207) | 82,994 |
Net increase (decrease) in cash and cash equivalents | 1,457 | (4,350) |
Cash and cash equivalents at the beginning of the period | 16,012 | 21,426 |
Cash and cash equivalents at the end of the period | 17,469 | 17,076 |
Supplemental disclosure of cash flow information | ||
Cash interest paid | 20,148 | 8,626 |
Non-cash financing activities: | ||
Distribution declared and payable | 27,268 | 18,659 |
Value of shares issued in connection with reinvestment of distributions | 89,398 | 64,117 |
Accrual for deferred financing costs | 4 | 0 |
Investments including delayed draw facilities | ||
(Increase) decrease in operating assets: | ||
Cash paid for purchase of investments | (90,783) | (260,330) |
Investments excluding drawn revolvers | ||
(Increase) decrease in operating assets: | ||
Proceeds from sales and paydowns/ repayments of investments | 54,337 | 155,718 |
Drawn revolving credit facilities | ||
(Increase) decrease in operating assets: | ||
Cash paid for purchase of investments | (140) | (34) |
Drawn revolvers | ||
(Increase) decrease in operating assets: | ||
Cash paid for purchase of investments | (23,726) | (22,071) |
Proceeds from sales and paydowns/ repayments of investments | $ 21,456 | $ 18,137 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | ||||
Cost | $ 1,237,106 | [1] | $ 1,191,246 | [2] | |
Fair Value | $ 1,230,366 | [1] | $ 1,173,399 | [2] | |
Percent of Net Assets | 143.04% | [1] | 154.59% | ||
Percent of Total Investments at Fair Value | 100% | 100% | |||
Software | |||||
Cost | $ 481,718 | $ 480,494 | |||
Fair Value | $ 479,989 | $ 476,479 | |||
Software | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 39.01% | 40.61% | |||
Business Services | |||||
Cost | $ 287,753 | $ 262,842 | |||
Fair Value | $ 288,872 | $ 259,347 | |||
Business Services | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 23.48% | 22.10% | |||
Healthcare | |||||
Cost | $ 194,370 | $ 201,974 | |||
Fair Value | $ 190,194 | $ 196,864 | |||
Healthcare | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 15.46% | 16.78% | |||
Financial Services | |||||
Cost | $ 93,677 | $ 91,188 | |||
Fair Value | $ 93,833 | $ 89,468 | |||
Financial Services | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 7.63% | 7.62% | |||
Consumer Services | |||||
Cost | $ 42,861 | $ 37,831 | |||
Fair Value | $ 42,507 | $ 37,307 | |||
Consumer Services | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 3.45% | 3.18% | |||
Education | |||||
Cost | $ 30,003 | $ 17,847 | |||
Fair Value | $ 29,632 | $ 17,197 | |||
Education | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 2.41% | 1.47% | |||
Information Technology | |||||
Cost | $ 22,820 | $ 22,799 | |||
Fair Value | $ 23,010 | $ 22,611 | |||
Information Technology | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 1.87% | 1.93% | |||
Distribution & Logistics | |||||
Cost | $ 22,375 | $ 22,437 | |||
Fair Value | $ 22,048 | $ 21,670 | |||
Distribution & Logistics | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 1.79% | 1.85% | |||
Consumer Products | |||||
Cost | $ 22,693 | $ 23,030 | |||
Fair Value | $ 20,813 | $ 22,759 | |||
Consumer Products | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 1.69% | 1.94% | |||
Packaging | |||||
Cost | $ 17,183 | $ 17,290 | |||
Fair Value | $ 17,088 | $ 16,937 | |||
Packaging | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 1.39% | 1.44% | |||
Specialty Chemicals & Materials | |||||
Cost | $ 12,556 | $ 12,266 | |||
Fair Value | $ 12,294 | $ 11,673 | |||
Specialty Chemicals & Materials | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 1% | 0.99% | |||
Food and Beverage Sector | |||||
Cost | $ 7,821 | ||||
Fair Value | $ 8,731 | ||||
Food and Beverage Sector | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 0.71% | ||||
Business Products | |||||
Cost | $ 1,276 | $ 1,248 | |||
Fair Value | $ 1,355 | $ 1,087 | |||
Business Products | Investments at fair value | Industry Type | |||||
Percent of Total Investments at Fair Value | 0.11% | 0.09% | |||
Funded Debt Investments | |||||
Principal Amount, Par Value | $ 1,250,487 | $ 1,203,975 | |||
Cost | 1,237,628 | 1,191,706 | |||
Fair Value | $ 1,231,325 | $ 1,175,676 | |||
Percent of Net Assets | 143.16% | 154.89% | |||
Funded Debt Investments | United States | |||||
Principal Amount, Par Value | $ 1,212,656 | $ 1,166,146 | |||
Cost | 1,200,114 | 1,154,224 | |||
Fair Value | $ 1,193,494 | $ 1,138,523 | |||
Percent of Net Assets | 138.76% | 149.99% | |||
Funded Debt Investments | Netherlands | |||||
Principal Amount, Par Value | $ 23,010 | $ 23,010 | |||
Cost | 22,832 | 22,813 | |||
Fair Value | $ 23,010 | $ 22,639 | |||
Percent of Net Assets | 2.68% | 2.98% | |||
Funded Debt Investments | United Kingdom | |||||
Principal Amount, Par Value | $ 12,576 | $ 12,574 | |||
Cost | 12,468 | 12,458 | |||
Fair Value | $ 12,576 | $ 12,303 | |||
Percent of Net Assets | 1.46% | 1.63% | |||
Funded Debt Investments | Australia | |||||
Principal Amount, Par Value | $ 2,245 | $ 2,245 | |||
Cost | 2,214 | 2,211 | |||
Fair Value | $ 2,245 | $ 2,211 | |||
Percent of Net Assets | 0.26% | 0.29% | |||
Equity | |||||
Cost | $ 0 | $ 0 | |||
Fair Value | $ 0 | $ 0 | |||
Percent of Net Assets | 0% | 0% | |||
Equity | United States | |||||
Cost | $ 0 | $ 0 | |||
Fair Value | $ 0 | $ 0 | |||
Percent of Net Assets | 0% | 0% | |||
Funded Investments | |||||
Cost | $ 1,237,628 | $ 1,191,706 | |||
Fair Value | $ 1,231,325 | $ 1,175,676 | |||
Percent of Net Assets | 143.16% | 154.89% | |||
Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 110,872 | $ 127,852 | |||
Cost | (522) | (460) | |||
Fair Value | $ (959) | $ (2,277) | |||
Percent of Net Assets | (0.11%) | (0.30%) | |||
Unfunded Debt Investments | United States | |||||
Principal Amount, Par Value | $ 108,938 | $ 125,918 | |||
Cost | (507) | (443) | |||
Fair Value | $ (959) | $ (2,246) | |||
Percent of Net Assets | (0.11%) | (0.30%) | |||
Unfunded Debt Investments | Netherlands | |||||
Principal Amount, Par Value | $ 1,726 | $ 1,726 | |||
Cost | (12) | (14) | |||
Fair Value | $ 0 | $ (28) | |||
Percent of Net Assets | 0% | (0.00%) | |||
Unfunded Debt Investments | Australia | |||||
Principal Amount, Par Value | $ 208 | $ 208 | |||
Cost | (3) | (3) | |||
Fair Value | $ 0 | $ (3) | |||
Percent of Net Assets | 0% | (0.00%) | |||
First lien | |||||
Cost | $ 1,176,950 | $ 1,130,840 | |||
Fair Value | $ 1,170,647 | $ 1,115,219 | |||
First lien | Investments at fair value | Investment Type | |||||
Percent of Total Investments at Fair Value | 95.15% | 95.04% | |||
Second lien | |||||
Cost | $ 59,082 | $ 59,361 | |||
Fair Value | $ 58,610 | $ 57,133 | |||
Second lien | Investments at fair value | Investment Type | |||||
Percent of Total Investments at Fair Value | 4.76% | 4.87% | |||
Subordinated | |||||
Cost | $ 1,074 | $ 1,045 | |||
Fair Value | $ 1,109 | $ 1,047 | |||
Subordinated | Investments at fair value | Investment Type | |||||
Percent of Total Investments at Fair Value | 0.09% | 0.09% | |||
Equity and other | |||||
Cost | $ 0 | $ 0 | |||
Fair Value | $ 0 | $ 0 | |||
Equity and other | Investments at fair value | Investment Type | |||||
Percent of Total Investments at Fair Value | 0% | [3] | 0% | [4] | |
Floating rates | Investments at fair value | Interest Rate Type | |||||
Percent of Total Investments at Fair Value | 99.91% | 99.91% | |||
Fixed rates | Investments at fair value | Interest Rate Type | |||||
Percent of Total Investments at Fair Value | 0.09% | 0.09% | |||
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC) | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 31,021 | $ 30,620 | |||
Cost | 30,902 | 30,485 | |||
Fair Value | $ 31,021 | $ 30,425 | |||
Percent of Net Assets | 3.61% | 4.01% | |||
Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC) | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,304 | [5],[6] | $ 1,936 | ||
Cost | (1) | [5],[6] | (1) | ||
Fair Value | $ 0 | [5],[6] | $ (12) | ||
Percent of Net Assets | 0% | (0.00%) | |||
Higginbotham Insurance Agency, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 30,119 | $ 30,349 | |||
Cost | 29,978 | 30,185 | |||
Fair Value | $ 30,119 | $ 29,991 | |||
Percent of Net Assets | 3.50% | 3.96% | |||
GS Acquisitionco, Inc | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 29,883 | $ 30,115 | |||
Cost | 29,792 | 30,002 | |||
Fair Value | $ 29,883 | $ 29,847 | |||
Percent of Net Assets | 3.47% | 3.94% | |||
Zone Climate Services, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 31,303 | $ 29,758 | |||
Cost | 31,052 | 29,493 | |||
Fair Value | $ 31,234 | $ 29,283 | |||
Percent of Net Assets | 3.63% | 3.86% | |||
Pye-Barker Fire & Safety, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 29,855 | $ 30,533 | |||
Cost | 29,583 | 30,222 | |||
Fair Value | $ 29,706 | $ 29,663 | |||
Percent of Net Assets | 3.45% | 3.91% | |||
Associations, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 26,744 | $ 26,244 | |||
Cost | 26,661 | 26,148 | |||
Fair Value | $ 26,744 | $ 26,244 | |||
Percent of Net Assets | 3.11% | 3.46% | |||
Diligent Corporation | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 26,229 | $ 26,166 | |||
Cost | 26,132 | 26,028 | |||
Fair Value | $ 25,534 | $ 26,046 | |||
Percent of Net Assets | 2.97% | 3.44% | |||
OA Buyer, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 24,945 | $ 25,135 | |||
Cost | 24,746 | 24,913 | |||
Fair Value | $ 24,945 | $ 24,931 | |||
Percent of Net Assets | 2.90% | 3.29% | |||
iCIMS, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 25,667 | $ 24,764 | |||
Cost | 25,484 | 24,556 | |||
Fair Value | $ 25,410 | $ 24,554 | |||
Percent of Net Assets | 2.94% | 3.24% | |||
iCIMS, Inc. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 6,183 | $ 7,086 | |||
Cost | (14) | (15) | |||
Fair Value | $ (16) | $ (16) | |||
Percent of Net Assets | (0.00%) | (0.00%) | |||
Allworth Financial Group, L.P. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 24,978 | $ 23,758 | |||
Cost | 24,824 | 23,582 | |||
Fair Value | $ 24,803 | $ 23,103 | |||
Percent of Net Assets | 2.88% | 3.04% | |||
Allworth Financial Group, L.P. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 4,068 | $ 5,478 | |||
Cost | (20) | (25) | |||
Fair Value | $ (28) | $ (150) | |||
Percent of Net Assets | (0.00%) | (0.02%) | |||
Syndigo LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 27,562 | $ 23,650 | |||
Cost | 27,209 | 23,520 | |||
Fair Value | $ 25,939 | $ 22,864 | |||
Percent of Net Assets | 3.02% | 3.01% | |||
Notorious Topco, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 22,837 | $ 23,195 | |||
Cost | 22,706 | 23,042 | |||
Fair Value | $ 21,044 | $ 22,806 | |||
Percent of Net Assets | 2.45% | 3% | |||
Notorious Topco, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 2,950 | $ 2,767 | |||
Cost | (13) | (12) | |||
Fair Value | $ (231) | $ (47) | |||
Percent of Net Assets | (0.03%) | (0.01%) | |||
PDQ.com Corporation | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 22,342 | $ 22,512 | |||
Cost | 22,263 | 22,421 | |||
Fair Value | $ 22,273 | $ 21,983 | |||
Percent of Net Assets | 2.59% | 2.90% | |||
KWOR Acquisition, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 22,141 | ||||
Cost | 22,012 | ||||
Fair Value | $ 22,141 | ||||
Percent of Net Assets | 2.57% | ||||
CCBlue Bidco, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 22,369 | $ 22,069 | |||
Cost | 22,208 | 21,881 | |||
Fair Value | $ 21,340 | $ 21,628 | |||
Percent of Net Assets | 2.48% | 2.85% | |||
Eisner Advisory Group LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 21,155 | $ 21,316 | |||
Cost | 21,049 | 21,197 | |||
Fair Value | $ 21,168 | $ 20,369 | |||
Percent of Net Assets | 2.46% | 2.68% | |||
AAH Topco, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 22,333 | $ 18,077 | |||
Cost | 22,167 | 17,924 | |||
Fair Value | $ 22,065 | $ 17,852 | |||
Percent of Net Assets | 2.57% | 2.35% | |||
AAH Topco, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 3,676 | $ 8,085 | |||
Cost | (10) | (12) | |||
Fair Value | $ (44) | $ (101) | |||
Percent of Net Assets | (0.01%) | (0.01%) | |||
Recorded Future, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 19,630 | $ 19,779 | |||
Cost | 19,547 | 19,666 | |||
Fair Value | $ 19,630 | $ 19,614 | |||
Percent of Net Assets | 2.28% | 2.58% | |||
Thermostat Purchaser III, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 22,079 | $ 20,153 | |||
Cost | 22,033 | 20,108 | |||
Fair Value | $ 21,869 | $ 19,469 | |||
Percent of Net Assets | 2.54% | 2.56% | |||
Auctane Inc. (fka Stamps.com Inc.) | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 18,801 | $ 18,944 | |||
Cost | 18,655 | 18,780 | |||
Fair Value | $ 18,491 | $ 18,622 | |||
Percent of Net Assets | 2.15% | 2.45% | |||
DECA Dental Holdings LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 19,395 | $ 19,805 | |||
Cost | 19,260 | 19,640 | |||
Fair Value | $ 18,805 | $ 18,955 | |||
Percent of Net Assets | 2.19% | 2.50% | |||
DECA Dental Holdings LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 4,224 | ||||
Cost | (2) | ||||
Fair Value | $ (182) | ||||
Percent of Net Assets | (0.02%) | ||||
Fortis Solutions Group, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 17,328 | $ 17,451 | |||
Cost | 17,195 | 17,305 | |||
Fair Value | $ 17,137 | $ 17,042 | |||
Percent of Net Assets | 1.99% | 2.25% | |||
Fortis Solutions Group, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 4,476 | $ 4,484 | |||
Cost | (12) | (15) | |||
Fair Value | $ (49) | $ (105) | |||
Percent of Net Assets | (0.01%) | (0.02%) | |||
GraphPAD Software, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 17,523 | $ 17,153 | |||
Cost | 17,464 | 17,085 | |||
Fair Value | $ 17,284 | $ 16,849 | |||
Percent of Net Assets | 2.01% | 2.22% | |||
GraphPAD Software, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 5,568 | $ 6,068 | |||
Cost | (19) | (24) | |||
Fair Value | $ (76) | $ (108) | |||
Percent of Net Assets | (0.01%) | (0.02%) | |||
Granicus, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 16,486 | $ 16,316 | |||
Cost | 16,408 | 16,223 | |||
Fair Value | $ 16,486 | $ 16,315 | |||
Percent of Net Assets | 1.92% | 2.15% | |||
FS WhiteWater Borrower, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 16,487 | $ 15,699 | |||
Cost | 16,366 | 15,565 | |||
Fair Value | $ 16,226 | $ 15,273 | |||
Percent of Net Assets | 1.89% | 2.01% | |||
FS WhiteWater Borrower, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,637 | $ 2,544 | |||
Cost | (11) | (8) | |||
Fair Value | $ (22) | $ (40) | |||
Percent of Net Assets | (0.00%) | (0.01%) | |||
MRI Software LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 17,092 | $ 15,698 | |||
Cost | 17,057 | 15,657 | |||
Fair Value | $ 16,929 | $ 15,341 | |||
Percent of Net Assets | 1.97% | 2.02% | |||
MRI Software LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 2,303 | ||||
Cost | (2) | ||||
Fair Value | $ (53) | ||||
Percent of Net Assets | (0.01%) | ||||
Foreside Financial Group | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 16,132 | $ 15,868 | |||
Cost | 16,014 | 15,724 | |||
Fair Value | $ 16,132 | $ 15,709 | |||
Percent of Net Assets | 1.88% | 2.07% | |||
Foreside Financial Group | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 2,880 | [5],[6] | $ 3,264 | ||
Cost | (14) | [5],[6] | (9) | ||
Fair Value | $ 0 | [5],[6] | $ (33) | ||
Percent of Net Assets | 0% | (0.01%) | |||
Foundational Education Group, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 15,797 | $ 15,868 | |||
Cost | 15,736 | 15,801 | |||
Fair Value | $ 15,179 | $ 14,817 | |||
Percent of Net Assets | 1.76% | 1.95% | |||
Pioneer Buyer I, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 15,488 | $ 14,164 | [7] | ||
Cost | 15,388 | 14,052 | [7] | ||
Fair Value | $ 15,488 | $ 13,980 | [7] | ||
Percent of Net Assets | 1.80% | 1.84% | |||
Businessolver.com, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 12,647 | $ 12,743 | |||
Cost | 12,600 | 12,689 | |||
Fair Value | $ 12,647 | $ 12,565 | |||
Percent of Net Assets | 1.47% | 1.66% | |||
OB Hospitalist Group, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 11,922 | $ 11,879 | |||
Cost | 11,839 | 11,782 | |||
Fair Value | $ 11,547 | $ 11,504 | |||
Percent of Net Assets | 1.34% | 1.52% | |||
CFS Management, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 11,943 | $ 12,146 | |||
Cost | 11,923 | 12,105 | |||
Fair Value | $ 10,575 | $ 11,342 | |||
Percent of Net Assets | 1.23% | 1.49% | |||
Daxko Acquisition Corporation | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 11,332 | $ 11,346 | |||
Cost | 11,248 | 11,250 | |||
Fair Value | $ 11,139 | $ 11,028 | |||
Percent of Net Assets | 1.30% | 1.45% | |||
Daxko Acquisition Corporation | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,101 | $ 1,173 | |||
Cost | (9) | (8) | |||
Fair Value | $ (17) | $ (33) | |||
Percent of Net Assets | (0.00%) | (0.01%) | |||
Bullhorn, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 10,802 | $ 11,204 | |||
Cost | 10,761 | 11,154 | |||
Fair Value | $ 10,802 | $ 11,204 | |||
Percent of Net Assets | 1.26% | 1.48% | |||
GC Waves Holdings, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 9,687 | $ 9,662 | |||
Cost | 9,688 | 9,587 | |||
Fair Value | $ 9,687 | $ 9,545 | |||
Percent of Net Assets | 1.13% | 1.26% | |||
GC Waves Holdings, Inc. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | [5],[6] | $ 5,014 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | 0% | ||||
Infogain Corporation | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 9,614 | $ 10,032 | |||
Cost | 9,550 | 9,960 | |||
Fair Value | $ 9,614 | $ 9,844 | |||
Percent of Net Assets | 1.12% | 1.30% | |||
RXB Holdings, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 9,718 | ||||
Cost | 9,625 | ||||
Fair Value | $ 9,718 | ||||
Percent of Net Assets | 1.13% | ||||
ACI Group Holdings, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 8,990 | $ 8,422 | |||
Cost | 8,923 | 8,355 | |||
Fair Value | $ 8,797 | $ 8,139 | |||
Percent of Net Assets | 1.02% | 1.07% | |||
ACI Group Holdings, Inc. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,933 | $ 2,502 | |||
Cost | (5) | (7) | |||
Fair Value | $ (42) | $ (85) | |||
Percent of Net Assets | (0.01%) | (0.01%) | |||
NMC Crimson Holdings, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 8,936 | $ 7,902 | |||
Cost | 8,853 | 7,808 | |||
Fair Value | $ 8,773 | $ 7,847 | |||
Percent of Net Assets | 1.02% | 1.03% | |||
DCA Investment Holding, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 8,789 | $ 7,857 | |||
Cost | 8,735 | 7,810 | |||
Fair Value | $ 8,527 | $ 7,704 | |||
Percent of Net Assets | 0.99% | 1.01% | |||
DCA Investment Holding, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,010 | ||||
Cost | 0 | ||||
Fair Value | $ (15) | ||||
Percent of Net Assets | (0.00%) | ||||
Beacon Pointe Harmony, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 7,294 | $ 6,424 | |||
Cost | 7,244 | 6,367 | |||
Fair Value | $ 7,196 | $ 6,244 | |||
Percent of Net Assets | 0.84% | 0.82% | |||
Beacon Pointe Harmony, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,056 | $ 1,979 | |||
Cost | (9) | (4) | |||
Fair Value | $ (14) | $ (55) | |||
Percent of Net Assets | (0.00%) | (0.01%) | |||
Coyote Buyer, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 6,569 | $ 6,341 | |||
Cost | 6,550 | 6,319 | |||
Fair Value | $ 6,569 | $ 6,341 | |||
Percent of Net Assets | 0.76% | 0.84% | |||
Trinity Air Consultants Holdings Corporation | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 5,965 | $ 5,899 | |||
Cost | 5,924 | 5,851 | |||
Fair Value | $ 5,965 | $ 5,851 | |||
Percent of Net Assets | 0.69% | 0.77% | |||
Trinity Air Consultants Holdings Corporation | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,181 | $ 1,247 | |||
Cost | (3) | (4) | |||
Fair Value | $ 0 | $ (10) | |||
Percent of Net Assets | 0% | (0.00%) | |||
CG Group Holdings, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 6,053 | $ 6,002 | |||
Cost | 6,009 | 5,950 | |||
Fair Value | $ 5,733 | $ 5,348 | |||
Percent of Net Assets | 0.67% | 0.70% | |||
KPSKY Acquisition Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 5,377 | $ 4,979 | |||
Cost | 5,335 | 4,937 | |||
Fair Value | $ 5,376 | $ 4,761 | |||
Percent of Net Assets | 0.63% | 0.63% | |||
Safety Borrower Holdings LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 4,665 | $ 4,534 | |||
Cost | 4,650 | 4,515 | |||
Fair Value | $ 4,665 | $ 4,459 | |||
Percent of Net Assets | 0.54% | 0.59% | |||
Sun Acquirer Corp. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 4,387 | $ 4,404 | |||
Cost | 4,351 | 4,365 | |||
Fair Value | $ 4,290 | $ 4,331 | |||
Percent of Net Assets | 0.50% | 0.57% | |||
Sun Acquirer Corp. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 461 | ||||
Cost | (3) | ||||
Fair Value | $ (8) | ||||
Percent of Net Assets | (0.00%) | ||||
TigerConnect, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 4,377 | $ 4,262 | |||
Cost | 4,344 | 4,224 | |||
Fair Value | $ 4,309 | $ 4,159 | |||
Percent of Net Assets | 0.50% | 0.55% | |||
TigerConnect, Inc. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 766 | $ 738 | |||
Cost | (4) | (5) | |||
Fair Value | $ (11) | $ (17) | |||
Percent of Net Assets | (0.00%) | (0.00%) | |||
Calabrio, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 4,260 | $ 4,260 | |||
Cost | 4,241 | 4,236 | |||
Fair Value | $ 4,154 | $ 4,260 | |||
Percent of Net Assets | 0.48% | 0.56% | |||
USRP Holdings, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 4,314 | $ 4,127 | |||
Cost | 4,305 | 4,095 | |||
Fair Value | $ 4,314 | $ 3,993 | |||
Percent of Net Assets | 0.50% | 0.53% | |||
USRP Holdings, Inc. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,581 | ||||
Cost | (25) | ||||
Fair Value | $ 0 | ||||
Percent of Net Assets | 0% | ||||
Radwell Parent, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 3,783 | ||||
Cost | 3,732 | ||||
Fair Value | $ 3,783 | ||||
Percent of Net Assets | 0.44% | ||||
IMO Investor Holdings, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 3,098 | $ 2,944 | |||
Cost | 3,076 | 2,918 | |||
Fair Value | $ 3,029 | $ 2,915 | |||
Percent of Net Assets | 0.35% | 0.38% | |||
IMO Investor Holdings, Inc. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 791 | $ 965 | |||
Cost | (8) | (3) | |||
Fair Value | $ (17) | $ (10) | |||
Percent of Net Assets | (0.00%) | (0.00%) | |||
SpecialtyCare, Inc. | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 2,861 | $ 2,968 | |||
Cost | 2,830 | 2,932 | |||
Fair Value | $ 2,765 | $ 2,842 | |||
Percent of Net Assets | 0.32% | 0.37% | |||
SpecialtyCare, Inc. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 385 | ||||
Cost | (2) | ||||
Fair Value | $ (16) | ||||
Percent of Net Assets | (0.00%) | ||||
Trident Bidco Limited | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 12,576 | $ 12,574 | |||
Cost | 12,468 | 12,458 | |||
Fair Value | $ 12,576 | $ 12,303 | [8] | ||
Percent of Net Assets | 1.46% | 1.63% | |||
Affinipay Midco, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 847 | $ 847 | |||
Cost | (2) | (2) | |||
Fair Value | 0 | $ (9) | |||
Percent of Net Assets | (0.00%) | ||||
Kaseya Inc | Funded Debt Investments | |||||
Principal Amount, Par Value | 14,974 | ||||
Cost | 14,885 | ||||
Fair Value | $ 14,974 | ||||
Percent of Net Assets | 1.74% | ||||
Kaseya Inc | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,511 | [5],[6] | $ 1,790 | ||
Cost | (11) | [5],[6] | (6) | ||
Fair Value | $ 0 | [5],[6] | $ (26) | ||
Percent of Net Assets | 0% | (0.00%) | |||
Community Brands ParentCo, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 828 | $ 828 | |||
Cost | (2) | (2) | |||
Fair Value | $ (21) | $ (27) | |||
Percent of Net Assets | (0.00%) | (0.00%) | |||
Coupa Holdings, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 2,107 | ||||
Cost | (10) | ||||
Fair Value | $ 0 | ||||
Percent of Net Assets | 0% | ||||
CoreTrust Purchasing Group LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 2,678 | $ 2,678 | |||
Cost | (17) | (19) | |||
Fair Value | $ 0 | $ (40) | |||
Percent of Net Assets | 0% | (0.01%) | |||
DOCS, MSO, LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 2,965 | $ 5,122 | |||
Cost | 0 | 0 | |||
Fair Value | $ (47) | $ (141) | |||
Percent of Net Assets | (0.01%) | (0.02%) | |||
IG Investments Holdings, LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 23,871 | ||||
Cost | 23,670 | ||||
Fair Value | $ 23,542 | ||||
Percent of Net Assets | 3.10% | ||||
Xactly Corporation | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 10,000 | ||||
Cost | 9,896 | ||||
Fair Value | $ 10,000 | ||||
Percent of Net Assets | 1.32% | ||||
YLG Holdings, Inc. | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 2,691 | ||||
Cost | (9) | ||||
Fair Value | $ (26) | ||||
Percent of Net Assets | (0.00%) | ||||
KENG Acquisition Inc | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 1,394 | ||||
Cost | 1,378 | ||||
Fair Value | $ 1,376 | ||||
Percent of Net Assets | 0.16% | ||||
KENG Acquisition Inc | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 1,057 | ||||
Cost | (6) | ||||
Fair Value | $ (14) | ||||
Percent of Net Assets | (0.00%) | ||||
AWP Group Holding Inc | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 1,441 | ||||
Cost | 1,428 | ||||
Fair Value | $ 1,427 | ||||
Percent of Net Assets | 0.17% | ||||
AWP Group Holding Inc | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 826 | ||||
Cost | (2) | ||||
Fair Value | $ (9) | ||||
Percent of Net Assets | (0.00%) | ||||
More cowbell II LLC | Funded Debt Investments | |||||
Principal Amount, Par Value | $ 2,190 | ||||
Cost | 2,175 | ||||
Fair Value | $ 2,174 | ||||
Percent of Net Assets | 0.25% | ||||
More cowbell II LLC | Unfunded Debt Investments | |||||
Principal Amount, Par Value | $ 474 | ||||
Cost | (2) | ||||
Fair Value | $ (2) | ||||
Percent of Net Assets | (0.00%) | ||||
Investment, Identifier [Axis]: AAH Topco LLC First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | $ 1,414 | |||
Cost | [5],[6] | (10) | |||
Fair Value | [5],[6] | (17) | |||
Investment, Identifier [Axis]: AAH Topco LLC First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 2,262 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | $ (27) | |||
Investment, Identifier [Axis]: AAH Topco, LLC, First lien | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 10.92% | [5],[9],[10] | 9.89% | [11],[12],[13] | |
Principal Amount, Par Value | $ 11,666 | [5],[9] | $ 11,755 | [11],[12] | |
Cost | 11,578 | [5],[9] | 11,655 | [11],[12] | |
Fair Value | $ 11,526 | [5],[9] | $ 11,609 | [11],[12] | |
Investment, Identifier [Axis]: AAH Topco, LLC, First lien - Drawn | |||||
Spread | [12],[13],[14] | 5.50% | |||
Interest Rate | [12],[13],[14] | 9.82% | |||
Principal Amount, Par Value | [12],[14] | $ 6,322 | |||
Cost | [12],[14] | 6,269 | |||
Fair Value | [12],[14] | 6,243 | |||
Investment, Identifier [Axis]: AAH Topco, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | 1,413 | |||
Cost | [12],[14] | (12) | |||
Fair Value | [12],[14] | (18) | |||
Investment, Identifier [Axis]: AAH Topco, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [12],[14] | 6,672 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (83) | |||
Investment, Identifier [Axis]: AAH Topco, LLC, First lien Drawn | |||||
Spread | [5],[6],[10] | 5.50% | |||
Interest Rate | [5],[6],[10] | 10.92% | |||
Principal Amount, Par Value | [5],[6] | $ 10,667 | |||
Cost | [5],[6] | 10,589 | |||
Fair Value | [5],[6] | $ 10,539 | |||
Investment, Identifier [Axis]: ACI Group Holdings, Inc., First lien | |||||
Spread | [11],[12],[13],[15] | 4.50% | |||
PIK | [11],[12],[13],[15] | 1.25% | |||
Interest Rate | [11],[12],[13],[15] | 10.13% | |||
Principal Amount, Par Value | [11],[12] | $ 7,385 | |||
Cost | [11],[12] | 7,325 | |||
Fair Value | [11],[12] | $ 7,137 | |||
Investment, Identifier [Axis]: ACI Group Holdings, Inc., First lien - Drawn | |||||
Spread | [5],[6],[10] | 5.50% | |||
Interest Rate | [5],[6],[10] | 10.92% | |||
Principal Amount, Par Value | [5],[6] | $ 295 | |||
Cost | [5],[6] | 287 | |||
Fair Value | [5],[6] | 289 | |||
Investment, Identifier [Axis]: ACI Group Holdings, Inc., First lien - Drawn 1 | |||||
Spread | [12],[13],[14],[15] | 4.50% | |||
PIK | [12],[13],[14],[15] | 1.25% | |||
Interest Rate | [12],[13],[14],[15] | 10.13% | |||
Principal Amount, Par Value | [12],[14] | $ 950 | |||
Cost | [12],[14] | 942 | |||
Fair Value | [12],[14] | $ 918 | |||
Investment, Identifier [Axis]: ACI Group Holdings, Inc., First lien - Drawn 2 | |||||
Spread | [12],[13],[14] | 5.50% | |||
Interest Rate | [12],[13],[14] | 9.88% | |||
Principal Amount, Par Value | [12],[14] | $ 87 | |||
Cost | [12],[14] | 88 | |||
Fair Value | [12],[14] | 84 | |||
Investment, Identifier [Axis]: ACI Group Holdings, Inc., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 787 | [5],[6] | 701 | [12],[14] | |
Cost | (5) | [5],[6] | (7) | [12],[14] | |
Fair Value | (17) | [5],[6] | (24) | [12],[14] | |
Investment, Identifier [Axis]: ACI Group Holdings, Inc., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 1,146 | [5],[6] | 1,801 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | $ (25) | [5],[6] | $ (61) | [12],[14] | |
Investment, Identifier [Axis]: ACI Group Holdings, Inc., First lien 1 | |||||
Spread | [5],[9],[10] | 5.50% | |||
Interest Rate | [5],[9],[10] | 10.92% | |||
Principal Amount, Par Value | [5],[9] | $ 7,386 | |||
Cost | [5],[9] | 7,331 | |||
Fair Value | [5],[9] | $ 7,227 | |||
Investment, Identifier [Axis]: ACI Group Holdings, Inc., First lien 2 | |||||
Spread | [5],[10] | 5.50% | |||
Interest Rate | [5],[10] | 10.92% | |||
Principal Amount, Par Value | [5] | $ 1,309 | |||
Cost | [5] | 1,305 | |||
Fair Value | [5] | $ 1,281 | |||
Investment, Identifier [Axis]: AI Altius US Bidco, Inc., First lien | |||||
Spread | [5],[10] | 5.08% | |||
Interest Rate | [5],[10] | 10.57% | |||
Principal Amount, Par Value | [5] | $ 1,134 | |||
Cost | [5] | 1,123 | |||
Fair Value | [5] | $ 1,126 | |||
Percent of Net Assets | [5] | 0.13% | |||
Investment, Identifier [Axis]: AWP Group Holding Inc, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | $ 159 | |||
Cost | [5],[6] | (2) | |||
Fair Value | [5],[6] | (2) | |||
Investment, Identifier [Axis]: AWP Group Holding Inc, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 667 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | $ (7) | |||
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First lien | |||||
Spread | [5],[9],[10] | 5.50% | |||
Interest Rate | [5],[9],[10] | 10.99% | |||
Principal Amount, Par Value | [5],[9] | $ 1,300 | |||
Cost | [5],[9] | 1,288 | |||
Fair Value | [5],[9] | $ 1,287 | |||
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First lien - Drawn 1 | |||||
Spread | [5],[6],[10] | 5.50% | |||
Interest Rate | [5],[6],[10] | 10.99% | |||
Principal Amount, Par Value | [5],[6] | $ 108 | |||
Cost | [5],[6] | 107 | |||
Fair Value | [5],[6] | $ 107 | |||
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First lien - Drawn 2 | |||||
Spread | [5],[6],[10] | 5.50% | |||
Interest Rate | [5],[6],[10] | 10.99% | |||
Principal Amount, Par Value | [5],[6] | $ 33 | |||
Cost | [5],[6] | 33 | |||
Fair Value | [5],[6] | $ 33 | |||
Investment, Identifier [Axis]: Affinipay Midco, LLC, First lien | |||||
Spread | 5.50% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 10.39% | [5],[9],[10] | 10.64% | [11],[12],[13] | |
Principal Amount, Par Value | $ 4,056 | [5],[9] | $ 4,086 | [11],[12] | |
Cost | 4,022 | [5],[9] | 4,048 | [11],[12] | |
Fair Value | $ 4,056 | [5],[9] | $ 4,046 | [11],[12] | |
Percent of Net Assets | 0.47% | [5],[9] | 0.53% | ||
Investment, Identifier [Axis]: Affinipay Midco, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | $ 273 | [5],[6] | $ 273 | [12],[14] | |
Cost | (2) | [5],[6] | (2) | [12],[14] | |
Fair Value | 0 | [5],[6] | (3) | [12],[14] | |
Investment, Identifier [Axis]: Affinipay Midco, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 574 | [5],[6] | 574 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (6) | [12],[14] | |
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First lien - Drawn | |||||
Spread | 5.50% | [5],[6],[10] | 4.75% | [12],[13],[14] | |
Interest Rate | 10.92% | [5],[6],[10] | 9.17% | [12],[13],[14] | |
Principal Amount, Par Value | $ 2,034 | [5],[6] | $ 637 | [12],[14] | |
Cost | 2,021 | [5],[6] | 631 | [12],[14] | |
Fair Value | 2,020 | [5],[6] | 619 | [12],[14] | |
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 561 | [5],[6] | 1,971 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | (4) | [5],[6] | (54) | [12],[14] | |
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 3,507 | [5],[6] | 3,507 | [12],[14] | |
Cost | (20) | [5],[6] | (25) | [12],[14] | |
Fair Value | $ (24) | [5],[6] | $ (96) | [12],[14] | |
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First lien 1 | |||||
Spread | 5.50% | [5],[9],[10] | 4.75% | [11],[12],[13] | |
Interest Rate | 10.92% | [5],[9],[10] | 9.17% | [11],[12],[13] | |
Principal Amount, Par Value | $ 17,613 | [5],[9] | $ 17,749 | [11],[12] | |
Cost | 17,506 | [5],[9] | 17,620 | [11],[12] | |
Fair Value | $ 17,489 | [5],[9] | $ 17,260 | [11],[12] | |
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First lien 2 | |||||
Spread | 5.50% | [5],[10] | 4.75% | [12],[13] | |
Interest Rate | 10.92% | [5],[10] | 9.17% | [12],[13] | |
Principal Amount, Par Value | $ 5,331 | [5] | $ 5,372 | [12] | |
Cost | 5,297 | [5] | 5,331 | [12] | |
Fair Value | $ 5,294 | [5] | $ 5,224 | [12] | |
Investment, Identifier [Axis]: Anaplan, Inc., First lien | |||||
Spread | 6.50% | [5],[9],[10] | 6.50% | [11],[12],[13] | |
Interest Rate | 11.82% | [5],[9],[10] | 10.82% | [11],[12],[13] | |
Principal Amount, Par Value | $ 22,941 | [5],[9] | $ 22,941 | [11],[12] | |
Cost | 22,743 | [5],[9] | 22,725 | [11],[12] | |
Fair Value | $ 22,941 | [5],[9] | $ 22,712 | [11],[12] | |
Percent of Net Assets | 2.67% | 2.99% | |||
Investment, Identifier [Axis]: Appriss Health, LLC, First lien | |||||
Spread | 6.75% | [5],[10] | 7.25% | [12],[13] | |
Interest Rate | 12.23% | [5],[10] | 11.54% | [12],[13] | |
Principal Amount, Par Value | $ 4,032 | [5] | $ 4,052 | [12] | |
Cost | 4,005 | [5] | 4,021 | [12] | |
Fair Value | $ 4,032 | [5] | $ 4,052 | [12] | |
Percent of Net Assets | 0.47% | [5] | 0.53% | ||
Investment, Identifier [Axis]: Appriss Health, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | $ 271 | |||
Cost | [12],[14] | (2) | |||
Fair Value | [12],[14] | $ 0 | |||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Appriss Health, LLC., First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 271 | |||
Cost | [5],[6] | (2) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: Apptio, Inc., First lien | |||||
Spread | [12],[13] | 6% | |||
Interest Rate | [12],[13] | 9.94% | |||
Principal Amount, Par Value | [12] | $ 25,000 | |||
Cost | [12] | 24,337 | |||
Fair Value | [12] | $ 25,000 | |||
Percent of Net Assets | 3.30% | ||||
Investment, Identifier [Axis]: Associations, Inc, First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 1,476 | |||
Cost | [5],[6] | (5) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: Associations, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | $ 1,476 | |||
Cost | [12],[14] | (6) | |||
Fair Value | [12],[14] | $ 0 | |||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Associations, Inc., First lien 1 | |||||
Spread | 4% | [5],[9],[10],[16] | 4% | [11],[12],[13],[15] | |
PIK | 2.50% | [5],[9],[10],[16] | 2.50% | [11],[12],[13],[15] | |
Interest Rate | 12.03% | [5],[9],[10],[16] | 10.36% | [11],[12],[13],[15] | |
Principal Amount, Par Value | $ 15,206 | [5],[9],[16] | $ 14,921 | [11],[12] | |
Cost | 15,160 | [5],[9],[16] | 14,868 | [11],[12] | |
Fair Value | $ 15,206 | [5],[9],[16] | $ 14,921 | [11],[12] | |
Investment, Identifier [Axis]: Associations, Inc., First lien 2 | |||||
Spread | 4% | [5],[10],[16] | 4% | [12],[13],[15] | |
PIK | 2.50% | [5],[10],[16] | 2.50% | [12],[13],[15] | |
Interest Rate | 12.17% | [5],[10],[16] | 11.28% | [12],[13],[15] | |
Principal Amount, Par Value | $ 3,741 | [5],[16] | $ 3,671 | [12] | |
Cost | 3,729 | [5],[16] | 3,657 | [12] | |
Fair Value | $ 3,741 | [5],[16] | $ 3,671 | [12] | |
Investment, Identifier [Axis]: Associations, Inc., First lien 3 | |||||
Spread | 4% | [5],[10],[16] | 4% | [12],[13],[15] | |
PIK | 2.50% | [5],[10],[16] | 2.50% | [12],[13],[15] | |
Interest Rate | 12.14% | [5],[10],[16] | 11.26% | [12],[13],[15] | |
Principal Amount, Par Value | $ 3,741 | [5],[16] | $ 3,671 | [12] | |
Cost | 3,729 | [5],[16] | 3,657 | [12] | |
Fair Value | $ 3,741 | [5],[16] | $ 3,671 | [12] | |
Investment, Identifier [Axis]: Associations, Inc., First lien 4 | |||||
Spread | 4% | [5],[10],[16] | 4% | [12],[13],[15] | |
PIK | 2.50% | [5],[10],[16] | 2.50% | [12],[13],[15] | |
Interest Rate | 12.13% | [5],[10],[16] | 10.97% | [12],[13],[15] | |
Principal Amount, Par Value | $ 2,259 | [5],[16] | $ 2,217 | [12] | |
Cost | 2,252 | [5],[16] | 2,209 | [12] | |
Fair Value | $ 2,259 | [5],[16] | $ 2,217 | [12] | |
Investment, Identifier [Axis]: Associations, Inc., First lien 5 | |||||
Spread | 4% | [5],[10],[16] | 4% | [12],[13],[15] | |
PIK | 2.50% | [5],[10],[16] | 2.50% | [12],[13],[15] | |
Interest Rate | 12.05% | [5],[10],[16] | 10.48% | [12],[13],[15] | |
Principal Amount, Par Value | $ 1,797 | [5],[16] | $ 1,764 | [12] | |
Cost | 1,791 | [5],[16] | 1,757 | [12] | |
Fair Value | $ 1,797 | [5],[16] | $ 1,764 | [12] | |
Investment, Identifier [Axis]: Atlas AU Bidco Pty Ltd, First lien | |||||
Spread | 7.25% | [5],[10],[17] | 7.25% | [8],[13] | |
Interest Rate | 12.58% | [5],[10],[17] | 11.48% | [8],[13] | |
Principal Amount, Par Value | $ 2,245 | [5],[17] | $ 2,245 | [8] | |
Cost | 2,214 | [5],[17] | 2,211 | [8] | |
Fair Value | $ 2,245 | [5],[17] | $ 2,211 | [8] | |
Percent of Net Assets | 0.26% | [5],[17] | 0.29% | ||
Investment, Identifier [Axis]: Atlas AU Bidco Pty Ltd, First lien - Undrawn | |||||
Principal Amount, Par Value | [17] | $ 208 | [5],[6] | $ 208 | [14] |
Cost | [17] | (3) | [5],[6] | (3) | [14] |
Fair Value | [17] | $ 0 | [5],[6] | $ (3) | [8],[14] |
Percent of Net Assets | 0% | [5],[6],[17] | (0.00%) | ||
Investment, Identifier [Axis]: Auctane Inc. (fka Stamps.com Inc.), First lien 1 | |||||
Spread | 5.75% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 11.17% | [5],[9],[10] | 10.13% | [11],[12],[13] | |
Principal Amount, Par Value | $ 11,545 | [5],[9] | $ 11,633 | [11],[12] | |
Cost | 11,456 | [5],[9] | 11,533 | [11],[12] | |
Fair Value | $ 11,355 | [5],[9] | $ 11,435 | [11],[12] | |
Investment, Identifier [Axis]: Auctane Inc. (fka Stamps.com Inc.), First lien 2 | |||||
Spread | 5.75% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 11.17% | [5],[9],[10] | 10.13% | [11],[12],[13] | |
Principal Amount, Par Value | $ 7,256 | [5],[9] | $ 7,311 | [11],[12] | |
Cost | 7,199 | [5],[9] | 7,247 | [11],[12] | |
Fair Value | $ 7,136 | [5],[9] | $ 7,187 | [11],[12] | |
Investment, Identifier [Axis]: Avalara, Inc., First lien | |||||
Spread | 7.25% | [5],[10] | 7.25% | [12],[13] | |
Interest Rate | 12.64% | [5],[10] | 11.83% | [12],[13] | |
Principal Amount, Par Value | $ 20,012 | [5] | $ 20,012 | [12] | |
Cost | 19,791 | [5] | 19,768 | [12] | |
Fair Value | $ 20,012 | [5] | $ 19,840 | [12] | |
Percent of Net Assets | 2.33% | [5] | 2.61% | ||
Investment, Identifier [Axis]: Avalara, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | $ 2,001 | [5],[6] | $ 2,001 | [12],[14] | |
Cost | (21) | [5],[6] | (24) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (17) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: Avalara, Inc., First lien - Undrawn 1 | |||||
Spread | [5],[9],[10] | 5% | |||
Interest Rate | [5],[9],[10] | 10.31% | |||
Principal Amount, Par Value | [5],[9] | $ 10,669 | |||
Cost | [5],[9] | 10,578 | |||
Fair Value | [5],[9] | $ 10,669 | |||
Investment, Identifier [Axis]: Avalara, Inc., First lien - Undrawn 2 | |||||
Spread | [5],[9],[10] | 5% | |||
Interest Rate | [5],[9],[10] | 10.31% | |||
Principal Amount, Par Value | [5],[9] | $ 1,907 | |||
Cost | [5],[9] | 1,890 | |||
Fair Value | [5],[9] | $ 1,907 | |||
Investment, Identifier [Axis]: Barracuda Parent, LLC, First lien | |||||
Spread | [11],[13] | 4.50% | |||
Interest Rate | [11],[13] | 8.59% | |||
Principal Amount, Par Value | [11] | $ 3,000 | |||
Cost | [11] | 2,957 | |||
Fair Value | [11] | $ 2,893 | |||
Percent of Net Assets | 0.38% | ||||
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First lien | |||||
Spread | [11],[12],[13] | 5.25% | |||
Interest Rate | [11],[12],[13] | 9.38% | |||
Principal Amount, Par Value | [11],[12] | $ 5,173 | |||
Cost | [11],[12] | 5,127 | |||
Fair Value | [11],[12] | $ 5,028 | |||
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First lien - Drawn | |||||
Spread | 5.75% | [5],[6],[10] | 5.25% | [12],[13],[14] | |
Interest Rate | 11.07% | [5],[6],[10] | 9.44% | [12],[13],[14] | |
Principal Amount, Par Value | $ 147 | [5],[6] | $ 1,251 | [12],[14] | |
Cost | 150 | [5],[6] | 1,240 | [12],[14] | |
Fair Value | $ 145 | [5],[6] | 1,216 | [12],[14] | |
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | 539 | |||
Cost | [12],[14] | (4) | |||
Fair Value | [12],[14] | (15) | |||
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [12],[14] | 1,440 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (40) | |||
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First lien 1 | |||||
Spread | [5],[9],[10] | 5.75% | |||
Interest Rate | [5],[9],[10] | 11.07% | |||
Principal Amount, Par Value | [5],[9] | $ 5,134 | |||
Cost | [5],[9] | 5,093 | |||
Fair Value | [5],[9] | $ 5,065 | |||
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First lien 2 | |||||
Spread | [5],[10] | 5.75% | |||
Interest Rate | [5],[10] | 11.07% | |||
Principal Amount, Par Value | [5] | $ 2,013 | |||
Cost | [5] | 2,001 | |||
Fair Value | [5] | 1,986 | |||
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | 539 | |||
Cost | [5],[6] | (4) | |||
Fair Value | [5],[6] | (7) | |||
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 517 | |||
Cost | [5],[6] | (5) | |||
Fair Value | [5],[6] | $ (7) | |||
Investment, Identifier [Axis]: Bluefin Holding, LLC, Second Lien | |||||
Spread | [11],[12],[13] | 7.75% | |||
Interest Rate | [11],[12],[13] | 12.48% | |||
Principal Amount, Par Value | [11],[12] | $ 2,500 | |||
Cost | [11],[12] | 2,403 | |||
Fair Value | [11],[12] | $ 2,408 | |||
Percent of Net Assets | 0.32% | ||||
Investment, Identifier [Axis]: Bluefin Holding, LLC., First lien | |||||
Spread | [9],[10] | 7.25% | |||
Interest Rate | [9],[10] | 12.72% | |||
Principal Amount, Par Value | [9] | $ 4,128 | |||
Cost | [9] | 4,077 | |||
Fair Value | [9] | $ 4,076 | |||
Percent of Net Assets | [9] | 0.47% | |||
Investment, Identifier [Axis]: Bluefin, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 407 | |||
Cost | [5],[6] | (5) | |||
Fair Value | [5],[6] | $ (5) | |||
Percent of Net Assets | [5],[6] | (0.00%) | |||
Investment, Identifier [Axis]: Bottomline Technologies, Inc., First lien | |||||
Spread | [11],[12],[13] | 5.50% | |||
Interest Rate | [11],[12],[13] | 9.82% | |||
Principal Amount, Par Value | [11],[12] | $ 10,102 | |||
Cost | [11],[12] | 10,008 | |||
Fair Value | [11],[12] | $ 10,002 | |||
Percent of Net Assets | 1.32% | ||||
Investment, Identifier [Axis]: Bottomline Technologies, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | $ 844 | |||
Cost | [12],[14] | (8) | |||
Fair Value | [12],[14] | $ (8) | |||
Percent of Net Assets | (0.00%) | ||||
Investment, Identifier [Axis]: Bullhorn Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 693 | |||
Cost | [5],[6] | (3) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: Bullhorn, Inc., First lien - Drawn | |||||
Spread | [12],[13],[14] | 5.75% | |||
Interest Rate | [12],[13],[14] | 10.48% | |||
Principal Amount, Par Value | [12],[14] | $ 319 | |||
Cost | [12],[14] | 318 | |||
Fair Value | [12],[14] | 319 | |||
Investment, Identifier [Axis]: Bullhorn, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | 374 | |||
Cost | [12],[14] | (3) | |||
Fair Value | [12],[14] | $ 0 | |||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Bullhorn, Inc., First lien 1 | |||||
Spread | 5.75% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 11.24% | [5],[9],[10] | 10.48% | [11],[12],[13] | |
Principal Amount, Par Value | $ 9,580 | [5],[9] | $ 9,654 | [11],[12] | |
Cost | 9,541 | [5],[9] | 9,607 | [11],[12] | |
Fair Value | $ 9,580 | [5],[9] | $ 9,654 | [11],[12] | |
Investment, Identifier [Axis]: Bullhorn, Inc., First lien 2 | |||||
Spread | 5.75% | [5],[10] | 5.75% | [12],[13] | |
Interest Rate | 11.24% | [5],[10] | 10.48% | [12],[13] | |
Principal Amount, Par Value | $ 1,222 | [5] | $ 1,231 | [12] | |
Cost | 1,220 | [5] | 1,229 | [12] | |
Fair Value | $ 1,222 | [5] | $ 1,231 | [12] | |
Investment, Identifier [Axis]: Businessolver.com, Inc., First lien | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 10.99% | [5],[9],[10] | 9.67% | [11],[12],[13] | |
Principal Amount, Par Value | $ 12,360 | [5],[9] | $ 12,454 | [11],[12] | |
Cost | 12,314 | [5],[9] | 12,401 | [11],[12] | |
Fair Value | $ 12,360 | [5],[9] | $ 12,280 | [11],[12] | |
Investment, Identifier [Axis]: Businessolver.com, Inc., First lien - Drawn | |||||
Spread | 5.50% | [5],[6],[10] | 5.50% | [12],[13],[14] | |
Interest Rate | 10.99% | [5],[6],[10] | 9.88% | [12],[13],[14] | |
Principal Amount, Par Value | $ 287 | [5],[6] | $ 289 | [12],[14] | |
Cost | 286 | [5],[6] | 288 | [12],[14] | |
Fair Value | 287 | [5],[6] | 285 | [12],[14] | |
Investment, Identifier [Axis]: Businessolver.com, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 3,089 | [5],[6] | 3,089 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (43) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.01%) | ||
Investment, Identifier [Axis]: CCBlue Bidco, Inc., First lien | |||||
Spread | [11],[12],[13],[15] | 3.50% | |||
PIK | [11],[12],[13],[15] | 2.75% | |||
Interest Rate | [11],[12],[13],[15] | 10.98% | |||
Principal Amount, Par Value | [11],[12] | $ 20,979 | |||
Cost | [11],[12] | 20,800 | |||
Fair Value | [11],[12] | $ 20,559 | |||
Investment, Identifier [Axis]: CCBlue Bidco, Inc., First lien - Drawn | |||||
Spread | [12],[13],[14],[15] | 3.50% | |||
PIK | [12],[13],[14],[15] | 2.75% | |||
Interest Rate | [12],[13],[14],[15] | 10.98% | |||
Principal Amount, Par Value | [12],[14] | $ 1,090 | |||
Cost | [12],[14] | 1,081 | |||
Fair Value | [12],[14] | 1,069 | |||
Investment, Identifier [Axis]: CCBlue Bidco, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | 2,974 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (59) | |||
Percent of Net Assets | (0.01%) | ||||
Investment, Identifier [Axis]: CCBlue Bidco, Inc., First lien 1 | |||||
Spread | [5],[9],[10],[16] | 3.50% | |||
PIK | [5],[9],[10],[16] | 2.75% | |||
Interest Rate | [5],[9],[10],[16] | 11.75% | |||
Principal Amount, Par Value | [5],[9] | $ 21,264 | |||
Cost | [5],[9] | 21,105 | |||
Fair Value | [5],[9] | $ 20,286 | |||
Investment, Identifier [Axis]: CCBlue Bidco, Inc., First lien 2 | |||||
Spread | [5],[10],[16] | 3.50% | |||
PIK | [5],[10],[16] | 2.75% | |||
Interest Rate | [5],[10],[16] | 11.75% | |||
Principal Amount, Par Value | [5] | $ 1,105 | |||
Cost | [5] | 1,103 | |||
Fair Value | [5] | $ 1,054 | |||
Investment, Identifier [Axis]: CFS Management, LLC, First lien 1 | |||||
Spread | 6.25% | [5],[9],[10] | 6.25% | [11],[12],[13],[15] | |
PIK | 0.75% | [5],[9],[10] | 0.75% | [11],[12],[13],[15] | |
Interest Rate | 12.65% | [5],[9],[10] | 11.84% | [11],[12],[13],[15] | |
Principal Amount, Par Value | $ 8,644 | [5],[9] | $ 8,796 | [11],[12] | |
Cost | 8,629 | [5],[9] | 8,766 | [11],[12] | |
Fair Value | $ 7,654 | [5],[9] | $ 8,214 | [11],[12] | |
Investment, Identifier [Axis]: CFS Management, LLC, First lien 2 | |||||
Spread | 6.25% | [5],[10] | 6.25% | [12],[13],[15] | |
PIK | 0.75% | [5],[10] | 0.75% | [12],[13],[15] | |
Interest Rate | 12.65% | [5],[10] | 11.84% | [12],[13],[15] | |
Principal Amount, Par Value | $ 3,299 | [5] | $ 3,350 | [12] | |
Cost | 3,294 | [5] | 3,339 | [12] | |
Fair Value | $ 2,921 | [5] | $ 3,128 | [12] | |
Investment, Identifier [Axis]: CG Group Holdings, LLC, First lien | |||||
Spread | 6.75% | [5],[9],[10] | 5.25% | [11],[12],[13],[15] | |
PIK | 2% | [5],[9],[10] | 2% | [11],[12],[13],[15] | |
Interest Rate | 14.14% | [5],[9],[10] | 11.98% | [11],[12],[13],[15] | |
Principal Amount, Par Value | $ 5,448 | [5],[9] | $ 5,406 | [11],[12] | |
Cost | 5,407 | [5],[9] | 5,359 | [11],[12] | |
Fair Value | $ 5,160 | [5],[9] | $ 4,817 | [11],[12] | |
Investment, Identifier [Axis]: CG Group Holdings, LLC, First lien - Drawn | |||||
Spread | 6.75% | [5],[6],[10] | 5.25% | [12],[13],[14],[15] | |
PIK | 2% | [5],[6],[10] | 2% | [12],[13],[14],[15] | |
Interest Rate | 14.07% | [5],[6],[10] | 11.63% | [12],[13],[14],[15] | |
Principal Amount, Par Value | $ 605 | [5],[6] | $ 596 | [12],[14] | |
Cost | 602 | [5],[6] | 591 | [12],[14] | |
Fair Value | 573 | [5],[6] | 531 | [12],[14] | |
Investment, Identifier [Axis]: CG Group Holdings, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | 147 | [5],[6] | 147 | [12],[14] | |
Cost | (2) | [5],[6] | (2) | [12],[14] | |
Fair Value | $ (8) | [5],[6] | $ (16) | [12],[14] | |
Percent of Net Assets | (0.00%) | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: Calabrio, Inc., First lien | |||||
Spread | 7.13% | [5],[10] | 7% | [12],[13] | |
Interest Rate | 12.44% | [5],[10] | 11.73% | [12],[13] | |
Principal Amount, Par Value | $ 3,986 | [5] | $ 3,986 | [12] | |
Cost | 3,967 | [5] | 3,963 | [12] | |
Fair Value | $ 3,887 | [5] | $ 3,986 | [12] | |
Investment, Identifier [Axis]: Calabrio, Inc., First lien - Drawn | |||||
Spread | 7.13% | [5],[6],[10] | 7% | [12],[13],[14] | |
Interest Rate | 12.45% | [5],[6],[10] | 11.75% | [12],[13],[14] | |
Principal Amount, Par Value | $ 274 | [5],[6] | $ 274 | [12],[14] | |
Cost | 274 | [5],[6] | 273 | [12],[14] | |
Fair Value | 267 | [5],[6] | 274 | [12],[14] | |
Investment, Identifier [Axis]: Calabrio, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 206 | [5],[6] | 206 | [12],[14] | |
Cost | (1) | [5],[6] | (2) | [12],[14] | |
Fair Value | $ (5) | [5],[6] | $ 0 | [12],[14] | |
Percent of Net Assets | (0.00%) | [5],[6] | 0% | ||
Investment, Identifier [Axis]: CentralSquare Technologies, LLC, First lien | |||||
Spread | 3.75% | [9],[10] | 3.75% | [11],[13] | |
Interest Rate | 9.29% | [9],[10] | 8.48% | [11],[13] | |
Principal Amount, Par Value | $ 13,268 | [9] | $ 13,373 | [11] | |
Cost | 12,318 | [9] | 12,092 | [11] | |
Fair Value | $ 12,616 | [9] | $ 11,597 | [11] | |
Percent of Net Assets | 1.47% | [9] | 1.53% | ||
Investment, Identifier [Axis]: Cloudera, Inc., Second lien | |||||
Spread | 6% | [10] | 6% | [13] | |
Interest Rate | 11.42% | [10] | 10.38% | [13] | |
Principal Amount, Par Value | $ 2,500 | $ 2,500 | |||
Cost | 2,100 | 2,069 | |||
Fair Value | $ 2,384 | $ 2,097 | |||
Percent of Net Assets | 0.28% | 0.28% | |||
Investment, Identifier [Axis]: CommerceHub, Inc., First lien | |||||
Spread | [5],[10] | 6.25% | |||
Interest Rate | [5],[10] | 11.77% | |||
Principal Amount, Par Value | [5] | $ 6,069 | |||
Cost | [5] | 5,701 | |||
Fair Value | [5] | $ 6,069 | |||
Percent of Net Assets | [5] | 0.71% | |||
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien | |||||
Spread | 5.50% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 11.02% | [5],[9],[10] | 10.17% | [11],[12],[13] | |
Principal Amount, Par Value | $ 4,621 | [5],[9] | $ 4,656 | [11],[12] | |
Cost | 4,585 | [5],[9] | 4,615 | [11],[12] | |
Fair Value | $ 4,507 | [5],[9] | $ 4,503 | [11],[12] | |
Percent of Net Assets | 0.52% | [5],[9] | 0.59% | ||
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | $ 276 | [5],[6] | $ 276 | [12],[14] | |
Cost | (2) | [5],[6] | (2) | [12],[14] | |
Fair Value | (7) | [5],[6] | (9) | [12],[14] | |
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 552 | [5],[6] | 552 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | $ (14) | [5],[6] | $ (18) | [12],[14] | |
Investment, Identifier [Axis]: Convey Health Solutions, Inc., First lien | |||||
Spread | 5.25% | [5],[9],[10] | 5.25% | [8],[11],[12],[13] | |
Interest Rate | 10.74% | [5],[9],[10] | 9.93% | [8],[11],[12],[13] | |
Principal Amount, Par Value | $ 4,499 | [5],[9] | $ 4,533 | [8],[11],[12] | |
Cost | 4,453 | [5],[9] | 4,477 | [8],[11],[12] | |
Fair Value | $ 3,969 | [5],[9] | $ 4,398 | [8],[11],[12] | |
Percent of Net Assets | 0.46% | [5],[9] | 0.58% | ||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien | |||||
Spread | [12],[13] | 6.75% | |||
Interest Rate | [12],[13] | 10.84% | |||
Principal Amount, Par Value | [12] | $ 9,196 | |||
Cost | [12] | 9,062 | |||
Fair Value | [12] | $ 9,058 | |||
Percent of Net Assets | 1.19% | ||||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | $ 1,339 | [5],[6] | $ 1,339 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | 0 | [5],[6] | (20) | [12],[14] | |
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 1,339 | [5],[6] | 1,339 | [12],[14] | |
Cost | (17) | [5],[6] | (19) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | (20) | [12],[14] | |
Investment, Identifier [Axis]: CoreTrust Purchasing Group, First lien | |||||
Spread | [5],[10] | 6.75% | |||
Interest Rate | [5],[10] | 12.07% | |||
Principal Amount, Par Value | [5] | $ 9,127 | |||
Cost | [5] | 9,005 | |||
Fair Value | [5] | $ 9,127 | |||
Percent of Net Assets | [5] | 1.06% | |||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien | |||||
Spread | [5],[9],[10] | 7.50% | |||
Interest Rate | [5],[9],[10] | 12.82% | |||
Principal Amount, Par Value | [5],[9] | $ 13,366 | |||
Cost | [5],[9] | 13,209 | |||
Fair Value | [5],[9] | $ 13,366 | |||
Percent of Net Assets | [5],[9] | 1.55% | |||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | $ 1,193 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | 0 | |||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 914 | |||
Cost | [5],[6] | (10) | |||
Fair Value | [5],[6] | $ 0 | |||
Investment, Identifier [Axis]: Coyote Buyer, LLC, First lien - Drawn | |||||
Spread | [5],[6],[10] | 6% | |||
Interest Rate | [5],[6],[10] | 11.50% | |||
Principal Amount, Par Value | [5],[6] | $ 276 | |||
Cost | [5],[6] | 276 | |||
Fair Value | [5],[6] | $ 276 | |||
Investment, Identifier [Axis]: Coyote Buyer, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | 395 | |||
Cost | [12],[14] | (1) | |||
Fair Value | [12],[14] | $ 0 | |||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Coyote Buyer, LLC, First lien 1 | |||||
Spread | 6% | [5],[9],[10] | 6% | [11],[12],[13] | |
Interest Rate | 11.52% | [5],[9],[10] | 10.41% | [11],[12],[13] | |
Principal Amount, Par Value | $ 5,333 | [5],[9] | $ 5,374 | [11],[12] | |
Cost | 5,320 | [5],[9] | 5,359 | [11],[12] | |
Fair Value | $ 5,333 | [5],[9] | $ 5,374 | [11],[12] | |
Investment, Identifier [Axis]: Coyote Buyer, LLC, First lien 2 | |||||
Spread | 8% | [5],[9],[10] | 8% | [11],[12],[13] | |
Interest Rate | 13.57% | [5],[9],[10] | 12.73% | [11],[12],[13] | |
Principal Amount, Par Value | $ 960 | [5],[9] | $ 967 | [11],[12] | |
Cost | 954 | [5],[9] | 960 | [11],[12] | |
Fair Value | 960 | [5],[9] | $ 967 | [11],[12] | |
Investment, Identifier [Axis]: Coyote Buyer, LLC., First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | 118 | |||
Cost | [5],[6] | (1) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: DCA Investment Holding, LLC, First lien - Drawn | |||||
Spread | [12],[13],[14] | 6.41% | |||
Interest Rate | [12],[13],[14] | 10.14% | |||
Principal Amount, Par Value | [12],[14] | $ 453 | |||
Cost | [12],[14] | 449 | |||
Fair Value | [12],[14] | 444 | |||
Investment, Identifier [Axis]: DCA Investment Holding, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | 72 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | (1) | |||
Investment, Identifier [Axis]: DCA Investment Holding, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [14] | 938 | |||
Cost | [14] | 0 | |||
Fair Value | [14] | $ (14) | |||
Investment, Identifier [Axis]: DCA Investment Holding, LLC, First lien 1 | |||||
Spread | 6.41% | [5],[9],[10] | 6.41% | [11],[12],[13] | |
Interest Rate | 11.80% | [5],[9],[10] | 10.39% | [11],[12],[13] | |
Principal Amount, Par Value | $ 6,294 | [5],[9] | $ 6,347 | [11],[12] | |
Cost | 6,261 | [5],[9] | 6,309 | [11],[12] | |
Fair Value | $ 6,105 | [5],[9] | $ 6,224 | [11],[12] | |
Investment, Identifier [Axis]: DCA Investment Holding, LLC, First lien 2 | |||||
Spread | 6.41% | [5],[10] | 6.41% | [12],[13] | |
Interest Rate | 11.80% | [5],[10] | 10.73% | [12],[13] | |
Principal Amount, Par Value | $ 1,049 | [5] | $ 1,057 | [12] | |
Cost | 1,045 | [5] | 1,052 | [12] | |
Fair Value | $ 1,017 | [5] | $ 1,036 | [12] | |
Investment, Identifier [Axis]: DCA Investment Holding, LLC, First lien 3 | |||||
Spread | [5],[10] | 6.41% | |||
Interest Rate | [5],[10] | 11.80% | |||
Principal Amount, Par Value | [5] | $ 521 | |||
Cost | [5] | 517 | |||
Fair Value | [5] | $ 505 | |||
Investment, Identifier [Axis]: DCA Investment Holding, LLC, First lien Drawn | |||||
Spread | [5],[6],[10] | 6.50% | |||
Interest Rate | [5],[6],[10] | 11.89% | |||
Principal Amount, Par Value | [5],[6] | $ 925 | |||
Cost | [5],[6] | 912 | |||
Fair Value | [5],[6] | 900 | |||
Investment, Identifier [Axis]: DCA Investments Holdings, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | 11 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: DECA Dental Holdings LLC, First lien | |||||
Spread | [11],[12],[13] | 5.75% | |||
Interest Rate | [11],[12],[13] | 10.48% | |||
Principal Amount, Par Value | [11],[12] | $ 16,862 | |||
Cost | [11],[12] | 16,720 | |||
Fair Value | [11],[12] | $ 16,138 | |||
Investment, Identifier [Axis]: DECA Dental Holdings LLC, First lien - Drawn | |||||
Spread | [5],[6],[10] | 5.75% | |||
Interest Rate | [5],[6],[10] | 11.24% | |||
Principal Amount, Par Value | [5],[6] | $ 899 | |||
Cost | [5],[6] | 894 | |||
Fair Value | [5],[6] | 871 | |||
Investment, Identifier [Axis]: DECA Dental Holdings LLC, First lien - Drawn 1 | |||||
Spread | [12],[13],[14] | 5.75% | |||
Interest Rate | [12],[13],[14] | 10.48% | |||
Principal Amount, Par Value | [12],[14] | $ 1,775 | |||
Cost | [12],[14] | 1,760 | |||
Fair Value | [12],[14] | $ 1,699 | |||
Investment, Identifier [Axis]: DECA Dental Holdings LLC, First lien - Drawn 2 | |||||
Spread | [12],[13],[14] | 5.75% | |||
Interest Rate | [12],[13],[14] | 10.48% | |||
Principal Amount, Par Value | [12],[14] | $ 1,168 | |||
Cost | [12],[14] | 1,160 | |||
Fair Value | [12],[14] | 1,118 | |||
Investment, Identifier [Axis]: DECA Dental Holdings LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | 449 | |||
Cost | [5],[6] | (4) | |||
Fair Value | [5],[6] | $ (14) | |||
Percent of Net Assets | [5],[6] | (0.00%) | |||
Investment, Identifier [Axis]: DECA Dental Holdings LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | 180 | |||
Cost | [12],[14] | (2) | |||
Fair Value | [12],[14] | (8) | |||
Investment, Identifier [Axis]: DECA Dental Holdings LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [12],[14] | 4,044 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (174) | |||
Investment, Identifier [Axis]: DECA Dental Holdings LLC, First lien 1 | |||||
Spread | [5],[9],[10] | 5.75% | |||
Interest Rate | [5],[9],[10] | 11.24% | |||
Principal Amount, Par Value | [5],[9] | $ 16,734 | |||
Cost | [5],[9] | 16,608 | |||
Fair Value | [5],[9] | $ 16,226 | |||
Investment, Identifier [Axis]: DECA Dental Holdings LLC, First lien 2 | |||||
Spread | [5],[10] | 5.75% | |||
Interest Rate | [5],[10] | 11.24% | |||
Principal Amount, Par Value | [5] | $ 1,762 | |||
Cost | [5] | 1,758 | |||
Fair Value | [5] | 1,708 | |||
Investment, Identifier [Axis]: DOCS, MSO, LLC First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | 1,078 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | (17) | |||
Investment, Identifier [Axis]: DOCS, MSO, LLC First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 1,887 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | $ (30) | |||
Investment, Identifier [Axis]: DOCS, MSO, LLC, First Lien | |||||
Spread | [5],[9],[10] | 5.75% | |||
Interest Rate | [5],[9],[10] | 11.18% | |||
Principal Amount, Par Value | [5],[9] | $ 11,477 | |||
Cost | [5],[9] | 11,477 | |||
Fair Value | [5],[9] | $ 11,296 | |||
Percent of Net Assets | [5],[9] | 1.31% | |||
Investment, Identifier [Axis]: DOCS, MSO, LLC, First lien | |||||
Spread | [11],[12],[13] | 5.75% | |||
Interest Rate | [11],[12],[13] | 10.54% | |||
Principal Amount, Par Value | [11],[12] | $ 11,564 | |||
Cost | [11],[12] | 11,564 | |||
Fair Value | [11],[12] | $ 11,248 | |||
Percent of Net Assets | 1.48% | ||||
Investment, Identifier [Axis]: DOCS, MSO, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | $ 4,044 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | (111) | |||
Investment, Identifier [Axis]: DOCS, MSO, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [12],[14] | 1,078 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (30) | |||
Investment, Identifier [Axis]: DS Admiral Bidco, LLC, First lien | |||||
Spread | 7% | [5],[10] | 7% | [13] | |
Interest Rate | 12.39% | [5],[10] | 11.51% | [13] | |
Principal Amount, Par Value | $ 4,869 | [5] | $ 4,906 | ||
Cost | 4,802 | [5] | 4,832 | ||
Fair Value | $ 4,869 | [5] | $ 4,832 | ||
Percent of Net Assets | 0.57% | [5] | 0.64% | ||
Investment, Identifier [Axis]: Daxko Acquisition Corporation, First lien - Drawn | |||||
Spread | 4.50% | [5],[6],[10] | 4.50% | [12],[13],[14] | |
Interest Rate | 13% | [5],[6],[10] | 12% | [12],[13],[14] | |
Principal Amount, Par Value | $ 98 | [5],[6] | $ 26 | [12],[14] | |
Cost | 99 | [5],[6] | 27 | [12],[14] | |
Fair Value | 96 | [5],[6] | 25 | [12],[14] | |
Investment, Identifier [Axis]: Daxko Acquisition Corporation, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 416 | [5],[6] | 416 | [12],[14] | |
Cost | (2) | [5],[6] | 0 | [12],[14] | |
Fair Value | (7) | [5],[6] | (12) | [12],[14] | |
Investment, Identifier [Axis]: Daxko Acquisition Corporation, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 685 | [5],[6] | 757 | [12],[14] | |
Cost | (7) | [5],[6] | (8) | [12],[14] | |
Fair Value | $ (10) | [5],[6] | $ (21) | [12],[14] | |
Investment, Identifier [Axis]: Daxko Acquisition Corporation, First lien 1 | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 10.92% | [5],[9],[10] | 9.88% | [11],[12],[13] | |
Principal Amount, Par Value | $ 10,361 | [5],[9] | $ 10,440 | [11],[12] | |
Cost | 10,281 | [5],[9] | 10,351 | [11],[12] | |
Fair Value | $ 10,185 | [5],[9] | $ 10,148 | [11],[12] | |
Investment, Identifier [Axis]: Daxko Acquisition Corporation, First lien 2 | |||||
Spread | 5.50% | [5],[10] | 5.50% | [12],[13] | |
Interest Rate | 10.92% | [5],[10] | 9.88% | [12],[13] | |
Principal Amount, Par Value | $ 873 | [5] | $ 880 | [12] | |
Cost | 868 | [5] | 872 | [12] | |
Fair Value | $ 858 | [5] | $ 855 | [12] | |
Investment, Identifier [Axis]: Diamondback Acquisition, Inc., First lien | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 10.92% | [5],[9],[10] | 9.88% | [11],[12],[13] | |
Principal Amount, Par Value | $ 24,885 | [5],[9] | $ 25,075 | [11],[12] | |
Cost | 24,696 | [5],[9] | 24,863 | [11],[12] | |
Fair Value | $ 23,536 | [5],[9] | $ 24,498 | [11],[12] | |
Percent of Net Assets | 2.74% | 3.23% | |||
Investment, Identifier [Axis]: Diamondback Acquisition, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | $ 4,237 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (97) | |||
Percent of Net Assets | (0.01%) | ||||
Investment, Identifier [Axis]: Diligent Corporation, First lien - Drawn | |||||
Spread | 6.25% | [5],[6],[10] | 6.25% | [12],[13],[14] | |
Interest Rate | 11.77% | [5],[6],[10] | 10.63% | [12],[13],[14] | |
Principal Amount, Par Value | $ 971 | [5],[6] | $ 711 | [12],[14] | |
Cost | 980 | [5],[6] | 720 | [12],[14] | |
Fair Value | $ 947 | [5],[6] | 711 | [12],[14] | |
Investment, Identifier [Axis]: Diligent Corporation, First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | 1,658 | |||
Cost | [12],[14] | (21) | |||
Fair Value | [12],[14] | $ 0 | |||
Percent of Net Assets | 0% | ||||
Investment, Identifier [Axis]: Diligent Corporation, First lien 1 | |||||
Spread | 6.25% | [5],[9],[10] | 6.25% | [11],[12],[13] | |
Interest Rate | 11.77% | [5],[9],[10] | 10.63% | [11],[12],[13] | |
Principal Amount, Par Value | $ 14,634 | [5],[9] | $ 14,748 | [11],[12] | |
Cost | 14,558 | [5],[9] | 14,644 | [11],[12] | |
Fair Value | $ 14,268 | [5],[9] | $ 14,748 | [11],[12] | |
Investment, Identifier [Axis]: Diligent Corporation, First lien 2 | |||||
Spread | 5.75% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 11.27% | [5],[9],[10] | 10.13% | [11],[12],[13] | |
Principal Amount, Par Value | $ 5,539 | [5],[9] | $ 5,582 | [11],[12] | |
Cost | 5,526 | [5],[9] | 5,564 | [11],[12] | |
Fair Value | $ 5,378 | [5],[9] | $ 5,514 | [11],[12] | |
Investment, Identifier [Axis]: Diligent Corporation, First lien 3 | |||||
Spread | 5.75% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 11.27% | [5],[9],[10] | 10.13% | [11],[12],[13] | |
Principal Amount, Par Value | $ 3,089 | [5],[9] | $ 3,113 | [11],[12] | |
Cost | 3,082 | [5],[9] | 3,103 | [11],[12] | |
Fair Value | $ 2,999 | [5],[9] | $ 3,076 | [11],[12] | |
Investment, Identifier [Axis]: Diligent Corporation, First lien 4 | |||||
Spread | 6.25% | [10] | 6.25% | [12],[13] | |
Interest Rate | 11.77% | [10] | 10.63% | [12],[13] | |
Principal Amount, Par Value | $ 1,224 | $ 1,234 | [12] | ||
Cost | 1,218 | 1,225 | [12] | ||
Fair Value | $ 1,189 | $ 1,219 | [12] | ||
Investment, Identifier [Axis]: Diligent Corporation, First lien 5 | |||||
Spread | 6.25% | [5],[10] | 6.25% | [12],[13] | |
Interest Rate | 11.77% | [5],[10] | 10.63% | [12],[13] | |
Principal Amount, Par Value | $ 772 | [5] | $ 778 | [12] | |
Cost | 768 | [5] | 772 | [12] | |
Fair Value | 753 | [5] | $ 778 | [12] | |
Investment, Identifier [Axis]: Diligent Corporation., First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | 1,398 | |||
Cost | [5],[6] | (17) | |||
Fair Value | [5],[6] | $ (35) | |||
Percent of Net Assets | [5],[6] | (0.01%) | |||
Investment, Identifier [Axis]: Eisner Advisory Group LLC, First lien 1 | |||||
Spread | 5.25% | [9],[10] | 5.25% | [11],[12],[13] | |
Interest Rate | 10.68% | [9],[10] | 9.69% | [11],[12],[13] | |
Principal Amount, Par Value | $ 19,505 | [9] | $ 19,654 | [11],[12] | |
Cost | 19,405 | [9] | 19,542 | [11],[12] | |
Fair Value | $ 19,517 | [9] | $ 18,780 | [11],[12] | |
Investment, Identifier [Axis]: Eisner Advisory Group LLC, First lien 2 | |||||
Spread | 5.25% | [10] | 5.25% | [12],[13] | |
Interest Rate | 10.68% | [10] | 9.69% | [12],[13] | |
Principal Amount, Par Value | $ 1,650 | $ 1,662 | [12] | ||
Cost | 1,644 | 1,655 | [12] | ||
Fair Value | $ 1,651 | $ 1,589 | [12] | ||
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien - Drawn 1 | |||||
Spread | 6% | [5],[6],[10] | 5.75% | [12],[13],[14] | |
Interest Rate | 11.54% | [5],[6],[10] | 10.50% | [12],[13],[14] | |
Principal Amount, Par Value | $ 1,406 | [5],[6] | $ 426 | [12],[14] | |
Cost | 1,395 | [5],[6] | 423 | [12],[14] | |
Fair Value | $ 1,395 | [5],[6] | $ 414 | [12],[14] | |
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien - Drawn 2 | |||||
Spread | 5.75% | [5],[6],[10] | 6% | [12],[13],[14] | |
Interest Rate | 11.22% | [5],[6],[10] | 10.54% | [12],[13],[14] | |
Principal Amount, Par Value | $ 122 | [5],[6] | $ 200 | [12],[14] | |
Cost | 124 | [5],[6] | 198 | [12],[14] | |
Fair Value | 120 | [5],[6] | 198 | [12],[14] | |
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 542 | [5],[6] | 1,753 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | (4) | [5],[6] | (18) | [12],[14] | |
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 1,095 | [5],[6] | 791 | [12],[14] | |
Cost | (11) | [5],[6] | (8) | [12],[14] | |
Fair Value | $ (18) | [5],[6] | $ (22) | [12],[14] | |
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien 1 | |||||
Spread | 5.75% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 11.29% | [5],[9],[10] | 10.48% | [11],[12],[13] | |
Principal Amount, Par Value | $ 8,962 | [5],[9] | $ 9,030 | [11],[12] | |
Cost | 8,894 | [5],[9] | 8,953 | [11],[12] | |
Fair Value | $ 8,813 | [5],[9] | $ 8,783 | [11],[12] | |
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien 2 | |||||
Spread | 5.75% | [5],[10] | 5.75% | [12],[13] | |
Interest Rate | 11.31% | [5],[10] | 10.48% | [12],[13] | |
Principal Amount, Par Value | $ 3,008 | [5] | $ 3,012 | [12] | |
Cost | 2,986 | [5] | 2,986 | [12] | |
Fair Value | $ 2,958 | [5] | $ 2,930 | [12] | |
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien 3 | |||||
Spread | 5.75% | [5],[10] | 5.75% | [12],[13] | |
Interest Rate | 11.29% | [5],[10] | 10.48% | [12],[13] | |
Principal Amount, Par Value | $ 2,989 | [5] | $ 3,031 | [12] | |
Cost | 2,967 | [5] | 3,005 | [12] | |
Fair Value | $ 2,940 | [5] | 2,948 | [12] | |
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien - Drawn | |||||
Spread | [5],[6],[10] | 5.25% | |||
Interest Rate | [5],[6],[10] | 10.79% | |||
Principal Amount, Par Value | [5],[6] | $ 254 | |||
Cost | [5],[6] | 254 | |||
Fair Value | [5],[6] | 254 | |||
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 2,157 | [5],[6] | 977 | [12],[14] | |
Cost | (7) | [5],[6] | (9) | [12],[14] | |
Fair Value | 0 | [5],[6] | (10) | [12],[14] | |
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 723 | [5],[6] | 2,287 | [12],[14] | |
Cost | (7) | [5],[6] | 0 | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (23) | [12],[14] | |
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien 1 | |||||
Spread | 5.25% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 10.82% | [5],[9],[10] | 9.88% | [11],[12],[13] | |
Principal Amount, Par Value | $ 14,790 | [5],[9] | $ 14,902 | [11],[12] | |
Cost | 14,673 | [5],[9] | 14,767 | [11],[12] | |
Fair Value | $ 14,790 | [5],[9] | $ 14,753 | [11],[12] | |
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien 2 | |||||
Spread | 5.25% | [5],[10] | 5.50% | [12],[13] | |
Interest Rate | 10.82% | [5],[10] | 9.88% | [12],[13] | |
Principal Amount, Par Value | $ 1,088 | [5] | $ 966 | [12] | |
Cost | 1,087 | [5] | 957 | [12] | |
Fair Value | 1,088 | [5] | $ 956 | [12] | |
Investment, Identifier [Axis]: Fortis Solutions Group, LLC First Lien Undrawn | |||||
Cost | [5],[6] | (12) | |||
Fair Value | [5],[6] | (19) | |||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC First Lien Undrawn - 1 | |||||
Principal Amount, Par Value | [5],[6] | 1,722 | |||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC First Lien Undrawn - 2 | |||||
Principal Amount, Par Value | [5],[6] | 2,754 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | $ (30) | |||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien - Drawn | |||||
Spread | 5.50% | [5],[6],[10] | 5% | [12],[13],[14] | |
Interest Rate | 10.99% | [5],[6],[10] | 10.83% | [12],[13],[14] | |
Principal Amount, Par Value | $ 188 | [5],[6] | $ 230 | [12],[14] | |
Cost | 187 | [5],[6] | 231 | [12],[14] | |
Fair Value | $ 186 | [5],[6] | 224 | [12],[14] | |
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | 49 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | (1) | |||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [12],[14] | 1,493 | |||
Cost | [12],[14] | (15) | |||
Fair Value | [12],[14] | (35) | |||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien - Undrawn 3 | |||||
Principal Amount, Par Value | [12],[14] | 2,942 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (69) | |||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien 1 | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 11.04% | [5],[9],[10] | 10.23% | [11],[12],[13] | |
Principal Amount, Par Value | $ 12,185 | [5],[9] | $ 12,278 | [11],[12] | |
Cost | 12,091 | [5],[9] | 12,172 | [11],[12] | |
Fair Value | $ 12,051 | [5],[9] | $ 11,990 | [11],[12] | |
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien 2 | |||||
Spread | 5.50% | [5],[10] | 5.50% | [12],[13] | |
Interest Rate | 11.04% | [5],[10] | 10.23% | [12],[13] | |
Principal Amount, Par Value | $ 4,906 | [5] | $ 4,943 | [12] | |
Cost | 4,873 | [5] | 4,902 | [12] | |
Fair Value | $ 4,852 | [5] | $ 4,828 | [12] | |
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien 3 | |||||
Spread | [5],[10] | 5.50% | |||
Interest Rate | [5],[10] | 10.99% | |||
Principal Amount, Par Value | [5] | $ 49 | |||
Cost | [5] | 44 | |||
Fair Value | [5] | $ 48 | |||
Investment, Identifier [Axis]: Foundational Education Group, Inc., First lien | |||||
Spread | 4.25% | [9],[10] | 3.75% | [11],[12],[13] | |
Interest Rate | 9.88% | [9],[10] | 8.59% | [11],[12],[13] | |
Principal Amount, Par Value | $ 9,309 | [9] | $ 9,380 | [11],[12] | |
Cost | 9,274 | [9] | 9,341 | [11],[12] | |
Fair Value | $ 8,844 | [9] | $ 8,816 | [11],[12] | |
Investment, Identifier [Axis]: Foundational Education Group, Inc., Second Lien | |||||
Spread | [11],[12],[13] | 6.50% | |||
Interest Rate | [11],[12],[13] | 11.34% | |||
Principal Amount, Par Value | [11],[12] | $ 6,488 | |||
Cost | [11],[12] | 6,460 | |||
Fair Value | [11],[12] | $ 6,001 | |||
Investment, Identifier [Axis]: Foundational Education Group, Inc., Second lien | |||||
Spread | [5],[9],[10] | 6.50% | |||
Interest Rate | [5],[9],[10] | 12.13% | |||
Principal Amount, Par Value | [5],[9] | $ 6,488 | |||
Cost | [5],[9] | 6,462 | |||
Fair Value | [5],[9] | $ 6,335 | |||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien | |||||
Spread | [11],[12],[13] | 5.50% | |||
Interest Rate | [11],[12],[13] | 9.88% | |||
Principal Amount, Par Value | [11],[12] | $ 7,194 | |||
Cost | [11],[12] | 7,140 | |||
Fair Value | [11],[12] | $ 7,107 | |||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien - Drawn | |||||
Spread | 6% | [5],[6],[10] | 5.50% | [12],[13],[14] | |
Interest Rate | 11.42% | [5],[6],[10] | 9.88% | [12],[13],[14] | |
Principal Amount, Par Value | $ 53 | [5],[6] | $ 2,468 | [12],[14] | |
Cost | 52 | [5],[6] | 2,447 | [12],[14] | |
Fair Value | 53 | [5],[6] | 2,438 | [12],[14] | |
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | 113 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (1) | |||
Percent of Net Assets | (0.00%) | ||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | 14 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | 0 | |||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 5,000 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | $ 0 | |||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien 1 | |||||
Spread | [5],[9],[10] | 6% | |||
Interest Rate | [5],[9],[10] | 11.42% | |||
Principal Amount, Par Value | [5],[9] | $ 7,140 | |||
Cost | [5],[9] | 7,095 | |||
Fair Value | [5],[9] | $ 7,140 | |||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien 2 | |||||
Spread | [5],[10] | 6% | |||
Interest Rate | [5],[10] | 11.42% | |||
Principal Amount, Par Value | [5] | $ 2,494 | |||
Cost | [5] | 2,541 | |||
Fair Value | [5] | $ 2,494 | |||
Investment, Identifier [Axis]: GEO Parent Corporation, First lien | |||||
Spread | [5],[9],[10] | 5.25% | |||
Interest Rate | [5],[9],[10] | 10.80% | |||
Principal Amount, Par Value | [5],[9] | $ 2,894 | |||
Cost | [5],[9] | 2,842 | |||
Fair Value | [5],[9] | $ 2,894 | |||
Percent of Net Assets | [5],[9] | 0.34% | |||
Investment, Identifier [Axis]: GS Acquisitionco, Inc. First lien 1 | |||||
Spread | [5],[9],[10] | 5.75% | |||
Interest Rate | [5],[9],[10] | 11.29% | |||
Principal Amount, Par Value | [5],[9] | $ 24,166 | |||
Cost | [5],[9] | 24,095 | |||
Fair Value | [5],[9] | $ 24,166 | |||
Investment, Identifier [Axis]: GS Acquisitionco, Inc. First lien 2 | |||||
Spread | [5],[10] | 5.75% | |||
Interest Rate | [5],[10] | 11.29% | |||
Principal Amount, Par Value | [5] | $ 5,717 | |||
Cost | [5] | 5,697 | |||
Fair Value | [5] | 5,717 | |||
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 1,918 | [5],[6] | $ 1,918 | [12],[14] | |
Cost | (6) | [5],[6] | (7) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (17) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First lien 1 | |||||
Spread | [11],[12],[13] | 5.75% | |||
Interest Rate | [11],[12],[13] | 9.92% | |||
Principal Amount, Par Value | [11],[12] | $ 24,354 | |||
Cost | [11],[12] | 24,265 | |||
Fair Value | [11],[12] | $ 24,137 | |||
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First lien 2 | |||||
Spread | [12],[13] | 5.75% | |||
Interest Rate | [12],[13] | 9.92% | |||
Principal Amount, Par Value | [12] | $ 5,761 | |||
Cost | [12] | 5,737 | |||
Fair Value | [12] | $ 5,710 | |||
Investment, Identifier [Axis]: Geo Parent Corporation, First lien | |||||
Spread | [11],[12],[13] | 5.25% | |||
Interest Rate | [11],[12],[13] | 9.44% | |||
Principal Amount, Par Value | [11],[12] | $ 2,917 | |||
Cost | [11],[12] | 2,849 | |||
Fair Value | [11],[12] | $ 2,845 | |||
Percent of Net Assets | 0.37% | ||||
Investment, Identifier [Axis]: Granicus, Inc., First lien - Drawn | |||||
Spread | 6.50% | [5],[6],[10] | 6.50% | [12],[13],[14] | |
Interest Rate | 11.96% | [5],[6],[10] | 10.69% | [12],[13],[14] | |
Principal Amount, Par Value | $ 555 | [5],[6] | $ 405 | [12],[14] | |
Cost | 555 | [5],[6] | 405 | [12],[14] | |
Fair Value | 555 | [5],[6] | 405 | [12],[14] | |
Investment, Identifier [Axis]: Granicus, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 652 | [5],[6] | 802 | [12],[14] | |
Cost | (5) | [5],[6] | (6) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ 0 | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | 0% | ||
Investment, Identifier [Axis]: Granicus, Inc., First lien 1 | |||||
Spread | 5.50% | [5],[9],[10],[16] | 5.50% | [11],[12],[13],[15] | |
PIK | 1.50% | [5],[9],[10],[16] | 1.50% | [11],[12],[13],[15] | |
Interest Rate | 12.47% | [5],[9],[10],[16] | 11.14% | [11],[12],[13],[15] | |
Principal Amount, Par Value | $ 10,667 | [5],[9] | $ 10,641 | [11],[12] | |
Cost | 10,618 | [5],[9] | 10,583 | [11],[12] | |
Fair Value | $ 10,667 | [5],[9] | $ 10,640 | [11],[12] | |
Investment, Identifier [Axis]: Granicus, Inc., First lien 2 | |||||
Spread | 5.50% | [5],[10],[16] | 5.50% | [12],[13],[15] | |
PIK | 1.50% | [5],[10],[16] | 1.50% | [12],[13],[15] | |
Interest Rate | 12.47% | [5],[10],[16] | 11.14% | [12],[13],[15] | |
Principal Amount, Par Value | $ 2,987 | [5] | $ 2,980 | [12] | |
Cost | 2,973 | [5] | 2,963 | [12] | |
Fair Value | $ 2,987 | [5] | $ 2,980 | [12] | |
Investment, Identifier [Axis]: Granicus, Inc., First lien 3 | |||||
Spread | 6% | [5],[10] | 6% | [12],[13] | |
Interest Rate | 11.47% | [5],[10] | 10.14% | [12],[13] | |
Principal Amount, Par Value | $ 2,277 | [5] | $ 2,290 | [12] | |
Cost | 2,262 | [5] | 2,272 | [12] | |
Fair Value | $ 2,277 | [5] | 2,290 | [12] | |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First lien - Drawn | |||||
Spread | [5],[6],[10] | 5% | |||
Interest Rate | [5],[6],[10] | 13.50% | |||
Principal Amount, Par Value | [5],[6] | $ 500 | |||
Cost | [5],[6] | 500 | |||
Fair Value | [5],[6] | 493 | |||
Investment, Identifier [Axis]: GraphPAD Software, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 500 | [5],[6] | 1,000 | [12],[14] | |
Cost | (2) | [5],[6] | (4) | [12],[14] | |
Fair Value | (7) | [5],[6] | (18) | [12],[14] | |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 5,068 | [5],[6] | 5,068 | [12],[14] | |
Cost | (17) | [5],[6] | (20) | [12],[14] | |
Fair Value | $ (69) | [5],[6] | $ (90) | [12],[14] | |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First lien 1 | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 11.22% | [5],[9],[10] | 10.23% | [11],[12],[13] | |
Principal Amount, Par Value | $ 9,128 | [5],[9] | $ 9,198 | [11],[12] | |
Cost | 9,096 | [5],[9] | 9,160 | [11],[12] | |
Fair Value | $ 9,004 | [5],[9] | $ 9,035 | [11],[12] | |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First lien 2 | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 10.87% | [5],[9],[10] | 10.23% | [11],[12],[13] | |
Principal Amount, Par Value | $ 6,843 | [5],[9] | $ 6,895 | [11],[12] | |
Cost | 6,820 | [5],[9] | 6,869 | [11],[12] | |
Fair Value | $ 6,749 | [5],[9] | $ 6,773 | [11],[12] | |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First lien 3 | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 11.22% | [5],[9],[10] | 10.23% | [11],[12],[13] | |
Principal Amount, Par Value | $ 1,052 | [5],[9] | $ 1,060 | [11],[12] | |
Cost | 1,048 | [5],[9] | 1,056 | [11],[12] | |
Fair Value | $ 1,038 | [5],[9] | $ 1,041 | [11],[12] | |
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. First lien 2 | |||||
Spread | [5],[10] | 5.50% | |||
Interest Rate | [5],[10] | 10.92% | |||
Principal Amount, Par Value | [5] | $ 6,631 | |||
Cost | [5] | 6,593 | |||
Fair Value | [5] | $ 6,631 | |||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. First lien 1 | |||||
Spread | [5],[9],[10] | 5.50% | |||
Interest Rate | [5],[9],[10] | 10.92% | |||
Principal Amount, Par Value | [5],[9] | $ 23,488 | |||
Cost | [5],[9] | 23,385 | |||
Fair Value | [5],[9] | $ 23,488 | |||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First lien 1 | |||||
Spread | [11],[12],[13] | 5.25% | |||
Interest Rate | [11],[12],[13] | 9.63% | |||
Principal Amount, Par Value | [11],[12] | $ 23,667 | |||
Cost | [11],[12] | 23,543 | |||
Fair Value | [11],[12] | $ 23,388 | |||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First lien 2 | |||||
Spread | [12],[13] | 5.25% | |||
Interest Rate | [12],[13] | 9.63% | |||
Principal Amount, Par Value | [12] | $ 6,682 | |||
Cost | [12] | 6,642 | |||
Fair Value | [12] | $ 6,603 | |||
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First lien | |||||
Spread | 6% | [5],[9],[10] | 6% | [11],[12],[13] | |
Interest Rate | 11.45% | [5],[9],[10] | 10.38% | [11],[12],[13] | |
Principal Amount, Par Value | $ 22,965 | [5],[9] | $ 23,141 | [11],[12] | |
Cost | 22,789 | [5],[9] | 22,944 | [11],[12] | |
Fair Value | $ 22,660 | [5],[9] | $ 22,822 | [11],[12] | |
Percent of Net Assets | 2.63% | ||||
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First lien - Drawn | |||||
Spread | [12],[13],[14] | 6% | |||
Interest Rate | [12],[13],[14] | 10.39% | |||
Principal Amount, Par Value | [12],[14] | $ 730 | |||
Cost | [12],[14] | 726 | |||
Fair Value | [12],[14] | 720 | |||
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | $ 1,825 | [5],[6] | 1,095 | [12],[14] | |
Cost | (12) | [5],[6] | (11) | [12],[14] | |
Fair Value | $ (24) | [5],[6] | $ (15) | [12],[14] | |
Percent of Net Assets | (0.00%) | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien | |||||
Spread | 6% | [5],[9],[10] | 6% | [11],[12],[13] | |
Interest Rate | 11.36% | [5],[9],[10] | 10.62% | [11],[12],[13] | |
Principal Amount, Par Value | $ 2,858 | [5],[9] | $ 2,879 | [11],[12] | |
Cost | 2,833 | [5],[9] | 2,853 | [11],[12] | |
Fair Value | $ 2,794 | [5],[9] | $ 2,850 | [11],[12] | |
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Drawn | |||||
Spread | [12],[13],[14] | 6% | |||
Interest Rate | [12],[13],[14] | 10.61% | |||
Principal Amount, Par Value | [12],[14] | $ 65 | |||
Cost | [12],[14] | 65 | |||
Fair Value | [12],[14] | 65 | |||
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Drawn 1 | |||||
Spread | [5],[6],[10] | 6% | |||
Interest Rate | [5],[6],[10] | 11.04% | |||
Principal Amount, Par Value | [5],[6] | $ 185 | |||
Cost | [5],[6] | 188 | |||
Fair Value | [5],[6] | $ 181 | |||
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Drawn 2 | |||||
Spread | [5],[6],[10] | 6% | |||
Interest Rate | [5],[6],[10] | 11.42% | |||
Principal Amount, Par Value | [5],[6] | $ 55 | |||
Cost | [5],[6] | 55 | |||
Fair Value | [5],[6] | 54 | |||
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 289 | [5],[6] | 278 | [12],[14] | |
Cost | (3) | [5],[6] | (3) | [12],[14] | |
Fair Value | (6) | [5],[6] | (3) | [12],[14] | |
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 502 | [5],[6] | 687 | [12],[14] | |
Cost | (5) | [5],[6] | 0 | [12],[14] | |
Fair Value | (11) | [5],[6] | $ (7) | [12],[14] | |
Investment, Identifier [Axis]: Infogain Corporation, First lien - Drawn | |||||
Spread | [12],[13],[14] | 5.75% | |||
Interest Rate | [12],[13],[14] | 10.17% | |||
Principal Amount, Par Value | [12],[14] | $ 345 | |||
Cost | [12],[14] | 345 | |||
Fair Value | [12],[14] | 338 | |||
Investment, Identifier [Axis]: Infogain Corporation, First lien - Undrawn | |||||
Principal Amount, Par Value | 1,236 | [5],[6] | 891 | [12],[14] | |
Cost | (5) | [5],[6] | (7) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (17) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: Infogain Corporation, First lien 1 | |||||
Spread | 5.75% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 11.17% | [5],[9],[10] | 10.17% | [11],[12],[13] | |
Principal Amount, Par Value | $ 6,055 | [5],[9] | $ 6,101 | [11],[12] | |
Cost | 6,021 | [5],[9] | 6,063 | [11],[12] | |
Fair Value | $ 6,055 | [5],[9] | $ 5,987 | [11],[12] | |
Investment, Identifier [Axis]: Infogain Corporation, First lien 2 | |||||
Spread | 5.75% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 11.17% | [5],[9],[10] | 10.17% | [11],[12],[13] | |
Principal Amount, Par Value | $ 3,558 | [5],[9] | $ 3,585 | [11],[12] | |
Cost | 3,528 | [5],[9] | 3,551 | [11],[12] | |
Fair Value | $ 3,558 | [5],[9] | $ 3,518 | [11],[12] | |
Investment, Identifier [Axis]: Infogain Corporation, Subordinated | |||||
Spread | 8.25% | [5],[10] | 8.25% | [12],[13] | |
Interest Rate | 13.74% | [5],[10] | 12.93% | [12],[13] | |
Principal Amount, Par Value | $ 1 | [5] | $ 1 | [12] | |
Cost | 1 | [5] | 1 | [12] | |
Fair Value | 1 | [5] | $ 1 | [12] | |
Investment, Identifier [Axis]: KENG Acquisition Inc, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | 293 | |||
Cost | [5],[6] | (4) | |||
Fair Value | [5],[6] | (4) | |||
Investment, Identifier [Axis]: KENG Acquisition Inc, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 764 | |||
Cost | [5],[6] | (2) | |||
Fair Value | [5],[6] | $ (10) | |||
Investment, Identifier [Axis]: KENG Acquisition Inc., First lien | |||||
Spread | [5],[9],[10] | 6.25% | |||
Interest Rate | [5],[9],[10] | 11.64% | |||
Principal Amount, Par Value | [5],[9] | $ 1,207 | |||
Cost | [5],[9] | 1,192 | |||
Fair Value | [5],[9] | $ 1,192 | |||
Investment, Identifier [Axis]: KENG Acquisition Inc., First lien - Drawn 1 | |||||
Spread | [5],[6],[10] | 6.25% | |||
Interest Rate | [5],[6],[10] | 11.64% | |||
Principal Amount, Par Value | [5],[6] | $ 150 | |||
Cost | [5],[6] | 150 | |||
Fair Value | [5],[6] | $ 148 | |||
Investment, Identifier [Axis]: KENG Acquisition Inc., First lien - Drawn 2 | |||||
Spread | [5],[6],[10] | 6.25% | |||
Interest Rate | [5],[6],[10] | 11.64% | |||
Principal Amount, Par Value | [5],[6] | $ 37 | |||
Cost | [5],[6] | 36 | |||
Fair Value | [5],[6] | $ 36 | |||
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First lien - Drawn | |||||
Spread | 5.25% | [5],[6],[10] | 4.50% | [12],[13],[14] | |
Interest Rate | 10.71% | [5],[6],[10] | 12% | [12],[13],[14] | |
Principal Amount, Par Value | $ 530 | [5],[6] | $ 93 | [12],[14] | |
Cost | 525 | [5],[6] | 92 | [12],[14] | |
Fair Value | 529 | [5],[6] | 89 | [12],[14] | |
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 216 | [5],[6] | 655 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (29) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First lien 1 | |||||
Spread | 5.25% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 10.72% | [5],[9],[10] | 9.89% | [11],[12],[13] | |
Principal Amount, Par Value | $ 4,349 | [5],[9] | $ 4,382 | [11],[12] | |
Cost | 4,315 | [5],[9] | 4,345 | [11],[12] | |
Fair Value | $ 4,349 | [5],[9] | $ 4,190 | [11],[12] | |
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First lien 2 | |||||
Spread | 5.25% | [5],[10] | 4.50% | [12],[13] | |
Interest Rate | 10.63% | [5],[10] | 12% | [12],[13] | |
Principal Amount, Par Value | $ 498 | [5] | $ 504 | [12] | |
Cost | 495 | [5] | 500 | [12] | |
Fair Value | $ 498 | [5] | $ 482 | [12] | |
Investment, Identifier [Axis]: KWOR Acquisition, Inc, First lien | |||||
Spread | [5],[9],[10] | 5.25% | |||
Interest Rate | [5],[9],[10] | 10.67% | |||
Principal Amount, Par Value | [5],[9] | $ 20,557 | |||
Cost | [5],[9] | 20,434 | |||
Fair Value | [5],[9] | $ 20,557 | |||
Investment, Identifier [Axis]: KWOR Acquisition, Inc, First lien Drawn | |||||
Spread | [5],[6],[10] | 4.25% | |||
Interest Rate | [5],[6],[10] | 12.75% | |||
Principal Amount, Par Value | [5],[6] | $ 1,584 | |||
Cost | [5],[6] | 1,578 | |||
Fair Value | [5],[6] | 1,584 | |||
Investment, Identifier [Axis]: KWOR Acquisition, Inc., First lien | |||||
Spread | [11],[12],[13] | 5.25% | |||
Interest Rate | [11],[12],[13] | 9.64% | |||
Principal Amount, Par Value | [11],[12] | $ 20,712 | |||
Cost | [11],[12] | 20,576 | |||
Fair Value | [11],[12] | $ 20,514 | |||
Percent of Net Assets | 2.70% | ||||
Investment, Identifier [Axis]: KWOR Acquisition, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 1,300 | [5],[6] | $ 2,883 | [12],[14] | |
Cost | (10) | [5],[6] | (18) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (28) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: Kaseya Inc, First lien | |||||
Spread | [5],[9],[10],[16] | 3.75% | |||
PIK | [5],[9],[10],[16] | 2.50% | |||
Interest Rate | [5],[9],[10],[16] | 11.62% | |||
Principal Amount, Par Value | [5],[9] | $ 14,694 | |||
Cost | [5],[9] | 14,599 | |||
Fair Value | [5],[9] | $ 14,694 | |||
Investment, Identifier [Axis]: Kaseya Inc., First lien | |||||
Spread | [11],[12],[13] | 5.75% | |||
Interest Rate | [11],[12],[13] | 10.33% | |||
Principal Amount, Par Value | [11],[12] | $ 14,662 | |||
Cost | [11],[12] | 14,559 | |||
Fair Value | [11],[12] | $ 14,448 | |||
Percent of Net Assets | 1.90% | ||||
Investment, Identifier [Axis]: Kaseya Inc., First lien - Drawn 1 | |||||
Spread | [5],[6],[10],[16] | 3.75% | |||
PIK | [5],[6],[10],[16] | 2.50% | |||
Interest Rate | [5],[6],[10],[16] | 11.57% | |||
Principal Amount, Par Value | [5],[6] | $ 225 | |||
Cost | [5],[6] | 225 | |||
Fair Value | [5],[6] | $ 225 | |||
Investment, Identifier [Axis]: Kaseya Inc., First lien - Drawn 2 | |||||
Spread | [5],[6],[10],[16] | 3.75% | |||
PIK | [5],[6],[10],[16] | 2.50% | |||
Interest Rate | [5],[6],[10],[16] | 11.62% | |||
Principal Amount, Par Value | [5],[6] | $ 55 | |||
Cost | [5],[6] | 61 | |||
Fair Value | [5],[6] | 55 | |||
Investment, Identifier [Axis]: Kaseya Inc., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 840 | [5],[6] | $ 895 | [12],[14] | |
Cost | (6) | [5],[6] | 0 | [12],[14] | |
Fair Value | 0 | [5],[6] | (13) | [12],[14] | |
Investment, Identifier [Axis]: Kaseya Inc., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 671 | [5],[6] | 895 | [12],[14] | |
Cost | (5) | [5],[6] | (6) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (13) | [12],[14] | |
Investment, Identifier [Axis]: Kele Holdco, Inc., First lien | |||||
Spread | 5.25% | [5],[9],[10] | 5.25% | [11],[12],[13] | |
Interest Rate | 10.68% | [5],[9],[10] | 9.42% | [11],[12],[13] | |
Principal Amount, Par Value | $ 5,780 | [5],[9] | $ 6,150 | [11],[12] | |
Cost | 5,767 | [5],[9] | 6,132 | [11],[12] | |
Fair Value | $ 5,780 | [5],[9] | $ 6,150 | [11],[12] | |
Percent of Net Assets | 0.67% | [5],[9] | 0.81% | ||
Investment, Identifier [Axis]: Kele Holdco, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | $ 701 | [5],[6] | $ 701 | [12],[14] | |
Cost | (1) | [5],[6] | (2) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ 0 | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | 0% | ||
Investment, Identifier [Axis]: LSCS Holdings, Inc., First lien | |||||
Spread | [11],[13] | 4.50% | |||
Interest Rate | [11],[13] | 8.88% | |||
Principal Amount, Par Value | [11] | $ 10,355 | |||
Cost | [11] | 10,332 | |||
Fair Value | [11] | $ 9,902 | |||
Percent of Net Assets | 1.30% | ||||
Investment, Identifier [Axis]: Legal Spend Holdings, LLC, First lien | |||||
Spread | [5],[9],[10] | 5.25% | |||
Interest Rate | [5],[9],[10] | 10.57% | |||
Principal Amount, Par Value | [5],[9] | $ 10,026 | |||
Cost | [5],[9] | 9,941 | |||
Fair Value | [5],[9] | $ 10,026 | |||
Percent of Net Assets | [5],[9] | 1.17% | |||
Investment, Identifier [Axis]: Legal Spend Holdings, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 844 | |||
Cost | [5],[6] | (6) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: MRI Software LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 780 | |||
Cost | [5],[6] | (2) | |||
Fair Value | [5],[6] | $ (7) | |||
Percent of Net Assets | [5],[6] | (0.00%) | |||
Investment, Identifier [Axis]: MRI Software LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | $ 780 | |||
Cost | [12],[14] | (2) | |||
Fair Value | [12],[14] | (18) | |||
Investment, Identifier [Axis]: MRI Software LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [12],[14] | 1,523 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (35) | |||
Investment, Identifier [Axis]: MRI Software LLC, First lien 1 | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 10.99% | [5],[9],[10] | 10.23% | [11],[12],[13] | |
Principal Amount, Par Value | $ 10,833 | [5],[9] | $ 10,917 | [11],[12] | |
Cost | 10,808 | [5],[9] | 10,885 | [11],[12] | |
Fair Value | $ 10,729 | [5],[9] | $ 10,669 | [11],[12] | |
Investment, Identifier [Axis]: MRI Software LLC, First lien 2 | |||||
Spread | 5.50% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 10.99% | [5],[9],[10] | 10.23% | [11],[12],[13] | |
Principal Amount, Par Value | $ 3,072 | [5],[9] | $ 3,096 | [11],[12] | |
Cost | 3,068 | [5],[9] | 3,091 | [11],[12] | |
Fair Value | $ 3,043 | [5],[9] | $ 3,026 | [11],[12] | |
Investment, Identifier [Axis]: MRI Software LLC, First lien 3 | |||||
Spread | 5.50% | [5],[10] | 5.50% | [12],[13] | |
Interest Rate | 10.99% | [5],[10] | 10.23% | [12],[13] | |
Principal Amount, Par Value | $ 2,874 | [5] | $ 1,370 | [12] | |
Cost | 2,869 | [5] | 1,367 | [12] | |
Fair Value | $ 2,847 | [5] | $ 1,338 | [12] | |
Investment, Identifier [Axis]: MRI Software LLC, First lien 4 | |||||
Spread | 5.50% | [5],[10] | 5.50% | [12],[13] | |
Interest Rate | 10.99% | [5],[10] | 10.23% | [12],[13] | |
Principal Amount, Par Value | $ 313 | [5] | $ 315 | [12] | |
Cost | 312 | [5] | 314 | [12] | |
Fair Value | $ 310 | [5] | $ 308 | [12] | |
Investment, Identifier [Axis]: Maverick Bidco Inc., Second Lien | |||||
Spread | 6.75% | [5],[10] | 6.75% | [12],[13] | |
Interest Rate | 12.27% | [5],[10] | 11.16% | [12],[13] | |
Principal Amount, Par Value | $ 6,800 | [5] | $ 6,800 | [12] | |
Cost | 6,785 | [5] | 6,783 | [12] | |
Fair Value | $ 6,633 | [5] | $ 6,548 | [12] | |
Percent of Net Assets | 0.77% | [5] | 0.86% | ||
Investment, Identifier [Axis]: More cowbell II LLC, First lien | |||||
Spread | [5],[9],[10] | 6.25% | |||
Interest Rate | [5],[9],[10] | 11.73% | |||
Principal Amount, Par Value | [5],[9] | $ 2,131 | |||
Cost | [5],[9] | 2,116 | |||
Fair Value | [5],[9] | $ 2,115 | |||
Investment, Identifier [Axis]: More cowbell II LLC., First lien - Drawn | |||||
Spread | [5],[6],[10] | 6.25% | |||
Interest Rate | [5],[6],[10] | 11.68% | |||
Principal Amount, Par Value | [5],[6] | $ 59 | |||
Cost | [5],[6] | 59 | |||
Fair Value | [5],[6] | 59 | |||
Investment, Identifier [Axis]: More cowbell II, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | 232 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | 0 | |||
Investment, Identifier [Axis]: More cowbell II, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 242 | |||
Cost | [5],[6] | (2) | |||
Fair Value | [5],[6] | $ (2) | |||
Investment, Identifier [Axis]: NMC Crimson Holdings, Inc., First lien | |||||
Spread | 6.09% | [5],[9],[10] | 6% | [11],[12],[13] | |
Interest Rate | 11.49% | [5],[9],[10] | 9.74% | [11],[12],[13] | |
Principal Amount, Par Value | $ 7,401 | [5],[9] | $ 7,401 | [11],[12] | |
Cost | 7,323 | [5],[9] | 7,313 | [11],[12] | |
Fair Value | $ 7,266 | [5],[9] | $ 7,350 | [11],[12] | |
Investment, Identifier [Axis]: NMC Crimson Holdings, Inc., First lien - Drawn | |||||
Spread | 6.09% | [5],[6],[10] | 6% | [12],[13],[14] | |
Interest Rate | 11.64% | [5],[6],[10] | 10.39% | [12],[13],[14] | |
Principal Amount, Par Value | $ 1,535 | [5],[6] | $ 501 | [12],[14] | |
Cost | 1,530 | [5],[6] | 495 | [12],[14] | |
Fair Value | 1,507 | [5],[6] | 497 | [12],[14] | |
Investment, Identifier [Axis]: NMC Crimson Holdings, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 272 | [5],[6] | 2,764 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | $ (5) | [5],[6] | $ (19) | [12],[14] | |
Percent of Net Assets | (0.00%) | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: Nielsen Consumer Inc., First lien | |||||
Spread | [9],[10],[17] | 6.25% | |||
Interest Rate | [9],[10],[17] | 11.57% | |||
Principal Amount, Par Value | [9],[17] | $ 12,169 | |||
Cost | [9],[17] | 11,402 | |||
Fair Value | [9],[17] | $ 11,990 | |||
Percent of Net Assets | [9],[17] | 1.39% | |||
Investment, Identifier [Axis]: Notorious Topco, LLC, First lien | |||||
Spread | 6.75% | [5],[9],[10] | 6.75% | [11],[12],[13] | |
Interest Rate | 12.27% | [5],[9],[10] | 10.99% | [11],[12],[13] | |
Principal Amount, Par Value | $ 20,893 | [5],[9] | $ 21,053 | [11],[12] | |
Cost | 20,776 | [5],[9] | 20,919 | [11],[12] | |
Fair Value | $ 19,253 | [5],[9] | $ 20,700 | [11],[12] | |
Investment, Identifier [Axis]: Notorious Topco, LLC, First lien - Dawn 1 | |||||
Spread | [5],[6],[10] | 6.75% | |||
Interest Rate | [5],[6],[10] | 12.27% | |||
Principal Amount, Par Value | [5],[6] | $ 1,821 | |||
Cost | [5],[6] | 1,804 | |||
Fair Value | [5],[6] | $ 1,678 | |||
Investment, Identifier [Axis]: Notorious Topco, LLC, First lien - Dawn 2 | |||||
Spread | [5],[6],[10] | 6.75% | |||
Interest Rate | [5],[6],[10] | 12.27% | |||
Principal Amount, Par Value | [5],[6] | $ 123 | |||
Cost | [5],[6] | 126 | |||
Fair Value | [5],[6] | 113 | |||
Investment, Identifier [Axis]: Notorious Topco, LLC, First lien - Drawn 1 | |||||
Spread | [12],[13],[14] | 6.75% | |||
Interest Rate | [12],[13],[14] | 10.99% | |||
Principal Amount, Par Value | [12],[14] | $ 1,835 | |||
Cost | [12],[14] | 1,815 | |||
Fair Value | [12],[14] | $ 1,804 | |||
Investment, Identifier [Axis]: Notorious Topco, LLC, First lien - Drawn 2 | |||||
Spread | [12],[13],[14] | 6.75% | |||
Interest Rate | [12],[13],[14] | 10.99% | |||
Principal Amount, Par Value | [12],[14] | $ 307 | |||
Cost | [12],[14] | 308 | |||
Fair Value | [12],[14] | 302 | |||
Investment, Identifier [Axis]: Notorious Topco, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 1,229 | [5],[6] | 1,537 | [12],[14] | |
Cost | 0 | [5],[6] | (12) | [12],[14] | |
Fair Value | (96) | [5],[6] | (26) | [12],[14] | |
Investment, Identifier [Axis]: Notorious Topco, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 1,721 | [5],[6] | 1,230 | [12],[14] | |
Cost | (13) | [5],[6] | 0 | [12],[14] | |
Fair Value | (135) | [5],[6] | (21) | [12],[14] | |
Investment, Identifier [Axis]: OA Buyer, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 3,041 | [5],[6] | 3,041 | [12],[14] | |
Cost | (23) | [5],[6] | (26) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (25) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: OA Buyer, Inc., First lien 1 | |||||
Spread | 5.50% | [5],[9],[10] | 5.75% | [11],[12],[13] | |
Interest Rate | 10.82% | [5],[9],[10] | 10.13% | [11],[12],[13] | |
Principal Amount, Par Value | $ 23,460 | [5],[9] | $ 23,639 | [11],[12] | |
Cost | 23,273 | [5],[9] | 23,430 | [11],[12] | |
Fair Value | $ 23,460 | [5],[9] | $ 23,447 | [11],[12] | |
Investment, Identifier [Axis]: OA Buyer, Inc., First lien 2 | |||||
Spread | 5.50% | [5],[9] | 5.75% | [11],[12],[13] | |
Interest Rate | 10.82% | [5],[9] | 10.13% | [11],[12],[13] | |
Principal Amount, Par Value | $ 1,485 | [5],[9] | $ 1,496 | [11],[12] | |
Cost | 1,473 | [5],[9] | 1,483 | [11],[12] | |
Fair Value | $ 1,485 | [5],[9] | $ 1,484 | [11],[12] | |
Investment, Identifier [Axis]: OB Hospital Group, Inc., First lien | |||||
Spread | [5],[9],[10] | 5.50% | |||
Interest Rate | [5],[9],[10] | 11.04% | |||
Principal Amount, Par Value | [5],[9] | $ 11,249 | |||
Cost | [5],[9] | 11,168 | |||
Fair Value | [5],[9] | $ 10,895 | |||
Investment, Identifier [Axis]: OB Hospital Group, Inc., First lien - Drawn | |||||
Spread | [5],[6],[10] | 5.50% | |||
Interest Rate | [5],[6],[10] | 10.92% | |||
Principal Amount, Par Value | [5],[6] | $ 673 | |||
Cost | [5],[6] | 671 | |||
Fair Value | [5],[6] | 652 | |||
Investment, Identifier [Axis]: OB Hospitalist Group, Inc., First lien | |||||
Spread | [11],[12],[13] | 5.50% | |||
Interest Rate | [11],[12],[13] | 10.23% | |||
Principal Amount, Par Value | [11],[12] | $ 11,364 | |||
Cost | [11],[12] | 11,270 | |||
Fair Value | [11],[12] | $ 11,006 | |||
Investment, Identifier [Axis]: OB Hospitalist Group, Inc., First lien - Drawn | |||||
Spread | [12],[13],[14] | 5.50% | |||
Interest Rate | [12],[13],[14] | 10.17% | |||
Principal Amount, Par Value | [12],[14] | $ 515 | |||
Cost | [12],[14] | 512 | |||
Fair Value | [12],[14] | 498 | |||
Investment, Identifier [Axis]: OB Hospitalist Group, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 811 | [5],[6] | 970 | [12],[14] | |
Cost | (8) | [5],[6] | (10) | [12],[14] | |
Fair Value | $ (26) | [5],[6] | $ (31) | [12],[14] | |
Percent of Net Assets | (0.00%) | [5],[6] | (0.01%) | ||
Investment, Identifier [Axis]: OEConnection LLC, Second Lien | |||||
Spread | [11],[12],[13] | 7% | |||
Interest Rate | [11],[12],[13] | 11.42% | |||
Principal Amount, Par Value | [11],[12] | $ 7,360 | |||
Cost | [11],[12] | 7,297 | |||
Fair Value | [11],[12] | $ 7,134 | |||
Percent of Net Assets | 0.94% | ||||
Investment, Identifier [Axis]: OEConnection LLC, Second lien | |||||
Spread | [5],[9],[10] | 7% | |||
Interest Rate | [5],[9],[10] | 12.42% | |||
Principal Amount, Par Value | [5],[9] | $ 7,360 | |||
Cost | [5],[9] | 7,305 | |||
Fair Value | [5],[9] | $ 7,360 | |||
Percent of Net Assets | 0.86% | ||||
Investment, Identifier [Axis]: Ocala Bidco, Inc., First lien | |||||
Spread | 3.50% | [5],[9],[10],[16] | 3.50% | [11],[12],[13],[15] | |
PIK | 2.75% | [5],[9],[10],[16] | 2.75% | [11],[12],[13],[15] | |
Interest Rate | 11.89% | [5],[9],[10],[16] | 10.95% | [11],[12],[13],[15] | |
Principal Amount, Par Value | $ 15,962 | [5],[9] | $ 15,635 | [11],[12] | |
Cost | 15,810 | [5],[9] | 15,466 | [11],[12] | |
Fair Value | $ 15,943 | [5],[9] | $ 15,455 | [11],[12] | |
Percent of Net Assets | 1.85% | [5],[9] | 2.04% | ||
Investment, Identifier [Axis]: Ocala Bidco, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | $ 1,630 | [5],[6] | $ 1,630 | [12],[14] | |
Cost | 0 | [5],[6] | 0 | [12],[14] | |
Fair Value | $ (2) | [5],[6] | $ (19) | [12],[14] | |
Percent of Net Assets | (0.00%) | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: Oranje Holdco, Inc., First lien | |||||
Spread | [5],[10] | 7.75% | |||
Interest Rate | [5],[10] | 13.12% | |||
Principal Amount, Par Value | [5] | $ 14,453 | |||
Cost | [5] | 14,287 | |||
Fair Value | [5] | $ 14,453 | |||
Percent of Net Assets | [5] | 1.68% | |||
Investment, Identifier [Axis]: Oranje Holdco, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 1,807 | |||
Cost | [5],[6] | (20) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: PDQ.com Corporation, First lien - Undrawn | |||||
Principal Amount, Par Value | $ 2,206 | [5],[6] | $ 2,206 | [12],[14] | |
Cost | (7) | [5],[6] | (9) | [12],[14] | |
Fair Value | $ (7) | [5],[6] | $ (52) | [12],[14] | |
Percent of Net Assets | (0.00%) | [5],[6] | (0.01%) | ||
Investment, Identifier [Axis]: PDQ.com Corporation, First lien 1 | |||||
Spread | 4.75% | [5],[10] | 4.75% | [12],[13] | |
Interest Rate | 10.24% | [5],[10] | 9.43% | [12],[13] | |
Principal Amount, Par Value | $ 13,259 | [5] | $ 13,360 | [12] | |
Cost | 13,212 | [5] | 13,306 | [12] | |
Fair Value | $ 13,218 | [5] | $ 13,046 | [12] | |
Investment, Identifier [Axis]: PDQ.com Corporation, First lien 2 | |||||
Spread | 4.75% | [5],[10] | 4.75% | [12],[13] | |
Interest Rate | 10.24% | [5],[10] | 9.43% | [12],[13] | |
Principal Amount, Par Value | $ 9,083 | [5] | $ 9,152 | [12] | |
Cost | 9,051 | [5] | 9,115 | [12] | |
Fair Value | 9,055 | [5] | 8,937 | [12] | |
Investment, Identifier [Axis]: Pioneer Buyer I, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | 2,045 | [5],[6] | 2,045 | [7],[12],[14] | |
Cost | (14) | [5],[6] | (17) | [7],[12],[14] | |
Fair Value | $ (40) | [5],[6] | $ (27) | [7],[12],[14] | |
Percent of Net Assets | (0.01%) | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: Pioneer Buyer I, LLC, First lien 1 | |||||
Spread | [12],[13],[15] | 7% | |||
PIK | [5],[10],[16] | 7% | |||
Interest Rate | 12.39% | [5],[10],[16] | 11.73% | [12],[13],[15] | |
Principal Amount, Par Value | $ 13,621 | [5] | $ 12,457 | [12] | |
Cost | 13,534 | [5] | 12,359 | [12] | |
Fair Value | $ 13,621 | [5] | $ 12,295 | [12] | |
Investment, Identifier [Axis]: Pioneer Buyer I, LLC, First lien 2 | |||||
Spread | [12],[13],[15] | 7% | |||
PIK | [5],[10],[16] | 7% | |||
Interest Rate | 12.39% | [5],[10],[16] | 11.73% | [12],[13],[15] | |
Principal Amount, Par Value | $ 1,867 | [5] | $ 1,707 | [12] | |
Cost | 1,854 | [5] | 1,693 | [12] | |
Fair Value | $ 1,867 | [5] | $ 1,685 | [12] | |
Investment, Identifier [Axis]: Pioneer Topco I, L.P., Ordinary Shares | |||||
Principal Amount, Shares (in shares) | 10,000 | [5],[18] | 10 | [7],[12] | |
Cost | $ 0 | [5],[18] | $ 0 | [7],[12] | |
Fair Value | $ 0 | [5],[18] | $ 0 | [7],[12] | |
Percent of Net Assets | 0% | [5],[18] | 0% | ||
Investment, Identifier [Axis]: Project Essential Bidco, Inc., First lien | |||||
Spread | 3% | [5],[9],[10],[16] | 5.75% | [11],[12],[13] | |
PIK | [5],[9],[10],[16] | 3.25% | |||
Interest Rate | 11.78% | [5],[9],[10],[16] | 9.99% | [11],[12],[13] | |
Principal Amount, Par Value | $ 17,250 | [5],[9] | $ 17,208 | [11],[12] | |
Cost | 17,143 | [5],[9] | 17,088 | [11],[12] | |
Fair Value | $ 16,736 | [5],[9] | $ 16,678 | [11],[12] | |
Percent of Net Assets | 1.95% | [5],[9] | 2.20% | ||
Investment, Identifier [Axis]: Project Essential Bidco, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | $ 2,241 | [5],[6] | $ 2,241 | [12],[14] | |
Cost | (12) | [5],[6] | (14) | [12],[14] | |
Fair Value | $ (67) | [5],[6] | $ (69) | [12],[14] | |
Percent of Net Assets | (0.01%) | [5],[6] | (0.01%) | ||
Investment, Identifier [Axis]: Project Power Buyer, LLC, First lien | |||||
Spread | [5],[10] | 7% | |||
Interest Rate | [5],[10] | 12.39% | |||
Principal Amount, Par Value | [5] | $ 2,315 | |||
Cost | [5] | 2,287 | |||
Fair Value | [5] | $ 2,315 | |||
Percent of Net Assets | [5] | 0.27% | |||
Investment, Identifier [Axis]: Project Power Buyer, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 120 | |||
Cost | [5],[6] | (1) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 2,276 | |||
Cost | [5],[6] | (36) | |||
Fair Value | [5],[6] | $ (11) | |||
Percent of Net Assets | [5],[6] | (0.00%) | |||
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First lien - Drawn | |||||
Spread | [12],[13],[14] | 5.50% | |||
Interest Rate | [12],[13],[14] | 10.23% | |||
Principal Amount, Par Value | [12],[14] | $ 449 | |||
Cost | [12],[14] | 448 | |||
Fair Value | [12],[14] | 437 | |||
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | 514 | |||
Cost | [12],[14] | (5) | |||
Fair Value | [12],[14] | $ (15) | |||
Percent of Net Assets | (0.00%) | ||||
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First lien 1 | |||||
Spread | 5.50% | [5],[10] | 5.50% | [12],[13] | |
Interest Rate | 11.04% | [5],[10] | 10.23% | [12],[13] | |
Principal Amount, Par Value | $ 19,484 | [5] | $ 19,634 | [12] | |
Cost | 19,295 | [5] | 19,416 | [12] | |
Fair Value | $ 19,387 | [5] | $ 19,074 | [12] | |
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First lien 2 | |||||
Spread | 5.50% | [5],[10] | 5.50% | [12],[13] | |
Interest Rate | 11.04% | [5],[10] | 10.23% | [12],[13] | |
Principal Amount, Par Value | $ 10,371 | [5] | $ 10,450 | [12] | |
Cost | 10,288 | [5] | 10,358 | [12] | |
Fair Value | $ 10,319 | [5] | $ 10,152 | [12] | |
Investment, Identifier [Axis]: Quartz Holding Company, Second Lien | |||||
Spread | 8% | [5],[9],[10] | 8% | [11],[12],[13] | |
Interest Rate | 13.42% | [5],[9],[10] | 12.38% | [11],[12],[13] | |
Principal Amount, Par Value | $ 3,000 | [5],[9] | $ 3,000 | [11],[12] | |
Cost | 2,991 | [5],[9] | 2,989 | [11],[12] | |
Fair Value | $ 3,000 | [5],[9] | $ 2,941 | [11],[12] | |
Percent of Net Assets | 0.35% | [5],[9] | 0.39% | ||
Investment, Identifier [Axis]: RXB Holdings, Inc., First lien | |||||
Spread | [11],[12],[13] | 4.50% | |||
Interest Rate | [11],[12],[13] | 8.72% | |||
Principal Amount, Par Value | [11],[12] | $ 9,850 | |||
Cost | [11],[12] | 9,830 | |||
Fair Value | [11],[12] | $ 9,358 | |||
Percent of Net Assets | 1.23% | ||||
Investment, Identifier [Axis]: RXB Holdings, Inc., First lien 1 | |||||
Spread | [5],[9],[10] | 4.50% | |||
Interest Rate | [5],[9],[10] | 9.95% | |||
Principal Amount, Par Value | [5],[9] | $ 6,302 | |||
Cost | [5],[9] | 6,291 | |||
Fair Value | [5],[9] | $ 6,302 | |||
Investment, Identifier [Axis]: RXB Holdings, Inc., First lien 2 | |||||
Spread | [5],[9],[10] | 5.25% | |||
Interest Rate | [5],[9],[10] | 10.57% | |||
Principal Amount, Par Value | [5],[9] | $ 3,416 | |||
Cost | [5],[9] | 3,334 | |||
Fair Value | [5],[9] | $ 3,416 | |||
Investment, Identifier [Axis]: Radwell Parent, LLC, First lien | |||||
Spread | 6.75% | [5],[10] | 6.75% | [12],[13] | |
Interest Rate | 12.14% | [5],[10] | 11.33% | [12],[13] | |
Principal Amount, Par Value | $ 3,727 | [5] | $ 3,755 | [12] | |
Cost | 3,676 | [5] | 3,699 | [12] | |
Fair Value | $ 3,727 | [5] | $ 3,699 | [12] | |
Percent of Net Assets | 0.49% | ||||
Investment, Identifier [Axis]: Radwell Parent, LLC, First lien - Drawn | |||||
Spread | [5],[6],[10] | 6.75% | |||
Interest Rate | [5],[6],[10] | 12.14% | |||
Principal Amount, Par Value | [5],[6] | $ 56 | |||
Cost | [5],[6] | 56 | |||
Fair Value | [5],[6] | 56 | |||
Investment, Identifier [Axis]: Radwell Parent, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | 225 | [5],[6] | $ 282 | [12],[14] | |
Cost | (3) | [5],[6] | (4) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (2) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: RealPage, Inc., Second Lien | |||||
Spread | 6.50% | [10] | 6.50% | [13] | |
Interest Rate | 11.93% | [10] | 10.88% | [13] | |
Principal Amount, Par Value | $ 13,612 | $ 13,612 | |||
Cost | 13,534 | 13,526 | |||
Fair Value | $ 13,684 | $ 13,153 | |||
Percent of Net Assets | 1.59% | 1.73% | |||
Investment, Identifier [Axis]: Recorded Future, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | $ 1,202 | [5],[6] | $ 1,202 | [12],[14] | |
Cost | (6) | [5],[6] | (8) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (10) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: Recorded Future, Inc., First lien 1 | |||||
Spread | 5.25% | [5],[9],[10] | 5.25% | [11],[12],[13] | |
Interest Rate | 10.69% | [5],[9],[10] | 9.98% | [11],[12],[13] | |
Principal Amount, Par Value | $ 7,369 | [5],[9] | $ 7,425 | [11],[12] | |
Cost | 7,349 | [5],[9] | 7,398 | [11],[12] | |
Fair Value | $ 7,369 | [5],[9] | $ 7,363 | [11],[12] | |
Investment, Identifier [Axis]: Recorded Future, Inc., First lien 2 | |||||
Spread | 5.25% | [5],[9],[10] | 5.25% | [11],[12],[13] | |
Interest Rate | 10.69% | [5],[9],[10] | 9.98% | [11],[12],[13] | |
Principal Amount, Par Value | $ 5,715 | [5],[9] | $ 5,758 | [11],[12] | |
Cost | 5,691 | [5],[9] | 5,726 | [11],[12] | |
Fair Value | $ 5,715 | [5],[9] | $ 5,710 | [11],[12] | |
Investment, Identifier [Axis]: Recorded Future, Inc., First lien 3 | |||||
Spread | 5.25% | [5],[10] | 5.25% | [12],[13] | |
Interest Rate | 10.69% | [5],[10] | 9.98% | [12],[13] | |
Principal Amount, Par Value | $ 4,073 | [5] | $ 4,104 | [12] | |
Cost | 4,044 | [5] | 4,064 | [12] | |
Fair Value | $ 4,073 | [5] | $ 4,070 | [12] | |
Investment, Identifier [Axis]: Recorded Future, Inc., First lien 4 | |||||
Spread | 5.25% | [5],[9],[10] | 5.25% | [11],[12],[13] | |
Interest Rate | 10.69% | [5],[9],[10] | 9.98% | [11],[12],[13] | |
Principal Amount, Par Value | $ 2,473 | [5],[9] | $ 2,492 | [11],[12] | |
Cost | 2,463 | [5],[9] | 2,478 | [11],[12] | |
Fair Value | $ 2,473 | [5],[9] | $ 2,471 | [11],[12] | |
Investment, Identifier [Axis]: Relativity ODA LLC, First lien | |||||
Spread | 6.50% | [5],[10] | 7.50% | [12],[13],[15] | |
Interest Rate | 11.92% | [5],[10] | 11.89% | [12],[13],[15] | |
Principal Amount, Par Value | $ 12,414 | [5] | $ 12,146 | [12] | |
Cost | 12,327 | [5] | 12,044 | [12] | |
Fair Value | $ 12,414 | [5] | $ 12,146 | [12] | |
Percent of Net Assets | 1.44% | [5] | 1.60% | ||
Investment, Identifier [Axis]: Relativity ODA LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | $ 1,061 | [5],[6] | $ 1,061 | [12],[14] | |
Cost | (8) | [5],[6] | (10) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ 0 | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | 0% | ||
Investment, Identifier [Axis]: STATS Intermediate Holdings, LLC, First lien | |||||
Spread | 5.25% | [9],[10],[17] | 5.25% | [8],[11],[13] | |
Interest Rate | 10.89% | [9],[10],[17] | 9.90% | [8],[11],[13] | |
Principal Amount, Par Value | $ 3,901 | [9],[17] | $ 3,932 | [8],[11] | |
Cost | 3,901 | [9],[17] | 3,932 | [8],[11] | |
Fair Value | $ 3,706 | [9],[17] | $ 3,632 | [8],[11] | |
Percent of Net Assets | 0.43% | [9],[17] | 0.48% | ||
Investment, Identifier [Axis]: Safety Borrower Holdings LLC, First lien - Drawn | |||||
Spread | [5],[6],[10] | 4.25% | |||
Interest Rate | [5],[6],[10] | 12.75% | |||
Principal Amount, Par Value | [5],[6] | $ 166 | |||
Cost | [5],[6] | 166 | |||
Fair Value | [5],[6] | 166 | |||
Investment, Identifier [Axis]: Safety Borrower Holdings LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | 166 | [5],[6] | $ 333 | [12],[14] | |
Cost | (1) | [5],[6] | (1) | [12],[14] | |
Fair Value | $ 0 | [5],[6] | $ (5) | [12],[14] | |
Percent of Net Assets | 0% | [5],[6] | (0.00%) | ||
Investment, Identifier [Axis]: Safety Borrower Holdings LLC, First lien 1 | |||||
Spread | 5.25% | [5],[9],[10] | 5.25% | [11],[12],[13] | |
Interest Rate | 10.95% | [5],[9],[10] | 10.41% | [11],[12],[13] | |
Principal Amount, Par Value | $ 3,678 | [5],[9] | $ 3,706 | [11],[12] | |
Cost | 3,665 | [5],[9] | 3,691 | [11],[12] | |
Fair Value | $ 3,678 | [5],[9] | $ 3,645 | [11],[12] | |
Investment, Identifier [Axis]: Safety Borrower Holdings LLC, First lien 2 | |||||
Spread | 5.25% | [5],[10] | 5.25% | [12],[13] | |
Interest Rate | 10.95% | [5],[10] | 10.41% | [12],[13] | |
Principal Amount, Par Value | $ 821 | [5] | $ 828 | [12] | |
Cost | 819 | [5] | 824 | [12] | |
Fair Value | $ 821 | [5] | $ 814 | [12] | |
Investment, Identifier [Axis]: Sierra Enterprises, LLC., First lien | |||||
Spread | [5],[10] | 2.50% | |||
PIK | [5],[10] | 4.25% | |||
Interest Rate | [5],[10] | 12.12% | |||
Principal Amount, Par Value | [5] | $ 9,419 | |||
Cost | [5] | 7,821 | |||
Fair Value | [5] | $ 8,731 | |||
Percent of Net Assets | [5] | 1.02% | |||
Investment, Identifier [Axis]: Snap One Holdings Corp, First lien | |||||
Spread | [9],[10],[17] | 4.50% | |||
Interest Rate | [9],[10],[17] | 10.04% | |||
Principal Amount, Par Value | [9],[17] | $ 11,010 | |||
Cost | [9],[17] | 10,967 | |||
Fair Value | [9],[17] | $ 10,698 | |||
Percent of Net Assets | [9],[17] | 1.24% | |||
Investment, Identifier [Axis]: Snap One Holdings Corp., First lien | |||||
Spread | [11],[13],[17] | 4.50% | |||
Interest Rate | [11],[13],[17] | 8.88% | |||
Principal Amount, Par Value | [11],[17] | $ 11,094 | |||
Cost | [11],[17] | 11,046 | |||
Fair Value | [8],[11],[17] | $ 10,206 | |||
Percent of Net Assets | 1.34% | ||||
Investment, Identifier [Axis]: SpecialtyCare, Inc., First lien | |||||
Spread | [11],[12],[13] | 5.75% | |||
Interest Rate | [11],[12],[13] | 9.49% | |||
Principal Amount, Par Value | [11],[12] | $ 2,861 | |||
Cost | [11],[12] | 2,825 | |||
Fair Value | [11],[12] | $ 2,740 | |||
Investment, Identifier [Axis]: SpecialtyCare, Inc., First lien - Drawn 1 | |||||
Spread | [12],[13],[14] | 4% | |||
Interest Rate | [12],[13],[14] | 8.29% | |||
Principal Amount, Par Value | [12],[14] | $ 85 | |||
Cost | [12],[14] | 85 | |||
Fair Value | [12],[14] | $ 81 | |||
Investment, Identifier [Axis]: SpecialtyCare, Inc., First lien - Drawn 2 | |||||
Spread | [12],[13],[14] | 5.75% | |||
Interest Rate | [12],[13],[14] | 9.76% | |||
Principal Amount, Par Value | [12],[14] | $ 22 | |||
Cost | [12],[14] | 22 | |||
Fair Value | [12],[14] | 21 | |||
Investment, Identifier [Axis]: SpecialtyCare, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 224 | |||
Cost | [5],[6] | (2) | |||
Fair Value | [5],[6] | $ (7) | |||
Percent of Net Assets | [5],[6] | (0.00%) | |||
Investment, Identifier [Axis]: SpecialtyCare, Inc., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | 139 | |||
Cost | [12],[14] | (2) | |||
Fair Value | [12],[14] | (6) | |||
Investment, Identifier [Axis]: SpecialtyCare, Inc., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [12],[14] | 246 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (10) | |||
Investment, Identifier [Axis]: SpecialtyCare, Inc., First lien 1 | |||||
Spread | [5],[9],[10] | 5.75% | |||
Interest Rate | [5],[9],[10] | 11.28% | |||
Principal Amount, Par Value | [5],[9] | $ 2,839 | |||
Cost | [5],[9] | 2,808 | |||
Fair Value | [5],[9] | $ 2,744 | |||
Investment, Identifier [Axis]: SpecialtyCare, Inc., First lien 2 | |||||
Spread | [5],[10] | 5.75% | |||
Interest Rate | [5],[10] | 11.32% | |||
Principal Amount, Par Value | [5] | $ 22 | |||
Cost | [5] | 22 | |||
Fair Value | [5] | 21 | |||
Investment, Identifier [Axis]: Spring Education Group, Inc., First lien | |||||
Spread | [11],[13] | 4% | |||
Interest Rate | [11],[13] | 8.73% | |||
Principal Amount, Par Value | [11] | $ 2,429 | |||
Cost | [11] | 2,046 | |||
Fair Value | [11] | $ 2,380 | |||
Percent of Net Assets | 0.31% | ||||
Investment, Identifier [Axis]: Sun Acquirer Corp., First lien | |||||
Spread | [11],[12],[13] | 5.75% | |||
Interest Rate | [11],[12],[13] | 10.13% | |||
Principal Amount, Par Value | [11],[12] | $ 2,590 | |||
Cost | [11],[12] | 2,571 | |||
Fair Value | [11],[12] | $ 2,547 | |||
Investment, Identifier [Axis]: Sun Acquirer Corp., First lien - Drawn | |||||
Spread | [12],[13],[14] | 5.75% | |||
Interest Rate | [12],[13],[14] | 10.13% | |||
Principal Amount, Par Value | [12],[14] | $ 1,814 | |||
Cost | [12],[14] | 1,794 | |||
Fair Value | [12],[14] | 1,784 | |||
Investment, Identifier [Axis]: Sun Acquirer Corp., First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | 363 | |||
Cost | [5],[6] | (2) | |||
Fair Value | [5],[6] | $ (8) | |||
Percent of Net Assets | [5],[6] | (0.00%) | |||
Investment, Identifier [Axis]: Sun Acquirer Corp., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | 363 | |||
Cost | [12],[14] | (3) | |||
Fair Value | [12],[14] | (6) | |||
Investment, Identifier [Axis]: Sun Acquirer Corp., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [12],[14] | 98 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (2) | |||
Investment, Identifier [Axis]: Sun Acquirer Corp., First lien 1 | |||||
Spread | [5],[9],[10] | 5.75% | |||
Interest Rate | [5],[9],[10] | 11.18% | |||
Principal Amount, Par Value | [5],[9] | $ 2,571 | |||
Cost | [5],[9] | 2,553 | |||
Fair Value | [5],[9] | $ 2,514 | |||
Investment, Identifier [Axis]: Sun Acquirer Corp., First lien 2 | |||||
Spread | [5],[10] | 5.75% | |||
Interest Rate | [5],[10] | 11.18% | |||
Principal Amount, Par Value | [5] | $ 1,816 | |||
Cost | [5] | 1,798 | |||
Fair Value | [5] | $ 1,776 | |||
Investment, Identifier [Axis]: Syndigo LLC First lien 1 | |||||
Spread | [9],[10] | 4.50% | |||
Interest Rate | [9],[10] | 9.93% | |||
Principal Amount, Par Value | [9] | $ 23,562 | |||
Cost | [9] | 23,232 | |||
Fair Value | [9] | $ 22,090 | |||
Investment, Identifier [Axis]: Syndigo LLC First lien 2 | |||||
Spread | [5],[10] | 8% | |||
Interest Rate | [5],[10] | 13.67% | |||
Principal Amount, Par Value | [5] | $ 4,000 | |||
Cost | [5] | 3,977 | |||
Fair Value | [5] | 3,849 | |||
Investment, Identifier [Axis]: Syndigo LLC, First lien | |||||
Spread | [11],[12],[13] | 4.50% | |||
Interest Rate | [11],[12],[13] | 8.84% | |||
Principal Amount, Par Value | [11],[12] | $ 19,650 | |||
Cost | [11],[12] | 19,539 | |||
Fair Value | [11],[12] | $ 19,119 | |||
Investment, Identifier [Axis]: Syndigo LLC, Second Lien | |||||
Spread | [12],[13] | 8% | |||
Interest Rate | [12],[13] | 13.21% | |||
Principal Amount, Par Value | [12] | $ 4,000 | |||
Cost | [12] | 3,981 | |||
Fair Value | [12] | $ 3,745 | |||
Investment, Identifier [Axis]: TMK Hawk Parent Corp., First lien | |||||
Principal Amount, Par Value | [5] | 2,468 | |||
Cost | [5] | 1,913 | |||
Fair Value | [5] | $ 1,787 | |||
Percent of Net Assets | [5] | 0.21% | |||
Investment, Identifier [Axis]: TMK Hawk Parent, Corp., First lien | |||||
Spread | [12],[13] | 3.50% | |||
Interest Rate | [12],[13] | 8.26% | |||
Principal Amount, Par Value | [12] | $ 2,487 | |||
Cost | [12] | 1,566 | |||
Fair Value | [12] | $ 1,617 | |||
Percent of Net Assets | 0.21% | ||||
Investment, Identifier [Axis]: TRC Companies L.L.C. (fka Energize Holdco LLC), Second Lien | |||||
Spread | [11],[12],[13] | 6.75% | |||
Interest Rate | [11],[12],[13] | 11.13% | |||
Principal Amount, Par Value | [11],[12] | $ 10,000 | |||
Cost | [11],[12] | 9,955 | |||
Fair Value | [11],[12] | $ 9,419 | |||
Percent of Net Assets | 1.24% | ||||
Investment, Identifier [Axis]: TRC Companies LLC, Second Lien | |||||
Spread | [5],[9],[10] | 6.75% | |||
Interest Rate | [5],[9],[10] | 12.18% | |||
Principal Amount, Par Value | [5],[9] | $ 10,000 | |||
Cost | [5],[9] | 9,958 | |||
Fair Value | [5],[9] | $ 9,649 | |||
Percent of Net Assets | [5],[9] | 1.12% | |||
Investment, Identifier [Axis]: Tahoe Finco, LLC, First lien | |||||
Spread | 6% | [5],[9],[10],[17] | 6% | [8],[11],[12],[13] | |
Interest Rate | 11.42% | [5],[9],[10],[17] | 10.29% | [8],[11],[12],[13] | |
Principal Amount, Par Value | $ 23,010 | [5],[9],[17] | $ 23,010 | [8],[11],[12] | |
Cost | 22,832 | [5],[9],[17] | 22,813 | [8],[11],[12] | |
Fair Value | $ 23,010 | [5],[9],[17] | $ 22,639 | [8],[11],[12] | |
Percent of Net Assets | 2.68% | [5],[9],[17] | 2.98% | [8],[11],[12] | |
Investment, Identifier [Axis]: Tahoe Finco, LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | $ 1,726 | [5],[6],[17] | $ 1,726 | [12],[14] | |
Cost | (12) | [5],[6],[17] | (14) | [12],[14] | |
Fair Value | $ 0 | [5],[6],[17] | $ (28) | [8],[12],[14] | |
Percent of Net Assets | 0% | [5],[6],[17] | (0.00%) | ||
Investment, Identifier [Axis]: Therapy Brands Holdings LLC, Second Lien | |||||
Spread | 6.75% | [5],[9],[10] | 6.75% | [11],[12],[13] | |
Interest Rate | 12.18% | [5],[9],[10] | 11.10% | [11],[12],[13] | |
Principal Amount, Par Value | $ 6,000 | [5],[9] | $ 6,000 | [11],[12] | |
Cost | 5,970 | [5],[9] | 5,967 | [11],[12] | |
Fair Value | $ 5,716 | [5],[9] | $ 5,784 | [11],[12] | |
Percent of Net Assets | 0.66% | [5] | 0.76% | ||
Investment, Identifier [Axis]: Thermostat Purchaser III, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | $ 3,145 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (107) | |||
Percent of Net Assets | (0.02%) | ||||
Investment, Identifier [Axis]: Thermostat Purchaser III, Inc., First lien 1 | |||||
Spread | 4.50% | [5],[9],[10] | 4.50% | [11],[12],[13] | |
Interest Rate | 10.07% | [5],[9],[10] | 9.23% | [11],[12],[13] | |
Principal Amount, Par Value | $ 18,713 | [5],[9] | $ 18,856 | [11],[12] | |
Cost | 18,677 | [5],[9] | 18,816 | [11],[12] | |
Fair Value | $ 18,535 | [5],[9] | $ 18,216 | [11],[12] | |
Investment, Identifier [Axis]: Thermostat Purchaser III, Inc., First lien 2 | |||||
Spread | 4.50% | [5],[10] | 4.50% | [12],[13] | |
Interest Rate | 10.07% | [5],[10] | 9.23% | [12],[13] | |
Principal Amount, Par Value | $ 3,366 | [5] | $ 1,297 | [12] | |
Cost | 3,356 | [5] | 1,292 | [12] | |
Fair Value | $ 3,334 | [5] | $ 1,253 | [12] | |
Investment, Identifier [Axis]: TigerConnect, Inc., First lien | |||||
Spread | 3.38% | [5],[9],[10] | 3.63% | [11],[12],[13],[15] | |
PIK | 3.38% | [5],[9],[10] | 3.63% | [11],[12],[13],[15] | |
Interest Rate | 12.27% | [5],[9],[10] | 11.49% | [11],[12],[13],[15] | |
Principal Amount, Par Value | $ 4,223 | [5],[9] | $ 4,223 | [11],[12] | |
Cost | 4,190 | [5],[9] | 4,185 | [11],[12] | |
Fair Value | $ 4,158 | [5],[9] | $ 4,121 | [11],[12] | |
Investment, Identifier [Axis]: TigerConnect, Inc., First lien - Drawn | |||||
Spread | 3.38% | [5],[6],[9],[10] | 3.63% | [11],[12],[13],[14],[15] | |
PIK | 3.38% | [5],[6],[9],[10] | 3.63% | [11],[12],[13],[14],[15] | |
Interest Rate | 12.27% | [5],[6],[9],[10] | 11.49% | [11],[12],[13],[14],[15] | |
Principal Amount, Par Value | $ 154 | [5],[6],[9] | $ 39 | [11],[12],[14] | |
Cost | 154 | [5],[6],[9] | 39 | [11],[12],[14] | |
Fair Value | 151 | [5],[6],[9] | 38 | [11],[12],[14] | |
Investment, Identifier [Axis]: TigerConnect, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | 603 | |||
Cost | [12],[14] | (5) | |||
Fair Value | [12],[14] | (14) | |||
Investment, Identifier [Axis]: TigerConnect, Inc., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | 163 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | (2) | |||
Investment, Identifier [Axis]: TigerConnect, Inc., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 603 | |||
Cost | [5],[6] | (4) | |||
Fair Value | [5],[6] | $ (9) | |||
Investment, Identifier [Axis]: TigerConnect, Inc., First lien 3 | |||||
Principal Amount, Par Value | [11],[12],[14] | 135 | |||
Cost | [11],[12],[14] | 0 | |||
Fair Value | [11],[12],[14] | $ (3) | |||
Investment, Identifier [Axis]: Trident Bidco Limited, First lien 1 | |||||
Spread | [8],[11],[12],[13] | 5.25% | |||
Interest Rate | [8],[11],[12],[13] | 9.07% | |||
Principal Amount, Par Value | [8],[11],[12] | $ 10,668 | |||
Cost | [8],[11],[12] | 10,569 | |||
Fair Value | [8],[11],[12] | $ 10,437 | |||
Investment, Identifier [Axis]: Trident Bidco Limited, First lien 2 | |||||
Spread | 3.50% | [5],[10] | 5.25% | [8],[11],[12],[13] | |
Interest Rate | 9.17% | [5],[10] | 9.07% | [8],[11],[12],[13] | |
Principal Amount, Par Value | [8],[11],[12] | $ 1,906 | |||
Cost | [8],[11],[12] | 1,889 | |||
Fair Value | [8],[11],[12] | $ 1,866 | |||
Investment, Identifier [Axis]: Trinity Air Consultants Holding Corporation, First lien | |||||
Spread | [5],[9],[10] | 5.25% | |||
Interest Rate | [5],[9],[10] | 10.62% | |||
Principal Amount, Par Value | [5],[9] | $ 4,966 | |||
Cost | [5],[9] | 4,932 | |||
Fair Value | [5],[9] | $ 4,966 | |||
Investment, Identifier [Axis]: Trinity Air Consultants Holding Corporation, First lien - Drawn | |||||
Spread | [5],[6],[10] | 5.75% | |||
Interest Rate | [5],[6],[10] | 11.27% | |||
Principal Amount, Par Value | [5],[6] | $ 999 | |||
Cost | [5],[6] | 992 | |||
Fair Value | [5],[6] | 999 | |||
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First lien | |||||
Spread | [11],[12],[13] | 5.25% | |||
Interest Rate | [11],[12],[13] | 10.18% | |||
Principal Amount, Par Value | [11],[12] | $ 4,966 | |||
Cost | [11],[12] | 4,926 | |||
Fair Value | [11],[12] | $ 4,926 | |||
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First lien - Drawn | |||||
Spread | [12],[13],[14] | 5.25% | |||
Interest Rate | [12],[13],[14] | 9.40% | |||
Principal Amount, Par Value | [12],[14] | $ 933 | |||
Cost | [12],[14] | 925 | |||
Fair Value | [12],[14] | 925 | |||
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | 696 | [5],[6] | 484 | [12],[14] | |
Cost | 0 | [5],[6] | (4) | [12],[14] | |
Fair Value | 0 | [5],[6] | (4) | [12],[14] | |
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | 485 | [5],[6] | 763 | [12],[14] | |
Cost | (3) | [5],[6] | 0 | [12],[14] | |
Fair Value | $ 0 | [5],[6] | (6) | [12],[14] | |
Investment, Identifier [Axis]: USRP Holdings, Inc., First lien - Drawn | |||||
Spread | [5],[6],[10] | 5.75% | |||
Interest Rate | [5],[6],[10] | 11.29% | |||
Principal Amount, Par Value | [5],[6] | $ 218 | |||
Cost | [5],[6] | 237 | |||
Fair Value | [5],[6] | 218 | |||
Investment, Identifier [Axis]: USRP Holdings, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | 288 | |||
Cost | [12],[14] | (2) | |||
Fair Value | [12],[14] | $ (9) | |||
Percent of Net Assets | (0.00%) | ||||
Investment, Identifier [Axis]: USRP Holdings, Inc., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | 1,293 | |||
Cost | [5],[6] | (23) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: USRP Holdings, Inc., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | $ 288 | |||
Cost | [5],[6] | (2) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: USRP Holdings, Inc., First lien 1 | |||||
Spread | 5.75% | [5],[9],[10] | 5.50% | [11],[12],[13] | |
Interest Rate | 11.29% | [5],[9],[10] | 10.23% | [11],[12],[13] | |
Principal Amount, Par Value | $ 3,624 | [5],[9] | $ 3,652 | [11],[12] | |
Cost | 3,599 | [5],[9] | 3,623 | [11],[12] | |
Fair Value | $ 3,624 | [5],[9] | $ 3,533 | [11],[12] | |
Investment, Identifier [Axis]: USRP Holdings, Inc., First lien 2 | |||||
Spread | 5.75% | [5],[10] | 5.50% | [12],[13] | |
Interest Rate | 11.29% | [5],[10] | 10.23% | [12],[13] | |
Principal Amount, Par Value | $ 472 | [5] | $ 475 | [12] | |
Cost | 469 | [5] | 472 | [12] | |
Fair Value | $ 472 | [5] | $ 460 | [12] | |
Investment, Identifier [Axis]: Vectra Co., First lien | |||||
Spread | [11],[13] | 3.25% | |||
Interest Rate | [11],[13] | 7.63% | |||
Principal Amount, Par Value | [11] | $ 1,366 | |||
Cost | [11] | 1,248 | |||
Fair Value | [11] | $ 1,087 | |||
Percent of Net Assets | 0.14% | ||||
Investment, Identifier [Axis]: Veectra Co., First lien | |||||
Spread | [9],[10] | 3.25% | |||
Interest Rate | [9],[10] | 8.68% | |||
Principal Amount, Par Value | [9] | $ 1,355 | |||
Cost | [9] | 1,276 | |||
Fair Value | [9] | $ 1,355 | |||
Percent of Net Assets | [9] | 0.16% | |||
Investment, Identifier [Axis]: VetCor Professional Practices LLC, First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 5,964 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: Virtusa Corporation, Subordinated | |||||
Spread | 7.13% | [10] | 7.13% | [13] | |
Interest Rate | 7.13% | [10] | 7.13% | [13] | |
Principal Amount, Par Value | $ 1,370 | $ 1,370 | |||
Cost | 1,073 | 1,044 | |||
Fair Value | $ 1,108 | $ 1,046 | |||
Percent of Net Assets | 0.13% | 0.14% | |||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC), First lien - Drawn | |||||
Spread | 5.75% | [5],[6],[10] | 6% | [12],[13],[14] | |
Interest Rate | 10.72% | [5],[6],[10] | 10.41% | [12],[13],[14] | |
Principal Amount, Par Value | $ 1,898 | [5],[6] | $ 1,275 | [12],[14] | |
Cost | 1,895 | [5],[6] | 1,272 | [12],[14] | |
Fair Value | $ 1,898 | [5],[6] | 1,267 | [12],[14] | |
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC), First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [12],[14] | 1,420 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | (9) | |||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC), First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [12],[14] | 516 | |||
Cost | [12],[14] | (1) | |||
Fair Value | [12],[14] | $ (3) | |||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC), First lien 1 | |||||
Spread | 5.75% | [5],[10] | 6% | [12],[13] | |
Interest Rate | 11.26% | [5],[10] | 9.41% | [12],[13] | |
Principal Amount, Par Value | $ 18,350 | [5] | $ 18,491 | [12] | |
Cost | 18,262 | [5] | 18,390 | [12] | |
Fair Value | $ 18,350 | [5] | $ 18,373 | [12] | |
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC), First lien 2 | |||||
Spread | 5.75% | [5],[10] | 6% | [12],[13] | |
Interest Rate | 10.78% | [5],[10] | 10.46% | [12],[13] | |
Principal Amount, Par Value | $ 5,850 | [5] | $ 4,960 | [12] | |
Cost | 5,839 | [5] | 4,941 | [12] | |
Fair Value | $ 5,850 | [5] | $ 4,928 | [12] | |
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC (fka TA/WEG Holdings, LLC), First lien 3 | |||||
Spread | 5.75% | [5],[10] | 6% | [12],[13] | |
Interest Rate | 10.67% | [5],[10] | 10% | [12],[13] | |
Principal Amount, Par Value | $ 4,923 | [5] | $ 5,894 | [12] | |
Cost | 4,906 | [5] | 5,882 | [12] | |
Fair Value | 4,923 | [5] | $ 5,857 | [12] | |
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | 788 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | 0 | |||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 516 | |||
Cost | [5],[6] | (1) | |||
Fair Value | [5],[6] | $ 0 | |||
Investment, Identifier [Axis]: Xactly Corporation, First lien | |||||
Spread | 7.25% | [5],[10] | 7.25% | [12],[13] | |
Interest Rate | 12.77% | [5],[10] | 11.99% | [12],[13] | |
Principal Amount, Par Value | $ 9,449 | [5] | $ 9,449 | [12] | |
Cost | 9,244 | [5] | 9,351 | [12] | |
Fair Value | $ 9,449 | [5] | $ 9,449 | [12] | |
Percent of Net Assets | [5] | 1.10% | |||
Investment, Identifier [Axis]: Xactly Corporation, First lien - Drawn | |||||
Spread | [12],[13],[14] | 7.25% | |||
Interest Rate | [12],[13],[14] | 11.70% | |||
Principal Amount, Par Value | [12],[14] | $ 551 | |||
Cost | [12],[14] | 545 | |||
Fair Value | [12],[14] | $ 551 | |||
Investment, Identifier [Axis]: Xactly Corporation, First lien - Undrawn | |||||
Principal Amount, Par Value | [5],[6] | $ 551 | |||
Cost | [5],[6] | (10) | |||
Fair Value | [5],[6] | $ 0 | |||
Percent of Net Assets | [5],[6] | 0% | |||
Investment, Identifier [Axis]: YLG Holdings, Inc., First lien - Drawn | |||||
Spread | 5% | [5],[6],[10] | 5% | [12],[13],[14] | |
Interest Rate | 10.48% | [5],[6],[10] | 9.90% | [12],[13],[14] | |
Principal Amount, Par Value | $ 3,723 | [5],[6] | $ 1,531 | [12],[14] | |
Cost | 3,707 | [5],[6] | 1,517 | [12],[14] | |
Fair Value | $ 3,688 | [5],[6] | $ 1,491 | [12],[14] | |
Percent of Net Assets | 0.43% | [5],[6] | 0.20% | ||
Investment, Identifier [Axis]: YLG Holdings, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | $ 4,901 | |||
Cost | [12],[14] | 0 | |||
Fair Value | [12],[14] | $ (128) | |||
Percent of Net Assets | (0.02%) | ||||
Investment, Identifier [Axis]: YLG Holdings, Inc., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | $ 13 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | 0 | |||
Investment, Identifier [Axis]: YLG Holdings, Inc., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 2,678 | |||
Cost | [5],[6] | (9) | |||
Fair Value | [5],[6] | $ (26) | |||
Investment, Identifier [Axis]: Zone Climate Services, Inc., First lien | |||||
Spread | [11],[12],[13] | 4.75% | |||
Interest Rate | [11],[12],[13] | 8.62% | |||
Principal Amount, Par Value | [11],[12] | $ 27,963 | |||
Cost | [11],[12] | 27,709 | |||
Fair Value | [11],[12] | $ 27,516 | |||
Investment, Identifier [Axis]: Zone Climate Services, Inc., First lien | |||||
Spread | [5],[9],[10] | 4.75% | |||
Interest Rate | [5],[9],[10] | 10.23% | |||
Principal Amount, Par Value | [5],[9] | $ 27,752 | |||
Cost | [5],[9] | 27,524 | |||
Fair Value | [5],[9] | $ 27,691 | |||
Investment, Identifier [Axis]: Zone Climate Services, Inc., First lien - Drawn | |||||
Spread | 3.75% | [5],[6],[10] | 4.75% | [12],[13],[14] | |
Interest Rate | 11.39% | [5],[6],[10] | 9.47% | [12],[13],[14] | |
Principal Amount, Par Value | $ 3,551 | [5],[6] | $ 1,795 | [12],[14] | |
Cost | 3,528 | [5],[6] | 1,784 | [12],[14] | |
Fair Value | 3,543 | [5],[6] | 1,767 | [12],[14] | |
Investment, Identifier [Axis]: Zone Climate Services, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | 846 | [5],[6] | 2,601 | [12],[14] | |
Cost | (8) | [5],[6] | (27) | [12],[14] | |
Fair Value | $ (2) | [5],[6] | $ (42) | [12],[14] | |
Percent of Net Assets | (0.00%) | [5],[6] | (0.01%) | ||
Investment, Identifier [Axis]: eResearchTechnology, Inc., First lien | |||||
Spread | 4.50% | [9],[10] | 4.50% | [11],[13] | |
Interest Rate | 9.93% | [9],[10] | 8.88% | [11],[13] | |
Principal Amount, Par Value | $ 4,874 | [9] | $ 4,912 | [11] | |
Cost | 4,874 | [9] | 4,912 | [11] | |
Fair Value | $ 4,787 | [9] | $ 4,363 | [11] | |
Percent of Net Assets | 0.56% | [9] | 0.57% | ||
Investment, Identifier [Axis]: iCIMS, Inc. First lien Drawn | |||||
Spread | [6],[10] | 6.75% | |||
Interest Rate | [6],[10] | 12.14% | |||
Principal Amount, Par Value | [6] | $ 312 | |||
Cost | [6] | 313 | |||
Fair Value | [6] | $ 309 | |||
Investment, Identifier [Axis]: iCIMS, Inc. First lien 1 | |||||
Spread | [9],[10],[16] | 3.38% | |||
PIK | [9],[10],[16] | 3.88% | |||
Interest Rate | [9],[10],[16] | 12.63% | |||
Principal Amount, Par Value | [9],[16] | $ 20,229 | |||
Cost | [9],[16] | 20,085 | |||
Fair Value | [9],[16] | $ 20,027 | |||
Investment, Identifier [Axis]: iCIMS, Inc. First lien 2 | |||||
Spread | [10] | 7.25% | |||
Interest Rate | [10] | 12.63% | |||
Principal Amount, Par Value | $ 5,126 | ||||
Cost | 5,086 | ||||
Fair Value | 5,074 | ||||
Investment, Identifier [Axis]: iCIMS, Inc., First lien - Undrawn | |||||
Principal Amount, Par Value | [12],[14] | $ 1,870 | |||
Cost | [12],[14] | (15) | |||
Fair Value | [12],[14] | $ (16) | |||
Investment, Identifier [Axis]: iCIMS, Inc., First lien 1 | |||||
Spread | [11],[12],[13],[15] | 3.38% | |||
PIK | [11],[12],[13],[15] | 3.88% | |||
Interest Rate | [11],[12],[13],[15] | 11.52% | |||
Principal Amount, Par Value | [11],[12] | $ 19,638 | |||
Cost | [11],[12] | 19,474 | |||
Fair Value | [11],[12] | $ 19,467 | |||
Investment, Identifier [Axis]: iCIMS, Inc., First lien 2 | |||||
Spread | [12],[13] | 7.25% | |||
Interest Rate | [12],[13] | 11.52% | |||
Principal Amount, Par Value | [12] | $ 5,126 | |||
Cost | [12] | 5,082 | |||
Fair Value | [12] | 5,087 | |||
Investment, Identifier [Axis]: iCIMS, Inc., First lien 3 | |||||
Principal Amount, Par Value | [11],[12],[14] | 5,216 | |||
Cost | [11],[12],[14] | 0 | |||
Fair Value | [11],[12],[14] | $ 0 | |||
Investment, Identifier [Axis]: iCIMS, Inc.., First lien - Undrawn 1 | |||||
Principal Amount, Par Value | [5],[6] | 4,625 | |||
Cost | [5],[6] | 0 | |||
Fair Value | [5],[6] | 0 | |||
Investment, Identifier [Axis]: iCIMS, Inc.., First lien - Undrawn 2 | |||||
Principal Amount, Par Value | [5],[6] | 1,558 | |||
Cost | [5],[6] | (14) | |||
Fair Value | [5],[6] | $ (16) | |||
[1]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[3]As of September 30, 2023, equity and other investments made up less than 0.01% of total investments.[4]As of December 31, 2022, equity and other investments made up less than 0.01% of total investments.[5] The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details. Investment is pledged as collateral for the Wells Credit Facility, a revolving credit facility among New Mountain Finance Advisers BDC, L.L.C. (the "Adviser") as collateral manager, NMF SLF I SPV, L.L.C. ("SLF I SPV") as the borrower, the Company as equityholder and seller, Wells Fargo Bank, National Association as the administrative agent and collateral custodian, and each of the lenders from time to time party thereto. See Note 6. Borrowings , for details. Investment is pledged as collateral for the Wells Credit Facility, a revolving credit facility among the Investment Adviser as collateral manager, NMF SLF I SPV, L.L.C. ("SLF I SPV") as the borrower, the Company as equityholder and seller, Wells Fargo Bank, National Association as the administrative agent, and collateral custodian and each of the lenders from time to time thereto. See Note 6. Borrowings , for details. The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details. . Summary of Significant Accounting Policies—Revenue Recognition for details. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - investment | Sep. 30, 2023 | Dec. 31, 2022 |
Investments at fair value that are non-qualifying assets as a percentage of total assets | 5.11% | 5.25% |
Investment, Identifier [Axis]: Pioneer Buyer I, LLC, First lien | ||
Number of investments held | 2 |
Formation and Business Purpose
Formation and Business Purpose | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Formation and Business Purpose | Formation and Business Purpose NMF SLF I, Inc. (the "Company") is a Maryland corporation formed on January 23, 2019. The Company is a 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"). The Company has elected to be treated for U.S. federal income tax purposes, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). New Mountain Finance Advisers BDC, L.L.C. (the “Investment Adviser”) is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $45 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator”), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company conducted a private offering (the "Private Offering") 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 common stock pursuant to a subscription agreement entered into with the Company (a "Subscription Agreement"). The Company commenced its loan origination and investment activities on the date it issued shares to persons not affiliated with the Investment Adviser, which occurred on February 18, 2020 (the "Initial Closing Date"). The Company may conduct subsequent closings at times during its investment period (the "Investment Period"), which commenced on the Initial Closing Date and initially continued until September 30, 2023, subject to automatic extensions thereafter, each for an additional one year period, unless the holders of a majority of the Company's outstanding common stock elect to forego any such extension upon not less than ninety days prior written notice. Effective September 30, 2023, the Investment Period was automatically extended for an additional one year period to September 30, 2024. Each investor will be required to make capital contributions to purchase the Company's common stock each time a drawdown notice is issued based on such investor's Capital Commitment. Pursuant to the Subscription Agreement entered into with each investor, the Company shall commence the wind up of operations two years following the expiration of the Investment Period, subject to additional extensions, each for an additional one year period, upon approval of the holders of a majority of the Company's then outstanding common stock. On December 9, 2020, the Company established NMF SLF I SPV, L.L.C. ("SLF I SPV") as a wholly-owned direct subsidiary, whose assets are used to secure SLF I SPV's credit facility. On October 6, 2022, the Company established NMF SLF I Opportunistic SPV, L.L.C. ("SLF I Opportunistic SPV") as a wholly-owned direct subsidiary. As of September 30, 2023 and December 31, 2022, there were no assets held by SLF I Opportunistic SPV. The company is focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company’s differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital. The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies, defined by those businesses with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams. Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of accounting —The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services — Investment Companies ("ASC 946"). The Company consolidates its wholly-owned direct subsidiary SLF I SPV. The Company's consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. The Company's consolidated financial statements have eliminated all intercompany transactions. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements. The Company's consolidated interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company's consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023. Investments —The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Consolidated Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Consolidated Statements of Operations as "Net realized gains (losses) on investments". The Company's underlying assets are considered, for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any regulations promulgated thereunder, and Section 4975 of the Code, to be assets of certain employee benefit plans and other plans that purchase shares. Under such circumstances, the Company's investments and the activities of the Investment Adviser are subject to and, in certain cases, limited by, such laws. The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Because (i) "benefit plan investors", as defined in Section 3(42) of ERISA ("Benefit Plan Investors"), hold 25% or more of the Company's outstanding shares, and (ii) the Company's shares are not listed on a national securities exchange, an unaffiliated third-party ("Sub-Administrator") has been engaged to independently value the Company's investments, in consultation with the Investment Adviser. The Company's quarterly valuation procedures, which are the procedures that will be followed by such Sub-Administrator, are set forth in more detail below: (1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. (2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. a. Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Sub-Administrator is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and b. For investments other than bonds, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, look at the number of quotes readily available and perform the following procedures: i. Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If an IHS Markit Ltd. quote differs from the Refinitiv (formerly known as Thomson Reuters) quote by +/- 5% or if the spread between the bid and ask for a quote is greater than 10%, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value; and ii. Investments for which one quote is received from a pricing service are validated by the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser. The personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Sub-Administrator will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser, is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). (3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: a. Each portfolio company or investment is initially valued by the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser responsible for the credit monitoring; and b. Preliminary valuation conclusions will then be documented and discussed with the Company's senior management. For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded. The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material. In the event Benefit Plan Investors do not hold 25% or more of the Company's outstanding shares, or the Company's shares are listed on a national securities exchange, then (i) personnel of the Investment Adviser will undertake the roles to be performed by the personnel of the Sub-Administrator, as described above and (ii) if an investment falls into category (3) above for four consecutive quarters and the investment's par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors. See Note 3. Investments , for further discussion relating to investments. Cash and cash equivalents —Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, 2023 and December 31, 2022. Revenue recognition Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method. Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2023, the Company recognized PIK interest from investments of $1,663 and $4,366, respectively. For the three and nine months ended September 30, 2022, the Company recognized PIK interest from investments of $1,039 and $2,727, respectively. Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, 2023 and December 31, 2022, no investments were on non-accrual status. Fee income: Fee income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned. Interest and other financing expenses —Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. Borrowings , for details. Deferred financing costs —The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. Borrowings , for details. Organizational expenses —Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company. All such amounts are expensed as incurred in the Consolidated Statements of Operations. Any organizational and offering expenses paid by the Company in excess of $1,000 will be borne by the Investment Adviser and cannot be recouped by the Investment Adviser. Income taxes —The Company has elected to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code and intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders. To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. Earnings per share —The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares, and its related net impact to net assets accounted for, and the additional shares were dilutive. Distributions —Distributions to the Company's stockholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its stockholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a semi-annual basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment. The Company has adopted a dividend reinvestment plan (as amended from time to time, the "DRIP"), that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash. The Company applies the following in implementing the DRIP. The Company shall use only newly-issued shares of its common stock to implement the DRIP. The number of shares to be issued to a stockholder that has not elected to have its distributions in cash shall be determined by dividing the total dollar amount of the distribution payable to such participant by the net asset value per share as of the last day of the Company’s fiscal quarter immediately preceding the date such distribution was declared (the "Reference NAV"); provided that in the event a distribution is declared on the last day of a fiscal quarter, the Reference NAV shall be deemed to be the net asset value per share as of such day. On August 16, 2022, the Company's board of directors amended and restated the DRIP, effective as of September 18, 2022 (the "Amendment"). The Amendment clarifies that by "opting out" a stockholder may elect to receive some or all of their dividends or distributions in cash. Additionally, the notice requirement for stockholders to withdraw or modify their elections under the DRIP was amended such that a stockholder must notify the Company's transfer agent and registrar of any changes to their election no later than the day before the start of the quarterly period for which the stockholder desires to receive some or all of the dividend or distribution in cash. For the three and nine months ended September 30, 2023, the Company issued 4,748,390 and 8,631,890 shares through the DRIP, respectively. For the three and nine months ended September 30, 2022, the Company issued 3,022,333 and 6,010,548 shares through the DRIP, respectively. Use of estimates —The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of Investments [Abstract] | |
Investments | Investments At September 30, 2023, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 1,176,950 $ 1,170,647 Second lien 59,082 58,610 Subordinated 1,074 1,109 Equity and other(1) — — Total investments $ 1,237,106 $ 1,230,366 (1) As of September 30, 2023, total cost and fair value of equity and other investments were each less than $1 thousand. Investment Cost and Fair Value by Industry Cost Fair Value Software $ 481,718 $ 479,989 Business Services 287,753 288,872 Healthcare 194,370 190,194 Financial Services 93,677 93,833 Consumer Services 42,861 42,507 Education 30,003 29,632 Information Technology 22,820 23,010 Distribution & Logistics 22,375 22,048 Consumer Products 22,693 20,813 Packaging 17,183 17,088 Specialty Chemicals & Materials 12,556 12,294 Food & Beverage 7,821 8,731 Business Products 1,276 1,355 Total investments $ 1,237,106 $ 1,230,366 At December 31, 2022, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 1,130,840 $ 1,115,219 Second lien 59,361 57,133 Subordinated 1,045 1,047 Equity and other(1) — — Total investments $ 1,191,246 $ 1,173,399 (1) As of December 31, 2022, total cost and fair value of equity and other investments were each less than $1 thousand. Investment Cost and Fair Value by Industry Cost Fair Value Software $ 480,494 $ 476,479 Business Services 262,842 259,347 Healthcare 201,974 196,864 Financial Services 91,188 89,468 Consumer Services 37,831 37,307 Consumer Products 23,030 22,759 Information Technology 22,799 22,611 Distribution & Logistics 22,437 21,670 Education 17,847 17,197 Packaging 17,290 16,937 Specialty Chemicals & Materials 12,266 11,673 Business Products 1,248 1,087 Total investments $ 1,191,246 $ 1,173,399 As of September 30, 2023, the Company had unfunded commitments on revolving credit facilities of $59,218 and no unfunded commitments on bridge facilities. As of September 30, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $51,654. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedule of Investments as of September 30, 2023. As of December 31, 2022, the Company had unfunded commitments on revolving credit facilities of $56,169 and no unfunded commitments on bridge facilities. As of December 31, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $71,683. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedule of Investments as of December 31, 2022. Investment Risk Factors —First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt. The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows: Level I —Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level II —Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); • Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and • Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level III —Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs. The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period. The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of September 30, 2023: Total Level I Level II Level III First lien $ 1,170,647 $ — $ 61,819 $ 1,108,828 Second lien 58,610 — 16,068 42,542 Subordinated 1,109 — 1,108 1 Equity and other(1) — — — — Total investments $ 1,230,366 $ — $ 78,995 $ 1,151,371 (1) As of September 30, 2023, fair value of equity and other investments was less than $1 thousand. The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of December 31, 2022: Total Level I Level II Level III First lien $ 1,115,219 $ — $ 48,157 $ 1,067,062 Second lien 57,133 — 13,153 43,980 Subordinated 1,047 — 1,046 1 Equity and other(1) — — — — Total investments $ 1,173,399 $ — $ 62,356 $ 1,111,043 (1) As of December 31, 2022, fair value of equity and other investments was less than $1 thousand. The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: Total First Lien Second Lien Subordinated Equity and other Fair value, June 30, 2023 (1) $ 1,152,962 $ 1,106,195 $ 46,766 $ 1 $ — Total gains or losses included in earnings: Net realized gains on investments 72 72 — — — Net change in unrealized appreciation 4,859 4,308 551 — — Purchases, including capitalized PIK and revolver fundings 45,591 45,591 — — — Proceeds from sales and paydowns of investments (35,913) (33,413) (2,500) — — Transfers into Level III (2) 7,284 7,284 — — — Transfers out of Level III (2) (23,484) (21,209) (2,275) — — Fair value, September 30, 2023 (1) $ 1,151,371 $ 1,108,828 $ 42,542 $ 1 $ — Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 4,539 $ 3,987 552 — — (1) As of June 30, 2023 and September 30, 2023, fair value of equity and other investments was less than $1 thousand. (2) As of September 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022: Total First Lien Second Lien Subordinated Equity and other Fair value, June 30, 2022 (1) $ 1,081,190 $ 1,037,289 $ 43,901 $ — $ — Total gains or losses included in earnings: Net realized losses on investments (119) (119) — — — Net change in unrealized depreciation (5,639) (5,129) (510) — — Purchases, including capitalized PIK and revolver fundings 75,252 70,104 5,147 1 — Proceeds from sales and paydowns of investments (66,085) (57,315) (8,770) — — Transfers into Level III (2) 21,522 18,597 2,925 — — Transfers out of Level III (2) (21,103) (21,103) — — — Fair value, September 30, 2022 (1) $ 1,085,018 $ 1,042,324 $ 42,693 $ 1 $ — Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ (5,807) $ (5,132) $ (675) $ — $ — (1) As of June 30, 2022 and September 30, 2022, fair value of equity and other investments was less than $1 thousand. (2) As of September 30, 2022, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: Total First Lien Second Lien Subordinated Equity and other Fair value, December 31, 2022 (1) $ 1,111,043 $ 1,067,062 $ 43,980 $ 1 $ — Total gains or losses included in earnings: Net realized gains on investments 61 61 — — — Net change in unrealized appreciation 9,455 8,393 1,062 — — Purchases, including capitalized PIK and revolver fundings 118,739 118,739 — — — Proceeds from sales and paydowns of investments (59,828) (57,328) (2,500) — — Transfers into Level III (2) 1,087 1,087 — — — Transfers out of Level III (2) (29,186) (29,186) — — — Fair value, September 30, 2023 (1) $ 1,151,371 $ 1,108,828 $ 42,542 $ 1 $ — Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 9,069 $ 8,098 $ 971 $ — $ — (1) As of December 31, 2022 and September 30, 2023, fair value of equity and other investments was less than $1 thousand. (2) As of September 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022: Total First Lien Second Lien Subordinated Equity and other Fair value, December 31, 2021(1) $ 903,911 $ 867,102 $ 36,809 $ — $ — Total gains or losses included in earnings: Net realized losses on investments (726) (726) — — — Net change in unrealized depreciation (9,255) (7,921) (1,334) — — Purchases, including capitalized PIK and revolver fundings 278,068 268,567 9,500 1 — Proceeds from sales and paydowns of investments (141,478) (132,708) (8,770) — — Transfers into Level III (2) 54,498 48,010 6,488 — — Fair value, September 30, 2022(1) $ 1,085,018 $ 1,042,324 $ 42,693 $ 1 $ — Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ (9,850) $ (8,342) $ (1,508) $ — $ — (1) As of December 31, 2021 and September 30, 2022, fair value of equity and other investments was less than $1 thousand. (2) As of September 30, 2022, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. Except as noted in the tables above, there were no transfers into or out of Level I, II, or III during the three and nine months ended September 30, 2023 and September 30, 2022. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date, and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies. The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered: Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus the prior year and budgeted results, including, but not limited to, factors affecting its revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company within its customer or vendor base, or within the industry or the macroeconomic environment generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation. For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company's debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company's debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment. Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of September 30, 2023 and December 31, 2022, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved. Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of September 30, 2023 and December 31, 2022, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies. The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2023 were as follows: Range Type Fair Value as of September 30, 2023 Approach Unobservable Input Low High Weighted First lien $ 1,043,928 Market & income approach EBITDA multiple 5.0x 70.0x 17.9x Revenue multiple 4.0x 19.5x 9.7x Discount rate 8.6 % 25.4 % 11.2 % 22,090 Market quote Broker quote N/A N/A N/A 42,810 Other N/A (2) N/A N/A N/A Second lien 24,998 Market & income approach EBITDA multiple 15.0x 20.0x 17.3x Discount rate 10.3 % 13.2 % 12.0 % 17,544 Other N/A (2) N/A N/A N/A Subordinated 1 Market & income approach EBITDA multiple 19.0x 24.5x 21.8x Discount rate 13.3 % 13.3 % 13.3 % Equity and other (3) — Market & income approach Revenue multiple 20.1x 20.1x 20.1x $ 1,151,371 (1) Unobservable inputs were weighed by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. (3) As of September 30, 2023, fair value of equity and other investments was less than $1 thousand. The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2022 were as follows: Range Type Fair Value as of December 31, 2022 Approach Unobservable Input Low High Weighted First lien $ 1,060,036 Market & income approach EBITDA multiple 8.7x 70.0x 18.9x Revenue multiple 5.0x 19.5x 9.8x Discount rate 8.3 % 29.4 % 10.5 % 7,026 Other N/A (2) N/A N/A N/A Second lien 43,980 Market & income approach EBITDA multiple 14.0x 32.0x 20.0x Discount rate 11.2 % 13.8 % 11.8 % Subordinated 1 Market & income approach EBITDA multiple 23.5x 23.5x 23.5x Discount Rate 14.8 % 14.8 % 14.8 % Equity and other (3) — Market & income approach Revenue multiple 10.5x 12.5x 11.5x Discount rate 15.0 % 17.0 % 16.0 % $ 1,111,043 (1) Unobservable inputs were weighed by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. (3) As of December 31, 2022, fair value of equity and other investments was less than $1 thousand. The Wells Credit Facility (as defined below) is considered a Level III investment. See Note 6. Borrowings for details. The following are the principal amount and fair value of the Company’s borrowings as of September 30, 2023 and December 31, 2022. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. September 30, 2023 December 31, 2022 Principal Amount Fair Value Principal Amount Fair Value Wells Credit Facility $ 360,300 $ 356,710 $ 394,500 $ 388,181 |
Agreements and Related Parties
Agreements and Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Agreements and Related Parties | Agreements and Related Parties The Company entered into an investment advisory and management agreement, as amended and restated on December 13, 2020 (the "First A&R Investment Management Agreement) and on September 26, 2022 (the "Second A&R Investment Management Agreement" or the "Investment Management Agreement"), with the Investment Adviser. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. For providing these services, the Investment Adviser receives an annual base management fee from the Company. Although the term of the Investment Management Agreement would not have expired until September 26, 2024, the Company's board of directors most recently re-approved the Investment Management Agreement on January 24, 2023, by virtual means in reliance on relief provided by the SEC in response to the COVID-19 pandemic, for a period of 12 months commencing on March 1, 2023. As a condition of the SEC's COVID-19 relief, the board of directors ratified its re-approval of the Investment Management Agreement at an in-person meeting held on July 27, 2023. Pursuant to the Investment Management Agreement, during the Investment Period, the base management fee is calculated at an annual blended rate with respect to the Company's Assets Invested (defined below) at the end of each quarterly period by reference to (i) 0.70% in the case of Assets Invested equal to or less than $500,000, and (ii) 0.60% in the case of Assets Invested of greater than $500,000, subject, in each case, to the adjustments in the manner set forth in the Investment Management Agreement, as amended. Specifically, the quarterly fee percentage will be subject to reduction throughout the Investment Period with respect to target Assets Invested in the manner set forth in the Investment Management Agreement, as amended. Under the Investment Management Agreement, "Assets Invested" previously meant, as of the end of each quarterly period, the sum of the Company's (i) drawn Capital Commitments, and (ii) outstanding principal on borrowings. The base management fee will be payable quarterly in arrears. Pursuant to the Second A&R Investment Management Agreement, the management fee shall be calculated at the blended rate until such time that the Company has $1.0 billion of Assets Invested (as modified by the Second A&R Investment Management Agreement). Upon such time, the Management Fee shall be calculated at the Blended Rate, as defined in the Second A&R Investment Management Agreement, and for the avoidance of doubt, based on the greater of the actual Assets Invested as of the end of any quarter and target Assets Invested for the quarter. The Second A&R Investment Management Agreement modified the definition of "Assets Invested" to mean that as of the end of each quarterly period, the sum of the Company's (i) drawn capital commitments, (ii) the aggregate dollar amount of distributions declared to stockholders from net investment income as of the latest declaration date of any such distribution, less any amounts of such distribution received in cash by stockholders, and (iii) outstanding principal on borrowings. During the Investment Period, the management fee payable each quarter shall be reduced by an amount equal to the sum of the quarterly fee percentage multiplied by the Company's cumulative realized losses since inception (calculated net of any subsequently reversed realized losses) (the "Cumulative Losses") on the Company’s portfolio of investments (collectively, the "Withheld Amounts"). Any portion of such Withheld Amounts that is attributable to a subsequently reversed realized loss shall be payable to the Investment Adviser in the quarter in which such reversal occurs. In addition, upon expiration of the Investment Period, the Investment Adviser shall be entitled to an amount equal to the portion of such Withheld Amounts that would have been payable if Cumulative Losses had been calculated net of cumulative realized capital gains on the applicable portfolios of investments. The Company has entered into an administration agreement ("Administration Agreement") with the Administrator under which the Administrator provides administrative services. The Administrator maintains, or oversees the maintenance of, the Company's consolidated financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement (the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company a non-exclusive, royalty-free license to use the "NMF" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "NMF" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company will have no legal right to the "NMF" name. The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's directors who are not "interested persons", as that term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's stockholders and is consistent with its then-current investment objective and strategies. As the Company's assets are treated as "plan assets" under ERISA, the Company will only co-invest in the same issuer with certain funds or entities managed by the Investment Adviser or its affiliates, so long as their and the Company's respective future investments are at the same level of such issuer's capital structure; provided, that in no event will the Company co-invest with any other fund or entity in contravention of the 1940 Act. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Wells Credit Facility — On December 23, 2020, the Company's wholly-owned subsidiary, SLF I SPV, entered into a Loan and Security Agreement among SLF I SPV as the borrower, the Investment Adviser as collateral manager, the Company as equityholder and seller, Wells Fargo Bank, National Association ("Wells Fargo") as the administrative agent and the collateral custodian, and each of the lenders from time to time party thereto (as amended, from time to time, the "Loan and Security Agreement"), which is structured as a secured revolving credit facility (the "Wells Credit Facility"). The Wells Credit Facility will mature on December 23, 2025 and has a maximum facility amount of $450,000. Under the Wells Credit Facility, SLF I SPV is permitted to borrow up to 25.0%, 50.0%, 60.0% or 65.0% of the purchase price of pledged assets, subject to approval by Wells Fargo. The Wells Credit Facility is non-recourse to the Company and is collateralized by all of the investments of SLF I SPV on an investment by investment basis. All fees associated with the origination, amending or upsizing of the Wells Credit Facility are capitalized on the Company's Consolidated Statements of Assets and Liabilities and charged against income as other financing expenses over the life of the Wells Credit Facility. The Wells Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of SLF I SPV investments, but rather to the performance of the underlying portfolio companies. As of the amendment on April 28, 2023, the Wells Credit Facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.70% per annum for Broadly Syndicated Loans (as defined in the Loan and Security Agreement) and SOFR plus 2.20% per annum for all other investments. Prior to the amendment on April 28, 2023, from June 29, 2021 to April 27, 2023, the Wells Credit Facility bore interest at a rate of the London Interbank Offered Rate ("LIBOR") plus 1.60% per annum for Broadly Syndicated Loans (as defined in the First Amendment to the Loan and Security Agreement) and LIBOR plus 2.10% per annum for all other investments. The Wells Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Loan and Security Agreement). The following table summarizes the interest expense, non-usage fee and amortization of financing costs incurred on the Wells Credit Facility for the three and nine months ended September 30, 2023 and September 30, 2022: Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest expense $ 6,868 $ 4,650 $ 20,241 $ 9,609 Non-usage fee $ 106 $ 56 $ 262 $ 254 Amortization of financing costs $ 224 $ 223 $ 665 $ 663 Weighted average interest rate 7.3 % 4.5 % 7.0 % 3.3 % Effective interest rate 7.8 % 4.8 % 7.4 % 3.7 % Average debt outstanding $ 365,724 $ 405,120 $ 379,894 $ 381,976 As of September 30, 2023 and December 31, 2022, the outstanding balance on the Wells Credit Facility was $360,300 and $394,500, respectively, and SLF I SPV was in compliance with the applicable covenants in the Loan and Security Agreement on such dates. |
Regulation
Regulation | 9 Months Ended |
Sep. 30, 2023 | |
Investment Company [Abstract] | |
Regulation | RegulationThe Company has elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, and intends to comply with the requirements to continue to qualify and maintain its status as a RIC annually. In order to continue to qualify and be subject to tax treatment as a RIC for U.S. federal income tax purposes, among other things, the Company is required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite timely distributions to its stockholders, and as such, the Company will generally be relieved from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code). Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesIn the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, 2023, the Company had unfunded commitments on revolving credit facilities of $59,218, no outstanding bridge financing commitments, and other future funding commitments of $51,654. As of December 31, 2022, the Company had unfunded commitments on revolving credit facilities of $56,169, no outstanding bridge financing commitments, and other future funding commitments of $71,683. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedules of Investments as of September 30, 2023 and December 31, 2022. The Company also had revolving borrowings available under the Wells Credit Facility as of September 30, 2023 and December 31, 2022. See Note 6. Borrowings , for details. The Company may from time to time enter into financing commitment letters. As of September 30, 2023 and December 31, 2022, the Company had commitment letters to purchase investments in the aggregate par amount of $1,415 and $27,362, respectively, which could require funding in the future. |
Net Assets
Net Assets | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Net Assets | Net Assets In connection with its formation, the Company has the authority to issue 500,000,000 shares of common stock at par value of $0.001 per share. The following table reflects the distributions declared on the Company's common stock for the nine months ended September 30, 2023. Date Declared Record Date Payment Date Per Share Amount March 30, 2023 March 31, 2023 July 20, 2023 $ 0.3100 June 26, 2023 June 29, 2023 July 20, 2023 0.3200 September 27, 2023 September 28, 2023 January 19, 2024 0.3310 $ 0.9610 The following table reflects the distributions declared on the Company's common stock for the nine months ended September 30, 2022. Date Declared Record Date Payment Date Per Share Amount March 29, 2022 March 30, 2022 July 20, 2022 $ 0.2200 June 27, 2022 June 29, 2022 July 20, 2022 0.2338 September 28, 2022 September 29, 2022 January 20, 2023 0.2530 $ 0.7068 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following information sets forth the computation of basic net increase in the Company's net assets per share resulting from operations for the three and nine months ended September 30, 2023 and September 30, 2022: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Earnings per share—basic & diluted Numerator for basic & diluted earnings per share: $ 33,367 $ 10,933 $ 87,831 $ 32,197 Denominator for basic & diluted weighted average share: 81,401,276 73,125,855 78,632,968 71,404,519 Basic & diluted earnings per share: $ 0.41 $ 0.15 $ 1.12 $ 0.45 |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The following information sets forth the Company's financial highlights for the nine months ended September 30, 2023 and September 30, 2022. Nine Months Ended September 30, 2023 September 30, 2022 Per share data: (1) Net asset value, December 31, 2022 and December 31, 2021, respectively $ 10.29 $ 10.63 Net investment income 0.97 0.72 Net realized and unrealized gains (losses) (2) 0.14 (0.26) Net increase in net assets resulting from operations 1.11 0.46 Distributions declared to stockholders from net investment income (0.96) (0.71) Net asset value, September 30, 2023 and September 30, 2022, respectively $ 10.44 $ 10.38 Total return (3) 11.16 % 4.39 % Shares outstanding at end of period 82,381,922 73,750,032 Average weighted shares outstanding for the period 78,632,968 71,404,519 Average net assets for the period $ 812,096 $ 754,946 Ratio to average net assets: Net investment income (4) 12.60 % 9.09 % Total expenses (4) 4.76 % 3.09 % Average debt outstanding — Wells Credit Facility $ 379,894 $ 381,976 Asset coverage ratio 338.72 % 290.94 % Portfolio turnover 4.55 % 13.98 % Capital Commitments $ 690,000 $ 690,000 Funded Capital Commitments $ 690,000 $ 690,000 % of Capital Commitments funded 100.00 % 100.00 % (1) Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which are based on actual rate per share). (2) The total amount shown may not correspond with the aggregate amount for the period, as it includes the effect of the timing of capital transactions which, for the nine months ended September 30, 2023 and September 30, 2022, were $0.00 and $0.01 per share, respectively. (3) Total return is calculated assuming a purchase at net asset value per share on the opening of the first day of the year and a sale at net asset value per share on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at net asset value per share on the last day of the respective quarter. Total return calculation is not annualized. (4) Annualized, except organizational and offering costs. |
Recent Accounting Standards Upd
Recent Accounting Standards Updates | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards Updates | Recent Accounting Standards Updates In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the years ended December 31, 2022, December 31, 2021 and December 31, 2020. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe company has evaluated the need for disclosures and/or adjustments resulting from recent developments through the date the financial statements were issued. There have been no recent developments that require recognition or disclosure in these consolidated financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net increase in net assets resulting from operations | $ 33,367 | $ 10,933 | $ 87,831 | $ 32,197 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of accounting | Basis of accounting —The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services — Investment Companies ("ASC 946"). The Company consolidates its wholly-owned direct subsidiary SLF I SPV. The Company's consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. The Company's consolidated financial statements have eliminated all intercompany transactions. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements. The Company's consolidated interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company's consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023. |
Investments | Investments —The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Consolidated Statements of Assets and Liabilities at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Consolidated Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Consolidated Statements of Operations as "Net realized gains (losses) on investments". The Company's underlying assets are considered, for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and any regulations promulgated thereunder, and Section 4975 of the Code, to be assets of certain employee benefit plans and other plans that purchase shares. Under such circumstances, the Company's investments and the activities of the Investment Adviser are subject to and, in certain cases, limited by, such laws. The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. Because (i) "benefit plan investors", as defined in Section 3(42) of ERISA ("Benefit Plan Investors"), hold 25% or more of the Company's outstanding shares, and (ii) the Company's shares are not listed on a national securities exchange, an unaffiliated third-party ("Sub-Administrator") has been engaged to independently value the Company's investments, in consultation with the Investment Adviser. The Company's quarterly valuation procedures, which are the procedures that will be followed by such Sub-Administrator, are set forth in more detail below: (1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. (2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. a. Bond quotes are obtained through independent pricing services. Internal reviews are performed by the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Sub-Administrator is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and b. For investments other than bonds, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, look at the number of quotes readily available and perform the following procedures: i. Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. If an IHS Markit Ltd. quote differs from the Refinitiv (formerly known as Thomson Reuters) quote by +/- 5% or if the spread between the bid and ask for a quote is greater than 10%, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, will use one or more of the methodologies outlined below to determine fair value; and ii. Investments for which one quote is received from a pricing service are validated by the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser. The personnel of the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser, analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. For assets where a supporting analysis is prepared, the Sub-Administrator will document the selection and appropriateness of the indices selected for yield comparison and a conclusion documenting how the yield comparison analysis supports the proposed mark. The quarterly portfolio company monitoring reports which detail the qualitative and quantitative performance of the portfolio company will also be included. If the Sub-Administrator, in consultation with the investment professionals at the Investment Adviser, is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds a certain materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). (3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: a. Each portfolio company or investment is initially valued by the Sub-Administrator, in consultation with the investment professionals of the Investment Adviser responsible for the credit monitoring; and b. Preliminary valuation conclusions will then be documented and discussed with the Company's senior management. For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded. The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material. In the event Benefit Plan Investors do not hold 25% or more of the Company's outstanding shares, or the Company's shares are listed on a national securities exchange, then (i) personnel of the Investment Adviser will undertake the roles to be performed by the personnel of the Sub-Administrator, as described above and (ii) if an investment falls into category (3) above for four consecutive quarters and the investment's par value or its fair value exceeds a certain materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which we do not have a readily available market quotation will be reviewed by an independent valuation firm engaged by our board of directors. |
Cash and cash equivalents | Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. |
Revenue recognition | Revenue recognition Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method. Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal balance on the capitalization date and is generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2023, the Company recognized PIK interest from investments of $1,663 and $4,366, respectively. For the three and nine months ended September 30, 2022, the Company recognized PIK interest from investments of $1,039 and $2,727, respectively. Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, 2023 and December 31, 2022, no investments were on non-accrual status. Fee income: Fee income represents delayed compensation, consent or amendment fees, revolver fees, structuring fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned. |
Interest and other financing expenses | Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company. |
Deferred financing costs | Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. |
Organizational expenses | Organizational expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company. All such amounts are expensed as incurred in the Consolidated Statements of Operations. Any organizational and offering expenses paid by the Company in excess of $1,000 will be borne by the Investment Adviser and cannot be recouped by the Investment Adviser. |
Incomes taxes | Income taxes —The Company has elected to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code and intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its stockholders. To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. |
Earnings per share | Earnings per share—The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares outstanding during the period of computation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares, and its related net impact to net assets accounted for, and the additional shares were dilutive. |
Distributions | Distributions —Distributions to the Company's stockholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its stockholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a semi-annual basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment. The Company has adopted a dividend reinvestment plan (as amended from time to time, the "DRIP"), that provides for reinvestment of any distributions declared on behalf of its stockholders, unless a stockholder elects to receive cash. |
Use of estimates | Use of estimates —The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material. |
Fair value | Fair Value Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows: Level I —Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level II —Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); • Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and • Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level III —Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs. The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period. |
Recent accounting standards updates | Recent Accounting Standards Updates In March 2020, the Financial Accounting Standards Board (the "FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the years ended December 31, 2022, December 31, 2021 and December 31, 2020. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of Investments [Abstract] | |
Schedule of Investments | At September 30, 2023, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 1,176,950 $ 1,170,647 Second lien 59,082 58,610 Subordinated 1,074 1,109 Equity and other(1) — — Total investments $ 1,237,106 $ 1,230,366 (1) As of September 30, 2023, total cost and fair value of equity and other investments were each less than $1 thousand. Investment Cost and Fair Value by Industry Cost Fair Value Software $ 481,718 $ 479,989 Business Services 287,753 288,872 Healthcare 194,370 190,194 Financial Services 93,677 93,833 Consumer Services 42,861 42,507 Education 30,003 29,632 Information Technology 22,820 23,010 Distribution & Logistics 22,375 22,048 Consumer Products 22,693 20,813 Packaging 17,183 17,088 Specialty Chemicals & Materials 12,556 12,294 Food & Beverage 7,821 8,731 Business Products 1,276 1,355 Total investments $ 1,237,106 $ 1,230,366 At December 31, 2022, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 1,130,840 $ 1,115,219 Second lien 59,361 57,133 Subordinated 1,045 1,047 Equity and other(1) — — Total investments $ 1,191,246 $ 1,173,399 (1) As of December 31, 2022, total cost and fair value of equity and other investments were each less than $1 thousand. Investment Cost and Fair Value by Industry Cost Fair Value Software $ 480,494 $ 476,479 Business Services 262,842 259,347 Healthcare 201,974 196,864 Financial Services 91,188 89,468 Consumer Services 37,831 37,307 Consumer Products 23,030 22,759 Information Technology 22,799 22,611 Distribution & Logistics 22,437 21,670 Education 17,847 17,197 Packaging 17,290 16,937 Specialty Chemicals & Materials 12,266 11,673 Business Products 1,248 1,087 Total investments $ 1,191,246 $ 1,173,399 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Portfolio Investments by Level in the Fair Value Hierarchy | The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of September 30, 2023: Total Level I Level II Level III First lien $ 1,170,647 $ — $ 61,819 $ 1,108,828 Second lien 58,610 — 16,068 42,542 Subordinated 1,109 — 1,108 1 Equity and other(1) — — — — Total investments $ 1,230,366 $ — $ 78,995 $ 1,151,371 (1) As of September 30, 2023, fair value of equity and other investments was less than $1 thousand. The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of December 31, 2022: Total Level I Level II Level III First lien $ 1,115,219 $ — $ 48,157 $ 1,067,062 Second lien 57,133 — 13,153 43,980 Subordinated 1,047 — 1,046 1 Equity and other(1) — — — — Total investments $ 1,173,399 $ — $ 62,356 $ 1,111,043 (1) As of December 31, 2022, fair value of equity and other investments was less than $1 thousand. |
Schedule of Changes in Level III Portfolio Investments | The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: Total First Lien Second Lien Subordinated Equity and other Fair value, June 30, 2023 (1) $ 1,152,962 $ 1,106,195 $ 46,766 $ 1 $ — Total gains or losses included in earnings: Net realized gains on investments 72 72 — — — Net change in unrealized appreciation 4,859 4,308 551 — — Purchases, including capitalized PIK and revolver fundings 45,591 45,591 — — — Proceeds from sales and paydowns of investments (35,913) (33,413) (2,500) — — Transfers into Level III (2) 7,284 7,284 — — — Transfers out of Level III (2) (23,484) (21,209) (2,275) — — Fair value, September 30, 2023 (1) $ 1,151,371 $ 1,108,828 $ 42,542 $ 1 $ — Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 4,539 $ 3,987 552 — — (1) As of June 30, 2023 and September 30, 2023, fair value of equity and other investments was less than $1 thousand. (2) As of September 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022: Total First Lien Second Lien Subordinated Equity and other Fair value, June 30, 2022 (1) $ 1,081,190 $ 1,037,289 $ 43,901 $ — $ — Total gains or losses included in earnings: Net realized losses on investments (119) (119) — — — Net change in unrealized depreciation (5,639) (5,129) (510) — — Purchases, including capitalized PIK and revolver fundings 75,252 70,104 5,147 1 — Proceeds from sales and paydowns of investments (66,085) (57,315) (8,770) — — Transfers into Level III (2) 21,522 18,597 2,925 — — Transfers out of Level III (2) (21,103) (21,103) — — — Fair value, September 30, 2022 (1) $ 1,085,018 $ 1,042,324 $ 42,693 $ 1 $ — Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ (5,807) $ (5,132) $ (675) $ — $ — (1) As of June 30, 2022 and September 30, 2022, fair value of equity and other investments was less than $1 thousand. (2) As of September 30, 2022, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: Total First Lien Second Lien Subordinated Equity and other Fair value, December 31, 2022 (1) $ 1,111,043 $ 1,067,062 $ 43,980 $ 1 $ — Total gains or losses included in earnings: Net realized gains on investments 61 61 — — — Net change in unrealized appreciation 9,455 8,393 1,062 — — Purchases, including capitalized PIK and revolver fundings 118,739 118,739 — — — Proceeds from sales and paydowns of investments (59,828) (57,328) (2,500) — — Transfers into Level III (2) 1,087 1,087 — — — Transfers out of Level III (2) (29,186) (29,186) — — — Fair value, September 30, 2023 (1) $ 1,151,371 $ 1,108,828 $ 42,542 $ 1 $ — Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 9,069 $ 8,098 $ 971 $ — $ — (1) As of December 31, 2022 and September 30, 2023, fair value of equity and other investments was less than $1 thousand. (2) As of September 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022: Total First Lien Second Lien Subordinated Equity and other Fair value, December 31, 2021(1) $ 903,911 $ 867,102 $ 36,809 $ — $ — Total gains or losses included in earnings: Net realized losses on investments (726) (726) — — — Net change in unrealized depreciation (9,255) (7,921) (1,334) — — Purchases, including capitalized PIK and revolver fundings 278,068 268,567 9,500 1 — Proceeds from sales and paydowns of investments (141,478) (132,708) (8,770) — — Transfers into Level III (2) 54,498 48,010 6,488 — — Fair value, September 30, 2022(1) $ 1,085,018 $ 1,042,324 $ 42,693 $ 1 $ — Unrealized depreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ (9,850) $ (8,342) $ (1,508) $ — $ — (1) As of December 31, 2021 and September 30, 2022, fair value of equity and other investments was less than $1 thousand. (2) As of September 30, 2022, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2023 were as follows: Range Type Fair Value as of September 30, 2023 Approach Unobservable Input Low High Weighted First lien $ 1,043,928 Market & income approach EBITDA multiple 5.0x 70.0x 17.9x Revenue multiple 4.0x 19.5x 9.7x Discount rate 8.6 % 25.4 % 11.2 % 22,090 Market quote Broker quote N/A N/A N/A 42,810 Other N/A (2) N/A N/A N/A Second lien 24,998 Market & income approach EBITDA multiple 15.0x 20.0x 17.3x Discount rate 10.3 % 13.2 % 12.0 % 17,544 Other N/A (2) N/A N/A N/A Subordinated 1 Market & income approach EBITDA multiple 19.0x 24.5x 21.8x Discount rate 13.3 % 13.3 % 13.3 % Equity and other (3) — Market & income approach Revenue multiple 20.1x 20.1x 20.1x $ 1,151,371 (1) Unobservable inputs were weighed by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. (3) As of September 30, 2023, fair value of equity and other investments was less than $1 thousand. The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2022 were as follows: Range Type Fair Value as of December 31, 2022 Approach Unobservable Input Low High Weighted First lien $ 1,060,036 Market & income approach EBITDA multiple 8.7x 70.0x 18.9x Revenue multiple 5.0x 19.5x 9.8x Discount rate 8.3 % 29.4 % 10.5 % 7,026 Other N/A (2) N/A N/A N/A Second lien 43,980 Market & income approach EBITDA multiple 14.0x 32.0x 20.0x Discount rate 11.2 % 13.8 % 11.8 % Subordinated 1 Market & income approach EBITDA multiple 23.5x 23.5x 23.5x Discount Rate 14.8 % 14.8 % 14.8 % Equity and other (3) — Market & income approach Revenue multiple 10.5x 12.5x 11.5x Discount rate 15.0 % 17.0 % 16.0 % $ 1,111,043 (1) Unobservable inputs were weighed by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. |
Schedule of Principal Amount and Fair Values of Borrowings | The following are the principal amount and fair value of the Company’s borrowings as of September 30, 2023 and December 31, 2022. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. September 30, 2023 December 31, 2022 Principal Amount Fair Value Principal Amount Fair Value Wells Credit Facility $ 360,300 $ 356,710 $ 394,500 $ 388,181 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Information Related to Borrowings | The following table summarizes the interest expense, non-usage fee and amortization of financing costs incurred on the Wells Credit Facility for the three and nine months ended September 30, 2023 and September 30, 2022: Three Months Ended Nine Months Ended (in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest expense $ 6,868 $ 4,650 $ 20,241 $ 9,609 Non-usage fee $ 106 $ 56 $ 262 $ 254 Amortization of financing costs $ 224 $ 223 $ 665 $ 663 Weighted average interest rate 7.3 % 4.5 % 7.0 % 3.3 % Effective interest rate 7.8 % 4.8 % 7.4 % 3.7 % Average debt outstanding $ 365,724 $ 405,120 $ 379,894 $ 381,976 |
Net Assets (Tables)
Net Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Distributions Declared on Common Stock | The following table reflects the distributions declared on the Company's common stock for the nine months ended September 30, 2023. Date Declared Record Date Payment Date Per Share Amount March 30, 2023 March 31, 2023 July 20, 2023 $ 0.3100 June 26, 2023 June 29, 2023 July 20, 2023 0.3200 September 27, 2023 September 28, 2023 January 19, 2024 0.3310 $ 0.9610 The following table reflects the distributions declared on the Company's common stock for the nine months ended September 30, 2022. Date Declared Record Date Payment Date Per Share Amount March 29, 2022 March 30, 2022 July 20, 2022 $ 0.2200 June 27, 2022 June 29, 2022 July 20, 2022 0.2338 September 28, 2022 September 29, 2022 January 20, 2023 0.2530 $ 0.7068 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following information sets forth the computation of basic net increase in the Company's net assets per share resulting from operations for the three and nine months ended September 30, 2023 and September 30, 2022: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Earnings per share—basic & diluted Numerator for basic & diluted earnings per share: $ 33,367 $ 10,933 $ 87,831 $ 32,197 Denominator for basic & diluted weighted average share: 81,401,276 73,125,855 78,632,968 71,404,519 Basic & diluted earnings per share: $ 0.41 $ 0.15 $ 1.12 $ 0.45 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | The following information sets forth the Company's financial highlights for the nine months ended September 30, 2023 and September 30, 2022. Nine Months Ended September 30, 2023 September 30, 2022 Per share data: (1) Net asset value, December 31, 2022 and December 31, 2021, respectively $ 10.29 $ 10.63 Net investment income 0.97 0.72 Net realized and unrealized gains (losses) (2) 0.14 (0.26) Net increase in net assets resulting from operations 1.11 0.46 Distributions declared to stockholders from net investment income (0.96) (0.71) Net asset value, September 30, 2023 and September 30, 2022, respectively $ 10.44 $ 10.38 Total return (3) 11.16 % 4.39 % Shares outstanding at end of period 82,381,922 73,750,032 Average weighted shares outstanding for the period 78,632,968 71,404,519 Average net assets for the period $ 812,096 $ 754,946 Ratio to average net assets: Net investment income (4) 12.60 % 9.09 % Total expenses (4) 4.76 % 3.09 % Average debt outstanding — Wells Credit Facility $ 379,894 $ 381,976 Asset coverage ratio 338.72 % 290.94 % Portfolio turnover 4.55 % 13.98 % Capital Commitments $ 690,000 $ 690,000 Funded Capital Commitments $ 690,000 $ 690,000 % of Capital Commitments funded 100.00 % 100.00 % (1) Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which are based on actual rate per share). (2) The total amount shown may not correspond with the aggregate amount for the period, as it includes the effect of the timing of capital transactions which, for the nine months ended September 30, 2023 and September 30, 2022, were $0.00 and $0.01 per share, respectively. (3) Total return is calculated assuming a purchase at net asset value per share on the opening of the first day of the year and a sale at net asset value per share on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at net asset value per share on the last day of the respective quarter. Total return calculation is not annualized. (4) Annualized, except organizational and offering costs. |
Formation and Business Purpose
Formation and Business Purpose (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Feb. 18, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Investment period, automatic extension | 1 year | 1 year |
Investment period, automatic extension, minimum written notice period | 90 days | |
Upon investment period expiration, period to commence the wind up of operations | 2 years | |
Upon investment period expiration, period to commence the wind up of operations, extension | 1 year | |
New Mountain Capital | ||
Summary of Investment Holdings [Line Items] | ||
Assets under management | $ 45,000,000 | |
Minimum | ||
Summary of Investment Holdings [Line Items] | ||
EBITDA as defined for middle market business | 10,000 | |
Maximum | ||
Summary of Investment Holdings [Line Items] | ||
EBITDA as defined for middle market business | $ 200,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) investment shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) investment shares | Sep. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) investment | |
Accounting Policies [Abstract] | |||||
Threshold percentage for difference between quotes resulting in additional fair value procedures | 5% | ||||
Threshold percentage for spread between bid and ask quotes resulting in additional fair value procedures | 10% | ||||
Cash equivalents | $ 0 | $ 0 | $ 0 | ||
PIK interest income | $ 1,663 | $ 1,039 | $ 4,366 | $ 2,727 | |
Investments threshold period past due for nonaccrual status | 30 days | 30 days | |||
Number of investments on non-accrual status | investment | 0 | 0 | 0 | ||
Maximum organizational expenses | $ 1,000 | ||||
Stock issued through the DRIP (in shares) | shares | 4,748,390 | 3,022,333 | 8,631,890 | 6,010,548 |
Investments - Cost and Fair Val
Investments - Cost and Fair Value by Type and by Industry (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | ||
Schedule of Investments [Line Items] | ||||
Cost | $ 1,237,106 | [1] | $ 1,191,246 | [2] |
Fair Value | 1,230,366 | [1] | 1,173,399 | [2] |
Software | ||||
Schedule of Investments [Line Items] | ||||
Cost | 481,718 | 480,494 | ||
Fair Value | 479,989 | 476,479 | ||
Business Services | ||||
Schedule of Investments [Line Items] | ||||
Cost | 287,753 | 262,842 | ||
Fair Value | 288,872 | 259,347 | ||
Healthcare | ||||
Schedule of Investments [Line Items] | ||||
Cost | 194,370 | 201,974 | ||
Fair Value | 190,194 | 196,864 | ||
Financial Services | ||||
Schedule of Investments [Line Items] | ||||
Cost | 93,677 | 91,188 | ||
Fair Value | 93,833 | 89,468 | ||
Consumer Services | ||||
Schedule of Investments [Line Items] | ||||
Cost | 42,861 | 37,831 | ||
Fair Value | 42,507 | 37,307 | ||
Education | ||||
Schedule of Investments [Line Items] | ||||
Cost | 30,003 | 17,847 | ||
Fair Value | 29,632 | 17,197 | ||
Information Technology | ||||
Schedule of Investments [Line Items] | ||||
Cost | 22,820 | 22,799 | ||
Fair Value | 23,010 | 22,611 | ||
Distribution & Logistics | ||||
Schedule of Investments [Line Items] | ||||
Cost | 22,375 | 22,437 | ||
Fair Value | 22,048 | 21,670 | ||
Consumer Products | ||||
Schedule of Investments [Line Items] | ||||
Cost | 22,693 | 23,030 | ||
Fair Value | 20,813 | 22,759 | ||
Packaging | ||||
Schedule of Investments [Line Items] | ||||
Cost | 17,183 | 17,290 | ||
Fair Value | 17,088 | 16,937 | ||
Specialty Chemicals & Materials | ||||
Schedule of Investments [Line Items] | ||||
Cost | 12,556 | 12,266 | ||
Fair Value | 12,294 | 11,673 | ||
Food and Beverage Sector | ||||
Schedule of Investments [Line Items] | ||||
Cost | 7,821 | |||
Fair Value | 8,731 | |||
Business Products | ||||
Schedule of Investments [Line Items] | ||||
Cost | 1,276 | 1,248 | ||
Fair Value | 1,355 | 1,087 | ||
First lien | ||||
Schedule of Investments [Line Items] | ||||
Cost | 1,176,950 | 1,130,840 | ||
Fair Value | 1,170,647 | 1,115,219 | ||
Second lien | ||||
Schedule of Investments [Line Items] | ||||
Cost | 59,082 | 59,361 | ||
Fair Value | 58,610 | 57,133 | ||
Subordinated | ||||
Schedule of Investments [Line Items] | ||||
Cost | 1,074 | 1,045 | ||
Fair Value | 1,109 | 1,047 | ||
Equity and other | ||||
Schedule of Investments [Line Items] | ||||
Cost | 0 | 0 | ||
Fair Value | $ 0 | $ 0 | ||
[1]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Unfunded Commitments on Revolving Credit Facilities | ||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||
Principal amount | $ 59,218 | $ 56,169 |
Unfunded Commitments on Bridge Facilities | ||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||
Principal amount | 0 | 0 |
Unfunded Commitments on Delayed Draws or Other Future Funding Commitments | ||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||
Principal amount | $ 51,654 | $ 71,683 |
Fair Value - Fair Value Levels
Fair Value - Fair Value Levels (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | $ 1,230,366 | [1] | $ 1,173,399 | [2] |
First lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 1,170,647 | 1,115,219 | ||
Second lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 58,610 | 57,133 | ||
Subordinated | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 1,109 | 1,047 | ||
Equity and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level I | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level I | First lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level I | Second lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level I | Subordinated | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level I | Equity and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level II | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 78,995 | 62,356 | ||
Level II | First lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 61,819 | 48,157 | ||
Level II | Second lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 16,068 | 13,153 | ||
Level II | Subordinated | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 1,108 | 1,046 | ||
Level II | Equity and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level III | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 1,151,371 | 1,111,043 | ||
Level III | First lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 1,108,828 | 1,067,062 | ||
Level III | Second lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 42,542 | 43,980 | ||
Level III | Subordinated | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 1 | 1 | ||
Level III | Equity and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | $ 0 | $ 0 | ||
[1]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Fair Value - Level III Rollforw
Fair Value - Level III Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 1,152,962 | $ 1,081,190 | $ 1,111,043 | $ 903,911 |
Purchases, including capitalized PIK and revolver fundings | 45,591 | 75,252 | 118,739 | 278,068 |
Proceeds from sales and paydowns of investments | (35,913) | (66,085) | (59,828) | (141,478) |
Transfers into Level III | 7,284 | 21,522 | 1,087 | 54,498 |
Transfers out of Level III | (23,484) | (21,103) | (29,186) | |
Ending balance | 1,151,371 | 1,085,018 | 1,151,371 | 1,085,018 |
Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period | 4,539 | (5,807) | 9,069 | (9,850) |
Total | Net realized gains on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 72 | (119) | 61 | (726) |
Total | Net change in unrealized appreciation (depreciation) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 4,859 | (5,639) | 9,455 | (9,255) |
First lien | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,106,195 | 1,037,289 | 1,067,062 | 867,102 |
Purchases, including capitalized PIK and revolver fundings | 45,591 | 70,104 | 118,739 | 268,567 |
Proceeds from sales and paydowns of investments | (33,413) | (57,315) | (57,328) | (132,708) |
Transfers into Level III | 7,284 | 18,597 | 1,087 | 48,010 |
Transfers out of Level III | (21,209) | (21,103) | (29,186) | |
Ending balance | 1,108,828 | 1,042,324 | 1,108,828 | 1,042,324 |
Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period | 3,987 | (5,132) | 8,098 | (8,342) |
First lien | Net realized gains on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 72 | (119) | 61 | (726) |
First lien | Net change in unrealized appreciation (depreciation) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 4,308 | (5,129) | 8,393 | (7,921) |
Second lien | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 46,766 | 43,901 | 43,980 | 36,809 |
Purchases, including capitalized PIK and revolver fundings | 0 | 5,147 | 0 | 9,500 |
Proceeds from sales and paydowns of investments | (2,500) | (8,770) | (2,500) | (8,770) |
Transfers into Level III | 0 | 2,925 | 0 | 6,488 |
Transfers out of Level III | (2,275) | 0 | 0 | |
Ending balance | 42,542 | 42,693 | 42,542 | 42,693 |
Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period | 552 | (675) | 971 | (1,508) |
Second lien | Net realized gains on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 0 | 0 | 0 | 0 |
Second lien | Net change in unrealized appreciation (depreciation) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 551 | (510) | 1,062 | (1,334) |
Subordinated | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1 | 0 | 1 | 0 |
Purchases, including capitalized PIK and revolver fundings | 0 | 1 | 0 | 1 |
Proceeds from sales and paydowns of investments | 0 | 0 | 0 | 0 |
Transfers into Level III | 0 | 0 | 0 | 0 |
Transfers out of Level III | 0 | 0 | 0 | |
Ending balance | 1 | 1 | 1 | 1 |
Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period | 0 | 0 | 0 | |
Subordinated | Net realized gains on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 0 | 0 | 0 | 0 |
Subordinated | Net change in unrealized appreciation (depreciation) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 0 | 0 | 0 | 0 |
Equity and other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | 0 |
Purchases, including capitalized PIK and revolver fundings | 0 | 0 | 0 | 0 |
Proceeds from sales and paydowns of investments | 0 | 0 | 0 | 0 |
Transfers into Level III | 0 | 0 | 0 | 0 |
Transfers out of Level III | 0 | 0 | 0 | |
Ending balance | 0 | 0 | 0 | 0 |
Unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period | 0 | 0 | 0 | 0 |
Equity and other | Net realized gains on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 0 | 0 | 0 | 0 |
Equity and other | Net change in unrealized appreciation (depreciation) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value - Unobservable Input
Fair Value - Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 1,230,366 | [1] | $ 1,173,399 | [2] |
First lien | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 1,170,647 | 1,115,219 | ||
Second lien | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 58,610 | 57,133 | ||
Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 1,109 | 1,047 | ||
Equity and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level III | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 1,151,371 | 1,111,043 | ||
Level III | First lien | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 1,108,828 | 1,067,062 | ||
Level III | First lien | Market & income approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 1,043,928 | $ 1,060,036 | ||
Level III | First lien | Market & income approach | EBITDA multiple | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 5 | 8.7 | ||
Level III | First lien | Market & income approach | EBITDA multiple | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 70 | 70 | ||
Level III | First lien | Market & income approach | EBITDA multiple | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 17.9 | 18.9 | ||
Level III | First lien | Market & income approach | Revenue multiple | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 4 | 5 | ||
Level III | First lien | Market & income approach | Revenue multiple | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 19.5 | 19.5 | ||
Level III | First lien | Market & income approach | Revenue multiple | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 9.7 | 9.8 | ||
Level III | First lien | Market & income approach | Discount rate | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.086 | 0.083 | ||
Level III | First lien | Market & income approach | Discount rate | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.254 | 0.294 | ||
Level III | First lien | Market & income approach | Discount rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.112 | 0.105 | ||
Level III | First lien | Other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 42,810 | $ 7,026 | ||
Level III | First lien | Market quote | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 22,090 | |||
Level III | Second lien | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 42,542 | 43,980 | ||
Level III | Second lien | Market & income approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 24,998 | $ 43,980 | ||
Level III | Second lien | Market & income approach | EBITDA multiple | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 15 | 14 | ||
Level III | Second lien | Market & income approach | EBITDA multiple | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 20 | 32 | ||
Level III | Second lien | Market & income approach | EBITDA multiple | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 17.3 | 20 | ||
Level III | Second lien | Market & income approach | Discount rate | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.103 | 0.112 | ||
Level III | Second lien | Market & income approach | Discount rate | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.132 | 0.138 | ||
Level III | Second lien | Market & income approach | Discount rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.120 | 0.118 | ||
Level III | Second lien | Other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 17,544 | |||
Level III | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 1 | $ 1 | ||
Level III | Subordinated | Market & income approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 1 | $ 1 | ||
Level III | Subordinated | Market & income approach | EBITDA multiple | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 19 | 23.5 | ||
Level III | Subordinated | Market & income approach | EBITDA multiple | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 24.5 | 23.5 | ||
Level III | Subordinated | Market & income approach | EBITDA multiple | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 21.8 | 23.5 | ||
Level III | Subordinated | Market & income approach | Discount rate | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.133 | 0.148 | ||
Level III | Subordinated | Market & income approach | Discount rate | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.133 | 0.148 | ||
Level III | Subordinated | Market & income approach | Discount rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.133 | 0.148 | ||
Level III | Equity and other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 0 | $ 0 | ||
Level III | Equity and other | Market & income approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 0 | $ 0 | ||
Level III | Equity and other | Market & income approach | Revenue multiple | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 20.1 | 10.5 | ||
Level III | Equity and other | Market & income approach | Revenue multiple | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 20.1 | 12.5 | ||
Level III | Equity and other | Market & income approach | Revenue multiple | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 20.1 | 11.5 | ||
Level III | Equity and other | Market & income approach | Discount rate | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.150 | |||
Level III | Equity and other | Market & income approach | Discount rate | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.170 | |||
Level III | Equity and other | Market & income approach | Discount rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement Input | 0.160 | |||
[1]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]NMF SLF I, Inc. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Fair Value - Principal Amount a
Fair Value - Principal Amount and Fair Values of Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Principal Amount | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Borrowings | $ 360,300 | $ 394,500 |
Fair Value | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Borrowings | $ 356,710 | $ 388,181 |
Agreements and Related Parties
Agreements and Related Parties (Details) - Affiliates - USD ($) $ in Thousands | Dec. 13, 2020 | Sep. 26, 2022 |
Investment Management Agreement | ||
Related Party Transaction [Line Items] | ||
Assets Invested Threshold used in base management fee calculation | $ 500,000 | |
Assets Invested maximum amount when base management fee is calculated based on a blended rate | $ 1,000,000 | |
Assets Invested equal to or less than threshold | ||
Related Party Transaction [Line Items] | ||
Base management fee percentage | 0.70% | |
Assets invested greater than threshold | ||
Related Party Transaction [Line Items] | ||
Base management fee percentage | 0.60% |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 22 Months Ended | |||||
Apr. 28, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Apr. 27, 2023 | Dec. 31, 2022 | Dec. 23, 2020 | |
Line of Credit Facility [Line Items] | ||||||||
Amortization of financing costs | $ 665 | $ 664 | ||||||
Average debt outstanding | 379,894 | 381,976 | ||||||
Credit facility outstanding balance | $ 360,300 | 360,300 | $ 394,500 | |||||
Revolving Credit Facility | Wells Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility outstanding balance | 360,300 | 360,300 | $ 394,500 | |||||
Revolving Credit Facility | Credit Facility | Wells Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 450,000 | |||||||
Borrowing capacity, first percentage | 25% | |||||||
Borrowing capacity, second percentage | 50% | |||||||
Borrowing capacity, third percentage | 60% | |||||||
Borrowing capacity, fourth percentage | 65% | |||||||
Interest expense | 6,868 | $ 4,650 | 20,241 | 9,609 | ||||
Non-usage fee | 106 | 56 | 262 | 254 | ||||
Amortization of financing costs | $ 224 | $ 223 | $ 665 | $ 663 | ||||
Weighted average interest rate | 7.30% | 4.50% | 7% | 3.30% | ||||
Effective interest rate | 7.80% | 4.80% | 7.40% | 3.70% | ||||
Average debt outstanding | $ 365,724 | $ 405,120 | $ 379,894 | $ 381,976 | ||||
Revolving Credit Facility | Credit Facility | Wells Credit Facility, Broadly Syndicated Loans | SOFR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate margin | 1.70% | |||||||
Revolving Credit Facility | Credit Facility | Wells Credit Facility, Broadly Syndicated Loans | LIBOR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate margin | 1.60% | |||||||
Revolving Credit Facility | Credit Facility | Wells Credit Facility, Excluding Broadly Syndicated Loans | SOFR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate margin | 2.20% | |||||||
Revolving Credit Facility | Credit Facility | Wells Credit Facility, Excluding Broadly Syndicated Loans | LIBOR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate margin | 2.10% |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing commitment letter to purchase investments | ||
Other Commitments [Line Items] | ||
Other commitments | $ 1,415 | $ 27,362 |
Unfunded Commitments on Revolving Credit Facilities | ||
Other Commitments [Line Items] | ||
Principal amount | 59,218 | 56,169 |
Bridge financing commitments | ||
Other Commitments [Line Items] | ||
Principal amount | 0 | 0 |
Other Future Funding Commitments | ||
Other Commitments [Line Items] | ||
Principal amount | $ 51,654 | $ 71,683 |
Net Assets - Narrative (Details
Net Assets - Narrative (Details) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Net Assets - Capital Drawdowns
Net Assets - Capital Drawdowns and Distribution Declared (Details) - $ / shares | 9 Months Ended | |||||||
Sep. 27, 2023 | Jun. 26, 2023 | Mar. 30, 2023 | Sep. 28, 2022 | Jun. 27, 2022 | Mar. 29, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity [Abstract] | ||||||||
Distributions declared (in dollars per share) | $ 0.3310 | $ 0.3200 | $ 0.3100 | $ 0.2530 | $ 0.2338 | $ 0.2200 | $ 0.9610 | $ 0.7068 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Numerator for basic & diluted earnings per share | $ 33,367 | $ 10,933 | $ 87,831 | $ 32,197 |
Denominator for basic weighted average share (in shares) | 81,401,276 | 73,125,855 | 78,632,968 | 71,404,519 |
Denominator for diluted weighted average share (in shares) | 81,401,276 | 73,125,855 | 78,632,968 | 71,404,519 |
Basic earnings per share (in dollars per share) | $ 0.41 | $ 0.15 | $ 1.12 | $ 0.45 |
Diluted earnings per share (in dollars per share) | $ 0.41 | $ 0.15 | $ 1.12 | $ 0.45 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 27, 2023 | Jun. 26, 2023 | Mar. 30, 2023 | Sep. 28, 2022 | Jun. 27, 2022 | Mar. 29, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Investment Company, Financial Highlights [Roll Forward] | |||||||||||
Net asset value, beginning balance (in dollars per share) | $ 10.29 | $ 10.63 | |||||||||
Net investment income (in dollars per share) | 0.97 | 0.72 | |||||||||
Net realized and unrealized gains (losses) (in dollars per share) | 0.14 | (0.26) | |||||||||
Net increase in net assets resulting from operations (in dollars per share) | 1.11 | 0.46 | |||||||||
Distributions declared to stockholders from net investment income (in dollars per share) | $ (0.3310) | $ (0.3200) | $ (0.3100) | $ (0.2530) | $ (0.2338) | $ (0.2200) | (0.9610) | (0.7068) | |||
Net asset value, ending balance (in dollars per share) | $ 10.44 | $ 10.38 | $ 10.44 | $ 10.38 | |||||||
Total return | 11.16% | 4.39% | |||||||||
Shares outstanding at end of period (in shares) | 82,381,922 | 73,750,032 | 82,381,922 | 73,750,032 | 73,750,032 | ||||||
Average weighted shares outstanding for the period - basic (in shares) | 81,401,276 | 73,125,855 | 78,632,968 | 71,404,519 | |||||||
Average weighted shares outstanding for the period - diluted (in shares) | 81,401,276 | 73,125,855 | 78,632,968 | 71,404,519 | |||||||
Average net assets for the period | $ 812,096 | $ 754,946 | |||||||||
Ratio to average net assets: | |||||||||||
Net investment income | 12.60% | 9.09% | |||||||||
Total expenses | 4.76% | 3.09% | |||||||||
Average debt outstanding | $ 379,894 | $ 381,976 | |||||||||
Asset coverage ratio | 338.72% | 290.94% | 338.72% | 290.94% | |||||||
Portfolio turnover | 4.55% | 13.98% | |||||||||
Capital Commitments | $ 690,000 | $ 690,000 | |||||||||
Funded Capital Commitments | $ 690,000 | $ 690,000 | $ 690,000 | $ 690,000 | |||||||
% of Capital Commitments funded | 100% | 100% | |||||||||
Timing of capital transactions (in dollars per share) | $ 0 | $ 0.01 |