Cover
Cover | Jan. 23, 2024 |
Cover [Abstract] | |
Document Type | 424B1 |
Entity Registrant Name | MORGAN STANLEY DIRECT LENDING FUND |
Entity Central Index Key | 0001782524 |
Amendment Flag | false |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities $ in Thousands | Sep. 30, 2023 USD ($) $ / shares |
Assets | |
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,158,601 and $2,939,646 at September 30, 2023 and December 31, 2022, respectively) | $ 3,123,450 |
Cash | 88,085 |
Deferred financing costs | 15,253 |
Interest and dividend receivable from non-controlled/non-affiliated investments | 26,178 |
Receivable for investments sold/repaid | 22 |
Prepaid expenses and other assets | 23,887 |
Total assets | 3,276,875 |
Liabilities | |
Debt (net of unamortized debt issuance costs of $6,152 and $7,899 at September 30, 2023 and December 31, 2022, respectively) | 1,718,379 |
Payable to affiliates | 702 |
Dividends payable | 43,211 |
Management fees payable | 1,938 |
Income based incentive fees payable | 10,727 |
Capital call proceeds received in advance | 7,332 |
Interest payable | 8,933 |
Accrued expenses and other liabilities | 4,181 |
Total liabilities | 1,795,403 |
Net Assets | |
Common stock, par value $0.001 (100,000,000 shares authorized and 72,018,635 and 70,536,678 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively) | 72 |
Paid-in capital in excess of par value | 1,481,875 |
Subscribed but unissued shares | 213,218 |
Subscriptions receivable | (213,218) |
Net distributable earnings (accumulated losses) | (475) |
Total net assets | 1,481,472 |
Total liabilities and net assets | $ 3,276,875 |
Net asset value per share (in dollars per share) | $ / shares | $ 20.57 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Financial Position [Abstract] | ||||||
Investments at amortized cost | $ 3,158,601 | $ 2,939,646 | [1] | $ 2,373,435 | ||
Unamortized debt issuance costs | $ 6,152 | $ 7,899 | $ 0 | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||
Common stock, shares issued (in shares) | 72,018,635 | 70,536,678 | 56,838,027 | |||
Common stock, shares outstanding (in shares) | 72,018,635 | 70,536,678 | 65,352,831 | 56,838,027 | 15,024,425 | |
[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - 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 | $ 90,977 | $ 60,798 | $ 259,267 | $ 151,976 |
Payment-in-kind interest income | 1,141 | 506 | 2,204 | 1,055 |
Dividend income | 564 | 439 | 1,564 | 980 |
Other income | 1,769 | 976 | 3,949 | 3,006 |
Total investment income | 94,451 | 62,719 | 266,984 | 157,017 |
Expenses: | ||||
Interest expense and other financing expenses | 29,686 | 18,601 | 84,260 | 42,731 |
Management fees | 7,754 | 6,865 | 22,503 | 19,583 |
Income based incentive fees | 10,727 | 7,173 | 30,246 | 18,517 |
Capital gains incentive fees | 0 | 0 | 0 | (2,441) |
Professional fees | 1,296 | 923 | 3,385 | 2,323 |
Directors' fees | 85 | 87 | 253 | 262 |
Administrative service fees | 27 | 54 | 141 | 124 |
General and other expenses | 118 | 351 | 483 | 828 |
Total expenses | 49,693 | 34,054 | 141,271 | 81,927 |
Expense support | 0 | 39 | ||
Management fees waiver | (5,816) | (5,149) | (16,878) | (14,687) |
Net expenses | 43,877 | 28,905 | 124,393 | 67,279 |
Net investment income (loss) | 50,574 | 33,814 | 142,591 | 89,738 |
Net realized and unrealized gain (loss) on investment transactions: | ||||
Net realized gain (loss) on non-controlled/non-affiliated investments | 5 | 18 | 127 | 556 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments | 22,829 | (24,390) | 30,909 | (61,869) |
Net realized and unrealized gain (loss) | 22,834 | (24,372) | 31,036 | (61,313) |
Net increase (decrease) in net assets resulting from operations | $ 73,408 | $ 9,442 | $ 173,627 | $ 28,425 |
Per share information-basic and diluted | ||||
Net investment income (loss) per share (in dollars per share) | $ 0.70 | $ 0.53 | $ 2 | $ 1.49 |
Earnings (loss) per share - basic (in dollars per share) | 1.02 | 0.15 | 2.43 | 0.47 |
Earnings (loss) per share - diluted (in dollars per share) | $ 1.02 | $ 0.15 | $ 2.43 | $ 0.47 |
Weighted average shares outstanding - basic (Note 9) (in shares) | 71,874,113 | 64,102,092 | 71,361,910 | 60,169,337 |
Weighted average shares outstanding - diluted (Note 9) (in shares) | 71,874,113 | 64,102,092 | 71,361,910 | 60,169,337 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jul. 25, 2023 | Apr. 25, 2023 | Jan. 25, 2023 | Dec. 23, 2022 | Oct. 19, 2022 | Jul. 28, 2022 | Jul. 27, 2022 | May 16, 2022 | Apr. 27, 2022 | Jan. 25, 2022 | Dec. 29, 2021 | Nov. 12, 2021 | Oct. 27, 2021 | Oct. 15, 2021 | Jul. 22, 2021 | Jun. 16, 2021 | May 26, 2021 | Apr. 22, 2021 | Apr. 12, 2021 | Mar. 12, 2021 | Jan. 27, 2021 | Jan. 20, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Company, Net Assets [Roll Forward] | |||||||||||||||||||||||||||||
Net assets at beginning of period | $ 1,440,001 | $ 1,240,884 | $ 1,397,305 | $ 1,188,587 | $ 1,188,587 | $ 301,620 | $ (1,121) | ||||||||||||||||||||||
Increase (decrease) in net assets resulting from operations: | |||||||||||||||||||||||||||||
Net investment income (loss) | 50,574 | 33,814 | 142,591 | 89,738 | 128,010 | 72,929 | 10,635 | ||||||||||||||||||||||
Net realized gain (loss) | 5 | 18 | 127 | 556 | 537 | 1,895 | 2,154 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 22,829 | (24,390) | 30,909 | (61,869) | (80,005) | 8,431 | 5,508 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 73,408 | 9,442 | 173,627 | 28,425 | 48,542 | 83,255 | 18,297 | ||||||||||||||||||||||
Capital transactions: | |||||||||||||||||||||||||||||
Issuance of common stock | $ 94,600 | $ 79,821 | $ 74,866 | $ 99,600 | $ 174,000 | $ 164,000 | $ 149,900 | $ 85,000 | $ 110,000 | $ 45,000 | $ 35,000 | 0 | 79,821 | 0 | 154,687 | 249,291 | 862,455 | 297,347 | |||||||||||
Reinvestment of dividends | $ 11,274 | $ 9,698 | $ 8,891 | $ 8,204 | $ 7,614 | $ 6,964 | $ 7,540 | $ 5,101 | $ 3,733 | $ 2,276 | $ 2,462 | 11,274 | 7,614 | 29,863 | 22,118 | 30,322 | 13,572 | 1,023 | |||||||||||
Dividends declared | (43,211) | (30,611) | (119,323) | (86,667) | (119,437) | (72,315) | (13,926) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital transactions | (31,937) | 56,824 | (89,460) | 90,138 | 160,176 | 803,712 | 284,444 | ||||||||||||||||||||||
Total increase (decrease) in net assets | 41,471 | 66,266 | 84,167 | 118,563 | 208,718 | 886,967 | 302,741 | ||||||||||||||||||||||
Net assets at end of period | $ 1,481,472 | $ 1,307,150 | $ 1,481,472 | $ 1,307,150 | $ 1,397,305 | $ 1,188,587 | $ 301,620 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net Income (Loss) | $ 173,627 | $ 28,425 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||
Net unrealized (appreciation) depreciation on investments | (30,909) | 61,869 |
Net realized (gain) loss on investments | (127) | (556) |
Net accretion of discount and amortization of premium on investments | (7,283) | (8,904) |
Payment-in-kind interest and dividend capitalized | (3,539) | (1,451) |
Amortization of deferred financing costs | 2,313 | 2,885 |
Amortization of debt issuance costs and original issuance discount on Unsecured Notes | 1,906 | 898 |
Purchases of investments and change in payable for investments purchased | (378,239) | (750,690) |
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid | 170,399 | 295,824 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments | (5,267) | (7,031) |
(Increase) decrease in prepaid expenses and other assets | (23,847) | 223 |
(Decrease) increase in payable to affiliates | (1,384) | (1,975) |
(Decrease) increase in incentive fees payable | 155 | 410 |
(Decrease) increase in incentive fees payable | 2,609 | (1,486) |
(Decrease) increase in interest payable | (8,086) | 5,199 |
(Decrease) increase in accrued expenses and other liabilities | 903 | 874 |
Net cash provided by (used in) operating activities | (106,769) | (375,486) |
Cash flows from financing activities: | ||
Borrowings on debt | 338,000 | 1,291,175 |
Repayments on debt | (145,000) | (1,017,500) |
Deferred financing costs paid | (9,942) | (2,448) |
Debt issuance costs paid | 0 | (9,003) |
Dividends paid in cash | (79,307) | (63,526) |
Proceeds from issuance of common stock | 2,556 | 162,537 |
Capital call proceeds received in advance | 7,332 | 0 |
Net cash provided by (used in) financing activities | 113,639 | 361,235 |
Net increase (decrease) in cash | 6,870 | (14,251) |
Cash, beginning of period | 81,215 | 74,153 |
Cash, end of period | 88,085 | 59,902 |
Supplemental information and non-cash activities: | ||
Excise tax paid | 361 | 57 |
Interest expense paid | 88,128 | 33,749 |
Dividend reinvestment paid | 29,863 | 22,118 |
Accrued but unpaid dividends | 43,211 | 30,714 |
Accrued but unpaid debt issuance costs | $ 0 | $ 100 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments € in Thousands | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Sep. 30, 2023 EUR (€) | ||||||
Interest rate, PIK | 3.75% | ||||||||
Cost | $ 3,158,601,000 | $ 2,939,646,000 | [1] | $ 2,373,435,000 | |||||
Fair Value | $ 3,123,450,000 | $ 2,873,588,000 | $ 2,387,374,000 | ||||||
Percentage of Net Assets | 205.65% | 200.86% | |||||||
Unused Fee Rate | 0.375% | ||||||||
Investment, Identifier [Axis]: 365 Retail Markets, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 1% | ||||||
Unfunded Commitment | $ 2,800,000 | $ 1,200,000 | $ 5,557,000 | ||||||
Fair Value | $ (27,000) | $ (34,000) | |||||||
Investment, Identifier [Axis]: 365 Retail Markets, LLC 1 | |||||||||
Variable interest rate | 4.75% | [2],[3],[4] | 4.75% | [3],[4],[5] | 4.75% | [6] | 4.75% | [2],[3],[4] | |
Interest Rate | 10.15% | [2],[3],[4] | 8.45% | [3],[4],[5],[7] | 5.75% | [6],[8] | 10.15% | [2],[3],[4] | |
Par Amount | $ 17,280,000 | [3],[4],[5] | $ 17,456,000 | [6] | |||||
Cost | $ (30,000) | [2],[3],[4] | 17,045,000 | [3],[4],[5],[9] | 17,167,000 | [1],[6] | |||
Fair Value | $ 16,890,000 | [3],[4],[5] | $ 17,238,000 | [6] | |||||
Percentage of Net Assets | 1.21% | [3],[4],[5] | 1.45% | [6] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,000,000 | ||||||||
Fair Value | $ (25,000) | ||||||||
Investment, Identifier [Axis]: 365 Retail Markets, LLC 2 | |||||||||
Variable interest rate | 4.75% | [3],[4] | 4.75% | [3],[4],[5] | 4.75% | [6],[10] | 4.75% | [3],[4] | |
Interest Rate | 10.15% | [3],[4] | 8.45% | [3],[4],[5],[7] | 5.75% | [6],[8],[10] | 10.15% | [3],[4] | |
Par Amount | [3],[4] | $ 17,149,000 | $ 5,543,000 | [5] | |||||
Cost | 16,952,000 | [3],[4] | 5,484,000 | [3],[4],[5],[9] | $ (34,000) | [1],[6],[10] | |||
Fair Value | $ 17,149,000 | [3],[4] | $ 5,418,000 | [3],[4],[5] | $ (34,000) | [6],[10] | |||
Percentage of Net Assets | 1.16% | [3],[4] | 0.39% | [3],[4],[5] | 0% | [6],[10] | 1.16% | [3],[4] | |
Investment, Identifier [Axis]: 365 Retail Markets, LLC 3 | |||||||||
Variable interest rate | 4.75% | [3],[4] | 4.75% | [3],[4],[5],[11],[12] | 4.75% | [6],[10] | 4.75% | [3],[4] | |
Interest Rate | 10.15% | [3],[4] | 8.45% | [3],[4],[5],[7],[11],[12] | 5.75% | [6],[8],[10] | 10.15% | [3],[4] | |
Par Amount | $ 5,502,000 | [3],[4] | $ 1,600,000 | [3],[4],[5],[11],[12] | $ 800,000 | [6],[10] | |||
Cost | 5,452,000 | [3],[4] | 1,563,000 | [3],[4],[5],[9],[11],[12] | 754,000 | [1],[6],[10] | |||
Fair Value | $ 5,502,000 | [3],[4] | $ 1,537,000 | [3],[4],[5],[11],[12] | $ 765,000 | [6],[10] | |||
Percentage of Net Assets | 0.37% | [3],[4] | 0.11% | [3],[4],[5],[11],[12] | 0.06% | [6],[10] | 0.37% | [3],[4] | |
Investment, Identifier [Axis]: 48Forty Solutions LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,629,000 | $ 2,715,000 | |||||||
Fair Value | $ (30,000) | $ (139,000) | |||||||
Investment, Identifier [Axis]: 48Forty Solutions LLC 1 | |||||||||
Variable interest rate | [3] | 6% | [13],[14] | 6% | [4],[5] | 6% | [13],[14] | ||
Interest Rate | [3] | 11.43% | [13],[14] | 10.26% | [4],[5],[7] | 11.43% | [13],[14] | ||
Par Amount | [3] | $ 17,767,000 | [13],[14] | $ 1,796,000 | [4],[5] | ||||
Cost | [3] | 17,479,000 | [13],[14] | 1,728,000 | [4],[5],[9] | ||||
Fair Value | [3] | $ 17,439,000 | [13],[14] | $ 1,732,000 | [4],[5] | ||||
Percentage of Net Assets | [3] | 1.18% | [13],[14] | 0.12% | [4],[5] | 1.18% | [13],[14] | ||
Investment, Identifier [Axis]: 48Forty Solutions LLC 2 | |||||||||
Variable interest rate | [3] | 6% | [14],[15] | 5.50% | [4],[5],[16],[17] | 6% | [14],[15] | ||
Interest Rate | [3] | 11.43% | [14],[15] | 9.76% | [4],[5],[7],[16],[17] | 11.43% | [14],[15] | ||
Par Amount | [3] | $ 1,086,000 | [14],[15] | $ 16,106,000 | [4],[5],[16],[17] | ||||
Cost | [3] | 1,049,000 | [14],[15] | 15,825,000 | [4],[5],[9],[16],[17] | ||||
Fair Value | [3] | $ 1,036,000 | [14],[15] | $ 15,283,000 | [4],[5],[16],[17] | ||||
Percentage of Net Assets | [3] | 0.07% | [14],[15] | 1.09% | [4],[5],[16],[17] | 0.07% | [14],[15] | ||
Investment, Identifier [Axis]: 48Forty Solutions LLC 3 | |||||||||
Variable interest rate | [3],[4],[5],[11],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[11],[12] | 9.76% | |||||||
Cost | [3],[4],[5],[9],[11],[12] | $ (46,000) | |||||||
Fair Value | [3],[4],[5],[11],[12] | $ (139,000) | |||||||
Percentage of Net Assets | [3],[4],[5],[11],[12] | (0.01%) | |||||||
Investment, Identifier [Axis]: ABB Concise Optical Group, LLC | |||||||||
Variable interest rate | [14],[18] | 7.50% | 7.50% | ||||||
Interest Rate | [14],[18] | 13.05% | 13.05% | ||||||
Par Amount | [14],[18] | $ 17,008,000 | |||||||
Cost | [14],[18] | 16,671,000 | |||||||
Fair Value | [14],[18] | $ 15,358,000 | |||||||
Percentage of Net Assets | [14],[18] | 1.04% | 1.04% | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 94,000 | ||||||||
Fair Value | $ (4,000) | ||||||||
Investment, Identifier [Axis]: ABB Concise Optical Group, LLC 1 | |||||||||
Variable interest rate | [4],[5],[18],[19] | 7.50% | |||||||
Interest Rate | [4],[5],[7],[18],[19] | 12.67% | |||||||
Par Amount | [4],[5],[18],[19] | $ 17,977,000 | |||||||
Cost | [4],[5],[9],[18],[19] | 17,578,000 | |||||||
Fair Value | [4],[5],[18],[19] | $ 17,165,000 | |||||||
Percentage of Net Assets | [4],[5],[18],[19] | 1.23% | |||||||
Investment, Identifier [Axis]: ABB Concise Optical Group, LLC 2 | |||||||||
Variable interest rate | [4],[5],[11],[12],[18],[19] | 6.50% | |||||||
Interest Rate | [4],[5],[7],[11],[12],[18],[19] | 13.99% | |||||||
Par Amount | [4],[5],[11],[12],[18],[19] | $ 1,792,000 | |||||||
Cost | [4],[5],[9],[11],[12],[18],[19] | 1,752,000 | |||||||
Fair Value | [4],[5],[11],[12],[18],[19] | $ 1,707,000 | |||||||
Percentage of Net Assets | [4],[5],[11],[12],[18],[19] | 0.12% | |||||||
Investment, Identifier [Axis]: AGI-CFI Holdings, Inc. | |||||||||
Variable interest rate | [4],[18] | 5.75% | 5.75% | 5.75% | |||||
Interest Rate | [4],[7],[18] | 11.29% | 10.48% | 11.29% | |||||
Par Amount | [4],[18] | $ 14,299,000 | $ 14,408,000 | ||||||
Cost | [4],[18],[20] | 14,071,000 | 14,140,000 | ||||||
Fair Value | [4],[18] | $ 14,147,000 | $ 13,851,000 | ||||||
Percentage of Net Assets | [4],[18] | 0.95% | 0.99% | 0.95% | |||||
Investment, Identifier [Axis]: AMCP Pet Holdings, Inc. (Brightpet) | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 3,646,000 | ||||||||
Fair Value | $ (90,000) | ||||||||
Investment, Identifier [Axis]: AMCP Pet Holdings, Inc. (Brightpet) 1 | |||||||||
Variable interest rate | 7% | [3],[13],[14] | 6.25% | [3],[4],[17] | 6.25% | [6],[21] | 7% | [3],[13],[14] | |
Interest rate, PIK | [3],[13],[14] | 0.75% | 0.75% | ||||||
Interest Rate | 13.27% | [3],[13],[14] | 10.98% | [3],[4],[7],[17] | 7.25% | [6],[8],[21] | 13.27% | [3],[13],[14] | |
Par Amount | $ 41,791,000 | [3],[13],[14] | $ 17,150,000 | [3],[4],[17] | $ 33,825,000 | [6],[21] | |||
Cost | 40,979,000 | [3],[13],[14] | 16,798,000 | [3],[4],[9],[17] | 32,969,000 | [1],[6],[21] | |||
Fair Value | $ 40,755,000 | [3],[13],[14] | $ 16,795,000 | [3],[4],[17] | $ 33,527,000 | [6],[21] | |||
Percentage of Net Assets | 2.75% | [3],[13],[14] | 1.20% | [3],[4],[17] | 2.82% | [6],[21] | 2.75% | [3],[13],[14] | |
Investment, Identifier [Axis]: AMCP Pet Holdings, Inc. (Brightpet) 2 | |||||||||
Variable interest rate | 7% | [3],[14],[15] | 6.25% | [3],[4] | 6.25% | [6],[10] | 7% | [3],[14],[15] | |
Interest rate, PIK | [3],[14],[15] | 0.75% | 0.75% | ||||||
Interest Rate | 13.27% | [3],[14],[15] | 10.98% | [3],[4],[7] | 7.25% | [6],[8],[10] | 13.27% | [3],[14],[15] | |
Par Amount | [3] | $ 2,189,000 | [14],[15] | $ 16,333,000 | [4] | ||||
Cost | 2,099,000 | [3],[14],[15] | 15,989,000 | [3],[4],[9] | $ (119,000) | [1],[6],[10] | |||
Fair Value | $ 2,044,000 | [3],[14],[15] | $ 15,995,000 | [3],[4] | $ (44,000) | [6],[10] | |||
Percentage of Net Assets | 0.14% | [3],[14],[15] | 1.14% | [3],[4] | 0% | [6],[10] | 0.14% | [3],[14],[15] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 5,000,000 | ||||||||
Fair Value | $ (44,000) | ||||||||
Investment, Identifier [Axis]: AMCP Pet Holdings, Inc. (Brightpet) 3 | |||||||||
Variable interest rate | 6.25% | [3],[4] | 6.25% | [6],[10] | |||||
Interest Rate | 10.98% | [3],[4],[7] | 7.25% | [6],[8],[10] | |||||
Par Amount | $ 5,833,000 | [3],[4] | $ 3,938,000 | [6],[10] | |||||
Cost | 5,721,000 | [3],[4],[9] | 3,796,000 | [1],[6],[10] | |||||
Fair Value | $ 5,713,000 | [3],[4] | $ 3,886,000 | [6],[10] | |||||
Percentage of Net Assets | 0.41% | [3],[4] | 0.33% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,896,000 | ||||||||
Fair Value | $ (17,000) | ||||||||
Investment, Identifier [Axis]: ARI Network Services, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,273,000 | $ 2,121,000 | |||||||
Fair Value | $ (12,000) | $ (60,000) | |||||||
Investment, Identifier [Axis]: ARI Network Services, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [4],[13],[18] | 5.50% | [4],[5],[16],[17],[18],[19] | 6.50% | [6],[21] | 5.25% | [4],[13],[18] | |
Interest Rate | 10.67% | [4],[7],[13],[18] | 9.92% | [4],[5],[7],[16],[17],[18],[19] | 7.50% | [6],[21],[22] | 10.67% | [4],[7],[13],[18] | |
Par Amount | $ 20,564,000 | [4],[13],[18] | $ 20,723,000 | [4],[5],[16],[17],[18],[19] | $ 20,931,000 | [6],[21] | |||
Cost | 20,392,000 | [4],[13],[18],[20] | 20,465,000 | [4],[5],[9],[16],[17],[18],[19] | 20,563,000 | [1],[6],[21] | |||
Fair Value | $ 20,365,000 | [4],[13],[18] | $ 20,134,000 | [4],[5],[16],[17],[18],[19] | $ 20,767,000 | [6],[21] | |||
Percentage of Net Assets | 1.37% | [4],[13],[18] | 1.44% | [4],[5],[16],[17],[18],[19] | 1.75% | [6],[21] | 1.37% | [4],[13],[18] | |
Investment, Identifier [Axis]: ARI Network Services, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [4],[13],[18] | 5.50% | [4],[5],[16],[17],[18],[19] | 6.50% | [6],[10],[21] | 5.25% | [4],[13],[18] | |
Interest Rate | 10.67% | [4],[13],[18] | 9.92% | [4],[5],[7],[16],[17],[18],[19] | 7.50% | [6],[10],[21],[22] | 10.67% | [4],[13],[18] | |
Par Amount | $ 3,603,000 | [4],[13],[18] | $ 3,630,000 | [4],[5],[16],[17],[18],[19] | $ 3,667,000 | [6],[10],[21] | |||
Cost | 3,572,000 | [4],[13],[18] | 3,586,000 | [4],[5],[9],[16],[17],[18],[19] | 3,603,000 | [1],[6],[10],[21] | |||
Fair Value | $ 3,568,000 | [4],[13],[18] | $ 3,527,000 | [4],[5],[16],[17],[18],[19] | $ 3,639,000 | [6],[10],[21] | |||
Percentage of Net Assets | 0.24% | [4],[13],[18] | 0.25% | [4],[5],[16],[17],[18],[19] | 0.31% | [6],[10],[21] | 0.24% | [4],[13],[18] | |
Investment, Identifier [Axis]: ARI Network Services, Inc. 3 | |||||||||
Variable interest rate | 5.25% | [2],[4],[18] | 5.50% | [4],[5],[11],[12],[18],[19] | 6.50% | [6],[10] | 5.25% | [2],[4],[18] | |
Interest Rate | 10.67% | [2],[4],[18] | 9.92% | [4],[5],[7],[11],[12],[18],[19] | 7.50% | [6],[10],[22] | 10.67% | [2],[4],[18] | |
Par Amount | $ 1,757,000 | [2],[4],[18] | $ 909,000 | [4],[5],[11],[12],[18],[19] | $ 1,333,000 | [6],[10] | |||
Cost | 1,734,000 | [2],[4],[18] | 873,000 | [4],[5],[9],[11],[12],[18],[19] | 1,281,000 | [1],[6],[10] | |||
Fair Value | $ 1,728,000 | [2],[4],[18] | $ 823,000 | [4],[5],[11],[12],[18],[19] | $ 1,310,000 | [6],[10] | |||
Percentage of Net Assets | 0.12% | [2],[4],[18] | 0.06% | [4],[5],[11],[12],[18],[19] | 0.11% | [6],[10] | 0.12% | [2],[4],[18] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,697,000 | ||||||||
Fair Value | $ (13,000) | ||||||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 104,000 | ||||||||
Fair Value | $ (3,000) | ||||||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 1 | |||||||||
Variable interest rate | 5.50% | [3],[13],[14] | 4.75% | [5],[16] | 4.75% | [6],[21] | 5.50% | [3],[13],[14] | |
Interest Rate | 10.99% | [3],[13],[14] | 9.38% | [5],[16] | 5.75% | [6],[21],[22] | 10.99% | [3],[13],[14] | |
Par Amount | $ 6,168,000 | [3],[13],[14] | $ 1,021,000 | [5],[16] | $ 899,000 | [6],[21] | |||
Cost | 5,927,000 | [3],[13],[14] | 1,010,000 | [5],[16] | 888,000 | [1],[6],[21] | |||
Fair Value | $ 5,928,000 | [3],[13],[14] | $ 991,000 | [5],[16] | $ 899,000 | [6],[21] | |||
Percentage of Net Assets | 0.40% | [3],[13],[14] | 0.07% | [5],[16] | 0.08% | [6],[21] | 0.40% | [3],[13],[14] | |
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,579,000 | $ 132,000 | |||||||
Fair Value | $ (16,000) | ||||||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 2 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 4.75% | [5] | 4.75% | [6],[10] | 5.50% | [3],[14],[15] | |
Interest Rate | 10.99% | [3],[14],[15] | 9.41% | [5] | 5.75% | [6],[10],[22] | 10.99% | [3],[14],[15] | |
Par Amount | $ 79,000 | [3],[14],[15] | $ 131,000 | [5] | $ 132,000 | [6],[10] | |||
Cost | 62,000 | [3],[14],[15] | 130,000 | [5] | 129,000 | [1],[6],[10] | |||
Fair Value | $ 62,000 | [3],[14],[15] | $ 127,000 | [5] | $ 132,000 | [6],[10] | |||
Percentage of Net Assets | 0.01% | [5] | 0.01% | [6],[10] | |||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 470,000 | $ 114,000 | |||||||
Fair Value | $ (8,000) | ||||||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 3 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 4.75% | [5],[11],[15] | 4.75% | [6],[10] | 5.50% | [3],[14],[15] | |
Interest Rate | 10.99% | [3],[14],[15] | 9.41% | [5],[11],[15] | 5.75% | [6],[10],[22] | 10.99% | [3],[14],[15] | |
Par Amount | $ 320,000 | [3],[14],[15] | $ 54,000 | [5],[11],[15] | $ 43,000 | [6],[10] | |||
Cost | 306,000 | [3],[14],[15] | 52,000 | [5],[11],[15] | 41,000 | [1],[6],[10] | |||
Fair Value | $ 306,000 | [3],[14],[15] | $ 49,000 | [5],[11],[15] | $ 43,000 | [6],[10] | |||
Percentage of Net Assets | 0.02% | [3],[14],[15] | 0% | [5],[11] | 0% | [6],[10] | 0.02% | [3],[14],[15] | |
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) | |||||||||
Par Amount | $ 29,441,000 | [14],[23] | $ 29,441,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 29,441 | [5],[25] | 29,441,000 | ||||||
Cost | 2,944,000 | [14],[20],[23] | $ 2,944,000 | [1],[4],[5],[24],[25] | $ 2,944,000 | ||||
Fair Value | $ 2,733,000 | [14],[23] | $ 2,193,000 | [4],[5],[24],[25] | $ 2,714,000 | ||||
Percentage of Net Assets | 0.18% | [14],[23] | 0.16% | [4],[5],[24],[25] | 0.23% | 0.18% | [14],[23] | ||
Unused Fee Rate | 0.50% | 1% | |||||||
Unfunded Commitment | $ 700,000 | $ 3,500,000 | |||||||
Fair Value | $ (5,000) | ||||||||
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) 1 | |||||||||
Variable interest rate | 6.25% | [3],[13],[14] | 6.25% | [3],[5],[13],[14],[16] | 6.25% | [6],[21] | 6.25% | [3],[13],[14] | |
Interest Rate | 11.72% | [3],[13],[14] | 9.99% | [3],[5],[13],[14],[16],[22] | 7.25% | [6],[21],[22] | 11.72% | [3],[13],[14] | |
Par Amount | $ 18,475,000 | [3],[13],[14] | $ 18,617,000 | [3],[13],[14] | $ 18,806,000 | [6],[21] | |||
Par Amount, Shares (in shares) | shares | [5],[16] | 18,617 | |||||||
Cost | 18,210,000 | [3],[13],[14] | $ 18,303,000 | [1],[3],[5],[13],[14],[16] | 18,428,000 | [1],[6],[21] | |||
Fair Value | $ 18,475,000 | [3],[13],[14] | $ 18,479,000 | [3],[5],[13],[14],[16] | $ 18,806,000 | [6],[21] | |||
Percentage of Net Assets | 1.25% | [3],[13],[14] | 1.32% | [3],[5],[13],[14],[16] | 1.58% | [6],[21] | 1.25% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,190,000 | ||||||||
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) 2 | |||||||||
Variable interest rate | 6.25% | [3],[14] | 6.25% | [3],[5],[14] | 6.25% | [6],[10] | 6.25% | [3],[14] | |
Interest Rate | 11.72% | [3],[14] | 9.99% | [3],[5],[14],[22] | 7.25% | [6],[10],[22] | 11.72% | [3],[14] | |
Par Amount | [3],[14] | $ 1,935,000 | $ 1,950,000 | ||||||
Par Amount, Shares (in shares) | shares | [5] | 1,950 | |||||||
Cost | 1,923,000 | [3],[14] | $ 1,935,000 | [1],[3],[5],[14] | $ (34,000) | [1],[6],[10] | |||
Fair Value | [3],[14] | $ 1,935,000 | $ 1,936,000 | [5] | |||||
Percentage of Net Assets | 0.13% | [3],[14] | 0.14% | [3],[5],[14] | 0% | [6],[10] | 0.13% | [3],[14] | |
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) 3 | |||||||||
Variable interest rate | 6.25% | [3],[14] | 6.25% | [3],[5],[11],[14],[15] | 6.25% | [6],[10] | 6.25% | [3],[14] | |
Interest Rate | 11.72% | [3],[14] | 9.99% | [3],[5],[11],[14],[15],[22] | 7.25% | [6],[10],[22] | 11.72% | [3],[14] | |
Par Amount | $ 1,400,000 | [3],[14] | $ 700,000 | [3],[14],[15] | $ 210,000 | [6],[10] | |||
Par Amount, Shares (in shares) | shares | [5],[11] | 700 | |||||||
Cost | 1,381,000 | [3],[14] | $ 677,000 | [1],[3],[5],[11],[14],[15] | 181,000 | [1],[6],[10] | |||
Fair Value | $ 1,400,000 | [3],[14] | $ 690,000 | [3],[5],[11],[14],[15] | $ 210,000 | [6],[10] | |||
Percentage of Net Assets | 0.09% | [3],[14] | 0.05% | [3],[5],[11],[14],[15] | 0.02% | [6],[10] | 0.09% | [3],[14] | |
Investment, Identifier [Axis]: Abracon Group Holdings, LLC | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 441,000 | ||||||||
Fair Value | $ (59,000) | ||||||||
Investment, Identifier [Axis]: Abracon Group Holdings, LLC 1 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 5.75% | [4] | 5.75% | [14] | ||
Interest Rate | [18] | 11.21% | [14] | 10.48% | [4],[7] | 11.21% | [14] | ||
Par Amount | [18] | $ 5,787,000 | [14] | $ 5,534,000 | [4] | ||||
Cost | [18] | 5,693,000 | [14] | 5,431,000 | [4],[9] | ||||
Fair Value | [18] | $ 5,012,000 | [14] | $ 5,249,000 | [4] | ||||
Percentage of Net Assets | [18] | 0.34% | [14] | 0.38% | [4] | 0.34% | [14] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,003,000 | ||||||||
Fair Value | $ (52,000) | ||||||||
Investment, Identifier [Axis]: Abracon Group Holdings, LLC 2 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 5.75% | [4],[12] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.21% | [14],[15] | 10.48% | [4],[7],[12] | 11.21% | [14],[15] | ||
Par Amount | [14],[15],[18] | $ 265,000 | |||||||
Cost | [18] | 253,000 | [14],[15] | $ (9,000) | [4],[9],[12] | ||||
Fair Value | [18] | $ 170,000 | [14],[15] | $ (51,000) | [4],[12] | ||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | 0.01% | [14],[15],[18] | ||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 401,000 | ||||||||
Fair Value | $ (21,000) | ||||||||
Investment, Identifier [Axis]: Abracon Group Holdings, LLC 3 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 5.75% | [4],[12] | 5.75% | [14] | ||
Interest Rate | [18] | 11.21% | [14] | 10.48% | [4],[7],[12] | 11.21% | [14] | ||
Par Amount | [14],[18] | $ 401,000 | |||||||
Cost | [18] | 395,000 | [14] | $ (7,000) | [4],[9],[12] | ||||
Fair Value | [18] | $ 347,000 | [14] | $ (21,000) | [4],[12] | ||||
Percentage of Net Assets | 0.02% | [14],[18] | 0% | 0.02% | [14],[18] | ||||
Investment, Identifier [Axis]: Advarra Holdings, Inc. | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 41,000 | $ 41,000 | |||||||
Fair Value | $ (1,000) | $ (2,000) | |||||||
Investment, Identifier [Axis]: Advarra Holdings, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [14],[26] | 5.75% | 5.25% | [14],[26] | ||||
Interest Rate | 10.57% | [14],[26] | 10.15% | 10.57% | [14],[26] | ||||
Par Amount | $ 455,000 | [14],[26] | $ 459,000 | ||||||
Cost | 448,000 | [14],[26] | 451,000 | ||||||
Fair Value | $ 446,000 | [14],[26] | $ 434,000 | ||||||
Percentage of Net Assets | 0.03% | [14],[26] | 0.03% | 0.03% | [14],[26] | ||||
Investment, Identifier [Axis]: Advarra Holdings, Inc. 2 | |||||||||
Variable interest rate | [15] | 5.25% | [14],[26] | 5.75% | 5.25% | [14],[26] | |||
Interest Rate | [15] | 10.57% | [14],[26] | 10.15% | 10.57% | [14],[26] | |||
Fair Value | [15] | $ (1,000) | [14],[26] | $ (2,000) | |||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Alert Media, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 3,043,000 | $ 1,750,000 | $ 1,750,000 | ||||||
Fair Value | $ (62,000) | $ (58,000) | $ (43,000) | ||||||
Investment, Identifier [Axis]: Alert Media, Inc. 1 | |||||||||
Variable interest rate | 7.75% | [3],[13],[14] | 5% | [3],[4],[5],[13],[16] | 5% | [6],[21] | 7.75% | [3],[13],[14] | |
Interest rate, PIK | [3],[13],[14] | 6.75% | 6.75% | ||||||
Interest Rate | 11.56% | [3],[13],[14],[27] | 9.26% | [3],[4],[5],[13],[16] | 6% | [6],[21] | 11.56% | [3],[13],[14],[27] | |
Par Amount | $ 19,127,000 | [3],[13],[14] | $ 14,000,000 | [3],[4],[5],[13],[16] | $ 14,000,000 | [6],[21] | |||
Cost | 18,877,000 | [3],[13],[14],[20] | 13,842,000 | [3],[4],[5],[13],[16],[20] | 13,811,000 | [6],[21] | |||
Fair Value | $ 18,775,000 | [3],[13],[14] | $ 13,534,000 | [3],[4],[5],[13],[16] | $ 13,657,000 | [6],[21] | |||
Percentage of Net Assets | 1.27% | [3],[13],[14] | 0.97% | [3],[4],[5],[13],[16] | 1.15% | [6],[21] | 1.27% | [3],[13],[14] | |
Investment, Identifier [Axis]: Alert Media, Inc. 2 | |||||||||
Variable interest rate | 7.75% | [3],[14],[15] | 5% | [3],[4],[5],[11],[12] | 5% | [6],[10] | 7.75% | [3],[14],[15] | |
Interest rate, PIK | [3],[14],[15] | 6.75% | 6.75% | ||||||
Interest Rate | 11.56% | [3],[14],[15],[27] | 9.26% | [3],[4],[5],[11],[12] | 6% | [6],[10] | 11.56% | [3],[14],[15],[27] | |
Cost | $ (41,000) | [3],[14],[15],[20] | $ (17,000) | [3],[4],[5],[11],[12],[20] | $ (22,000) | [6],[10] | |||
Fair Value | (62,000) | [3],[14],[15] | $ (58,000) | [3],[4],[5],[11],[12] | $ (43,000) | [6],[10] | |||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: Amerilife Holdings, LLC | |||||||||
Par Amount | 908,000 | [14],[23] | $ 873,000 | [17],[24] | |||||
Par Amount, Shares (in shares) | shares | [5],[25] | 873 | |||||||
Cost | 25,000 | [14],[20],[23] | $ 24,000 | [1],[5],[17],[24],[25] | |||||
Fair Value | $ 33,000 | [14],[23] | $ 24,000 | [5],[17],[24],[25] | |||||
Percentage of Net Assets | [17],[24] | 0% | |||||||
Investment, Identifier [Axis]: Amerilife Holdings, LLC 1 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | [5],[19] | 5.75% | [14],[18] | |||
Interest Rate | 11.08% | [14],[18] | 9.58% | [5],[19],[22] | 11.08% | [14],[18] | |||
Par Amount | $ 2,029,000 | [14],[18] | $ 2,044,000 | [5],[19] | |||||
Cost | 1,993,000 | [14],[18] | 2,005,000 | [1],[5],[19] | |||||
Fair Value | $ 1,972,000 | [14],[18] | $ 2,005,000 | [5],[19] | |||||
Percentage of Net Assets | 0.13% | [14],[18] | 0.14% | [5],[19] | 0.13% | [14],[18] | |||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 292,000 | $ 292,000 | |||||||
Fair Value | $ (8,000) | $ (5,000) | |||||||
Investment, Identifier [Axis]: Amerilife Holdings, LLC 2 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | [5],[11],[19] | 5.75% | [14],[18] | ||
Interest Rate | [15] | 11.08% | [14],[18] | 10.15% | [5],[11],[19],[22] | 11.08% | [14],[18] | ||
Par Amount | [15] | $ 579,000 | [14],[18] | $ 583,000 | [5],[11],[19] | ||||
Cost | [15] | 566,000 | [14],[18] | 569,000 | [1],[5],[11],[19] | ||||
Fair Value | [15] | $ 554,000 | [14],[18] | $ 569,000 | [5],[11],[19] | ||||
Percentage of Net Assets | [15] | 0.04% | [14],[18] | 0.04% | [5],[11],[19] | 0.04% | [14],[18] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 364,000 | $ 437,000 | |||||||
Fair Value | $ (10,000) | $ (8,000) | |||||||
Investment, Identifier [Axis]: Amerilife Holdings, LLC 3 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | [5],[11],[19] | 5.75% | [14],[18] | ||
Interest Rate | [15] | 11.08% | [14],[18] | 10.15% | [5],[11],[19],[22] | 11.08% | [14],[18] | ||
Par Amount | [14],[15],[18] | $ 73,000 | |||||||
Cost | [15] | 66,000 | [14],[18] | $ (8,000) | [1],[5],[11],[19] | ||||
Fair Value | [15] | $ 61,000 | [14],[18] | $ (8,000) | [5],[11],[19] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Anaplan, Inc. | |||||||||
Variable interest rate | [18] | 6.50% | [14] | 6.50% | [4],[5],[19] | 6.50% | [14] | ||
Interest Rate | [18] | 11.82% | [14],[27] | 10.82% | [4],[5],[19] | 11.82% | [14],[27] | ||
Par Amount | [18] | $ 24,000,000 | [14] | $ 24,000,000 | [4],[5],[19] | ||||
Cost | [18],[20] | 23,584,000 | [14] | 23,546,000 | [4],[5],[19] | ||||
Fair Value | [18] | $ 24,000,000 | [14] | $ 23,578,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 1.62% | [14] | 1.69% | [4],[5],[19] | 1.62% | [14] | ||
Investment, Identifier [Axis]: Answer Acquisition, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 400,000 | $ 833,000 | |||||||
Fair Value | $ (7,000) | $ (35,000) | |||||||
Investment, Identifier [Axis]: Answer Acquisition, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.50% | [5] | 6% | [6] | 5.75% | [3],[14] | |
Interest Rate | 11.29% | [3],[14] | 10.23% | [5] | 7% | [6],[22] | 11.29% | [3],[14] | |
Par Amount | $ 10,638,000 | [3],[14] | $ 10,719,000 | [5] | $ 10,827,000 | [6] | |||
Cost | 10,489,000 | [3],[14] | 10,541,000 | [5] | 10,611,000 | [1],[6] | |||
Fair Value | $ 10,450,000 | [3],[14] | $ 10,265,000 | [5] | $ 10,611,000 | [6] | |||
Percentage of Net Assets | 0.71% | [3],[14] | 0.73% | [5] | 0.89% | [6] | 0.71% | [3],[14] | |
Investment, Identifier [Axis]: Answer Acquisition, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.50% | [5],[11],[15] | 6% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.29% | [3],[14],[15] | 10.23% | [5],[11],[15] | 7% | [6],[10],[22] | 11.29% | [3],[14],[15] | |
Par Amount | [3],[14],[15] | $ 433,000 | |||||||
Cost | 422,000 | [3],[14],[15] | $ (13,000) | [5],[11],[15] | $ (16,000) | [1],[6],[10] | |||
Fair Value | $ 418,000 | [3],[14],[15] | $ (35,000) | [5],[11],[15] | $ (16,000) | [6],[10] | |||
Percentage of Net Assets | 0.03% | [3],[14],[15] | 0% | [5],[11] | 0% | [6],[10] | 0.03% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 833,000 | ||||||||
Fair Value | $ (17,000) | ||||||||
Investment, Identifier [Axis]: Apex Service Partners, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 5.50% | 5.50% | ||||||
Interest Rate | [3],[14] | 10.90% | 10.90% | ||||||
Par Amount | [3],[14] | $ 8,251,000 | |||||||
Cost | [3],[14] | 7,884,000 | |||||||
Fair Value | [3],[14] | $ 7,899,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.53% | 0.53% | ||||||
Investment, Identifier [Axis]: Apex Service Partners, LLC 2 | |||||||||
Variable interest rate | [3],[14] | 5.50% | 5.50% | ||||||
Interest Rate | [3],[14] | 10.90% | 10.90% | ||||||
Par Amount | [3],[14] | $ 8,251,000 | |||||||
Cost | [3],[14] | 7,873,000 | |||||||
Fair Value | [3],[14] | $ 7,899,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.53% | 0.53% | ||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC 1 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 5.50% | [3],[4],[5] | 5.50% | [6] | 5.50% | [3],[14] | |
Interest Rate | 11.02% | [3],[14],[27] | 9.92% | [3],[4],[5] | 6.50% | [6] | 11.02% | [3],[14],[27] | |
Par Amount | $ 18,332,000 | [3],[14] | $ 14,617,000 | [3],[4],[5] | $ 4,663,000 | [6] | |||
Cost | 18,238,000 | [3],[14],[20] | 14,549,000 | [3],[4],[5],[20] | 4,643,000 | [6] | |||
Fair Value | $ 17,942,000 | [3],[14] | $ 14,063,000 | [3],[4],[5] | $ 4,663,000 | [6] | |||
Percentage of Net Assets | 1.21% | [3],[14] | 1.01% | [3],[4],[5] | 0.39% | [6] | 1.21% | [3],[14] | |
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 1,154,000 | $ 1,674,000 | |||||||
Fair Value | $ (25,000) | $ (63,000) | |||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC 2 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | [3],[4],[5],[11],[12] | 5.50% | [6],[10] | 5.50% | [3],[14],[15] | |
Interest Rate | 11.02% | [3],[14],[15],[27] | 9.92% | [3],[4],[5],[11],[12] | 6.50% | [6],[10] | 11.02% | [3],[14],[15],[27] | |
Par Amount | [3] | $ 311,000 | [14],[15] | $ 3,696,000 | [4],[5],[11],[12] | ||||
Cost | 302,000 | [3],[14],[15],[20] | 3,653,000 | [3],[4],[5],[11],[12],[20] | $ (59,000) | [6],[10] | |||
Fair Value | [3] | $ 280,000 | [14],[15] | $ 3,491,000 | [4],[5],[11],[12] | ||||
Percentage of Net Assets | 0.02% | [3],[14],[15] | 0.25% | [3],[4],[5],[11],[12] | 0% | [6],[10] | 0.02% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 167,000 | $ 157,000 | |||||||
Fair Value | $ (4,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC 3 | |||||||||
Variable interest rate | [3] | 5.50% | [14],[15] | 5.50% | [2],[4],[5],[11] | 5.50% | [14],[15] | ||
Interest Rate | [3] | 11.02% | [14],[15],[27] | 9.92% | [2],[4],[5],[11] | 11.02% | [14],[15],[27] | ||
Par Amount | [2],[3],[4],[5],[11] | $ 10,000 | |||||||
Cost | [3],[20] | $ (2,000) | [14],[15] | 7,000 | [2],[4],[5],[11] | ||||
Fair Value | [3] | $ (3,000) | [14],[15] | $ 3,000 | [2],[4],[5],[11] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 13,525,000 | ||||||||
Investment, Identifier [Axis]: Applitools, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 433,000 | $ 433,000 | |||||||
Fair Value | $ (13,000) | $ (7,000) | |||||||
Investment, Identifier [Axis]: Applitools, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.25% | [14],[28] | 6.25% | [4],[29],[30] | 6.25% | [14],[28] | ||
Interest Rate | [18] | 11.35% | [14],[28] | 10.57% | [4],[7],[29],[30] | 11.35% | [14],[28] | ||
Par Amount | [18] | $ 3,481,000 | [14],[28] | $ 3,200,000 | [4],[29],[30] | ||||
Cost | [18] | 3,437,000 | [14],[28] | 3,143,000 | [4],[9],[29],[30] | ||||
Fair Value | [18] | $ 3,377,000 | [14],[28] | $ 3,145,000 | [4],[29],[30] | ||||
Percentage of Net Assets | [18] | 0.23% | [14],[28] | 0.23% | [4],[29],[30] | 0.23% | [14],[28] | ||
Investment, Identifier [Axis]: Applitools, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.25% | [14],[15],[28] | 6.25% | [4],[12],[29],[30] | 6.25% | [14],[15],[28] | ||
Interest Rate | [18] | 11.35% | [14],[15],[28] | 10.57% | [4],[7],[12],[29],[30] | 11.35% | [14],[15],[28] | ||
Cost | [18] | $ (7,000) | [14],[15],[28] | $ (8,000) | [4],[9],[12],[29],[30] | ||||
Fair Value | [18] | $ (13,000) | [14],[15],[28] | $ (7,000) | [4],[12],[29],[30] | ||||
Percentage of Net Assets | [29] | 0% | |||||||
Investment, Identifier [Axis]: Aptean, Inc. | |||||||||
Variable interest rate | 7% | [18] | 7% | [18],[19] | 7% | [6],[19] | 7% | [18] | |
Interest Rate | 12.42% | [18],[27] | 11.74% | [18],[19],[22] | 7.75% | [6],[8],[19] | 12.42% | [18],[27] | |
Par Amount | $ 5,950,000 | [18] | $ 5,950,000 | [18],[19] | $ 5,950,000 | [6],[19] | |||
Cost | 5,950,000 | [18],[20] | 5,950,000 | [1],[18],[19] | 5,950,000 | [1],[6],[19] | |||
Fair Value | $ 5,533,000 | [18] | $ 5,459,000 | [18],[19] | $ 5,950,000 | [6],[19] | |||
Percentage of Net Assets | 0.37% | [18] | 0.39% | [18],[19] | 0.50% | [6],[19] | 0.37% | [18] | |
Investment, Identifier [Axis]: Assembly Intermediate, LLC 1 | |||||||||
Variable interest rate | 6% | [3],[14] | 6.50% | [3],[4],[5] | 7% | [6] | 6% | [3],[14] | |
Interest Rate | 11.49% | [3],[14] | 11.23% | [3],[4],[5],[7] | 8% | [6] | 11.49% | [3],[14] | |
Par Amount | $ 20,741,000 | [3],[14] | $ 20,741,000 | [3],[4],[5] | $ 20,741,000 | [6] | |||
Cost | 20,436,000 | [3],[14] | 20,393,000 | [3],[4],[5],[9] | 20,337,000 | [6] | |||
Fair Value | $ 20,216,000 | [3],[14] | $ 19,944,000 | [3],[4],[5] | $ 20,337,000 | [6] | |||
Percentage of Net Assets | 1.36% | [3],[14] | 1.43% | [3],[4],[5] | 1.71% | [6] | 1.36% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 2,281,000 | $ 2,281,000 | $ 3,941,000 | ||||||
Fair Value | $ (58,000) | $ (88,000) | $ (47,000) | ||||||
Investment, Identifier [Axis]: Assembly Intermediate, LLC 2 | |||||||||
Variable interest rate | 6% | [3],[14],[15] | 6.50% | [3],[4],[5],[11],[12] | 7% | [6],[10] | 6% | [3],[14],[15] | |
Interest Rate | 11.49% | [3],[14],[15] | 11.23% | [3],[4],[5],[7],[11],[12] | 8% | [6],[10] | 11.49% | [3],[14],[15] | |
Par Amount | $ 2,904,000 | [3],[14],[15] | $ 2,904,000 | [3],[4],[5],[11],[12] | $ 1,244,000 | [6],[10] | |||
Cost | 2,846,000 | [3],[14],[15] | 2,836,000 | [3],[4],[5],[9],[11],[12] | 1,182,000 | [6],[10] | |||
Fair Value | $ 2,772,000 | [3],[14],[15] | $ 2,705,000 | [3],[4],[5],[11],[12] | $ 1,182,000 | [6],[10] | |||
Percentage of Net Assets | 0.19% | [3],[14],[15] | 0.19% | [3],[4],[5],[11],[12] | 0.10% | [6],[10] | 0.19% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 2,074,000 | $ 1,244,000 | $ 2,074,000 | ||||||
Fair Value | $ (52,000) | $ (48,000) | $ (40,000) | ||||||
Investment, Identifier [Axis]: Assembly Intermediate, LLC 3 | |||||||||
Variable interest rate | 6% | [3],[14],[15] | 6.50% | [3],[4],[5],[11],[12] | 7% | [6],[10] | 6% | [3],[14],[15] | |
Interest Rate | 11.49% | [3],[14],[15] | 11.23% | [3],[4],[5],[7],[11],[12] | 8% | [6],[10] | 11.49% | [3],[14],[15] | |
Par Amount | [3],[4],[5],[11],[12] | $ 830,000 | |||||||
Cost | $ (28,000) | [3],[14],[15] | 796,000 | [3],[4],[5],[9],[11],[12] | $ (40,000) | [6],[10] | |||
Fair Value | $ (52,000) | [3],[14],[15] | $ 750,000 | [3],[4],[5],[11],[12] | $ (40,000) | [6],[10] | |||
Percentage of Net Assets | 0.05% | [3],[4],[5],[11],[12] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: Associations, Inc. 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6.50% | [3],[5],[13],[14],[16] | 4% | [6],[21] | 6.50% | [3],[13],[14] | |
Interest rate, PIK | 2.50% | [3],[13],[14] | 2.50% | [3],[5],[13],[14],[16] | 2.50% | [6],[21] | 2.50% | [3],[13],[14] | |
Interest Rate | 12.03% | [3],[13],[14] | 10.36% | [3],[5],[13],[14],[16],[22] | 7.50% | [6],[21] | 12.03% | [3],[13],[14] | |
Par Amount | $ 16,570,000 | [3],[13],[14] | $ 30,525,000 | [3],[13],[14] | $ 15,853,000 | [6],[21] | |||
Par Amount, Shares (in shares) | shares | [5],[16] | 30,525 | |||||||
Cost | 16,464,000 | [3],[13],[14] | $ 30,293,000 | [1],[3],[5],[13],[14],[16] | 15,706,000 | [6],[21] | |||
Fair Value | $ 16,321,000 | [3],[13],[14] | $ 29,139,000 | [3],[5],[13],[14],[16] | $ 15,853,000 | [6],[21] | |||
Percentage of Net Assets | 1.10% | [3],[13],[14] | 2.09% | [3],[5],[13],[14],[16] | 1.33% | [6],[21] | 1.10% | [3],[13],[14] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 1,582,000 | $ 6,694,000 | $ 1,860,000 | ||||||
Fair Value | $ (24,000) | $ (304,000) | |||||||
Investment, Identifier [Axis]: Associations, Inc. 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15] | 6.50% | [3],[5],[11],[14],[15] | 4% | [6],[10] | 6.50% | [3],[14],[15] | |
Interest rate, PIK | 2.50% | [3],[14],[15] | 2.50% | [3],[5],[11],[14],[15] | 2.50% | [6],[10] | 2.50% | [3],[14],[15] | |
Interest Rate | 12.03% | [3],[14],[15] | 10.36% | [3],[5],[11],[14],[15],[22] | 7.50% | [6],[10] | 12.03% | [3],[14],[15] | |
Par Amount | $ 20,216,000 | [3],[14],[15] | $ 546,000 | [3],[14],[15] | $ 2,723,000 | [6],[10] | |||
Par Amount, Shares (in shares) | shares | [5],[11] | 546 | |||||||
Cost | 20,068,000 | [3],[14],[15] | $ 481,000 | [1],[3],[5],[11],[14],[15] | 2,698,000 | [6],[10] | |||
Fair Value | $ 19,889,000 | [3],[14],[15] | $ 218,000 | [3],[5],[11],[14],[15] | $ 2,723,000 | [6],[10] | |||
Percentage of Net Assets | 1.34% | [3],[14],[15] | 0.02% | [3],[5],[11],[14],[15] | 0.23% | [6],[10] | 1.34% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,860,000 | $ 1,860,000 | |||||||
Fair Value | $ (28,000) | $ (84,000) | |||||||
Investment, Identifier [Axis]: Associations, Inc. 3 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15] | 6.50% | [3],[5],[11],[14],[15] | 6.50% | [6],[10] | 6.50% | [3],[14],[15] | |
Interest rate, PIK | [3],[14],[15] | 2.50% | 2.50% | [5],[11] | 2.50% | ||||
Interest Rate | 12.03% | [3],[14],[15] | 10.36% | [3],[5],[11],[14],[15],[22] | 7.50% | [6],[10] | 12.03% | [3],[14],[15] | |
Par Amount | [6],[10] | $ 11,187,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11] | 0 | |||||||
Cost | $ (12,000) | [3],[14],[15] | $ (14,000) | [1],[3],[5],[11],[14],[15] | 11,083,000 | [6],[10] | |||
Fair Value | $ (28,000) | [3],[14],[15] | $ (84,000) | [3],[5],[11],[14],[15] | $ 11,187,000 | [6],[10] | |||
Percentage of Net Assets | (0.01%) | [3],[5],[11],[14],[15] | 0.94% | [6],[10] | |||||
Investment, Identifier [Axis]: Associations, Inc. 4 | |||||||||
Variable interest rate | [6],[10] | 6.50% | |||||||
Interest Rate | [6],[10] | 7.50% | |||||||
Cost | [6],[10] | $ (17,000) | |||||||
Percentage of Net Assets | [6],[10] | 0% | |||||||
Investment, Identifier [Axis]: Atlas Purchaser, Inc. | |||||||||
Variable interest rate | 5.25% | 5.25% | |||||||
Interest Rate | 9.81% | 6% | |||||||
Par Amount | $ 8,922,000 | $ 17,413,000 | |||||||
Cost | 8,778,000 | 17,090,000 | |||||||
Fair Value | $ 6,225,000 | $ 17,064,000 | |||||||
Percentage of Net Assets | 0.45% | 1.44% | |||||||
Investment, Identifier [Axis]: Atlas Us Finco, Inc. | |||||||||
Variable interest rate | [13],[18] | 5.25% | 5.25% | ||||||
Interest Rate | [13],[18] | 10.88% | 10.88% | ||||||
Par Amount | [13],[18] | $ 8,854,000 | |||||||
Cost | [13],[18] | 8,727,000 | |||||||
Fair Value | [13],[18] | $ 6,238,000 | |||||||
Percentage of Net Assets | [13],[18] | 0.42% | 0.42% | ||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 186,000 | $ 186,000 | |||||||
Fair Value | $ (2,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: Atlas Us Finco, Inc. 1 | |||||||||
Variable interest rate | [3],[4] | 7.25% | [28] | 7.25% | [5],[30] | 7.25% | [28] | ||
Interest Rate | [3],[4] | 12.58% | [28] | 11.48% | [5],[7],[30] | 12.58% | [28] | ||
Par Amount | [3],[4] | $ 2,009,000 | [28] | $ 2,009,000 | [5],[30] | ||||
Cost | [3],[4] | 1,953,000 | [28] | 1,949,000 | [5],[9],[30] | ||||
Fair Value | [3],[4] | $ 1,988,000 | [28] | $ 1,949,000 | [5],[30] | ||||
Percentage of Net Assets | [3],[4] | 0.13% | [28] | 0.14% | [5],[30] | 0.13% | [28] | ||
Investment, Identifier [Axis]: Atlas Us Finco, Inc. 2 | |||||||||
Variable interest rate | [3],[4] | 7.25% | [2],[28] | 7.25% | [5],[11],[12],[30] | 7.25% | [2],[28] | ||
Interest Rate | [3],[4] | 12.58% | [2],[28] | 11.48% | [5],[7],[11],[12],[30] | 12.58% | [2],[28] | ||
Cost | [3],[4] | $ (5,000) | [2],[28] | $ (6,000) | [5],[9],[11],[12],[30] | ||||
Fair Value | [3],[4] | $ (2,000) | [2],[28] | $ (6,000) | [5],[11],[12],[30] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Avalara, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,130,000 | $ 1,071,000 | |||||||
Fair Value | $ (26,000) | ||||||||
Investment, Identifier [Axis]: Avalara, Inc. 1 | |||||||||
Variable interest rate | [18] | 7.25% | [14] | 7.25% | [4],[5],[19] | 7.25% | [14] | ||
Interest Rate | [18] | 12.64% | [14] | 11.83% | [4],[5],[7],[19] | 12.64% | [14] | ||
Par Amount | [18] | $ 11,302,000 | [14] | $ 10,712,000 | [4],[5],[19] | ||||
Cost | [18] | 11,061,000 | [14] | 10,451,000 | [4],[5],[9],[19] | ||||
Fair Value | [18] | $ 11,302,000 | [14] | $ 10,451,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 0.76% | [14] | 0.75% | [4],[5],[19] | 0.76% | [14] | ||
Investment, Identifier [Axis]: Avalara, Inc. 2 | |||||||||
Variable interest rate | [18] | 7.25% | [14],[15] | 7.25% | [4],[5],[11],[12],[19] | 7.25% | [14],[15] | ||
Interest Rate | [18] | 12.64% | [14],[15] | 11.83% | [4],[5],[7],[11],[12],[19] | 12.64% | [14],[15] | ||
Cost | [18] | $ (23,000) | [14],[15] | $ (26,000) | [4],[5],[9],[11],[12],[19] | ||||
Fair Value | [4],[5],[11],[12],[18],[19] | $ (26,000) | |||||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: BP Purchaser, LLC | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [4],[5],[18],[19] | 5.50% | 5.50% | [14],[18] | ||
Interest Rate | 11.17% | [14],[18] | 10.24% | [4],[5],[7],[18],[19] | 6.25% | [8] | 11.17% | [14],[18] | |
Par Amount | $ 17,205,000 | [14],[18] | $ 17,336,000 | [4],[5],[18],[19] | $ 17,467,000 | ||||
Cost | 16,931,000 | [14],[18] | 17,031,000 | [4],[5],[9],[18],[19] | 17,120,000 | [1] | |||
Fair Value | $ 16,645,000 | [14],[18] | $ 16,185,000 | [4],[5],[18],[19] | $ 17,120,000 | ||||
Percentage of Net Assets | 1.12% | [14],[18] | 1.16% | [4],[5],[18],[19] | 0.10% | 1.12% | [14],[18] | ||
Investment, Identifier [Axis]: BP Purchaser, LLC 2 | |||||||||
Par Amount | [4],[24] | $ 1,233,333,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[25] | 1,233,333 | |||||||
Cost | [1],[4],[5],[24],[25] | $ 1,233,000 | |||||||
Fair Value | [4],[5],[24],[25] | $ 1,468,000 | |||||||
Percentage of Net Assets | [4],[5],[24],[25] | 0.11% | |||||||
Investment, Identifier [Axis]: BP Purchaser, LLC, Common Equity | |||||||||
Par Amount | [14],[23] | $ 1,383,156,000 | |||||||
Par Amount, Shares (in shares) | shares | 1,233,333,000 | ||||||||
Cost | 1,378,000 | [14],[20],[23] | $ 1,233,000 | ||||||
Fair Value | $ 1,529,000 | [14],[23] | $ 1,233,000 | ||||||
Percentage of Net Assets | 0.10% | [14],[23] | 0.10% | 0.10% | [14],[23] | ||||
Investment, Identifier [Axis]: BPG Holdings IV Corp. | |||||||||
Variable interest rate | [4],[18] | 6% | 6% | [5],[19] | 6% | ||||
Interest Rate | [4],[18] | 11.39% | 10.54% | [5],[7],[19] | 11.39% | ||||
Par Amount | [4],[18] | $ 11,676,000 | $ 11,765,000 | [5],[19] | |||||
Cost | [4],[18] | 10,979,000 | 11,001,000 | [5],[9],[19] | |||||
Fair Value | [4],[18] | $ 11,355,000 | $ 11,001,000 | [5],[19] | |||||
Percentage of Net Assets | [4],[18] | 0.77% | 0.79% | [5],[19] | 0.77% | ||||
Investment, Identifier [Axis]: Bearcat Buyer, Inc. | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 513,000 | ||||||||
Investment, Identifier [Axis]: Bearcat Buyer, Inc. 1 | |||||||||
Variable interest rate | [6],[21] | 4.75% | |||||||
Interest Rate | [6],[8],[21] | 5.75% | |||||||
Par Amount | [6],[21] | $ 6,843,000 | |||||||
Cost | [1],[6],[21] | 6,700,000 | |||||||
Fair Value | [6],[21] | $ 6,843,000 | |||||||
Percentage of Net Assets | [6],[21] | 0.58% | |||||||
Investment, Identifier [Axis]: Bearcat Buyer, Inc. 2 | |||||||||
Variable interest rate | [6],[10],[21] | 4.75% | |||||||
Interest Rate | [6],[8],[10],[21] | 5.75% | |||||||
Par Amount | [6],[10],[21] | $ 6,262,000 | |||||||
Cost | [1],[6],[10],[21] | 6,122,000 | |||||||
Fair Value | [6],[10],[21] | $ 6,262,000 | |||||||
Percentage of Net Assets | [6],[10],[21] | 0.53% | |||||||
Investment, Identifier [Axis]: Bottomline Technologies, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 267,000 | $ 267,000 | |||||||
Fair Value | $ (1,000) | $ (10,000) | |||||||
Investment, Identifier [Axis]: Bottomline Technologies, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [3],[14] | 5.50% | [4],[5],[18],[19] | 5.25% | [3],[14] | |||
Interest Rate | 10.57% | [3],[14],[27] | 9.83% | [4],[5],[18],[19] | 10.57% | [3],[14],[27] | |||
Par Amount | $ 3,168,000 | [3],[14] | $ 3,192,000 | [4],[5],[18],[19] | |||||
Cost | [20] | 3,114,000 | [3],[14] | 3,133,000 | [4],[5],[18],[19] | ||||
Fair Value | $ 3,155,000 | [3],[14] | $ 3,070,000 | [4],[5],[18],[19] | |||||
Percentage of Net Assets | 0.21% | [3],[14] | 0.22% | [4],[5],[18],[19] | 0.21% | [3],[14] | |||
Investment, Identifier [Axis]: Bottomline Technologies, Inc. 2 | |||||||||
Variable interest rate | 5% | [3],[14],[15] | 5.50% | [2],[4],[5],[11],[18],[19] | 5% | [3],[14],[15] | |||
Interest Rate | 10.32% | [3],[14],[15],[27] | 9.83% | [2],[4],[5],[11],[18],[19] | 10.32% | [3],[14],[15],[27] | |||
Cost | [20] | $ (4,000) | [3],[14],[15] | $ (5,000) | [2],[4],[5],[11],[18],[19] | ||||
Fair Value | $ (1,000) | [3],[14],[15] | $ (10,000) | [2],[4],[5],[11],[18],[19] | |||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Bridgepointe Technologies, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 4,426,000 | $ 10,116,000 | |||||||
Fair Value | $ (128,000) | $ (403,000) | |||||||
Investment, Identifier [Axis]: Bridgepointe Technologies, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 6.50% | 6.50% | [5] | 6.50% | ||||
Interest Rate | [3],[14] | 12.04% | 11.23% | [5],[22] | 12.04% | ||||
Par Amount | [3],[14] | $ 17,273,000 | $ 15,174,000 | ||||||
Par Amount, Shares (in shares) | shares | [5] | 15,174 | |||||||
Cost | [3],[14] | 16,743,000 | $ 14,570,000 | [1],[5] | |||||
Fair Value | [3],[14] | $ 16,839,000 | $ 14,570,000 | [5] | |||||
Percentage of Net Assets | [3],[14] | 1.14% | 1.04% | [5] | 1.14% | ||||
Investment, Identifier [Axis]: Bridgepointe Technologies, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | [5],[11] | 6.50% | ||||
Interest Rate | [3],[14],[15] | 12.04% | 11.23% | [5],[11],[22] | 12.04% | ||||
Par Amount | [3],[14],[15] | $ 10,116,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11] | 0 | |||||||
Cost | [3],[14],[15] | 9,579,000 | $ (403,000) | [1],[5],[11] | |||||
Fair Value | [3],[14],[15] | $ 9,696,000 | $ (403,000) | [5],[11] | |||||
Percentage of Net Assets | [3],[14],[15] | 0.65% | (0.03%) | [5],[11] | 0.65% | ||||
Investment, Identifier [Axis]: Bullhorn, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 593,000 | $ 320,000 | |||||||
Fair Value | $ (3,000) | $ (10,000) | |||||||
Investment, Identifier [Axis]: Bullhorn, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [3],[5],[13],[14],[16] | 5.75% | [6],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.24% | [3],[13],[14] | 10.48% | [3],[5],[13],[14],[16],[22] | 6.75% | [6],[21],[22] | 11.24% | [3],[13],[14] | |
Par Amount | $ 15,499,000 | [3],[13],[14] | $ 12,948,000 | [3],[13],[14] | $ 9,675,000 | [6],[21] | |||
Par Amount, Shares (in shares) | shares | [5],[16] | 12,948 | |||||||
Cost | 15,409,000 | [3],[13],[14] | $ 12,847,000 | [1],[3],[5],[13],[14],[16] | 9,573,000 | [1],[6],[21] | |||
Fair Value | $ 15,408,000 | [3],[13],[14] | $ 12,571,000 | [3],[5],[13],[14],[16] | $ 9,629,000 | [6],[21] | |||
Percentage of Net Assets | 1.04% | [3],[13],[14] | 0.90% | [3],[5],[13],[14],[16] | 0.81% | [6],[21] | 1.04% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 5,172,000 | ||||||||
Fair Value | $ (25,000) | ||||||||
Investment, Identifier [Axis]: Bullhorn, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [3],[5],[14] | 5.75% | [6],[10] | 5.75% | [3],[14] | |
Interest Rate | 11.24% | [3],[14] | 10.48% | [3],[5],[14],[22] | 6.75% | [6],[10],[22] | 11.24% | [3],[14] | |
Par Amount | [3],[14] | $ 51,000 | $ 2,723,000 | ||||||
Par Amount, Shares (in shares) | shares | [5] | 2,723 | |||||||
Cost | 50,000 | [3],[14] | $ 2,712,000 | [1],[3],[5],[14] | $ (25,000) | [1],[6],[10] | |||
Fair Value | $ 50,000 | [3],[14] | $ 2,643,000 | [3],[5],[14] | $ (25,000) | [6],[10] | |||
Percentage of Net Assets | 0.19% | [3],[5],[14] | 0% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 554,000 | ||||||||
Fair Value | $ (3,000) | ||||||||
Investment, Identifier [Axis]: Bullhorn, Inc. 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[5],[11],[14],[15] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.24% | [3],[14],[15] | 10.48% | [3],[5],[11],[14],[15],[22] | 6.75% | [6],[10],[22] | 11.24% | [3],[14],[15] | |
Par Amount | [3],[14],[15] | $ 273,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11] | 273 | |||||||
Cost | $ (4,000) | [3],[14],[15] | $ 267,000 | [1],[3],[5],[11],[14],[15] | $ (6,000) | [1],[6],[10] | |||
Fair Value | $ (3,000) | [3],[14],[15] | $ 256,000 | [3],[5],[11],[14],[15] | $ (3,000) | [6],[10] | |||
Percentage of Net Assets | 0.02% | [3],[5],[11],[14],[15] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: CC SAG Holdings Corp. (Spectrum Automotive) 1 | |||||||||
Variable interest rate | [6],[19],[21] | 5.75% | |||||||
Interest Rate | [6],[19],[21],[22] | 6.50% | |||||||
Par Amount | [6],[19],[21] | $ 23,890,000 | |||||||
Cost | [1],[6],[19],[21] | 23,553,000 | |||||||
Fair Value | [6],[19],[21] | $ 23,613,000 | |||||||
Percentage of Net Assets | [6],[19],[21] | 1.99% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 4,437,000 | ||||||||
Fair Value | $ (52,000) | ||||||||
Investment, Identifier [Axis]: CC SAG Holdings Corp. (Spectrum Automotive) 2 | |||||||||
Variable interest rate | [6],[10],[19] | 5.75% | |||||||
Interest Rate | [6],[10],[19],[22] | 6.50% | |||||||
Par Amount | [6],[10],[19] | $ 2,167,000 | |||||||
Cost | [1],[6],[10],[19] | 2,105,000 | |||||||
Fair Value | [6],[10],[19] | $ 2,091,000 | |||||||
Percentage of Net Assets | [6],[10],[19] | 0.18% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 881,000 | ||||||||
Fair Value | $ (10,000) | ||||||||
Investment, Identifier [Axis]: CC SAG Holdings Corp. (Spectrum Automotive) 3 | |||||||||
Variable interest rate | [6],[10],[19] | 5.75% | |||||||
Interest Rate | [6],[10],[19],[22] | 6.50% | |||||||
Cost | [1],[6],[10],[19] | $ (12,000) | |||||||
Fair Value | [6],[10],[19] | $ (10,000) | |||||||
Percentage of Net Assets | [6],[10],[19] | 0% | |||||||
Investment, Identifier [Axis]: CLEO Communications Holding, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 12,502,000 | $ 12,502,000 | $ 12,502,000 | ||||||
Fair Value | $ (230,000) | $ (445,000) | $ (198,000) | ||||||
Investment, Identifier [Axis]: CLEO Communications Holding, LLC 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6.50% | [3],[4],[5],[13],[16] | 6.75% | [6],[21] | 6.50% | [3],[13],[14] | |
Interest Rate | 11.93% | [3],[13],[14],[27] | 10.74% | [3],[4],[5],[13],[16] | 7.75% | [6],[21] | 11.93% | [3],[13],[14],[27] | |
Par Amount | $ 39,998,000 | [3],[13],[14] | $ 39,998,000 | [3],[4],[5],[13],[16] | $ 39,998,000 | [6],[21] | |||
Cost | 39,728,000 | [3],[13],[14],[20] | 39,685,000 | [3],[4],[5],[13],[16],[20] | 39,628,000 | [6],[21] | |||
Fair Value | $ 39,262,000 | [3],[13],[14] | $ 38,574,000 | [3],[4],[5],[13],[16] | $ 39,366,000 | [6],[21] | |||
Percentage of Net Assets | 2.65% | [3],[13],[14] | 2.76% | [3],[4],[5],[13],[16] | 3.31% | [6],[21] | 2.65% | [3],[13],[14] | |
Investment, Identifier [Axis]: CLEO Communications Holding, LLC 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15] | 6.50% | [2],[3],[4],[5],[11] | 6.75% | [6],[10] | 6.50% | [3],[14],[15] | |
Interest Rate | 11.93% | [3],[14],[15],[27] | 10.74% | [2],[3],[4],[5],[11] | 7.75% | [6],[10] | 11.93% | [3],[14],[15],[27] | |
Cost | $ (77,000) | [3],[14],[15],[20] | $ (92,000) | [2],[3],[4],[5],[11],[20] | $ (113,000) | [6],[10] | |||
Fair Value | $ (230,000) | [3],[14],[15] | $ (445,000) | [2],[3],[4],[5],[11] | $ (197,000) | [6],[10] | |||
Percentage of Net Assets | (0.02%) | [3],[14],[15] | (0.03%) | [2],[3],[4],[5],[11] | (0.02%) | [6],[10] | (0.02%) | [3],[14],[15] | |
Investment, Identifier [Axis]: CSC Thrive Holdings, LP (Thrive Networks) | |||||||||
Par Amount | [4],[24] | $ 160,016,000 | |||||||
Par Amount, Shares (in shares) | shares | 160,016 | [5],[25] | 160,016,000 | ||||||
Cost | $ 411,000 | [1],[4],[5],[24],[25] | $ 411,000 | ||||||
Fair Value | $ 640,000 | [4],[5],[24],[25] | $ 531,000 | ||||||
Percentage of Net Assets | 0.05% | [4],[5],[24],[25] | 0.04% | ||||||
Investment, Identifier [Axis]: Caerus US 1, Inc. 1 | |||||||||
Variable interest rate | [14],[18],[28] | 5.75% | 5.75% | [5],[19],[29] | 5.75% | ||||
Interest Rate | [14],[18],[28] | 11.14% | 9.83% | [5],[19],[22],[29] | 11.14% | ||||
Par Amount | [14],[18],[28] | $ 11,066,000 | $ 11,121,000 | ||||||
Par Amount, Shares (in shares) | shares | [5],[19],[29] | 11,121 | |||||||
Cost | [14],[18],[28] | 10,867,000 | $ 10,903,000 | [1],[5],[19],[29] | |||||
Fair Value | [14],[18],[28] | $ 11,066,000 | $ 10,903,000 | [5],[19],[29] | |||||
Percentage of Net Assets | [14],[18],[28] | 0.75% | 0.78% | [5],[19],[29] | 0.75% | ||||
Unused Fee Rate | 1% | 0% | |||||||
Unfunded Commitment | $ 893,000 | $ 1,608,000 | |||||||
Fair Value | $ (16,000) | ||||||||
Investment, Identifier [Axis]: Caerus US 1, Inc. 2 | |||||||||
Variable interest rate | [14],[15],[18],[28] | 5.75% | 5.75% | [5],[11],[19],[29] | 5.75% | ||||
Interest Rate | [14],[15],[18],[28] | 11.14% | 9.83% | [5],[11],[19],[22],[29] | 11.14% | ||||
Par Amount | [14],[15],[18],[28] | $ 715,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11],[19],[29] | 0 | |||||||
Cost | [14],[15],[18],[28] | 694,000 | $ (16,000) | [1],[5],[11],[19],[29] | |||||
Fair Value | [14],[15],[18],[28] | $ 715,000 | $ (16,000) | [5],[11],[19],[29] | |||||
Percentage of Net Assets | 0.05% | [14],[15],[18],[28] | 0% | [5],[11],[19],[29] | 0.05% | [14],[15],[18],[28] | |||
Unused Fee Rate | 0.25% | 0.50% | |||||||
Unfunded Commitment | $ 863,000 | $ 878,000 | |||||||
Fair Value | $ (17,000) | ||||||||
Investment, Identifier [Axis]: Caerus US 1, Inc. 3 | |||||||||
Variable interest rate | [14],[15],[18],[28] | 5.75% | 5.75% | [5],[11],[19],[29] | 5.75% | ||||
Interest Rate | [14],[15],[18],[28] | 11.14% | 9.83% | [5],[11],[19],[22],[29] | 11.14% | ||||
Par Amount | [14],[15],[18],[28] | $ 307,000 | $ 293,000 | ||||||
Par Amount, Shares (in shares) | shares | [5],[11],[19],[29] | 293 | |||||||
Cost | [14],[15],[18],[28] | 287,000 | $ 270,000 | [1],[5],[11],[19],[29] | |||||
Fair Value | [14],[15],[18],[28] | $ 307,000 | $ 270,000 | [5],[11],[19],[29] | |||||
Percentage of Net Assets | [14],[15],[18],[28] | 0.02% | 0.02% | [5],[11],[19],[29] | 0.02% | ||||
Investment, Identifier [Axis]: Capstone Acquisition Holdings, Inc. | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 313,000 | ||||||||
Investment, Identifier [Axis]: Capstone Acquisition Holdings, Inc. 1 | |||||||||
Variable interest rate | [6],[21] | 4.75% | |||||||
Interest Rate | [6],[8],[21] | 5.75% | |||||||
Par Amount | [6],[21] | $ 3,460,000 | |||||||
Cost | [1],[6],[21] | 3,433,000 | |||||||
Fair Value | [6],[21] | $ 3,460,000 | |||||||
Percentage of Net Assets | [6],[21] | 0.29% | |||||||
Investment, Identifier [Axis]: Capstone Acquisition Holdings, Inc. 2 | |||||||||
Variable interest rate | [6],[10] | 4.75% | |||||||
Interest Rate | [6],[8],[10] | 5.75% | |||||||
Par Amount | [6],[10] | $ 194,000 | |||||||
Cost | [1],[6],[10] | 191,000 | |||||||
Fair Value | [6],[10] | $ 194,000 | |||||||
Percentage of Net Assets | [6],[10] | 0.02% | |||||||
Investment, Identifier [Axis]: Catalis Intermediate, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,778,000 | ||||||||
Fair Value | $ (247,000) | ||||||||
Investment, Identifier [Axis]: Catalis Intermediate, Inc. 1 | |||||||||
Variable interest rate | [13],[14],[18] | 5.50% | 5.50% | ||||||
Interest Rate | [13],[14],[18] | 11.04% | 11.04% | ||||||
Par Amount | [13],[14],[18] | $ 39,457,000 | |||||||
Cost | [13],[14],[18] | 38,771,000 | |||||||
Fair Value | [13],[14],[18] | $ 35,946,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 2.43% | 2.43% | ||||||
Investment, Identifier [Axis]: Catalis Intermediate, Inc. 2 | |||||||||
Variable interest rate | [14],[18] | 5.50% | 5.50% | ||||||
Interest Rate | [14],[18] | 11.04% | 11.04% | ||||||
Par Amount | [14],[18] | $ 8,878,000 | |||||||
Cost | [14],[18] | 8,738,000 | |||||||
Fair Value | [14],[18] | $ 8,088,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.55% | 0.55% | ||||||
Investment, Identifier [Axis]: Catalis Intermediate, Inc. 3 | |||||||||
Variable interest rate | [14],[15],[18] | 5.50% | 5.50% | ||||||
Interest Rate | [14],[15],[18] | 11.04% | 11.04% | ||||||
Par Amount | [14],[15],[18] | $ 1,460,000 | |||||||
Cost | [14],[15],[18] | 1,392,000 | |||||||
Fair Value | [14],[15],[18] | $ 1,082,000 | |||||||
Percentage of Net Assets | [14],[15],[18] | 0.07% | 0.07% | ||||||
Investment, Identifier [Axis]: Cerity Partners, LLC | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 5,043,000 | $ 12,699,000 | |||||||
Fair Value | $ (381,000) | ||||||||
Investment, Identifier [Axis]: Cerity Partners, LLC 1 | |||||||||
Variable interest rate | [18] | 6.75% | [14] | 6.75% | [4] | 6.75% | [14] | ||
Interest Rate | [18] | 12.13% | [14] | 11.32% | [4],[7] | 12.13% | [14] | ||
Par Amount | [18] | $ 4,767,000 | [14] | $ 8,617,000 | [4] | ||||
Cost | [18] | 4,634,000 | [14] | 8,359,000 | [4],[9] | ||||
Fair Value | [18] | $ 4,767,000 | [14] | $ 8,359,000 | [4] | ||||
Percentage of Net Assets | [18] | 0.32% | [14] | 0.60% | [4] | 0.32% | [14] | ||
Investment, Identifier [Axis]: Cerity Partners, LLC 2 | |||||||||
Variable interest rate | [18] | 6.75% | [14],[15] | 6.75% | [4],[12] | 6.75% | [14],[15] | ||
Interest Rate | [18] | 12.13% | [14],[15] | 11.32% | [4],[7],[12] | 12.13% | [14],[15] | ||
Par Amount | [18] | $ 1,677,000 | [14],[15] | $ 454,000 | [4],[12] | ||||
Cost | [18] | 1,497,000 | [14],[15] | 60,000 | [4],[9],[12] | ||||
Fair Value | [18] | $ 1,677,000 | [14],[15] | $ 60,000 | [4],[12] | ||||
Percentage of Net Assets | 0.11% | [14],[15],[18] | 0% | 0.11% | [14],[15],[18] | ||||
Investment, Identifier [Axis]: Chase Intermediate, LLC 1 | |||||||||
Variable interest rate | [14],[15] | 5.25% | 5.25% | ||||||
Interest Rate | [14],[15] | 11% | 11% | ||||||
Cost | [14],[15] | $ (104,000) | |||||||
Fair Value | [14],[15] | $ (104,000) | |||||||
Percentage of Net Assets | [14],[15] | (0.01%) | (0.01%) | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 10,602,000 | ||||||||
Fair Value | $ (104,000) | ||||||||
Investment, Identifier [Axis]: Chase Intermediate, LLC 2 | |||||||||
Variable interest rate | [14],[15] | 5.25% | 5.25% | ||||||
Interest Rate | [14],[15] | 11% | 11% | ||||||
Par Amount | [14],[15] | $ 177,000 | |||||||
Cost | [14],[15] | 166,000 | |||||||
Fair Value | [14],[15] | $ 166,000 | |||||||
Percentage of Net Assets | [14],[15] | 0.01% | 0.01% | ||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 353,000 | ||||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,092,000 | $ 12,502,000 | |||||||
Fair Value | $ (22,000) | $ (445,000) | |||||||
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC 1 | |||||||||
Variable interest rate | 6.25% | [14],[18] | 5% | [5],[14],[18],[19] | 5% | [6],[19] | 6.25% | [14],[18] | |
Interest Rate | 11.64% | [14],[18] | 9.21% | [5],[14],[18],[19],[22] | 5.75% | [6],[19],[22] | 11.64% | [14],[18] | |
Par Amount | $ 23,563,000 | [14],[18] | $ 20,025,000 | [14],[18] | $ 20,176,000 | [6],[19] | |||
Par Amount, Shares (in shares) | shares | [5],[19] | 20,025 | |||||||
Cost | 23,179,000 | [14],[18] | $ 19,695,000 | [1],[5],[14],[18],[19] | 19,787,000 | [1],[6],[19] | |||
Fair Value | $ 23,091,000 | [14],[18] | $ 19,428,000 | [5],[14],[18],[19] | $ 19,787,000 | [6],[19] | |||
Percentage of Net Assets | 1.56% | [14],[18] | 1.39% | [5],[14],[18],[19] | 1.66% | [6],[19] | 1.56% | [14],[18] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 8,647,000 | ||||||||
Fair Value | $ (83,000) | ||||||||
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC 2 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18] | 5% | [5],[14],[18],[19] | 5% | [6],[10],[19] | 5.75% | [14],[15],[18] | |
Interest Rate | 10.79% | [14],[15],[18] | 9.21% | [5],[14],[18],[19],[22] | 5.75% | [6],[10],[19],[22] | 10.79% | [14],[15],[18] | |
Par Amount | [14],[18] | $ 8,517,000 | [15] | $ 8,582,000 | |||||
Par Amount, Shares (in shares) | shares | [5],[19] | 8,582 | |||||||
Cost | 8,377,000 | [14],[15],[18] | $ 8,437,000 | [1],[5],[14],[18],[19] | $ (83,000) | [1],[6],[10],[19] | |||
Fair Value | $ 8,325,000 | [14],[15],[18] | $ 8,326,000 | [5],[14],[18],[19] | $ (83,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.56% | [14],[15],[18] | 0.60% | [5],[14],[18],[19] | (0.01%) | [6],[10],[19] | 0.56% | [14],[15],[18] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 24,500,000 | ||||||||
Fair Value | $ (469,000) | ||||||||
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC 3 | |||||||||
Variable interest rate | [6],[10],[19] | 5% | |||||||
Interest Rate | [6],[10],[19],[22] | 5.75% | |||||||
Cost | [1],[6],[10],[19] | $ (469,000) | |||||||
Fair Value | [6],[10],[19] | $ (469,000) | |||||||
Percentage of Net Assets | [6],[10],[19] | (0.04%) | |||||||
Investment, Identifier [Axis]: Continental Battery Company | |||||||||
Variable interest rate | [3],[4] | 6.75% | 6.75% | 6.75% | |||||
Interest Rate | [3],[4],[7] | 12.04% | 11.48% | 12.04% | |||||
Par Amount | [3],[4] | $ 6,141,000 | $ 6,188,000 | ||||||
Cost | [3],[4],[20] | 6,053,000 | 6,083,000 | ||||||
Fair Value | [3],[4] | $ 5,467,000 | $ 5,903,000 | ||||||
Percentage of Net Assets | [3],[4] | 0.37% | 0.42% | 0.37% | |||||
Investment, Identifier [Axis]: Cordeagle US Finco, Inc. | |||||||||
Variable interest rate | [6],[31] | 6.75% | |||||||
Interest Rate | [6],[31] | 7.75% | |||||||
Par Amount | [6],[31] | $ 18,200,000 | |||||||
Cost | [6],[31] | 17,856,000 | |||||||
Fair Value | [6],[31] | $ 18,200,000 | |||||||
Percentage of Net Assets | [6],[31] | 1.53% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,800,000 | ||||||||
Investment, Identifier [Axis]: Cordeagle US Finco, Inc. 1 | |||||||||
Variable interest rate | [6],[10],[31] | 6.75% | |||||||
Interest Rate | [6],[10],[31] | 7.75% | |||||||
Cost | [6],[10],[31] | $ (52,000) | |||||||
Percentage of Net Assets | [6],[10],[31] | 0% | |||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC 1 | |||||||||
Variable interest rate | [14],[18] | 7.50% | 7.50% | ||||||
Interest Rate | [14],[18],[27] | 12.82% | 12.82% | ||||||
Par Amount | [14],[18] | $ 2,264,000 | |||||||
Cost | [14],[18],[20] | 2,211,000 | |||||||
Fair Value | [14],[18] | $ 2,231,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.15% | 0.15% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,085,000 | ||||||||
Fair Value | $ (16,000) | ||||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC 2 | |||||||||
Variable interest rate | [14],[15],[18] | 7.50% | 7.50% | ||||||
Interest Rate | [14],[15],[18],[27] | 12.82% | 12.82% | ||||||
Cost | [14],[15],[18],[20] | $ (12,000) | |||||||
Fair Value | [14],[15],[18] | $ (16,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 831,000 | ||||||||
Fair Value | $ (12,000) | ||||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC 3 | |||||||||
Variable interest rate | [14],[15],[18] | 7.50% | 7.50% | ||||||
Interest Rate | [14],[15],[18],[27] | 12.82% | 12.82% | ||||||
Cost | [14],[15],[18],[20] | $ (19,000) | |||||||
Fair Value | [14],[15],[18] | $ (12,000) | |||||||
Investment, Identifier [Axis]: Cyara AcquisitionCo, LLC | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 313,000 | ||||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Cyara AcquisitionCo, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 6.75% | 6.75% | ||||||
Interest rate, PIK | [3],[14] | 2.75% | 2.75% | ||||||
Interest Rate | [3],[14],[27] | 12.57% | 12.57% | ||||||
Par Amount | [3],[14] | $ 4,631,000 | |||||||
Cost | [3],[14],[20] | 4,509,000 | |||||||
Fair Value | [3],[14] | $ 4,535,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.31% | 0.31% | ||||||
Investment, Identifier [Axis]: Cyara AcquisitionCo, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.75% | 6.75% | ||||||
Interest rate, PIK | [3],[14],[15] | 2.75% | 2.75% | ||||||
Interest Rate | [3],[14],[15],[27] | 12.57% | 12.57% | ||||||
Cost | [3],[14],[15],[20] | $ (8,000) | |||||||
Fair Value | [3],[14],[15] | $ (6,000) | |||||||
Investment, Identifier [Axis]: DCA Investment Holdings, LLC | |||||||||
Variable interest rate | [13],[14],[18] | 6.50% | 6.50% | ||||||
Interest Rate | [13],[14],[18] | 11.89% | 11.89% | ||||||
Par Amount | [13],[14],[18] | $ 18,323,000 | |||||||
Cost | [13],[14],[18] | 18,007,000 | |||||||
Fair Value | [13],[14],[18] | $ 17,770,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 1.20% | 1.20% | ||||||
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 11,000 | $ 1,026,000 | $ 1,689,000 | ||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: DCA Investment Holdings, LLC 1 | |||||||||
Variable interest rate | 6.50% | [14],[15],[18] | 6% | 6.25% | [6],[19],[21] | 6.50% | [14],[15],[18] | ||
Interest Rate | 11.89% | [14],[15],[18] | 10.39% | 7% | [6],[8],[19],[21] | 11.89% | [14],[15],[18] | ||
Par Amount | $ 2,734,000 | [14],[15],[18] | $ 11,053,000 | $ 11,175,000 | [6],[19],[21] | ||||
Cost | 2,694,000 | [14],[15],[18] | 10,922,000 | 11,027,000 | [1],[6],[19],[21] | ||||
Fair Value | $ 2,651,000 | [14],[15],[18] | $ 10,887,000 | $ 11,175,000 | [6],[19],[21] | ||||
Percentage of Net Assets | 0.18% | [14],[15],[18] | 0.78% | 0.94% | [6],[19],[21] | 0.18% | [14],[15],[18] | ||
Investment, Identifier [Axis]: DCA Investment Holdings, LLC 2 | |||||||||
Variable interest rate | 6.50% | [14],[15],[18] | 6% | [15] | 6.25% | [6],[10],[19] | 6.50% | [14],[15],[18] | |
Interest Rate | 11.89% | [14],[15],[18] | 10.39% | [15] | 7% | [6],[8],[10],[19] | 11.89% | [14],[15],[18] | |
Par Amount | $ 888,000 | [14],[15],[18] | $ 2,629,000 | [15] | $ 1,079,000 | [6],[10],[19] | |||
Cost | 863,000 | [14],[15],[18] | 2,572,000 | [15] | 1,053,000 | [1],[6],[10],[19] | |||
Fair Value | $ 860,000 | [14],[15],[18] | $ 2,575,000 | [15] | $ 1,079,000 | [6],[10],[19] | |||
Percentage of Net Assets | 0.06% | [14],[15],[18] | 0.18% | [15] | 0.09% | [6],[10],[19] | 0.06% | [14],[15],[18] | |
Investment, Identifier [Axis]: DCA Investment Holdings, LLC 3 | |||||||||
Variable interest rate | [14],[18] | 6.50% | 6.50% | ||||||
Interest Rate | [14],[18] | 11.89% | 11.89% | ||||||
Par Amount | [14],[18] | $ 409,000 | |||||||
Cost | [14],[18] | 406,000 | |||||||
Fair Value | [14],[18] | $ 396,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.03% | 0.03% | ||||||
Investment, Identifier [Axis]: Diligent Corporation | |||||||||
Variable interest rate | [14],[23] | 10.50% | 10.50% | ||||||
Interest Rate | [4],[5],[24],[25] | 10.50% | |||||||
Par Amount | $ 5,000,000 | [14],[23] | $ 5,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 5,000 | [5],[25] | 5,000,000 | ||||||
Cost | 6,329,000 | [14],[20],[23] | $ 5,693,000 | [1],[4],[5],[24],[25] | $ 5,143,000 | ||||
Fair Value | $ 6,326,000 | [14],[23] | $ 5,766,000 | [4],[5],[24],[25] | $ 5,295,000 | ||||
Percentage of Net Assets | 0.43% | [14],[23] | 0.41% | [4],[5],[24],[25] | 0.45% | 0.43% | [14],[23] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,655,000 | $ 3,150,000 | |||||||
Fair Value | $ (11,000) | $ (69,000) | |||||||
Investment, Identifier [Axis]: Diligent Corporation 1 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [3],[4],[5],[13],[16] | 5.75% | [6],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.43% | [3],[13],[14],[27] | 10.13% | [3],[4],[5],[13],[16] | 6.75% | [6],[21] | 11.43% | [3],[13],[14],[27] | |
Par Amount | $ 27,300,000 | [3],[13],[14] | $ 27,510,000 | [3],[4],[5],[13],[16] | $ 27,790,000 | [6],[21] | |||
Cost | 27,173,000 | [3],[13],[14],[20] | 27,337,000 | [3],[4],[5],[13],[16],[20] | 27,555,000 | [6],[21] | |||
Fair Value | $ 27,185,000 | [3],[13],[14] | $ 26,905,000 | [3],[4],[5],[13],[16] | $ 27,790,000 | [6],[21] | |||
Percentage of Net Assets | 1.83% | [3],[13],[14] | 1.93% | [3],[4],[5],[13],[16] | 2.34% | [6],[21] | 1.83% | [3],[13],[14] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,136,000 | ||||||||
Investment, Identifier [Axis]: Diligent Corporation 2 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [3],[4],[5],[13],[16] | 5.75% | [6],[10],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.43% | [3],[13],[14],[27] | 10.13% | [3],[4],[5],[13],[16] | 6.75% | [6],[10],[21] | 11.43% | [3],[13],[14],[27] | |
Par Amount | $ 2,184,000 | [3],[13],[14] | $ 2,201,000 | [3],[4],[5],[13],[16] | $ 860,000 | [6],[10],[21] | |||
Cost | 2,174,000 | [3],[13],[14],[20] | 2,187,000 | [3],[4],[5],[13],[16],[20] | 826,000 | [6],[10],[21] | |||
Fair Value | $ 2,175,000 | [3],[13],[14] | $ 2,152,000 | [3],[4],[5],[13],[16] | $ 860,000 | [6],[10],[21] | |||
Percentage of Net Assets | 0.15% | [3],[13],[14] | 0.15% | [3],[4],[5],[13],[16] | 0.07% | [6],[10],[21] | 0.15% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,500,000 | ||||||||
Investment, Identifier [Axis]: Diligent Corporation 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 6.25% | [2],[3],[4],[5],[11] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.43% | [3],[14],[15],[27] | 10.63% | [2],[3],[4],[5],[11] | 6.75% | [6],[10] | 11.43% | [3],[14],[15],[27] | |
Par Amount | [3] | $ 1,845,000 | [14],[15] | $ 1,350,000 | [2],[4],[5],[11] | ||||
Cost | 1,826,000 | [3],[14],[15],[20] | 1,323,000 | [2],[3],[4],[5],[11],[20] | $ (37,000) | [6],[10] | |||
Fair Value | [3] | $ 1,826,000 | [14],[15] | $ 1,251,000 | [2],[4],[5],[11] | ||||
Percentage of Net Assets | 0.12% | [3],[14],[15] | 0.09% | [2],[3],[4],[5],[11] | 0% | [6],[10] | 0.12% | [3],[14],[15] | |
Investment, Identifier [Axis]: Donuts, Inc. | |||||||||
Variable interest rate | 6% | [3],[13],[14] | 6% | 6% | [3],[13],[14] | ||||
Interest Rate | 11.57% | [3],[13],[14] | 7% | 11.57% | [3],[13],[14] | ||||
Par Amount | $ 24,918,000 | [3],[13],[14] | $ 18,563,000 | ||||||
Cost | 24,669,000 | [3],[13],[14] | 18,237,000 | ||||||
Fair Value | $ 24,819,000 | [3],[13],[14] | $ 18,563,000 | ||||||
Percentage of Net Assets | 1.68% | [3],[13],[14] | 1.56% | 1.68% | [3],[13],[14] | ||||
Unused Fee Rate | 0.25% | ||||||||
Unfunded Commitment | $ 3,166,000 | ||||||||
Fair Value | $ (80,000) | ||||||||
Investment, Identifier [Axis]: Donuts, Inc. 1 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 10.43% | ||||||||
Par Amount | $ 18,375,000 | ||||||||
Cost | 18,108,000 | ||||||||
Fair Value | $ 17,910,000 | ||||||||
Percentage of Net Assets | 1.28% | ||||||||
Investment, Identifier [Axis]: Donuts, Inc. 2 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 10.43% | ||||||||
Par Amount | $ 6,735,000 | ||||||||
Cost | 6,735,000 | ||||||||
Fair Value | $ 6,565,000 | ||||||||
Percentage of Net Assets | 0.47% | ||||||||
Investment, Identifier [Axis]: Donuts, Inc. 3 | |||||||||
Variable interest rate | [15] | 6% | |||||||
Interest Rate | [15] | 10.43% | |||||||
Fair Value | [15] | $ (80,000) | |||||||
Percentage of Net Assets | [15] | (0.01%) | |||||||
Investment, Identifier [Axis]: Dwyer Instruments, Inc. 1 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 6% | [4] | 5.75% | [14] | ||
Interest Rate | [18] | 11.33% | [14] | 10.73% | [4],[7] | 11.33% | [14] | ||
Par Amount | [18] | $ 7,998,000 | [14] | $ 8,059,000 | [4] | ||||
Cost | [18] | 7,871,000 | [14] | 7,911,000 | [4],[9] | ||||
Fair Value | [18] | $ 7,820,000 | [14] | $ 7,694,000 | [4] | ||||
Percentage of Net Assets | [18] | 0.53% | [14] | 0.55% | [4] | 0.53% | [14] | ||
Unused Fee Rate | 0.50% | 1% | |||||||
Unfunded Commitment | $ 2,028,000 | $ 2,028,000 | |||||||
Fair Value | $ (45,000) | $ (92,000) | |||||||
Investment, Identifier [Axis]: Dwyer Instruments, Inc. 2 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 6% | [4],[12] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.33% | [14],[15] | 10.73% | [4],[7],[12] | 11.33% | [14],[15] | ||
Cost | [18] | $ (15,000) | [14],[15] | $ (18,000) | [4],[9],[12] | ||||
Fair Value | [18] | $ (45,000) | [14],[15] | $ (92,000) | [4],[12] | ||||
Percentage of Net Assets | [4],[12],[18] | (0.01%) | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 754,000 | $ 855,000 | |||||||
Fair Value | $ (17,000) | $ (39,000) | |||||||
Investment, Identifier [Axis]: Dwyer Instruments, Inc. 3 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 6% | [4],[12] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.33% | [14],[15] | 10.73% | [4],[7],[12] | 11.33% | [14],[15] | ||
Par Amount | [18] | $ 260,000 | [14],[15] | $ 158,000 | [4],[12] | ||||
Cost | [18] | 245,000 | [14],[15] | 140,000 | [4],[9],[12] | ||||
Fair Value | [18] | $ 237,000 | [14],[15] | $ 113,000 | [4],[12] | ||||
Percentage of Net Assets | [18] | 0.02% | [14],[15] | 0.01% | [4],[12] | 0.02% | [14],[15] | ||
Investment, Identifier [Axis]: E-Discovery AcquireCo, LLC | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,618,000 | ||||||||
Fair Value | $ (40,000) | ||||||||
Investment, Identifier [Axis]: E-Discovery AcquireCo, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[27] | 11.90% | 11.90% | ||||||
Par Amount | [3],[14] | $ 17,795,000 | |||||||
Cost | [3],[14],[20] | 17,355,000 | |||||||
Fair Value | [3],[14] | $ 17,355,000 | |||||||
Percentage of Net Assets | [3],[14] | 1.17% | 1.17% | ||||||
Investment, Identifier [Axis]: E-Discovery AcquireCo, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15],[27] | 11.90% | 11.90% | ||||||
Cost | [3],[14],[15],[20] | $ (40,000) | |||||||
Fair Value | [3],[14],[15] | (40,000) | |||||||
Investment, Identifier [Axis]: Electrical Source Holdings LLC 1 | |||||||||
Variable interest rate | 5.50% | ||||||||
Interest Rate | 6.25% | ||||||||
Par Amount | $ 29,550,000 | ||||||||
Cost | 29,330,000 | ||||||||
Fair Value | $ 29,550,000 | ||||||||
Percentage of Net Assets | 2.49% | ||||||||
Investment, Identifier [Axis]: Electrical Source Holdings LLC 2 | |||||||||
Variable interest rate | 5.50% | ||||||||
Interest Rate | 6.25% | ||||||||
Par Amount | $ 6,538,000 | ||||||||
Cost | 6,449,000 | ||||||||
Fair Value | $ 6,538,000 | ||||||||
Percentage of Net Assets | 0.55% | ||||||||
Investment, Identifier [Axis]: Electrical Source Holdings LLC 3 | |||||||||
Variable interest rate | 5.50% | ||||||||
Interest Rate | 6.25% | ||||||||
Par Amount | $ 197,000 | ||||||||
Cost | 179,000 | ||||||||
Fair Value | $ 197,000 | ||||||||
Percentage of Net Assets | 0.02% | ||||||||
Investment, Identifier [Axis]: Electrical Source Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 896,000 | ||||||||
Investment, Identifier [Axis]: Encore Holdings, LLC | |||||||||
Par Amount | 2,796,000 | [14],[23] | $ 2,391,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 2,391 | [5],[25] | 2,391,000 | ||||||
Cost | 348,000 | [14],[20],[23] | $ 275,000 | [1],[4],[5],[24],[25] | $ 275,000 | ||||
Fair Value | $ 660,000 | [14],[23] | $ 449,000 | [4],[5],[24],[25] | $ 275,000 | ||||
Percentage of Net Assets | 0.04% | [14],[23] | 0.03% | [4],[5],[24],[25] | 0.02% | 0.04% | [14],[23] | ||
Investment, Identifier [Axis]: Encore Holdings, LLC 1 | |||||||||
Variable interest rate | 4.50% | [4],[18] | 4.50% | [4],[5],[18],[19] | 4.50% | [6],[19] | 4.50% | [4],[18] | |
Interest Rate | 9.99% | [4],[18] | 9.23% | [4],[5],[7],[18],[19] | 5.25% | [6],[8],[19] | 9.99% | [4],[18] | |
Par Amount | $ 1,835,000 | [4],[18] | $ 1,850,000 | [4],[5],[18],[19] | $ 1,868,000 | [6],[19] | |||
Cost | 1,810,000 | [4],[18] | 1,821,000 | [4],[5],[9],[18],[19] | 1,836,000 | [1],[6],[19] | |||
Fair Value | $ 1,835,000 | [4],[18] | $ 1,806,000 | [4],[5],[18],[19] | $ 1,836,000 | [6],[19] | |||
Percentage of Net Assets | 0.12% | [4],[18] | 0.13% | [4],[5],[18],[19] | 0.15% | [6],[19] | 0.12% | [4],[18] | |
Unused Fee Rate | 0.75% | 0.75% | 0.75% | ||||||
Unfunded Commitment | $ 1,268,000 | $ 1,469,000 | $ 3,081,000 | ||||||
Fair Value | $ (35,000) | $ (30,000) | |||||||
Investment, Identifier [Axis]: Encore Holdings, LLC 2 | |||||||||
Variable interest rate | 4.50% | [2],[4],[18] | 4.50% | [4],[5],[11],[12],[18],[19] | 4.50% | [6],[10],[19] | 4.50% | [2],[4],[18] | |
Interest Rate | 9.99% | [2],[4],[18] | 9.23% | [4],[5],[7],[11],[12],[18],[19] | 5.25% | [6],[8],[10],[19] | 9.99% | [2],[4],[18] | |
Par Amount | $ 2,298,000 | [2],[4],[18] | $ 2,118,000 | [4],[5],[11],[12],[18],[19] | $ 512,000 | [6],[10],[19] | |||
Cost | 2,247,000 | [2],[4],[18] | 2,074,000 | [4],[5],[9],[11],[12],[18],[19] | 477,000 | [1],[6],[10],[19] | |||
Fair Value | $ 2,298,000 | [2],[4],[18] | $ 2,034,000 | [4],[5],[11],[12],[18],[19] | $ 477,000 | [6],[10],[19] | |||
Percentage of Net Assets | 0.16% | [2],[4],[18] | 0.15% | [4],[5],[11],[12],[18],[19] | 0.04% | [6],[10],[19] | 0.16% | [2],[4],[18] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 539,000 | $ 539,000 | $ 539,000 | ||||||
Fair Value | $ (13,000) | $ (9,000) | |||||||
Investment, Identifier [Axis]: Encore Holdings, LLC 3 | |||||||||
Variable interest rate | 4.50% | [2],[4],[18] | 4.50% | [4],[5],[11],[12],[18],[19] | 4.50% | [6],[10],[19] | 4.50% | [2],[4],[18] | |
Interest Rate | 9.99% | [2],[4],[18] | 9.23% | [4],[5],[7],[11],[12],[18],[19] | 5.25% | [6],[8],[10],[19] | 9.99% | [2],[4],[18] | |
Cost | $ (6,000) | [2],[4],[18] | $ (8,000) | [4],[5],[9],[11],[12],[18],[19] | $ (9,000) | [1],[6],[10],[19] | |||
Fair Value | [19] | $ (13,000) | [4],[5],[11],[12],[18] | $ (9,000) | [6],[10] | ||||
Percentage of Net Assets | [19] | 0% | [5],[11] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: Energy Labs Holdings Corp. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 33,000 | ||||||||
Investment, Identifier [Axis]: Energy Labs Holdings Corp. 1 | |||||||||
Variable interest rate | [3] | 5.25% | [4] | 5.25% | [5],[14] | 5.25% | [4] | ||
Interest Rate | [3] | 10.68% | [4] | 9.57% | [5],[14],[22] | 10.68% | [4] | ||
Par Amount | [3] | $ 385,000 | [4] | $ 388,000 | [14] | ||||
Par Amount, Shares (in shares) | shares | [5] | 388 | |||||||
Cost | [3] | 380,000 | [4] | $ 382,000 | [1],[5],[14] | ||||
Fair Value | [3] | $ 379,000 | [4] | $ 376,000 | [5],[14] | ||||
Percentage of Net Assets | [3] | 0.03% | [4] | 0.03% | [5],[14] | 0.03% | [4] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 47,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Energy Labs Holdings Corp. 2 | |||||||||
Variable interest rate | [3] | 5.25% | [4] | 5.25% | [5],[11],[14],[15] | 5.25% | [4] | ||
Interest Rate | [3] | 10.68% | [4] | 9.57% | [5],[11],[14],[15],[22] | 10.68% | [4] | ||
Par Amount | [3],[4] | $ 37,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11] | 0 | |||||||
Cost | 36,000 | [3],[4] | $ 0 | [1],[5],[11] | |||||
Fair Value | [3] | $ 36,000 | [4] | $ (2,000) | [5],[11],[14],[15] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 45,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Energy Labs Holdings Corp. 3 | |||||||||
Variable interest rate | [3] | 5.25% | [2],[4] | 5.25% | [5],[11],[14],[15] | 5.25% | [2],[4] | ||
Interest Rate | [3] | 10.68% | [2],[4] | 9.57% | [5],[11],[14],[15],[22] | 10.68% | [2],[4] | ||
Par Amount | [3] | $ 30,000 | [2],[4] | $ 18,000 | [14],[15] | ||||
Par Amount, Shares (in shares) | shares | [5],[11] | 18 | |||||||
Cost | [3] | 29,000 | [2],[4] | $ 17,000 | [1],[5],[11],[14],[15] | ||||
Fair Value | [3] | $ 29,000 | [2],[4] | $ 16,000 | [5],[11],[14],[15] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp. 1 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | [5],[19] | 5.75% | [14],[18] | |||
Interest Rate | 11.22% | [14],[18] | 10.12% | [5],[19],[22] | 11.22% | [14],[18] | |||
Par Amount | $ 1,458,000 | [14],[18] | $ 1,378,000 | [5],[19] | |||||
Cost | 1,433,000 | [14],[18] | 1,351,000 | [1],[5],[19] | |||||
Fair Value | $ 1,440,000 | [14],[18] | $ 1,311,000 | [5],[19] | |||||
Percentage of Net Assets | 0.10% | [14],[18] | 0.09% | [5],[19] | 0.10% | [14],[18] | |||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 170,000 | $ 262,000 | |||||||
Fair Value | $ (2,000) | $ (13,000) | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp. 2 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | [5],[19] | 5.75% | [14],[18] | |||
Interest Rate | 9.54% | [14],[18] | 7.55% | [5],[19],[22] | 9.54% | [14],[18] | |||
Par Amount | $ 240,000 | [14],[18] | $ 242,000 | [5],[19] | |||||
Cost | 244,000 | [14],[18] | 245,000 | [1],[5],[19] | |||||
Fair Value | $ 251,000 | [14],[18] | $ 246,000 | [5],[19] | |||||
Percentage of Net Assets | 0.02% | [14],[18] | 0.02% | [5],[19] | 0.02% | [14],[18] | |||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 53,000 | $ 57,000 | |||||||
Fair Value | $ (1,000) | $ (3,000) | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp. 3 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | [5],[11],[19] | 5.75% | [14],[18] | ||
Interest Rate | [15] | 11.22% | [14],[18] | 10.12% | [5],[11],[19],[22] | 11.22% | [14],[18] | ||
Cost | [15] | $ (2,000) | [14],[18] | $ (2,000) | [1],[5],[11],[19] | ||||
Fair Value | [15] | $ (2,000) | [14],[18] | $ (13,000) | [5],[11],[19] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp. 4 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | [5],[11],[19] | 5.75% | [14],[18] | ||
Interest Rate | [15] | 11.22% | [14],[18] | 10.12% | [5],[11],[19],[22] | 11.22% | [14],[18] | ||
Par Amount | [15] | $ 78,000 | [14],[18] | $ 74,000 | [5],[11],[19] | ||||
Cost | [15] | 75,000 | [14],[18] | 72,000 | [1],[5],[11],[19] | ||||
Fair Value | [15] | $ 76,000 | [14],[18] | $ 68,000 | [5],[11],[19] | ||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[11],[19] | 0.01% | [14],[15],[18] | |||
Investment, Identifier [Axis]: FLS Holding, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,802,000 | $ 1,802,000 | |||||||
Fair Value | $ (22,000) | $ (29,000) | |||||||
Investment, Identifier [Axis]: FLS Holding, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [3],[4],[28] | 5.25% | [3],[4],[5],[30] | 5.25% | [6],[31] | 5.25% | [3],[4],[28] | |
Interest Rate | 10.79% | [3],[4],[28] | 10.40% | [3],[4],[5],[7],[30] | 6.25% | [6],[8],[31] | 10.79% | [3],[4],[28] | |
Par Amount | $ 19,073,000 | [3],[4],[28] | $ 20,727,000 | [3],[4],[5],[30] | $ 28,750,000 | [6],[31] | |||
Cost | 18,769,000 | [3],[4],[28] | 20,361,000 | [3],[4],[5],[9],[30] | 28,178,000 | [1],[6],[31] | |||
Fair Value | $ 18,844,000 | [3],[4],[28] | $ 20,389,000 | [3],[4],[5],[30] | $ 28,178,000 | [6],[31] | |||
Percentage of Net Assets | 1.27% | [3],[4],[28] | 1.46% | [3],[4],[5],[30] | 2.37% | [6],[31] | 1.27% | [3],[4],[28] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 6,250,000 | ||||||||
Fair Value | $ (62,000) | ||||||||
Investment, Identifier [Axis]: FLS Holding, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [3],[4],[28] | 5.25% | [3],[4],[5],[30] | 5.25% | [6],[10],[31] | 5.25% | [3],[4],[28] | |
Interest Rate | 10.79% | [3],[4],[28] | 10.40% | [3],[4],[5],[7],[30] | 6.25% | [6],[8],[10],[31] | 10.79% | [3],[4],[28] | |
Par Amount | [3],[4] | $ 4,472,000 | [28] | $ 4,506,000 | [5],[30] | ||||
Cost | 4,398,000 | [3],[4],[28] | 4,424,000 | [3],[4],[5],[9],[30] | $ (62,000) | [1],[6],[10],[31] | |||
Fair Value | $ 4,418,000 | [3],[4],[28] | $ 4,432,000 | [3],[4],[5],[30] | $ (62,000) | [6],[10],[31] | |||
Percentage of Net Assets | 0.30% | [3],[4],[28] | 0.32% | [3],[4],[5],[30] | (0.01%) | [6],[10],[31] | 0.30% | [3],[4],[28] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,500,000 | ||||||||
Fair Value | $ (50,000) | ||||||||
Investment, Identifier [Axis]: FLS Holding, Inc. 3 | |||||||||
Variable interest rate | 5.25% | [2],[3],[4],[28] | 5.25% | [3],[4],[5],[11],[12],[30] | 5.25% | [6],[10],[31] | 5.25% | [2],[3],[4],[28] | |
Interest Rate | 10.79% | [2],[3],[4],[28] | 10.40% | [3],[4],[5],[7],[11],[12],[30] | 6.25% | [6],[8],[10],[31] | 10.79% | [2],[3],[4],[28] | |
Cost | $ (25,000) | [2],[3],[4],[28] | $ (30,000) | [3],[4],[5],[9],[11],[12],[30] | $ (50,000) | [1],[6],[10],[31] | |||
Fair Value | $ (22,000) | [2],[3],[4],[28] | $ (29,000) | [3],[4],[5],[11],[12],[30] | $ (50,000) | [6],[10],[31] | |||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10],[31] | |||||
Investment, Identifier [Axis]: FMG Suite Holdings, LLC | |||||||||
Unused Fee Rate | 0.38% | 0.50% | |||||||
Unfunded Commitment | $ 1,426,000 | $ 2,074,000 | |||||||
Fair Value | $ (16,000) | $ (44,000) | |||||||
Investment, Identifier [Axis]: FMG Suite Holdings, LLC 1 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 5.50% | [5] | 5.50% | 5.50% | [3],[14] | ||
Interest Rate | 10.71% | [3],[14] | 9.34% | [5] | 6.50% | 10.71% | [3],[14] | ||
Par Amount | $ 23,587,000 | [3],[14] | $ 24,060,000 | [5] | $ 22,253,000 | ||||
Cost | 23,255,000 | [3],[14] | 23,699,000 | [5] | 21,854,000 | ||||
Fair Value | $ 23,288,000 | [3],[14] | $ 23,546,000 | [5] | $ 22,171,000 | ||||
Percentage of Net Assets | 1.57% | [3],[14] | 1.69% | [5] | 1.87% | 1.57% | [3],[14] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 5,250,000 | ||||||||
Fair Value | $ (19,000) | ||||||||
Investment, Identifier [Axis]: FMG Suite Holdings, LLC 2 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 5.50% | [5] | 5.50% | 5.50% | [3],[14] | ||
Interest Rate | 10.71% | [3],[14] | 9.34% | [5] | 6.50% | 10.71% | [3],[14] | ||
Par Amount | $ 4,580,000 | [3],[14] | $ 5,224,000 | [5] | |||||
Cost | 4,529,000 | [3],[14] | 5,151,000 | [5] | $ (92,000) | ||||
Fair Value | $ 4,530,000 | [3],[14] | $ 5,112,000 | [5] | $ (19,000) | ||||
Percentage of Net Assets | 0.31% | [3],[14] | 0.37% | [5] | 0% | 0.31% | [3],[14] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,625,000 | ||||||||
Fair Value | $ (10,000) | ||||||||
Investment, Identifier [Axis]: FMG Suite Holdings, LLC 3 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | [5],[11],[15] | 5.50% | 5.50% | [3],[14],[15] | ||
Interest Rate | 10.71% | [3],[14],[15] | 9.34% | [5],[11],[15] | 6.50% | 10.71% | [3],[14],[15] | ||
Par Amount | [15] | $ 893,000 | [3],[14] | $ 551,000 | [5],[11] | ||||
Cost | 867,000 | [3],[14],[15] | 515,000 | [5],[11],[15] | $ (46,000) | ||||
Fair Value | $ 867,000 | [3],[14],[15] | $ 495,000 | [5],[11],[15] | $ (10,000) | ||||
Percentage of Net Assets | 0.06% | [3],[14],[15] | 0.04% | [5],[11],[15] | 0% | 0.06% | [3],[14],[15] | ||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC | |||||||||
Variable interest rate | [14],[23] | 12.25% | 12.25% | ||||||
Interest Rate | [4],[5],[24],[25] | 12.25% | |||||||
Par Amount | $ 1,000,000,000 | [14],[23] | $ 1,000,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | [5],[25] | 1,000,000 | |||||||
Cost | 1,143,000 | [14],[20],[23] | $ 1,041,000 | [1],[4],[5],[24],[25] | |||||
Fair Value | $ 970,000 | [14],[23] | $ 1,024,000 | [4],[5],[24],[25] | |||||
Percentage of Net Assets | 0.07% | [14],[23] | 0.07% | [4],[5],[24],[25] | 0.07% | [14],[23] | |||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 1 | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [5],[19] | 5.50% | [6],[19] | 5.50% | [14],[18] | |
Interest Rate | 11.04% | [14],[18] | 9.73% | [5],[19] | 6.25% | [6],[8],[19] | 11.04% | [14],[18] | |
Par Amount | $ 26,776,000 | [14],[18] | $ 26,980,000 | [5],[19] | $ 19,430,000 | [6],[19] | |||
Cost | 26,358,000 | [14],[18] | 26,513,000 | [5],[19] | 19,051,000 | [1],[6],[19] | |||
Fair Value | $ 26,744,000 | [14],[18] | $ 26,101,000 | [5],[19] | $ 19,051,000 | [6],[19] | |||
Percentage of Net Assets | 1.81% | [14],[18] | 1.87% | [5],[19] | 1.60% | [6],[19] | 1.81% | [14],[18] | |
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 936,000 | $ 7,871,000 | |||||||
Fair Value | $ (1,000) | $ (76,000) | |||||||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 2 | |||||||||
Variable interest rate | 5.50% | [14],[15],[18] | 5.50% | [5],[11],[19] | 5.50% | [6],[10],[19] | 5.50% | [14],[15],[18] | |
Interest Rate | 11.04% | [14],[15],[18] | 9.73% | [5],[11],[19] | 6.25% | [6],[8],[10],[19] | 11.04% | [14],[15],[18] | |
Par Amount | [14],[15],[18] | $ 76,000 | |||||||
Cost | 74,000 | [14],[15],[18] | $ (2,000) | [5],[11],[19] | $ (76,000) | [1],[6],[10],[19] | |||
Fair Value | $ 76,000 | [14],[15],[18] | $ (3,000) | [5],[11],[19] | $ (76,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[11],[19] | (0.01%) | [6],[10],[19] | 0.01% | [14],[15],[18] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,699,000 | $ 2,699,000 | |||||||
Fair Value | $ (3,000) | $ (52,000) | |||||||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 3 | |||||||||
Variable interest rate | 5.50% | [14],[15],[18] | 5.50% | [5],[11],[19] | 5.50% | [6],[10],[19] | 5.50% | [14],[15],[18] | |
Interest Rate | 11.04% | [14],[15],[18] | 9.73% | [5],[11],[19] | 6.25% | [6],[8],[10],[19] | 11.04% | [14],[15],[18] | |
Par Amount | [14],[15],[18] | $ 64,000 | |||||||
Cost | 58,000 | [14],[15],[18] | $ (7,000) | [5],[11],[19] | $ (52,000) | [1],[6],[10],[19] | |||
Fair Value | $ 63,000 | [14],[15],[18] | $ (33,000) | [5],[11],[19] | $ (52,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 0% | [5],[11] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 4 | |||||||||
Variable interest rate | 5.50% | [14],[15],[18] | 5.50% | [5],[11],[19] | 5.50% | [14],[15],[18] | |||
Interest Rate | 11.04% | [14],[15],[18] | 9.73% | [5],[11],[19] | 11.04% | [14],[15],[18] | |||
Par Amount | [5],[11],[19] | $ 360,000 | |||||||
Cost | $ (36,000) | [14],[15],[18] | 317,000 | [5],[11],[19] | |||||
Fair Value | $ (3,000) | [14],[15],[18] | $ 272,000 | [5],[11],[19] | |||||
Percentage of Net Assets | [5],[11],[19] | 0.02% | |||||||
Investment, Identifier [Axis]: FPG Intermediate Holdco, LLC | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4],[5] | 6.50% | [14] | ||
Interest Rate | [3] | 12.07% | [14] | 10.92% | [4],[5],[7] | 12.07% | [14] | ||
Par Amount | [3] | $ 420,000 | [14] | $ 497,000 | [4],[5] | ||||
Cost | [3] | 413,000 | [14] | 488,000 | [4],[5],[9] | ||||
Fair Value | [3] | $ 411,000 | [14] | $ 472,000 | [4],[5] | ||||
Percentage of Net Assets | [3] | 0.03% | [14] | 0.03% | [4],[5] | 0.03% | [14] | ||
Investment, Identifier [Axis]: Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) | |||||||||
Variable interest rate | [5],[32] | 16.25% | |||||||
Interest rate, PIK | 16.25% | [14],[33] | 16.25% | [4],[34] | 16.25% | [6],[35] | 16.25% | [14],[33] | |
Par Amount | $ 1,500,000 | [14],[33] | $ 1,500,000 | [4],[5],[32],[34] | $ 1,800,000 | [6],[35] | |||
Cost | 1,500,000 | [14],[20],[33] | 1,500,000 | [1],[4],[5],[32],[34] | 1,777,000 | [1],[6],[35] | |||
Fair Value | $ 125,000 | [14],[33] | $ 372,000 | [4],[5],[32],[34] | $ 1,350,000 | [6],[35] | |||
Percentage of Net Assets | 0.01% | [14],[33] | 0.03% | [4],[5],[32],[34] | 0.11% | [6],[35] | 0.01% | [14],[33] | |
Investment, Identifier [Axis]: Fetch Insurance Services, LLC | |||||||||
Variable interest rate | [14] | 12.75% | 12.75% | ||||||
Interest rate, PIK | [14] | 3.75% | 3.75% | ||||||
Par Amount | [14] | $ 1,935,000 | |||||||
Cost | [14],[20] | 1,886,000 | |||||||
Fair Value | [14] | $ 1,877,000 | |||||||
Percentage of Net Assets | [14] | 0.13% | 0.13% | ||||||
Investment, Identifier [Axis]: Fetch Insurance Services, LLC (Fetch) | |||||||||
Variable interest rate | [5] | 12.75% | |||||||
Interest rate, PIK | [5] | 3.75% | |||||||
Interest Rate | [4] | 12.75% | |||||||
Par Amount | [4],[5] | $ 1,881,000 | |||||||
Cost | [1],[4],[5] | 1,826,000 | |||||||
Fair Value | [4],[5] | $ 1,826,000 | |||||||
Percentage of Net Assets | [4],[5] | 0.13% | |||||||
Investment, Identifier [Axis]: Flexera Software, LLC | |||||||||
Variable interest rate | 7% | [3],[14] | 7% | [3],[4],[5] | 7% | [6] | 7% | [3],[14] | |
Interest Rate | 12.43% | [3],[14],[27] | 11.39% | [3],[4],[5],[22] | 8% | [6],[8] | 12.43% | [3],[14],[27] | |
Par Amount | $ 13,500,000 | [3],[14] | $ 13,500,000 | [3],[4],[5] | $ 13,500,000 | [6] | |||
Cost | 13,296,000 | [3],[14],[20] | 13,277,000 | [1],[3],[4],[5] | 13,251,000 | [1],[6] | |||
Fair Value | $ 13,469,000 | [3],[14] | $ 12,584,000 | [3],[4],[5] | $ 13,500,000 | [6] | |||
Percentage of Net Assets | 0.91% | [3],[14] | 0.90% | [3],[4],[5] | 1.14% | [6] | 0.91% | [3],[14] | |
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 1 | |||||||||
Variable interest rate | [4],[18] | 5.50% | |||||||
Interest Rate | [4],[7],[18] | 9.73% | |||||||
Par Amount | [4],[18] | $ 26,980,000 | |||||||
Cost | [4],[9],[18] | 26,513,000 | |||||||
Fair Value | [4],[18] | $ 26,101,000 | |||||||
Percentage of Net Assets | [4],[18] | 1.87% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 76,000 | ||||||||
Fair Value | $ (2,000) | ||||||||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 2 | |||||||||
Variable interest rate | [4],[12],[18] | 5.50% | |||||||
Interest Rate | [4],[7],[12],[18] | 9.73% | |||||||
Cost | [4],[9],[12],[18] | $ (2,000) | |||||||
Fair Value | [4],[12],[18] | $ (3,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,000,000 | ||||||||
Fair Value | $ (33,000) | ||||||||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 3 | |||||||||
Variable interest rate | [4],[12],[18] | 5.50% | |||||||
Interest Rate | [4],[7],[12],[18] | 9.73% | |||||||
Cost | [4],[9],[12],[18] | $ (7,000) | |||||||
Fair Value | [4],[12],[18] | $ (33,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,339,000 | ||||||||
Fair Value | $ (76,000) | ||||||||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 4 | |||||||||
Variable interest rate | [4],[12],[18] | 5.50% | |||||||
Interest Rate | [4],[7],[12],[18] | 9.73% | |||||||
Par Amount | [4],[12],[18] | $ 360,000 | |||||||
Cost | [4],[9],[12],[18] | 317,000 | |||||||
Fair Value | [4],[12],[18] | $ 272,000 | |||||||
Percentage of Net Assets | [4],[12],[18] | 0.02% | |||||||
Investment, Identifier [Axis]: Foundation Risk Partners Corp. | |||||||||
Unused Fee Rate | 0.38% | 0.38% | |||||||
Unfunded Commitment | $ 4,571,000 | $ 2,689,000 | |||||||
Fair Value | $ (246,000) | $ (47,000) | |||||||
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 1 | |||||||||
Variable interest rate | 6% | [14],[18] | 6% | [5],[19] | 5.75% | 6% | [14],[18] | ||
Interest Rate | 11.49% | [14],[18] | 10.68% | [5],[19],[22] | 6.50% | 11.49% | [14],[18] | ||
Par Amount | $ 42,641,000 | [14],[18] | $ 42,966,000 | [5],[19] | $ 43,291,000 | ||||
Cost | 42,141,000 | [14],[18] | 42,408,000 | [1],[5],[19] | 42,654,000 | ||||
Fair Value | $ 40,343,000 | [14],[18] | $ 42,218,000 | [5],[19] | $ 42,654,000 | ||||
Percentage of Net Assets | 2.72% | [14],[18] | 3.02% | [5],[19] | 3.59% | 2.72% | [14],[18] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 4,033,000 | ||||||||
Fair Value | $ (47,000) | ||||||||
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 2 | |||||||||
Variable interest rate | 6% | [14],[18] | 6% | [5],[19] | 5.75% | 6% | [14],[18] | ||
Interest Rate | 11.49% | [14],[18] | 10.68% | [5],[19],[22] | 6.50% | 11.49% | [14],[18] | ||
Par Amount | $ 9,274,000 | [14],[18] | $ 9,345,000 | [5],[19] | $ 5,378,000 | ||||
Cost | 9,165,000 | [14],[18] | 9,222,000 | [1],[5],[19] | 5,269,000 | ||||
Fair Value | $ 8,774,000 | [14],[18] | $ 9,182,000 | [5],[19] | $ 5,269,000 | ||||
Percentage of Net Assets | 0.59% | [14],[18] | 0.66% | [5],[19] | 0.44% | 0.59% | [14],[18] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,571,000 | ||||||||
Fair Value | $ (67,000) | ||||||||
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 3 | |||||||||
Variable interest rate | 6.75% | [14],[15],[18] | 6% | [5],[11],[15],[19] | 5.75% | 6.75% | [14],[15],[18] | ||
Interest Rate | 11.87% | [14],[15],[18] | 10.32% | [5],[11],[15],[19],[22] | 6.50% | 11.87% | [14],[15],[18] | ||
Par Amount | [5],[11],[15],[19] | $ 1,882,000 | |||||||
Cost | $ (47,000) | [14],[15],[18] | 1,827,000 | [1],[5],[11],[15],[19] | $ (67,000) | ||||
Fair Value | $ (246,000) | [14],[15],[18] | $ 1,803,000 | [5],[11],[15],[19] | $ (67,000) | ||||
Percentage of Net Assets | (0.02%) | [14],[15],[18] | 0.13% | [5],[11],[15],[19] | (0.01%) | (0.02%) | [14],[15],[18] | ||
Investment, Identifier [Axis]: Frisbee Holding, LP (Fetch) | |||||||||
Par Amount | [4],[24] | $ 21,744,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[25] | 21,744 | |||||||
Cost | [1],[4],[5],[24],[25] | $ 277,000 | |||||||
Fair Value | [4],[5],[24],[25] | $ 277,000 | |||||||
Percentage of Net Assets | [4],[5],[24],[25] | 0.02% | |||||||
Investment, Identifier [Axis]: Frisbee Holdings, LP (Fetch) | |||||||||
Par Amount | [14],[23] | $ 21,744,000 | |||||||
Cost | [14],[20],[23] | 277,000 | |||||||
Fair Value | [14],[23] | $ 277,000 | |||||||
Percentage of Net Assets | [14],[23] | 0.02% | 0.02% | ||||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc.1 | |||||||||
Variable interest rate | [14],[18] | 6% | 6% | ||||||
Interest Rate | [14],[18] | 11.42% | 11.42% | ||||||
Par Amount | [14],[18] | $ 2,307,000 | |||||||
Cost | [14],[18] | 2,263,000 | |||||||
Fair Value | [14],[18] | $ 2,263,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.15% | 0.15% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 6,707,000 | ||||||||
Fair Value | $ (161,000) | ||||||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc.2 | |||||||||
Variable interest rate | [14],[15],[18] | 6% | 6% | ||||||
Interest Rate | [14],[15],[18] | 11.42% | 11.42% | ||||||
Par Amount | [14],[15],[18] | $ 14,000 | |||||||
Cost | [14],[15],[18] | (148,000) | |||||||
Fair Value | [14],[15],[18] | $ (148,000) | |||||||
Percentage of Net Assets | [14],[15],[18] | (0.01%) | (0.01%) | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 4,000 | ||||||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc.3 | |||||||||
Variable interest rate | [14],[15],[18] | 6% | 6% | ||||||
Interest Rate | [14],[15],[18] | 11.42% | 11.42% | ||||||
Cost | [14],[15],[18] | $ (6,000) | |||||||
Fair Value | [14],[15],[18] | $ (6,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 331,000 | ||||||||
Fair Value | $ (6,000) | ||||||||
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,420,000 | $ 2,420,000 | |||||||
Fair Value | $ (6,000) | $ (58,000) | |||||||
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [3],[4],[5],[13],[16] | 5.75% | [6],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.29% | [3],[13],[14],[27] | 9.91% | [3],[4],[5],[13],[16] | 6.75% | [6],[21] | 11.29% | [3],[13],[14],[27] | |
Par Amount | $ 75,341,000 | [3],[13],[14] | $ 75,927,000 | [3],[4],[5],[13],[16] | $ 69,710,000 | [6],[21] | |||
Cost | 74,944,000 | [3],[13],[14],[20] | 75,432,000 | [3],[4],[5],[13],[16],[20] | 69,108,000 | [6],[21] | |||
Fair Value | $ 75,167,000 | [3],[13],[14] | $ 74,120,000 | [3],[4],[5],[13],[16] | $ 69,361,000 | [6],[21] | |||
Percentage of Net Assets | 5.07% | [3],[13],[14] | 5.30% | [3],[4],[5],[13],[16] | 5.84% | [6],[21] | 5.07% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 10,833,000 | ||||||||
Fair Value | $ (54,000) | ||||||||
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[14] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.29% | [3],[14],[15],[27] | 9.91% | [3],[4],[5],[14] | 6.75% | [6],[10] | 11.29% | [3],[14],[15],[27] | |
Cost | $ (15,000) | [3],[14],[15],[20] | $ (26,000) | [6],[10] | |||||
Fair Value | (6,000) | [3],[14],[15] | $ (54,000) | [6],[10] | |||||
Percentage of Net Assets | 0% | [5] | 0% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,270,000 | ||||||||
Fair Value | $ (6,000) | ||||||||
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 3 | |||||||||
Variable interest rate | 5.75% | [2],[3],[5],[11],[14] | 5.75% | [6],[10] | |||||
Interest Rate | 9.91% | [2],[3],[5],[11],[14] | 6.75% | [6],[10] | |||||
Par Amount | [6],[10] | $ 1,149,000 | |||||||
Cost | $ (19,000) | [2],[3],[5],[11],[14],[20] | 1,125,000 | [6],[10] | |||||
Fair Value | $ (58,000) | [2],[3],[5],[11],[14] | $ 1,137,000 | [6],[10] | |||||
Percentage of Net Assets | 0% | [5],[11] | 0.10% | [6],[10] | |||||
Investment, Identifier [Axis]: GSM Acquisition Corp. | |||||||||
Par Amount, Shares (in shares) | shares | 4,500,000 | ||||||||
Cost | $ 450,000 | ||||||||
Fair Value | $ 1,242,000 | ||||||||
Percentage of Net Assets | 0.10% | ||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,280,000 | ||||||||
Fair Value | (62,000) | ||||||||
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) | |||||||||
Par Amount | 4,500,000 | [14],[23] | $ 4,500,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | [5],[25] | 4,500 | |||||||
Cost | 450,000 | [14],[20],[23] | $ 450,000 | [1],[4],[5],[24],[25] | |||||
Fair Value | $ 665,000 | [14],[23] | $ 916,000 | [4],[5],[24],[25] | |||||
Percentage of Net Assets | 0.04% | [14],[23] | 0.07% | [4],[5],[24],[25] | 0.04% | [14],[23] | |||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 4,280,000 | $ 1,617,000 | |||||||
Fair Value | $ (91,000) | ||||||||
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) 1 | |||||||||
Variable interest rate | 5% | [3],[13],[14] | 5% | [5],[16] | 5% | [6],[21] | 5% | [3],[13],[14] | |
Interest Rate | 10.65% | [3],[13],[14] | 9.84% | [5],[16] | 6% | [6],[21],[22] | 10.65% | [3],[13],[14] | |
Par Amount | $ 17,313,000 | [3],[13],[14] | $ 17,447,000 | [5],[16] | $ 47,701,000 | [6],[21] | |||
Cost | 17,208,000 | [3],[13],[14] | 17,319,000 | [5],[16] | 47,196,000 | [1],[6],[21] | |||
Fair Value | $ 16,944,000 | [3],[13],[14] | $ 17,194,000 | [5],[16] | $ 47,701,000 | [6],[21] | |||
Percentage of Net Assets | 1.14% | [3],[13],[14] | 1.23% | [5],[16] | 4.01% | [6],[21] | 1.14% | [3],[13],[14] | |
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) 2 | |||||||||
Variable interest rate | 5% | [3],[14] | 5% | [5] | 5% | [6],[10] | 5% | [3],[14] | |
Interest Rate | 10.65% | [3],[14] | 9.84% | [5] | 6% | [6],[10],[22] | 10.65% | [3],[14] | |
Par Amount | $ 4,456,000 | [3],[14] | $ 4,490,000 | [5] | $ 7,199,000 | [6],[10] | |||
Cost | 4,420,000 | [3],[14] | 4,446,000 | [5] | 7,096,000 | [1],[6],[10] | |||
Fair Value | $ 4,361,000 | [3],[14] | $ 4,425,000 | [5] | $ 7,199,000 | [6],[10] | |||
Percentage of Net Assets | 0.29% | [3],[14] | 0.32% | [5] | 0.61% | [6],[10] | 0.29% | [3],[14] | |
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) 3 | |||||||||
Variable interest rate | 5% | [3],[14],[15] | 5% | [5],[11] | 5% | [3],[14],[15] | |||
Interest Rate | 10.65% | [3],[14],[15] | 9.84% | [5],[11] | 10.65% | [3],[14],[15] | |||
Cost | $ (32,000) | [3],[14],[15] | $ (39,000) | [5],[11] | |||||
Fair Value | $ (91,000) | [3],[14],[15] | $ (62,000) | [5],[11] | |||||
Percentage of Net Assets | (0.01%) | [3],[14],[15] | 0% | [5],[11] | (0.01%) | [3],[14],[15] | |||
Investment, Identifier [Axis]: Galway Borrower, LLC 1 | |||||||||
Variable interest rate | 5.25% | [14],[18] | 5.25% | [5],[15],[19] | 5.25% | 5.25% | [14],[18] | ||
Interest Rate | 10.85% | [14],[18] | 9.98% | [5],[15],[19],[22] | 6% | 10.85% | [14],[18] | ||
Par Amount | $ 33,165,000 | [14],[18] | $ 32,271,000 | [5],[15],[19] | $ 26,722,000 | ||||
Cost | 32,654,000 | [14],[18] | 31,721,000 | [1],[5],[15],[19] | 26,203,000 | ||||
Fair Value | $ 32,082,000 | [14],[18] | $ 30,880,000 | [5],[15],[19] | $ 26,260,000 | ||||
Percentage of Net Assets | 2.17% | [14],[18] | 2.21% | [5],[15],[19] | 2.21% | 2.17% | [14],[18] | ||
Unused Fee Rate | 1% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,712,000 | $ 298,000 | $ 4,311,000 | ||||||
Fair Value | $ (24,000) | $ (12,000) | $ (75,000) | ||||||
Investment, Identifier [Axis]: Galway Borrower, LLC 2 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 5.25% | [5],[11],[15],[19] | 5.25% | 5.25% | [14],[15],[18] | ||
Interest Rate | 10.85% | [14],[15],[18] | 9.98% | [5],[11],[15],[19],[22] | 6% | 10.85% | [14],[15],[18] | ||
Par Amount | $ 298,000 | [14],[15],[18] | $ 1,843,000 | ||||||
Cost | 273,000 | [14],[15],[18] | $ (7,000) | [1],[5],[11],[15],[19] | 1,766,000 | ||||
Fair Value | $ 264,000 | [14],[15],[18] | $ (13,000) | [5],[11],[15],[19] | $ 1,736,000 | ||||
Percentage of Net Assets | 0.02% | [14],[15],[18] | 0% | [5],[11],[19] | 0.15% | 0.02% | [14],[15],[18] | ||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 2,053,000 | $ 2,053,000 | $ 2,053,000 | ||||||
Fair Value | $ (68,000) | $ (88,000) | $ (36,000) | ||||||
Investment, Identifier [Axis]: Galway Borrower, LLC 3 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 5.25% | [5],[11],[15],[19] | 5.25% | 5.25% | [14],[15],[18] | ||
Interest Rate | 10.85% | [14],[15],[18] | 9.98% | [5],[11],[15],[19],[22] | 6% | 10.85% | [14],[15],[18] | ||
Cost | $ (27,000) | [14],[15],[18] | $ (32,000) | [1],[5],[11],[15],[19] | $ (39,000) | ||||
Fair Value | $ (68,000) | [14],[15],[18] | $ (88,000) | [5],[11],[15],[19] | $ (35,000) | ||||
Percentage of Net Assets | (0.01%) | [5],[11],[15],[19] | 0% | ||||||
Investment, Identifier [Axis]: Gateway US Holdings, Inc. 1 | |||||||||
Variable interest rate | 6.50% | [14],[18],[28] | 6.50% | [29] | 6.50% | [14],[18],[28] | |||
Interest Rate | 12.04% | [14],[18],[28] | 11.23% | [29] | 12.04% | [14],[18],[28] | |||
Par Amount | $ 752,000 | [14],[18],[28] | $ 750,000 | [29] | |||||
Cost | 746,000 | [14],[18],[28] | 744,000 | [29] | |||||
Fair Value | $ 752,000 | [14],[18],[28] | $ 736,000 | [29] | |||||
Percentage of Net Assets | 0.05% | [14],[18],[28] | 0.05% | [29] | 0.05% | [14],[18],[28] | |||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 6,000 | $ 6,000 | |||||||
Fair Value | $ 0 | ||||||||
Investment, Identifier [Axis]: Gateway US Holdings, Inc. 2 | |||||||||
Variable interest rate | [15] | 6.50% | [14],[18],[28] | 6.50% | [29] | 6.50% | [14],[18],[28] | ||
Interest Rate | [15] | 12.04% | [14],[18],[28] | 11.23% | [29] | 12.04% | [14],[18],[28] | ||
Par Amount | [15] | $ 206,000 | [14],[18],[28] | $ 165,000 | [29] | ||||
Cost | [15] | 204,000 | [14],[18],[28] | 164,000 | [29] | ||||
Fair Value | [15] | $ 206,000 | [14],[18],[28] | $ 162,000 | [29] | ||||
Percentage of Net Assets | [15] | 0.01% | [14],[18],[28] | 0.01% | [29] | 0.01% | [14],[18],[28] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 30,000 | $ 14,000 | |||||||
Fair Value | $ 0 | ||||||||
Investment, Identifier [Axis]: Gateway US Holdings, Inc. 3 | |||||||||
Variable interest rate | [15] | 6.50% | [14],[18],[28] | 6.50% | [29] | 6.50% | [14],[18],[28] | ||
Interest Rate | [15] | 12.04% | [14],[18],[28] | 11.23% | [29] | 12.04% | [14],[18],[28] | ||
Par Amount | [15],[29] | $ 17,000 | |||||||
Cost | [15],[29] | 16,000 | |||||||
Fair Value | [15],[29] | $ 16,000 | |||||||
Percentage of Net Assets | [29] | 0% | |||||||
Investment, Identifier [Axis]: Govbrands Intermediate, Inc. 1 | |||||||||
Variable interest rate | 5.50% | 5.50% | |||||||
Interest Rate | 10.23% | 6.25% | |||||||
Par Amount | $ 39,759,000 | $ 40,162,000 | |||||||
Cost | 38,962,000 | 39,214,000 | |||||||
Fair Value | $ 37,942,000 | $ 39,214,000 | |||||||
Percentage of Net Assets | 2.72% | 3.30% | |||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 4,185,000 | $ 4,185,000 | |||||||
Fair Value | $ (191,000) | $ (83,000) | |||||||
Investment, Identifier [Axis]: Govbrands Intermediate, Inc. 2 | |||||||||
Variable interest rate | 5.50% | [15] | 5.50% | ||||||
Interest Rate | 10.23% | [15] | 6.25% | ||||||
Par Amount | $ 8,969,000 | [15] | $ 9,059,000 | ||||||
Cost | 8,751,000 | [15] | 8,795,000 | ||||||
Fair Value | $ 8,367,000 | [15] | $ 8,795,000 | ||||||
Percentage of Net Assets | 0.60% | [15] | 0.74% | ||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 424,000 | $ 4,237,000 | |||||||
Fair Value | $ (19,000) | $ (99,000) | |||||||
Investment, Identifier [Axis]: Govbrands Intermediate, Inc. 3 | |||||||||
Variable interest rate | 5.50% | [15] | 5.50% | ||||||
Interest Rate | 10.23% | [15] | 6.25% | ||||||
Par Amount | [15] | $ 3,814,000 | |||||||
Cost | 3,733,000 | [15] | $ (99,000) | ||||||
Fair Value | $ 3,620,000 | [15] | $ (99,000) | ||||||
Percentage of Net Assets | 0.26% | [15] | (0.01%) | ||||||
Investment, Identifier [Axis]: GraphPad Software, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 875,000 | $ 1,750,000 | $ 1,750,000 | ||||||
Fair Value | $ (6,000) | $ (58,000) | $ (16,000) | ||||||
Investment, Identifier [Axis]: GraphPad Software, LLC 1 | |||||||||
Variable interest rate | 5.50% | [3],[4],[13] | 5.50% | [3],[4],[5],[16],[17] | 5.50% | [6],[21] | 5.50% | [3],[4],[13] | |
Interest Rate | 10.94% | [3],[4],[13] | 10.39% | [3],[4],[5],[7],[16],[17] | 6.50% | [6],[8],[21] | 10.94% | [3],[4],[13] | |
Par Amount | $ 14,844,000 | [3],[4],[13] | $ 12,066,000 | [3],[4],[5],[16],[17] | $ 15,110,000 | [6],[21] | |||
Cost | 14,746,000 | [3],[4],[13] | 11,974,000 | [3],[4],[5],[9],[16],[17] | 14,971,000 | [1],[6],[21] | |||
Fair Value | $ 14,740,000 | [3],[4],[13] | $ 11,668,000 | [3],[4],[5],[16],[17] | $ 14,971,000 | [6],[21] | |||
Percentage of Net Assets | 0.99% | [3],[4],[13] | 0.84% | [3],[4],[5],[16],[17] | 1.26% | [6],[21] | 0.99% | [3],[4],[13] | |
Investment, Identifier [Axis]: GraphPad Software, LLC 2 | |||||||||
Variable interest rate | 5% | [2],[4] | 5.50% | [3],[4],[5] | 6% | [6],[10] | 5% | [2],[4] | |
Interest Rate | 13.50% | [2],[4] | 10.39% | [3],[4],[5],[7] | 7% | [6],[8],[10] | 13.50% | [2],[4] | |
Par Amount | [4] | $ 875,000 | [2] | $ 2,892,000 | [3],[5] | ||||
Cost | 865,000 | [2],[4] | 2,869,000 | [3],[4],[5],[9] | $ (16,000) | [1],[6],[10] | |||
Fair Value | $ 863,000 | [2],[4] | $ 2,797,000 | [3],[4],[5] | $ (16,000) | [6],[10] | |||
Percentage of Net Assets | 0.06% | [2],[4] | 0.20% | [3],[4],[5] | 0% | [6],[10] | 0.06% | [2],[4] | |
Investment, Identifier [Axis]: GraphPad Software, LLC 3 | |||||||||
Variable interest rate | [3],[4],[5],[11],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[11],[12] | 10.39% | |||||||
Cost | [3],[4],[5],[9],[11],[12] | $ (13,000) | |||||||
Fair Value | [3],[4],[5],[11],[12] | $ (58,000) | |||||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 722,000 | $ 1,181,000 | $ 886,000 | ||||||
Fair Value | $ (8,000) | $ (30,000) | |||||||
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC 1 | |||||||||
Variable interest rate | 4.50% | [3],[13],[14] | 4.75% | [5],[16] | 4.75% | [6],[21] | 4.50% | [3],[13],[14] | |
Interest Rate | 10.06% | [3],[13],[14] | 9.39% | [5],[16] | 5.75% | [6],[21],[22] | 10.06% | [3],[13],[14] | |
Par Amount | $ 8,616,000 | [3],[13],[14] | $ 10,306,000 | [5],[16] | $ 8,771,000 | [6],[21] | |||
Cost | 8,519,000 | [3],[13],[14] | 10,166,000 | [5],[16] | 8,619,000 | [1],[6],[21] | |||
Fair Value | $ 8,520,000 | [3],[13],[14] | $ 10,045,000 | [5],[16] | $ 8,771,000 | [6],[21] | |||
Percentage of Net Assets | 0.58% | [3],[13],[14] | 0.72% | [5],[16] | 0.74% | [6],[21] | 0.58% | [3],[13],[14] | |
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC 2 | |||||||||
Variable interest rate | 4.50% | [3],[13],[14] | 4.75% | [5],[11],[15] | 4.75% | [6],[10] | 4.50% | [3],[13],[14] | |
Interest Rate | 10.06% | [3],[13],[14] | 9.39% | [5],[11],[15] | 5.75% | [6],[10],[22] | 10.06% | [3],[13],[14] | |
Par Amount | $ 1,612,000 | [3],[13],[14] | $ 459,000 | [5],[11],[15] | $ 755,000 | [6],[10] | |||
Cost | 1,596,000 | [3],[13],[14] | 440,000 | [5],[11],[15] | 728,000 | [1],[6],[10] | |||
Fair Value | $ 1,594,000 | [3],[13],[14] | $ 418,000 | [5],[11],[15] | $ 755,000 | [6],[10] | |||
Percentage of Net Assets | 0.11% | [3],[13],[14] | 0.03% | [5],[11],[15] | 0.06% | [6],[10] | 0.11% | [3],[13],[14] | |
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC 3 | |||||||||
Variable interest rate | [3],[14],[15] | 4.50% | 4.50% | ||||||
Interest Rate | [3],[14],[15] | 10.06% | 10.06% | ||||||
Par Amount | [3],[14],[15] | $ 919,000 | |||||||
Cost | [3],[14],[15] | 905,000 | |||||||
Fair Value | [3],[14],[15] | $ 901,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.06% | 0.06% | ||||||
Investment, Identifier [Axis]: Groundworks, LLC 1 | |||||||||
Variable interest rate | [3],[13],[14] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[13],[14] | 11.81% | 11.81% | ||||||
Par Amount | [3],[13],[14] | $ 1,057,000 | |||||||
Cost | [3],[13],[14] | 1,027,000 | |||||||
Fair Value | [3],[13],[14] | $ 1,046,000 | |||||||
Percentage of Net Assets | [3],[13],[14] | 0.07% | 0.07% | ||||||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 137,000 | $ 1,607,000 | |||||||
Fair Value | $ (1,000) | $ 0 | |||||||
Investment, Identifier [Axis]: Groundworks, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15] | 11.81% | 11.81% | ||||||
Par Amount | [3],[14],[15] | $ 56,000 | |||||||
Cost | [3],[14],[15] | 53,000 | |||||||
Fair Value | [3],[14],[15] | $ 54,000 | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 62,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Groundworks, LLC 3 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15] | 11.81% | 11.81% | ||||||
Cost | [3],[14],[15] | $ (2,000) | |||||||
Fair Value | [3],[14],[15] | $ (1,000) | |||||||
Investment, Identifier [Axis]: Gurobi Optimization, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,607,000 | $ 1,607,000 | $ 1,607,000 | ||||||
Investment, Identifier [Axis]: Gurobi Optimization, LLC 1 | |||||||||
Variable interest rate | 4.75% | [3],[13],[14] | 5% | [3],[4],[5],[13],[16] | 5% | [6],[21] | 4.75% | [3],[13],[14] | |
Interest Rate | 10.40% | [3],[13],[14],[27] | 9.38% | [3],[4],[5],[13],[16] | 6% | [6],[8],[21] | 10.40% | [3],[13],[14],[27] | |
Par Amount | $ 12,991,000 | [3],[13],[14] | $ 13,091,000 | [3],[4],[5],[13],[16] | $ 13,226,000 | [6],[21] | |||
Cost | 12,981,000 | [3],[13],[14],[20] | 13,048,000 | [3],[4],[5],[13],[16],[20] | 13,139,000 | [1],[6],[21] | |||
Fair Value | $ 12,991,000 | [3],[13],[14] | $ 13,091,000 | [3],[4],[5],[13],[16] | $ 13,226,000 | [6],[21] | |||
Percentage of Net Assets | 0.88% | [3],[13],[14] | 0.94% | [3],[4],[5],[13],[16] | 1.11% | [6],[21] | 0.88% | [3],[13],[14] | |
Investment, Identifier [Axis]: Gurobi Optimization, LLC 2 | |||||||||
Variable interest rate | 4.75% | [3],[14],[15] | 5% | [2],[3],[4],[5],[11] | 5% | [6],[10] | 4.75% | [3],[14],[15] | |
Interest Rate | 10.40% | [3],[14],[15],[27] | 9.38% | [2],[3],[4],[5],[11] | 6% | [6],[8],[10] | 10.40% | [3],[14],[15],[27] | |
Cost | $ (1,000) | [3],[14],[15],[20] | $ (5,000) | [2],[3],[4],[5],[11],[20] | $ (10,000) | [1],[6],[10] | |||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: Heartland Home Services | |||||||||
Variable interest rate | [14],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[18] | 11.07% | 11.07% | ||||||
Par Amount | [14],[18] | $ 1,950,000 | |||||||
Cost | [14],[18] | 1,940,000 | |||||||
Fair Value | [14],[18] | $ 1,942,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.13% | 0.13% | ||||||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 612,000 | ||||||||
Fair Value | $ (18,000) | ||||||||
Investment, Identifier [Axis]: Heartland Home Services, Inc. | |||||||||
Variable interest rate | [4],[5],[11],[12],[18],[19] | 5.75% | |||||||
Interest Rate | [4],[5],[7],[11],[12],[18],[19] | 10.10% | |||||||
Par Amount | [4],[5],[11],[12],[18],[19] | $ 1,877,000 | |||||||
Cost | [4],[5],[9],[11],[12],[18],[19] | 1,860,000 | |||||||
Fair Value | [4],[5],[11],[12],[18],[19] | $ 1,802,000 | |||||||
Percentage of Net Assets | [4],[5],[11],[12],[18],[19] | 0.13% | |||||||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 612,000 | ||||||||
Fair Value | $ (18,000) | ||||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.75% | ||||||
Unfunded Commitment | $ 375,000 | $ 88,000 | $ 955,000 | ||||||
Fair Value | $ (6,000) | $ (7,000) | $ (7,000) | ||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 1 | |||||||||
Variable interest rate | 4.75% | [3],[14],[15] | 4.75% | 4.75% | [6] | 4.75% | [3],[14],[15] | ||
Interest Rate | 10.17% | [3],[14],[15] | 9.56% | 5.75% | [6],[8] | 10.17% | [3],[14],[15] | ||
Par Amount | $ 1,852,000 | [3],[14],[15] | $ 1,866,000 | $ 1,885,000 | [6] | ||||
Cost | 1,839,000 | [3],[14],[15] | 1,851,000 | 1,866,000 | [1],[6] | ||||
Fair Value | $ 1,824,000 | [3],[14],[15] | $ 1,812,000 | $ 1,866,000 | [6] | ||||
Percentage of Net Assets | 0.12% | [3],[14],[15] | 0.13% | 0.16% | [6] | 0.12% | [3],[14],[15] | ||
Unused Fee Rate | 1% | 0.75% | |||||||
Unfunded Commitment | $ 1,255,000 | $ 3,816,000 | |||||||
Fair Value | $ (36,000) | $ (37,000) | |||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 2 | |||||||||
Variable interest rate | 4.75% | [3],[14] | 4.75% | [15] | 4.75% | [6],[10] | 4.75% | [3],[14] | |
Interest Rate | 10.17% | [3],[14] | 9.56% | [15] | 5.75% | [6],[8],[10] | 10.17% | [3],[14] | |
Par Amount | $ 4,192,000 | [3],[14] | $ 2,969,000 | [15] | $ 424,000 | [6],[10] | |||
Cost | 4,166,000 | [3],[14] | 2,936,000 | [15] | 383,000 | [1],[6],[10] | |||
Fair Value | $ 4,130,000 | [3],[14] | $ 2,847,000 | [15] | $ 383,000 | [6],[10] | |||
Percentage of Net Assets | 0.28% | [3],[14] | 0.20% | [15] | 0.03% | [6],[10] | 0.28% | [3],[14] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 375,000 | $ 375,000 | |||||||
Fair Value | $ (11,000) | $ (4,000) | |||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 3 | |||||||||
Variable interest rate | 4.75% | [3],[14],[15] | 4.75% | [15] | 4.75% | [6],[10] | 4.75% | [3],[14],[15] | |
Interest Rate | 10.17% | [3],[14],[15] | 9.56% | [15] | 5.75% | [6],[8],[10] | 10.17% | [3],[14],[15] | |
Cost | $ (2,000) | [3],[14],[15] | $ (3,000) | [15] | $ (4,000) | [1],[6],[10] | |||
Fair Value | $ (6,000) | [3],[14],[15] | $ (11,000) | [15] | $ (4,000) | [6],[10] | |||
Percentage of Net Assets | 0% | 0% | [6],[10] | ||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 4 | |||||||||
Variable interest rate | 8% | [3],[14] | 8% | [3],[4],[5] | 8% | [6] | 8% | [3],[14] | |
Interest Rate | 13.42% | [3],[14],[27] | 12.81% | [3],[4],[5] | 9% | [6],[8] | 13.42% | [3],[14],[27] | |
Par Amount | $ 3,960,000 | [3],[14] | $ 3,960,000 | [3],[4],[5] | $ 3,960,000 | [6] | |||
Cost | 3,900,000 | [3],[14],[20] | 3,892,000 | [3],[4],[5] | 3,881,000 | [1],[6] | |||
Fair Value | $ 3,869,000 | [3],[14] | $ 3,624,000 | [3],[4],[5] | $ 3,882,000 | [6] | |||
Percentage of Net Assets | 0.26% | [3],[14] | 0.26% | [3],[4],[5] | 0.33% | [6] | 0.26% | [3],[14] | |
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 5 | |||||||||
Variable interest rate | 8% | [3],[14] | 8% | [2],[3],[4],[5],[11] | 8% | [6],[10] | 8% | [3],[14] | |
Interest Rate | 13.42% | [3],[14],[27] | 12.81% | [2],[3],[4],[5],[11] | 9% | [6],[8],[10] | 13.42% | [3],[14],[27] | |
Par Amount | $ 1,540,000 | [3],[14] | $ 1,452,000 | [2],[3],[4],[5],[11] | $ 585,000 | [6],[10] | |||
Cost | 1,515,000 | [3],[14],[20] | 1,426,000 | [2],[3],[4],[5],[11] | 574,000 | [1],[6],[10] | |||
Fair Value | $ 1,505,000 | [3],[14] | $ 1,322,000 | [2],[3],[4],[5],[11] | $ 574,000 | [6],[10] | |||
Percentage of Net Assets | 0.10% | [3],[14] | 0.09% | [2],[3],[4],[5],[11] | 0.05% | [6],[10] | 0.10% | [3],[14] | |
Investment, Identifier [Axis]: Helios Service Partners, LLC 1 | |||||||||
Variable interest rate | [3],[4] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[4] | 11.88% | 11.88% | ||||||
Par Amount | [3],[4] | $ 6,859,000 | |||||||
Cost | [3],[4] | 6,693,000 | |||||||
Fair Value | [3],[4] | $ 6,693,000 | |||||||
Percentage of Net Assets | [3],[4] | 0.45% | 0.45% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 12,898,000 | ||||||||
Fair Value | $ (155,000) | ||||||||
Investment, Identifier [Axis]: Helios Service Partners, LLC 2 | |||||||||
Variable interest rate | [2],[3],[4] | 6.25% | 6.25% | ||||||
Interest Rate | [2],[3],[4] | 11.88% | 11.88% | ||||||
Cost | [2],[3],[4] | $ (155,000) | |||||||
Fair Value | [2],[3],[4] | $ (155,000) | |||||||
Percentage of Net Assets | [2],[3],[4] | (0.01%) | (0.01%) | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 826,000 | ||||||||
Fair Value | $ (20,000) | ||||||||
Investment, Identifier [Axis]: Helios Service Partners, LLC 3 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.88% | 11.88% | ||||||
Par Amount | [3],[14],[15] | $ 464,000 | |||||||
Cost | [3],[14],[15] | 433,000 | |||||||
Fair Value | [3],[14],[15] | $ 433,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.03% | 0.03% | ||||||
Investment, Identifier [Axis]: Help HP SCF Investor, LP (Help/Systems) | |||||||||
Par Amount | [23],[28] | $ 9,619,564,000 | |||||||
Par Amount, Shares (in shares) | shares | 12,460,000 | ||||||||
Cost | 12,460,000 | [20],[23],[28] | $ 12,460,000 | [1],[24],[25],[29],[30] | $ 13,751,000 | ||||
Fair Value | $ 14,705,000 | [23],[28] | $ 14,732,000 | [24],[25],[29],[30] | $ 1,160 | ||||
Percentage of Net Assets | 0.99% | [23],[28] | 1.05% | [24],[25],[29],[30] | 0% | 0.99% | [23],[28] | ||
Investment, Identifier [Axis]: Help/Systems Holdings, Inc. | |||||||||
Variable interest rate | 6.75% | [18] | 6.75% | [4],[5],[18],[19] | 6.75% | [6],[19] | 6.75% | [18] | |
Interest Rate | 12.35% | [18],[27] | 10.94% | [4],[5],[18],[19],[22] | 7.50% | [6],[8],[19] | 12.35% | [18],[27] | |
Par Amount | $ 17,500,000 | [18] | $ 17,500,000 | [4],[5],[18],[19] | $ 17,500,000 | [6],[19] | |||
Cost | 17,500,000 | [18],[20] | 17,500,000 | [1],[4],[5],[18],[19] | 17,500,000 | [1],[6],[19] | |||
Fair Value | $ 15,050,000 | [18] | $ 16,189,000 | [4],[5],[18],[19] | $ 17,500,000 | [6],[19] | |||
Percentage of Net Assets | 1.02% | [18] | 1.16% | [4],[5],[18],[19] | 1.47% | [6],[19] | 1.02% | [18] | |
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. | |||||||||
Variable interest rate | [5],[16],[19] | 5.25% | |||||||
Interest Rate | [5],[16],[19],[22] | 9.63% | |||||||
Par Amount | [5],[16],[19] | $ 18,482,000 | |||||||
Cost | [1],[5],[16],[19] | 18,287,000 | |||||||
Fair Value | [5],[16],[19] | $ 17,986,000 | |||||||
Percentage of Net Assets | [5],[16],[19] | 1.29% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,754,000 | ||||||||
Fair Value | $ (18,000) | ||||||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. 1 | |||||||||
Variable interest rate | 5.50% | [3],[13],[14] | 5.50% | 5.50% | [3],[13],[14] | ||||
Interest Rate | 10.92% | [3],[13],[14] | 6.25% | 10.92% | [3],[13],[14] | ||||
Par Amount | $ 18,342,000 | [3],[13],[14] | $ 14,558,000 | ||||||
Cost | 18,157,000 | [3],[13],[14] | 14,374,000 | ||||||
Fair Value | $ 18,157,000 | [3],[13],[14] | $ 14,413,000 | ||||||
Percentage of Net Assets | 1.23% | [3],[13],[14] | 1.21% | 1.23% | [3],[13],[14] | ||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. 2 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | 5.50% | [3],[14],[15] | ||||
Interest Rate | 10.92% | [3],[14],[15] | 6.25% | 10.92% | [3],[14],[15] | ||||
Par Amount | $ 4,110,000 | ||||||||
Cost | $ (18,000) | [3],[14],[15] | 4,055,000 | ||||||
Fair Value | $ (18,000) | [3],[14],[15] | $ 4,069,000 | ||||||
Percentage of Net Assets | 0.34% | ||||||||
Investment, Identifier [Axis]: High Street Buyer, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,136,000 | $ 2,136,000 | |||||||
Fair Value | $ (62,000) | ||||||||
Investment, Identifier [Axis]: High Street Buyer, Inc. 1 | |||||||||
Variable interest rate | 6% | [13],[14],[18] | 6% | [5],[16],[19] | 6% | 6% | [13],[14],[18] | ||
Interest Rate | 11.54% | [13],[14],[18] | 10.73% | [5],[16],[19],[22] | 6.75% | 11.54% | [13],[14],[18] | ||
Par Amount | $ 9,916,000 | [13],[14],[18] | $ 9,992,000 | [5],[16],[19] | $ 10,093,000 | ||||
Cost | 9,774,000 | [13],[14],[18] | 9,832,000 | [1],[5],[16],[19] | 9,908,000 | ||||
Fair Value | $ 9,916,000 | [13],[14],[18] | $ 9,702,000 | [5],[16],[19] | $ 10,093,000 | ||||
Percentage of Net Assets | 0.67% | [13],[14],[18] | 0.69% | [5],[16],[19] | 0.85% | 0.67% | [13],[14],[18] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,385,000 | ||||||||
Investment, Identifier [Axis]: High Street Buyer, Inc. 2 | |||||||||
Variable interest rate | 6% | [13],[14],[18] | 6% | [5],[16],[19] | 6% | 6% | [13],[14],[18] | ||
Interest Rate | 11.54% | [13],[14],[18] | 10.73% | [5],[16],[19],[22] | 6.75% | 11.54% | [13],[14],[18] | ||
Par Amount | $ 39,821,000 | [13],[14],[18] | $ 40,125,000 | [5],[16],[19] | $ 37,138,000 | ||||
Cost | 39,232,000 | [13],[14],[18] | 39,459,000 | [1],[5],[16],[19] | 36,402,000 | ||||
Fair Value | $ 39,821,000 | [13],[14],[18] | $ 38,961,000 | [5],[16],[19] | $ 37,138,000 | ||||
Percentage of Net Assets | 2.69% | [13],[14],[18] | 2.79% | [5],[16],[19] | 3.12% | 2.69% | [13],[14],[18] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,136,000 | ||||||||
Investment, Identifier [Axis]: High Street Buyer, Inc. 3 | |||||||||
Variable interest rate | 6% | [14],[15],[18] | 6% | [5],[11],[15],[19] | 6% | 6% | [14],[15],[18] | ||
Interest Rate | 11.54% | [14],[15],[18] | 10.73% | [5],[11],[15],[19],[22] | 6.75% | 11.54% | [14],[15],[18] | ||
Cost | $ (25,000) | [14],[15],[18] | $ (31,000) | [1],[5],[11],[15],[19] | $ (38,000) | ||||
Fair Value | [5],[11],[15],[19] | $ (62,000) | |||||||
Percentage of Net Assets | 0% | [5],[11],[19] | 0% | ||||||
Investment, Identifier [Axis]: Hyland Software, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,879,000 | ||||||||
Fair Value | $ (28,000) | ||||||||
Investment, Identifier [Axis]: Hyland Software, Inc.1 | |||||||||
Variable interest rate | [13],[14],[18] | 6% | 6% | ||||||
Interest Rate | [13],[14],[18] | 11.32% | 11.32% | ||||||
Par Amount | [13],[14],[18] | $ 39,656,000 | |||||||
Cost | [13],[14],[18] | 39,062,000 | |||||||
Fair Value | [13],[14],[18] | $ 39,062,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 2.64% | 2.64% | ||||||
Investment, Identifier [Axis]: Hyland Software, Inc.2 | |||||||||
Variable interest rate | [14],[15],[18] | 6% | 6% | ||||||
Interest Rate | [14],[15],[18] | 11.32% | 11.32% | ||||||
Cost | [14],[15],[18] | $ (28,000) | |||||||
Fair Value | [14],[15],[18] | $ (28,000) | |||||||
Investment, Identifier [Axis]: IQN Holding Corp., dba Beeline | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,545,000 | ||||||||
Investment, Identifier [Axis]: Idera, Inc. | |||||||||
Variable interest rate | 6.75% | [14],[18] | 6.75% | [4],[5],[18],[19] | 6.75% | [6],[19] | 6.75% | [14],[18] | |
Interest Rate | 12.27% | [14],[18],[27] | 10.50% | [4],[5],[18],[19],[22] | 7.50% | [6],[8],[19] | 12.27% | [14],[18],[27] | |
Par Amount | $ 3,887,000 | [14],[18] | $ 3,887,000 | [4],[5],[18],[19] | $ 3,887,000 | [6],[19] | |||
Cost | 3,865,000 | [14],[18],[20] | 3,863,000 | [1],[4],[5],[18],[19] | 3,860,000 | [1],[6],[19] | |||
Fair Value | $ 3,887,000 | [14],[18] | $ 3,642,000 | [4],[5],[18],[19] | $ 3,887,000 | [6],[19] | |||
Percentage of Net Assets | 0.26% | [14],[18] | 0.26% | [4],[5],[18],[19] | 0.33% | [6],[19] | 0.26% | [14],[18] | |
Investment, Identifier [Axis]: Infinite Bidco, LLC | |||||||||
Variable interest rate | [14],[26] | 6.25% | 6.25% | ||||||
Interest Rate | [14],[26] | 11.27% | 11.27% | ||||||
Par Amount | [14],[26] | $ 12,391,000 | |||||||
Cost | [14],[26] | 12,058,000 | |||||||
Fair Value | [14],[26] | $ 12,274,000 | |||||||
Percentage of Net Assets | [14],[26] | 0.83% | 0.83% | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 8,500,000 | $ 8,500,000 | |||||||
Fair Value | $ (269,000) | ||||||||
Investment, Identifier [Axis]: Infinite Bidco, LLC 1 | |||||||||
Variable interest rate | 7% | [26] | 7% | [4],[5],[26],[36] | 7% | [6],[36] | 7% | [26] | |
Interest Rate | 12.43% | [26],[27] | 11.73% | [4],[5],[26],[36] | 7.50% | [6],[8],[36] | 12.43% | [26],[27] | |
Par Amount | $ 25,500,000 | [26] | $ 17,000,000 | [4],[5],[26],[36] | $ 17,000,000 | [6],[36] | |||
Cost | 25,444,000 | [20],[26] | 16,939,000 | [4],[5],[26],[36] | 16,931,000 | [1],[6],[36] | |||
Fair Value | $ 22,121,000 | [26] | $ 16,463,000 | [4],[5],[26],[36] | $ 17,000,000 | [6],[36] | |||
Percentage of Net Assets | 1.49% | [26] | 1.18% | [4],[5],[26],[36] | 1.43% | [6],[36] | 1.49% | [26] | |
Investment, Identifier [Axis]: Infinite Bidco, LLC 2 | |||||||||
Variable interest rate | [36] | 7% | [2],[4],[5],[11],[26] | 7% | [6],[10] | ||||
Interest Rate | [36] | 11.73% | [2],[4],[5],[11],[26] | 7.50% | [6],[8],[10] | ||||
Cost | [1],[6],[10],[36] | $ (19,000) | |||||||
Fair Value | [2],[4],[5],[11],[26],[36] | $ (269,000) | |||||||
Percentage of Net Assets | [36] | (0.02%) | [2],[4],[5],[11],[26] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC | |||||||||
Variable interest rate | [14],[23] | 10.50% | 10.50% | ||||||
Interest Rate | [4],[5],[24],[25] | 10.50% | |||||||
Par Amount | $ 3,250,000,000 | [14],[23] | $ 3,250,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 3,250,000 | [5],[25] | 3,250,000,000 | ||||||
Cost | 3,851,000 | [14],[20],[23] | $ 3,555,000 | [1],[4],[5],[24],[25] | $ 3,185,000 | ||||
Fair Value | $ 3,835,000 | [14],[23] | $ 3,165,000 | [4],[5],[24],[25] | $ 3,185,000 | ||||
Percentage of Net Assets | 0.26% | [14],[23] | 0.23% | [4],[5],[24],[25] | 0.27% | 0.26% | [14],[23] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,056,000 | ||||||||
Fair Value | $ (38,000) | ||||||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 1 | |||||||||
Variable interest rate | 6.05% | [13],[14],[18] | 6.05% | [5],[16],[19] | 5.50% | 6.05% | [13],[14],[18] | ||
Interest Rate | 11.50% | [13],[14],[18] | 10.81% | [5],[16],[19],[22] | 6.25% | 11.50% | [13],[14],[18] | ||
Par Amount | $ 393,000 | [13],[14],[18] | $ 44,059,000 | [5],[16],[19] | $ 58,911,000 | ||||
Cost | 385,000 | [13],[14],[18] | 43,688,000 | [1],[5],[16],[19] | 58,193,000 | ||||
Fair Value | $ 385,000 | [13],[14],[18] | $ 42,808,000 | [5],[16],[19] | $ 58,193,000 | ||||
Percentage of Net Assets | 0.03% | [13],[14],[18] | 3.06% | [5],[16],[19] | 4.90% | 0.03% | [13],[14],[18] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 163,000 | ||||||||
Fair Value | $ (3,000) | ||||||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 2 | |||||||||
Variable interest rate | 6% | [13],[14],[15],[18] | 6.05% | [5],[19] | 5.75% | 6% | [13],[14],[15],[18] | ||
Interest Rate | 11.45% | [13],[14],[15],[18] | 10.81% | [5],[19],[22] | 6.75% | 11.45% | [13],[14],[15],[18] | ||
Par Amount | $ 85,297,000 | [13],[14],[15],[18] | $ 24,599,000 | [5],[19] | $ 24,849,000 | ||||
Cost | 84,589,000 | [13],[14],[15],[18] | 24,373,000 | [1],[5],[19] | 24,545,000 | ||||
Fair Value | $ 83,590,000 | [13],[14],[15],[18] | $ 23,900,000 | [5],[19] | $ 24,545,000 | ||||
Percentage of Net Assets | 5.64% | [13],[14],[15],[18] | 1.71% | [5],[19] | 2.07% | 5.64% | [13],[14],[15],[18] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 52,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 3 | |||||||||
Variable interest rate | 6% | [13],[14],[15],[18] | 6.05% | [5],[19] | 6% | [13],[14],[15],[18] | |||
Interest Rate | 11.45% | [13],[14],[15],[18] | 10.81% | [5],[19],[22] | 11.45% | [13],[14],[15],[18] | |||
Par Amount | $ 99,000 | [13],[14],[15],[18] | $ 17,290,000 | [5],[19] | |||||
Cost | 96,000 | [13],[14],[15],[18] | 17,108,000 | [1],[5],[19] | |||||
Fair Value | $ 94,000 | [13],[14],[15],[18] | $ 16,799,000 | [5],[19] | |||||
Percentage of Net Assets | 0.01% | [13],[14],[15],[18] | 1.20% | [5],[19] | 0.01% | [13],[14],[15],[18] | |||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 4 | |||||||||
Variable interest rate | [14],[15],[18] | 6.50% | 6.50% | ||||||
Interest Rate | [14],[15],[18] | 11.95% | 11.95% | ||||||
Cost | [14],[15],[18] | $ (2,000) | |||||||
Fair Value | [14],[15],[18] | $ (1,000) | |||||||
Investment, Identifier [Axis]: Intelerad Medical Systems Incorporated | |||||||||
Variable interest rate | [29] | 6.50% | |||||||
Interest Rate | [29] | 11.23% | |||||||
Par Amount | [29] | $ 500,000 | |||||||
Cost | [29] | 486,000 | |||||||
Fair Value | [29] | $ 489,000 | |||||||
Percentage of Net Assets | [29] | 0.03% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 10,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Intelerad Medical Systems Incorporated 1 | |||||||||
Variable interest rate | 6.50% | [3],[14],[28] | 5.50% | [6],[21] | 6.50% | [3],[14],[28] | |||
Interest Rate | 12.01% | [3],[14],[28] | 6.50% | [6],[21],[22] | 12.01% | [3],[14],[28] | |||
Par Amount | $ 496,000 | [3],[14],[28] | $ 44,355,000 | [6],[21] | |||||
Cost | 485,000 | [3],[14],[28] | 44,205,000 | [1],[6],[21] | |||||
Fair Value | $ 468,000 | [3],[14],[28] | $ 44,355,000 | [6],[21] | |||||
Percentage of Net Assets | 0.03% | [3],[14],[28] | 3.73% | [6],[21] | 0.03% | [3],[14],[28] | |||
Investment, Identifier [Axis]: Intelerad Medical Systems Incorporated 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15],[28] | 5.50% | [6],[10] | 6.50% | [3],[14],[15],[28] | |||
Interest Rate | 12.01% | [3],[14],[15],[28] | 6.50% | [6],[10],[22] | 12.01% | [3],[14],[15],[28] | |||
Par Amount | [3],[14],[15],[28] | $ 24,000 | |||||||
Cost | 23,000 | [3],[14],[15],[28] | $ (10,000) | [1],[6],[10] | |||||
Fair Value | [3],[14],[15],[28] | $ 22,000 | |||||||
Percentage of Net Assets | [6],[10] | 0% | |||||||
Investment, Identifier [Axis]: Investment One | |||||||||
Interest rate floor | 1% | 1% | 1% | ||||||
Investment, Identifier [Axis]: Investment Three | |||||||||
Interest rate floor | 0.50% | 0.50% | 0.50% | ||||||
Investment, Identifier [Axis]: Investment Two | |||||||||
Interest rate floor | 0.75% | 0.75% | 0.75% | ||||||
Investment, Identifier [Axis]: Jonathan Acquisition Company | |||||||||
Variable interest rate | 5% | [3],[4] | 5% | [3],[4] | 5% | [31] | 5% | [3],[4] | |
Interest Rate | 10.49% | [3],[4],[7] | 9.73% | [3],[4],[7] | 6% | [22],[31] | 10.49% | [3],[4],[7] | |
Par Amount | $ 2,691,000 | [3],[4] | $ 2,712,000 | [3],[4] | $ 2,739,000 | [31] | |||
Cost | 2,645,000 | [3],[4],[20] | 2,656,000 | [3],[4],[20] | 2,671,000 | [1],[31] | |||
Fair Value | $ 2,658,000 | [3],[4] | $ 2,641,000 | [3],[4] | $ 2,671,000 | [31] | |||
Percentage of Net Assets | 0.18% | [3],[4] | 0.19% | [3],[4] | 0.22% | [31] | 0.18% | [3],[4] | |
Investment, Identifier [Axis]: KENG Acquisition, Inc 1 | |||||||||
Variable interest rate | [3],[14] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14] | 11.64% | 11.64% | ||||||
Par Amount | [3],[14] | $ 3,221,000 | |||||||
Cost | [3],[14] | 3,142,000 | |||||||
Fair Value | [3],[14] | $ 3,142,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.21% | 0.21% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 2,040,000 | ||||||||
Fair Value | $ (24,000) | ||||||||
Investment, Identifier [Axis]: KENG Acquisition, Inc 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.64% | 11.64% | ||||||
Par Amount | [3],[14],[15] | $ 400,000 | |||||||
Cost | [3],[14],[15] | 365,000 | |||||||
Fair Value | [3],[14],[15] | $ 371,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.03% | 0.03% | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 781,000 | ||||||||
Fair Value | $ (19,000) | ||||||||
Investment, Identifier [Axis]: KENG Acquisition, Inc 3 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.64% | 11.64% | ||||||
Par Amount | [3],[14],[15] | $ 98,000 | |||||||
Cost | [3],[14],[15] | 76,000 | |||||||
Fair Value | [3],[14],[15] | $ 76,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.01% | 0.01% | ||||||
Investment, Identifier [Axis]: KPSKY Acquisition, Inc. | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,126,000 | $ 3,413,000 | $ 1,980,000 | ||||||
Fair Value | $ (20,000) | $ (154,000) | $ (29,000) | ||||||
Investment, Identifier [Axis]: KPSKY Acquisition, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [14],[18] | 5.50% | [4],[5],[18],[19] | 5.50% | [6],[19] | 5.25% | [14],[18] | |
Interest Rate | 10.72% | [14],[18] | 9.89% | [4],[5],[7],[18],[19] | 6.25% | [6],[8],[19] | 10.72% | [14],[18] | |
Par Amount | $ 33,951,000 | [14],[18] | $ 34,211,000 | [4],[5],[18],[19] | $ 34,557,000 | [6],[19] | |||
Cost | 33,423,000 | [14],[18] | 33,621,000 | [4],[5],[9],[18],[19] | 33,882,000 | [1],[6],[19] | |||
Fair Value | $ 33,353,000 | [14],[18] | $ 32,668,000 | [4],[5],[18],[19] | $ 33,882,000 | [6],[19] | |||
Percentage of Net Assets | 2.25% | [14],[18] | 2.34% | [4],[5],[18],[19] | 2.85% | [6],[19] | 2.25% | [14],[18] | |
Investment, Identifier [Axis]: KPSKY Acquisition, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 4.53% | [4],[5],[11],[12],[18],[19] | 4.50% | [6],[10] | 5.25% | [14],[15],[18] | |
Interest Rate | 10.72% | [14],[15],[18] | 12.03% | [4],[5],[7],[11],[12],[18],[19] | 7.75% | [6],[8],[10] | 10.72% | [14],[15],[18] | |
Par Amount | $ 6,648,000 | [14],[15],[18] | $ 4,420,000 | [4],[5],[11],[12],[18],[19] | $ 1,975,000 | [6],[10] | |||
Cost | 6,529,000 | [14],[15],[18] | 4,311,000 | [4],[5],[9],[11],[12],[18],[19] | 1,917,000 | [1],[6],[10] | |||
Fair Value | $ 6,510,000 | [14],[15],[18] | $ 4,066,000 | [4],[5],[11],[12],[18],[19] | $ 1,917,000 | [6],[10] | |||
Percentage of Net Assets | 0.44% | [14],[15],[18] | 0.29% | [4],[5],[11],[12],[18],[19] | 0.16% | [6],[10] | 0.44% | [14],[15],[18] | |
Investment, Identifier [Axis]: KWOR Acquisition, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [3],[14] | 5.25% | [5],[14],[18],[19] | 5.25% | [6],[19] | 5.25% | [3],[14] | |
Interest Rate | 10.67% | [3],[14] | 9.63% | [5],[14],[18],[19],[22] | 6% | [6],[8],[19] | 10.67% | [3],[14] | |
Par Amount | $ 5,347,000 | [3],[14] | $ 5,376,000 | [14],[18] | $ 878,000 | [6],[19] | |||
Par Amount, Shares (in shares) | shares | [5],[19] | 5,376 | |||||||
Cost | 5,260,000 | [3],[14] | $ 5,280,000 | [1],[5],[14],[18],[19] | 865,000 | [1],[6],[19] | |||
Fair Value | $ 5,248,000 | [3],[14] | $ 5,096,000 | [5],[14],[18],[19] | $ 865,000 | [6],[19] | |||
Percentage of Net Assets | 0.35% | [3],[14] | 0.36% | [5],[14],[18],[19] | 0.07% | [6],[19] | 0.35% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 3,473,000 | $ 4,777,000 | $ 110,000 | ||||||
Fair Value | $ (64,000) | $ (248,000) | $ (2,000) | ||||||
Investment, Identifier [Axis]: KWOR Acquisition, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [3],[14],[15] | 5.25% | [5],[11],[14],[15],[18],[19] | 4.25% | [6],[10] | 5.25% | [3],[14],[15] | |
Interest Rate | 10.67% | [3],[14],[15] | 9.63% | [5],[11],[14],[15],[18],[19],[22] | 7.50% | [6],[8],[10] | 10.67% | [3],[14],[15] | |
Par Amount | $ 1,304,000 | [3],[14],[15] | $ 12,000 | [6],[10] | |||||
Par Amount, Shares (in shares) | shares | [5],[11],[19] | 0 | |||||||
Cost | 1,253,000 | [3],[14],[15] | $ (44,000) | [1],[5],[11],[14],[15],[18],[19] | 10,000 | [1],[6],[10] | |||
Fair Value | $ 1,216,000 | [3],[14],[15] | $ (248,000) | [5],[11],[14],[15],[18],[19] | $ 10,000 | [6],[10] | |||
Percentage of Net Assets | 0.08% | [3],[14],[15] | (0.02%) | [5],[11],[14],[15],[18],[19] | 0% | [6],[10] | 0.08% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 55,000 | $ 122,000 | |||||||
Fair Value | $ (1,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: KWOR Acquisition, Inc. 3 | |||||||||
Variable interest rate | [14],[15] | 4.25% | 4.25% | [5],[11],[18],[19] | 4.25% | ||||
Interest Rate | [14],[15] | 12.75% | 11.75% | [5],[11],[18],[19],[22] | 12.75% | ||||
Par Amount | [14],[15] | $ 67,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11],[19] | 0 | |||||||
Cost | [14],[15] | 66,000 | $ (1,000) | [1],[5],[11],[18],[19] | |||||
Fair Value | [14],[15] | $ 65,000 | $ (6,000) | [5],[11],[18],[19] | |||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Kaseya, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.25% | [14] | 5.75% | [4],[5],[19] | 6.25% | [14] | ||
Interest rate, PIK | [14],[18] | 2.50% | 2.50% | ||||||
Interest Rate | [18] | 11.62% | [14],[27] | 10.33% | [4],[5],[19] | 11.62% | [14],[27] | ||
Par Amount | [18] | $ 14,129,000 | [14] | $ 14,099,000 | [4],[5],[19] | ||||
Cost | [18],[20] | 13,947,000 | [14] | 13,899,000 | [4],[5],[19] | ||||
Fair Value | [18] | $ 14,009,000 | [14] | $ 13,484,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 0.95% | [14] | 0.97% | [4],[5],[19] | 0.95% | [14] | ||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 803,000 | $ 856,000 | |||||||
Fair Value | $ (7,000) | $ (37,000) | |||||||
Investment, Identifier [Axis]: Kaseya, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.25% | [14],[15] | 5.75% | [2],[4],[5],[11],[19] | 6.25% | [14],[15] | ||
Interest rate, PIK | [14],[15],[18] | 2.50% | 2.50% | ||||||
Interest Rate | [18] | 11.62% | [14],[15],[27] | 10.33% | [2],[4],[5],[11],[19] | 11.62% | [14],[15],[27] | ||
Par Amount | [14],[15],[18] | $ 52,000 | |||||||
Cost | [18],[20] | 47,000 | [14],[15] | $ (6,000) | [2],[4],[5],[11],[19] | ||||
Fair Value | [18] | $ 45,000 | [14],[15] | $ (37,000) | [2],[4],[5],[11],[19] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 641,000 | $ 856,000 | |||||||
Fair Value | $ (5,000) | $ (37,000) | |||||||
Investment, Identifier [Axis]: Kaseya, Inc. 3 | |||||||||
Variable interest rate | [18] | 6.25% | [14],[15] | 5.75% | [2],[4],[5],[11],[19] | 6.25% | [14],[15] | ||
Interest rate, PIK | [14],[15],[18] | 2.50% | 2.50% | ||||||
Interest Rate | [18] | 11.62% | [14],[15],[27] | 10.33% | [2],[4],[5],[11],[19] | 11.62% | [14],[15],[27] | ||
Par Amount | [14],[15],[18] | $ 215,000 | |||||||
Cost | [18],[20] | 205,000 | [14],[15] | $ (12,000) | [2],[4],[5],[11],[19] | ||||
Fair Value | [18] | $ 208,000 | [14],[15] | $ (37,000) | [2],[4],[5],[11],[19] | ||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[11],[19] | 0.01% | [14],[15],[18] | |||
Investment, Identifier [Axis]: Keystone Agency Investors 1 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 6.25% | [5] | 5.50% | 5.50% | [3],[14] | ||
Interest Rate | 11.04% | [3],[14] | 10.98% | [5],[22] | 6.50% | 11.04% | [3],[14] | ||
Par Amount | $ 3,489,000 | [3],[14] | $ 3,516,000 | [5] | $ 2,003,000 | ||||
Cost | 3,448,000 | [3],[14] | 3,467,000 | [1],[5] | 1,973,000 | ||||
Fair Value | $ 3,425,000 | [3],[14] | $ 3,467,000 | [5] | $ 1,974,000 | ||||
Percentage of Net Assets | 0.23% | [3],[14] | 0.25% | [5] | 0.17% | 0.23% | [3],[14] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 2,578,000 | ||||||||
Fair Value | $ (38,000) | ||||||||
Investment, Identifier [Axis]: Keystone Agency Investors 2 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 6.25% | [5] | 5.50% | 5.50% | [3],[14] | ||
Interest Rate | 11.04% | [3],[14] | 10.98% | [5],[22] | 6.50% | 11.04% | [3],[14] | ||
Par Amount | $ 4,017,000 | [3],[14] | $ 4,047,000 | [5] | |||||
Cost | 3,971,000 | [3],[14] | 3,993,000 | [1],[5] | $ (38,000) | ||||
Fair Value | $ 3,944,000 | [3],[14] | $ 3,993,000 | [5] | $ (38,000) | ||||
Percentage of Net Assets | 0.27% | [3],[14] | 0.29% | [5] | 0% | 0.27% | [3],[14] | ||
Investment, Identifier [Axis]: Knockout Intermediate Holdings I, Inc. | |||||||||
Variable interest rate | [14],[23] | 11.75% | 11.75% | ||||||
Interest Rate | [4],[5],[24],[25] | 11.75% | |||||||
Par Amount | $ 2,790,000 | [14],[23] | $ 2,790,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | [5],[25] | 2,790 | |||||||
Cost | 3,073,000 | [14],[20],[23] | $ 2,895,000 | [1],[4],[5],[24],[25] | |||||
Fair Value | $ 3,147,000 | [14],[23] | $ 2,787,000 | [4],[5],[24],[25] | |||||
Percentage of Net Assets | 0.21% | [14],[23] | 0.20% | [4],[5],[24],[25] | 0.21% | [14],[23] | |||
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 1 | |||||||||
Variable interest rate | 6% | [13],[14],[26] | 6% | [5],[16],[36] | 6% | [6],[36] | 6% | [13],[14],[26] | |
Interest Rate | 11.65% | [13],[14],[26] | 11.14% | [5],[16],[36] | 6.50% | [6],[22],[36] | 11.65% | [13],[14],[26] | |
Par Amount | $ 17,260,000 | [13],[14],[26] | $ 4,080,000 | [5],[16],[36] | $ 16,798,000 | [6],[36] | |||
Cost | 17,156,000 | [13],[14],[26] | 4,045,000 | [5],[16],[36] | 16,643,000 | [1],[6],[36] | |||
Fair Value | $ 16,827,000 | [13],[14],[26] | $ 3,837,000 | [5],[16],[36] | $ 16,462,000 | [6],[36] | |||
Percentage of Net Assets | 1.14% | [13],[14],[26] | 0.27% | [5],[16],[36] | 1.39% | [6],[36] | 1.14% | [13],[14],[26] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 8,529,000 | $ 8,529,000 | $ 2,452,000 | ||||||
Fair Value | $ (214,000) | $ (507,000) | $ (49,000) | ||||||
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 2 | |||||||||
Variable interest rate | 6% | [14],[15],[26] | 6% | [5],[11],[15],[36] | 6% | [6],[10],[36] | 6% | [14],[15],[26] | |
Interest Rate | 11.65% | [14],[15],[26] | 11.14% | [5],[11],[15],[36] | 6.50% | [6],[10],[22],[36] | 11.65% | [14],[15],[26] | |
Par Amount | $ 18,613,000 | [14],[15],[26] | $ 19,263,000 | [6],[10],[36] | |||||
Cost | 18,453,000 | [14],[15],[26] | $ (72,000) | [5],[11],[15],[36] | 19,090,000 | [1],[6],[10],[36] | |||
Fair Value | $ 17,932,000 | [14],[15],[26] | $ (507,000) | [5],[11],[15],[36] | $ 18,877,000 | [6],[10],[36] | |||
Percentage of Net Assets | 1.21% | [14],[15],[26] | (0.04%) | [5],[11],[15],[36] | 1.59% | [6],[10],[36] | 1.21% | [14],[15],[26] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 3,797,000 | $ 2,057,000 | |||||||
Fair Value | $ (95,000) | $ (122,000) | |||||||
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 3 | |||||||||
Variable interest rate | 5% | [14],[15] | 6% | [5],[16],[36] | 6% | [6],[10],[36] | 5% | [14],[15] | |
Interest Rate | 13.50% | [14],[15] | 10.67% | [5],[16],[36] | 6.50% | [6],[10],[22],[36] | 13.50% | [14],[15] | |
Par Amount | $ 949,000 | [14],[15] | $ 16,629,000 | [5],[16],[36] | $ 2,294,000 | [6],[10],[36] | |||
Cost | 926,000 | [14],[15] | 16,507,000 | [5],[16],[36] | 2,254,000 | [1],[6],[10],[36] | |||
Fair Value | $ 830,000 | [14],[15] | $ 15,640,000 | [5],[16],[36] | $ 2,199,000 | [6],[10],[36] | |||
Percentage of Net Assets | 0.06% | [14],[15] | 1.12% | [5],[16],[36] | 0.19% | [6],[10],[36] | 0.06% | [14],[15] | |
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 4 | |||||||||
Variable interest rate | [5],[36] | 6% | |||||||
Interest Rate | [5],[36] | 10.67% | |||||||
Par Amount | [5],[36] | $ 19,118,000 | |||||||
Cost | [5],[36] | 18,984,000 | |||||||
Fair Value | [5],[36] | $ 17,981,000 | |||||||
Percentage of Net Assets | [5],[36] | 1.29% | |||||||
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 5 | |||||||||
Variable interest rate | [5],[11],[15],[36] | 6% | |||||||
Interest Rate | [5],[11],[15],[36] | 10.67% | |||||||
Par Amount | [5],[11],[15],[36] | $ 2,689,000 | |||||||
Cost | [5],[11],[15],[36] | 2,659,000 | |||||||
Fair Value | [5],[11],[15],[36] | $ 2,407,000 | |||||||
Percentage of Net Assets | [5],[11],[15],[36] | 0.17% | |||||||
Investment, Identifier [Axis]: LJ Avalon Holdings, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14] | 11.77% | 11.77% | ||||||
Par Amount | [3],[14] | $ 4,142,000 | |||||||
Cost | [3],[14] | 4,026,000 | |||||||
Fair Value | [3],[14] | $ 4,052,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.27% | 0.27% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,243,000 | ||||||||
Fair Value | $ (27,000) | ||||||||
Investment, Identifier [Axis]: LJ Avalon Holdings, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.77% | 11.77% | ||||||
Par Amount | [3],[14],[15] | $ 444,000 | |||||||
Cost | [3],[14],[15] | 418,000 | |||||||
Fair Value | [3],[14],[15] | $ 408,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.03% | 0.03% | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 675,000 | ||||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: LJ Avalon Holdings, LLC 3 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.77% | 11.77% | ||||||
Cost | [3],[14],[15] | $ (18,000) | |||||||
Fair Value | [3],[14],[15] | (15,000) | |||||||
Investment, Identifier [Axis]: LUV Car Wash | |||||||||
Par Amount | [14],[23] | 123,000 | |||||||
Cost | [14],[20],[23] | 123,000 | |||||||
Fair Value | [14],[23] | $ 88,000 | |||||||
Percentage of Net Assets | [14],[23] | 0.01% | 0.01% | ||||||
Investment, Identifier [Axis]: LUV Car Wash Group, LLC | |||||||||
Variable interest rate | [3],[14],[15] | 7% | 7% | ||||||
Interest Rate | [3],[14],[15] | 12.40% | 12.40% | ||||||
Par Amount | [3],[14],[15] | $ 716,000 | |||||||
Cost | [3],[14],[15] | 709,000 | |||||||
Fair Value | [3],[14],[15] | $ 712,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.05% | 0.05% | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 274,000 | $ 257,000 | |||||||
Fair Value | $ (1,000) | $ (5,000) | |||||||
Investment, Identifier [Axis]: LUV Car Wash Group, LLC 1 | |||||||||
Variable interest rate | [3],[4],[5],[11],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[11],[12] | 9.24% | |||||||
Par Amount | [3],[4],[5],[11],[12] | $ 372,000 | |||||||
Cost | [3],[4],[5],[9],[11],[12] | 367,000 | |||||||
Fair Value | [3],[4],[5],[11],[12] | $ 359,000 | |||||||
Percentage of Net Assets | [3],[4],[5],[11],[12] | 0.03% | |||||||
Investment, Identifier [Axis]: LUV Car Wash Group, LLC 2 | |||||||||
Variable interest rate | [3],[4],[5] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7] | 9.24% | |||||||
Par Amount | [3],[4],[5] | $ 349,000 | |||||||
Cost | [3],[4],[5],[9] | 346,000 | |||||||
Fair Value | [3],[4],[5] | $ 341,000 | |||||||
Percentage of Net Assets | [3],[4],[5] | 0.02% | |||||||
Investment, Identifier [Axis]: LUV Car Wash Holdings, LLC | |||||||||
Par Amount | [4],[24] | $ 116,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[25] | 116 | |||||||
Cost | [1],[4],[5],[24],[25] | $ 116,000 | |||||||
Fair Value | [4],[5],[24],[25] | $ 116,000 | |||||||
Percentage of Net Assets | [4],[5],[24],[25] | 0.01% | |||||||
Investment, Identifier [Axis]: LegitScript 1 | |||||||||
Variable interest rate | [4],[5],[18],[19] | 5.25% | |||||||
Interest Rate | [4],[5],[18],[19] | 8.23% | |||||||
Par Amount | [4],[5],[18],[19] | $ 28,108,000 | |||||||
Cost | [4],[5],[18],[19],[20] | 27,580,000 | |||||||
Fair Value | [4],[5],[18],[19] | $ 27,580,000 | |||||||
Percentage of Net Assets | [4],[5],[18],[19] | 1.97% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 7,654,000 | ||||||||
Fair Value | $ (68,000) | ||||||||
Investment, Identifier [Axis]: LegitScript 2 | |||||||||
Variable interest rate | [2],[4],[5],[11],[18],[19] | 5.25% | |||||||
Interest Rate | [2],[4],[5],[11],[18],[19] | 9.57% | |||||||
Cost | [2],[4],[5],[11],[18],[19],[20] | $ (68,000) | |||||||
Fair Value | [2],[4],[5],[11],[18],[19] | $ (68,000) | |||||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 3,917,000 | ||||||||
Fair Value | $ (72,000) | ||||||||
Investment, Identifier [Axis]: LegitScript 3 | |||||||||
Variable interest rate | [2],[4],[5],[11],[18],[19] | 5.25% | |||||||
Interest Rate | [2],[4],[5],[11],[18],[19] | 9.57% | |||||||
Par Amount | [2],[4],[5],[11],[18],[19] | $ 250,000 | |||||||
Cost | [2],[4],[5],[11],[18],[19],[20] | 174,000 | |||||||
Fair Value | [2],[4],[5],[11],[18],[19] | $ 174,000 | |||||||
Percentage of Net Assets | [2],[4],[5],[11],[18],[19] | 0.01% | |||||||
Investment, Identifier [Axis]: LegitScript, LLC 1 | |||||||||
Variable interest rate | [14],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[18],[27] | 11.07% | 11.07% | ||||||
Par Amount | [14],[18] | $ 26,636,000 | |||||||
Cost | [14],[18],[20] | 26,179,000 | |||||||
Fair Value | [14],[18] | $ 26,183,000 | |||||||
Percentage of Net Assets | [14],[18] | 1.77% | 1.77% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 6,612,000 | ||||||||
Fair Value | $ (112,000) | ||||||||
Investment, Identifier [Axis]: LegitScript, LLC 2 | |||||||||
Variable interest rate | [14],[15],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[15],[18],[27] | 11.07% | 11.07% | ||||||
Par Amount | [14],[15],[18] | $ 704,000 | |||||||
Cost | [14],[15],[18],[20] | 639,000 | |||||||
Fair Value | [14],[15],[18] | $ 580,000 | |||||||
Percentage of Net Assets | [14],[15],[18] | 0.04% | 0.04% | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 3,167,000 | ||||||||
Fair Value | $ (54,000) | ||||||||
Investment, Identifier [Axis]: LegitScript, LLC 3 | |||||||||
Variable interest rate | [14],[15],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[15],[18],[27] | 11.07% | 11.07% | ||||||
Par Amount | € | [14],[15],[18] | € 1,000 | |||||||
Cost | € | [14],[15],[18],[20] | 934 | |||||||
Fair Value | € | [14],[15],[18] | € 929 | |||||||
Percentage of Net Assets | [14],[15],[18] | 0.06% | 0.06% | ||||||
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 4,050,000 | $ 4,050,000 | |||||||
Fair Value | $ (118,000) | $ (180,000) | |||||||
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [3],[13],[14] | 5.50% | 5.75% | [6],[21] | 5.25% | [3],[13],[14] | ||
Interest Rate | 10.70% | [3],[13],[14] | 9.98% | 6.75% | [6],[8],[21] | 10.70% | [3],[13],[14] | ||
Par Amount | $ 12,572,000 | [3],[13],[14] | $ 12,669,000 | $ 12,797,000 | [6],[21] | ||||
Cost | 12,396,000 | [3],[13],[14] | 12,442,000 | 12,506,000 | [1],[6],[21] | ||||
Fair Value | $ 12,486,000 | [3],[13],[14] | $ 12,300,000 | $ 12,229,000 | [6],[21] | ||||
Percentage of Net Assets | 0.84% | [3],[13],[14] | 0.88% | 1.03% | [6],[21] | 0.84% | [3],[13],[14] | ||
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [3],[14] | 5.50% | 5.75% | [6],[10] | 5.25% | [3],[14] | ||
Interest Rate | 10.70% | [3],[14] | 9.98% | 6.75% | [6],[8],[10] | 10.70% | [3],[14] | ||
Par Amount | $ 9,936,000 | [3],[14] | $ 9,234,000 | $ 9,328,000 | [6],[10] | ||||
Cost | 9,784,000 | [3],[14] | 9,053,000 | 9,056,000 | [1],[6],[10] | ||||
Fair Value | $ 9,869,000 | [3],[14] | $ 8,966,000 | $ 8,734,000 | [6],[10] | ||||
Percentage of Net Assets | 0.67% | [3],[14] | 0.64% | 0.73% | [6],[10] | 0.67% | [3],[14] | ||
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. 3 | |||||||||
Variable interest rate | [15] | 5.50% | |||||||
Interest Rate | [15] | 9.98% | |||||||
Cost | [15] | $ (28,000) | |||||||
Fair Value | [15] | $ (118,000) | |||||||
Percentage of Net Assets | [15] | (0.01%) | |||||||
Investment, Identifier [Axis]: Lightspeed Solution, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,195,000 | $ 2,439,000 | |||||||
Fair Value | $ (45,000) | $ (89,000) | |||||||
Investment, Identifier [Axis]: Lightspeed Solution, LLC 1 | |||||||||
Variable interest rate | [18] | 6.50% | [14] | 6.50% | [4],[5],[19] | 6.50% | [14] | ||
Interest rate, PIK | [14],[18] | 2.17% | 2.17% | ||||||
Interest Rate | [18] | 11.82% | [14] | 10.82% | [4],[5],[7],[19] | 11.82% | [14] | ||
Par Amount | [18] | $ 7,803,000 | [14] | $ 7,585,000 | [4],[5],[19] | ||||
Cost | [18] | 7,684,000 | [14] | 7,451,000 | [4],[5],[9],[19] | ||||
Fair Value | [18] | $ 7,642,000 | [14] | $ 7,308,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 0.52% | [14] | 0.52% | [4],[5],[19] | 0.52% | [14] | ||
Investment, Identifier [Axis]: Lightspeed Solution, LLC 2 | |||||||||
Variable interest rate | [18] | 6.50% | [14],[15] | 6.50% | [4],[5],[11],[12],[19] | 6.50% | [14],[15] | ||
Interest rate, PIK | [14],[15],[18] | 2.17% | 2.17% | ||||||
Interest Rate | [18] | 11.82% | [14],[15] | 10.82% | [4],[5],[7],[11],[12],[19] | 11.82% | [14],[15] | ||
Par Amount | [14],[15],[18] | $ 249,000 | |||||||
Cost | [18] | 229,000 | [14],[15] | $ (21,000) | [4],[5],[9],[11],[12],[19] | ||||
Fair Value | [18] | $ 199,000 | [14],[15] | $ (89,000) | [4],[5],[11],[12],[19] | ||||
Percentage of Net Assets | [18] | 0.01% | [14],[15] | (0.01%) | [4],[5],[11],[12],[19] | 0.01% | [14],[15] | ||
Investment, Identifier [Axis]: Long Term Care Group, Inc. | |||||||||
Variable interest rate | 7% | [14],[18] | 6% | 7% | [14],[18] | ||||
Interest rate, PIK | [14],[18] | 6% | 6% | ||||||
Interest Rate | 12.58% | [14],[18] | 10.34% | 12.58% | [14],[18] | ||||
Par Amount | $ 5,013,000 | [14],[18] | $ 4,963,000 | ||||||
Cost | 4,936,000 | [14],[18] | 4,875,000 | ||||||
Fair Value | $ 4,163,000 | [14],[18] | $ 4,768,000 | ||||||
Percentage of Net Assets | 0.28% | [14],[18] | 0.34% | 0.28% | [14],[18] | ||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,150,000 | $ 2,150,000 | |||||||
Fair Value | $ (16,000) | $ (64,000) | |||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 1 | |||||||||
Variable interest rate | 6% | [3],[13],[14] | 6.25% | [5],[16] | 5.75% | [6],[21] | 6% | [3],[13],[14] | |
Interest Rate | 11.52% | [3],[13],[14] | 9.75% | [5],[16] | 6.75% | [6],[8],[21] | 11.52% | [3],[13],[14] | |
Par Amount | $ 32,681,000 | [3],[13],[14] | $ 121,000 | [5],[16] | $ 28,678,000 | [6],[21] | |||
Cost | 32,212,000 | [3],[13],[14] | 117,000 | [5],[16] | 28,139,000 | [1],[6],[21] | |||
Fair Value | $ 32,274,000 | [3],[13],[14] | $ 117,000 | [5],[16] | $ 28,392,000 | [6],[21] | |||
Percentage of Net Assets | 2.18% | [3],[13],[14] | 0.01% | [5],[16] | 2.39% | [6],[21] | 2.18% | [3],[13],[14] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,585,000 | ||||||||
Fair Value | $ (16,000) | ||||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 2 | |||||||||
Variable interest rate | 6% | [3],[14] | 6.50% | [5] | 5.75% | [6],[10] | 6% | [3],[14] | |
Interest Rate | 11.52% | [3],[14] | 11.46% | [5] | 6.75% | [6],[8],[10] | 11.52% | [3],[14] | |
Par Amount | $ 3,683,000 | [3],[14] | $ 4,419,000 | [5] | $ 2,160,000 | [6],[10] | |||
Cost | 3,631,000 | [3],[14] | 4,332,000 | [5] | 2,104,000 | [1],[6],[10] | |||
Fair Value | $ 3,633,000 | [3],[14] | $ 4,332,000 | [5] | $ 2,122,000 | [6],[10] | |||
Percentage of Net Assets | 0.25% | [3],[14] | 0.31% | [5] | 0.18% | [6],[10] | 0.25% | [3],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,500,000 | ||||||||
Fair Value | $ (25,000) | ||||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 3 | |||||||||
Variable interest rate | 6% | [3],[14],[15] | 6.25% | [5],[16] | 5.75% | [6],[10] | 6% | [3],[14],[15] | |
Interest Rate | 11.52% | [3],[14],[15] | 9.50% | [5],[16] | 6.75% | [6],[8],[10] | 11.52% | [3],[14],[15] | |
Par Amount | $ 1,350,000 | [3],[14],[15] | $ 28,391,000 | [5],[16] | |||||
Cost | 1,318,000 | [3],[14],[15] | 27,937,000 | [5],[16] | $ (46,000) | [1],[6],[10] | |||
Fair Value | $ 1,316,000 | [3],[14],[15] | $ 27,550,000 | [5],[16] | $ (25,000) | [6],[10] | |||
Percentage of Net Assets | 0.09% | [3],[14],[15] | 1.97% | [5],[16] | 0% | [6],[10] | 0.09% | [3],[14],[15] | |
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 4 | |||||||||
Variable interest rate | [5] | 6.25% | |||||||
Interest Rate | [5] | 9.50% | |||||||
Par Amount | [5] | $ 3,711,000 | |||||||
Cost | [5] | 3,650,000 | |||||||
Fair Value | [5] | $ 3,601,000 | |||||||
Percentage of Net Assets | [5] | 0.26% | |||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 5 | |||||||||
Variable interest rate | [5],[11],[15] | 6% | |||||||
Interest Rate | [5],[11],[15] | 10.94% | |||||||
Par Amount | [5],[11],[15] | $ 350,000 | |||||||
Cost | [5],[11],[15] | 312,000 | |||||||
Fair Value | [5],[11],[15] | $ 276,000 | |||||||
Percentage of Net Assets | [5],[11],[15] | 0.02% | |||||||
Investment, Identifier [Axis]: MRI Software, LLC | |||||||||
Variable interest rate | [6] | 5.50% | |||||||
Interest Rate | [6] | 6.50% | |||||||
Par Amount | [6] | $ 49,090,000 | |||||||
Cost | [6] | 48,603,000 | |||||||
Fair Value | [6] | $ 49,090,000 | |||||||
Percentage of Net Assets | [6] | 4.13% | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,215,000 | $ 2,215,000 | |||||||
Fair Value | $ (18,000) | $ (45,000) | |||||||
Investment, Identifier [Axis]: MRI Software, LLC 1 | |||||||||
Variable interest rate | 5.50% | [3],[13],[14] | 5.50% | [3],[5],[13],[14],[16] | 5.50% | [6],[10],[21] | 5.50% | [3],[13],[14] | |
Interest Rate | 10.99% | [3],[13],[14] | 10.23% | [3],[5],[13],[14],[16] | 6.50% | [6],[10],[21] | 10.99% | [3],[13],[14] | |
Par Amount | $ 59,029,000 | [3],[13],[14] | $ 59,485,000 | [3],[5],[13],[14],[16] | $ 362,000 | [6],[10],[21] | |||
Cost | 58,710,000 | [3],[13],[14] | 59,075,000 | [3],[5],[13],[14],[16] | 338,000 | [6],[10],[21] | |||
Fair Value | $ 58,544,000 | [3],[13],[14] | $ 58,278,000 | [3],[5],[13],[14],[16] | $ 362,000 | [6],[10],[21] | |||
Percentage of Net Assets | 3.95% | [3],[13],[14] | 4.17% | [3],[5],[13],[14],[16] | 0.03% | [6],[10],[21] | 3.95% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 10,637,000 | ||||||||
Investment, Identifier [Axis]: MRI Software, LLC 2 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | [3],[5],[10],[11],[14],[15] | 5.50% | [6],[10] | 5.50% | [3],[14],[15] | |
Interest Rate | 10.99% | [3],[14],[15],[27] | 10.23% | [3],[5],[10],[11],[14],[15] | 6.50% | [6],[10] | 10.99% | [3],[14],[15],[27] | |
Cost | $ (9,000) | [3],[14],[15],[20] | $ (12,000) | [3],[5],[10],[11],[14],[15] | $ (15,000) | [6],[10] | |||
Fair Value | [3],[14],[15] | $ (18,000) | $ (45,000) | [5],[10],[11] | |||||
Percentage of Net Assets | [10] | 0% | [5],[11] | 0% | [6] | ||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,215,000 | ||||||||
Investment, Identifier [Axis]: MSM Acquisitions, Inc. 1 | |||||||||
Variable interest rate | 6% | [5],[16] | 6% | ||||||
Interest Rate | 10.75% | [5],[16] | 7% | ||||||
Par Amount | $ 31,570,000 | [5],[16] | $ 31,890,000 | ||||||
Cost | 31,179,000 | [5],[16] | 31,412,000 | ||||||
Fair Value | $ 30,815,000 | [5],[16] | $ 31,571,000 | ||||||
Percentage of Net Assets | 2.21% | [5],[16] | 2.66% | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 23,439,000 | $ 26,515,000 | |||||||
Fair Value | $ (560,000) | $ (265,000) | |||||||
Investment, Identifier [Axis]: MSM Acquisitions, Inc. 2 | |||||||||
Variable interest rate | 6% | [5],[11],[15] | 6% | ||||||
Interest Rate | 10.75% | [5],[11],[15] | 7% | ||||||
Par Amount | $ 12,743,000 | [5],[11],[15] | $ 9,782,000 | ||||||
Cost | 12,493,000 | [5],[11],[15] | 9,488,000 | ||||||
Fair Value | $ 11,878,000 | [5],[11],[15] | $ 9,419,000 | ||||||
Percentage of Net Assets | 0.85% | [5],[11],[15] | 0.79% | ||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,112,000 | $ 3,582,000 | |||||||
Fair Value | $ (51,000) | $ (36,000) | |||||||
Investment, Identifier [Axis]: MSM Acquisitions, Inc. 3 | |||||||||
Variable interest rate | 6% | [5],[11],[15] | 5% | ||||||
Interest Rate | 10.75% | [5],[11],[15] | 8.25% | ||||||
Par Amount | $ 1,836,000 | [5],[11],[15] | $ 365,000 | ||||||
Cost | 1,784,000 | [5],[11],[15] | 300,000 | ||||||
Fair Value | $ 1,741,000 | [5],[11],[15] | $ 326,000 | ||||||
Percentage of Net Assets | 0.12% | [5],[11],[15] | 0.03% | ||||||
Investment, Identifier [Axis]: Magnolia Wash Holdings | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 71,000 | $ 71,000 | |||||||
Fair Value | $ (7,000) | $ (3,000) | |||||||
Investment, Identifier [Axis]: Magnolia Wash Holdings 1 | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4],[5] | 6.50% | [14] | ||
Interest Rate | [3] | 12.01% | [14] | 10.32% | [4],[5],[7] | 12.01% | [14] | ||
Par Amount | [3] | $ 3,263,000 | [14] | $ 3,767,000 | [4],[5] | ||||
Cost | [3] | 3,207,000 | [14] | 3,696,000 | [4],[5],[9] | ||||
Fair Value | [3] | $ 2,935,000 | [14] | $ 3,608,000 | [4],[5] | ||||
Percentage of Net Assets | [3] | 0.20% | [14] | 0.26% | [4],[5] | 0.20% | [14] | ||
Investment, Identifier [Axis]: Magnolia Wash Holdings 2 | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4] | 6.50% | [14] | ||
Interest Rate | [3] | 12.01% | [14] | 10.32% | [4],[7] | 12.01% | [14] | ||
Par Amount | [3] | $ 700,000 | [14] | $ 706,000 | [4] | ||||
Cost | [3] | 689,000 | [14] | 692,000 | [4],[9] | ||||
Fair Value | [3] | $ 630,000 | [14] | $ 676,000 | [4] | ||||
Percentage of Net Assets | [3] | 0.04% | [14] | 0.05% | [4] | 0.04% | [14] | ||
Investment, Identifier [Axis]: Magnolia Wash Holdings 3 | |||||||||
Variable interest rate | [3] | 6.50% | [14],[15] | 6.50% | [4],[12] | 6.50% | [14],[15] | ||
Interest Rate | [3] | 12.01% | [14],[15] | 10.32% | [4],[7],[12] | 12.01% | [14],[15] | ||
Par Amount | [3] | $ 87,000 | [14],[15] | $ 87,000 | [4],[12] | ||||
Cost | [3] | 85,000 | [14],[15] | 84,000 | [4],[9],[12] | ||||
Fair Value | [3] | $ 71,000 | [14],[15] | $ 81,000 | [4],[12] | ||||
Percentage of Net Assets | [3],[4],[12] | 0.01% | |||||||
Investment, Identifier [Axis]: Majesco | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,575,000 | $ 1,575,000 | $ 1,575,000 | ||||||
Fair Value | $ (23,000) | $ (66,000) | |||||||
Investment, Identifier [Axis]: Majesco 1 | |||||||||
Variable interest rate | 7.38% | [3],[13],[14] | 7.25% | [5],[16] | 7.25% | 7.38% | [3],[13],[14] | ||
Interest Rate | 12.77% | [3],[13],[14] | 11.98% | [5],[16],[22] | 8.25% | 12.77% | [3],[13],[14] | ||
Par Amount | $ 23,241,000 | [3],[13],[14] | $ 23,421,000 | [5],[16] | $ 23,660,000 | ||||
Cost | 22,830,000 | [3],[13],[14] | 22,948,000 | [1],[5],[16] | 23,104,000 | ||||
Fair Value | $ 22,904,000 | [3],[13],[14] | $ 22,447,000 | [5],[16] | $ 23,660,000 | ||||
Percentage of Net Assets | 1.55% | [3],[13],[14] | 1.61% | [5],[16] | 1.99% | 1.55% | [3],[13],[14] | ||
Investment, Identifier [Axis]: Majesco 2 | |||||||||
Variable interest rate | 7.38% | [3],[14],[15] | 7.25% | [5],[11],[15] | 7.25% | 7.38% | [3],[14],[15] | ||
Interest Rate | 12.77% | [3],[14],[15] | 11.98% | [5],[11],[15],[22] | 8.25% | 12.77% | [3],[14],[15] | ||
Cost | $ (23,000) | [3],[14],[15] | $ (29,000) | [1],[5],[11],[15] | $ (37,000) | ||||
Fair Value | [15] | $ (23,000) | [3],[14] | $ (66,000) | [5],[11] | ||||
Percentage of Net Assets | 0% | [5],[11] | 0% | ||||||
Investment, Identifier [Axis]: Mammoth Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 953,000 | $ 953,000 | |||||||
Fair Value | $ (4,000) | $ 0 | |||||||
Investment, Identifier [Axis]: Mammoth Holdings, LLC 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6% | [3],[4],[17] | 6% | [6],[21] | 6.50% | [3],[13],[14] | |
Interest Rate | 12.01% | [3],[13],[14] | 9.82% | [3],[4],[7],[17] | 7% | [6],[8],[21] | 12.01% | [3],[13],[14] | |
Par Amount | $ 43,665,000 | [3],[13],[14] | $ 8,033,000 | [3],[4],[17] | $ 8,117,000 | [6],[21] | |||
Cost | 43,532,000 | [3],[13],[14] | 8,008,000 | [3],[4],[9],[17] | 8,058,000 | [1],[6],[21] | |||
Fair Value | $ 43,495,000 | [3],[13],[14] | $ 8,033,000 | [3],[4],[17] | $ 8,117,000 | [6],[21] | |||
Percentage of Net Assets | 2.94% | [3],[13],[14] | 0.57% | [3],[4],[17] | 0.68% | [6],[21] | 2.94% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 7,434,000 | ||||||||
Investment, Identifier [Axis]: Mammoth Holdings, LLC 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15] | 6% | [3],[4] | 6% | [6],[10] | 6.50% | [3],[14],[15] | |
Interest Rate | 12.01% | [3],[14],[15] | 9.82% | [3],[4],[7] | 7% | [6],[8],[10] | 12.01% | [3],[14],[15] | |
Par Amount | $ 35,966,000 | [3],[4] | $ 28,858,000 | [6],[10] | |||||
Cost | $ (3,000) | [3],[14],[15] | 35,846,000 | [3],[4],[9] | 28,590,000 | [1],[6],[10] | |||
Fair Value | $ (4,000) | [3],[14],[15] | $ 35,966,000 | [3],[4] | $ 28,858,000 | [6],[10] | |||
Percentage of Net Assets | 2.57% | [3],[4] | 2.43% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 953,000 | ||||||||
Investment, Identifier [Axis]: Mammoth Holdings, LLC 3 | |||||||||
Variable interest rate | 6% | [3],[4],[12] | 6% | [6],[10] | |||||
Interest Rate | 9.82% | [3],[4],[7],[12] | 7% | [6],[8],[10] | |||||
Cost | $ (3,000) | [3],[4],[9],[12] | $ (6,000) | [1],[6],[10] | |||||
Percentage of Net Assets | 0% | 0% | [6],[10] | ||||||
Investment, Identifier [Axis]: Mantech International CP 1 | |||||||||
Variable interest rate | [4],[18] | 5.75% | 5.75% | 5.75% | |||||
Interest Rate | [4],[7],[18] | 11.12% | 9.58% | 11.12% | |||||
Par Amount | [4],[18] | $ 356,000 | $ 359,000 | ||||||
Cost | [4],[18],[20] | 350,000 | 352,000 | ||||||
Fair Value | [4],[18] | $ 356,000 | $ 350,000 | ||||||
Percentage of Net Assets | [4],[18] | 0.02% | 0.03% | 0.02% | |||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 56,000 | $ 87,000 | |||||||
Fair Value | $ (2,000) | ||||||||
Investment, Identifier [Axis]: Mantech International CP 2 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [12] | 5.75% | [2] | ||
Interest Rate | [4],[7],[18] | 11.12% | [2] | 9.58% | [12] | 11.12% | [2] | ||
Par Amount | [2],[4],[18] | $ 31,000 | |||||||
Cost | [4],[18],[20] | 30,000 | [2] | $ (1,000) | [12] | ||||
Fair Value | [4],[18] | $ 31,000 | [2] | $ (2,000) | [12] | ||||
Percentage of Net Assets | 0% | ||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 53,000 | $ 53,000 | |||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Mantech International CP 3 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [12] | 5.75% | [2] | ||
Interest Rate | [4],[7],[18] | 11.12% | [2] | 9.58% | [12] | 11.12% | [2] | ||
Cost | [4],[18],[20] | $ (1,000) | [2] | $ (1,000) | [12] | ||||
Fair Value | [4],[12],[18] | $ (2,000) | |||||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Matrix Parent, Inc. | |||||||||
Variable interest rate | [18] | 8% | [14] | 8% | [4],[5],[19] | 8% | [14] | ||
Interest Rate | [18] | 13.56% | [14],[27] | 12.55% | [4],[5],[19],[22] | 13.56% | [14],[27] | ||
Par Amount | [18] | $ 10,667,000 | [14] | $ 10,667,000 | [4],[5],[19] | ||||
Cost | [18] | 10,505,000 | [14],[20] | 10,493,000 | [1],[4],[5],[19] | ||||
Fair Value | [18] | $ 6,494,000 | [14] | $ 9,757,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 0.44% | [14] | 0.70% | [4],[5],[19] | 0.44% | [14] | ||
Investment, Identifier [Axis]: Montana Buyer, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 466,000 | $ 466,000 | |||||||
Fair Value | $ (8,000) | $ (16,000) | |||||||
Investment, Identifier [Axis]: Montana Buyer, Inc. 1 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 5.75% | [4],[5],[19] | 5.75% | [14] | ||
Interest Rate | [18] | 11.07% | [14],[27] | 8.70% | [4],[5],[19] | 11.07% | [14],[27] | ||
Par Amount | [18] | $ 4,131,000 | [4],[5],[19] | € 4,100 | [14] | ||||
Cost | [18],[20] | 4,051,000 | [4],[5],[19] | 4,028 | [14] | ||||
Fair Value | [18] | $ 3,991,000 | [4],[5],[19] | € 4,032 | [14] | ||||
Percentage of Net Assets | [18] | 0.27% | [14] | 0.29% | [4],[5],[19] | 0.27% | [14] | ||
Investment, Identifier [Axis]: Montana Buyer, Inc. 2 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 5.75% | [2],[4],[5],[11],[19] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.07% | [14],[15],[27] | 8.70% | [2],[4],[5],[11],[19] | 11.07% | [14],[15],[27] | ||
Cost | [18],[20] | $ (9,000) | [2],[4],[5],[11],[19] | € (7) | [14],[15] | ||||
Fair Value | [18] | $ (16,000) | [2],[4],[5],[11],[19] | € (8) | [14],[15] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Nellson Nutraceutical, Inc. | |||||||||
Variable interest rate | [3] | 5.75% | [13],[14] | 5.75% | [4],[17] | 5.75% | [13],[14] | ||
Interest Rate | [3] | 11.15% | [13],[14] | 10.17% | [4],[7],[17] | 11.15% | [13],[14] | ||
Par Amount | [3] | $ 18,452,000 | [13],[14] | $ 23,592,000 | [4],[17] | ||||
Cost | [3] | 18,280,000 | [13],[14] | 23,439,000 | [4],[9],[17] | ||||
Fair Value | [3] | $ 18,267,000 | [13],[14] | $ 23,476,000 | [4],[17] | ||||
Percentage of Net Assets | [3] | 1.23% | [13],[14] | 1.68% | [4],[17] | 1.23% | [13],[14] | ||
Investment, Identifier [Axis]: Nellson Nutraceutical, Inc. 1 | |||||||||
Variable interest rate | [6],[21] | 5.25% | |||||||
Interest Rate | [6],[8],[21] | 6.25% | |||||||
Par Amount | [6],[21] | $ 24,606,000 | |||||||
Cost | [1],[6],[21] | 24,292,000 | |||||||
Fair Value | [6],[21] | $ 24,606,000 | |||||||
Percentage of Net Assets | [6],[21] | 2.07% | |||||||
Investment, Identifier [Axis]: Nellson Nutraceutical, Inc. 2 | |||||||||
Variable interest rate | [6],[21] | 4.25% | |||||||
Interest Rate | [6],[8],[21] | 7.50% | |||||||
Par Amount | [6],[21] | $ 66,000 | |||||||
Cost | [1],[6],[21] | 65,000 | |||||||
Fair Value | [6],[21] | $ 66,000 | |||||||
Percentage of Net Assets | [6],[21] | 0.01% | |||||||
Investment, Identifier [Axis]: Netwrix Corporation And Concept Searching, Inc. 1 | |||||||||
Variable interest rate | [18] | 5% | [14] | 5% | [4],[5],[19] | 5% | [14] | ||
Interest Rate | [18] | 10.30% | [14],[27] | 9.70% | [4],[5],[19] | 10.30% | [14],[27] | ||
Par Amount | [18] | $ 4,605,000 | [4],[5],[19] | € 5,468 | [14] | ||||
Cost | [18],[20] | 4,562,000 | [4],[5],[19] | 5,424 | [14] | ||||
Fair Value | [18] | $ 4,358,000 | [4],[5],[19] | € 5,363 | [14] | ||||
Percentage of Net Assets | [18] | 0.36% | [14] | 0.31% | [4],[5],[19] | 0.36% | [14] | ||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 1,562,000 | $ 1,652,000 | |||||||
Fair Value | $ (30,000) | $ (89,000) | |||||||
Investment, Identifier [Axis]: Netwrix Corporation And Concept Searching, Inc. 2 | |||||||||
Variable interest rate | [18] | 5% | [14],[15] | 5% | [4],[5],[11],[19] | 5% | [14],[15] | ||
Interest Rate | [18] | 10.30% | [14],[15],[27] | 9.70% | [4],[5],[11],[19] | 10.30% | [14],[15],[27] | ||
Par Amount | [4],[5],[11],[18],[19] | $ 812,000 | |||||||
Cost | [18],[20] | 798,000 | [4],[5],[11],[19] | € (8) | [14],[15] | ||||
Fair Value | [18] | $ 680,000 | [4],[5],[11],[19] | € (30) | [14],[15] | ||||
Percentage of Net Assets | [4],[5],[11],[18],[19] | 0.05% | |||||||
Unused Fee Rate | 0.25% | 0.50% | |||||||
Unfunded Commitment | $ 323,000 | $ 431,000 | |||||||
Fair Value | $ (6,000) | $ (23,000) | |||||||
Investment, Identifier [Axis]: Netwrix Corporation And Concept Searching, Inc. 3 | |||||||||
Variable interest rate | [18] | 5% | [14],[15] | 5% | [2],[4],[5],[11],[19] | 5% | [14],[15] | ||
Interest Rate | [18] | 10.30% | [14],[15],[27] | 9.70% | [2],[4],[5],[11],[19] | 10.30% | [14],[15],[27] | ||
Par Amount | € | [14],[15],[18] | € 108 | |||||||
Cost | [18],[20] | $ (4,000) | [2],[4],[5],[11],[19] | 104 | [14],[15] | ||||
Fair Value | [18] | $ (23,000) | [2],[4],[5],[11],[19] | € 99 | [14],[15] | ||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[11],[19] | 0.01% | [14],[15],[18] | |||
Investment, Identifier [Axis]: Oak Purchaser, Inc. 1 | |||||||||
Variable interest rate | [18] | 5.50% | [14] | 5.50% | [4],[5],[19] | 5.50% | [14] | ||
Interest Rate | [18] | 10.97% | [14],[27] | 9.48% | [4],[5],[19] | 10.97% | [14],[27] | ||
Par Amount | [18] | $ 2,792,000 | [4],[5],[19] | € 2,792 | [14] | ||||
Cost | [18],[20] | 2,766,000 | [4],[5],[19] | 2,769 | [14] | ||||
Fair Value | [18] | $ 2,752,000 | [4],[5],[19] | € 2,723 | [14] | ||||
Percentage of Net Assets | [18] | 0.18% | [14] | 0.20% | [4],[5],[19] | 0.18% | [14] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,031,000 | $ 1,236,000 | |||||||
Fair Value | $ (25,000) | $ (18,000) | |||||||
Investment, Identifier [Axis]: Oak Purchaser, Inc. 2 | |||||||||
Variable interest rate | [18] | 5.50% | [14],[15] | 5.50% | [2],[4],[5],[11],[19] | 5.50% | [14],[15] | ||
Interest Rate | [18] | 10.97% | [14],[15],[27] | 9.48% | [2],[4],[5],[11],[19] | 10.97% | [14],[15],[27] | ||
Par Amount | [18] | $ 625,000 | [2],[4],[5],[11],[19] | € 830 | [14],[15] | ||||
Cost | [18],[20] | 609,000 | [2],[4],[5],[11],[19] | 816 | [14],[15] | ||||
Fair Value | [18] | $ 599,000 | [2],[4],[5],[11],[19] | € 784 | [14],[15] | ||||
Percentage of Net Assets | [18] | 0.05% | [14],[15] | 0.04% | [2],[4],[5],[11],[19] | 0.05% | [14],[15] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 372,000 | $ 372,000 | |||||||
Fair Value | $ (9,000) | $ (5,000) | |||||||
Investment, Identifier [Axis]: Oak Purchaser, Inc. 3 | |||||||||
Variable interest rate | [18] | 5.50% | [14],[15] | 5.50% | [2],[4],[5],[11],[19] | 5.50% | [14],[15] | ||
Interest Rate | [18] | 10.97% | [14],[15],[27] | 9.48% | [2],[4],[5],[11],[19] | 10.97% | [14],[15],[27] | ||
Cost | [18] | $ (3,000) | [2],[4],[5],[11],[19] | € (3) | [14],[15],[20] | ||||
Fair Value | [18] | $ (5,000) | [2],[4],[5],[11],[19] | € (9) | [14],[15] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Oakbridge Insurance Agency, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [5] | 5.75% | [3],[14] | |||
Interest Rate | 11.17% | [3],[14] | 10.17% | [5],[22] | 11.17% | [3],[14] | |||
Par Amount | $ 1,074,000 | [3],[14] | $ 1,078,000 | [5] | |||||
Cost | 1,060,000 | [3],[14] | 1,062,000 | [1],[5] | |||||
Fair Value | $ 1,062,000 | [3],[14] | $ 1,062,000 | [5] | |||||
Percentage of Net Assets | 0.07% | [3],[14] | 0.08% | [5] | 0.07% | [3],[14] | |||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 283,000 | $ 399,000 | |||||||
Fair Value | $ (3,000) | $ (3,000) | |||||||
Investment, Identifier [Axis]: Oakbridge Insurance Agency, LLC 2 | |||||||||
Variable interest rate | [15] | 5.75% | [3],[14] | 5.75% | [5],[11] | 5.75% | [3],[14] | ||
Interest Rate | [15] | 11.17% | [3],[14] | 10.17% | [5],[11],[22] | 11.17% | [3],[14] | ||
Par Amount | [15] | $ 176,000 | [3],[14] | $ 60,000 | [5],[11] | ||||
Cost | [15] | 172,000 | [3],[14] | 56,000 | [1],[5],[11] | ||||
Fair Value | [15] | $ 171,000 | [3],[14] | $ 56,000 | [5],[11] | ||||
Percentage of Net Assets | 0.01% | [3],[14],[15] | 0% | [5],[11] | 0.01% | [3],[14],[15] | |||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 29,000 | $ 36,000 | |||||||
Investment, Identifier [Axis]: Oakbridge Insurance Agency, LLC 3 | |||||||||
Variable interest rate | [15] | 5.75% | [3],[14] | 5.75% | [5],[11] | 5.75% | [3],[14] | ||
Interest Rate | [15] | 11.17% | [3],[14] | 10.17% | [5],[11],[22] | 11.17% | [3],[14] | ||
Par Amount | [15] | $ 26,000 | [3],[14] | $ 19,000 | [5],[11] | ||||
Cost | [15] | 26,000 | [3],[14] | 18,000 | [1],[5],[11] | ||||
Fair Value | [15] | $ 26,000 | [3],[14] | $ 18,000 | [5],[11] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC | |||||||||
Variable interest rate | [3] | 9% | [14] | 9% | [4],[5] | 9% | [14] | ||
Interest Rate | [3] | 14.40% | [14],[27] | 13.69% | [4],[5] | 14.40% | [14],[27] | ||
Par Amount | [3] | $ 4,500,000 | [4],[5] | € 4,500 | [14] | ||||
Cost | [3] | 4,374,000 | [4],[5] | 4,388 | [14],[20] | ||||
Fair Value | [3] | $ 4,319,000 | [4],[5] | € 4,500 | [14] | ||||
Percentage of Net Assets | [3] | 0.30% | [14] | 0.31% | [4],[5] | 0.30% | [14] | ||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 1 | |||||||||
Variable interest rate | 5% | [3],[4] | 5% | [3],[4] | 5% | [6] | 5% | [3],[4] | |
Interest Rate | 10.42% | [3],[4],[7] | 9.73% | [3],[4],[7] | 6% | [6],[22] | 10.42% | [3],[4],[7] | |
Par Amount | $ 12,445,000 | [3],[4] | $ 12,131,000 | [3],[4] | $ 10,621,000 | [6] | |||
Cost | 12,353,000 | [3],[4],[20] | 12,027,000 | [3],[4],[20] | 10,516,000 | [1],[6] | |||
Fair Value | $ 12,445,000 | [3],[4] | $ 11,617,000 | [3],[4] | $ 10,516,000 | [6] | |||
Percentage of Net Assets | 0.84% | [3],[4] | 0.83% | [3],[4] | 0.88% | [6] | 0.84% | [3],[4] | |
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 138,000 | $ 732,000 | $ 1,264,000 | ||||||
Fair Value | $ (31,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 2 | |||||||||
Variable interest rate | 5% | [2],[3],[4] | 5% | [3],[4],[12] | 5% | [6],[10] | 5% | [2],[3],[4] | |
Interest Rate | 10.42% | [2],[3],[4],[7] | 9.73% | [3],[4],[7],[12] | 6% | [6],[10],[22] | 10.42% | [2],[3],[4],[7] | |
Par Amount | $ 1,265,000 | [2],[3],[4] | $ 531,000 | [3],[4],[12] | $ 1,195,000 | [6],[10] | |||
Cost | 1,248,000 | [2],[3],[4],[20] | 519,000 | [3],[4],[12],[20] | 1,176,000 | [1],[6],[10] | |||
Fair Value | $ 1,265,000 | [2],[3],[4] | $ 471,000 | [3],[4],[12] | $ 1,176,000 | [6],[10] | |||
Percentage of Net Assets | 0.09% | [2],[3],[4] | 0.03% | [3],[4],[12] | 0.10% | [6],[10] | 0.09% | [2],[3],[4] | |
Unused Fee Rate | 0.50% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 799,000 | $ 173,000 | $ 799,000 | ||||||
Fair Value | $ (7,000) | $ (8,000) | |||||||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 3 | |||||||||
Variable interest rate | 4% | [2],[4],[14] | 5% | [3],[4] | 5% | [6],[10] | 4% | [2],[4],[14] | |
Interest Rate | 9.42% | [2],[4],[7],[14] | 9.73% | [3],[4],[7] | 6% | [6],[10],[22] | 9.42% | [2],[4],[7],[14] | |
Par Amount | $ 266,000 | [2],[4],[14] | $ 385,000 | [3],[4] | $ 266,000 | [6],[10] | |||
Cost | 259,000 | [2],[4],[14],[20] | 378,000 | [3],[4],[20] | 256,000 | [1],[6],[10] | |||
Fair Value | $ 266,000 | [2],[4],[14] | $ 368,000 | [3],[4] | $ 256,000 | [6],[10] | |||
Percentage of Net Assets | 0.02% | [2],[4],[14] | 0.03% | [3],[4] | 0.02% | [6],[10] | 0.02% | [2],[4],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,065,000 | ||||||||
Fair Value | $ (45,000) | ||||||||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 4 | |||||||||
Variable interest rate | [3],[4],[12] | 5% | |||||||
Interest Rate | [3],[4],[7],[12] | 9.73% | |||||||
Cost | [3],[4],[12],[20] | $ (9,000) | |||||||
Fair Value | [3],[4],[12] | $ (45,000) | |||||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: PAI Holdco, Inc. | |||||||||
Variable interest rate | 7.50% | [3],[14] | 7.50% | [3],[4],[5] | 5.50% | [6] | 7.50% | [3],[14] | |
Interest rate, PIK | 2% | [3],[14] | 2% | [3],[4],[5] | 2% | [6] | 2% | [3],[14] | |
Interest Rate | 13.02% | [3],[14],[27] | 11.92% | [3],[4],[5] | 8.50% | [6],[8] | 13.02% | [3],[14],[27] | |
Par Amount | $ 26,033,000 | [3],[4],[5] | $ 25,509,000 | [6] | € 26,430 | [3],[14] | |||
Cost | 25,444,000 | [3],[4],[5] | 24,843,000 | [1],[6] | 25,898 | [3],[14],[20] | |||
Fair Value | $ 23,787,000 | [3],[4],[5] | $ 25,509,000 | [6] | € 25,074 | [3],[14] | |||
Percentage of Net Assets | 1.69% | [3],[14] | 1.70% | [3],[4],[5] | 2.15% | [6] | 1.69% | [3],[14] | |
Investment, Identifier [Axis]: PCX Holding Corp. | |||||||||
Par Amount | $ 6,538,000 | [14],[23] | $ 6,538,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 6,538 | [5],[25] | 6,538,000 | ||||||
Cost | 654,000 | [14],[20],[23] | $ 654,000 | [1],[4],[5],[24],[25] | $ 654,000 | ||||
Fair Value | $ 779,000 | [14],[23] | $ 747,000 | [4],[5],[24],[25] | $ 965,000 | ||||
Percentage of Net Assets | 0.05% | [14],[23] | 0.05% | [4],[5],[24],[25] | 0.08% | 0.05% | [14],[23] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 987,000 | $ 1,296,000 | |||||||
Fair Value | $ (9,000) | $ (42,000) | |||||||
Investment, Identifier [Axis]: PCX Holding Corp. 1 | |||||||||
Variable interest rate | 6.25% | [3],[4],[13] | 6.25% | [3],[4],[17] | 6.25% | [6],[21] | 6.25% | [3],[4],[13] | |
Interest Rate | 11.79% | [3],[4],[7],[13] | 10.98% | [3],[4],[7],[17] | 7.25% | [6],[21],[22] | 11.79% | [3],[4],[7],[13] | |
Par Amount | $ 18,093,000 | [3],[4],[13] | $ 18,232,000 | [3],[4],[17] | $ 18,417,000 | [6],[21] | |||
Cost | 17,975,000 | [3],[4],[13],[20] | 18,093,000 | [3],[4],[17],[20] | 18,250,000 | [1],[6],[21] | |||
Fair Value | $ 17,930,000 | [3],[4],[13] | $ 17,636,000 | [3],[4],[17] | $ 18,417,000 | [6],[21] | |||
Percentage of Net Assets | 1.21% | [3],[4],[13] | 1.26% | [3],[4],[17] | 1.55% | [6],[21] | 1.21% | [3],[4],[13] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,851,000 | ||||||||
Investment, Identifier [Axis]: PCX Holding Corp. 2 | |||||||||
Variable interest rate | 6.25% | [3],[4] | 6.25% | [3],[4] | 6.25% | [6],[10] | 6.25% | [3],[4] | |
Interest Rate | 11.79% | [3],[4],[7] | 10.98% | [3],[4],[7] | 7.25% | [6],[10],[22] | 11.79% | [3],[4],[7] | |
Par Amount | $ 18,218,000 | [3],[4] | $ 18,356,000 | [3],[4] | $ 7,386,000 | [6],[10] | |||
Cost | 17,968,000 | [3],[4],[20] | 18,064,000 | [3],[4],[20] | 7,309,000 | [1],[6],[10] | |||
Fair Value | $ 18,053,000 | [3],[4] | $ 17,756,000 | [3],[4] | $ 7,386,000 | [6],[10] | |||
Percentage of Net Assets | 1.22% | [3],[4] | 1.27% | [3],[4] | 0.62% | [6],[10] | 1.22% | [3],[4] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,851,000 | ||||||||
Investment, Identifier [Axis]: PCX Holding Corp. 3 | |||||||||
Variable interest rate | 6.25% | [2],[3],[4] | 6.25% | [3],[4],[12] | 6.25% | [6],[10] | 6.25% | [2],[3],[4] | |
Interest Rate | 11.79% | [2],[3],[4],[7] | 10.98% | [3],[4],[7],[12] | 7.25% | [6],[10],[22] | 11.79% | [2],[3],[4],[7] | |
Par Amount | [3],[4] | $ 864,000 | [2] | $ 555,000 | [12] | ||||
Cost | 853,000 | [2],[3],[4],[20] | 542,000 | [3],[4],[12],[20] | $ (16,000) | [1],[6],[10] | |||
Fair Value | [3],[4] | $ 847,000 | [2] | $ 495,000 | [12] | ||||
Percentage of Net Assets | 0.06% | [2],[3],[4] | 0.04% | [3],[4],[12] | 0% | [6],[10] | 0.06% | [2],[3],[4] | |
Investment, Identifier [Axis]: PDFTron Systems, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 3,850,000 | $ 3,850,000 | |||||||
Fair Value | $ (73,000) | $ (128,000) | |||||||
Investment, Identifier [Axis]: PDFTron Systems, Inc. 1 | |||||||||
Variable interest rate | [3] | 5.50% | [13],[14],[28] | 5.50% | [4],[5],[16],[17],[30] | 5.50% | [13],[14],[28] | ||
Interest Rate | [3] | 10.83% | [13],[14],[28] | 9.82% | [4],[5],[7],[16],[17],[30] | 10.83% | [13],[14],[28] | ||
Par Amount | [3] | $ 30,107,000 | [13],[14],[28] | $ 30,415,000 | [4],[5],[16],[17],[30] | ||||
Cost | [3] | 29,750,000 | [13],[14],[28] | 29,998,000 | [4],[5],[9],[16],[17],[30] | ||||
Fair Value | [3] | $ 29,535,000 | [13],[14],[28] | $ 29,402,000 | [4],[5],[16],[17],[30] | ||||
Percentage of Net Assets | [3] | 1.99% | [13],[14],[28] | 2.10% | [4],[5],[16],[17],[30] | 1.99% | [13],[14],[28] | ||
Investment, Identifier [Axis]: PDFTron Systems, Inc. 2 | |||||||||
Variable interest rate | [3] | 5.50% | [14],[28] | 5.50% | [4],[5],[29],[30] | 5.50% | [14],[28] | ||
Interest Rate | [3] | 10.83% | [14],[28] | 9.82% | [4],[5],[7],[22],[29],[30] | 10.83% | [14],[28] | ||
Par Amount | [3] | $ 9,751,000 | [14],[28] | $ 9,800,000 | [4],[5],[29],[30] | ||||
Cost | [3] | 9,612,000 | [14],[28] | 9,638,000 | [1],[4],[5],[9],[29],[30] | ||||
Fair Value | [3] | $ 9,566,000 | [14],[28] | $ 9,474,000 | [4],[5],[29],[30] | ||||
Percentage of Net Assets | [3] | 0.65% | [14],[28] | 0.68% | [4],[5],[29],[30] | 0.65% | [14],[28] | ||
Investment, Identifier [Axis]: PDFTron Systems, Inc. 3 | |||||||||
Variable interest rate | [3] | 5.50% | [14],[15],[28] | 5.50% | [4],[5],[11],[12],[29],[30] | 5.50% | [14],[15],[28] | ||
Interest Rate | [3] | 10.83% | [14],[15],[28] | 9.82% | [4],[5],[7],[11],[12],[22],[29],[30] | 10.83% | [14],[15],[28] | ||
Par Amount | [3] | $ 3,850,000 | [14],[15],[28] | $ 3,850,000 | [4],[5],[11],[12],[29],[30] | ||||
Cost | [3] | 3,764,000 | [14],[15],[28] | 3,741,000 | [1],[4],[5],[9],[11],[12],[29],[30] | ||||
Fair Value | [3] | $ 3,704,000 | [14],[15],[28] | $ 3,594,000 | [4],[5],[11],[12],[29],[30] | ||||
Percentage of Net Assets | [3] | 0.25% | [14],[15],[28] | 0.26% | [4],[5],[11],[12],[29],[30] | 0.25% | [14],[15],[28] | ||
Investment, Identifier [Axis]: PDFTron US Acquisition Corp. 1 | |||||||||
Variable interest rate | [6],[10],[21] | 5.50% | |||||||
Interest Rate | [6],[8],[10],[21] | 6.50% | |||||||
Par Amount | [6],[10],[21] | $ 30,723,000 | |||||||
Cost | [1],[6],[10],[21] | 30,226,000 | |||||||
Fair Value | [6],[10],[21] | $ 29,894,000 | |||||||
Percentage of Net Assets | [6],[10],[21] | 2.52% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,640,000 | ||||||||
Fair Value | $ (98,000) | ||||||||
Investment, Identifier [Axis]: PDFTron US Acquisition Corp. 2 | |||||||||
Variable interest rate | [6],[10],[31] | 5.50% | |||||||
Interest Rate | [6],[8],[10],[31] | 6.50% | |||||||
Par Amount | [6],[10],[31] | $ 6,160,000 | |||||||
Cost | [1],[6],[10],[31] | 6,044,000 | |||||||
Fair Value | [6],[10],[31] | $ 5,896,000 | |||||||
Percentage of Net Assets | [6],[10],[31] | 0.50% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 7,700,000 | ||||||||
Fair Value | $ (208,000) | ||||||||
Investment, Identifier [Axis]: PDFTron US Acquisition Corp. 3 | |||||||||
Variable interest rate | [6],[10],[31] | 5.50% | |||||||
Interest Rate | [6],[8],[10],[31] | 6.50% | |||||||
Cost | [1],[6],[10],[31] | $ (140,000) | |||||||
Fair Value | [6],[10],[31] | $ (208,000) | |||||||
Percentage of Net Assets | [6],[10],[31] | (0.02%) | |||||||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC | |||||||||
Variable interest rate | [14],[15],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[15],[18] | 11.15% | 11.15% | ||||||
Cost | [14],[15],[18] | $ (75,000) | |||||||
Fair Value | [14],[15],[18] | $ (75,000) | |||||||
Percentage of Net Assets | [14],[15],[18] | (0.01%) | (0.01%) | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 15,090,000 | ||||||||
Fair Value | $ (75,000) | ||||||||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC Two | |||||||||
Variable interest rate | [14],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[18] | 11.15% | 11.15% | ||||||
Par Amount | [14],[18] | $ 4,357,000 | |||||||
Cost | [14],[18] | 4,193,000 | |||||||
Fair Value | [14],[18] | $ 4,292,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.29% | 0.29% | ||||||
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC 1 | |||||||||
Variable interest rate | 5.98% | [14],[18] | 5.50% | [4],[5],[18],[19] | 5.50% | [6],[19] | 5.98% | [14],[18] | |
Interest Rate | 11.52% | [14],[18] | 10.23% | [4],[5],[7],[18],[19] | 6.25% | [6],[8],[19] | 11.52% | [14],[18] | |
Par Amount | $ 28,415,000 | [14],[18] | $ 28,632,000 | [4],[5],[18],[19] | $ 17,400,000 | [6],[19] | |||
Cost | 28,191,000 | [14],[18] | 28,383,000 | [4],[5],[9],[18],[19] | 17,228,000 | [1],[6],[19] | |||
Fair Value | $ 27,116,000 | [14],[18] | $ 27,804,000 | [4],[5],[18],[19] | $ 17,228,000 | [6],[19] | |||
Percentage of Net Assets | 1.83% | [14],[18] | 1.99% | [4],[5],[18],[19] | 1.45% | [6],[19] | 1.83% | [14],[18] | |
Unfunded Commitment | $ 16,090,000 | ||||||||
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC 2 | |||||||||
Variable interest rate | 5.98% | [14],[18] | 5.50% | [4],[5],[18],[19] | 5.50% | [6],[10],[19] | 5.98% | [14],[18] | |
Interest Rate | 11.52% | [14],[18] | 10.23% | [4],[5],[7],[18],[19] | 6.25% | [6],[8],[10],[19] | 11.52% | [14],[18] | |
Par Amount | $ 15,808,000 | [14],[18] | $ 15,929,000 | [4],[5],[18],[19] | $ 11,521,000 | [6],[10],[19] | |||
Cost | 15,682,000 | [14],[18] | 15,787,000 | [4],[5],[9],[18],[19] | 11,408,000 | [1],[6],[10],[19] | |||
Fair Value | $ 15,086,000 | [14],[18] | $ 15,469,000 | [4],[5],[18],[19] | $ 11,408,000 | [6],[10],[19] | |||
Percentage of Net Assets | 1.02% | [14],[18] | 1.11% | [4],[5],[18],[19] | 0.96% | [6],[10],[19] | 1.02% | [14],[18] | |
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 792,000 | ||||||||
Fair Value | $ (9,000) | ||||||||
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc. 1 | |||||||||
Variable interest rate | [14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [14],[15] | 11.97% | 11.97% | ||||||
Par Amount | [14],[15] | $ 6,763,000 | |||||||
Cost | [14],[15] | 6,632,000 | |||||||
Fair Value | [14],[15] | $ 6,685,000 | |||||||
Percentage of Net Assets | [14],[15] | 0.45% | 0.45% | ||||||
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc. 2 | |||||||||
Variable interest rate | [14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [14],[15] | 11.97% | 11.97% | ||||||
Cost | [14],[15] | $ (15,000) | |||||||
Fair Value | [14],[15] | $ (9,000) | |||||||
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 4,485,000 | $ 4,485,000 | |||||||
Fair Value | $ (61,000) | $ (207,000) | |||||||
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC 1 | |||||||||
Variable interest rate | 5.75% | [13],[14],[18] | 5.50% | [5],[16],[19] | 5.50% | 5.75% | [13],[14],[18] | ||
Interest Rate | 11.27% | [13],[14],[18] | 8.86% | [5],[16],[19],[22] | 6.25% | 11.27% | [13],[14],[18] | ||
Par Amount | $ 62,516,000 | [13],[14],[18] | $ 61,902,000 | [5],[16],[19] | $ 45,812,000 | ||||
Cost | 61,538,000 | [13],[14],[18] | 60,837,000 | [1],[5],[16],[19] | 44,918,000 | ||||
Fair Value | $ 61,666,000 | [13],[14],[18] | $ 59,042,000 | [5],[16],[19] | $ 44,918,000 | ||||
Percentage of Net Assets | 4.16% | [13],[14],[18] | 4.23% | [5],[16],[19] | 3.78% | 4.16% | [13],[14],[18] | ||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 17,620,000 | ||||||||
Fair Value | $ (171,000) | ||||||||
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC 2 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18] | 5.50% | [5],[19] | 5.75% | 5.75% | [14],[15],[18] | ||
Interest Rate | 11.27% | [14],[15],[18] | 8.86% | [5],[19],[22] | 6.75% | 11.27% | [14],[15],[18] | ||
Par Amount | [5],[19] | $ 1,089,000 | |||||||
Cost | $ (65,000) | [14],[15],[18] | 1,060,000 | [1],[5],[19] | $ (171,000) | ||||
Fair Value | $ (61,000) | [14],[15],[18] | $ 1,039,000 | [5],[19] | $ (171,000) | ||||
Percentage of Net Assets | 0.07% | [5],[19] | (0.01%) | ||||||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 4,485,000 | ||||||||
Fair Value | $ (86,000) | ||||||||
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC 3 | |||||||||
Variable interest rate | 5.50% | [5],[11],[15],[19] | 5.50% | ||||||
Interest Rate | 8.86% | [5],[11],[15],[19],[22] | 6.25% | ||||||
Cost | $ (74,000) | [1],[5],[11],[15],[19] | $ (86,000) | ||||||
Fair Value | $ (207,000) | [5],[11],[15],[19] | $ (86,000) | ||||||
Percentage of Net Assets | (0.01%) | [5],[11],[15],[19] | (0.01%) | ||||||
Investment, Identifier [Axis]: Performance Health & Wellness | |||||||||
Variable interest rate | 6% | [3],[13],[14] | 6% | [3],[4],[17] | 6% | [6],[21] | 6% | [3],[13],[14] | |
Interest Rate | 11.57% | [3],[13],[14] | 10.73% | [3],[4],[7],[17] | 7% | [6],[8],[21] | 11.57% | [3],[13],[14] | |
Par Amount | $ 9,398,000 | [3],[13],[14] | $ 9,398,000 | [3],[4],[17] | $ 10,474,000 | [6],[21] | |||
Cost | 9,268,000 | [3],[13],[14] | 9,248,000 | [3],[4],[9],[17] | 10,278,000 | [1],[6],[21] | |||
Fair Value | $ 9,248,000 | [3],[13],[14] | $ 8,956,000 | [3],[4],[17] | $ 10,474,000 | [6],[21] | |||
Percentage of Net Assets | 0.62% | [3],[13],[14] | 0.64% | [3],[4],[17] | 0.88% | [6],[21] | 0.62% | [3],[13],[14] | |
Investment, Identifier [Axis]: PerkinElmer U.S., LLC | |||||||||
Variable interest rate | [3],[13],[14] | 6.75% | 6.75% | ||||||
Interest Rate | [3],[13],[14] | 12.16% | 12.16% | ||||||
Par Amount | [3],[13],[14] | $ 3,893,000 | |||||||
Cost | [3],[13],[14] | 3,784,000 | |||||||
Fair Value | [3],[13],[14] | $ 3,842,000 | |||||||
Percentage of Net Assets | [3],[13],[14] | 0.26% | 0.26% | ||||||
Investment, Identifier [Axis]: Pet Holdings, Inc. (Brightpet) | |||||||||
Par Amount | $ 17,543,000 | [14],[23] | $ 13,846,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 13,846 | [5],[25] | 12,313,000 | ||||||
Cost | 2,013,000 | [14],[20],[23] | $ 1,385,000 | [1],[4],[5],[24],[25] | $ 1,232,000 | ||||
Fair Value | $ 1,718,000 | [14],[23] | $ 1,028,000 | [4],[5],[24],[25] | $ 1,052,000 | ||||
Percentage of Net Assets | 0.12% | [14],[23] | 0.07% | [4],[5],[24],[25] | 0.09% | 0.12% | [14],[23] | ||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 1 | |||||||||
Variable interest rate | 6% | [13],[14],[18] | 6% | [5],[19] | 6% | 6% | [13],[14],[18] | ||
Interest Rate | 11.43% | [13],[14],[18] | 11.12% | [5],[19],[22] | 6.75% | 11.43% | [13],[14],[18] | ||
Par Amount | $ 20,256,000 | [13],[14],[18] | $ 910,000 | [5],[19] | $ 17,972,000 | ||||
Cost | 20,072,000 | [13],[14],[18] | 897,000 | [1],[5],[19] | 17,796,000 | ||||
Fair Value | $ 19,896,000 | [13],[14],[18] | $ 866,000 | [5],[19] | $ 17,796,000 | ||||
Percentage of Net Assets | 1.34% | [13],[14],[18] | 0.06% | [5],[19] | 1.50% | 1.34% | [13],[14],[18] | ||
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 1,695,000 | $ 292,000 | $ 1,559,000 | ||||||
Fair Value | $ (16,000) | $ (14,000) | $ (13,000) | ||||||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 2 | |||||||||
Variable interest rate | 6% | [14],[15],[18] | 6% | [5],[11],[15],[19] | 6% | 6% | [14],[15],[18] | ||
Interest Rate | 11.43% | [14],[15],[18] | 11.12% | [5],[11],[15],[19] | 6.75% | 11.43% | [14],[15],[18] | ||
Par Amount | $ 7,164,000 | [14],[15],[18] | $ 1,985,000 | [5],[11],[15],[19] | $ 3,433,000 | ||||
Cost | 7,080,000 | [14],[15],[18] | 1,955,000 | [5],[11],[15],[19] | 3,392,000 | ||||
Fair Value | $ 7,022,000 | [14],[15],[18] | $ 1,874,000 | [5],[11],[15],[19] | $ 3,392,000 | ||||
Percentage of Net Assets | 0.47% | [14],[15],[18] | 0.13% | [5],[11],[15],[19] | 0.29% | 0.47% | [14],[15],[18] | ||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 832,000 | $ 832,000 | $ 832,000 | ||||||
Fair Value | $ (15,000) | $ (40,000) | $ (8,000) | ||||||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 3 | |||||||||
Variable interest rate | 6% | [14],[15],[18] | 6% | [5],[19] | 6% | 6% | [14],[15],[18] | ||
Interest Rate | 11.43% | [14],[15],[18] | 11.21% | [5],[19] | 6.75% | 11.43% | [14],[15],[18] | ||
Par Amount | [5],[19] | $ 17,793,000 | |||||||
Cost | $ (6,000) | [14],[15],[18] | 17,638,000 | [5],[19] | $ (8,000) | ||||
Fair Value | $ (15,000) | [14],[15],[18] | $ 16,930,000 | [5],[19] | $ (8,000) | ||||
Percentage of Net Assets | 1.21% | [5],[19] | 0% | ||||||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 4 | |||||||||
Variable interest rate | [5],[11],[15],[19] | 6% | |||||||
Interest Rate | [5],[11],[15],[19] | 11.21% | |||||||
Par Amount | [5],[11],[15],[19] | $ 4,942,000 | |||||||
Cost | [5],[11],[15],[19] | 4,899,000 | |||||||
Fair Value | [5],[11],[15],[19] | $ 4,703,000 | |||||||
Percentage of Net Assets | [5],[11],[15],[19] | 0.34% | |||||||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 5 | |||||||||
Variable interest rate | [5],[11],[15],[19] | 6% | |||||||
Interest Rate | [5],[11],[15],[19] | 11.21% | |||||||
Cost | [5],[11],[15],[19] | $ (7,000) | |||||||
Fair Value | [5],[11],[15],[19] | $ (40,000) | |||||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Pound Bidco, Inc 1 | |||||||||
Variable interest rate | [3],[13],[28] | 6.50% | [14] | 6.50% | [4],[5],[16],[18],[29] | 6.50% | [14] | ||
Interest Rate | [3],[13],[28] | 11.93% | [14],[27] | 10.67% | [4],[5],[16],[18],[29] | 11.93% | [14],[27] | ||
Par Amount | [3],[13],[28] | $ 9,012,000 | [4],[5],[16],[18],[29] | € 6,395 | [14] | ||||
Cost | [3],[13],[28] | 8,888,000 | [4],[5],[16],[18],[29] | 6,329 | [14],[20] | ||||
Fair Value | [3],[13],[28] | $ 8,970,000 | [4],[5],[16],[18],[29] | € 6,395 | [14] | ||||
Percentage of Net Assets | [3],[13],[28] | 0.43% | [14] | 0.64% | [4],[5],[16],[18],[29] | 0.43% | [14] | ||
Investment, Identifier [Axis]: Pound Bidco, Inc 2 | |||||||||
Variable interest rate | [3],[13],[28] | 6.50% | [14],[15] | 6.50% | [2],[4],[5],[11],[16],[29] | 6.50% | [14],[15] | ||
Interest Rate | [3],[13],[28] | 11.93% | [14],[15],[27] | 10.67% | [2],[4],[5],[11],[16],[29] | 11.93% | [14],[15],[27] | ||
Cost | [3],[13],[28] | $ (14,000) | [2],[4],[5],[11],[16],[29] | € (11) | [14],[15],[20] | ||||
Fair Value | [2],[3],[4],[5],[11],[13],[16],[28],[29] | $ (5,000) | |||||||
Percentage of Net Assets | [5],[11],[16],[29] | 0% | |||||||
Investment, Identifier [Axis]: Pound Bidco, Inc 3 | |||||||||
Variable interest rate | [3],[14],[28] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[27],[28] | 11.93% | 11.93% | ||||||
Par Amount | € | [3],[14],[28] | € 2,617 | |||||||
Cost | € | [3],[14],[20],[28] | 2,585 | |||||||
Fair Value | € | [3],[14],[28] | € 2,617 | |||||||
Percentage of Net Assets | [3],[14],[28] | 0.18% | 0.18% | ||||||
Investment, Identifier [Axis]: Pound Bidco, Inc 4 | |||||||||
Variable interest rate | [3],[14],[15],[28] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15],[27],[28] | 11.93% | 11.93% | ||||||
Investment, Identifier [Axis]: Pound Bidco, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,163,000 | $ 1,163,000 | $ 1,163,000 | ||||||
Fair Value | $ (5,000) | $ (19,000) | |||||||
Investment, Identifier [Axis]: Pound Bidco, Inc. 1 | |||||||||
Variable interest rate | [6],[21],[31] | 6.50% | |||||||
Interest Rate | [6],[8],[21],[31] | 7.50% | |||||||
Par Amount | [6],[21],[31] | $ 9,012,000 | |||||||
Cost | [1],[6],[21],[31] | 8,854,000 | |||||||
Fair Value | [6],[21],[31] | $ 8,854,000 | |||||||
Percentage of Net Assets | [6],[21],[31] | 0.74% | |||||||
Investment, Identifier [Axis]: Pound Bidco, Inc. 2 | |||||||||
Variable interest rate | [6],[10],[21],[31] | 6.50% | |||||||
Interest Rate | [6],[8],[10],[21],[31] | 7.50% | |||||||
Cost | [1],[6],[10],[21],[31] | $ (19,000) | |||||||
Fair Value | [6],[10],[21],[31] | $ (19,000) | |||||||
Percentage of Net Assets | [6],[10],[21],[31] | 0% | |||||||
Investment, Identifier [Axis]: Pritchard Industries, Inc. | |||||||||
Par Amount, Shares (in shares) | shares | 1,700,000 | [5],[25] | 1,700,000,000 | ||||||
Cost | $ 1,700,000 | [1],[5],[25] | $ 1,700,000 | ||||||
Fair Value | $ 2,210,000 | [5],[25] | $ 1,700,000 | ||||||
Percentage of Net Assets | 0.16% | [5],[25] | 0.14% | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 691,000 | $ 6,140,000 | |||||||
Fair Value | (38,000) | $ (59,000) | |||||||
Investment, Identifier [Axis]: Pritchard Industries, LLC | |||||||||
Par Amount | 1,700,000,000 | [14],[23] | 1,700,000,000 | [4],[24] | |||||
Cost | 1,700,000 | [14],[20],[23] | 1,700,000 | [4],[24] | |||||
Fair Value | $ 1,734,000 | [14],[23] | $ 2,210,000 | [4],[24] | |||||
Percentage of Net Assets | 0.12% | [14],[23] | 0.16% | [4],[24] | 0.12% | [14],[23] | |||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 691,000 | ||||||||
Fair Value | $ (38,000) | ||||||||
Investment, Identifier [Axis]: Pritchard Industries, LLC 1 | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [5],[14],[18],[19] | 5.50% | [6],[19] | 5.50% | [14],[18] | |
Interest Rate | 11.09% | [14],[18],[27] | 10.54% | [5],[14],[18],[19] | 6.25% | [6],[8],[19] | 11.09% | [14],[18],[27] | |
Par Amount | $ 25,338,000 | [14],[18] | $ 25,532,000 | [5],[14],[18],[19] | $ 25,789,000 | [6],[19] | |||
Cost | 24,971,000 | [14],[18],[20] | 25,108,000 | [5],[14],[18],[19] | 25,289,000 | [1],[6],[19] | |||
Fair Value | $ 24,809,000 | [14],[18] | $ 24,112,000 | [5],[14],[18],[19] | $ 25,289,000 | [6],[19] | |||
Percentage of Net Assets | 1.67% | [14],[18] | 1.73% | [5],[14],[18],[19] | 2.13% | [6],[19] | 1.67% | [14],[18] | |
Investment, Identifier [Axis]: Pritchard Industries, LLC 2 | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [4],[5],[10],[11],[12],[18],[19] | 5.50% | [6],[10],[19] | 5.50% | [14],[18] | |
Interest Rate | 11.09% | [14],[18],[27] | 10.54% | [4],[5],[10],[11],[12],[18],[19] | 6.25% | [6],[8],[10],[19] | 11.09% | [14],[18],[27] | |
Par Amount | [18] | $ 6,058,000 | [14] | $ 5,413,000 | [4],[5],[10],[11],[12],[19] | ||||
Cost | 5,966,000 | [14],[18],[20] | 5,315,000 | [4],[5],[10],[11],[12],[18],[19],[20] | $ (59,000) | [1],[6],[10],[19] | |||
Fair Value | $ 5,931,000 | [14],[18] | $ 5,074,000 | [4],[5],[10],[11],[12],[18],[19] | $ (59,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.40% | [14],[18] | 0.36% | [4],[5],[10],[11],[12],[18],[19] | 0% | [6],[10],[19] | 0.40% | [14],[18] | |
Investment, Identifier [Axis]: Procure Acquiom Financial, LLC (Procure Analytics) | |||||||||
Par Amount | $ 1,000,000,000 | [14],[23] | $ 1,000,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 1,000,000 | [5],[25] | 1,000,000,000 | ||||||
Cost | 1,000,000 | [14],[20],[23] | $ 1,000,000 | [1],[4],[5],[24],[25] | $ 1,000,000 | ||||
Fair Value | $ 1,240,000 | [14],[23] | $ 1,380,000 | [4],[5],[24],[25] | $ 1,000,000 | ||||
Percentage of Net Assets | 0.08% | [14],[23] | 0.10% | [4],[5],[24],[25] | 0.08% | 0.08% | [14],[23] | ||
Investment, Identifier [Axis]: Procure Acquireco, Inc. (Procure Analytics) 1 | |||||||||
Variable interest rate | 5% | [14],[18] | 5% | [4],[5],[18],[19] | 5.50% | [6],[19] | 5% | [14],[18] | |
Interest Rate | 10.57% | [14],[18] | 9.35% | [4],[5],[7],[18],[19],[22] | 6.25% | [6],[8],[19] | 10.57% | [14],[18] | |
Par Amount | $ 3,899,000 | [14],[18] | $ 3,929,000 | [4],[5],[18],[19] | $ 3,968,000 | [6],[19] | |||
Cost | 3,837,000 | [14],[18] | 3,859,000 | [1],[4],[5],[18],[19],[20] | 3,889,000 | [1],[6],[19] | |||
Fair Value | $ 3,769,000 | [14],[18] | $ 3,755,000 | [4],[5],[18],[19] | $ 3,889,000 | [6],[19] | |||
Percentage of Net Assets | 0.25% | [14],[18] | 0.27% | [4],[5],[18],[19] | 0.33% | [6],[19] | 0.25% | [14],[18] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 794,000 | $ 794,000 | $ 794,000 | ||||||
Fair Value | $ (26,000) | $ (35,000) | $ (8,000) | ||||||
Investment, Identifier [Axis]: Procure Acquireco, Inc. (Procure Analytics) 2 | |||||||||
Variable interest rate | 5% | [14],[15],[18] | 5% | [4],[5],[12],[18],[19] | 5.50% | [6],[10],[19] | 5% | [14],[15],[18] | |
Interest Rate | 10.57% | [14],[15],[18] | 9.35% | [4],[5],[7],[12],[18],[19],[22] | 6.25% | [6],[8],[10],[19] | 10.57% | [14],[15],[18] | |
Cost | $ (6,000) | [14],[15],[18] | $ (7,000) | [1],[4],[5],[12],[18],[19],[20] | $ (8,000) | [1],[6],[10],[19] | |||
Fair Value | $ (26,000) | [14],[15],[18] | $ (35,000) | [4],[5],[12],[18],[19] | $ (8,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 0% | [5] | 0% | [6],[10] | ||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 238,000 | $ 238,000 | $ 238,000 | ||||||
Fair Value | $ (8,000) | $ (11,000) | $ (5,000) | ||||||
Investment, Identifier [Axis]: Procure Acquireco, Inc. (Procure Analytics) 3 | |||||||||
Variable interest rate | 5% | [14],[15],[18] | 5% | [4],[5],[12],[18],[19] | 5.50% | [6],[10],[19] | 5% | [14],[15],[18] | |
Interest Rate | 10.57% | [14],[15],[18] | 9.35% | [4],[5],[7],[12],[18],[19],[22] | 6.25% | [6],[8],[10],[19] | 10.57% | [14],[15],[18] | |
Cost | $ (3,000) | [14],[15],[18] | $ (4,000) | [1],[4],[5],[12],[18],[19],[20] | $ (5,000) | [1],[6],[10],[19] | |||
Fair Value | $ (8,000) | [14],[15],[18] | $ (11,000) | [4],[5],[12],[18],[19] | $ (5,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 0% | [5] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: Project Boost Purchase, LLC 1 | |||||||||
Variable interest rate | [14],[18] | 5.25% | 5.25% | [5],[19] | 5.25% | ||||
Interest Rate | [14],[18] | 10.67% | 9.65% | [5],[19],[22] | 10.67% | ||||
Par Amount | [14],[18] | $ 5,682,000 | $ 5,414,000 | ||||||
Par Amount, Shares (in shares) | shares | [5],[19] | 5,414 | |||||||
Cost | [14],[18] | 5,636,000 | $ 5,364,000 | [1],[5],[19] | |||||
Fair Value | [14],[18] | $ 5,664,000 | $ 5,362,000 | [5],[19] | |||||
Percentage of Net Assets | [14],[18] | 0.38% | 0.38% | [5],[19] | 0.38% | ||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 589,000 | $ 1,038,000 | |||||||
Fair Value | $ (2,000) | $ (10,000) | |||||||
Investment, Identifier [Axis]: Project Boost Purchase, LLC 2 | |||||||||
Variable interest rate | [14],[15],[18] | 5.25% | 5.25% | [5],[11],[19] | 5.25% | ||||
Interest Rate | [14],[15],[18] | 10.67% | 9.65% | [5],[11],[19],[22] | 10.67% | ||||
Par Amount | [14],[15],[18] | $ 85,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11],[19] | 85 | |||||||
Cost | [14],[15],[18] | $ (4,000) | $ 79,000 | [1],[5],[11],[19] | |||||
Fair Value | [14],[15],[18] | $ (2,000) | $ 74,000 | [5],[11],[19] | |||||
Percentage of Net Assets | [5],[11],[14],[15],[18],[19] | 0.01% | |||||||
Unused Fee Rate | 0.38% | 0.50% | |||||||
Unfunded Commitment | $ 449,000 | $ 449,000 | |||||||
Fair Value | $ (1,000) | $ (4,000) | |||||||
Investment, Identifier [Axis]: Project Boost Purchase, LLC 3 | |||||||||
Variable interest rate | [14],[15],[18] | 5.25% | 5.25% | [5],[11],[19] | 5.25% | ||||
Interest Rate | [14],[15],[18] | 10.67% | 9.65% | [5],[11],[19],[22] | 10.67% | ||||
Par Amount, Shares (in shares) | shares | [5],[11],[19] | 0 | |||||||
Cost | [14],[15],[18] | $ (3,000) | $ (4,000) | [1],[5],[11],[19] | |||||
Fair Value | [14],[15],[18] | $ (1,000) | $ (4,000) | [5],[11],[19] | |||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Project Leopard Holdings Inc | |||||||||
Variable interest rate | [26],[28] | 5.25% | 5.25% | 5.25% | |||||
Interest Rate | [26],[28] | 10.72% | [27] | 9.80% | 10.72% | [27] | |||
Par Amount | [26],[28] | $ 6,280,000 | € 6,233 | ||||||
Cost | [26],[28] | 5,862,000 | 5,852 | [20] | |||||
Fair Value | [26],[28] | $ 5,696,000 | € 5,485 | ||||||
Percentage of Net Assets | [26],[28] | 0.37% | 0.41% | 0.37% | |||||
Investment, Identifier [Axis]: Project Leopard Holdings, Inc. | |||||||||
Variable interest rate | [29],[36] | 5.25% | |||||||
Interest Rate | [29],[36] | 9.80% | |||||||
Par Amount | [29],[36] | $ 6,280,000 | |||||||
Cost | [29],[36] | 5,862,000 | |||||||
Fair Value | [29],[36] | $ 5,696,000 | |||||||
Percentage of Net Assets | [29],[36] | 0.41% | |||||||
Investment, Identifier [Axis]: Prompt Care Infusion Buyer Inc 1 | |||||||||
Variable interest rate | 6% | [3],[14] | 6% | 6% | [3],[14] | ||||
Interest Rate | 11.43% | [3],[14] | 10.22% | 11.43% | [3],[14] | ||||
Par Amount | $ 9,004,000 | [3],[14] | $ 9,073,000 | ||||||
Cost | 8,876,000 | [3],[14] | 8,925,000 | ||||||
Fair Value | $ 8,862,000 | [3],[14] | $ 8,757,000 | ||||||
Percentage of Net Assets | 0.60% | [3],[14] | 0.63% | 0.60% | [3],[14] | ||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 972,000 | ||||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: Prompt Care Infusion Buyer Inc 2 | |||||||||
Variable interest rate | [15] | 6% | [3],[14] | 6% | 6% | [3],[14] | |||
Interest Rate | [15] | 11.43% | [3],[14] | 10.22% | 11.43% | [3],[14] | |||
Par Amount | [15] | $ 1,402,000 | [3],[14] | $ 881,000 | |||||
Cost | [15] | 1,379,000 | [3],[14] | 849,000 | |||||
Fair Value | [15] | $ 1,365,000 | [3],[14] | $ 766,000 | |||||
Percentage of Net Assets | [15] | 0.09% | [3],[14] | 0.05% | 0.09% | [3],[14] | |||
Investment, Identifier [Axis]: Promptcare Infusion Buyer, Inc. 1 | |||||||||
Variable interest rate | 6% | 6% | [6] | ||||||
Interest Rate | 10.22% | 7% | [6],[8] | ||||||
Par Amount | $ 9,073,000 | $ 9,165,000 | [6] | ||||||
Cost | 8,925,000 | 8,990,000 | [1],[6] | ||||||
Fair Value | $ 8,757,000 | $ 8,948,000 | [6] | ||||||
Percentage of Net Assets | 0.63% | 0.75% | [6] | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 2,431,000 | $ 3,050,000 | |||||||
Fair Value | $ (85,000) | $ (72,000) | |||||||
Investment, Identifier [Axis]: Promptcare Infusion Buyer, Inc. 2 | |||||||||
Variable interest rate | 6% | 6% | [6],[10] | ||||||
Interest Rate | 10.22% | 7% | [6],[8],[10] | ||||||
Par Amount | $ 881,000 | $ 837,000 | [6],[10] | ||||||
Cost | 849,000 | 792,000 | [1],[6],[10] | ||||||
Fair Value | $ 766,000 | $ 745,000 | [6],[10] | ||||||
Percentage of Net Assets | 0.05% | 0.06% | [6],[10] | ||||||
Investment, Identifier [Axis]: Prophix Software, Inc. | |||||||||
Unfunded Commitment | $ 297,000 | ||||||||
Investment, Identifier [Axis]: QBS Parent, Inc. | |||||||||
Variable interest rate | 8.50% | [14] | 8.50% | [4],[5] | 8.50% | [6] | 8.50% | [14] | |
Interest Rate | 13.92% | [14],[27] | 12.88% | [4],[5] | 8.72% | [6],[8] | 13.92% | [14],[27] | |
Par Amount | $ 15,000,000 | [14] | $ 15,000,000 | [4],[5] | $ 15,000,000 | [6] | |||
Cost | 14,841,000 | [14],[20] | 14,809,000 | [4],[5] | 14,769,000 | [1],[6] | |||
Fair Value | $ 14,343,000 | [14] | $ 13,569,000 | [4],[5] | $ 14,748,000 | [6] | |||
Percentage of Net Assets | 0.97% | [14] | 0.97% | [4],[5] | 1.24% | [6] | 0.97% | [14] | |
Investment, Identifier [Axis]: QW Holding Corporation 1 | |||||||||
Variable interest rate | [3],[4],[5],[16],[17] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[16],[17],[22] | 9.44% | |||||||
Par Amount | [3],[4],[5],[16],[17] | $ 8,907,000 | |||||||
Cost | [1],[3],[4],[5],[16],[17],[20] | 8,791,000 | |||||||
Fair Value | [3],[4],[5],[16],[17] | $ 8,575,000 | |||||||
Percentage of Net Assets | [3],[4],[5],[16],[17] | 0.61% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 394,000 | ||||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: QW Holding Corporation 2 | |||||||||
Variable interest rate | [3],[4],[5],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[12],[22] | 9.44% | |||||||
Par Amount | [3],[4],[5],[12] | $ 1,851,000 | |||||||
Cost | [1],[3],[4],[5],[12],[20] | 1,824,000 | |||||||
Fair Value | [3],[4],[5],[12] | $ 1,767,000 | |||||||
Percentage of Net Assets | [3],[4],[5],[12] | 0.13% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,250,000 | ||||||||
Fair Value | $ (84,000) | ||||||||
Investment, Identifier [Axis]: QW Holding Corporation 3 | |||||||||
Variable interest rate | [3],[4],[5],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[12],[22] | 9.44% | |||||||
Cost | [1],[3],[4],[5],[12],[20] | $ (29,000) | |||||||
Fair Value | [3],[4],[5],[12] | $ (84,000) | |||||||
Percentage of Net Assets | [3],[4],[5],[12] | (0.01%) | |||||||
Investment, Identifier [Axis]: RSC Acquisition, Inc. | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 745,000 | ||||||||
Fair Value | $ (11,000) | ||||||||
Investment, Identifier [Axis]: RSC Acquisition, Inc. 1 | |||||||||
Variable interest rate | 5.50% | [13],[14],[18] | 5.50% | [5],[16],[19] | 5.50% | 5.50% | [13],[14],[18] | ||
Interest Rate | 11.04% | [13],[14],[18] | 9.97% | [5],[16],[19] | 6.25% | 11.04% | [13],[14],[18] | ||
Par Amount | $ 32,483,000 | [13],[14],[18] | $ 24,774,000 | [5],[16],[19] | $ 18,667,000 | ||||
Cost | 32,137,000 | [13],[14],[18] | 24,417,000 | [5],[16],[19] | 18,287,000 | ||||
Fair Value | $ 32,137,000 | [13],[14],[18] | $ 23,999,000 | [5],[16],[19] | $ 18,484,000 | ||||
Percentage of Net Assets | 2.17% | [13],[14],[18] | 1.72% | [5],[16],[19] | 1.56% | 2.17% | [13],[14],[18] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 8,474,000 | ||||||||
Fair Value | $ (82,000) | ||||||||
Investment, Identifier [Axis]: RSC Acquisition, Inc. 2 | |||||||||
Variable interest rate | 6% | [14],[15],[18] | 5.50% | [5],[19] | 5.50% | 6% | [14],[15],[18] | ||
Interest Rate | 11.54% | [14],[15],[18] | 9.97% | [5],[19] | 6.25% | 11.54% | [14],[15],[18] | ||
Par Amount | $ 7,961,000 | [5],[19] | $ 5,911,000 | ||||||
Cost | $ (11,000) | [14],[15],[18] | 7,900,000 | [5],[19] | 5,772,000 | ||||
Fair Value | $ (11,000) | [14],[15],[18] | $ 7,712,000 | [5],[19] | $ 5,772,000 | ||||
Percentage of Net Assets | 0.55% | [5],[19] | 0.49% | ||||||
Investment, Identifier [Axis]: RSK Holdings, Inc. (Riskonnect) | |||||||||
Variable interest rate | 10.50% | [14],[18],[23] | 10.50% | [5],[19],[25] | 10.50% | [14],[18],[23] | |||
Interest Rate | [4],[18],[24] | 10.50% | |||||||
Par Amount | [18] | $ 1,012,200,000 | [14],[23] | $ 1,012,200,000 | [4],[24] | ||||
Par Amount, Shares (in shares) | shares | [5],[19],[25] | 1,012,200 | |||||||
Cost | [18] | 1,137,000 | [14],[20],[23] | $ 1,019,000 | [1],[4],[5],[19],[24],[25] | ||||
Fair Value | [18] | $ 1,174,000 | [14],[23] | $ 1,053,000 | [4],[5],[19],[24],[25] | ||||
Percentage of Net Assets | [18] | 0.08% | [14],[23] | 0.08% | [4],[5],[19],[24],[25] | 0.08% | [14],[23] | ||
Investment, Identifier [Axis]: Radwell Parent, LLC | |||||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 2,442,000 | ||||||||
Fair Value | $ (71,000) | ||||||||
Investment, Identifier [Axis]: Radwell Parent, LLC 1 | |||||||||
Variable interest rate | [4],[5],[16],[17],[18],[19] | 6.75% | |||||||
Interest Rate | [4],[5],[7],[16],[17],[18],[19] | 11.33% | |||||||
Par Amount | [4],[5],[16],[17],[18],[19] | $ 32,558,000 | |||||||
Cost | [4],[5],[9],[16],[17],[18],[19] | 31,607,000 | |||||||
Fair Value | [4],[5],[16],[17],[18],[19] | $ 31,607,000 | |||||||
Percentage of Net Assets | [4],[5],[16],[17],[18],[19] | 2.26% | |||||||
Investment, Identifier [Axis]: Radwell Parent, LLC 2 | |||||||||
Variable interest rate | [4],[5],[11],[12],[18],[19] | 6.75% | |||||||
Interest Rate | [4],[5],[7],[11],[12],[18],[19] | 11.33% | |||||||
Cost | [4],[5],[9],[11],[12],[18],[19] | $ (71,000) | |||||||
Fair Value | [4],[5],[11],[12],[18],[19] | $ (71,000) | |||||||
Percentage of Net Assets | [4],[5],[11],[12],[18],[19] | (0.01%) | |||||||
Investment, Identifier [Axis]: Randy's Holdings, Inc. 1 | |||||||||
Variable interest rate | [3],[4] | 6.50% | 6.50% | 6.50% | |||||
Interest Rate | [3],[4],[7] | 11.88% | 10.59% | 11.88% | |||||
Par Amount | [3],[4] | $ 6,684,000 | $ 6,743,000 | ||||||
Cost | [3],[4],[20] | 6,506,000 | 6,545,000 | ||||||
Fair Value | [3],[4] | $ 6,638,000 | $ 6,545,000 | ||||||
Percentage of Net Assets | [3],[4] | 0.45% | 0.47% | 0.45% | |||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 2,248,000 | $ 2,248,000 | |||||||
Fair Value | $ (16,000) | $ (31,000) | |||||||
Investment, Identifier [Axis]: Randy's Holdings, Inc. 2 | |||||||||
Variable interest rate | [3],[4] | 6.50% | [2] | 6.50% | [12] | 6.50% | [2] | ||
Interest Rate | [3],[4],[7] | 11.88% | [2] | 10.59% | [12] | 11.88% | [2] | ||
Cost | [3],[4],[20] | $ (29,000) | [2] | $ (31,000) | [12] | ||||
Fair Value | [3],[4] | $ (15,000) | [2] | $ (31,000) | [12] | ||||
Percentage of Net Assets | 0% | ||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 608,000 | $ 757,000 | |||||||
Fair Value | $ (4,000) | $ (22,000) | |||||||
Investment, Identifier [Axis]: Randy's Holdings, Inc. 3 | |||||||||
Variable interest rate | [3],[4] | 6.50% | [2] | 6.50% | [12] | 6.50% | [2] | ||
Interest Rate | [3],[4],[7] | 11.88% | [2] | 10.59% | [12] | 11.88% | [2] | ||
Par Amount | [3],[4] | $ 292,000 | [2] | $ 142,000 | [12] | ||||
Cost | [3],[4],[20] | 269,000 | [2] | 116,000 | [12] | ||||
Fair Value | [3],[4] | $ 285,000 | [2] | $ 116,000 | [12] | ||||
Percentage of Net Assets | [3],[4] | 0.02% | [2] | 0.01% | [12] | 0.02% | [2] | ||
Investment, Identifier [Axis]: Raptor Merger Sub Debt, LLC | |||||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 1,954,000 | ||||||||
Fair Value | $ (9,000) | ||||||||
Investment, Identifier [Axis]: Raptor Merger Sub Debt, LLC 1 | |||||||||
Variable interest rate | [13],[14],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [13],[14],[18] | 12.14% | 12.14% | ||||||
Par Amount | [13],[14],[18] | $ 32,314,000 | |||||||
Cost | [13],[14],[18] | 31,450,000 | |||||||
Fair Value | [13],[14],[18] | $ 32,165,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 2.17% | 2.17% | ||||||
Investment, Identifier [Axis]: Raptor Merger Sub Debt, LLC 2 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Par Amount | [14],[15],[18] | $ 488,000 | |||||||
Cost | [14],[15],[18] | 428,000 | |||||||
Fair Value | [14],[15],[18] | $ 477,000 | |||||||
Percentage of Net Assets | [14],[15],[18] | 0.03% | 0.03% | ||||||
Investment, Identifier [Axis]: Recovery Point Systems, Inc. | |||||||||
Par Amount | $ 1,000,000,000 | [14],[23] | $ 1,000,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 1,000,000 | [5],[25] | 1,000,000,000 | ||||||
Cost | 1,000,000 | [14],[20],[23] | $ 1,000,000 | [1],[4],[5],[24],[25] | $ 1,000,000 | ||||
Fair Value | $ 1,020,000 | [14],[23] | $ 760,000 | [4],[5],[24],[25] | $ 750,000 | ||||
Percentage of Net Assets | 0.07% | [14],[23] | 0.05% | [4],[5],[24],[25] | 0.06% | 0.07% | [14],[23] | ||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | ||||||
Fair Value | $ (5,000) | ||||||||
Investment, Identifier [Axis]: Recovery Point Systems, Inc. 1 | |||||||||
Variable interest rate | 6% | [3],[13],[14] | 6.50% | 6.50% | 6% | [3],[13],[14] | |||
Interest Rate | 11.42% | [3],[13],[14] | 10.26% | 7.50% | 11.42% | [3],[13],[14] | |||
Par Amount | $ 40,740,000 | [3],[13],[14] | $ 41,055,000 | $ 41,475,000 | |||||
Cost | 40,298,000 | [3],[13],[14] | 40,514,000 | 40,805,000 | |||||
Fair Value | $ 40,740,000 | [3],[13],[14] | $ 41,002,000 | $ 41,475,000 | |||||
Percentage of Net Assets | 2.75% | [3],[13],[14] | 2.93% | 3.49% | 2.75% | [3],[13],[14] | |||
Investment, Identifier [Axis]: Recovery Point Systems, Inc. 2 | |||||||||
Variable interest rate | 6% | [3],[14],[15] | 6.50% | [15] | 6.50% | 6% | [3],[14],[15] | ||
Interest Rate | 11.42% | [3],[14],[15] | 10.26% | [15] | 7.50% | 11.42% | [3],[14],[15] | ||
Cost | $ (38,000) | [3],[14],[15] | $ (48,000) | [15] | $ (61,000) | ||||
Fair Value | [15] | $ (5,000) | |||||||
Percentage of Net Assets | 0% | 0% | |||||||
Investment, Identifier [Axis]: Red Dawn SEI Buyer, Inc. | |||||||||
Variable interest rate | 8.50% | [3],[14] | 8.50% | [3],[4],[5] | 8.50% | [6] | 8.50% | [3],[14] | |
Interest Rate | 13.99% | [3],[14],[27] | 12.67% | [3],[4],[5],[22] | 9.50% | [6],[8] | 13.99% | [3],[14],[27] | |
Par Amount | $ 19,000,000 | [3],[14] | $ 19,000,000 | [3],[4],[5] | $ 19,000,000 | [6] | |||
Cost | 18,707,000 | [3],[14],[20] | 18,653,000 | [1],[3],[4],[5] | 18,584,000 | [1],[6] | |||
Fair Value | $ 18,867,000 | [3],[14] | $ 17,904,000 | [3],[4],[5] | $ 19,000,000 | [6] | |||
Percentage of Net Assets | 1.27% | [3],[14] | 1.28% | [3],[4],[5] | 1.60% | [6] | 1.27% | [3],[14] | |
Investment, Identifier [Axis]: Redwood Services Group, LLC | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 3,620,000 | $ 729,000 | |||||||
Fair Value | $ (35,000) | $ (32,000) | |||||||
Investment, Identifier [Axis]: Redwood Services Group, LLC 1 | |||||||||
Variable interest rate | 6% | [14],[18] | 6% | 6% | [14],[18] | ||||
Interest Rate | 11.75% | [14],[18] | 10.68% | 11.75% | [14],[18] | ||||
Par Amount | $ 10,857,000 | [14],[18] | $ 10,939,000 | ||||||
Cost | 10,668,000 | [14],[18] | 10,732,000 | ||||||
Fair Value | $ 10,669,000 | [14],[18] | $ 10,462,000 | ||||||
Percentage of Net Assets | 0.72% | [14],[18] | 0.75% | 0.72% | [14],[18] | ||||
Investment, Identifier [Axis]: Redwood Services Group, LLC 2 | |||||||||
Variable interest rate | [15] | 6% | [14],[18] | 6% | 6% | [14],[18] | |||
Interest Rate | [15] | 11.75% | [14],[18] | 10.68% | 11.75% | [14],[18] | |||
Par Amount | [15] | $ 2,597,000 | [14],[18] | $ 1,880,000 | |||||
Cost | [15] | 2,534,000 | [14],[18] | 1,848,000 | |||||
Fair Value | [15] | $ 2,534,000 | [14],[18] | $ 1,766,000 | |||||
Percentage of Net Assets | [15] | 0.17% | [14],[18] | 0.13% | 0.17% | [14],[18] | |||
Investment, Identifier [Axis]: Revalize, Inc. | |||||||||
Variable interest rate | 10% | [3],[14],[23] | 10% | [5],[25],[37] | 10% | [3],[14],[23] | |||
Interest Rate | [3],[4],[24] | 10% | |||||||
Par Amount | [3] | $ 2,255,000 | [14],[23] | $ 2,255,000 | [4],[24] | ||||
Par Amount, Shares (in shares) | shares | 2,255 | [5],[25],[37] | 1,500,000 | ||||||
Cost | 2,569,000 | [3],[14],[20],[23] | $ 2,391,000 | [1],[3],[4],[5],[24],[25],[37] | $ 1,470,000 | ||||
Fair Value | $ 2,729,000 | [3],[14],[23] | $ 2,281,000 | [3],[4],[5],[24],[25],[37] | $ 1,470,000 | ||||
Percentage of Net Assets | 0.18% | [3],[14],[23] | 0.16% | [3],[4],[5],[24],[25],[37] | 0.12% | 0.18% | [3],[14],[23] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 62,000 | $ 71,000 | |||||||
Fair Value | $ (2,000) | $ (3,000) | |||||||
Investment, Identifier [Axis]: Revalize, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | [3],[4],[5] | 5.25% | [6],[10] | 5.75% | [14],[18] | |
Interest Rate | 11.30% | [14],[18],[27] | 10.48% | [3],[4],[5] | 6.25% | [6],[8],[10] | 11.30% | [14],[18],[27] | |
Par Amount | $ 19,652,000 | [3],[4],[5] | $ 19,715,000 | [6],[10] | € 19,505 | [14],[18] | |||
Cost | 19,543,000 | [3],[4],[5] | 19,570,000 | [1],[6],[10] | 19,418 | [14],[18],[20] | |||
Fair Value | $ 18,737,000 | [3],[4],[5] | $ 19,512,000 | [6],[10] | € 19,026 | [14],[18] | |||
Percentage of Net Assets | 1.28% | [14],[18] | 1.34% | [3],[4],[5] | 1.64% | [6],[10] | 1.28% | [14],[18] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 708,000 | ||||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Revalize, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [2],[3],[4],[5],[11] | 5.25% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.30% | [3],[14],[15],[27] | 10.48% | [2],[3],[4],[5],[11] | 6.25% | [6],[8],[10] | 11.30% | [3],[14],[15],[27] | |
Par Amount | € | [3],[14],[15] | € 9 | |||||||
Cost | $ (1,000) | [2],[3],[4],[5],[11] | $ (1,000) | [1],[6],[10] | 8 | [3],[14],[15],[20] | |||
Fair Value | $ (3,000) | [2],[3],[4],[5],[11] | $ (1,000) | [6],[10] | € 7 | [3],[14],[15] | |||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 71,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Reveal Data Solutions | |||||||||
Par Amount | [14],[23] | $ 477,846,000 | |||||||
Cost | [14],[20],[23] | 621,000 | |||||||
Fair Value | [14],[23] | $ 621,000 | |||||||
Percentage of Net Assets | [14],[23] | 0.04% | 0.04% | ||||||
Investment, Identifier [Axis]: Riskonnect Parent, LLC | |||||||||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 558,000 | $ 558,000 | |||||||
Fair Value | $ (3,000) | $ (21,000) | |||||||
Investment, Identifier [Axis]: Riskonnect Parent, LLC 1 | |||||||||
Variable interest rate | [18] | 5.50% | [14] | 5.50% | [4],[5],[19] | 5.50% | [14] | ||
Interest Rate | [18] | 11.04% | [14],[27] | 10.08% | [4],[5],[19] | 11.04% | [14],[27] | ||
Par Amount | [18] | $ 444,000 | [4],[5],[19] | € 520 | [14] | ||||
Cost | [18] | 436,000 | [4],[5],[19] | 512 | [14],[20] | ||||
Fair Value | [18] | $ 427,000 | [4],[5],[19] | € 517 | [14] | ||||
Percentage of Net Assets | [18] | 0.03% | [14] | 0.03% | [4],[5],[19] | 0.03% | [14] | ||
Investment, Identifier [Axis]: Riskonnect Parent, LLC 2 | |||||||||
Variable interest rate | [18] | 5.50% | [14],[15] | 5.50% | [2],[4],[5],[11],[19] | 5.50% | [14],[15] | ||
Interest Rate | [18] | 11.04% | [14],[15],[27] | 10.08% | [2],[4],[5],[11],[19] | 11.04% | [14],[15],[27] | ||
Par Amount | [2],[4],[5],[11],[18],[19] | $ 80,000 | |||||||
Cost | [18] | 73,000 | [2],[4],[5],[11],[19] | € (5) | [14],[15],[20] | ||||
Fair Value | [18] | $ 55,000 | [2],[4],[5],[11],[19] | € (3) | [14],[15] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: RoadOne IntermodaLogistics 1 | |||||||||
Variable interest rate | [3],[4] | 6.25% | 6.25% | 6.25% | |||||
Interest Rate | [3],[4],[7] | 11.72% | 10.81% | 11.72% | |||||
Par Amount | [3],[4] | $ 1,660,000 | $ 1,672,000 | ||||||
Cost | [3],[4],[20] | 1,614,000 | 1,622,000 | ||||||
Fair Value | [3],[4] | $ 1,629,000 | $ 1,622,000 | ||||||
Percentage of Net Assets | [3],[4] | 0.11% | 0.12% | 0.11% | |||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 295,000 | $ 426,000 | |||||||
Fair Value | $ (5,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: RoadOne IntermodaLogistics 2 | |||||||||
Variable interest rate | [3],[4] | 6.25% | [2] | 6.25% | [12] | 6.25% | [2] | ||
Interest Rate | [3],[4],[7] | 11.72% | [2] | 10.81% | [12] | 11.72% | [2] | ||
Par Amount | [2],[3],[4] | $ 130,000 | |||||||
Cost | [3],[4],[20] | 122,000 | [2] | $ (6,000) | [12] | ||||
Fair Value | [3],[4] | $ 122,000 | [2] | $ (6,000) | [12] | ||||
Percentage of Net Assets | 0.01% | [2],[3],[4] | 0% | 0.01% | [2],[3],[4] | ||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 310,000 | $ 255,000 | |||||||
Fair Value | $ (6,000) | $ (8,000) | |||||||
Investment, Identifier [Axis]: RoadOne IntermodaLogistics 3 | |||||||||
Variable interest rate | [3],[4] | 6.25% | [2] | 6.25% | [12] | 6.25% | [2] | ||
Interest Rate | [3],[4],[7] | 11.72% | [2] | 10.81% | [12] | 11.72% | [2] | ||
Par Amount | [3],[4] | $ 20,000 | [2] | $ 75,000 | [12] | ||||
Cost | [3],[4],[20] | 12,000 | [2] | 65,000 | [12] | ||||
Fair Value | [3],[4] | $ 14,000 | [2] | $ 65,000 | [12] | ||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Securonix, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 3,782,000 | $ 3,782,000 | |||||||
Fair Value | $ (112,000) | $ (137,000) | |||||||
Investment, Identifier [Axis]: Securonix, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.50% | [14] | 6.50% | [4],[5],[19] | 6.50% | [14] | ||
Interest Rate | [18] | 11.27% | [14],[27] | 10.10% | [4],[5],[19] | 11.27% | [14],[27] | ||
Par Amount | [18] | $ 21,010,000 | [4],[5],[19] | € 21,010 | [14] | ||||
Cost | [18] | 20,678,000 | [4],[5],[19] | 20,715 | [14],[20] | ||||
Fair Value | [18] | $ 20,249,000 | [4],[5],[19] | € 20,390 | [14] | ||||
Percentage of Net Assets | [18] | 1.38% | [14] | 1.45% | [4],[5],[19] | 1.38% | [14] | ||
Investment, Identifier [Axis]: Securonix, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.50% | [15] | 6.50% | [2],[4],[5],[11],[19] | 6.50% | [15] | ||
Interest Rate | [18] | 11.27% | [15],[27] | 10.10% | [2],[4],[5],[11],[19] | 11.27% | [15],[27] | ||
Cost | [18] | $ (58,000) | [2],[4],[5],[11],[19] | € (50) | [15],[20] | ||||
Fair Value | [18] | $ (137,000) | [2],[4],[5],[11],[19] | € (112) | [15] | ||||
Percentage of Net Assets | [18] | (0.01%) | [15] | (0.01%) | [2],[4],[5],[11],[19] | (0.01%) | [15] | ||
Investment, Identifier [Axis]: Shelby Co-invest, LP (Spectrum Automotive) | |||||||||
Par Amount | $ 8,500,000 | [14],[23] | $ 8,500,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 8,500 | [5],[25] | 8,500,000 | ||||||
Cost | 850,000 | [14],[20],[23] | $ 850,000 | [1],[4],[5],[24],[25] | $ 850,000 | ||||
Fair Value | $ 1,346,000 | [14],[23] | $ 1,194,000 | [4],[5],[24],[25] | $ 993,000 | ||||
Percentage of Net Assets | 0.09% | [14],[23] | 0.09% | [4],[5],[24],[25] | 0.08% | 0.09% | [14],[23] | ||
Investment, Identifier [Axis]: Sherlock Buyer Corp. 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [4],[5],[18],[19] | 5.75% | [6],[19] | 5.75% | [3],[14] | |
Interest Rate | 11.24% | [3],[14] | 10.48% | [4],[5],[7],[18],[19],[22] | 6.50% | [6],[8],[19] | 11.24% | [3],[14] | |
Par Amount | $ 10,977,000 | [3],[14] | $ 11,061,000 | [4],[5],[18],[19] | $ 11,145,000 | [6],[19] | |||
Cost | 10,803,000 | [3],[14] | 10,867,000 | [1],[4],[5],[18],[19],[20] | 10,923,000 | [1],[6],[19] | |||
Fair Value | $ 10,940,000 | [3],[14] | $ 10,816,000 | [4],[5],[18],[19] | $ 10,923,000 | [6],[19] | |||
Percentage of Net Assets | 0.74% | [3],[14] | 0.77% | [4],[5],[18],[19] | 0.92% | [6],[19] | 0.74% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 3,215,000 | $ 3,215,000 | $ 3,215,000 | ||||||
Fair Value | $ (11,000) | $ (71,000) | $ (32,000) | ||||||
Investment, Identifier [Axis]: Sherlock Buyer Corp. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [4],[5],[12],[18],[19] | 5.75% | [6],[10],[19] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.24% | [3],[14],[15] | 10.48% | [4],[5],[7],[12],[18],[19],[22] | 6.50% | [6],[8],[10],[19] | 11.24% | [3],[14],[15] | |
Cost | $ (24,000) | [3],[14],[15] | $ (27,000) | [1],[4],[5],[12],[18],[19],[20] | $ (32,000) | [1],[6],[10],[19] | |||
Fair Value | $ (11,000) | [3],[14],[15] | $ (71,000) | [4],[5],[12],[18],[19] | $ (32,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | (0.01%) | [4],[5],[12],[18] | 0% | [6],[10] | ||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,286,000 | $ 1,286,000 | $ 1,286,000 | ||||||
Fair Value | $ (4,000) | $ (28,000) | $ (25,000) | ||||||
Investment, Identifier [Axis]: Sherlock Buyer Corp. 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [4],[5],[12],[18],[19] | 5.75% | [6],[10],[19] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.24% | [3],[14],[15] | 10.48% | [4],[5],[7],[12],[18],[19],[22] | 6.50% | [6],[8],[10],[19] | 11.24% | [3],[14],[15] | |
Cost | $ (18,000) | [3],[14],[15] | $ (21,000) | [1],[4],[5],[12],[18],[19],[20] | $ (25,000) | [1],[6],[10],[19] | |||
Fair Value | $ (4,000) | [3],[14],[15] | $ (28,000) | [4],[5],[12],[18],[19] | $ (25,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 0% | [5] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: SitusAMC Holdings Corp. | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [4],[18] | 5.75% | [6],[19] | 5.50% | [14],[18] | |
Interest Rate | 10.99% | [14],[18] | 10.23% | [4],[7],[18] | 6.50% | [6],[8],[19] | 10.99% | [14],[18] | |
Par Amount | $ 3,337,000 | [14],[18] | $ 3,573,000 | [4],[18] | $ 3,600,000 | [6],[19] | |||
Cost | 3,310,000 | [14],[18] | 3,542,000 | [4],[9],[18] | 3,564,000 | [1],[6],[19] | |||
Fair Value | $ 3,301,000 | [14],[18] | $ 3,417,000 | [4],[18] | $ 3,564,000 | [6],[19] | |||
Percentage of Net Assets | 0.22% | [14],[18] | 0.24% | [4],[18] | 0.30% | [6],[19] | 0.22% | [14],[18] | |
Investment, Identifier [Axis]: Skykick, Inc. | |||||||||
Par Amount | $ 134,101,000 | [14],[23] | $ 134,101,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 134,101 | [5],[25] | 134,101,000 | ||||||
Cost | 1,275,000 | [14],[20],[23] | $ 1,275,000 | [1],[4],[5],[24],[25] | $ 1,275,000 | ||||
Fair Value | $ 1,275,000 | [14],[23] | $ 963,000 | [4],[5],[24],[25] | $ 1,298,000 | ||||
Percentage of Net Assets | 0.09% | [14],[23] | 0.07% | [4],[5],[24],[25] | 0.11% | 0.09% | [14],[23] | ||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,155,000 | $ 2,625,000 | |||||||
Fair Value | $ (29,000) | $ (31,000) | |||||||
Investment, Identifier [Axis]: Skykick, Inc. 1 | |||||||||
Variable interest rate | 7.25% | [3],[14] | 7.25% | [3],[4],[5] | 7.25% | [6] | 7.25% | [3],[14] | |
Interest Rate | 12.84% | [3],[14],[27] | 11% | [3],[4],[5] | 8.25% | [6],[8] | 12.84% | [3],[14],[27] | |
Par Amount | $ 6,300,000 | [3],[4],[5] | $ 6,300,000 | [6] | € 6,300 | [3],[14] | |||
Cost | 6,171,000 | [3],[4],[5] | 6,149,000 | [1],[6] | 6,187 | [3],[14],[20] | |||
Fair Value | $ 6,142,000 | [3],[4],[5] | $ 6,149,000 | [6] | € 5,872 | [3],[14] | |||
Percentage of Net Assets | 0.40% | [3],[14] | 0.44% | [3],[4],[5] | 0.52% | [6] | 0.40% | [3],[14] | |
Investment, Identifier [Axis]: Skykick, Inc. 2 | |||||||||
Variable interest rate | 7.25% | [3],[14] | 7.25% | [2],[3],[4],[5],[11] | 7.25% | [6],[10] | 7.25% | [3],[14] | |
Interest Rate | 12.84% | [3],[14],[27] | 11% | [2],[3],[4],[5],[11] | 8.25% | [6],[8],[10] | 12.84% | [3],[14],[27] | |
Par Amount | [3] | $ 1,470,000 | [2],[4],[5],[11] | € 2,415 | [14] | ||||
Cost | 1,427,000 | [2],[3],[4],[5],[11] | $ (31,000) | [1],[6],[10] | 2,369 | [3],[14],[20] | |||
Fair Value | $ 1,404,000 | [2],[3],[4],[5],[11] | $ (31,000) | [6],[10] | € 2,251 | [3],[14] | |||
Percentage of Net Assets | 0.15% | [3],[14] | 0.10% | [2],[3],[4],[5],[11] | 0% | [6],[10] | 0.15% | [3],[14] | |
Investment, Identifier [Axis]: Smarsh, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.50% | [14] | 6.50% | [4] | 6.50% | [14] | ||
Interest Rate | [18] | 11.84% | [14] | 11.29% | [4],[7] | 11.84% | [14] | ||
Par Amount | [18] | $ 4,286,000 | [14] | $ 4,286,000 | [4] | ||||
Cost | [18] | 4,215,000 | [14] | 4,208,000 | [4],[9] | ||||
Fair Value | [18] | $ 4,200,000 | [14] | $ 4,126,000 | [4] | ||||
Percentage of Net Assets | [18] | 0.28% | [14] | 0.30% | [4] | 0.28% | [14] | ||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 536,000 | $ 536,000 | |||||||
Fair Value | $ (11,000) | $ (20,000) | |||||||
Investment, Identifier [Axis]: Smarsh, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.50% | [14],[15] | 6.50% | [4],[12] | 6.50% | [14],[15] | ||
Interest Rate | [18] | 11.84% | [14],[15] | 11.29% | [4],[7],[12] | 11.84% | [14],[15] | ||
Par Amount | [18] | $ 536,000 | [14],[15] | $ 536,000 | [4],[12] | ||||
Cost | [18] | 523,000 | [14],[15] | 521,000 | [4],[9],[12] | ||||
Fair Value | [18] | $ 514,000 | [14],[15] | $ 496,000 | [4],[12] | ||||
Percentage of Net Assets | [18] | 0.03% | [14],[15] | 0.04% | [4],[12] | 0.03% | [14],[15] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 268,000 | $ 268,000 | |||||||
Fair Value | $ (5,000) | $ (10,000) | |||||||
Investment, Identifier [Axis]: Smarsh, Inc. 3 | |||||||||
Variable interest rate | [18] | 6.50% | [14],[15] | 6.50% | [4],[12] | 6.50% | [14],[15] | ||
Interest Rate | [18] | 11.84% | [14],[15] | 11.29% | [4],[7],[12] | 11.84% | [14],[15] | ||
Cost | [18] | $ (4,000) | [14],[15] | $ (5,000) | [4],[9],[12] | ||||
Fair Value | [18] | $ (5,000) | [14],[15] | $ (10,000) | [4],[12] | ||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 21,225,000 | ||||||||
Fair Value | $ (410,000) | ||||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. 1 | |||||||||
Variable interest rate | [6] | 5.50% | |||||||
Interest Rate | [6],[22] | 6.50% | |||||||
Par Amount | [6] | $ 7,075,000 | |||||||
Cost | [1],[6] | 6,938,000 | |||||||
Fair Value | [6] | $ 6,938,000 | |||||||
Percentage of Net Assets | [6] | 0.58% | |||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. 2 | |||||||||
Variable interest rate | [6],[21] | 6.75% | |||||||
Interest Rate | [6],[21],[22] | 7.75% | |||||||
Par Amount | [6],[21] | $ 5,414,000 | |||||||
Cost | [1],[6],[21] | 5,321,000 | |||||||
Fair Value | [6],[21] | $ 5,321,000 | |||||||
Percentage of Net Assets | [6],[21] | 0.45% | |||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. 3 | |||||||||
Variable interest rate | [6],[10] | 6.75% | |||||||
Interest Rate | [6],[10],[22] | 7.75% | |||||||
Par Amount | [6],[10] | $ 14,447,000 | |||||||
Cost | [1],[6],[10] | 14,203,000 | |||||||
Fair Value | [6],[10] | $ 14,203,000 | |||||||
Percentage of Net Assets | [6],[10] | 1.19% | |||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. 4 | |||||||||
Variable interest rate | [6],[10] | 5.50% | |||||||
Interest Rate | [6],[10],[22] | 6.50% | |||||||
Cost | [1],[6],[10] | $ (410,000) | |||||||
Fair Value | [6],[10] | $ (410,000) | |||||||
Percentage of Net Assets | [6],[10] | (0.03%) | |||||||
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 1 | |||||||||
Variable interest rate | [3],[4] | 6.75% | [13] | 6.04% | [17] | 6.75% | [13] | ||
Interest Rate | [3],[4],[7] | 12.27% | [13] | 10.29% | [17] | 12.27% | [13] | ||
Par Amount | [3],[4] | $ 40,817,000 | [13] | $ 12,363,000 | [17] | ||||
Cost | [3],[4],[20] | 40,296,000 | [13] | 12,178,000 | [17] | ||||
Fair Value | [3],[4] | $ 40,780,000 | [13] | $ 11,839,000 | [17] | ||||
Percentage of Net Assets | [3],[4] | 2.75% | [13] | 0.85% | [17] | 2.75% | [13] | ||
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 2 | |||||||||
Variable interest rate | [3],[4] | 6.75% | [13] | 6.75% | 6.75% | [13] | |||
Interest Rate | [3],[4],[7] | 12.27% | [13] | 11% | 12.27% | [13] | |||
Par Amount | [3],[4] | $ 5,319,000 | [13] | $ 34,154,000 | |||||
Cost | [3],[4],[20] | 5,257,000 | [13] | 33,656,000 | |||||
Fair Value | [3],[4] | $ 5,314,000 | [13] | $ 32,706,000 | |||||
Percentage of Net Assets | [3],[4] | 0.36% | [13] | 2.34% | 0.36% | [13] | |||
Investment, Identifier [Axis]: Southern Veterinary Partners, LLC | |||||||||
Variable interest rate | 5.50% | ||||||||
Interest Rate | 9.93% | ||||||||
Par Amount | $ 899,000 | ||||||||
Cost | 883,000 | ||||||||
Fair Value | $ 854,000 | ||||||||
Percentage of Net Assets | 0.06% | ||||||||
Investment, Identifier [Axis]: Spectrio, LLC 1 | |||||||||
Variable interest rate | [3],[13],[14] | 6% | 6% | ||||||
Interest Rate | [3],[13],[14] | 11.50% | 11.50% | ||||||
Par Amount | [3],[13],[14] | $ 31,329,000 | |||||||
Cost | [3],[13],[14] | 31,004,000 | |||||||
Fair Value | [3],[13],[14] | $ 29,913,000 | |||||||
Percentage of Net Assets | [3],[13],[14] | 2.02% | 2.02% | ||||||
Investment, Identifier [Axis]: Spectrio, LLC 2 | |||||||||
Variable interest rate | [3],[14] | 6% | 6% | ||||||
Interest Rate | [3],[14] | 11.50% | 11.50% | ||||||
Par Amount | [3],[14] | $ 12,638,000 | |||||||
Cost | [3],[14] | 12,595,000 | |||||||
Fair Value | [3],[14] | $ 12,067,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.81% | 0.81% | ||||||
Investment, Identifier [Axis]: Spectrio, LLC 3 | |||||||||
Variable interest rate | [3],[14] | 6% | 6% | ||||||
Interest Rate | [3],[14] | 11.50% | 11.50% | ||||||
Par Amount | [3],[14] | $ 3,947,000 | |||||||
Cost | [3],[14] | 3,905,000 | |||||||
Fair Value | [3],[14] | $ 3,769,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.25% | 0.25% | ||||||
Investment, Identifier [Axis]: Spectrum Automotive Holdings Corp. 1 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [13] | 5.75% | [17] | 5.75% | [13] | ||
Interest Rate | [4],[7],[18] | 11.18% | [13] | 10.48% | [17] | 11.18% | [13] | ||
Par Amount | [4],[18] | $ 23,470,000 | [13] | $ 23,650,000 | [17] | ||||
Cost | [4],[18],[20] | 23,210,000 | [13] | 23,358,000 | [17] | ||||
Fair Value | [4],[18] | $ 22,853,000 | [13] | $ 22,274,000 | [17] | ||||
Percentage of Net Assets | [4],[18] | 1.54% | [13] | 1.59% | [17] | 1.54% | [13] | ||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,154,000 | $ 1,917,000 | |||||||
Fair Value | $ (30,000) | $ (112,000) | |||||||
Investment, Identifier [Axis]: Spectrum Automotive Holdings Corp. 2 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [12] | 5.75% | [2] | ||
Interest Rate | [4],[7],[18] | 11.18% | [2] | 10.48% | [12] | 11.18% | [2] | ||
Par Amount | [4],[18] | $ 5,379,000 | [2] | $ 4,656,000 | [12] | ||||
Cost | [4],[18],[20] | 5,312,000 | [2] | 4,585,000 | [12] | ||||
Fair Value | [4],[18] | $ 5,207,000 | [2] | $ 4,273,000 | [12] | ||||
Percentage of Net Assets | [4],[18] | 0.35% | [2] | 0.31% | [12] | 0.35% | [2] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 881,000 | $ 881,000 | |||||||
Fair Value | $ (23,000) | $ (51,000) | |||||||
Investment, Identifier [Axis]: Spectrum Automotive Holdings Corp. 3 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [12] | 5.75% | [2] | ||
Interest Rate | [4],[7],[18] | 11.18% | [2] | 10.48% | [12] | 11.18% | [2] | ||
Cost | [4],[18],[20] | $ (8,000) | [2] | $ (10,000) | [12] | ||||
Fair Value | [4],[18] | $ (23,000) | [2] | $ (51,000) | [12] | ||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Spotless Brands, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 145,000 | $ 145,000 | |||||||
Fair Value | $ (2,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: Spotless Brands, LLC 1 | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4] | 6.50% | [14] | ||
Interest Rate | [3] | 12% | [14] | 10.71% | [4],[7] | 12% | [14] | ||
Par Amount | [3] | $ 4,514,000 | [14] | $ 4,549,000 | [4] | ||||
Cost | [3] | 4,438,000 | [14] | 4,463,000 | [4],[9] | ||||
Fair Value | [3] | $ 4,458,000 | [14] | $ 4,371,000 | [4] | ||||
Percentage of Net Assets | [3] | 0.30% | [14] | 0.31% | [4] | 0.30% | [14] | ||
Investment, Identifier [Axis]: Spotless Brands, LLC 2 | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4] | 6.50% | [14] | ||
Interest Rate | [3] | 12% | [14] | 10.71% | [4],[7] | 12% | [14] | ||
Par Amount | [3] | $ 855,000 | [14] | $ 860,000 | [4] | ||||
Cost | [3] | 840,000 | [14] | 843,000 | [4],[9] | ||||
Fair Value | [3] | $ 845,000 | [14] | $ 826,000 | [4] | ||||
Percentage of Net Assets | [3] | 0.06% | [14] | 0.06% | [4] | 0.06% | [14] | ||
Investment, Identifier [Axis]: Spotless Brands, LLC 3 | |||||||||
Variable interest rate | [3] | 6.50% | [14],[15] | 6.50% | [4],[12] | 6.50% | [14],[15] | ||
Interest Rate | [3] | 12% | [14],[15] | 10.71% | [4],[7],[12] | 12% | [14],[15] | ||
Cost | [3] | $ (2,000) | [14],[15] | $ (3,000) | [4],[9],[12] | ||||
Fair Value | [3] | $ (2,000) | [14],[15] | $ (6,000) | [4],[12] | ||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC 1 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | 5.75% | [14],[18] | ||||
Interest Rate | 11.24% | [14],[18] | 10.48% | 11.24% | [14],[18] | ||||
Par Amount | $ 4,309,000 | [14],[18] | $ 4,342,000 | ||||||
Cost | 4,257,000 | [14],[18] | 4,284,000 | ||||||
Fair Value | $ 4,239,000 | [14],[18] | $ 4,111,000 | ||||||
Percentage of Net Assets | 0.29% | [14],[18] | 0.29% | 0.29% | [14],[18] | ||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 423,000 | $ 737,000 | |||||||
Fair Value | $ (7,000) | $ (39,000) | |||||||
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC 2 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | 5.75% | [14],[18] | |||
Interest Rate | [15] | 11.24% | [14],[18] | 10.48% | 11.24% | [14],[18] | |||
Par Amount | [15] | $ 820,000 | [14],[18] | $ 511,000 | |||||
Cost | [15] | 808,000 | [14],[18] | 500,000 | |||||
Fair Value | [15] | $ 800,000 | [14],[18] | $ 444,000 | |||||
Percentage of Net Assets | [15] | 0.05% | [14],[18] | 0.03% | 0.05% | [14],[18] | |||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 538,000 | $ 175,000 | |||||||
Fair Value | $ (9,000) | $ (9,000) | |||||||
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC 3 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 4.75% | 5.75% | [14],[18] | |||
Interest Rate | [15] | 11.24% | [14],[18] | 12.25% | 11.24% | [14],[18] | |||
Par Amount | [15] | $ 88,000 | [14],[18] | $ 450,000 | |||||
Cost | [15] | 81,000 | [14],[18] | 442,000 | |||||
Fair Value | [15] | $ 77,000 | [14],[18] | $ 417,000 | |||||
Percentage of Net Assets | [15] | 0.01% | [14],[18] | 0.03% | 0.01% | [14],[18] | |||
Investment, Identifier [Axis]: Summit Acquisition, Inc. 1 | |||||||||
Variable interest rate | [13],[14],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [13],[14],[18] | 12.14% | 12.14% | ||||||
Par Amount | [13],[14],[18] | $ 7,371,000 | |||||||
Cost | [13],[14],[18] | 7,158,000 | |||||||
Fair Value | [13],[14],[18] | $ 7,232,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 0.49% | 0.49% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,638,000 | ||||||||
Fair Value | $ (31,000) | ||||||||
Investment, Identifier [Axis]: Summit Acquisition, Inc. 2 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Cost | [14],[15],[18] | $ (23,000) | |||||||
Fair Value | [14],[15],[18] | $ (31,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 819,000 | ||||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: Summit Acquisition, Inc. 3 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Cost | [14],[15],[18] | $ (23,000) | |||||||
Fair Value | [14],[15],[18] | $ (15,000) | |||||||
Investment, Identifier [Axis]: Summit Buyer, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[4] | 5.75% | [3],[4],[5] | 5% | [6] | 5.75% | [3],[4] | |
Interest Rate | 11.24% | [3],[4] | 10.13% | [3],[4],[5],[7] | 6% | [6],[22] | 11.24% | [3],[4] | |
Par Amount | $ 21,952,000 | [3],[4] | $ 22,120,000 | [3],[4],[5] | $ 22,344,000 | [6] | |||
Cost | 21,701,000 | [3],[4] | 21,795,000 | [3],[4],[5],[9] | 21,923,000 | [1],[6] | |||
Fair Value | $ 21,701,000 | [3],[4] | $ 21,142,000 | [3],[4],[5] | $ 22,167,000 | [6] | |||
Percentage of Net Assets | 1.46% | [3],[4] | 1.51% | [3],[4],[5] | 1.86% | [6] | 1.46% | [3],[4] | |
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 227,000 | $ 3,304,000 | $ 13,656,000 | ||||||
Fair Value | $ (3,000) | $ (146,000) | $ (108,000) | ||||||
Investment, Identifier [Axis]: Summit Buyer, LLC 2 | |||||||||
Variable interest rate | 5.75% | [2],[3],[4] | 5.75% | [3],[4],[5],[11],[12] | 5% | [6],[10] | 5.75% | [2],[3],[4] | |
Interest Rate | 11.24% | [2],[3],[4] | 10.13% | [3],[4],[5],[7],[11],[12] | 6% | [6],[10],[22] | 11.24% | [2],[3],[4] | |
Par Amount | $ 32,063,000 | [2],[3],[4] | $ 28,996,000 | [3],[4],[5],[11],[12] | $ 18,887,000 | [6],[10] | |||
Cost | 31,684,000 | [2],[3],[4] | 28,544,000 | [3],[4],[5],[9],[11],[12] | 18,416,000 | [1],[6],[10] | |||
Fair Value | $ 31,684,000 | [2],[3],[4] | $ 27,569,000 | [3],[4],[5],[11],[12] | $ 18,630,000 | [6],[10] | |||
Percentage of Net Assets | 2.14% | [2],[3],[4] | 1.97% | [3],[4],[5],[11],[12] | 1.57% | [6],[10] | 2.14% | [2],[3],[4] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,881,000 | $ 2,420,000 | $ 2,420,000 | ||||||
Fair Value | $ (19,000) | $ (107,000) | $ (19,000) | ||||||
Investment, Identifier [Axis]: Summit Buyer, LLC 3 | |||||||||
Variable interest rate | 4.75% | [2],[4] | 5.75% | [3],[4],[5],[11],[12] | 5% | [6],[10] | 4.75% | [2],[4] | |
Interest Rate | 13.25% | [2],[4] | 10.13% | [3],[4],[5],[7],[11],[12] | 6% | [6],[10],[22] | 13.25% | [2],[4] | |
Par Amount | [2],[4] | $ 562,000 | |||||||
Cost | 537,000 | [2],[4] | $ (32,000) | [3],[4],[5],[9],[11],[12] | $ (43,000) | [1],[6],[10] | |||
Fair Value | $ 537,000 | [2],[4] | $ (107,000) | [3],[4],[5],[11],[12] | $ (19,000) | [6],[10] | |||
Percentage of Net Assets | 0.04% | [2],[4] | (0.01%) | [3],[4],[5],[11],[12] | 0% | [6],[10] | 0.04% | [2],[4] | |
Investment, Identifier [Axis]: Superman Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 380,000 | ||||||||
Fair Value | $ (5,000) | ||||||||
Investment, Identifier [Axis]: Superman Holdings, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 5.75% | 5.75% | ||||||
Interest Rate | [3],[14] | 11.52% | 11.52% | ||||||
Par Amount | [3],[14] | $ 1,605,000 | |||||||
Cost | [3],[14] | 1,568,000 | |||||||
Fair Value | [3],[14] | $ 1,586,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.11% | 0.11% | ||||||
Investment, Identifier [Axis]: Superman Holdings, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 5.75% | 5.75% | ||||||
Interest Rate | [3],[14],[15] | 11.52% | 11.52% | ||||||
Cost | [3],[14],[15] | $ (4,000) | |||||||
Fair Value | [3],[14],[15] | $ (4,000) | |||||||
Investment, Identifier [Axis]: Surewerx Purchaser III, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.75% | [14],[28] | 6.75% | [4],[5],[19],[29],[30] | 6.75% | [14],[28] | ||
Interest Rate | [18] | 12.14% | [14],[28] | 11.30% | [4],[5],[7],[19],[22],[29],[30] | 12.14% | [14],[28] | ||
Par Amount | [18] | $ 5,461,000 | [14],[28] | $ 17,527,000 | [4],[5],[19],[29],[30] | ||||
Cost | [18] | 5,309,000 | [14],[28] | 17,002,000 | [1],[4],[5],[19],[20],[29],[30] | ||||
Fair Value | [18] | $ 5,461,000 | [14],[28] | $ 17,002,000 | [4],[5],[19],[29],[30] | ||||
Percentage of Net Assets | [18] | 0.37% | [14],[28] | 1.22% | [4],[5],[19],[29],[30] | 0.37% | [14],[28] | ||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 1,128,000 | $ 1,681,000 | |||||||
Fair Value | $ (50,000) | ||||||||
Investment, Identifier [Axis]: Surewerx Purchaser III, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.75% | [14],[15],[28] | 6.75% | [4],[5],[12],[19],[29],[30] | 6.75% | [14],[15],[28] | ||
Interest Rate | [18] | 12.14% | [14],[15],[28] | 11.30% | [4],[5],[7],[12],[19],[22],[29],[30] | 12.14% | [14],[15],[28] | ||
Cost | [18] | $ (20,000) | [14],[15],[28] | $ (72,000) | [1],[4],[5],[12],[19],[20],[29],[30] | ||||
Fair Value | [4],[5],[12],[18],[19],[29],[30] | $ (72,000) | |||||||
Percentage of Net Assets | [4],[5],[12],[18],[19],[29],[30] | (0.01%) | |||||||
Unused Fee Rate | 0.50% | 1% | |||||||
Unfunded Commitment | $ 454,000 | $ 3,601,000 | |||||||
Fair Value | $ (72,000) | ||||||||
Investment, Identifier [Axis]: Surewerx Purchaser III, Inc. 3 | |||||||||
Variable interest rate | [18] | 6.75% | [14],[15],[28] | 6.75% | [4],[5],[12],[19],[29],[30] | 6.75% | [14],[15],[28] | ||
Interest Rate | [18] | 12.14% | [14],[15],[28] | 11.30% | [4],[5],[7],[12],[19],[22],[29],[30] | 12.14% | [14],[15],[28] | ||
Par Amount | [18] | $ 614,000 | [14],[15],[28] | $ 240,000 | [4],[5],[12],[19],[29],[30] | ||||
Cost | [18] | 586,000 | [14],[15],[28] | 183,000 | [1],[4],[5],[12],[19],[20],[29],[30] | ||||
Fair Value | [18] | $ 614,000 | [14],[15],[28] | $ 183,000 | [4],[5],[12],[19],[29],[30] | ||||
Percentage of Net Assets | [18] | 0.04% | [14],[15],[28] | 0.01% | [4],[5],[12],[19],[29],[30] | 0.04% | [14],[15],[28] | ||
Investment, Identifier [Axis]: Surewerx Topco, LP | |||||||||
Par Amount | $ 512,000 | [14],[23],[28] | $ 512,000 | [4],[24],[38] | |||||
Par Amount, Shares (in shares) | shares | [5],[25],[29] | 512 | |||||||
Cost | 512,000 | [14],[20],[23],[28] | $ 512,000 | [1],[4],[5],[24],[25],[29],[38] | |||||
Fair Value | $ 553,000 | [14],[23],[28] | $ 512,000 | [4],[5],[24],[25],[29],[38] | |||||
Percentage of Net Assets | 0.04% | [14],[23],[28] | 0.04% | [4],[5],[24],[25],[29],[38] | 0.04% | [14],[23],[28] | |||
Investment, Identifier [Axis]: Suveto | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,125,000 | ||||||||
Fair Value | $ (27,000) | ||||||||
Investment, Identifier [Axis]: Suveto 1 | |||||||||
Variable interest rate | 4.25% | [14],[18] | 5% | [15] | 4.25% | [14],[18] | |||
Interest Rate | 9.67% | [14],[18] | 9.38% | [15] | 9.67% | [14],[18] | |||
Par Amount | $ 11,867,000 | [14],[18] | $ 11,038,000 | [15] | |||||
Cost | 11,778,000 | [14],[18] | 10,935,000 | [15] | |||||
Fair Value | $ 11,588,000 | [14],[18] | $ 10,461,000 | [15] | |||||
Percentage of Net Assets | 0.78% | [14],[18] | 0.75% | [15] | 0.78% | [14],[18] | |||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 5,081,000 | ||||||||
Fair Value | $ (182,000) | ||||||||
Investment, Identifier [Axis]: Suveto 2 | |||||||||
Variable interest rate | [15] | 4.25% | [14],[18] | 5% | 4.25% | [14],[18] | |||
Interest Rate | [15] | 9.67% | [14],[18] | 9.38% | 9.67% | [14],[18] | |||
Par Amount | [15] | $ 172,000 | [14],[18] | $ 810,000 | |||||
Cost | [15] | 157,000 | [14],[18] | 793,000 | |||||
Fair Value | [15] | $ 141,000 | [14],[18] | $ 764,000 | |||||
Percentage of Net Assets | [15] | 0.01% | [14],[18] | 0.05% | 0.01% | [14],[18] | |||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 486,000 | ||||||||
Fair Value | (18,000) | ||||||||
Investment, Identifier [Axis]: Suveto Buyer, LLC | |||||||||
Par Amount | [14],[23],[28] | $ 19,257,000 | |||||||
Par Amount, Shares (in shares) | shares | 17,000,000 | ||||||||
Cost | 1,926,000 | [14],[20],[23],[28] | $ 1,700,000 | ||||||
Fair Value | $ 1,796,000 | [14],[23],[28] | $ 1,700,000 | ||||||
Percentage of Net Assets | 0.12% | [14],[23],[28] | 0.14% | 0.12% | [14],[23],[28] | ||||
Investment, Identifier [Axis]: Suveto Buyer, LLC 1 | |||||||||
Variable interest rate | [6],[10],[19] | 4.25% | |||||||
Interest Rate | [6],[8],[10],[19] | 5% | |||||||
Par Amount | [6],[10],[19] | $ 7,755,000 | |||||||
Cost | [1],[6],[10],[19] | 7,643,000 | |||||||
Fair Value | [6],[10],[19] | $ 7,608,000 | |||||||
Percentage of Net Assets | [6],[10],[19] | 0.64% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 8,442,000 | ||||||||
Fair Value | $ (78,000) | ||||||||
Investment, Identifier [Axis]: Suveto Buyer, LLC 2 | |||||||||
Variable interest rate | [6],[10] | 3.25% | |||||||
Interest Rate | [6],[8],[10] | 6.50% | |||||||
Par Amount | [6],[10] | $ 590,000 | |||||||
Cost | [1],[6],[10] | 575,000 | |||||||
Fair Value | [6],[10] | $ 575,000 | |||||||
Percentage of Net Assets | [6],[10] | 0.05% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 707,000 | ||||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Suveto Co-Invest, LP | |||||||||
Par Amount | [4],[24],[38] | $ 17,000,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[25],[29] | 17,000 | |||||||
Cost | [1],[4],[5],[24],[25],[29],[38] | $ 1,700,000 | |||||||
Fair Value | [4],[5],[24],[25],[29],[38] | $ 1,963,000 | |||||||
Percentage of Net Assets | [4],[5],[24],[25],[29],[38] | 0.14% | |||||||
Investment, Identifier [Axis]: Sweep Purchaser, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [3],[4],[5] | 5.75% | [6] | 5.75% | [3],[14] | |
Interest Rate | 11.22% | [3],[14] | 10.47% | [3],[4],[5],[7],[22] | 6.75% | [6],[8] | 11.22% | [3],[14] | |
Par Amount | $ 8,638,000 | [3],[14] | $ 8,704,000 | [3],[4],[5] | $ 8,793,000 | [6] | |||
Cost | 8,537,000 | [3],[14] | 8,582,000 | [1],[3],[4],[5],[20] | 8,644,000 | [1],[6] | |||
Fair Value | $ 7,954,000 | [3],[14] | $ 8,239,000 | [3],[4],[5] | $ 8,644,000 | [6] | |||
Percentage of Net Assets | 0.54% | [3],[14] | 0.59% | [3],[4],[5] | 0.73% | [6] | 0.54% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 273,000 | $ 273,000 | $ 956,000 | ||||||
Fair Value | $ (22,000) | $ (15,000) | $ (16,000) | ||||||
Investment, Identifier [Axis]: Sweep Purchaser, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[12] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.22% | [3],[14],[15] | 10.47% | [3],[4],[5],[7],[12],[22] | 6.75% | [6],[8],[10] | 11.22% | [3],[14],[15] | |
Par Amount | $ 5,889,000 | [3],[14],[15] | $ 5,934,000 | [3],[4],[5],[12] | $ 5,029,000 | [6],[10] | |||
Cost | 5,813,000 | [3],[14],[15] | 5,843,000 | [1],[3],[4],[5],[12],[20] | 4,942,000 | [1],[6],[10] | |||
Fair Value | $ 5,401,000 | [3],[14],[15] | $ 5,601,000 | [3],[4],[5],[12] | $ 4,942,000 | [6],[10] | |||
Percentage of Net Assets | 0.36% | [3],[14],[15] | 0.40% | [3],[4],[5],[12] | 0.42% | [6],[10] | 0.36% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 28,000 | $ 1,153,000 | |||||||
Fair Value | $ (2,000) | $ (62,000) | |||||||
Investment, Identifier [Axis]: Sweep Purchaser, LLC 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[12] | 4.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.22% | [3],[14],[15] | 10.47% | [3],[4],[5],[7],[12],[22] | 8% | [6],[8],[10] | 11.22% | [3],[14],[15] | |
Par Amount | $ 1,378,000 | [3],[14],[15] | $ 253,000 | [3],[4],[5],[12] | $ 450,000 | [6],[10] | |||
Cost | 1,363,000 | [3],[14],[15] | 235,000 | [1],[3],[4],[5],[12],[20] | 427,000 | [1],[6],[10] | |||
Fair Value | $ 1,267,000 | [3],[14],[15] | $ 178,000 | [3],[4],[5],[12] | $ 427,000 | [6],[10] | |||
Percentage of Net Assets | 0.09% | [3],[14],[15] | 0.01% | [3],[4],[5],[12] | 0.04% | [6],[10] | 0.09% | [3],[14],[15] | |
Investment, Identifier [Axis]: Syntax Systems Ltd 1 | |||||||||
Variable interest rate | 5.75% | [14],[18],[28] | 5.50% | [29] | 5.50% | 5.75% | [14],[18],[28] | ||
Interest Rate | 11.17% | [14],[18],[28] | 10.13% | [29] | 6.25% | 11.17% | [14],[18],[28] | ||
Par Amount | $ 35,183,000 | [14],[18],[28] | $ 35,452,000 | [29] | $ 35,811,000 | ||||
Cost | 34,909,000 | [14],[18],[28] | 35,146,000 | [29] | 35,460,000 | ||||
Fair Value | $ 34,416,000 | [14],[18],[28] | $ 33,520,000 | [29] | $ 35,460,000 | ||||
Percentage of Net Assets | 2.32% | [14],[18],[28] | 2.40% | [29] | 2.98% | 2.32% | [14],[18],[28] | ||
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 9,357,000 | $ 9,356,000 | $ 9,356,000 | ||||||
Fair Value | $ (204,000) | $ (510,000) | $ (91,000) | ||||||
Investment, Identifier [Axis]: Syntax Systems Ltd 2 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18],[28] | 5.50% | [15],[29] | 5.50% | 5.75% | [14],[15],[18],[28] | ||
Interest Rate | 11.17% | [14],[15],[18],[28] | 10.13% | [15],[29] | 6.25% | 11.17% | [14],[15],[18],[28] | ||
Cost | $ (68,000) | [14],[15],[18],[28] | $ (78,000) | [15],[29] | $ (91,000) | ||||
Fair Value | $ (204,000) | [14],[15],[18],[28] | $ (510,000) | [15],[29] | $ (91,000) | ||||
Percentage of Net Assets | (0.01%) | [14],[15],[18],[28] | (0.04%) | [15],[29] | (0.01%) | (0.01%) | [14],[15],[18],[28] | ||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,248,000 | $ 1,247,000 | $ 2,106,000 | ||||||
Fair Value | $ (27,000) | $ (68,000) | $ (20,000) | ||||||
Investment, Identifier [Axis]: Syntax Systems Ltd 3 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18],[28] | 5.61% | [5],[11],[15],[19] | 5.50% | 5.75% | [14],[15],[18],[28] | ||
Interest Rate | 11.17% | [14],[15],[18],[28] | 10.08% | [5],[11],[15],[19] | 6.25% | 11.17% | [14],[15],[18],[28] | ||
Par Amount | $ 2,495,000 | [14],[15],[18],[28] | $ 2,495,000 | [5],[11],[15],[19] | $ 1,637,000 | ||||
Cost | 2,472,000 | [14],[15],[18],[28] | 2,466,000 | [5],[11],[15],[19] | 1,601,000 | ||||
Fair Value | $ 2,413,000 | [14],[15],[18],[28] | $ 2,291,000 | [5],[11],[15],[19] | $ 1,601,000 | ||||
Percentage of Net Assets | 0.16% | [14],[15],[18],[28] | 0.16% | [5],[11],[15],[19] | 0.13% | 0.16% | [14],[15],[18],[28] | ||
Investment, Identifier [Axis]: Tamarack Intermediate, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 752,000 | $ 808,000 | |||||||
Fair Value | $ (34,000) | $ (36,000) | |||||||
Investment, Identifier [Axis]: Tamarack Intermediate, LLC 1 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 5.75% | [4],[5],[19] | 5.75% | [14] | ||
Interest Rate | [18] | 11.17% | [14] | 9.23% | [4],[5],[7],[19],[22] | 11.17% | [14] | ||
Par Amount | [18] | $ 5,431,000 | [14] | $ 5,473,000 | [4],[5],[19] | ||||
Cost | [18] | 5,345,000 | [14] | 5,375,000 | [1],[4],[5],[19],[20] | ||||
Fair Value | [18] | $ 5,189,000 | [14] | $ 5,232,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 0.35% | [14] | 0.37% | [4],[5],[19] | 0.35% | [14] | ||
Investment, Identifier [Axis]: Tamarack Intermediate, LLC 2 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 5.75% | [4],[5],[12],[19] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.17% | [14],[15] | 9.23% | [4],[5],[7],[12],[19],[22] | 11.17% | [14],[15] | ||
Par Amount | [18] | $ 149,000 | [14],[15] | $ 91,000 | [4],[5],[12],[19] | ||||
Cost | [18] | 135,000 | [14],[15] | 76,000 | [1],[4],[5],[12],[19],[20] | ||||
Fair Value | [18] | $ 108,000 | [14],[15] | $ 52,000 | [4],[5],[12],[19] | ||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[19] | 0.01% | [14],[15],[18] | |||
Investment, Identifier [Axis]: Tank Holding Corp. | |||||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 667,000 | ||||||||
Fair Value | $ (37,000) | ||||||||
Investment, Identifier [Axis]: Tank Holding Corp. 1 | |||||||||
Variable interest rate | [18] | 5.75% | [4],[13] | 5.75% | [16],[17],[19] | 5.75% | [4],[13] | ||
Interest Rate | [18] | 11.19% | [4],[13] | 10.17% | [7],[16],[17],[19] | 11.19% | [4],[13] | ||
Par Amount | [18] | $ 15,753,000 | [4],[13] | $ 14,129,000 | [16],[17],[19] | ||||
Cost | [18] | 15,479,000 | [4],[13] | 13,875,000 | [9],[16],[17],[19] | ||||
Fair Value | [18] | $ 15,228,000 | [4],[13] | $ 13,352,000 | [16],[17],[19] | ||||
Percentage of Net Assets | [18] | 1.03% | [4],[13] | 0.96% | [16],[17],[19] | 1.03% | [4],[13] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 745,000 | ||||||||
Fair Value | $ (26,000) | ||||||||
Investment, Identifier [Axis]: Tank Holding Corp. 2 | |||||||||
Variable interest rate | [18] | 5.75% | [2],[4] | 4.75% | [11],[12],[19] | 5.75% | [2],[4] | ||
Interest Rate | [18] | 11.19% | [2],[4] | 12.25% | [7],[11],[12],[19] | 11.19% | [2],[4] | ||
Par Amount | [11],[12],[18],[19] | $ 133,000 | |||||||
Cost | [18] | $ (10,000) | [2],[4] | 119,000 | [9],[11],[12],[19] | ||||
Fair Value | [18] | $ (26,000) | [2],[4] | $ 89,000 | [11],[12],[19] | ||||
Percentage of Net Assets | [11],[12],[18],[19] | 0.01% | |||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 173,000 | ||||||||
Fair Value | $ (6,000) | ||||||||
Investment, Identifier [Axis]: Tank Holding Corp. 3 | |||||||||
Variable interest rate | [2],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [2],[18] | 11.19% | 11.19% | ||||||
Par Amount | [2],[18] | $ 627,000 | |||||||
Cost | [2],[18] | 615,000 | |||||||
Fair Value | [2],[18] | $ 600,000 | |||||||
Percentage of Net Assets | [2],[18] | 0.04% | 0.04% | ||||||
Investment, Identifier [Axis]: Teasdale Foods, Inc. (Teasdale Latin Foods) | |||||||||
Variable interest rate | 7.25% | [3],[14] | 7.25% | [3],[4] | 6.25% | [6] | 7.25% | [3],[14] | |
Interest rate, PIK | 1% | [3],[14] | 1% | [3],[4] | 1% | [6] | 1% | [3],[14] | |
Interest Rate | 12.84% | [3],[14] | 12.29% | [3],[4],[7] | 8.25% | [6],[8] | 12.84% | [3],[14] | |
Par Amount | $ 10,837,000 | [3],[14] | $ 10,812,000 | [3],[4] | $ 11,148,000 | [6] | |||
Cost | 10,732,000 | [3],[14] | 10,675,000 | [3],[4],[9] | 10,965,000 | [1],[6] | |||
Fair Value | $ 9,740,000 | [3],[14] | $ 9,017,000 | [3],[4] | $ 10,029,000 | [6] | |||
Percentage of Net Assets | 0.66% | [3],[14] | 0.65% | [3],[4] | 0.84% | [6] | 0.66% | [3],[14] | |
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) | |||||||||
Par Amount | [14],[23] | $ 162,309,000 | |||||||
Cost | [14],[20],[23] | 421,000 | |||||||
Fair Value | [14],[23] | $ 766,000 | |||||||
Percentage of Net Assets | [14],[23] | 0.05% | 0.05% | ||||||
Unused Fee Rate | 0.38% | 0.50% | |||||||
Unfunded Commitment | $ 1,321,000 | $ 1,717,000 | |||||||
Fair Value | $ (31,000) | $ (42,000) | |||||||
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6% | [5],[16] | 6% | 6.50% | [3],[13],[14] | ||
Interest Rate | 12.10% | [3],[13],[14] | 10.73% | [5],[16] | 7% | 12.10% | [3],[13],[14] | ||
Par Amount | $ 22,995,000 | [3],[13],[14] | $ 20,561,000 | [5],[16] | $ 20,770,000 | ||||
Cost | 22,672,000 | [3],[13],[14] | 20,258,000 | [5],[16] | 20,402,000 | ||||
Fair Value | $ 22,447,000 | [3],[13],[14] | $ 20,059,000 | [5],[16] | $ 20,402,000 | ||||
Percentage of Net Assets | 1.52% | [3],[13],[14] | 1.44% | [5],[16] | 1.72% | 1.52% | [3],[13],[14] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 6,442,000 | ||||||||
Fair Value | $ (123,000) | ||||||||
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) 2 | |||||||||
Variable interest rate | 6% | [3],[14] | 6% | [5] | 6% | 6% | [3],[14] | ||
Interest Rate | 11.60% | [3],[14] | 10.73% | [5] | 7% | 11.60% | [3],[14] | ||
Par Amount | $ 16,955,000 | [3],[14] | $ 17,085,000 | [5] | $ 8,031,000 | ||||
Cost | 16,734,000 | [3],[14] | 16,820,000 | [5] | 7,763,000 | ||||
Fair Value | $ 16,557,000 | [3],[14] | $ 16,668,000 | [5] | $ 7,763,000 | ||||
Percentage of Net Assets | 1.12% | [3],[14] | 1.19% | [5] | 0.65% | 1.12% | [3],[14] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,982,000 | ||||||||
Fair Value | $ (35,000) | ||||||||
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) 3 | |||||||||
Variable interest rate | 5% | [14],[15] | 5% | [5],[11],[15] | 6% | 5% | [14],[15] | ||
Interest Rate | 13.50% | [14],[15] | 12.50% | [5],[11],[15] | 7% | 13.50% | [14],[15] | ||
Par Amount | [15] | $ 661,000 | [14] | $ 264,000 | [5],[11] | ||||
Cost | 637,000 | [14],[15] | 236,000 | [5],[11],[15] | $ (35,000) | ||||
Fair Value | $ 614,000 | [14],[15] | $ 216,000 | [5],[11],[15] | $ (35,000) | ||||
Percentage of Net Assets | 0.04% | [14],[15] | 0.02% | [5],[11],[15] | 0% | 0.04% | [14],[15] | ||
Investment, Identifier [Axis]: Tivity Health, Inc. | |||||||||
Variable interest rate | 6% | [14],[18] | 6% | 6% | [14],[18] | ||||
Interest Rate | 11.39% | [14],[18] | 10.58% | 11.39% | [14],[18] | ||||
Par Amount | $ 3,683,000 | [14],[18] | $ 3,711,000 | ||||||
Cost | 3,635,000 | [14],[18] | 3,658,000 | ||||||
Fair Value | $ 3,662,000 | [14],[18] | $ 3,592,000 | ||||||
Percentage of Net Assets | 0.25% | [14],[18] | 0.26% | 0.25% | [14],[18] | ||||
Investment, Identifier [Axis]: Total Portfolio Investments | |||||||||
Cost | [20] | $ 3,158,601,000 | |||||||
Fair Value | $ 3,123,450,000 | ||||||||
Percentage of Net Assets | 210.83% | 210.83% | |||||||
Investment, Identifier [Axis]: Trintech, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,092,000 | ||||||||
Fair Value | $ (41,000) | ||||||||
Investment, Identifier [Axis]: Trintech, Inc. 1 | |||||||||
Variable interest rate | [3],[13],[14] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[13],[14] | 11.82% | 11.82% | ||||||
Par Amount | [3],[13],[14] | $ 34,086,000 | |||||||
Cost | [3],[13],[14] | 33,419,000 | |||||||
Fair Value | [3],[13],[14] | $ 33,419,000 | |||||||
Percentage of Net Assets | [3],[13],[14] | 2.26% | 2.26% | ||||||
Investment, Identifier [Axis]: Trintech, Inc. 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15] | 11.82% | 11.82% | ||||||
Par Amount | [3],[14],[15] | $ 837,000 | |||||||
Cost | [3],[14],[15] | 780,000 | |||||||
Fair Value | [3],[14],[15] | $ 780,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.05% | 0.05% | ||||||
Investment, Identifier [Axis]: Triple Lift, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.25% | 0.50% | ||||||
Unfunded Commitment | $ 2,467,000 | $ 2,467,000 | $ 4,000,000 | ||||||
Fair Value | $ (187,000) | $ (127,000) | $ (37,000) | ||||||
Investment, Identifier [Axis]: Triple Lift, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [13],[14],[18] | 5.50% | [5],[16],[19] | 5.75% | 5.75% | [13],[14],[18] | ||
Interest Rate | 11.30% | [13],[14],[18] | 10.12% | [5],[16],[19] | 6.50% | 11.30% | [13],[14],[18] | ||
Par Amount | $ 27,370,000 | [13],[14],[18] | $ 27,580,000 | [5],[16],[19] | $ 27,860,000 | ||||
Cost | 26,978,000 | [13],[14],[18] | 27,136,000 | [5],[16],[19] | 27,345,000 | ||||
Fair Value | $ 25,301,000 | [13],[14],[18] | $ 26,162,000 | [5],[16],[19] | $ 27,604,000 | ||||
Percentage of Net Assets | 1.71% | [13],[14],[18] | 1.87% | [5],[16],[19] | 2.32% | 1.71% | [13],[14],[18] | ||
Investment, Identifier [Axis]: Triple Lift, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18] | 5.25% | [5],[11],[15],[19] | 5.75% | 5.75% | [14],[15],[18] | ||
Interest Rate | 11.30% | [14],[15],[18] | 9.58% | [5],[11],[15],[19] | 6.50% | 11.30% | [14],[15],[18] | ||
Par Amount | [15] | $ 1,533,000 | [14],[18] | $ 1,533,000 | [5],[11],[19] | ||||
Cost | 1,481,000 | [14],[15],[18] | 1,472,000 | [5],[11],[15],[19] | $ (72,000) | ||||
Fair Value | $ 1,231,000 | [14],[15],[18] | $ 1,328,000 | [5],[11],[15],[19] | $ (37,000) | ||||
Percentage of Net Assets | 0.08% | [14],[15],[18] | 0.10% | [5],[11],[15],[19] | 0% | 0.08% | [14],[15],[18] | ||
Investment, Identifier [Axis]: Trunk Acquisition, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 857,000 | $ 857,000 | $ 857,000 | ||||||
Fair Value | $ (19,000) | $ (39,000) | $ (8,000) | ||||||
Investment, Identifier [Axis]: Trunk Acquisition, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.50% | [3],[4],[5] | 6% | [6] | 5.75% | [3],[14] | |
Interest Rate | 11.29% | [3],[14],[27] | 10.23% | [3],[4],[5] | 7% | [6],[8] | 11.29% | [3],[14],[27] | |
Par Amount | $ 9,051,000 | [3],[4],[5] | $ 9,143,000 | [6] | € 8,983 | [3],[14] | |||
Cost | 8,976,000 | [3],[4],[5] | 9,052,000 | [1],[6] | 8,919 | [3],[14],[20] | |||
Fair Value | $ 8,638,000 | [3],[4],[5] | $ 9,052,000 | [6] | € 8,786 | [3],[14] | |||
Percentage of Net Assets | 0.59% | [3],[14] | 0.62% | [3],[4],[5] | 0.76% | [6] | 0.59% | [3],[14] | |
Investment, Identifier [Axis]: Trunk Acquisition, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.50% | [2],[3],[4],[5],[11] | 6% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.29% | [3],[14],[15],[27] | 10.23% | [2],[3],[4],[5],[11] | 7% | [6],[8],[10] | 11.29% | [3],[14],[15],[27] | |
Cost | $ (6,000) | [2],[3],[4],[5],[11] | $ (9,000) | [1],[6],[10] | € (5) | [3],[14],[15],[20] | |||
Fair Value | $ (39,000) | [2],[3],[4],[5],[11] | $ (9,000) | [6],[10] | € (19) | [3],[14],[15] | |||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: Turbo Buyer, Inc. 1 | |||||||||
Variable interest rate | 6% | [3],[4] | 6% | [3],[4],[5] | 6% | [6] | 6% | [3],[4] | |
Interest Rate | 11.40% | [3],[4] | 11.15% | [3],[4],[5],[7] | 7% | [6],[22] | 11.40% | [3],[4] | |
Par Amount | $ 37,652,000 | [3],[4] | $ 37,940,000 | [3],[4],[5] | $ 38,325,000 | [6] | |||
Cost | 37,251,000 | [3],[4] | 37,419,000 | [3],[4],[5],[9] | 37,645,000 | [1],[6] | |||
Fair Value | $ 37,184,000 | [3],[4] | $ 36,574,000 | [3],[4],[5] | $ 37,580,000 | [6] | |||
Percentage of Net Assets | 2.51% | [3],[4] | 2.62% | [3],[4],[5] | 3.16% | [6] | 2.51% | [3],[4] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,610,000 | ||||||||
Fair Value | $ (31,000) | ||||||||
Investment, Identifier [Axis]: Turbo Buyer, Inc. 2 | |||||||||
Variable interest rate | 6% | [3],[4] | 6% | [3],[4],[5] | 6% | [6],[10] | 6% | [3],[4] | |
Interest Rate | 11.40% | [3],[4] | 11.15% | [3],[4],[5],[7] | 7% | [6],[10],[22] | 11.40% | [3],[4] | |
Par Amount | $ 37,835,000 | [3],[4] | $ 38,123,000 | [3],[4],[5] | $ 36,890,000 | [6],[10] | |||
Cost | 37,352,000 | [3],[4] | 37,494,000 | [3],[4],[5],[9] | 36,086,000 | [1],[6],[10] | |||
Fair Value | $ 37,365,000 | [3],[4] | $ 36,751,000 | [3],[4],[5] | $ 36,142,000 | [6],[10] | |||
Percentage of Net Assets | 2.52% | [3],[4] | 2.63% | [3],[4],[5] | 3.04% | [6],[10] | 2.52% | [3],[4] | |
Investment, Identifier [Axis]: Two Six Labs, LLC 1 | |||||||||
Variable interest rate | 5.50% | [4],[18] | 5.50% | [4],[18] | 5.50% | [6],[19] | 5.50% | [4],[18] | |
Interest Rate | 10.89% | [4],[7],[18] | 10.08% | [4],[7],[18] | 6.25% | [6],[19],[22] | 10.89% | [4],[7],[18] | |
Par Amount | $ 10,876,000 | [4],[18] | $ 10,959,000 | [4],[18] | $ 11,070,000 | [6],[19] | |||
Cost | 10,723,000 | [4],[18],[20] | 10,782,000 | [4],[18],[20] | 10,859,000 | [1],[6],[19] | |||
Fair Value | $ 10,764,000 | [4],[18] | $ 10,694,000 | [4],[18] | $ 10,960,000 | [6],[19] | |||
Percentage of Net Assets | 0.73% | [4],[18] | 0.77% | [4],[18] | 0.92% | [6],[19] | 0.73% | [4],[18] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 2,134,000 | $ 2,134,000 | $ 4,268,000 | ||||||
Fair Value | $ (22,000) | $ (52,000) | $ (43,000) | ||||||
Investment, Identifier [Axis]: Two Six Labs, LLC 2 | |||||||||
Variable interest rate | 5.50% | [2],[4],[18] | 5.50% | [4],[12],[18] | 5.50% | [6],[10],[19] | 5.50% | [2],[4],[18] | |
Interest Rate | 10.89% | [2],[4],[7],[18] | 10.08% | [4],[7],[12],[18] | 6.25% | [6],[10],[19],[22] | 10.89% | [2],[4],[7],[18] | |
Par Amount | [4],[18] | $ 2,102,000 | [2] | $ 2,118,000 | [12] | ||||
Cost | 2,058,000 | [2],[4],[18],[20] | 2,066,000 | [4],[12],[18],[20] | $ (40,000) | [1],[6],[10],[19] | |||
Fair Value | $ 2,059,000 | [2],[4],[18] | $ 2,015,000 | [4],[12],[18] | $ (43,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.14% | [2],[4],[18] | 0.14% | [4],[12],[18] | 0% | [6],[10],[19] | 0.14% | [2],[4],[18] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 2,134,000 | $ 2,134,000 | $ 2,134,000 | ||||||
Fair Value | $ (22,000) | $ (52,000) | $ (21,000) | ||||||
Investment, Identifier [Axis]: Two Six Labs, LLC 3 | |||||||||
Variable interest rate | 5.50% | [2],[4],[18] | 5.50% | [4],[12],[18] | 5.50% | [6],[10],[19] | 5.50% | [2],[4],[18] | |
Interest Rate | 10.89% | [2],[4],[7],[18] | 10.08% | [4],[7],[12],[18] | 6.25% | [6],[10],[19],[22] | 10.89% | [2],[4],[7],[18] | |
Cost | $ (28,000) | [2],[4],[18],[20] | $ (33,000) | [4],[12],[18],[20] | $ (40,000) | [1],[6],[10],[19] | |||
Fair Value | $ (22,000) | [2],[4],[18] | $ (52,000) | [4],[12],[18] | $ (21,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0% | 0% | [6],[10],[19] | ||||||
Investment, Identifier [Axis]: US Infra Svcs Buyer, LLC 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6.75% | [3],[4],[5],[16],[17] | 6.50% | [6],[21] | 6.50% | [3],[13],[14] | |
Interest rate, PIK | [3] | 0.25% | [13],[14] | 0.25% | [4],[5],[16],[17] | 0.25% | [13],[14] | ||
Interest Rate | 12.34% | [3],[13],[14] | 11.67% | [3],[4],[5],[7],[16],[17],[22] | 7.50% | [6],[8],[21] | 12.34% | [3],[13],[14] | |
Par Amount | $ 14,958,000 | [3],[13],[14] | $ 16,193,000 | [3],[4],[5],[16],[17] | $ 16,991,000 | [6],[21] | |||
Cost | 14,813,000 | [3],[13],[14] | 15,998,000 | [1],[3],[4],[5],[16],[17],[20] | 16,734,000 | [1],[6],[21] | |||
Fair Value | $ 14,311,000 | [3],[13],[14] | $ 15,427,000 | [3],[4],[5],[16],[17] | $ 16,903,000 | [6],[21] | |||
Percentage of Net Assets | 0.97% | [3],[13],[14] | 1.10% | [3],[4],[5],[16],[17] | 1.42% | [6],[21] | 0.97% | [3],[13],[14] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 8,085,000 | ||||||||
Fair Value | $ (42,000) | ||||||||
Investment, Identifier [Axis]: US Infra Svcs Buyer, LLC 2 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6.75% | [3],[4],[5],[16],[17] | 6.50% | [6],[10] | 6.50% | [3],[13],[14] | |
Interest rate, PIK | [3] | 0.25% | [13],[14] | 0.25% | [4],[5],[16],[17] | 0.25% | [13],[14] | ||
Interest Rate | 12.34% | [3],[13],[14] | 11.67% | [3],[4],[5],[7],[16],[17],[22] | 7.50% | [6],[8],[10] | 12.34% | [3],[13],[14] | |
Par Amount | $ 2,111,000 | [3],[13],[14] | $ 2,285,000 | [3],[4],[5],[16],[17] | $ 2,398,000 | [6],[10] | |||
Cost | 2,091,000 | [3],[13],[14] | 2,259,000 | [1],[3],[4],[5],[16],[17],[20] | 2,246,000 | [1],[6],[10] | |||
Fair Value | $ 2,019,000 | [3],[13],[14] | $ 2,177,000 | [3],[4],[5],[16],[17] | $ 2,343,000 | [6],[10] | |||
Percentage of Net Assets | 0.14% | [3],[13],[14] | 0.16% | [3],[4],[5],[16],[17] | 0.20% | [6],[10] | 0.14% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 225,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: US Infra Svcs Buyer, LLC 3 | |||||||||
Variable interest rate | 6.50% | [3],[14] | 6.75% | [3],[4],[5] | 6.50% | [6],[10] | 6.50% | [3],[14] | |
Interest rate, PIK | [3] | 0.25% | [14] | 0.25% | [4],[5] | 0.25% | [14] | ||
Interest Rate | 12.34% | [3],[14] | 11.67% | [3],[4],[5],[7],[22] | 7.50% | [6],[8],[10] | 12.34% | [3],[14] | |
Par Amount | $ 2,250,000 | [3],[14] | $ 2,250,000 | [3],[4],[5] | $ 2,025,000 | [6],[10] | |||
Cost | 2,231,000 | [3],[14] | 2,225,000 | [1],[3],[4],[5],[20] | 1,993,000 | [1],[6],[10] | |||
Fair Value | $ 2,153,000 | [3],[14] | $ 2,144,000 | [3],[4],[5] | $ 2,013,000 | [6],[10] | |||
Percentage of Net Assets | 0.15% | [3],[14] | 0.15% | [3],[4],[5] | 0.17% | [6],[10] | 0.15% | [3],[14] | |
Investment, Identifier [Axis]: United Flow Technologies Intermediate Holdco II, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [3],[4],[5] | 5.75% | [6] | 5.75% | [3],[14] | |
Interest Rate | 11.17% | [3],[14] | 10.17% | [3],[4],[5],[7],[22] | 6.75% | [6],[8] | 11.17% | [3],[14] | |
Par Amount | $ 16,844,000 | [3],[14] | $ 16,972,000 | [3],[4],[5] | $ 17,100,000 | [6] | |||
Cost | 16,596,000 | [3],[14] | 16,687,000 | [1],[3],[4],[5],[20] | 16,766,000 | [1],[6] | |||
Fair Value | $ 16,572,000 | [3],[14] | $ 16,457,000 | [3],[4],[5] | $ 16,766,000 | [6] | |||
Percentage of Net Assets | 1.12% | [3],[14] | 1.18% | [3],[4],[5] | 1.41% | [6] | 1.12% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 32,000 | $ 164,000 | $ 7,500,000 | ||||||
Fair Value | $ (1,000) | $ (5,000) | $ (73,000) | ||||||
Investment, Identifier [Axis]: United Flow Technologies Intermediate Holdco II, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[12] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.17% | [3],[14],[15] | 10.17% | [3],[4],[5],[7],[12],[22] | 6.75% | [6],[8],[10] | 11.17% | [3],[14],[15] | |
Par Amount | $ 19,701,000 | [3],[14],[15] | $ 9,668,000 | [3],[4],[5],[12] | $ 2,400,000 | [6],[10] | |||
Cost | 19,383,000 | [3],[14],[15] | 9,409,000 | [1],[3],[4],[5],[12],[20] | 2,280,000 | [1],[6],[10] | |||
Fair Value | $ 19,384,000 | [3],[14],[15] | $ 9,067,000 | [3],[4],[5],[12] | $ 2,280,000 | [6],[10] | |||
Percentage of Net Assets | 1.31% | [3],[14],[15] | 0.65% | [3],[4],[5],[12] | 0.19% | [6],[10] | 1.31% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 1,950,000 | $ 10,000,000 | $ 3,000,000 | ||||||
Fair Value | $ (31,000) | $ (303,000) | $ (58,000) | ||||||
Investment, Identifier [Axis]: United Flow Technologies Intermediate Holdco II, LLC 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[12] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.17% | [3],[14],[15] | 10.17% | [3],[4],[5],[7],[12],[22] | 6.75% | [6],[8],[10] | 11.17% | [3],[14],[15] | |
Par Amount | [3],[14],[15] | $ 1,050,000 | |||||||
Cost | 1,013,000 | [3],[14],[15] | $ (46,000) | [1],[3],[4],[5],[12],[20] | $ (58,000) | [1],[6],[10] | |||
Fair Value | $ 1,002,000 | [3],[14],[15] | $ (91,000) | [3],[4],[5],[12] | $ (58,000) | [6],[10] | |||
Percentage of Net Assets | 0.07% | [3],[14],[15] | (0.01%) | [3],[4],[5],[12] | 0% | [6],[10] | 0.07% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 3,000,000 | ||||||||
Fair Value | $ (91,000) | ||||||||
Investment, Identifier [Axis]: UpStack, Inc. 1 | |||||||||
Variable interest rate | 6.25% | [3],[14] | 5.75% | [5] | 6.25% | [3],[14] | |||
Interest Rate | 11.65% | [3],[14] | 10.32% | [5] | 11.65% | [3],[14] | |||
Par Amount | $ 8,271,000 | [3],[14] | $ 9,737,000 | [5] | |||||
Cost | 8,128,000 | [3],[14] | 9,539,000 | [5] | |||||
Fair Value | $ 8,064,000 | [3],[14] | $ 9,444,000 | [5] | |||||
Percentage of Net Assets | 0.54% | [3],[14] | 0.68% | [5] | 0.54% | [3],[14] | |||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 6,945,000 | $ 1,050,000 | |||||||
Fair Value | $ (106,000) | $ (32,000) | |||||||
Investment, Identifier [Axis]: UpStack, Inc. 2 | |||||||||
Variable interest rate | [15] | 6.25% | [3],[14] | 5.75% | [5],[11] | 6.25% | [3],[14] | ||
Interest Rate | [15] | 11.65% | [3],[14] | 10.32% | [5],[11] | 11.65% | [3],[14] | ||
Par Amount | [15] | $ 6,034,000 | [3],[14] | $ 3,292,000 | [5],[11] | ||||
Cost | [15] | 5,811,000 | [3],[14] | 3,205,000 | [5],[11] | ||||
Fair Value | [15] | $ 5,801,000 | [3],[14] | $ 3,162,000 | [5],[11] | ||||
Percentage of Net Assets | [15] | 0.39% | [3],[14] | 0.23% | [5],[11] | 0.39% | [3],[14] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 875,000 | $ 875,000 | |||||||
Fair Value | $ (22,000) | $ (26,000) | |||||||
Investment, Identifier [Axis]: UpStack, Inc. 3 | |||||||||
Variable interest rate | [15] | 6.25% | [3],[14] | 5.75% | [5],[11] | 6.25% | [3],[14] | ||
Interest Rate | [15] | 11.65% | [3],[14] | 10.32% | [5],[11] | 11.65% | [3],[14] | ||
Cost | [15] | $ (16,000) | [3],[14] | $ (19,000) | [5],[11] | ||||
Fair Value | [15] | $ (22,000) | [3],[14] | $ (26,000) | [5],[11] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Upstack Holdco, Inc. 1 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 7% | ||||||||
Par Amount | $ 9,844,000 | ||||||||
Cost | 9,609,000 | ||||||||
Fair Value | $ 9,635,000 | ||||||||
Percentage of Net Assets | 0.81% | ||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,050,000 | ||||||||
Fair Value | $ (22,000) | ||||||||
Investment, Identifier [Axis]: Upstack Holdco, Inc. 2 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 7% | ||||||||
Par Amount | $ 3,325,000 | ||||||||
Cost | 3,223,000 | ||||||||
Fair Value | $ 3,232,000 | ||||||||
Percentage of Net Assets | 0.27% | ||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 875,000 | ||||||||
Fair Value | $ (18,000) | ||||||||
Investment, Identifier [Axis]: Upstack Holdco, Inc. 3 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 7% | ||||||||
Cost | $ (23,000) | ||||||||
Fair Value | $ (19,000) | ||||||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: User Zoom Technologies, Inc. | |||||||||
Variable interest rate | [18] | 7% | [14] | 5.75% | [4],[5],[19] | 7% | [14] | ||
Interest Rate | [18] | 11.92% | [14],[27] | 9.35% | [4],[5],[19] | 11.92% | [14],[27] | ||
Par Amount | [18] | $ 38,689,000 | [4],[5],[19] | € 38,689 | [14] | ||||
Cost | [18] | 37,967,000 | [4],[5],[19] | 38,028 | [14],[20] | ||||
Fair Value | [18] | $ 37,965,000 | [4],[5],[19] | € 38,078 | [14] | ||||
Percentage of Net Assets | [18] | 2.57% | [14] | 2.72% | [4],[5],[19] | 2.57% | [14] | ||
Investment, Identifier [Axis]: V Global Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 449,000 | $ 672,000 | |||||||
Fair Value | $ (9,000) | $ (34,000) | |||||||
Investment, Identifier [Axis]: V Global Holdings, LLC 1 | |||||||||
Variable interest rate | [4] | 5.75% | [13],[18] | 5.75% | [5],[16],[17],[19] | 5.75% | [13],[18] | ||
Interest Rate | [4] | 11.43% | [13],[18] | 8.99% | [5],[7],[16],[17],[19] | 11.43% | [13],[18] | ||
Par Amount | [4] | $ 4,866,000 | [13],[18] | $ 4,903,000 | [5],[16],[17],[19] | ||||
Cost | [4] | 4,789,000 | [13],[18] | 4,814,000 | [5],[9],[16],[17],[19] | ||||
Fair Value | [4] | $ 4,771,000 | [13],[18] | $ 4,659,000 | [5],[16],[17],[19] | ||||
Percentage of Net Assets | [4] | 0.32% | [13],[18] | 0.33% | [5],[16],[17],[19] | 0.32% | [13],[18] | ||
Investment, Identifier [Axis]: V Global Holdings, LLC 2 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [5],[11],[12],[19] | 5.75% | [2] | ||
Interest Rate | [4],[18] | 11.43% | [2] | 8.99% | [5],[7],[11],[12],[19] | 11.43% | [2] | ||
Par Amount | [2],[4],[18] | $ 223,000 | |||||||
Cost | [4],[18] | 214,000 | [2] | $ (11,000) | [5],[9],[11],[12],[19] | ||||
Fair Value | [4],[18] | $ 210,000 | [2] | $ (34,000) | [5],[11],[12],[19] | ||||
Percentage of Net Assets | 0.01% | [2],[4],[18] | 0% | [5],[11],[19] | 0.01% | [2],[4],[18] | |||
Investment, Identifier [Axis]: VRC Companies LLC 6 | |||||||||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 6,059,000 | ||||||||
Fair Value | $ (212,000) | ||||||||
Investment, Identifier [Axis]: VRC Companies, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [4],[5],[18],[19] | 5.50% | [6],[19],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.13% | [3],[13],[14] | 8.52% | [4],[5],[7],[18],[19],[22] | 6.25% | [6],[8],[19],[21] | 11.13% | [3],[13],[14] | |
Par Amount | $ 64,103,000 | [3],[13],[14] | $ 7,540,000 | [4],[5],[18],[19] | $ 49,335,000 | [6],[19],[21] | |||
Cost | 63,435,000 | [3],[13],[14] | 7,435,000 | [1],[4],[5],[18],[19],[20] | 48,644,000 | [1],[6],[19],[21] | |||
Fair Value | $ 63,821,000 | [3],[13],[14] | $ 7,276,000 | [4],[5],[18],[19] | $ 48,921,000 | [6],[19],[21] | |||
Percentage of Net Assets | 4.31% | [3],[13],[14] | 0.52% | [4],[5],[18],[19] | 4.12% | [6],[19],[21] | 4.31% | [3],[13],[14] | |
Unused Fee Rate | 0.75% | 0.75% | 0.75% | ||||||
Unfunded Commitment | $ 515,000 | $ 6,059,000 | $ 5,000,000 | ||||||
Fair Value | $ (2,000) | $ (212,000) | $ (42,000) | ||||||
Investment, Identifier [Axis]: VRC Companies, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [4],[5],[12],[18],[19] | 5.50% | [6],[10],[19],[21] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.13% | [3],[14],[15] | 8.52% | [4],[5],[7],[12],[18],[19],[22] | 6.25% | [6],[8],[10],[19],[21] | 11.13% | [3],[14],[15] | |
Par Amount | $ 8,569,000 | [3],[14],[15] | $ 3,074,000 | [4],[5],[12],[18],[19] | $ 3,263,000 | [6],[10],[19],[21] | |||
Cost | 8,466,000 | [3],[14],[15] | 2,950,000 | [1],[4],[5],[12],[18],[19],[20] | 3,148,000 | [1],[6],[10],[19],[21] | |||
Fair Value | $ 8,529,000 | [3],[14],[15] | $ 2,754,000 | [4],[5],[12],[18],[19] | $ 3,193,000 | [6],[10],[19],[21] | |||
Percentage of Net Assets | 0.58% | [3],[14],[15] | 0.20% | [4],[5],[12],[18],[19] | 0.27% | [6],[10],[19],[21] | 0.58% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,653,000 | $ 1,653,000 | $ 1,653,000 | ||||||
Fair Value | $ (7,000) | $ (58,000) | $ (14,000) | ||||||
Investment, Identifier [Axis]: VRC Companies, LLC 3 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | [4],[5],[16],[17],[18],[19] | 5.50% | [6],[10],[19] | 5.50% | [3],[14],[15] | |
Interest Rate | 10.83% | [3],[14],[15] | 10.65% | [4],[5],[7],[16],[17],[18],[19],[22] | 6.25% | [6],[8],[10],[19] | 10.83% | [3],[14],[15] | |
Par Amount | [4],[5],[16],[17],[18],[19] | $ 48,840,000 | |||||||
Cost | $ (16,000) | [3],[14],[15] | 48,260,000 | [1],[4],[5],[16],[17],[18],[19],[20] | $ (23,000) | [1],[6],[10],[19] | |||
Fair Value | $ (7,000) | [3],[14],[15] | $ 47,130,000 | [4],[5],[16],[17],[18],[19] | $ (14,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 3.37% | [4],[5],[16],[17],[18] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: VRC Companies, LLC 4 | |||||||||
Variable interest rate | [4],[5],[12],[16],[17],[18],[19] | 5.50% | |||||||
Interest Rate | [4],[5],[7],[12],[16],[17],[18],[19],[22] | 10.22% | |||||||
Par Amount | [4],[5],[12],[16],[17],[18],[19] | $ 8,214,000 | |||||||
Cost | [1],[4],[5],[12],[16],[17],[18],[19],[20] | 8,119,000 | |||||||
Fair Value | [4],[5],[12],[16],[17],[18],[19] | $ 7,927,000 | |||||||
Percentage of Net Assets | [4],[5],[12],[16],[17],[18],[19] | 0.57% | |||||||
Investment, Identifier [Axis]: VRC Companies, LLC 5 | |||||||||
Variable interest rate | [4],[5],[12],[18],[19] | 5.50% | |||||||
Interest Rate | [4],[5],[7],[12],[18],[19],[22] | 10.22% | |||||||
Cost | [1],[4],[5],[12],[18],[19],[20] | $ (19,000) | |||||||
Fair Value | [4],[5],[12],[18],[19] | $ (58,000) | |||||||
Percentage of Net Assets | [5],[19] | 0% | |||||||
Investment, Identifier [Axis]: VRC Companies, LLC 7 | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,653,000 | ||||||||
Fair Value | $ (58,000) | ||||||||
Investment, Identifier [Axis]: Valcourt Holdings II, LLC | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,121,000 | $ 4,378,000 | |||||||
Fair Value | $ (13,000) | ||||||||
Investment, Identifier [Axis]: Valcourt Holdings II, LLC 1 | |||||||||
Variable interest rate | 5.25% | [3],[13],[14] | 5.25% | [3],[4],[5] | 5.50% | [6],[21] | 5.25% | [3],[13],[14] | |
Interest Rate | 10.79% | [3],[13],[14] | 9.98% | [3],[4],[5],[7],[22] | 6.50% | [6],[8],[21] | 10.79% | [3],[13],[14] | |
Par Amount | $ 34,805,000 | [3],[13],[14] | $ 25,145,000 | [3],[4],[5] | $ 35,431,000 | [6],[21] | |||
Cost | 34,383,000 | [3],[13],[14] | 24,785,000 | [1],[3],[4],[5],[20] | 34,816,000 | [1],[6],[21] | |||
Fair Value | $ 34,597,000 | [3],[13],[14] | $ 24,850,000 | [3],[4],[5] | $ 35,431,000 | [6],[21] | |||
Percentage of Net Assets | 2.34% | [3],[13],[14] | 1.78% | [3],[4],[5] | 2.98% | [6],[21] | 2.34% | [3],[13],[14] | |
Investment, Identifier [Axis]: Valcourt Holdings II, LLC 2 | |||||||||
Variable interest rate | 5.25% | [3],[14] | 5.25% | [3],[4],[5],[16],[17] | 5.50% | [6],[10] | 5.25% | [3],[14] | |
Interest Rate | 10.79% | [3],[14] | 9.98% | [3],[4],[5],[7],[16],[17],[22] | 6.50% | [6],[8],[10] | 10.79% | [3],[14] | |
Par Amount | $ 3,067,000 | [3],[14] | $ 9,929,000 | [3],[4],[5],[16],[17] | $ 2,521,000 | [6],[10] | |||
Cost | 3,031,000 | [3],[14] | 9,783,000 | [1],[3],[4],[5],[16],[17],[20] | 2,405,000 | [1],[6],[10] | |||
Fair Value | $ 3,048,000 | [3],[14] | $ 9,813,000 | [3],[4],[5],[16],[17] | $ 2,521,000 | [6],[10] | |||
Percentage of Net Assets | 0.21% | [3],[14] | 0.70% | [3],[4],[5],[16],[17] | 0.21% | [6],[10] | 0.21% | [3],[14] | |
Investment, Identifier [Axis]: Valcourt Holdings II, LLC 3 | |||||||||
Variable interest rate | [3],[4],[5],[12] | 5.25% | |||||||
Interest Rate | [3],[4],[5],[7],[12],[22] | 9.98% | |||||||
Par Amount | [3],[4],[5],[12] | $ 5,738,000 | |||||||
Cost | [1],[3],[4],[5],[12],[20] | 5,643,000 | |||||||
Fair Value | [3],[4],[5],[12] | $ 5,658,000 | |||||||
Percentage of Net Assets | [3],[4],[5],[12] | 0.40% | |||||||
Investment, Identifier [Axis]: Vardiman Black Holdings, LLC | |||||||||
Unused Fee Rate | 1.25% | ||||||||
Unfunded Commitment | $ 142,000 | ||||||||
Fair Value | $ (8,000) | ||||||||
Investment, Identifier [Axis]: Vardiman Black Holdings, LLC 1 | |||||||||
Variable interest rate | 7% | [14],[26],[33] | 7% | [36] | 7% | [14],[26],[33] | |||
Interest Rate | 12.40% | [14],[26],[33] | 11.22% | [36] | 12.40% | [14],[26],[33] | |||
Par Amount | $ 3,386,000 | [14],[26],[33] | $ 3,412,000 | [36] | |||||
Cost | 3,360,000 | [14],[26],[33] | 3,382,000 | [36] | |||||
Fair Value | $ 2,860,000 | [14],[26],[33] | $ 3,227,000 | [36] | |||||
Percentage of Net Assets | 0.19% | [14],[26],[33] | 0.23% | [36] | 0.19% | [14],[26],[33] | |||
Investment, Identifier [Axis]: Vardiman Black Holdings, LLC 2 | |||||||||
Variable interest rate | 7% | [14],[26],[33] | 7% | [15],[36] | 7% | [14],[26],[33] | |||
Interest Rate | 12.40% | [14],[26],[33] | 11.22% | [15],[36] | 12.40% | [14],[26],[33] | |||
Par Amount | $ 4,020,000 | [14],[26],[33] | $ 3,907,000 | [15],[36] | |||||
Cost | 3,988,000 | [14],[26],[33] | 3,871,000 | [15],[36] | |||||
Fair Value | $ 3,395,000 | [14],[26],[33] | $ 3,687,000 | [15],[36] | |||||
Percentage of Net Assets | 0.23% | [14],[26],[33] | 0.26% | [15],[36] | 0.23% | [14],[26],[33] | |||
Investment, Identifier [Axis]: Vehlo Purchaser, LLC 1 | |||||||||
Variable interest rate | [6],[19] | 5% | |||||||
Interest Rate | [6],[19],[22] | 5.75% | |||||||
Par Amount | [6],[19] | $ 27,154,000 | |||||||
Cost | [1],[6],[19] | 26,638,000 | |||||||
Fair Value | [6],[19] | $ 26,725,000 | |||||||
Percentage of Net Assets | [6],[19] | 2.25% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 11,569,000 | ||||||||
Fair Value | $ (183,000) | ||||||||
Investment, Identifier [Axis]: Vehlo Purchaser, LLC 2 | |||||||||
Variable interest rate | [6],[10],[19] | 5% | |||||||
Interest Rate | [6],[8],[10],[19] | 5.75% | |||||||
Par Amount | [6],[10],[19] | $ 7,875,000 | |||||||
Cost | [1],[6],[10],[19] | 7,614,000 | |||||||
Fair Value | [6],[10],[19] | $ 7,568,000 | |||||||
Percentage of Net Assets | [6],[10],[19] | 0.64% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,666,000 | ||||||||
Fair Value | $ (74,000) | ||||||||
Investment, Identifier [Axis]: Vehlo Purchaser, LLC 3 | |||||||||
Variable interest rate | [6],[10],[19] | 5% | |||||||
Interest Rate | [6],[8],[10],[19] | 5.75% | |||||||
Par Amount | [6],[10],[19] | $ 1,167,000 | |||||||
Cost | [1],[6],[10],[19] | 1,057,000 | |||||||
Fair Value | [6],[10],[19] | $ 1,074,000 | |||||||
Percentage of Net Assets | [6],[10],[19] | 0.09% | |||||||
Investment, Identifier [Axis]: Vermont Aus Pty Ltd | |||||||||
Variable interest rate | 5.65% | [14],[18],[28] | 5.65% | [29] | 5.65% | [14],[18],[28] | |||
Interest Rate | 11.04% | [14],[18],[28] | 10.23% | [29] | 11.04% | [14],[18],[28] | |||
Par Amount | $ 8,373,000 | [14],[18],[28] | $ 8,436,000 | [29] | |||||
Cost | 8,203,000 | [14],[18],[28] | 8,244,000 | [29] | |||||
Fair Value | $ 8,182,000 | [14],[18],[28] | $ 7,927,000 | [29] | |||||
Percentage of Net Assets | 0.55% | [14],[18],[28] | 0.57% | [29] | 0.55% | [14],[18],[28] | |||
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC | |||||||||
Variable interest rate | [5],[16] | 4.50% | |||||||
Interest Rate | [5],[16] | 8.88% | |||||||
Par Amount | [5],[16] | $ 2,715,000 | |||||||
Cost | [5],[16] | 2,696,000 | |||||||
Fair Value | [5],[16] | $ 2,679,000 | |||||||
Percentage of Net Assets | [5],[16] | 0.19% | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 447,000 | $ 268,000 | |||||||
Fair Value | $ (4,000) | ||||||||
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC 1 | |||||||||
Variable interest rate | 4.50% | [3],[13],[14] | 4.50% | 4.50% | [6],[21] | 4.50% | [3],[13],[14] | ||
Interest Rate | 9.95% | [3],[13],[14] | 8.88% | 5.50% | [6],[8],[21] | 9.95% | [3],[13],[14] | ||
Par Amount | $ 2,694,000 | [3],[13],[14] | $ 2,715,000 | $ 2,735,000 | [6],[21] | ||||
Cost | 2,679,000 | [3],[13],[14] | 2,696,000 | 2,713,000 | [1],[6],[21] | ||||
Fair Value | $ 2,694,000 | [3],[13],[14] | $ 2,679,000 | $ 2,735,000 | [6],[21] | ||||
Percentage of Net Assets | 0.18% | [3],[13],[14] | 0.19% | 0.23% | [6],[21] | 0.18% | [3],[13],[14] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 309,000 | ||||||||
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC 2 | |||||||||
Variable interest rate | 4.50% | [3],[14] | 4.50% | [5],[6] | 4.50% | [6],[10] | 4.50% | [3],[14] | |
Interest Rate | 9.95% | [3],[14] | 8.88% | [5],[22] | 5.50% | [6],[8],[10] | 9.95% | [3],[14] | |
Par Amount | $ 1,755,000 | [3],[14] | $ 1,769,000 | $ 1,472,000 | [6],[10] | ||||
Par Amount, Shares (in shares) | shares | [5] | 1,769 | |||||||
Cost | 1,746,000 | [3],[14] | $ 1,757,000 | [1],[5] | 1,457,000 | [1],[6],[10] | |||
Fair Value | $ 1,755,000 | [3],[14] | $ 1,746,000 | [5] | $ 1,472,000 | [6],[10] | |||
Percentage of Net Assets | 0.12% | [3],[14] | 0.12% | [5] | 0.12% | [6],[10] | 0.12% | [3],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 427,000 | ||||||||
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC 3 | |||||||||
Variable interest rate | 4.50% | [3],[14],[15] | 3.50% | [5],[11],[15] | 3.50% | [6],[10] | 4.50% | [3],[14],[15] | |
Interest Rate | 9.95% | [3],[14],[15] | 11% | [5],[11],[15],[22] | 6.75% | [6],[8],[10] | 9.95% | [3],[14],[15] | |
Par Amount | $ 179,000 | [15] | $ 20,000 | [6],[10] | |||||
Par Amount, Shares (in shares) | shares | [5],[11] | 179 | |||||||
Cost | $ (2,000) | [3],[14],[15] | $ 176,000 | [1],[5],[11],[15] | 16,000 | [1],[6],[10] | |||
Fair Value | $ 173,000 | [5],[11],[15] | $ 20,000 | [6],[10] | |||||
Percentage of Net Assets | 0.01% | [5],[11],[15] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: World Insurance Associates, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,269,000 | $ 444,000 | $ 1,173,000 | ||||||
Fair Value | $ (63,000) | $ (14,000) | $ (23,000) | ||||||
Investment, Identifier [Axis]: World Insurance Associates, LLC 1 | |||||||||
Variable interest rate | 6.75% | [3],[13],[14] | 5.75% | [5],[16] | 5.75% | 6.75% | [3],[13],[14] | ||
Interest Rate | 12.14% | [3],[13],[14] | 10.33% | [5],[16] | 6.75% | 12.14% | [3],[13],[14] | ||
Par Amount | $ 34,076,000 | [3],[13],[14] | $ 33,331,000 | [5],[16] | $ 33,658,000 | ||||
Cost | 33,192,000 | [3],[13],[14] | 32,499,000 | [5],[16] | 32,601,000 | ||||
Fair Value | $ 32,394,000 | [3],[13],[14] | $ 32,288,000 | [5],[16] | $ 32,996,000 | ||||
Percentage of Net Assets | 2.19% | [3],[13],[14] | 2.31% | [5],[16] | 2.78% | 2.19% | [3],[13],[14] | ||
Investment, Identifier [Axis]: World Insurance Associates, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [5],[16] | 5.75% | 5.75% | [3],[13],[14] | ||
Interest Rate | 11.15% | [3],[13],[14] | 10.33% | [5],[16] | 6.75% | 11.15% | [3],[13],[14] | ||
Par Amount | $ 30,934,000 | [3],[13],[14] | $ 31,170,000 | [5],[16] | $ 31,487,000 | ||||
Cost | 30,285,000 | [3],[13],[14] | 30,528,000 | [5],[16] | 30,671,000 | ||||
Fair Value | $ 29,386,000 | [3],[13],[14] | $ 30,194,000 | [5],[16] | $ 30,868,000 | ||||
Percentage of Net Assets | 1.98% | [3],[13],[14] | 2.16% | [5],[16] | 2.60% | 1.98% | [3],[13],[14] | ||
Investment, Identifier [Axis]: World Insurance Associates, LLC 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [5],[11],[15] | 5.75% | 5.75% | [3],[14],[15] | ||
Interest Rate | 11.15% | [3],[14],[15] | 10.33% | [5],[11],[15] | 6.75% | 11.15% | [3],[14],[15] | ||
Par Amount | $ 825,000 | [5],[11],[15] | $ 95,000 | ||||||
Cost | $ (13,000) | [3],[14],[15] | 808,000 | [5],[11],[15] | 74,000 | ||||
Fair Value | $ (64,000) | [3],[14],[15] | $ 785,000 | [5],[11],[15] | $ 70,000 | ||||
Percentage of Net Assets | 0.06% | [5],[11],[15] | 0.01% | ||||||
Investment, Identifier [Axis]: Zarya Intermediate, LLC | |||||||||
Variable interest rate | [6],[21] | 6.50% | |||||||
Interest Rate | [6],[21] | 7.50% | |||||||
Par Amount | [6],[21] | $ 24,500,000 | |||||||
Cost | [6],[21] | 24,043,000 | |||||||
Fair Value | [6],[21] | $ 24,500,000 | |||||||
Percentage of Net Assets | [6],[21] | 2.06% | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,085,000 | $ 3,649,000 | |||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Zarya Intermediate, LLC 1 | |||||||||
Variable interest rate | 6.50% | [3],[14],[28] | 6.50% | [3],[4],[5],[29],[30] | 6.50% | [6],[10] | 6.50% | [3],[14],[28] | |
Interest Rate | 11.92% | [3],[14],[27],[28] | 10.90% | [3],[4],[5],[29],[30] | 7.50% | [6],[10] | 11.92% | [3],[14],[27],[28] | |
Par Amount | $ 35,408,000 | [3],[14],[28] | $ 35,408,000 | [3],[4],[5],[29],[30] | $ 19,250,000 | [6],[10] | |||
Cost | 35,408,000 | [3],[14],[20],[28] | 35,408,000 | [3],[4],[5],[20],[29],[30] | 18,884,000 | [6],[10] | |||
Fair Value | $ 35,408,000 | [3],[14],[28] | $ 35,344,000 | [3],[4],[5],[29],[30] | $ 19,250,000 | [6],[10] | |||
Percentage of Net Assets | 2.39% | [3],[14],[28] | 2.53% | [3],[4],[5],[29],[30] | 1.62% | [6],[10] | 2.39% | [3],[14],[28] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,983,000 | ||||||||
Investment, Identifier [Axis]: Zarya Intermediate, LLC 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15],[28],[30] | 6.50% | [3],[4],[5],[11],[12],[29],[30] | 6.50% | [6],[10] | 6.50% | [3],[14],[15],[28],[30] | |
Interest Rate | 11.92% | [3],[14],[15],[27],[28],[30] | 10.90% | [3],[4],[5],[11],[12],[29],[30] | 7.50% | [6],[10] | 11.92% | [3],[14],[15],[27],[28],[30] | |
Par Amount | [3],[14],[15],[28],[30] | $ 1,564,000 | |||||||
Cost | 1,564,000 | [3],[14],[15],[20],[28],[30] | $ (86,000) | [6],[10] | |||||
Fair Value | [3],[30] | $ 1,564,000 | [14],[15],[28] | $ (7,000) | [4],[5],[11],[12],[29] | ||||
Percentage of Net Assets | 0.11% | [3],[14],[15],[28],[30] | 0% | [5],[11],[29] | 0% | [6],[10] | 0.11% | [3],[14],[15],[28],[30] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,683,000 | ||||||||
Investment, Identifier [Axis]: iCIMS, Inc. | |||||||||
Variable interest rate | 7.25% | ||||||||
Interest rate, PIK | 3.875% | ||||||||
Interest Rate | 11.52% | ||||||||
Par Amount | $ 6,568,000 | ||||||||
Cost | 6,455,000 | ||||||||
Fair Value | $ 6,455,000 | ||||||||
Percentage of Net Assets | 0.46% | ||||||||
Investment, Identifier [Axis]: iCIMS, Inc. 1 | |||||||||
Variable interest rate | [14],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[18] | 12.14% | 12.14% | ||||||
Par Amount | [14],[18] | $ 7,059,000 | |||||||
Cost | [14],[18] | 6,955,000 | |||||||
Fair Value | [14],[18] | $ 7,059,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.48% | 0.48% | ||||||
Unfunded Commitment | $ 112,000 | ||||||||
Investment, Identifier [Axis]: iCIMS, Inc. 2 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Cost | [14],[15],[18] | $ (1,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 38,000 | ||||||||
Investment, Identifier [Axis]: iCIMS, Inc. 3 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Par Amount | [14],[15],[18] | $ 8,000 | |||||||
Cost | [14],[15],[18] | 7,000 | |||||||
Fair Value | [14],[15],[18] | 8,000 | |||||||
Investment, Identifier [Axis]: mPulse Mobile, Inc. | |||||||||
Par Amount | 165,761,000 | [14],[23] | $ 165,761,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 165,761 | [5],[25] | 165,761,000 | ||||||
Cost | 1,220,000 | [14],[20],[23] | $ 1,220,000 | [1],[4],[5],[24],[25] | $ 1,220,000 | ||||
Fair Value | $ 1,147,000 | [14],[23] | $ 1,281,000 | [4],[5],[24],[25] | $ 1,220,000 | ||||
Percentage of Net Assets | 0.08% | [14],[23] | 0.09% | [4],[5],[24],[25] | 0.10% | 0.08% | [14],[23] | ||
Investment, Identifier [Axis]: mPulse Mobile, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [14],[18] | 5.25% | 5.25% | [6],[19] | 5.25% | [14],[18] | ||
Interest Rate | 10.75% | [14],[18] | 9.32% | 6% | [6],[8],[19] | 10.75% | [14],[18] | ||
Par Amount | $ 17,369,000 | [14],[18] | $ 17,500,000 | $ 17,500,000 | [6],[19] | ||||
Cost | 17,108,000 | [14],[18] | 17,200,000 | 17,152,000 | [1],[6],[19] | ||||
Fair Value | $ 17,100,000 | [14],[18] | $ 16,977,000 | $ 17,152,000 | [6],[19] | ||||
Percentage of Net Assets | 1.15% | [14],[18] | 1.21% | 1.44% | [6],[19] | 1.15% | [14],[18] | ||
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 1,996,000 | $ 1,996,000 | $ 1,996,000 | ||||||
Fair Value | $ (31,000) | $ (60,000) | $ (20,000) | ||||||
Investment, Identifier [Axis]: mPulse Mobile, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 5.25% | [15] | 5.25% | [6],[10],[19] | 5.25% | [14],[15],[18] | |
Interest Rate | 10.75% | [14],[15],[18] | 9.32% | [15] | 6% | [6],[8],[10],[19] | 10.75% | [14],[15],[18] | |
Cost | $ (14,000) | [14],[15],[18] | $ (17,000) | [15] | $ (20,000) | [1],[6],[10],[19] | |||
Fair Value | $ (31,000) | [14],[15],[18] | $ (60,000) | [15] | $ (20,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0% | 0% | [6],[10],[19] | ||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 129,000 | $ 353,000 | $ 504,000 | ||||||
Fair Value | $ (2,000) | $ (11,000) | $ (10,000) | ||||||
Investment, Identifier [Axis]: mPulse Mobile, Inc. 3 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 5.25% | [15] | 5.25% | [6],[10],[19] | 5.25% | [14],[15],[18] | |
Interest Rate | 10.75% | [14],[15],[18] | 9.32% | [15] | 6% | [6],[8],[10],[19] | 10.75% | [14],[15],[18] | |
Par Amount | [15] | $ 375,000 | [14],[18] | $ 151,000 | |||||
Cost | 368,000 | [14],[15],[18] | 143,000 | [15] | $ (10,000) | [1],[6],[10],[19] | |||
Fair Value | $ 368,000 | [14],[15],[18] | $ 136,000 | [15] | $ (10,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.02% | [14],[15],[18] | 0.01% | [15] | 0% | [6],[10],[19] | 0.02% | [14],[15],[18] | |
Euro Interbank Offered Rate (EURIBOR) | |||||||||
Variable interest rate | 5.66% | 2.13% | 5.66% | ||||||
London Interbank Offered Rate (LIBOR) | 1-month Period | |||||||||
Variable interest rate | 5.43% | 4.39% | 5.43% | ||||||
London Interbank Offered Rate (LIBOR) | 3-month Period | |||||||||
Variable interest rate | 5.66% | 4.77% | 5.66% | ||||||
London Interbank Offered Rate (LIBOR) | 6-month Period | |||||||||
Variable interest rate | 5.90% | 5.14% | 5.90% | ||||||
Secured Overnight Financing Rate (SOFR) | 1-month Period | |||||||||
Variable interest rate | 5.32% | 4.36% | 5.32% | ||||||
Secured Overnight Financing Rate (SOFR) | 3-month Period | |||||||||
Variable interest rate | 5.40% | 4.59% | 5.40% | ||||||
Secured Overnight Financing Rate (SOFR) | 6-month Period | |||||||||
Variable interest rate | 4.78% | ||||||||
Prime Rate | |||||||||
Variable interest rate | 8.50% | 7.50% | 8.50% | ||||||
Health Care Equipment & Supplies | |||||||||
Cost | [20] | $ 5,415,000 | |||||||
Fair Value | $ 5,374,000 | ||||||||
Percentage of Net Assets | 0.36% | 0.36% | |||||||
First Lien Debt | |||||||||
Cost | $ 2,960,107,000 | $ 2,753,620,000 | $ 2,213,332,000 | [1] | € 2,960,107 | [20] | |||
Fair Value | $ 2,933,870,000 | $ 2,694,111,000 | $ 2,224,100,000 | € 2,933,870 | |||||
Percentage of Net Assets | 198.03% | 192.81% | 187.12% | 198.03% | |||||
First Lien Debt | Aerospace & Defense | |||||||||
Cost | $ 52,573,000 | [20] | $ 52,520,000 | [20] | $ 38,993,000 | [1] | |||
Fair Value | $ 52,676,000 | $ 51,531,000 | $ 39,370,000 | ||||||
Percentage of Net Assets | 3.56% | 3.69% | 3.31% | 3.56% | |||||
First Lien Debt | Air Freight & Logistics | |||||||||
Cost | $ 29,679,000 | [20] | $ 28,736,000 | [20] | $ 11,948,000 | [1] | |||
Fair Value | $ 29,888,000 | $ 27,943,000 | $ 11,948,000 | ||||||
Percentage of Net Assets | 2.02% | 2% | 1.01% | 2.02% | |||||
First Lien Debt | Automobile Components | |||||||||
Cost | $ 86,866,000 | [20] | $ 86,480,000 | [20] | $ 51,698,000 | [1] | |||
Fair Value | $ 86,506,000 | $ 83,574,000 | $ 51,746,000 | ||||||
Percentage of Net Assets | 5.84% | 5.98% | 4.35% | 5.84% | |||||
First Lien Debt | Automobiles | |||||||||
Cost | $ 154,223,000 | $ 150,144,000 | [9] | $ 174,783,000 | [1] | ||||
Fair Value | $ 154,132,000 | $ 146,413,000 | $ 175,583,000 | ||||||
Percentage of Net Assets | 10.40% | 10.48% | 14.77% | 10.40% | |||||
First Lien Debt | Biotechnology | |||||||||
Cost | $ 15,611,000 | $ 14,830,000 | [9] | $ 14,955,000 | [1] | ||||
Fair Value | $ 15,603,000 | $ 14,407,000 | $ 14,955,000 | ||||||
Percentage of Net Assets | 1.05% | 1.03% | 1.26% | 1.05% | |||||
First Lien Debt | Chemicals | |||||||||
Cost | $ 21,087,000 | $ 18,797,000 | [9] | ||||||
Fair Value | $ 20,783,000 | $ 18,066,000 | |||||||
Percentage of Net Assets | 1.40% | 1.29% | 1.40% | ||||||
First Lien Debt | Commercial Services & Supplies | |||||||||
Cost | $ 320,119,000 | $ 325,020,000 | [1],[20] | $ 306,205,000 | [1] | ||||
Fair Value | $ 319,668,000 | $ 319,508,000 | $ 307,450,000 | ||||||
Percentage of Net Assets | 21.58% | 22.87% | 25.87% | 21.58% | |||||
First Lien Debt | Construction & Engineering | |||||||||
Cost | $ 45,942,000 | $ 37,932,000 | [9] | $ 35,799,000 | [1] | ||||
Fair Value | $ 45,890,000 | $ 36,734,000 | $ 35,799,000 | ||||||
Percentage of Net Assets | 3.10% | 2.63% | 3.01% | 3.10% | |||||
First Lien Debt | Containers & Packaging | |||||||||
Cost | $ 43,385,000 | $ 43,852,000 | [9] | $ 36,043,000 | [1] | ||||
Fair Value | $ 43,525,000 | $ 42,522,000 | $ 36,043,000 | ||||||
Percentage of Net Assets | 2.94% | 3.04% | 3.03% | 2.94% | |||||
First Lien Debt | Distributors | |||||||||
Cost | $ 90,110,000 | $ 122,968,000 | [9] | $ 28,636,000 | [1] | ||||
Fair Value | $ 87,337,000 | $ 120,982,000 | $ 28,636,000 | ||||||
Percentage of Net Assets | 5.90% | 8.66% | 2.41% | 5.90% | |||||
First Lien Debt | Diversified Consumer Services | |||||||||
Cost | $ 103,850,000 | $ 88,142,000 | [9] | $ 36,642,000 | [1] | ||||
Fair Value | $ 103,167,000 | $ 87,147,000 | $ 36,975,000 | ||||||
Percentage of Net Assets | 6.96% | 6.24% | 3.11% | 6.96% | |||||
First Lien Debt | Financial Services | |||||||||
Cost | $ 53,913,000 | $ 19,820,000 | [9] | $ 71,968,000 | [1] | ||||
Fair Value | $ 54,126,000 | $ 19,586,000 | $ 72,070,000 | ||||||
Percentage of Net Assets | 3.65% | 1.40% | 6.06% | 3.65% | |||||
First Lien Debt | Food Products | |||||||||
Cost | $ 72,090,000 | $ 72,622,000 | [9] | ||||||
Fair Value | $ 70,806,000 | $ 70,996,000 | |||||||
Percentage of Net Assets | 4.78% | 5.08% | 4.78% | ||||||
First Lien Debt | Electronic Equipment, Instruments & Components | |||||||||
Cost | $ 26,500,000 | $ 13,448,000 | [9] | ||||||
Fair Value | $ 25,815,000 | $ 12,892,000 | |||||||
Percentage of Net Assets | 1.74% | 0.92% | 1.74% | ||||||
First Lien Debt | Health Care Equipment & Supplies | |||||||||
Cost | $ 13,052,000 | $ 62,269,000 | [1] | ||||||
Fair Value | $ 13,090,000 | $ 62,602,000 | |||||||
Percentage of Net Assets | 0.88% | 5.27% | 0.88% | ||||||
First Lien Debt | Health Care Providers & Services | |||||||||
Cost | $ 111,559,000 | $ 90,686,000 | |||||||
Fair Value | $ 110,086,000 | $ 88,460,000 | |||||||
Percentage of Net Assets | 7.43% | 6.33% | 7.43% | ||||||
First Lien Debt | Health Care Technology | |||||||||
Cost | $ 61,214,000 | $ 21,467,000 | $ 21,562,000 | [1] | |||||
Fair Value | $ 61,389,000 | $ 21,148,000 | $ 20,963,000 | ||||||
Percentage of Net Assets | 4.14% | 1.51% | 1.76% | 4.14% | |||||
First Lien Debt | Industrial Conglomerates | |||||||||
Cost | $ 33,628,000 | $ 1,666,000 | [1] | $ 35,958,000 | |||||
Fair Value | $ 34,407,000 | $ 1,612,000 | $ 36,285,000 | ||||||
Percentage of Net Assets | 2.32% | 0.12% | 3.05% | 2.32% | |||||
First Lien Debt | Insurance Sector [Member] | |||||||||
Cost | $ 466,713,000 | $ 455,293,000 | $ 401,473,000 | ||||||
Fair Value | $ 460,888,000 | $ 446,804,000 | $ 403,895,000 | ||||||
Percentage of Net Assets | 31.11% | 31.98% | 33.98% | 31.11% | |||||
First Lien Debt | Interactive Media & Services | |||||||||
Cost | $ 104,614,000 | $ 103,429,000 | $ 90,189,000 | ||||||
Fair Value | $ 100,966,000 | $ 101,077,000 | $ 91,025,000 | ||||||
Percentage of Net Assets | 6.82% | 7.23% | 7.66% | 6.82% | |||||
First Lien Debt | IT Services | |||||||||
Cost | $ 227,038,000 | $ 230,561,000 | $ 201,890,000 | ||||||
Fair Value | $ 220,202,000 | $ 223,366,000 | $ 202,960,000 | ||||||
Percentage of Net Assets | 14.86% | 15.99% | 17.08% | 14.86% | |||||
First Lien Debt | Leisure Products | |||||||||
Cost | $ 21,596,000 | $ 21,726,000 | $ 54,292,000 | [1] | |||||
Fair Value | $ 21,214,000 | $ 21,557,000 | $ 54,900,000 | ||||||
Percentage of Net Assets | 1.43% | 1.54% | 4.62% | 1.43% | |||||
First Lien Debt | Machinery | |||||||||
Cost | $ 84,669,000 | $ 88,999,000 | $ 48,582,000 | [1] | |||||
Fair Value | $ 83,742,000 | $ 85,464,000 | $ 48,133,000 | ||||||
Percentage of Net Assets | 5.65% | 6.12% | 4.05% | 5.65% | |||||
First Lien Debt | Multi-Utilities | |||||||||
Cost | $ 21,738,000 | $ 16,427,000 | [1] | $ 10,405,000 | [1] | ||||
Fair Value | $ 21,760,000 | $ 16,228,000 | $ 10,600,000 | ||||||
Percentage of Net Assets | 1.47% | 1.16% | 0.89% | 1.47% | |||||
First Lien Debt | Oil, Gas & Consumable Fuels | |||||||||
Cost | [1] | $ 399,000 | |||||||
Fair Value | $ 390,000 | ||||||||
Percentage of Net Assets | 0.03% | ||||||||
First Lien Debt | Pharmaceuticals | |||||||||
Cost | $ 11,848,000 | $ 11,157,000 | [1] | ||||||
Fair Value | $ 12,088,000 | $ 11,157,000 | |||||||
Percentage of Net Assets | 0.82% | 0.80% | 0.82% | ||||||
First Lien Debt | Professional Services | |||||||||
Cost | $ 110,638,000 | $ 89,714,000 | [1] | $ 91,547,000 | [1] | ||||
Fair Value | $ 110,995,000 | $ 88,770,000 | $ 92,207,000 | ||||||
Percentage of Net Assets | 7.49% | 6.35% | 7.76% | 7.49% | |||||
First Lien Debt | Real Estate Management & Development | |||||||||
Cost | $ 163,130,000 | [20] | $ 155,654,000 | [20] | $ 121,237,000 | ||||
Fair Value | $ 162,420,000 | $ 152,029,000 | $ 122,965,000 | ||||||
Percentage of Net Assets | 10.96% | 10.88% | 10.35% | 10.96% | |||||
First Lien Debt | Software | |||||||||
Cost | $ 381,883,000 | $ 252,416,000 | [1] | € 412,722 | [20] | ||||
Fair Value | $ 374,792,000 | $ 252,952,000 | € 410,701 | ||||||
Percentage of Net Assets | 27.72% | 26.82% | 21.28% | 27.72% | |||||
Second Lien Debt | |||||||||
Cost | $ 145,809,000 | [20] | $ 136,620,000 | [1] | $ 120,124,000 | ||||
Fair Value | $ 134,712,000 | $ 128,350,000 | 121,550,000 | ||||||
Percentage of Net Assets | 9.09% | 9.19% | 9.09% | ||||||
Second Lien Debt | Electronic Equipment, Instruments & Components | |||||||||
Cost | $ 16,939,000 | 16,912,000 | [1] | ||||||
Fair Value | $ 16,194,000 | $ 17,000,000 | |||||||
Percentage of Net Assets | 1.16% | 1.43% | |||||||
Second Lien Debt | Health Care Providers & Services | |||||||||
Cost | $ 5,318,000 | ||||||||
Fair Value | $ 4,946,000 | ||||||||
Percentage of Net Assets | 0.35% | ||||||||
Second Lien Debt | Industrial Conglomerates | |||||||||
Cost | [1] | $ 39,944,000 | |||||||
Fair Value | $ 40,387,000 | ||||||||
Percentage of Net Assets | 3.40% | ||||||||
Second Lien Debt | IT Services | |||||||||
Cost | $ 40,072,000 | [20] | $ 40,016,000 | [1] | |||||
Fair Value | $ 37,804,000 | $ 37,735,000 | |||||||
Percentage of Net Assets | 2.55% | 2.70% | 2.55% | ||||||
Second Lien Debt | Software | |||||||||
Cost | $ 23,801,000 | [20] | $ 23,770,000 | [1] | $ 120,124,000 | [1] | |||
Fair Value | $ 19,963,000 | $ 22,341,000 | $ 121,550,000 | ||||||
Percentage of Net Assets | 1.35% | 1.60% | 10.23% | 1.35% | |||||
Other Securities | |||||||||
Cost | $ 52,685,000 | [20] | $ 49,406,000 | [1] | $ 39,979,000 | ||||
Fair Value | $ 54,868,000 | $ 51,127,000 | $ 41,724,000 | ||||||
Percentage of Net Assets | 3.70% | 3.66% | 3.51% | 3.70% | |||||
Unsecured debt | |||||||||
Cost | $ 3,386,000 | [20] | $ 3,326,000 | [1] | $ 1,777,000 | [1] | |||
Fair Value | $ 2,002,000 | $ 2,198,000 | $ 1,350,000 | ||||||
Percentage of Net Assets | 0.14% | 0.16% | 0.11% | 0.14% | |||||
Preferred equity | |||||||||
Cost | $ 19,377,000 | [20] | $ 17,869,000 | [1] | $ 11,073,000 | ||||
Fair Value | $ 19,456,000 | $ 17,039,000 | $ 11,248,000 | ||||||
Percentage of Net Assets | 1.31% | 1.22% | 0.95% | 1.31% | |||||
Common equity | |||||||||
Cost | $ 29,922,000 | [20] | $ 28,211,000 | [1] | $ 27,129,000 | ||||
Fair Value | $ 33,410,000 | $ 31,890,000 | $ 29,126,000 | ||||||
Percentage of Net Assets | 2.26% | 2.28% | 2.45% | 2.26% | |||||
Unfunded Debt Securities | |||||||||
Unfunded Commitment | $ 287,164,000 | $ 314,251,000 | $ 509,403,000 | ||||||
Fair Value | (4,778,000) | (10,260,000) | (5,203,000) | ||||||
Unfunded Debt Securities, First Lien | |||||||||
Unfunded Commitment | 287,164,000 | 305,663,000 | 499,948,000 | ||||||
Fair Value | $ (4,778,000) | (9,984,000) | (5,196,000) | ||||||
Unfunded Debt Securities, Second Lien | |||||||||
Unfunded Commitment | 8,588,000 | 9,455,000 | |||||||
Fair Value | $ (276,000) | $ (7,000) | |||||||
Non Qualifying Assets | Assets, Total | Customer Concentration Risk | |||||||||
% of Total Investments at Fair Value | 6.24% | 7.10% | |||||||
Restricted Securities | |||||||||
Fair Value | $ 52,866,000 | $ 48,929,000 | |||||||
Percentage of Net Assets | 3.57% | 3.50% | 3.57% | ||||||
[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. Loan includes interest rate floor of 1.00 %. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, under the supervision of the Board of Directors (see Note 2 and Note 5), pursuant to the Company’s valuation policy. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Directors (see Note 2 and Note 5), pursuant to the Company’s valuation policy. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either E, L or S or an alternate base rate (commonly based on F or P), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022. As of December 31, 2022, the reference rates for our LIBOR-based loans were the 3-month E at 2.13% , the 1-month L at 4.39% , the 3-month L at 4.77% , the 6-month L at 5.14% ; the reference rates for our SOFR-based loans were the 1-month S at 4.36% , the 3-month S at 4.59% , the 6-month S at 4.78% ; and the reference rate for our Prime rate-based loans were at 7.50% . Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2021. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2021. As of December 31, 2021, the reference rates for our variable rate loans were the 30-day L at 0.10%, the 90-day L at 0.21%, the 180-day L at 0.34%, and the P at 3.25%. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2021: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022: Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Board of Directors (the “Board of Directors” or the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”. Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”. Loan includes interest rate floor of 0.75 %. Loan includes interest rate floor of 0.75 %. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. Assets or a portion thereof are pledged as collateral for the BNP Funding Facility. See Note 6 “Debt”. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E"), LIBOR ("L") or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022. As of December 31, 2022, the reference rates for our LIBOR-based loans were the 3-month E at 2.13% , the 30-day L at 4.39% , the 90-day L at 4.77% , the 180-day L at 5.14% ; the reference rates for our SOFR-based loans were the 30-day S at 4.36% , the 90-day S at 4.59% , the 180-day S at 4.78% ; and the reference rate for our Prime rate-based loans were at 7.50% . Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of September 30, 2023, the aggregate fair value of these securities is $52,866 or 3.57% of the Company’s net assets. The initial acquisition dates have been included for such securities. Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $48,929 or 3.50% of the Company’s net assets. The initial acquisition dates have been included for such securities. Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $48,929 or 3.5 % of the Company’s net assets. The initial acquisition dates have been included for such securities. Loan includes interest rate floor of 0.50 %. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR (“E”), LIBOR (“L” or “LIBOR”) or SOFR (“S”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2023. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2023. As of September 30, 2023, the reference rates for our LIBOR-based loans were the 3-month E at 5.66 %, the 1-month L at 5.43% , the 3-month L at 5.66% , the 6-month L at 5.90% ; the reference rates for our SOFR-based loans were the 1-month S at 5.32% , the 3-month S at 5.40% ; and the P at 8.50% . The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, non-qualifying assets represented 6.24 % of total assets as calculated in accordance with regulatory requirements. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 7.1 % of total assets as calculated in accordance with regulatory requirements. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 7.10% of total assets as calculated in accordance with regulatory requirements. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2021, non-qualifying assets represented 5.7% of total assets as calculated in accordance with regulatory requirements. Investment was on non-accrual status as of December 31, 2022. Investment was on non-accrual status as of September 30, 2023. Investment was on non-accrual status as of December 31, 2022. Represents a senior unsecured note, which is subordinated to senior secured term loans of the portfolio company. Loan includes interest rate floor of 0.50 %. Loan includes interest rate floor of 1.00 % The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 7.10% of total assets as calculated in accordance with regulatory requirements. |
Organization
Organization | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization | (1) Organization Morgan Stanley Direct Lending Fund (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends 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”). The Company is not a subsidiary of or consolidated with Morgan Stanley. The Company was formed as a Delaware limited liability company on May 30, 2019 and, effective November 25, 2019, converted to a Delaware corporation. The Company commenced investment operations in January 2020. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley. The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. The Company has conducted and from time to time may conduct private offerings of its common stock, par value $0.001 per share (the “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 makes a capital commitment (a “Capital Commitment”) to purchase shares of Common Stock pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. In accordance with the terms of the subscription agreements (the “Subscription Agreements”) entered into by investors in the Company, the Company’s Board of Directors (the “Board of Directors”) approved a one-year extension of the Investment Period (as defined in the Subscription Agreements) such that the Investment Period will expire on December 23, 2023. The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of September 30, 2023, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: DLF CA SPV LLC (“CA SPV”), DLF SPV LLC (“DLF SPV”), DLF Financing SPV LLC (“Financing SPV”) and DLF Equity Holdings LLC (“Equity Holdings,” and collectively with CA SPV, DLF SPV and Financing SPV, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation. | (1) Organization Morgan Stanley Direct Lending Fund (the “Company”) is a non-diversified, externally managed specialty finance company that is focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends 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”). The Company is not a subsidiary of or consolidated with Morgan Stanley. The Company was formed as a Delaware limited liability company on May 30, 2019 and, effective November 25, 2019, converted to a Delaware corporation. The Company commenced investing operations in January 2020. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley. The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. The Company has conducted and from time to time may conduct private offerings of its common stock of the Company, par value $0.001 per share (the “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 makes a capital commitment (a “Capital Commitment”) to purchase shares of Common Stock pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. In accordance with the terms of the subscription agreements (the “Subscription Agreements”) entered into by investors in the Company, the Company’s Board of Directors (the “Board of Directors”) approved a one-year extension of the Investment Period (as defined in the Subscription Agreements) such that the Investment Period will expire on December 23, 2023. The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of December 31, 2022, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: DLF CA SPV LLC (“CA SPV”), DLF SPV LLC (“DLF SPV”), DLF Financing SPV LLC (“DLF LLC”) and DLF Equity Holdings LLC (“DLF Equity Holdings,” and collectively with CA SPV, DLF SPV and DLF LLC, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023. The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Cash Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Foreign Currency Translation The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. Investments Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. The Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the Valuation Designee the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same - to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio. Revenue Recognition Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. PIK Income The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash. Dividend Income Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Dividend income is presented net of withholding tax, if any. Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received. Non-Accrual Income Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Organization and Offering Costs Costs associated with the organization of the Company are expensed as incurred. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock. Expenses The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, is reimbursed by the Company. The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded on the Consolidated Statements of Operations. Deferred Financing Costs and Debt Issuance Costs The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. Income Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as distributions. In order to continue to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company currently intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the three and nine months ended September 30, 2023 and for the three and nine months ended September 30, 2022, the Company did not accrue any U.S. federal excise tax. New Accounting Standards The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. The Company has assessed currently issued ASUs and has determined that they are not applicable or expected to have minimal impact on its consolidated financial statements. | (2) Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. Cash Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Foreign Currency Translation The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. Investments Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. The Company’s Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio. Revenue Recognition Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. PIK Income The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash. Dividend income Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any. Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received. Non-Accrual Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Organization and Offering Costs Costs associated with the organization of the Company are expensed as incurred, subject to the limitations discussed in Note 3. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock. Expenses The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, will be reimbursed by the Company, subject to contractual thresholds. The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded on the Consolidated Statements of Operations. Deferred Financing Costs and Debt Issuance Costs The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. Income Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as dividends. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the year ended December 31, 2022 and December 31, 2021, the Company accrued $334 and $80 of U.S. federal excise tax, respectively. For the year ended December 31, 2020, the Company did not accrue any U.S. federal excise tax. New Accounting Standards In March 2020, the FASB issued Accounting Standards Update 2020-04 (“ASU 2020-04”) “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference LIBOR or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and would therefore not trigger certain accounting impacts that would otherwise be required. 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 adopted the accounting relief on January 1, 2022, and noted no material impact on the consolidated financial statements, as relevant contract relationship modifications are made during the course of the reference rate reform transition period. |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Related Party Transactions | ||
Related Party Transactions | (3) Related Party Transactions Investment Advisory Agreement On November 25, 2019, the Company entered into the Investment Advisory Agreement. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company’s stockholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The renewal of the Investment Advisory Agreement was most recently approved in August 2023. The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee. The cost of both the Base Management Fee and the incentive fee are ultimately be borne by the stockholders. Base Management Fee The Base Management Fee is calculated at an annual rate of 1.0% of the Company’s average gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents. Prior to a listing of the Common Stock on a national securities exchange, the Adviser has agreed to irrevocably waive the portion of the Base Management Fee in excess of 0.25% of the Company’s average gross assets calculated in accordance with the Investment Advisory Agreement. Any Base Management Fees so waived are not subject to recoupment by the Investment Adviser. The Base Management Fee is payable quarterly in arrears, and no management fee is charged on committed but undrawn Capital Commitments. For the three and nine months ended September 30, 2023, Base Management Fees were $1,938, and $5,625 net of waiver, respectively. For the three and nine months ended September 30, 2022, Base Management Fees were $1,716, and $4,896 net of waiver, respectively. As of September 30, 2023 and December 31, 2022, $1,938 and $1,783 were payable to the Investment Adviser relating to Base Management Fees. Incentive Fee The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains. Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below), any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pursuant to the Investment Advisory Agreement, the Company pays its Adviser an income based incentive fee with respect to the Company’s pre-incentive fee net investment income in each calendar quarter as follows: ● No income based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5% ( 6.0% annualized); ● 100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182% ( 7.2728% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.8182% ) is referred to as the “catch-up”. This “catch-up” portion is meant to provide the Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch up” is achieved; and ● 17.5% of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.8182% ( 7.2728% annualized). The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 17.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 17.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period. For the three and nine months ended September 30, 2023, $10,727 and $30,246 respectively, of income based incentive fees were accrued to the Investment Adviser. For the three and nine months ended September 30, 2022, $7,173 and $18,517 respectively, of income based incentive fees were accrued to the Investment Adviser. For the three and nine months ended September 30, 2023, the Investment Adviser did not accrue any capital gains incentive fees. For the three and nine months ended September 30, 2022, there was $0 and a reversal of $2,441 of previously accrued capital gains incentive fees as there was net unrealized depreciation on investments during the period. The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end. As of September 30, 2023, $10,727 and $0 were payable to the Investment Adviser relating to income-based incentive fees and capital gains incentive fees payable. As of December 31, 2022, $8,118 and $0 were payable to the Investment Adviser relating to income-based incentive fees and capital gains incentive fees, respectively. Administration Agreement MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to an administration agreement (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Administration Agreement in August 2023. For the three and nine months ended September 30, 2023, the Company incurred $27 and $141, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2022, the Company incurred $54 and $124, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. Amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of September 30, 2023 and December 31, 2022 were $188 and $110, respectively. Expense Support and Waiver Agreement On December 31, 2019, the Company entered into an expense support and waiver agreement (the “Expense Support and Waiver Agreement”) with the Investment Adviser. Under the terms of the Expense Support and Waiver Agreement, the Investment Adviser agreed to waive any reimbursement by the Company of offering and organizational expenses incurred by the Investment Adviser on behalf of the Company in excess of $1,000 or 0.10% of the aggregate Capital Commitments of the Company, whichever is greater. If actual organization and offering costs incurred exceeded the greater of $1,000 or 0.10% of the Company’s total Capital Commitments, the Investment Adviser or its affiliate would bear the excess costs. For the three and nine months ended September 30, 2023, the Company did not incur any organization costs, offering costs or expense support. For the three and nine months ended September 30, 2022, the Company did not incur any organization costs. For the three and nine months ended September 30, 2022, the Investment Adviser recaptured $0 and $39 of previously waived amounts from the Company. As of September 30, 2023 and December 31, 2022, the Company had reimbursed the Investment Adviser all organization and offering costs incurred and there were no organization and offering costs payable on the Consolidated Statements of Assets and Liabilities. License Agreement The Company entered into the license agreement (the “License Agreement”) with Morgan Stanley under which Morgan Stanley Investment Management, Inc. has granted the Company a non-exclusive, royalty-free license to use the name “Morgan Stanley” for specified purposes in the Company’s business. Under the License Agreement, the Company has a right to use the “Morgan Stanley” name, subject to certain conditions, for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Morgan Stanley” name. Placement Agent Agreement On August 30, 2019, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Morgan Stanley Distribution Inc. (the “Paying Agent”), Morgan Stanley Smith Barney LLC (the “Placement Agent”) and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates assist in the placement of Common Stock in the Company’s private offerings. The Company is not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement. Payments are made by the Investment Adviser to the Placement Agent. To the extent the Paying Agent receives any payments it remits the payment to the Placement Agent. The Placement Agent Agreement will terminate upon a completion of an Initial Public Offering. Indemnification Agreements The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act and are generally consistent with the indemnification provisions of the Company’s certificate of incorporation and bylaws. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act. MS Credit Partners Holdings, Inc. Investment MS Credit Partners Holdings, Inc., or MS Credit Partners Holdings, a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, made an aggregate capital commitment of $200,000 to the Company pursuant to a subscription agreement entered into in December 2019, which had been fully funded as of October 4, 2023. As of September 30, 2023 and December 31, 2022, MS Credit Partners Holdings held approximately 11.7% and 11.9% of the Company’s outstanding shares of Common Stock, respectively. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment. Morgan Stanley & Co. Related Transactions Morgan Stanley & Co. LLC, a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, served as an initial purchaser in connection with the private placement of the Company’s 2027 Notes (as defined below in Note 6) and received fees of $213 at closing, under the purchase agreement entered into by the Company in connection with such private placement. Morgan Stanley & Co. LLC served as a co-agent in connection with the private placement of the Company’s 2025 Notes (as defined below in Note 6) and received fees of $138 at closing. These fees are deferred and amortized over the life of the related term obligation using the straight-line method. Any unamortized amounts are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. | (3) Related Party Transactions Investment Advisory Agreement On November 25, 2019, the Company entered into the Investment Advisory Agreement. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company’s stockholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The renewal of the Investment Advisory Agreement was most recently approved in August 2022. The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee. The cost of both the Base Management Fee and the incentive fee are ultimately be borne by the stockholders. Base Management Fee The Base Management Fee is calculated at an annual rate of 1.0% of the Company’s average gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents. Prior to a listing of the Common Stock on a national securities exchange, the Adviser has agreed to irrevocably waive the portion of the Base Management Fee in excess of 0.25% of the Company’s average gross assets calculated in accordance with the Investment Advisory Agreement. Any Base Management Fees so waived are not subject to recoupment by the Adviser. The Base Management Fee is payable quarterly in arrears, and no management fee is charged on committed but undrawn Capital Commitments. For the year ended December 31, 2022, December 31, 2021 and December 31, 2020, Base Management Fees were $6,679, $3,465 and $560 net of waiver, respectively. As of December 31, 2022 and December 31, 2021, $1,783 and $1,306 were payable to the Investment Adviser relating to Base Management Fees. Incentive Fee The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains. The Company pays its Adviser an income based incentive fee with respect to the Company’s pre-incentive fee net investment income in each calendar quarter as follows: ● No income based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5 % ( 6.0 % annualized); ● 100 % of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182 % ( 7.2728 % annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.8182 %) is referred to as the “catch-up”. This “catch-up” portion is meant to provide the Adviser with approximately 17.5 % of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch up” is achieved; and ● 17.5 % of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.8182 % ( 7.2728 % annualized) The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 17.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 17.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period. For the year ended December 31, 2022, December 31, 2021 and December 31, 2020, $26,635, $15,852 and $2,517, respectively, of income based incentive fees were accrued to the Investment Adviser. For the year ended December 31, 2022, $2,441 of previously accrued capital gains incentive fees to the Investment Adviser were reversed due to net changes in unrealized depreciation on investments during the period. For the year ended December 31, 2021 and December 31, 2020, $1,809 and $1,341 of capital gains incentive fees were accrued to the Investment Adviser, respectively. The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end. As of December 31, 2022, $8,118 and $0 were payable to the Investment Adviser relating to income based incentive fees and capital gains incentive fees payable. As of December 31, 2021, $5,886 and $2,773 were payable to the Investment Adviser relating to income based incentive fees and capital gains incentive fees, respectively. Administration Agreement MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to an administration agreement (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company equal to an amount that reimburses the Administrator for its costs and expenses and the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to the Company’s Chief Compliance Officer and Chief Financial Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Administration Agreement in August 2022. For the year ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company incurred $72, $212 and $183, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Company’s Consolidated Statements of Operations. Amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of December 31, 2022 and December 31, 2021 were $110 and $266, respectively. Expense Support and Waiver Agreement On December 31, 2019, the Company entered into an expense support and waiver agreement (the “Expense Support and Waiver Agreement”) with the Investment Adviser. Under the terms of the Expense Support and Waiver Agreement, the Investment Adviser agreed to waive any reimbursement by the Company of offering and organizational expenses to be incurred by the Investment Adviser on behalf of the Company in excess of $1,000 or 0.10% of the aggregate Capital Commitments of the Company, whichever is greater. If actual organization and offering costs incurred exceed the greater of $1,000 or 0.10% of the Company’s total Capital Commitments, the Investment Adviser or its affiliate will bear the excess costs. For the year ended December 31, 2022, the Company did not incur any organization costs. The Investment Adviser recaptured $44 $98 As of December 31, 2022, the Company reimbursed the Investment Adviser organization and offering costs incurred and there was no organization and offering costs in payable to affiliates and accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities. License Agreement The Company entered into the License Agreement with Morgan Stanley under which Morgan Stanley Investment Management, Inc. has granted the Company a non-exclusive, royalty-free license to use the name “Morgan Stanley” for specified purposes in the Company’s business. Under the License Agreement, the Company has a right to use the “Morgan Stanley” name, subject to certain conditions, for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Morgan Stanley” name. Placement Agent Agreement On August 30, 2019, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Morgan Stanley Distribution Inc. (the “Paying Agent”), Morgan Stanley Smith Barney LLC (the “Placement Agent”) and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates will assist in the placement of Common Stock in the Company’s private offerings. The Company is not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement. Payments are made by the Investment Adviser to the Placement Agent. To the extent the Paying Agent receives any payments it remits the payment to the Placement Agent. MS Credit Partners Holdings Investment MS Credit Partners Holdings, Inc., or MS Credit Partners Holdings, an indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, made an aggregate capital commitment of $200.0 million to us pursuant to a subscription agreement initially entered into in December 2019. As of December 31, 2022 and December 31, 2021, MS Credit Partners Holdings held approximately 11.9% and 12.5% of the Company’s outstanding shares of common stock, respectively. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment. Morgan Stanley & Co. Related Transactions Morgan Stanley & Co. LLC, a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, served as an initial purchaser in connection with the private placement of the Company’s 2027 Notes (as defined below in Note 6) and received fees of $213 for the year ended December 31, 2022, under the purchase agreement entered into by the Company in connection with such private placement. Morgan Stanley & Co. LLC served as a co-agent in connection with the private placement of the Company’s 2025 Notes (as defined below in Note 6) and received fees of $138 for the year ended December 31, 2022. |
Investments
Investments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Abstract] | ||
Investments | (4) Investments The composition of the Company’s investment portfolio at cost and fair value was as follows: September 30, 2023 December 31, 2022 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value First Lien Debt $ 2,960,107 $ 2,933,870 93.9 % $ 2,753,620 $ 2,694,111 93.8 % Second Lien Debt 145,809 134,712 4.3 136,620 128,350 4.5 Other Securities 52,685 54,868 1.8 49,406 51,127 1.7 Total $ 3,158,601 $ 3,123,450 100.0 % $ 2,939,646 $ 2,873,588 100.0 % The industry composition of investments at fair value was as follows: September 30, 2023 December 31, 2022 (1) Aerospace & Defense 1.7 % 1.8 % Air Freight & Logistics 1.1 1.1 Automobile Components 3.6 3.8 Automobiles 4.9 5.1 Biotechnology 0.5 0.5 Chemicals 0.7 0.6 Commercial Services & Supplies 10.3 11.2 Construction & Engineering 1.5 1.3 Containers & Packaging 1.5 1.6 Distributors 2.8 4.2 Diversified Consumer Services 3.3 3.0 Electronic Equipment, Instruments & Components 1.5 1.0 Energy Equipment & Services 0.5 0.5 Financial Services 1.7 0.7 Food Products 2.3 2.5 Health Care Equipment & Supplies 0.4 0.3 Health Care Providers & Services 3.8 3.4 Health Care Technology 2.0 0.7 Industrial Conglomerates 1.3 0.2 Insurance Services 14.9 15.7 Interactive Media & Services 3.2 3.5 IT Services 8.8 9.6 Leisure Products 0.7 0.8 Machinery 2.7 3.0 Multi-Utilities 0.7 0.6 Oil, Gas & Consumable Fuels — 0.0 (2) Pharmaceuticals 0.4 0.4 Professional Services 3.6 3.2 Real Estate Management & Development 5.3 5.4 Software 14.3 14.3 Total 100.0 % 100.0 % (1) The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. (2) Amount rounds to 0.0 % . The geographic composition of investments at cost and fair value was as follows: September 30, 2023 December 31, 2022 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value Australia $ 10,151 $ 10,168 0.3 % $ 10,187 $ 9,870 0.3 % Canada 97,187 96,518 3.1 108,820 105,764 3.7 United Kingdom 11,848 12,088 0.4 11,157 11,157 0.4 United States 3,039,415 3,004,676 96.2 2,809,482 2,746,797 95.6 Total $ 3,158,601 $ 3,123,450 100.0 % $ 2,939,646 $ 2,873,588 100.0 % As of September 30, 2023 and December 31, 2022, the Company had two and one investments, respectively, that were on non-accrual status. The amortized cost of investments on non-accrual status as of September 30, 2023 and December 31, 2022 was $8,848 and $1,500, respectively. | (4) Investments The composition of the Company’s investment portfolio at cost and fair value was as follows: December 31, 2022 December 31, 2021 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value First Lien Debt $ 2,753,620 $ 2,694,111 93.8 % $ 2,213,332 $ 2,224,100 93.2 % Second Lien Debt 136,620 128,350 4.5 120,124 121,550 5.1 Other Securities 49,406 51,127 1.7 39,979 41,724 1.7 Total $ 2,939,646 $ 2,873,588 100.0 % $ 2,373,435 $ 2,387,374 100.0 % The industry composition of investments at fair value was as follows: December 31, 2022 December 31, 2021 Aerospace & Defense 1.8 % 1.7 % Air Freight & Logistics 1.1 0.5 Auto Components 3.8 3.3 Automobiles 5.1 7.4 Biotechnology 0.5 0.6 Chemicals 0.6 — Commercial Services & Supplies 11.2 13.0 Construction & Engineering 1.3 1.5 Containers & Packaging 1.6 1.6 Distributors 4.2 1.2 Diversified Consumer Services 3.0 1.5 Diversified Financial Services 0.7 0.1 Electronic Equipment, Instruments & Components 1.0 0.7 Energy Equipment & Services 0.5 0.6 Food Products 2.5 3.1 Health Care Equipment & Supplies 0.3 0.4 Health Care Providers & Services 3.4 2.9 Health Care Technology 0.7 0.9 Industrial Conglomerates 0.2 1.8 Insurance Services 15.7 17.1 Interactive Media & Services 3.5 3.8 IT Services 9.6 10.8 Leisure Products 0.8 2.4 Machinery 3.0 2.0 Multi-Utilities 0.6 0.4 Oil, Gas & Consumable Fuels 0.0 (1) — Pharmaceuticals 0.4 — Professional Services 3.2 4.0 Real Estate Management & Development 5.4 5.2 Software 14.3 11.5 Total 100.0 % 100.0 % (1) Amount rounds to 0.0%. The geographic composition of investments at cost and fair value were as follows: December 31, 2022 December 31, 2021 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value Australia $ 10,187 $ 9,870 0.3 % $ — $ — — % Canada 108,820 105,764 3.7 81,935 81,386 3.4 United Kingdom 11,157 11,157 0.4 17,804 18,200 0.8 United States 2,809,482 2,746,797 95.6 2,273,696 2,287,788 95.8 Total $ 2,939,646 $ 2,873,588 100.0 % $ 2,373,435 $ 2,387,374 100.0 % |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Measurement | ||
Fair Value Measurements | (5) Fair Value Measurements ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. The three-level hierarchy for fair value measurements is defined as follows: Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs. Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained. Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below: 1) each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs; 2) preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management; 3) the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment is reviewed by an independent valuation firm at least once on a rolling twelve-month basis) including review of management’s preliminary valuation and conclusion of fair value; 4) the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provides the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and 5) the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms. The fair value is generally determined based on the assessment of the following factors, as relevant: ● the nature and realizable value of any collateral; ● call features, put features and other relevant terms of debt; ● the portfolio company’s leverage and ability to make payments; ● the portfolio company’s public or private letter credit ratings; ● the portfolio company’s actual and expected earnings and discounted cash flow; ● prevailing interest rates for like securities and expected volatility in future interest rates; ● the markets in which the issuer does business and recent economic and/or market events; and ● comparisons to publicly traded securities. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments. Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency. The following tables present the fair value hierarchy of investments: September 30, 2023 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,881 $ 2,907,989 $ 2,933,870 Second Lien Debt — 42,704 92,008 134,712 Other Securities — — 40,163 40,163 Subtotal $ — $ 68,585 $ 3,040,160 $ 3,108,745 Investment measured at net asset value (1) $ 14,705 Total $ 3,123,450 December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,362 $ 2,668,749 $ 2,694,111 Second Lien Debt — 5,459 122,891 128,350 Other Securities — — 36,395 36,395 Subtotal $ — $ 30,821 $ 2,828,035 $ 2,858,856 Investment measured at net asset value (1) $ 14,732 Total $ 2,873,588 (1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy. The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2023: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,772,653 $ 113,084 $ 39,102 $ 2,924,839 Purchases of investments 153,327 — 1,621 154,948 Proceeds from principal repayments and sales of investments (41,712) — — (41,712) Accretion of discount/amortization of premium 2,035 68 2 2,105 Payment-in-kind 774 137 567 1,478 Net change in unrealized appreciation (depreciation) 20,907 394 (1,129) 20,172 Net realized gains (losses) 5 — — 5 Transfers into/(out) of Level 3 — (21,675) — (21,675) Fair value, end of period $ 2,907,989 $ 92,008 $ 40,163 $ 3,040,160 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 $ 20,893 $ 394 $ (1,129) $ 20,158 The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2023: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,668,749 $ 122,891 $ 36,395 $ 2,828,035 Purchases of investments 365,914 86 1,712 367,712 Proceeds from principal repayments and sales of investments (168,477) — — (168,477) Accretion of discount/amortization of premium 6,985 201 6 7,192 Payment-in-kind 1,580 397 1,562 3,539 Net change in unrealized appreciation (depreciation) 33,111 816 488 34,415 Net realized gains (losses) 127 — — 127 Transfers into/(out) of Level 3 — (32,383) — (32,383) Fair value, end of period $ 2,907,989 $ 92,008 $ 40,163 $ 3,040,160 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 $ 32,754 $ 816 $ 488 $ 34,058 The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2022: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,492,968 $ 116,488 $ 32,898 $ 2,642,354 Purchases of investments 178,809 461 1,016 180,286 Proceeds from principal repayments and sales of investments (94,355) — — (94,355) Accretion of discount/amortization of premium 3,520 50 — 3,570 Payment-in-kind 228 130 — 358 Net change in unrealized appreciation (depreciation) (18,171) (3,345) (1,569) (23,085) Net realized gains (losses) — 18 — 18 Transfers into/(out) of Level 3 (20,083) — — (20,083) Fair value, end of period $ 2,542,916 $ 113,802 $ 32,345 $ 2,689,063 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 $ (17,747) $ (3,345) $ (1,569) $ (22,661) The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2022: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Purchases of investments 709,912 15,694 4,808 730,414 Proceeds from principal repayments and sales of investments (331,077) — (48) (331,125) Accretion of discount/amortization of premium 8,645 210 — 8,855 Payment-in-kind 665 389 397 1,451 Net change in unrealized appreciation (depreciation) (52,779) (6,541) (833) (60,153) Net realized gains (losses) 514 — 48 562 Transfers into/(out) of Level 3 — (17,500) — (17,500) Fair value, end of period $ 2,542,916 $ 113,802 $ 32,345 $ 2,689,063 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 $ (50,808) $ (6,522) $ (833) $ (58,163) The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value. September 30, 2023 Range Fair Valuation Unobservable Weighted Value Technique Input Low High Average Investments in first lien debt $ 2,641,353 Yield Analysis Discount Rate 9.33 % 19.18 % 11.77 % 266,636 Transaction Price Recent Transaction 96.50 % 100.00 % 98.56 % Investments in second lien debt $ 87,508 Yield Analysis Discount Rate 11.47 % 27.42 % 14.89 % 4,500 Transaction Price Recent Transaction 100.00 % 100.00 % 100.00 % Investments in other securities: Unsecured debt $ 1,877 Income Approach Discount Rate 14.50 % 14.50 % 14.50 % 125 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 18,181 Income Approach Discount Rate 12.19 % 15.48 % 13.45 % 1,275 Market Approach Revenue Multiple 7.50 x 7.50 x 7.50 x Common equity 16,937 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.30 x 1,768 Market Approach Revenue Multiple 7.20 x 8.80 x 8.24 x Total investments in other securities $ 40,163 Total Investments $ 3,040,160 December 31, 2022 Range Fair Valuation Unobservable Weighted Value Technique Input Low High Average Investments in first lien debt $ 2,624,749 Yield Analysis Discount Rate 9.20 % 20.44 % 11.27 % 44,000 Transaction Price Recent Transaction 100.00 % 100.00 % 100.00 % Investments in second lien debt $ 122,891 Yield Analysis Discount Rate 12.14 % 17.20 % 14.24 % Investments in other securities Unsecured debt $ 1,826 Income Approach Discount Rate 16.60 % 16.60 % 16.60 % 372 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 16,076 Income Approach Discount Rate 12.20 % 15.69 % 13.62 % 963 Market Approach Revenue Multiple 8.78 x 8.78 x 8.78 x Common equity 15,877 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.25 x 1,281 Market Approach Revenue Multiple 10.20 x 10.20 x 10.20 x Total investments in other securities $ 36,395 Total Investments $ 2,828,035 The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. Financial instruments disclosed but not carried at fair value The Company’s debt, including its credit facilities, 2027 Notes (as defined below in Note 6) and 2025 Notes (as defined below in Note 6), are presented at carrying value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s 2027 Notes is based on third party pricing received by the Company, which is categorized as Level 2 within the fair value hierarchy, and as of September 30, 2023, the fair value of the Company’s 2027 Notes was $392,403. The fair value of the Company’s credit facilities and 2025 Notes are estimated in accordance with the Company's valuation policy. The carrying value and fair value of the Company’s debt were as follows: September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value BNP Funding Facility $ 345,000 $ 345,000 $ 400,000 $ 400,000 Truist Credit Facility 680,252 680,252 432,254 432,254 2027 Notes (1) 420,497 392,403 419,498 394,995 2025 Notes (1) 272,630 275,000 271,723 275,000 Total $ 1,718,379 $ 1,692,654 $ 1,523,475 $ 1,502,249 (1) As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $3,782 and $2,370 , and unamortized original issuance discount of $721 and $0 , respectively. As of December 31, 2022, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $0 , respectively. The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy. | (5) Fair Value Measurements ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. The three-level hierarchy for fair value measurements is defined as follows: Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs. Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained. Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below: 1) each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs; 2) preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management; 3) the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment will be reviewed by an independent valuation firm at least once on a rolling twelve-month basis) including review of management’s preliminary valuation and conclusion of fair value; 4) the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provide the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and 5) the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms. The fair value is generally determined based on the assessment of the following factors, as relevant: ● the nature and realizable value of any collateral; ● call features, put features and other relevant terms of debt; ● the portfolio company’s leverage and ability to make payments; ● the portfolio company’s public or private letter credit ratings; ● the portfolio company’s actual and expected earnings and discounted cash flow; ● prevailing interest rates for like securities and expected volatility in future interest rates; ● the markets in which the issuer does business and recent economic and/or market events; and ● comparisons to publicly traded securities. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments. Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency. The following tables present the fair value hierarchy of investments: December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,362 $ 2,668,749 $ 2,694,111 Second Lien Debt — 5,459 122,891 128,350 Other Securities — — 36,395 36,395 Subtotal $ — $ 30,821 $ 2,828,035 $ 2,858,856 Investment measured at net asset value (1) $ 14,732 Total $ 2,873,588 December 31, 2021 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 17,064 $ 2,207,036 $ 2,224,100 Second Lien Debt — — 121,550 121,550 Other Securities — — 27,973 27,973 Subtotal $ — $ 17,064 $ 2,356,559 $ 2,373,623 Investment measured at net asset value (1) $ 13,751 Total $ 2,387,374 (1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy. The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2022: Total First Lien Debt Second Lien Debt Other Securities Investments Fair value, beginning of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Purchases of investments 900,740 15,694 8,315 924,749 Proceeds from principal repayments and sales of investments (384,631) — (48) (384,679) Accretion of discount/amortization of premium 11,062 278 1 11,341 Payment-in-kind 1,080 524 1,110 2,714 Net change in unrealized appreciation (depreciation) (67,033) (9,205) (1,004) (77,242) Net realized gains (losses) 495 — 48 543 Transfers into/(out) of Level 3 — (5,950) — (5,950) Fair value, end of period $ 2,668,749 $ 122,891 $ 36,395 $ 2,828,035 Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 $ (64,817) $ (9,186) $ (1,004) $ (75,007) The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2021: Total First Lien Debt Second Lien Debt Other Securities Investments Fair value, beginning of period $ 558,318 $ 53,155 $ 2,959 $ 614,432 Purchases of investments 1,956,780 101,352 25,723 2,083,855 Proceeds from principal repayments and sales of investments (325,175) (36,250) (3,348) (364,773) Accretion of discount/amortization of premium 8,831 1,008 — 9,839 Payment-in-kind 133 509 537 1,179 Net change in unrealized appreciation (depreciation) 5,052 1,776 455 7,283 Net realized gains (losses) 248 — 1,647 1,895 Transfers into/(out) of Level 3 2,849 — — 2,849 Fair value, end of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2021 $ 6,807 $ 1,775 $ 455 $ 9,037 The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value. December 31, 2022 Valuation Unobservable Range Weighted Fair Value Technique Input Low High Average Investments in first lien debt $ 2,624,749 Yield Analysis Discount Rate 9.20 % 20.44 % 11.27 % 44,000 Transaction Price Recent Transaction 100 % 100 % 100 % Investments in second lien debt $ 122,891 Yield Analysis Discount Rate 12.14 % 17.20 % 14.24 % Investments in other securities: Unsecured debt $ 1,826 Income Approach Discount Rate 16.60 % 16.60 % 16.60 % 372 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 16,076 Income Approach Discount Rate 12.20 % 15.69 % 13.62 % 963 Market Approach Revenue Multiple 8.78 x 8.78 x 8.78 x Common equity 15,877 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.25 x 1,281 Market Approach Revenue Multiple 10.20 x 10.20 x 10.20 x Total investments in other securities $ 36,395 Total Investments $ 2,828,035 December 31, 2021 Valuation Unobservable Range Weighted Fair Value Technique Input Low High Average Investments in first lien debt $ 2,207,036 Yield Analysis Discount Rate 5.55 % 12.44 % 7.52 % Investments in second lien debt $ 121,550 Yield Analysis Discount Rate 7.12 % 10.79 % 8.51 % Investments in other securities: Unsecured debt $ 1,350 Yield Analysis Discount Rate 25.33 % 25.33 % 25.33 % Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 9,950 Yield Analysis Discount Rate 11.70 % 12.10 % 11.92 % 1,298 Market Approach Revenue Multiple 11.80 x 11.80 x 11.80 x Common equity 15,375 Market Approach EBITDA Multiple 8.10 x 19.97 x 13.11 x Total investments in other securities $ 27,973 Total Investments $ 2,356,559 The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. Financial instruments disclosed but not carried at fair value The Company’s debt, including its credit facilities, 2027 Notes (as defined below in Note 6) and 2025 Notes (as defined below in Note 6), are presented at carrying value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s 2027 Notes is based on vendor pricing received by the Company, which is categorized as Level 2 within the fair value hierarchy, and as of December 31, 2022, the fair value of the Company’s 2027 Notes was $394,995. The fair value of the Company’s credit facilities and 2025 Notes are estimated using Level 3 inputs by discounting remaining payments using the appropriate discount rates, if available. The carrying value and fair value of the Company’s debt were as follows: December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value CIBC Subscription Facility $ — $ — $ 310,350 $ 310,350 BNP Funding Facility 400,000 400,000 463,500 463,500 Truist Credit Facility 432,254 432,254 476,000 476,000 2027 Notes (1) 419,498 394,995 — — 2025 Notes (1) 271,723 275,000 — — Total $ 1,523,475 $ 1,502,249 $ 1,249,850 $ 1,249,850 (1) The carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $ — , respectively. |
Debt
Debt | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Debt | (6) Debt CIBC Subscription Facility On December 31, 2019, the Company entered into a revolving credit agreement with CIBC Bank USA as administrative agent and arranger, which was subsequently amended on February 3, 2020, November 17, 2020, January 18, 2022 and February 3, 2022 (as amended, the “CIBC Subscription Facility”). The CIBC Subscription Facility allowed the Company to borrow up to the maximum revolving commitment at any one time outstanding, subject to certain restrictions, including availability under the borrowing base, which is based on unused Capital Commitments. The CIBC Subscription Facility bore interest at a rate at the Company’s election of either (i) the per annum one or three-month LIBOR, divided by a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or liabilities, plus 1.65% or (ii) the prime rate plus 0.65%, as calculated under the CIBC Subscription Facility. The CIBC Subscription Facility was secured by the unfunded commitments of certain stockholders of the Company. The CIBC Subscription Facility matured and was fully paid off as of December 31, 2022. For the three and nine months ended September 30, 2022, the Company did not make any borrowings and repaid $55,000 and $90,000, respectively, under the CIBC Subscription Facility. The summary information of the CIBC Subscription Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ — $ 2,271 $ — $ 5,450 Facility unused commitment fees — 6 — 19 Amortization of deferred financing costs — 327 — 1,125 Total $ — $ 2,604 $ — $ 6,594 Weighted average interest rate (excluding unused fees and financing costs) — % 3.76 % — % 2.57 % Weighted average outstanding balance $ — $ 236,491 $ — $ 279,562 BNP Funding Facility On October 14, 2020, DLF LLC entered into a Revolving Credit and Security Agreement (the “Credit and Security Agreement”, which was subsequently amended on December 11, 2020, March 2, 2021 and September 22, 2023) with DLF LLC, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equity holder and as the servicer, and U.S. Bank National Association, as collateral agent to (as amended, the “BNP Funding Facility”). As of September 30, 2023, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period is 2.85% and, after the reinvestment period 3.35%. The obligations of DLF LLC under the BNP Funding Facility are secured by the assets held by DLF LLC. The BNP Funding Facility has a maturity date of September 22, 2028. The summary information of the BNP Funding Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 6,904 $ 4,517 $ 20,862 $ 10,665 Facility unused commitment fees 209 128 455 209 Amortization of deferred financing costs 297 289 840 855 Total $ 7,410 $ 4,934 $ 22,157 $ 11,729 Weighted average interest rate (excluding unused fees and financing costs) 7.77 % 4.57 % 7.34 % 3.37 % Weighted average outstanding balance $ 347,446 $ 386,962 $ 374,927 $ 417,700 For the three months ended September 30, 2023 and September 30, 2022, the Company had no borrowings and repaid $25,000 and $83,500 under the BNP Funding Facility, respectively. For the nine months ended September 30, 2023 and September 30, 2022, the Company borrowed $0 and $13,000, and repaid $55,000 and $154,500 under the BNP Funding Facility, respectively. As of September 30, 2023 and December 31, 2022, the Company had $345,000 and $400,000 outstanding under the BNP Funding Facility, respectively. As of September 30, 2023 and December 31, 2022, the Company had $255,000 and $200,000, respectively, of available capacity under the BNP Funding Facility (subject to borrowing base restrictions). Truist Credit Facilit y On July 16, 2021, the Company entered into a Senior Secured Revolving Credit Agreement with Truist Bank (the “Truist Credit Facility, which was subsequently amended on December 3, 2021, May 20, 2022 and January 31, 2023). The maximum principal amount of the Truist Credit Facility is $1,120,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of September 30, 2023, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $1,500,000. As of September 30, 2023, the availability period of the Truist Credit Facility will terminate on January 29, 2027. The Truist Credit Facility is guaranteed by certain domestic subsidiaries of the Company (the “Guarantors”). The Company’s obligations to the lenders under the Truist Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and each Guarantor, subject to certain exceptions. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the Truist Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by Truist Bank, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) one month Term SOFR (as defined in the Truist Credit Facility) plus 1% per annum) plus and (y) for loans for which the Company elects the term benchmark option, Term SOFR, for borrowings denominated in U.S. dollars, or the applicable term benchmark rate for borrowings denominated in certain foreign currencies, in each case for the related interest period for such borrowing plus 1.875% per annum or such other applicable margin as is applicable to such foreign currency borrowings. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any letter of credit issued and outstanding under the Truist Credit Facility, as applicable. The Truist Credit Facility has a maturity date of January 31, 2028. The summary information of the Truist Credit Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 10,613 $ 4,018 $ 27,086 $ 7,485 Facility unused commitment fees 531 568 1,723 1,863 Amortization of deferred financing costs 518 267 1,473 905 Total $ 11,662 $ 4,853 $ 30,282 $ 10,253 Weighted average interest rate (excluding unused fees and financing costs) 7.26 % 4.05 % 6.91 % 3.05 % Weighted average outstanding balance $ 572,225 $ 388,313 $ 516,745 $ 323,300 For the three months ended September 30, 2023 and September 30, 2022, the Company borrowed $278,000 and $127,246, and repaid $90,000 and $222,000 under the Truist Credit Facility. For the nine months ended September 30, 2023 and September 30, 2022, the Company borrowed $338,000 and $579,246, and repaid $90,000 and $773,000 under the Truist Credit Facility. As of September 30, 2023 and December 31, 2022, the Company had $680,252 and $432,254 outstanding under the Truist Credit Facility, respectively. As of September 30, 2023 and December 31, 2022, the Company had $438,498 and $538,521, respectively, of available capacity under the Truist Credit Facility (subject to borrowing base restrictions). Unsecured Notes 2027 Notes On February 11, 2022, the Company issued $425,000 in aggregate principal amount of 4.50% notes due 2027 (the restricted securities initially issued on February 11, 2022 together with the unrestricted securities issued pursuant to the exchange offer described below, the “2027 Notes”). The 2027 Notes will mature on February 11, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the 2027 Notes. The 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities. Pursuant to a Registration Statement on Form N-14 (File No. 333-264774), filed on July 20, 2022, the Company closed an exchange offer in which holders of the 2027 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 85.87% of the outstanding principal of the then restricted 2027 Notes obtained registered unrestricted 2027 Notes. The summary information of 2027 Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 4,781 $ 4,781 $ 14,344 $ 12,219 Accretion of original issuance discount 54 54 160 136 Amortization of debt issuance costs 283 279 839 704 Total $ 5,118 $ 5,114 $ 15,343 $ 13,059 Stated interest rate 4.50 % 4.50 % 4.50 % 4.50 % 2025 Notes On September 13, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $275,000 in aggregate principal amount of Series A Senior Notes due September 13, 2025 (the “2025 Notes”) to certain qualified institutional investors in a private placement. The 2025 Notes were delivered and paid for on September 13, 2022, subject to certain customary closing conditions. The 2025 Notes have a fixed interest rate of 7.55% per year. The 2025 Notes will mature on September 13, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the 2025 Notes is due semiannually in February and August of each year. Subject to the terms of the Note Purchase Agreement, the Company may redeem the 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before June 13, 2025, a make-whole premium. The Company’s obligations under the Note Purchase Agreement are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The summary information of 2025 Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 5,191 $ 1,038 $ 15,572 $ 1,038 Amortization of debt issuance costs 305 58 906 58 Total $ 5,496 $ 1,096 $ 16,478 $ 1,096 Stated interest rate 7.55 % 7.55 % 7.55 % 7.55 % The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions: September 30, 2023 December 31, 2022 Aggregate Aggregate Principal Outstanding Unused Principal Outstanding Unused Committed Principal Portion Committed Principal Portion CIBC Subscription Facility (1) $ — $ — $ — $ — $ — $ — BNP Funding Facility 600,000 345,000 255,000 600,000 400,000 200,000 Truist Credit Facility (2)(3) 1,120,000 680,252 438,498 975,000 432,254 538,521 2027 Notes (4) 425,000 425,000 — 425,000 425,000 — 2025 Notes (4) 275,000 275,000 — 275,000 275,000 — Total $ 2,420,000 $ 1,725,252 $ 693,498 $ 2,275,000 $ 1,532,254 $ 738,521 (1) The CIBC Subscription Facility matured and was fully paid off as of December 31, 2022. (2) As of September 30, 2023 and December 31, 2022, a letter of credit of $1,250 and $4,225 , respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. (3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2023 and December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238 . (4) As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $3,782 and $2,370 , and unamortized original issuance discount of $721 and $0 , respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three months ended September 30, 2023 and September 30, 2022 was 6.64% and 4.37%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended September 30, 2023 and September 30, 2022 was $1,619,670 and $1,490,571, respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the nine months ended September 30, 2023 and September 30, 2022 was 6.45% and 3.47%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the nine month ended September 30, 2023 and September 30, 2022 was $1,591,671 and $1,399,866, respectively. As of September 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of each of the credit facilities, the 2027 Notes and the 2025 Notes. | (6) Debt CIBC Subscription Facility On December 31, 2019, the Company entered into a revolving credit agreement with CIBC Bank USA as administrative agent and arranger, which was subsequently amended on February 3, 2020, November 17, 2020, January 18, 2022 and February 3, 2022 (as amended, the “CIBC Subscription Facility”). The maximum revolving commitment of CIBC Subscription Facility was permanently reduced to $0 effective December 31, 2022, upon maturity. The CIBC Subscription Facility allows the Company to borrow up to the maximum revolving commitment at any one time outstanding, subject to certain restrictions, including availability under the borrowing base, which is based on unused Capital Commitments. The CIBC Subscription Facility bears interest at a rate at the Company’s election of either (i) the per annum one or three-month LIBOR, divided by a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or liabilities, plus 1.65% or (ii) the prime rate plus 0.65%, as calculated under the CIBC Subscription Facility. The CIBC Subscription Facility is secured by the unfunded commitments of certain stockholders of the Company. The CIBC Subscription Facility matured on December 31, 2022 and was fully paid off. The summary information of the CIBC Subscription Facility is as follows: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Borrowing interest expense $ 8,312 $ 6,379 $ 2,247 Facility unused commitment fees 26 92 406 Amortization of deferred financing costs 1,347 1,375 1,072 Total $ 9,685 $ 7,846 $ 3,725 Weighted average interest rate (excluding unused fees and financing costs) 3.13 % 1.77 % 1.93 % Weighted average outstanding balance $ 262,184 $ 354,810 $ 114,431 For the year ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company borrowed $—, $431,500 and $612,350, and repaid $310,350, $455,000 and $278,500, respectively, under the CIBC Subscription Facility. As of December 31, 2022 and December 31, 2021, the Company had $— and $310,350 outstanding under the CIBC Subscription Facility, respectively. As of December 31, 2022 and December 31, 2021, the Company had $— and $89,650, respectively, of available capacity under the CIBC Subscription Facility (subject to borrowing base restrictions). BNP Funding Facility On October 14, 2020, DLF LLC entered into a Revolving Credit and Security Agreement (the “Credit and Security Agreement”, which was subsequently amended on December 11, 2020 and March 2, 2021) with DLF LLC, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equity holder and as the servicer, and U.S. Bank National Association, as collateral agent to (as amended, the “BNP Funding Facility”). As of December 31, 2022, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period ranges between 1.95% and 2.75% and, after the reinvestment period, between 2.45% and 3.25%. The obligations of DLF LLC under the BNP Funding Facility are secured by the assets held by DLF LLC. The BNP Funding Facility has a maturity date of October 13, 2025. The summary information of the BNP Funding Facility is as follows: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Borrowing interest expense $ 15,376 $ 8,559 $ — Facility unused commitment fees 507 69 — Amortization of deferred financing costs 1,145 1,073 147 Total $ 17,028 $ 9,701 $ 147 Weighted average interest rate (excluding unused fees and financing costs) 3.90 % 2.48 % — % Weighted average outstanding balance $ 389,216 $ 340,437 $ — For the year ended December 31, 2022 and December 31, 2021, the Company borrowed $113,000 and $538,500, and repaid $176,500 and $75,000 under the BNP Funding Facility, respectively. For the year ended December 31, 2020, the Company did not make any borrowings or repayments under the facility. As of December 31, 2022 and December 31, 2021, the Company had $400,000 and $463,500 outstanding under the BNP Funding Facility, respectively. As of December 31, 2022 and December 31, 2021, the Company had $200,000 and $136,500, respectively, of available capacity under the BNP Funding Facility (subject to borrowing base restrictions). Truist Credit Facility On July 16, 2021, the Company entered into a Senior Secured Revolving Credit Agreement with Truist Bank, as amended on December 3, 2021 and May 20, 2022 (the “Truist Credit Facility”). The maximum principal amount of the Truist Credit Facility is $975,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of December 31, 2022, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $1,500,000. The availability period of the Truist Credit Facility will terminate on July 16, 2025. The Truist Credit Facility is guaranteed by certain domestic subsidiaries of the Company (the “Guarantors”). The Company’s obligations to the lenders under the Truist Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and each Guarantor, subject to certain exceptions. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the Truist Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by Truist Bank, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) one month LIBOR plus 1% per annum) plus either (A) 0.75% or (B) 0.875%, based on certain borrowing base conditions, and (y) for loans for which the Company elects the Eurocurrency option, the applicable LIBO Rate for the related Interest Period for such Borrowing plus either (A) 1.75% per annum, or (B) 1.875% per annum, based on certain borrowing base conditions. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any letter of credit issued and outstanding under the Truist Credit Facility, as applicable. The Truist Credit Facility has a maturity date of July 16, 2026. The summary information of the Truist Credit Facility is as follows: For the Year Ended From July 16, 2021 to December 31, 2022 December 31, 2021 Borrowing interest expense $ 11,959 $ 2,145 Facility unused commitment fees 2,487 858 Amortization of deferred financing costs 1,243 465 Total $ 15,689 $ 3,468 Weighted average interest rate (excluding unused fees and financing costs) 3.68 % 2.09 % Weighted average outstanding balance $ 320,955 $ 218,189 For the year ended December 31, 2022 and from July 16, 2021 to December 31, 2021, the Company borrowed $754,246 and $544,000, and repaid $798,000 and $68,000 under the Truist Credit Facility. As of December 31, 2022 and December 31, 2021, the Company had $432,254 and $476,000 outstanding under the Truist Credit Facility, respectively. As of December 31, 2022 and December 31, 2021, the Company had $538,521 and $499,000, respectively, of available capacity under the Truist Credit Facility (subject to borrowing base restrictions). Unsecured Notes 2027 Notes On February 11, 2022, the Company issued $425,000 in aggregate principal amount of 4.50% notes due 2027 (the restricted securities initially issued on February 11, 2022 together with the unrestricted securities issued pursuant to the exchange offer described below, the “2027 Notes”). The 2027 Notes will mature on February 11, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the 2027 Notes. The 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities. Pursuant to a Registration Statement on Form N-14 (File No. 333-264774), on July 20, 2022, the Company closed an exchange offer in which holders of the 2027 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 85.87% of the outstanding principal of the then restricted 2027 Notes obtained registered unrestricted 2027 Notes. The summary information of 2027 Notes is as follows: For the year ended December 31, 2022 Borrowing interest expense $ 17,000 Accretion of original issuance discount 190 Amortization of debt issuance costs 996 Total $ 18,186 Stated interest rate 4.50 % 2025 Notes On September 13, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $275,000 in aggregate principal amount of Series A Senior Notes due September 13, 2025 (the “2025 Notes”) to certain qualified institutional investors in a private placement. The 2025 Notes were delivered and paid for on September 13, 2022, subject to certain customary closing conditions. The 2025 Notes have a fixed interest rate of 7.55% per year. The 2025 Notes will mature on September 13, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the 2025 Notes is due semiannually in February and August of each year. Subject to the terms of the Note Purchase Agreement, the Company may redeem the 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before June 13, 2025, a make-whole premium. The Company’s obligations under the Note Purchase Agreement are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The summary information of 2025 Notes is as follows: For the year ended December 31, 2022 Borrowing interest expense $ 6,229 Amortization of debt issuance costs 365 Total $ 6,594 Stated interest rate 7.55 % The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions: December 31, 2022 December 31, 2021 Aggregate Aggregate Principal Outstanding Unused Principal Outstanding Unused Committed Principal Portion Committed Principal Portion CIBC Subscription Facility (1) $ — $ — $ — $ 400,000 $ 310,350 $ 89,650 BNP Funding Facility 600,000 400,000 200,000 600,000 463,500 136,500 Truist Credit Facility (2)(3) 975,000 432,254 538,521 975,000 476,000 499,000 2027 Notes (4) 425,000 425,000 — — — — 2025 Notes (4) 275,000 275,000 — — — — Total $ 2,275,000 $ 1,532,254 $ 738,521 $ 1,975,000 $ 1,249,850 $ 725,150 (1) The CIBC Subscription Facility matured on December 31, 2022 and was fully paid off. (2) As of December 31, 2022, $4,225 letter of credit was outstanding, which reduced the unused availability under the Truist Credit Facility of the same amount. As of December 31, 2021, no letter of credit was outstanding. (3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238 . As of December 31, 2021, the Company did not have any borrowings denominated in Euros (EUR) or other permitted currencies. (4) The carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $— , respectively. The combined weighted average interest rate of the aggregate borrowings outstanding for the year ended December 31, 2022, December 31, 2021 and December 31, 2020 was 4.05%, 2.12% and 1.93%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the year ended December 31, 2022, December 31, 2021 and December 31, 2020 was $1,432,492, $796,272 and $114,431, respectively. As of December 31, 2022 and December 31, 2021, the Company was in compliance with all covenants and other requirements of each of the credit facilities, the 2027 Notes and the 2025 Notes. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | (7) Commitments and Contingencies In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2023 and December 31, 2022, the Company had $287,164 and $314,251 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively. | (7) Commitments and Contingencies In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. As of December 31, 2022, the Company had $314,251 unfunded commitments to fund delayed draw and revolving senior secured loans. As of December 31, 2021, the Company had $509,403 unfunded commitments to fund delayed draw and revolving senior secured loans. As of December 31, 2022 and December 31, 2021, the Company had $1,629,389 and $1,585,531, respectively, in total capital commitments from stockholders, of which $220,271 and $425,694, respectively, were unfunded. |
Net Assets
Net Assets | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Net Assets | (8) Net Assets The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Assets and Liabilities: As of September 30, 2023 December 31, 2022 Net distributable earnings (accumulated losses), beginning of period $ (54,779) $ 15,782 Net investment income/(loss) after taxes 142,591 128,010 Accumulated net realized gain (loss) 127 537 Net unrealized appreciation (depreciation) 30,909 (80,005) Dividends declared (119,323) (119,437) Tax reclassification of stockholders’ equity — 334 Net distributable earnings (accumulated losses), end of period $ (475) $ (54,779) On September 22, 2023, the Company issued a capital drawdown notice to stockholders relating to the sale of shares of Common Stock pursuant to the Subscription Agreements in the amount of approximately $220.5 million. The sale of the shares of Common Stock closed on October 4, 2023. Subscribed but unissued shares of Common Stock are presented in equity with a deduction of subscriptions receivable until cash is received for a subscription. $7,332 was received related to this capital call as of September 30, 2023 which is included in Cash on the Consolidated Statements of Assets and Liabilities. Following this capital call, the Company does not have any remaining undrawn capital commitments. The Company did not issue any other capital calls for the nine months ended September 30, 2023. The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2022: Share Issuance Date Shares Issued Amount May 16, 2022 3,548,132 $ 74,866 July 28, 2022 3,903,231 79,821 Total 7,451,363 $ 154,687 The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2023: Date Declared Record Date Payment Date Per Share Amount Total Amount March 28, 2023 March 28, 2023 April 25, 2023 $ 0.50 $ 35,377 June 27, 2023 June 27, 2023 July 25, 2023 0.57 40,735 (1) September 26, 2023 September 26, 2023 October 25, 2023 0.60 43,211 (2) Total Distributions $ 1.67 $ 119,323 (1) Includes a supplemental distribution of $ 0.07 . (2) Includes a supplemental distribution of $0.10 . The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2022: Date Declared Record Date Payment Date Per Share Amount Total Amount March 25, 2022 March 25, 2022 April 27, 2022 $ 0.48 $ 27,455 June 24, 2022 June 24, 2022 July 27, 2022 0.47 28,601 September 26, 2022 September 28, 2022 October 19, 2022 0.47 30,611 Total Distributions $ 1.42 $ 86,667 The Company adopted an “opt in” dividend reinvestment plan, or the DRIP. As a result, the Company’s stockholders who elect to “opt in” to the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. Stockholders who receive distributions in the form of shares of Common Stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes. Shares issued under the DRIP did not reduce an investor’s outstanding capital commitment. The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the nine months ended September 30, 2023 and the value of such shares as of the payment dates: Payment Date DRIP Shares Issued DRIP Shares Value January 25, 2023 445,235 $ 8,891 April 25, 2023 482,721 9,698 July 25, 2023 554,001 11,274 Total 1,481,957 $ 29,863 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the nine months ended September 30, 2022 and the value of such shares as of the payment dates: Payment Date DRIP Shares Issued DRIP Shares Value January 25, 2022 358,891 $ 7,540 April 27, 2022 332,212 6,964 July 27, 2022 372,338 7,614 Total 1,063,441 $ 22,118 | (8) Net Assets The following table shows the components of distributable earnings as shown on the Consolidated Statements of Assets and Liabilities: As of December 31, 2022 December 31, 2021 December 31, 2020 Net distributable earnings (accumulated losses), beginning of period $ 15,782 $ 4,702 $ (1,156) Net investment income/(loss) after taxes 128,010 72,929 10,635 Accumulated net realized gain (loss) 537 1,895 2,154 Net unrealized appreciation (depreciation) (80,005) 8,431 5,508 Dividends declared (119,437) (72,315) (13,926) Tax reclassification of stockholders’ equity 334 140 1,487 Net distributable earnings (accumulated losses), end of period $ (54,779) $ 15,782 $ 4,702 The following table summarizes the amount of capital drawdowns and total shares issued pursuant to the Subscription Agreements for the year ended December 31, 2022 (dollar amounts in millions): Share Issuance Date Shares Issued Amount May 16, 2022 3,548,132 $ 74.9 July 28, 2022 3,903,231 79.8 December 23, 2022 4,775,721 94.6 Total 12,227,084 $ 249.3 The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the year ended December 31, 2021 (dollar amounts in millions): Share Issuance Date Shares Issued Amount January 20, 2021 1,726,689 $ 35.0 March 12, 2021 2,171,816 45.0 April 12, 2021 5,326,877 110.0 May 26, 2021 4,036,582 85.0 July 16, 2021 7,161,130 149.9 October 15, 2021 7,806,514 164.0 November 12, 2021 8,182,294 174.0 December 29, 2021 4,748,891 99.6 Total 41,160,793 $ 862.5 The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2022: Date Declared Record Date Payment Date Per Share Amount Total Amount March 25, 2022 March 25, 2022 April 27, 2022 $ 0.48 $ 27,455 June 24, 2022 June 24, 2022 July 27, 2022 0.47 28,601 September 26, 2022 September 28, 2022 October 19, 2022 0.47 30,611 December 20, 2022 December 20, 2022 January 25, 2023 0.50 32,770 Total Distributions $ 1.92 $ 119,437 The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2021: Date Declared Record Date Payment Date Per Share Amount Total Amount March 18, 2021 March 18, 2021 April 22, 2021 $ 0.45 $ 8,570 June 23, 2021 June 23, 2021 July 22, 2021 0.49 13,974 September 23, 2021 September 23, 2021 October 27, 2021 0.56 20,080 December 21, 2021 December 21, 2021 January 25, 2022 0.57 (1) 29,691 Total Distributions $ 2.07 $ 72,315 (1) Includes a special distribution of $ 0.11 per share for the year ended December 31, 2021. The Company adopted an “opt in” dividend reinvestment plan (the “DRIP”). As a result, the Company’s stockholders who elect to “opt in” to the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. Stockholders who receive distributions in the form of shares of Common Stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes. Shares issued under the DRIP will not reduce an investor’s outstanding capital commitment. The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the year ended December 31, 2022 and the value of such shares as of the payment dates: Payment Date DRIP Shares Value DRIP Shares Issued January 25, 2022 $ 7,540 358,891 April 27, 2022 6,964 332,212 July 27, 2022 7,614 372,338 October 19, 2022 8,204 408,126 Total $ 30,322 1,471,567 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the year ended December 31, 2021 and the value of such shares as of the payment dates: Payment Date DRIP Shares Value DRIP Shares Issued January 27, 2021 $ 2,462 121,484 April 22, 2021 2,276 110,191 July 22, 2021 3,733 178,345 October 27, 2021 5,101 242,789 Total $ 13,572 652,809 |
Earnings Per Share
Earnings Per Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share | (9) Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Numerator—net increase/(decrease) in net assets resulting from operations $ 73,408 $ 9,442 $ 173,627 $ 28,425 Denominator—weighted average shares outstanding 71,874,113 64,102,092 71,361,910 60,169,337 Basic and diluted earnings (loss) per share $ 1.02 $ 0.15 $ 2.43 $ 0.47 | (9) Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Numerator - net increase/(decrease) in net assets resulting from operations $ 48,542 $ 83,255 $ 18,297 Denominator - weighted average shares outstanding 61,676,363 31,159,302 7,559,426 Basic and diluted earnings per share $ 0.79 $ 2.67 $ 2.42 |
Consolidated Financial Highligh
Consolidated Financial Highlights | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Investment Company [Abstract] | ||
Consolidated Financial Highlights | (10) Consolidated Financial Highlights The following are the financial highlights (dollar amounts in thousands, except per share amounts): For the Nine Months Ended September 30, 2023 September 30, 2022 Per Share Data: (1) Net asset value, beginning of period $ 19.81 $ 20.91 Net investment income (loss) 2.00 1.49 Net unrealized and realized gain (loss) (2) 0.43 (0.98) Net increase (decrease) in net assets resulting from operations 2.43 0.51 Dividends declared (1.67) (1.42) Total increase (decrease) in net assets 0.76 (0.91) Net asset value, end of period $ 20.57 $ 20.00 Shares outstanding, end of period 72,018,635 65,352,831 Total return based on net asset value (3) 12.56 % 2.43 % Ratio/Supplemental Data (all amounts in thousands except ratios and shares): Net assets, end of period $ 1,481,472 $ 1,307,150 Weighted average shares outstanding 71,361,910 60,169,337 Ratio of net expenses to average net assets (4) 10.75 % 6.70 % Ratio of expenses before waivers to average net assets (4) 12.30 % 8.26 % Ratio of net investment income to average net assets (4) 13.83 % 9.95 % Ratio of total contributed capital to total committed capital, end of period 86.48 % 80.94 % Asset coverage ratio 185.87 % 185.74 % Portfolio turnover rate 5.71 % 13.10 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the nine months ended September 30, 2023 and September 30, 2022, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) Total return (not annualized) is calculated assuming a purchase of Common Stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP. (4) Amounts are annualized except for incentive fees, and expense support amounts relating to organization and offering costs. | (11) Consolidated Financial Highlights The following are the financial highlights (dollar amounts in thousands, except per share amounts): For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Per Share Data: (1) Net asset value, beginning of period $ 20.91 $ 20.08 $ 20.00 Net investment income (loss) 2.08 2.34 1.41 Net unrealized and realized gain (loss) (2) (1.26) 0.52 (0.28) Net increase (decrease) in net assets resulting from operations 0.82 2.86 1.13 Dividends declared (1.92) (2.07) (1.30) Issuance of common stock — 0.04 0.25 Total increase (decrease) in net assets (1.10) 0.83 0.08 Net asset value, end of period $ 19.81 $ 20.91 $ 20.08 Shares outstanding, end of period 70,536,678 56,838,027 15,024,425 Total return based on net asset value (3) 3.99 % 14.83 % 7.07 % Ratio/Supplemental Data (all amounts in thousands except ratios and shares): Net assets, end of period $ 1,397,305 $ 1,188,587 $ 301,620 Weighted average shares outstanding (4) 61,676,363 31,159,302 7,559,426 Ratio of net expenses to average net assets 7.99 % 6.77 % 7.02 % Ratio of expenses before waivers to average net assets 9.55 % 8.26 % 8.20 % Ratio of net investment income to average net assets 9.97 % 10.55 % 6.62 % Ratio of total contributed capital to total committed capital, end of period 86.48 % 88.87 % 20.57 % Asset coverage ratio 191.19 % 195.10 % 190.35 % Portfolio turnover rate 14.87 % 27.18 % 31.11 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the year ended December 31, 2022, December 31, 2021, and December 31, 2020, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) Total return is calculated assuming a purchase of common stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. (4) For the year ended December 31, 2020, weighted average shares outstanding was calculated for the period from February 5, 2020, the date of first external issuance of shares through December 31, 2020 . |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Subsequent Events [Abstract] | ||
Subsequent Events | (11) Subsequent Events Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued. | (12) Subsequent Events Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below. On January 31, 2023, the Company entered into an amendment (the “Third Amendment”) to the Truist Credit Facility. The Third Amendment amended certain terms of the Truist Credit Facility, including, but not limited to (a) increase the maximum borrowing capacity of the Truist Credit Facility to $1,120,000,000, (b) revise the interest rate for borrowings under the Truist Credit Facility such that borrowings bear interest at a per annum rate equal to (x) for loans for which the Company elects the alternate base rate option, the “alternate base rate” (which is the highest of (A) the prime rate as publicly announced by Truist, (B) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (C) one month Term SOFR (as defined in the Truist Credit Facility) plus 1% per annum) plus 0.875%, and (y) for loans for which the Company elects the term benchmark option, Term SOFR, for borrowings denominated in U.S. dollars, or the applicable term benchmark rate for borrowings denominated in certain foreign currencies, in each case for the related interest period for such borrowing plus 1.875% per annum or such other applicable margin as is applicable to such foreign currency borrowings, and (c) extend the maturity date of the Truist Credit Facility to January 31, 2028 with respect to the loans and commitments held by the lenders who consented to the maturity extension. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023. The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. |
Consolidation | Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. | Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash | Cash Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. | Cash Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. | Foreign Currency Translation The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. |
Investments | Investments Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. The Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the Valuation Designee the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same - to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio. | Investments Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. The Company’s Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio. |
Interest and PIK Income | Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. PIK Income The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash. | |
Dividend income | Dividend Income Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Dividend income is presented net of withholding tax, if any. | |
Other Income | Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received. | Revenue Recognition Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. PIK Income The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash. Dividend income Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any. Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received. Non-Accrual Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. |
Non-Accrual | Non-Accrual Income Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. | |
Organization and Offering Costs | Organization and Offering Costs Costs associated with the organization of the Company are expensed as incurred. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock. | Organization and Offering Costs Costs associated with the organization of the Company are expensed as incurred, subject to the limitations discussed in Note 3. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock. |
Expenses | Expenses The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, is reimbursed by the Company. The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded on the Consolidated Statements of Operations. | Expenses The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, will be reimbursed by the Company, subject to contractual thresholds. The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded on the Consolidated Statements of Operations. |
Deferred Financing Costs and Debt issuance Costs | Deferred Financing Costs and Debt Issuance Costs The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. | Deferred Financing Costs and Debt Issuance Costs The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. |
Income Taxes | Income Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as distributions. In order to continue to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company currently intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the three and nine months ended September 30, 2023 and for the three and nine months ended September 30, 2022, the Company did not accrue any U.S. federal excise tax. | Income Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as dividends. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the year ended December 31, 2022 and December 31, 2021, the Company accrued $334 and $80 of U.S. federal excise tax, respectively. For the year ended December 31, 2020, the Company did not accrue any U.S. federal excise tax. |
New Accounting Standards | New Accounting Standards The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. The Company has assessed currently issued ASUs and has determined that they are not applicable or expected to have minimal impact on its consolidated financial statements. | New Accounting Standards In March 2020, the FASB issued Accounting Standards Update 2020-04 (“ASU 2020-04”) “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference LIBOR or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and would therefore not trigger certain accounting impacts that would otherwise be required. 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 adopted the accounting relief on January 1, 2022, and noted no material impact on the consolidated financial statements, as relevant contract relationship modifications are made during the course of the reference rate reform transition period. |
Investments (Tables)
Investments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Abstract] | ||
Schedule of Investments | The composition of the Company’s investment portfolio at cost and fair value was as follows: September 30, 2023 December 31, 2022 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value First Lien Debt $ 2,960,107 $ 2,933,870 93.9 % $ 2,753,620 $ 2,694,111 93.8 % Second Lien Debt 145,809 134,712 4.3 136,620 128,350 4.5 Other Securities 52,685 54,868 1.8 49,406 51,127 1.7 Total $ 3,158,601 $ 3,123,450 100.0 % $ 2,939,646 $ 2,873,588 100.0 % The industry composition of investments at fair value was as follows: September 30, 2023 December 31, 2022 (1) Aerospace & Defense 1.7 % 1.8 % Air Freight & Logistics 1.1 1.1 Automobile Components 3.6 3.8 Automobiles 4.9 5.1 Biotechnology 0.5 0.5 Chemicals 0.7 0.6 Commercial Services & Supplies 10.3 11.2 Construction & Engineering 1.5 1.3 Containers & Packaging 1.5 1.6 Distributors 2.8 4.2 Diversified Consumer Services 3.3 3.0 Electronic Equipment, Instruments & Components 1.5 1.0 Energy Equipment & Services 0.5 0.5 Financial Services 1.7 0.7 Food Products 2.3 2.5 Health Care Equipment & Supplies 0.4 0.3 Health Care Providers & Services 3.8 3.4 Health Care Technology 2.0 0.7 Industrial Conglomerates 1.3 0.2 Insurance Services 14.9 15.7 Interactive Media & Services 3.2 3.5 IT Services 8.8 9.6 Leisure Products 0.7 0.8 Machinery 2.7 3.0 Multi-Utilities 0.7 0.6 Oil, Gas & Consumable Fuels — 0.0 (2) Pharmaceuticals 0.4 0.4 Professional Services 3.6 3.2 Real Estate Management & Development 5.3 5.4 Software 14.3 14.3 Total 100.0 % 100.0 % (1) The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. (2) Amount rounds to 0.0 % . The geographic composition of investments at cost and fair value was as follows: September 30, 2023 December 31, 2022 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value Australia $ 10,151 $ 10,168 0.3 % $ 10,187 $ 9,870 0.3 % Canada 97,187 96,518 3.1 108,820 105,764 3.7 United Kingdom 11,848 12,088 0.4 11,157 11,157 0.4 United States 3,039,415 3,004,676 96.2 2,809,482 2,746,797 95.6 Total $ 3,158,601 $ 3,123,450 100.0 % $ 2,939,646 $ 2,873,588 100.0 % | The composition of the Company’s investment portfolio at cost and fair value was as follows: December 31, 2022 December 31, 2021 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value First Lien Debt $ 2,753,620 $ 2,694,111 93.8 % $ 2,213,332 $ 2,224,100 93.2 % Second Lien Debt 136,620 128,350 4.5 120,124 121,550 5.1 Other Securities 49,406 51,127 1.7 39,979 41,724 1.7 Total $ 2,939,646 $ 2,873,588 100.0 % $ 2,373,435 $ 2,387,374 100.0 % The industry composition of investments at fair value was as follows: December 31, 2022 December 31, 2021 Aerospace & Defense 1.8 % 1.7 % Air Freight & Logistics 1.1 0.5 Auto Components 3.8 3.3 Automobiles 5.1 7.4 Biotechnology 0.5 0.6 Chemicals 0.6 — Commercial Services & Supplies 11.2 13.0 Construction & Engineering 1.3 1.5 Containers & Packaging 1.6 1.6 Distributors 4.2 1.2 Diversified Consumer Services 3.0 1.5 Diversified Financial Services 0.7 0.1 Electronic Equipment, Instruments & Components 1.0 0.7 Energy Equipment & Services 0.5 0.6 Food Products 2.5 3.1 Health Care Equipment & Supplies 0.3 0.4 Health Care Providers & Services 3.4 2.9 Health Care Technology 0.7 0.9 Industrial Conglomerates 0.2 1.8 Insurance Services 15.7 17.1 Interactive Media & Services 3.5 3.8 IT Services 9.6 10.8 Leisure Products 0.8 2.4 Machinery 3.0 2.0 Multi-Utilities 0.6 0.4 Oil, Gas & Consumable Fuels 0.0 (1) — Pharmaceuticals 0.4 — Professional Services 3.2 4.0 Real Estate Management & Development 5.4 5.2 Software 14.3 11.5 Total 100.0 % 100.0 % (1) Amount rounds to 0.0%. The geographic composition of investments at cost and fair value were as follows: December 31, 2022 December 31, 2021 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value Australia $ 10,187 $ 9,870 0.3 % $ — $ — — % Canada 108,820 105,764 3.7 81,935 81,386 3.4 United Kingdom 11,157 11,157 0.4 17,804 18,200 0.8 United States 2,809,482 2,746,797 95.6 2,273,696 2,287,788 95.8 Total $ 2,939,646 $ 2,873,588 100.0 % $ 2,373,435 $ 2,387,374 100.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Measurement | ||
Schedule of portfolio investments by level in the fair value hierarchy | September 30, 2023 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,881 $ 2,907,989 $ 2,933,870 Second Lien Debt — 42,704 92,008 134,712 Other Securities — — 40,163 40,163 Subtotal $ — $ 68,585 $ 3,040,160 $ 3,108,745 Investment measured at net asset value (1) $ 14,705 Total $ 3,123,450 December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,362 $ 2,668,749 $ 2,694,111 Second Lien Debt — 5,459 122,891 128,350 Other Securities — — 36,395 36,395 Subtotal $ — $ 30,821 $ 2,828,035 $ 2,858,856 Investment measured at net asset value (1) $ 14,732 Total $ 2,873,588 (1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy. | December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,362 $ 2,668,749 $ 2,694,111 Second Lien Debt — 5,459 122,891 128,350 Other Securities — — 36,395 36,395 Subtotal $ — $ 30,821 $ 2,828,035 $ 2,858,856 Investment measured at net asset value (1) $ 14,732 Total $ 2,873,588 December 31, 2021 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 17,064 $ 2,207,036 $ 2,224,100 Second Lien Debt — — 121,550 121,550 Other Securities — — 27,973 27,973 Subtotal $ — $ 17,064 $ 2,356,559 $ 2,373,623 Investment measured at net asset value (1) $ 13,751 Total $ 2,387,374 (1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy. |
Schedule of changes in level III portfolio investments | The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2023: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,772,653 $ 113,084 $ 39,102 $ 2,924,839 Purchases of investments 153,327 — 1,621 154,948 Proceeds from principal repayments and sales of investments (41,712) — — (41,712) Accretion of discount/amortization of premium 2,035 68 2 2,105 Payment-in-kind 774 137 567 1,478 Net change in unrealized appreciation (depreciation) 20,907 394 (1,129) 20,172 Net realized gains (losses) 5 — — 5 Transfers into/(out) of Level 3 — (21,675) — (21,675) Fair value, end of period $ 2,907,989 $ 92,008 $ 40,163 $ 3,040,160 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 $ 20,893 $ 394 $ (1,129) $ 20,158 The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2023: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,668,749 $ 122,891 $ 36,395 $ 2,828,035 Purchases of investments 365,914 86 1,712 367,712 Proceeds from principal repayments and sales of investments (168,477) — — (168,477) Accretion of discount/amortization of premium 6,985 201 6 7,192 Payment-in-kind 1,580 397 1,562 3,539 Net change in unrealized appreciation (depreciation) 33,111 816 488 34,415 Net realized gains (losses) 127 — — 127 Transfers into/(out) of Level 3 — (32,383) — (32,383) Fair value, end of period $ 2,907,989 $ 92,008 $ 40,163 $ 3,040,160 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 $ 32,754 $ 816 $ 488 $ 34,058 The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2022: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,492,968 $ 116,488 $ 32,898 $ 2,642,354 Purchases of investments 178,809 461 1,016 180,286 Proceeds from principal repayments and sales of investments (94,355) — — (94,355) Accretion of discount/amortization of premium 3,520 50 — 3,570 Payment-in-kind 228 130 — 358 Net change in unrealized appreciation (depreciation) (18,171) (3,345) (1,569) (23,085) Net realized gains (losses) — 18 — 18 Transfers into/(out) of Level 3 (20,083) — — (20,083) Fair value, end of period $ 2,542,916 $ 113,802 $ 32,345 $ 2,689,063 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 $ (17,747) $ (3,345) $ (1,569) $ (22,661) The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2022: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Purchases of investments 709,912 15,694 4,808 730,414 Proceeds from principal repayments and sales of investments (331,077) — (48) (331,125) Accretion of discount/amortization of premium 8,645 210 — 8,855 Payment-in-kind 665 389 397 1,451 Net change in unrealized appreciation (depreciation) (52,779) (6,541) (833) (60,153) Net realized gains (losses) 514 — 48 562 Transfers into/(out) of Level 3 — (17,500) — (17,500) Fair value, end of period $ 2,542,916 $ 113,802 $ 32,345 $ 2,689,063 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 $ (50,808) $ (6,522) $ (833) $ (58,163) | Total First Lien Debt Second Lien Debt Other Securities Investments Fair value, beginning of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Purchases of investments 900,740 15,694 8,315 924,749 Proceeds from principal repayments and sales of investments (384,631) — (48) (384,679) Accretion of discount/amortization of premium 11,062 278 1 11,341 Payment-in-kind 1,080 524 1,110 2,714 Net change in unrealized appreciation (depreciation) (67,033) (9,205) (1,004) (77,242) Net realized gains (losses) 495 — 48 543 Transfers into/(out) of Level 3 — (5,950) — (5,950) Fair value, end of period $ 2,668,749 $ 122,891 $ 36,395 $ 2,828,035 Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 $ (64,817) $ (9,186) $ (1,004) $ (75,007) Total First Lien Debt Second Lien Debt Other Securities Investments Fair value, beginning of period $ 558,318 $ 53,155 $ 2,959 $ 614,432 Purchases of investments 1,956,780 101,352 25,723 2,083,855 Proceeds from principal repayments and sales of investments (325,175) (36,250) (3,348) (364,773) Accretion of discount/amortization of premium 8,831 1,008 — 9,839 Payment-in-kind 133 509 537 1,179 Net change in unrealized appreciation (depreciation) 5,052 1,776 455 7,283 Net realized gains (losses) 248 — 1,647 1,895 Transfers into/(out) of Level 3 2,849 — — 2,849 Fair value, end of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2021 $ 6,807 $ 1,775 $ 455 $ 9,037 |
Schedule of fair value measurement inputs and valuation techniques | The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value. September 30, 2023 Range Fair Valuation Unobservable Weighted Value Technique Input Low High Average Investments in first lien debt $ 2,641,353 Yield Analysis Discount Rate 9.33 % 19.18 % 11.77 % 266,636 Transaction Price Recent Transaction 96.50 % 100.00 % 98.56 % Investments in second lien debt $ 87,508 Yield Analysis Discount Rate 11.47 % 27.42 % 14.89 % 4,500 Transaction Price Recent Transaction 100.00 % 100.00 % 100.00 % Investments in other securities: Unsecured debt $ 1,877 Income Approach Discount Rate 14.50 % 14.50 % 14.50 % 125 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 18,181 Income Approach Discount Rate 12.19 % 15.48 % 13.45 % 1,275 Market Approach Revenue Multiple 7.50 x 7.50 x 7.50 x Common equity 16,937 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.30 x 1,768 Market Approach Revenue Multiple 7.20 x 8.80 x 8.24 x Total investments in other securities $ 40,163 Total Investments $ 3,040,160 December 31, 2022 Range Fair Valuation Unobservable Weighted Value Technique Input Low High Average Investments in first lien debt $ 2,624,749 Yield Analysis Discount Rate 9.20 % 20.44 % 11.27 % 44,000 Transaction Price Recent Transaction 100.00 % 100.00 % 100.00 % Investments in second lien debt $ 122,891 Yield Analysis Discount Rate 12.14 % 17.20 % 14.24 % Investments in other securities Unsecured debt $ 1,826 Income Approach Discount Rate 16.60 % 16.60 % 16.60 % 372 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 16,076 Income Approach Discount Rate 12.20 % 15.69 % 13.62 % 963 Market Approach Revenue Multiple 8.78 x 8.78 x 8.78 x Common equity 15,877 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.25 x 1,281 Market Approach Revenue Multiple 10.20 x 10.20 x 10.20 x Total investments in other securities $ 36,395 Total Investments $ 2,828,035 | December 31, 2022 Valuation Unobservable Range Weighted Fair Value Technique Input Low High Average Investments in first lien debt $ 2,624,749 Yield Analysis Discount Rate 9.20 % 20.44 % 11.27 % 44,000 Transaction Price Recent Transaction 100 % 100 % 100 % Investments in second lien debt $ 122,891 Yield Analysis Discount Rate 12.14 % 17.20 % 14.24 % Investments in other securities: Unsecured debt $ 1,826 Income Approach Discount Rate 16.60 % 16.60 % 16.60 % 372 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 16,076 Income Approach Discount Rate 12.20 % 15.69 % 13.62 % 963 Market Approach Revenue Multiple 8.78 x 8.78 x 8.78 x Common equity 15,877 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.25 x 1,281 Market Approach Revenue Multiple 10.20 x 10.20 x 10.20 x Total investments in other securities $ 36,395 Total Investments $ 2,828,035 December 31, 2021 Valuation Unobservable Range Weighted Fair Value Technique Input Low High Average Investments in first lien debt $ 2,207,036 Yield Analysis Discount Rate 5.55 % 12.44 % 7.52 % Investments in second lien debt $ 121,550 Yield Analysis Discount Rate 7.12 % 10.79 % 8.51 % Investments in other securities: Unsecured debt $ 1,350 Yield Analysis Discount Rate 25.33 % 25.33 % 25.33 % Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 9,950 Yield Analysis Discount Rate 11.70 % 12.10 % 11.92 % 1,298 Market Approach Revenue Multiple 11.80 x 11.80 x 11.80 x Common equity 15,375 Market Approach EBITDA Multiple 8.10 x 19.97 x 13.11 x Total investments in other securities $ 27,973 Total Investments $ 2,356,559 |
Schedule of carrying values and fair values of debt | facilities and 2025 Notes are estimated in accordance with the Company's valuation policy. The carrying value and fair value of the Company’s debt were as follows: September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value BNP Funding Facility $ 345,000 $ 345,000 $ 400,000 $ 400,000 Truist Credit Facility 680,252 680,252 432,254 432,254 2027 Notes (1) 420,497 392,403 419,498 394,995 2025 Notes (1) 272,630 275,000 271,723 275,000 Total $ 1,718,379 $ 1,692,654 $ 1,523,475 $ 1,502,249 (1) As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $3,782 and $2,370 , and unamortized original issuance discount of $721 and $0 , respectively. As of December 31, 2022, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $0 , respectively. | December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value CIBC Subscription Facility $ — $ — $ 310,350 $ 310,350 BNP Funding Facility 400,000 400,000 463,500 463,500 Truist Credit Facility 432,254 432,254 476,000 476,000 2027 Notes (1) 419,498 394,995 — — 2025 Notes (1) 271,723 275,000 — — Total $ 1,523,475 $ 1,502,249 $ 1,249,850 $ 1,249,850 (1) The carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $ — , respectively. |
Debt (Tables)
Debt (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Schedule of Long-Term Debt Instruments | The summary information of the CIBC Subscription Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ — $ 2,271 $ — $ 5,450 Facility unused commitment fees — 6 — 19 Amortization of deferred financing costs — 327 — 1,125 Total $ — $ 2,604 $ — $ 6,594 Weighted average interest rate (excluding unused fees and financing costs) — % 3.76 % — % 2.57 % Weighted average outstanding balance $ — $ 236,491 $ — $ 279,562 The summary information of the BNP Funding Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 6,904 $ 4,517 $ 20,862 $ 10,665 Facility unused commitment fees 209 128 455 209 Amortization of deferred financing costs 297 289 840 855 Total $ 7,410 $ 4,934 $ 22,157 $ 11,729 Weighted average interest rate (excluding unused fees and financing costs) 7.77 % 4.57 % 7.34 % 3.37 % Weighted average outstanding balance $ 347,446 $ 386,962 $ 374,927 $ 417,700 The summary information of the Truist Credit Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 10,613 $ 4,018 $ 27,086 $ 7,485 Facility unused commitment fees 531 568 1,723 1,863 Amortization of deferred financing costs 518 267 1,473 905 Total $ 11,662 $ 4,853 $ 30,282 $ 10,253 Weighted average interest rate (excluding unused fees and financing costs) 7.26 % 4.05 % 6.91 % 3.05 % Weighted average outstanding balance $ 572,225 $ 388,313 $ 516,745 $ 323,300 The summary information of 2027 Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 4,781 $ 4,781 $ 14,344 $ 12,219 Accretion of original issuance discount 54 54 160 136 Amortization of debt issuance costs 283 279 839 704 Total $ 5,118 $ 5,114 $ 15,343 $ 13,059 Stated interest rate 4.50 % 4.50 % 4.50 % 4.50 % The summary information of 2025 Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 5,191 $ 1,038 $ 15,572 $ 1,038 Amortization of debt issuance costs 305 58 906 58 Total $ 5,496 $ 1,096 $ 16,478 $ 1,096 Stated interest rate 7.55 % 7.55 % 7.55 % 7.55 % The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions: September 30, 2023 December 31, 2022 Aggregate Aggregate Principal Outstanding Unused Principal Outstanding Unused Committed Principal Portion Committed Principal Portion CIBC Subscription Facility (1) $ — $ — $ — $ — $ — $ — BNP Funding Facility 600,000 345,000 255,000 600,000 400,000 200,000 Truist Credit Facility (2)(3) 1,120,000 680,252 438,498 975,000 432,254 538,521 2027 Notes (4) 425,000 425,000 — 425,000 425,000 — 2025 Notes (4) 275,000 275,000 — 275,000 275,000 — Total $ 2,420,000 $ 1,725,252 $ 693,498 $ 2,275,000 $ 1,532,254 $ 738,521 (1) The CIBC Subscription Facility matured and was fully paid off as of December 31, 2022. (2) As of September 30, 2023 and December 31, 2022, a letter of credit of $1,250 and $4,225 , respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. (3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2023 and December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238 . (4) As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $3,782 and $2,370 , and unamortized original issuance discount of $721 and $0 , respectively. | The summary information of the CIBC Subscription Facility is as follows: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Borrowing interest expense $ 8,312 $ 6,379 $ 2,247 Facility unused commitment fees 26 92 406 Amortization of deferred financing costs 1,347 1,375 1,072 Total $ 9,685 $ 7,846 $ 3,725 Weighted average interest rate (excluding unused fees and financing costs) 3.13 % 1.77 % 1.93 % Weighted average outstanding balance $ 262,184 $ 354,810 $ 114,431 The summary information of the BNP Funding Facility is as follows: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Borrowing interest expense $ 15,376 $ 8,559 $ — Facility unused commitment fees 507 69 — Amortization of deferred financing costs 1,145 1,073 147 Total $ 17,028 $ 9,701 $ 147 Weighted average interest rate (excluding unused fees and financing costs) 3.90 % 2.48 % — % Weighted average outstanding balance $ 389,216 $ 340,437 $ — The summary information of the Truist Credit Facility is as follows: For the Year Ended From July 16, 2021 to December 31, 2022 December 31, 2021 Borrowing interest expense $ 11,959 $ 2,145 Facility unused commitment fees 2,487 858 Amortization of deferred financing costs 1,243 465 Total $ 15,689 $ 3,468 Weighted average interest rate (excluding unused fees and financing costs) 3.68 % 2.09 % Weighted average outstanding balance $ 320,955 $ 218,189 The summary information of 2027 Notes is as follows: For the year ended December 31, 2022 Borrowing interest expense $ 17,000 Accretion of original issuance discount 190 Amortization of debt issuance costs 996 Total $ 18,186 Stated interest rate 4.50 % The summary information of 2025 Notes is as follows: For the year ended December 31, 2022 Borrowing interest expense $ 6,229 Amortization of debt issuance costs 365 Total $ 6,594 Stated interest rate 7.55 % The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions: December 31, 2022 December 31, 2021 Aggregate Aggregate Principal Outstanding Unused Principal Outstanding Unused Committed Principal Portion Committed Principal Portion CIBC Subscription Facility (1) $ — $ — $ — $ 400,000 $ 310,350 $ 89,650 BNP Funding Facility 600,000 400,000 200,000 600,000 463,500 136,500 Truist Credit Facility (2)(3) 975,000 432,254 538,521 975,000 476,000 499,000 2027 Notes (4) 425,000 425,000 — — — — 2025 Notes (4) 275,000 275,000 — — — — Total $ 2,275,000 $ 1,532,254 $ 738,521 $ 1,975,000 $ 1,249,850 $ 725,150 (1) The CIBC Subscription Facility matured on December 31, 2022 and was fully paid off. (2) As of December 31, 2022, $4,225 letter of credit was outstanding, which reduced the unused availability under the Truist Credit Facility of the same amount. As of December 31, 2021, no letter of credit was outstanding. (3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238 . As of December 31, 2021, the Company did not have any borrowings denominated in Euros (EUR) or other permitted currencies. (4) The carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $— , respectively. |
Net Assets (Tables)
Net Assets (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Schedule of Distributable Earnings | The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Assets and Liabilities: As of September 30, 2023 December 31, 2022 Net distributable earnings (accumulated losses), beginning of period $ (54,779) $ 15,782 Net investment income/(loss) after taxes 142,591 128,010 Accumulated net realized gain (loss) 127 537 Net unrealized appreciation (depreciation) 30,909 (80,005) Dividends declared (119,323) (119,437) Tax reclassification of stockholders’ equity — 334 Net distributable earnings (accumulated losses), end of period $ (475) $ (54,779) | The following table shows the components of distributable earnings as shown on the Consolidated Statements of Assets and Liabilities: As of December 31, 2022 December 31, 2021 December 31, 2020 Net distributable earnings (accumulated losses), beginning of period $ 15,782 $ 4,702 $ (1,156) Net investment income/(loss) after taxes 128,010 72,929 10,635 Accumulated net realized gain (loss) 537 1,895 2,154 Net unrealized appreciation (depreciation) (80,005) 8,431 5,508 Dividends declared (119,437) (72,315) (13,926) Tax reclassification of stockholders’ equity 334 140 1,487 Net distributable earnings (accumulated losses), end of period $ (54,779) $ 15,782 $ 4,702 |
Schedule of Shares Issued | The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2022: Share Issuance Date Shares Issued Amount May 16, 2022 3,548,132 $ 74,866 July 28, 2022 3,903,231 79,821 Total 7,451,363 $ 154,687 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the nine months ended September 30, 2023 and the value of such shares as of the payment dates: Payment Date DRIP Shares Issued DRIP Shares Value January 25, 2023 445,235 $ 8,891 April 25, 2023 482,721 9,698 July 25, 2023 554,001 11,274 Total 1,481,957 $ 29,863 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the nine months ended September 30, 2022 and the value of such shares as of the payment dates: Payment Date DRIP Shares Issued DRIP Shares Value January 25, 2022 358,891 $ 7,540 April 27, 2022 332,212 6,964 July 27, 2022 372,338 7,614 Total 1,063,441 $ 22,118 | The following table summarizes the amount of capital drawdowns and total shares issued pursuant to the Subscription Agreements for the year ended December 31, 2022 (dollar amounts in millions): Share Issuance Date Shares Issued Amount May 16, 2022 3,548,132 $ 74.9 July 28, 2022 3,903,231 79.8 December 23, 2022 4,775,721 94.6 Total 12,227,084 $ 249.3 The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the year ended December 31, 2021 (dollar amounts in millions): Share Issuance Date Shares Issued Amount January 20, 2021 1,726,689 $ 35.0 March 12, 2021 2,171,816 45.0 April 12, 2021 5,326,877 110.0 May 26, 2021 4,036,582 85.0 July 16, 2021 7,161,130 149.9 October 15, 2021 7,806,514 164.0 November 12, 2021 8,182,294 174.0 December 29, 2021 4,748,891 99.6 Total 41,160,793 $ 862.5 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the year ended December 31, 2022 and the value of such shares as of the payment dates: Payment Date DRIP Shares Value DRIP Shares Issued January 25, 2022 $ 7,540 358,891 April 27, 2022 6,964 332,212 July 27, 2022 7,614 372,338 October 19, 2022 8,204 408,126 Total $ 30,322 1,471,567 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the year ended December 31, 2021 and the value of such shares as of the payment dates: Payment Date DRIP Shares Value DRIP Shares Issued January 27, 2021 $ 2,462 121,484 April 22, 2021 2,276 110,191 July 22, 2021 3,733 178,345 October 27, 2021 5,101 242,789 Total $ 13,572 652,809 |
Schedule of Dividends Declared and Payable | The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2023: Date Declared Record Date Payment Date Per Share Amount Total Amount March 28, 2023 March 28, 2023 April 25, 2023 $ 0.50 $ 35,377 June 27, 2023 June 27, 2023 July 25, 2023 0.57 40,735 (1) September 26, 2023 September 26, 2023 October 25, 2023 0.60 43,211 (2) Total Distributions $ 1.67 $ 119,323 (1) Includes a supplemental distribution of $ 0.07 . (2) Includes a supplemental distribution of $0.10 . The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2022: Date Declared Record Date Payment Date Per Share Amount Total Amount March 25, 2022 March 25, 2022 April 27, 2022 $ 0.48 $ 27,455 June 24, 2022 June 24, 2022 July 27, 2022 0.47 28,601 September 26, 2022 September 28, 2022 October 19, 2022 0.47 30,611 Total Distributions $ 1.42 $ 86,667 | The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2022: Date Declared Record Date Payment Date Per Share Amount Total Amount March 25, 2022 March 25, 2022 April 27, 2022 $ 0.48 $ 27,455 June 24, 2022 June 24, 2022 July 27, 2022 0.47 28,601 September 26, 2022 September 28, 2022 October 19, 2022 0.47 30,611 December 20, 2022 December 20, 2022 January 25, 2023 0.50 32,770 Total Distributions $ 1.92 $ 119,437 The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2021: Date Declared Record Date Payment Date Per Share Amount Total Amount March 18, 2021 March 18, 2021 April 22, 2021 $ 0.45 $ 8,570 June 23, 2021 June 23, 2021 July 22, 2021 0.49 13,974 September 23, 2021 September 23, 2021 October 27, 2021 0.56 20,080 December 21, 2021 December 21, 2021 January 25, 2022 0.57 (1) 29,691 Total Distributions $ 2.07 $ 72,315 (1) Includes a special distribution of $ 0.11 per share for the year ended December 31, 2021. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Numerator—net increase/(decrease) in net assets resulting from operations $ 73,408 $ 9,442 $ 173,627 $ 28,425 Denominator—weighted average shares outstanding 71,874,113 64,102,092 71,361,910 60,169,337 Basic and diluted earnings (loss) per share $ 1.02 $ 0.15 $ 2.43 $ 0.47 | For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Numerator - net increase/(decrease) in net assets resulting from operations $ 48,542 $ 83,255 $ 18,297 Denominator - weighted average shares outstanding 61,676,363 31,159,302 7,559,426 Basic and diluted earnings per share $ 0.79 $ 2.67 $ 2.42 |
Consolidated Financial Highli_2
Consolidated Financial Highlights (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Investment Company [Abstract] | ||
Schedule of Financial Highlights | The following are the financial highlights (dollar amounts in thousands, except per share amounts): For the Nine Months Ended September 30, 2023 September 30, 2022 Per Share Data: (1) Net asset value, beginning of period $ 19.81 $ 20.91 Net investment income (loss) 2.00 1.49 Net unrealized and realized gain (loss) (2) 0.43 (0.98) Net increase (decrease) in net assets resulting from operations 2.43 0.51 Dividends declared (1.67) (1.42) Total increase (decrease) in net assets 0.76 (0.91) Net asset value, end of period $ 20.57 $ 20.00 Shares outstanding, end of period 72,018,635 65,352,831 Total return based on net asset value (3) 12.56 % 2.43 % Ratio/Supplemental Data (all amounts in thousands except ratios and shares): Net assets, end of period $ 1,481,472 $ 1,307,150 Weighted average shares outstanding 71,361,910 60,169,337 Ratio of net expenses to average net assets (4) 10.75 % 6.70 % Ratio of expenses before waivers to average net assets (4) 12.30 % 8.26 % Ratio of net investment income to average net assets (4) 13.83 % 9.95 % Ratio of total contributed capital to total committed capital, end of period 86.48 % 80.94 % Asset coverage ratio 185.87 % 185.74 % Portfolio turnover rate 5.71 % 13.10 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the nine months ended September 30, 2023 and September 30, 2022, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) Total return (not annualized) is calculated assuming a purchase of Common Stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP. (4) Amounts are annualized except for incentive fees, and expense support amounts relating to organization and offering costs. | The following are the financial highlights (dollar amounts in thousands, except per share amounts): For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Per Share Data: (1) Net asset value, beginning of period $ 20.91 $ 20.08 $ 20.00 Net investment income (loss) 2.08 2.34 1.41 Net unrealized and realized gain (loss) (2) (1.26) 0.52 (0.28) Net increase (decrease) in net assets resulting from operations 0.82 2.86 1.13 Dividends declared (1.92) (2.07) (1.30) Issuance of common stock — 0.04 0.25 Total increase (decrease) in net assets (1.10) 0.83 0.08 Net asset value, end of period $ 19.81 $ 20.91 $ 20.08 Shares outstanding, end of period 70,536,678 56,838,027 15,024,425 Total return based on net asset value (3) 3.99 % 14.83 % 7.07 % Ratio/Supplemental Data (all amounts in thousands except ratios and shares): Net assets, end of period $ 1,397,305 $ 1,188,587 $ 301,620 Weighted average shares outstanding (4) 61,676,363 31,159,302 7,559,426 Ratio of net expenses to average net assets 7.99 % 6.77 % 7.02 % Ratio of expenses before waivers to average net assets 9.55 % 8.26 % 8.20 % Ratio of net investment income to average net assets 9.97 % 10.55 % 6.62 % Ratio of total contributed capital to total committed capital, end of period 86.48 % 88.87 % 20.57 % Asset coverage ratio 191.19 % 195.10 % 190.35 % Portfolio turnover rate 14.87 % 27.18 % 31.11 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the year ended December 31, 2022, December 31, 2021, and December 31, 2020, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) Total return is calculated assuming a purchase of common stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. (4) For the year ended December 31, 2020, weighted average shares outstanding was calculated for the period from February 5, 2020, the date of first external issuance of shares through December 31, 2020 . |
Organization (Details)
Organization (Details) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Nov. 25, 2019 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions | |||||||||
Management fees, net of waiver | $ 1,938 | $ 1,716 | $ 5,625 | $ 4,896 | $ 6,679 | $ 3,465 | $ 560 | ||
Management fees payable | 1,938 | 1,938 | 1,783 | 1,306 | |||||
Income based incentive fees | 10,727 | 7,173 | 30,246 | 18,517 | 26,635 | 15,852 | 2,517 | ||
Reversal of capital gains incentive fees | 0 | 0 | 0 | 2,441 | 2,441 | (1,809) | (1,341) | ||
Income based incentive fees payable | 10,727 | 10,727 | 8,118 | 5,886 | |||||
Capital gains based incentive fees payable | 0 | 0 | 0 | 2,773 | |||||
Administrative service fees | 27 | 54 | 141 | 124 | |||||
Payable to affiliates | 702 | $ 702 | 2,086 | 4,431 | |||||
Threshold for waiver amount | $ 1,000 | ||||||||
Threshold for waiver percentage | 0.10% | ||||||||
Expense support | $ 0 | $ (39) | $ (44) | $ (98) | 230 | ||||
MS Credit Partners Holdings | Morgan Stanley Direct Lending Fund | |||||||||
Related Party Transactions | |||||||||
Ownership percentage | 11.70% | 11.90% | 12.50% | ||||||
MS Credit Partners Holdings | |||||||||
Related Party Transactions | |||||||||
Unfunded commitments | $ 200 | $ 200,000 | |||||||
Related Party | |||||||||
Related Party Transactions | |||||||||
Base management fee rate | 1% | 1% | |||||||
Threshold minimum rate for waived portion | 0.25% | 0.25% | |||||||
Reversal of capital gains incentive fees | $ 1,341 | ||||||||
Capital gains based incentive fees payable | $ 2,441 | $ (1,809) | |||||||
Payable to affiliates | 110 | $ 266 | |||||||
Related Party | 2027 Notes | |||||||||
Related Party Transactions | |||||||||
Related party fees | $ 213 | 213 | |||||||
Related Party | 2025 Notes | |||||||||
Related Party Transactions | |||||||||
Related party fees | $ 138 | $ 138 | |||||||
Related Party | Quarterly hurdle rate | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 1.50% | 1.50% | |||||||
Related Party | Annualized hurdle rate | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 6% | 6% | |||||||
Related Party | Incentive Fee Rate Pre Incentive Fee Net Investment Income Below Catch Up Threshold | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 100% | 100% | |||||||
Related Party | Incentive Fee Rate Quarterly Catch Up Threshold | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 1.8182% | 1.8182% | |||||||
Related Party | Incentive Fee Rate Annualized Catch Up Threshold | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 7.2728% | 7.2728% | |||||||
Related Party | Incentive Fee Rate Pre Incentive Fee Net Investment Income Exceeds Catch Up Threshold | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 17.50% | 17.50% | |||||||
Related Party | Incentive Fee Rate Realized Capital Gains | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 17.50% | 17.50% | |||||||
Related Party | Investment Advisory Agreement | |||||||||
Related Party Transactions | |||||||||
Initial term | 2 years | ||||||||
Affiliated Entity | |||||||||
Related Party Transactions | |||||||||
Payable to affiliates | $ 188 | $ 188 | $ 110 |
Investments (Details)
Investments (Details) € in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 EUR (€) | ||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 3,158,601 | $ 2,939,646 | [1] | $ 2,373,435 | |||||
Fair Value | 3,123,450 | 2,873,588 | 2,387,374 | ||||||
Amortized cost of investments on non-accrual | $ 8,848 | 1,500 | |||||||
Investment Owned at Fair Value | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 2,939,646 | 2,373,435 | |||||||
Fair Value | $ 2,873,588 | $ 2,387,374 | |||||||
Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 100% | 100% | 100% | ||||||
Australia | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 10,151 | $ 10,187 | |||||||
Fair Value | $ 10,168 | $ 9,870 | |||||||
Australia | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.30% | 0.30% | |||||||
Canada | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 97,187 | $ 108,820 | $ 81,935 | ||||||
Fair Value | $ 96,518 | $ 105,764 | $ 81,386 | ||||||
Canada | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.10% | 3.70% | 3.40% | ||||||
United Kingdom | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 11,848 | $ 11,157 | $ 17,804 | ||||||
Fair Value | $ 12,088 | $ 11,157 | $ 18,200 | ||||||
United Kingdom | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.40% | 0.40% | 0.80% | ||||||
United States | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 3,039,415 | $ 2,809,482 | $ 2,273,696 | ||||||
Fair Value | $ 3,004,676 | $ 2,746,797 | $ 2,287,788 | ||||||
United States | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 96.20% | 95.60% | 95.80% | ||||||
Aerospace & Defense | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.70% | 1.80% | 1.70% | ||||||
Air Freight & Logistics | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.10% | 1.10% | 0.50% | ||||||
Automobile Components | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.60% | 3.80% | 3.30% | ||||||
Automobiles | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 4.90% | 5.10% | 7.40% | ||||||
Biotechnology | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.50% | 0.50% | 0.60% | ||||||
Chemicals | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.70% | 0.60% | |||||||
Containers & Packaging | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.50% | 1.60% | 1.60% | ||||||
Commercial Services & Supplies | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 10.30% | 11.20% | 13% | ||||||
Construction & Engineering | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.50% | 1.30% | 1.50% | ||||||
Distributors | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 2.80% | 4.20% | 1.20% | ||||||
Diversified Consumer Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.30% | 3% | 1.50% | ||||||
Electronic Equipment, Instruments & Components | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.50% | 1% | 0.70% | ||||||
Energy Equipment & Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.50% | 0.50% | 0.60% | ||||||
Financial Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.70% | 0.70% | 0.10% | ||||||
Food Products | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 2.30% | 2.50% | 3.10% | ||||||
Health Care Equipment & Supplies | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [2] | $ 5,415 | |||||||
Fair Value | $ 5,374 | ||||||||
Health Care Equipment & Supplies | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.40% | 0.30% | 0.40% | ||||||
Health Care Providers & Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.80% | 3.40% | 2.90% | ||||||
Health Care Technology | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 2% | 0.70% | 0.90% | ||||||
Industrial Conglomerates | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.30% | 0.20% | 1.80% | ||||||
Insurance Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 14.90% | 15.70% | 17.10% | ||||||
Interactive Media & Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.20% | 3.50% | 3.80% | ||||||
IT Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 8.80% | 9.60% | 10.80% | ||||||
Leisure Products | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.70% | 0.80% | 2.40% | ||||||
Machinery | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 2.70% | 3% | 2% | ||||||
Multi-Utilities | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.70% | 0.60% | 0.40% | ||||||
Oil, Gas & Consumable Fuels | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0% | 0% | |||||||
Pharmaceuticals | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.40% | 0.40% | |||||||
Professional Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.60% | 3.20% | 4% | ||||||
Real Estate Management & Development | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 5.30% | 5.40% | 5.20% | ||||||
Software | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 14.30% | 14.30% | 11.50% | ||||||
First Lien Debt | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 2,960,107 | $ 2,753,620 | $ 2,213,332 | [1] | € 2,960,107 | [2] | |||
Fair Value | $ 2,933,870 | $ 2,694,111 | $ 2,224,100 | 2,933,870 | |||||
First Lien Debt | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 93.90% | 93.80% | 93.20% | ||||||
First Lien Debt | Aerospace & Defense | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 52,573 | [2] | $ 52,520 | [2] | $ 38,993 | [1] | |||
Fair Value | 52,676 | 51,531 | 39,370 | ||||||
First Lien Debt | Air Freight & Logistics | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 29,679 | [2] | 28,736 | [2] | 11,948 | [1] | |||
Fair Value | 29,888 | 27,943 | 11,948 | ||||||
First Lien Debt | Automobile Components | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 86,866 | [2] | 86,480 | [2] | 51,698 | [1] | |||
Fair Value | 86,506 | 83,574 | 51,746 | ||||||
First Lien Debt | Automobiles | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 154,223 | 150,144 | [3] | 174,783 | [1] | ||||
Fair Value | 154,132 | 146,413 | 175,583 | ||||||
First Lien Debt | Biotechnology | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 15,611 | 14,830 | [3] | 14,955 | [1] | ||||
Fair Value | 15,603 | 14,407 | 14,955 | ||||||
First Lien Debt | Chemicals | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 21,087 | 18,797 | [3] | ||||||
Fair Value | 20,783 | 18,066 | |||||||
First Lien Debt | Containers & Packaging | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 43,385 | 43,852 | [3] | 36,043 | [1] | ||||
Fair Value | 43,525 | 42,522 | 36,043 | ||||||
First Lien Debt | Commercial Services & Supplies | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 320,119 | 325,020 | [1],[2] | 306,205 | [1] | ||||
Fair Value | 319,668 | 319,508 | 307,450 | ||||||
First Lien Debt | Construction & Engineering | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 45,942 | 37,932 | [3] | 35,799 | [1] | ||||
Fair Value | 45,890 | 36,734 | 35,799 | ||||||
First Lien Debt | Distributors | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 90,110 | 122,968 | [3] | 28,636 | [1] | ||||
Fair Value | 87,337 | 120,982 | 28,636 | ||||||
First Lien Debt | Diversified Consumer Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 103,850 | 88,142 | [3] | 36,642 | [1] | ||||
Fair Value | 103,167 | 87,147 | 36,975 | ||||||
First Lien Debt | Electronic Equipment, Instruments & Components | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 26,500 | 13,448 | [3] | ||||||
Fair Value | 25,815 | 12,892 | |||||||
First Lien Debt | Financial Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 53,913 | 19,820 | [3] | 71,968 | [1] | ||||
Fair Value | 54,126 | 19,586 | 72,070 | ||||||
First Lien Debt | Health Care Equipment & Supplies | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 13,052 | 62,269 | [1] | ||||||
Fair Value | 13,090 | 62,602 | |||||||
First Lien Debt | Health Care Providers & Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 111,559 | 90,686 | |||||||
Fair Value | 110,086 | 88,460 | |||||||
First Lien Debt | Health Care Technology | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 61,214 | 21,467 | 21,562 | [1] | |||||
Fair Value | 61,389 | 21,148 | 20,963 | ||||||
First Lien Debt | Industrial Conglomerates | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 33,628 | 1,666 | [1] | 35,958 | |||||
Fair Value | 34,407 | 1,612 | 36,285 | ||||||
First Lien Debt | Insurance Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 466,713 | 455,293 | 401,473 | ||||||
Fair Value | 460,888 | 446,804 | 403,895 | ||||||
First Lien Debt | Interactive Media & Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 104,614 | 103,429 | 90,189 | ||||||
Fair Value | 100,966 | 101,077 | 91,025 | ||||||
First Lien Debt | IT Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 227,038 | 230,561 | 201,890 | ||||||
Fair Value | 220,202 | 223,366 | 202,960 | ||||||
First Lien Debt | Leisure Products | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 21,596 | 21,726 | 54,292 | [1] | |||||
Fair Value | 21,214 | 21,557 | 54,900 | ||||||
First Lien Debt | Machinery | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 84,669 | 88,999 | 48,582 | [1] | |||||
Fair Value | 83,742 | 85,464 | 48,133 | ||||||
First Lien Debt | Multi-Utilities | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 21,738 | 16,427 | [1] | 10,405 | [1] | ||||
Fair Value | 21,760 | 16,228 | 10,600 | ||||||
First Lien Debt | Oil, Gas & Consumable Fuels | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1] | 399 | |||||||
Fair Value | 390 | ||||||||
First Lien Debt | Pharmaceuticals | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 11,848 | 11,157 | [1] | ||||||
Fair Value | 12,088 | 11,157 | |||||||
First Lien Debt | Professional Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 110,638 | 89,714 | [1] | 91,547 | [1] | ||||
Fair Value | 110,995 | 88,770 | 92,207 | ||||||
First Lien Debt | Real Estate Management & Development | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 163,130 | [2] | 155,654 | [2] | 121,237 | ||||
Fair Value | 162,420 | 152,029 | 122,965 | ||||||
First Lien Debt | Software | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 381,883 | 252,416 | [1] | 412,722 | [2] | ||||
Fair Value | 374,792 | 252,952 | € 410,701 | ||||||
Second Lien Debt | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 145,809 | [2] | 136,620 | [1] | 120,124 | ||||
Fair Value | $ 134,712 | $ 128,350 | $ 121,550 | ||||||
Second Lien Debt | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 4.30% | 4.50% | 5.10% | ||||||
Second Lien Debt | Electronic Equipment, Instruments & Components | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 16,939 | $ 16,912 | [1] | ||||||
Fair Value | 16,194 | 17,000 | |||||||
Second Lien Debt | Health Care Providers & Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 5,318 | ||||||||
Fair Value | 4,946 | ||||||||
Second Lien Debt | Industrial Conglomerates | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1] | 39,944 | |||||||
Fair Value | 40,387 | ||||||||
Second Lien Debt | IT Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 40,072 | [2] | 40,016 | [1] | |||||
Fair Value | 37,804 | 37,735 | |||||||
Second Lien Debt | Software | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 23,801 | [2] | 23,770 | [1] | 120,124 | [1] | |||
Fair Value | 19,963 | 22,341 | 121,550 | ||||||
Other Securities | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 52,685 | [2] | 49,406 | [1] | 39,979 | ||||
Fair Value | $ 54,868 | $ 51,127 | $ 41,724 | ||||||
Other Securities | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.80% | 1.70% | 1.70% | ||||||
[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Levels (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurements | |||
Fair Value | $ 3,123,450 | $ 2,873,588 | $ 2,387,374 |
Level 1 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
Level 2 | |||
Fair Value Measurements | |||
Fair Value | 68,585 | 30,821 | 17,064 |
Level 3 | |||
Fair Value Measurements | |||
Fair Value | 3,040,160 | 2,828,035 | 2,356,559 |
Level 1, Level 2, and Level 3 | |||
Fair Value Measurements | |||
Fair Value | 3,108,745 | 2,858,856 | 2,373,623 |
Net Asset Value | |||
Fair Value Measurements | |||
Fair Value | 14,705 | 14,732 | 13,751 |
First Lien Debt | Level 1 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
First Lien Debt | Level 2 | |||
Fair Value Measurements | |||
Fair Value | 25,881 | 25,362 | 17,064 |
First Lien Debt | Level 3 | |||
Fair Value Measurements | |||
Fair Value | 2,907,989 | 2,668,749 | 2,207,036 |
First Lien Debt | Level 1, Level 2, and Level 3 | |||
Fair Value Measurements | |||
Fair Value | 2,933,870 | 2,694,111 | 2,224,100 |
Second Lien Debt | Level 1 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
Second Lien Debt | Level 2 | |||
Fair Value Measurements | |||
Fair Value | 42,704 | 5,459 | |
Second Lien Debt | Level 3 | |||
Fair Value Measurements | |||
Fair Value | 92,008 | 122,891 | 121,550 |
Second Lien Debt | Level 1, Level 2, and Level 3 | |||
Fair Value Measurements | |||
Fair Value | 134,712 | 128,350 | 121,550 |
Other Securities | Level 1 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
Other Securities | Level 2 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
Other Securities | Level 3 | |||
Fair Value Measurements | |||
Fair Value | 40,163 | 36,395 | 27,973 |
Other Securities | Level 1, Level 2, and Level 3 | |||
Fair Value Measurements | |||
Fair Value | $ 40,163 | $ 36,395 | $ 27,973 |
Fair Value Measurements - Level
Fair Value Measurements - Level III Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurements | ||||||
Fair value, beginning of period | $ 2,924,839 | $ 2,642,354 | $ 2,828,035 | $ 2,356,559 | $ 2,356,559 | $ 614,432 |
Purchases of investments | 154,948 | 180,286 | 367,712 | 730,414 | 924,749 | 2,083,855 |
Proceeds from principal repayments and sales of investments | (41,712) | (94,355) | (168,477) | (331,125) | (384,679) | (364,773) |
Accretion of discount/amortization of premium | 2,105 | 3,570 | 7,192 | 8,855 | 11,341 | 9,839 |
Payment-in-kind | 1,478 | 358 | 3,539 | 1,451 | 2,714 | 1,179 |
Transfers into/(out) of Level 3 | (21,675) | (20,083) | (32,383) | (17,500) | (5,950) | 2,849 |
Fair value, end of period | 3,040,160 | 2,689,063 | 3,040,160 | 2,689,063 | 2,828,035 | 2,356,559 |
Net change in unrealized appreciation (depreciation) from investments still held | 20,158 | (22,661) | 34,058 | (58,163) | ||
Net change in unrealized appreciation (depreciation) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 20,172 | (23,085) | 34,415 | (60,153) | ||
Net realized gains (losses) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 5 | 18 | 127 | 562 | ||
First Lien Debt | ||||||
Fair Value Measurements | ||||||
Fair value, beginning of period | 2,772,653 | 2,492,968 | 2,668,749 | 2,207,036 | 2,207,036 | 558,318 |
Purchases of investments | 153,327 | 178,809 | 365,914 | 709,912 | 900,740 | 1,956,780 |
Proceeds from principal repayments and sales of investments | (41,712) | (94,355) | (168,477) | (331,077) | (384,631) | (325,175) |
Accretion of discount/amortization of premium | 2,035 | 3,520 | 6,985 | 8,645 | 11,062 | 8,831 |
Payment-in-kind | 774 | 228 | 1,580 | 665 | 1,080 | 133 |
Transfers into/(out) of Level 3 | 0 | (20,083) | 0 | 0 | 2,849 | |
Fair value, end of period | 2,907,989 | 2,542,916 | 2,907,989 | 2,542,916 | 2,668,749 | 2,207,036 |
Net change in unrealized appreciation (depreciation) from investments still held | 20,893 | (17,747) | 32,754 | (50,808) | ||
First Lien Debt | Net change in unrealized appreciation (depreciation) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 20,907 | (18,171) | 33,111 | (52,779) | ||
First Lien Debt | Net realized gains (losses) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 5 | 0 | 127 | 514 | ||
Second Lien Debt | ||||||
Fair Value Measurements | ||||||
Fair value, beginning of period | 113,084 | 116,488 | 122,891 | 121,550 | 121,550 | 53,155 |
Purchases of investments | 0 | 461 | 86 | 15,694 | 15,694 | 101,352 |
Proceeds from principal repayments and sales of investments | 0 | 0 | 0 | 0 | (36,250) | |
Accretion of discount/amortization of premium | 68 | 50 | 201 | 210 | 278 | 1,008 |
Payment-in-kind | 137 | 130 | 397 | 389 | 524 | 509 |
Transfers into/(out) of Level 3 | (21,675) | 0 | (32,383) | (17,500) | (5,950) | |
Fair value, end of period | 92,008 | 113,802 | 92,008 | 113,802 | 122,891 | 121,550 |
Net change in unrealized appreciation (depreciation) from investments still held | 394 | (3,345) | 816 | (6,522) | ||
Second Lien Debt | Net change in unrealized appreciation (depreciation) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 394 | (3,345) | 816 | (6,541) | ||
Second Lien Debt | Net realized gains (losses) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 0 | 18 | 0 | 0 | ||
Other Securities | ||||||
Fair Value Measurements | ||||||
Fair value, beginning of period | 39,102 | 32,898 | 36,395 | 27,973 | 27,973 | 2,959 |
Purchases of investments | 1,621 | 1,016 | 1,712 | 4,808 | 8,315 | 25,723 |
Proceeds from principal repayments and sales of investments | 0 | 0 | 0 | (48) | (48) | (3,348) |
Accretion of discount/amortization of premium | 2 | 0 | 6 | 0 | 1 | |
Payment-in-kind | 567 | 0 | 1,562 | 397 | 1,110 | 537 |
Transfers into/(out) of Level 3 | 0 | 0 | 0 | 0 | ||
Fair value, end of period | 40,163 | 32,345 | 40,163 | 32,345 | $ 36,395 | $ 27,973 |
Net change in unrealized appreciation (depreciation) from investments still held | (1,129) | (1,569) | 488 | (833) | ||
Other Securities | Net change in unrealized appreciation (depreciation) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | (1,129) | (1,569) | 488 | (833) | ||
Other Securities | Net realized gains (losses) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | $ 0 | $ 0 | $ 0 | $ 48 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurements | |||
Fair Value | $ 3,123,450 | $ 2,873,588 | $ 2,387,374 |
Level 3 | |||
Fair Value Measurements | |||
Fair Value | 3,040,160 | 2,828,035 | 2,356,559 |
Level 3 | Transaction Price | Recent Transaction | |||
Fair Value Measurements | |||
Fair Value | $ 44,000 | ||
Level 3 | Transaction Price | Low | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 100 | ||
Level 3 | Transaction Price | High | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 100 | ||
Level 3 | Transaction Price | Weighted Average | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 100 | ||
Level 3 | First Lien Debt | |||
Fair Value Measurements | |||
Fair Value | 2,907,989 | $ 2,668,749 | 2,207,036 |
Level 3 | First Lien Debt | Yield Analysis | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 2,641,353 | $ 2,624,749 | $ 2,207,036 |
Level 3 | First Lien Debt | Yield Analysis | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.0933 | 0.0920 | 0.0555 |
Level 3 | First Lien Debt | Yield Analysis | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1918 | 0.2044 | 0.1244 |
Level 3 | First Lien Debt | Yield Analysis | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1177 | 0.1127 | 0.0752 |
Level 3 | First Lien Debt | Transaction Price | Recent Transaction | |||
Fair Value Measurements | |||
Fair Value | $ 266,636 | $ 44,000 | |
Level 3 | First Lien Debt | Transaction Price | Low | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 0.9650 | 1 | |
Level 3 | First Lien Debt | Transaction Price | High | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 1 | 1 | |
Level 3 | First Lien Debt | Transaction Price | Weighted Average | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 0.9856 | 1 | |
Level 3 | Second Lien Debt | |||
Fair Value Measurements | |||
Fair Value | $ 92,008 | $ 122,891 | $ 121,550 |
Level 3 | Second Lien Debt | Yield Analysis | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 87,508 | $ 122,891 | $ 121,550 |
Level 3 | Second Lien Debt | Yield Analysis | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1147 | 0.1214 | 0.0712 |
Level 3 | Second Lien Debt | Yield Analysis | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.2742 | 0.1720 | 0.1079 |
Level 3 | Second Lien Debt | Yield Analysis | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1489 | 0.1424 | 0.0851 |
Level 3 | Second Lien Debt | Transaction Price | Recent Transaction | |||
Fair Value Measurements | |||
Fair Value | $ 4,500 | ||
Level 3 | Second Lien Debt | Transaction Price | Low | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 1 | ||
Level 3 | Second Lien Debt | Transaction Price | High | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 1 | ||
Level 3 | Second Lien Debt | Transaction Price | Weighted Average | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 1 | ||
Level 3 | Unsecured debt | Yield Analysis | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 1,350 | ||
Level 3 | Unsecured debt | Yield Analysis | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.2533 | ||
Level 3 | Unsecured debt | Yield Analysis | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.2533 | ||
Level 3 | Unsecured debt | Yield Analysis | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.2533 | ||
Level 3 | Unsecured debt | Income Approach | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 1,877 | $ 1,826 | |
Level 3 | Unsecured debt | Income Approach | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1450 | 0.1660 | |
Level 3 | Unsecured debt | Income Approach | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1450 | 0.1660 | |
Level 3 | Unsecured debt | Income Approach | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1450 | 0.1660 | |
Level 3 | Unsecured debt | Market Approach | EBITDA Multiple | |||
Fair Value Measurements | |||
Fair Value | $ 125 | $ 372 | |
Level 3 | Unsecured debt | Market Approach | Low | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0900 | 0.0900 | 0.0900 |
Level 3 | Unsecured debt | Market Approach | High | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0900 | 0.0900 | 0.0900 |
Level 3 | Unsecured debt | Market Approach | Weighted Average | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0900 | 0.0900 | 0.0900 |
Level 3 | Preferred equity | Yield Analysis | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 9,950 | ||
Level 3 | Preferred equity | Yield Analysis | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1170 | ||
Level 3 | Preferred equity | Yield Analysis | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1210 | ||
Level 3 | Preferred equity | Yield Analysis | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1192 | ||
Level 3 | Preferred equity | Income Approach | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 18,181 | $ 16,076 | |
Level 3 | Preferred equity | Income Approach | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1219 | 0.1220 | |
Level 3 | Preferred equity | Income Approach | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1548 | 0.1569 | |
Level 3 | Preferred equity | Income Approach | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1345 | 0.1362 | |
Level 3 | Preferred equity | Market Approach | Revenue Multiple | |||
Fair Value Measurements | |||
Fair Value | $ 1,275 | $ 963 | $ 1,298 |
Level 3 | Preferred equity | Market Approach | Low | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0750 | 0.0878 | 0.1180 |
Level 3 | Preferred equity | Market Approach | High | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0750 | 0.0878 | 0.1180 |
Level 3 | Preferred equity | Market Approach | Weighted Average | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0750 | 0.0878 | 0.1180 |
Level 3 | Common equity | Market Approach | EBITDA Multiple | |||
Fair Value Measurements | |||
Fair Value | $ 16,937 | $ 15,877 | $ 15,375 |
Level 3 | Common equity | Market Approach | Revenue Multiple | |||
Fair Value Measurements | |||
Fair Value | $ 1,768 | $ 1,281 | |
Level 3 | Common equity | Market Approach | Low | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0810 | 0.0810 | 0.0810 |
Level 3 | Common equity | Market Approach | Low | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0720 | 0.1020 | |
Level 3 | Common equity | Market Approach | High | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.1870 | 0.1870 | 0.1997 |
Level 3 | Common equity | Market Approach | High | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0880 | 0.1020 | |
Level 3 | Common equity | Market Approach | Weighted Average | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.1330 | 0.1325 | 0.1311 |
Level 3 | Common equity | Market Approach | Weighted Average | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0824 | 0.1020 | |
Level 3 | Other Securities | |||
Fair Value Measurements | |||
Fair Value | $ 40,163 | $ 36,395 | $ 27,973 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Fair Value - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurements | |||
Long-term debt | $ 1,692,654 | $ 1,502,249 | $ 1,249,850 |
Truist Credit Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 680,252 | $ 432,254 | $ 476,000 |
Truist Credit Facility | Level 2 | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | $ 392,403 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
2027 Notes | Senior Notes | |||
Fair Value Measurements | |||
Unamortized debt issuance costs | $ 3,782 | $ 4,622 | |
Unamortized original issuance discount | 721 | 881 | |
2025 Notes | Senior Notes | |||
Fair Value Measurements | |||
Unamortized debt issuance costs | 2,370 | 3,277 | |
Unamortized original issuance discount | 0 | 0 | |
Carrying Value | |||
Fair Value Measurements | |||
Long-term debt | 1,718,379 | 1,523,475 | $ 1,249,850 |
Carrying Value | CIBC Substriction Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 310,350 | ||
Carrying Value | BNP Funding Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 345,000 | 400,000 | 463,500 |
Carrying Value | Truist Credit Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 680,252 | 432,254 | 476,000 |
Carrying Value | 2027 Notes | Senior Notes | |||
Fair Value Measurements | |||
Long-term debt | 420,497 | 419,498 | |
Carrying Value | 2025 Notes | Senior Notes | |||
Fair Value Measurements | |||
Long-term debt | 272,630 | 271,723 | |
Fair Value | |||
Fair Value Measurements | |||
Long-term debt | 1,692,654 | 1,502,249 | 1,249,850 |
Fair Value | CIBC Substriction Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 310,350 | ||
Fair Value | BNP Funding Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 345,000 | 400,000 | 463,500 |
Fair Value | Truist Credit Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 680,252 | 432,254 | $ 476,000 |
Fair Value | 2027 Notes | Senior Notes | |||
Fair Value Measurements | |||
Long-term debt | 392,403 | 394,995 | |
Fair Value | 2025 Notes | Senior Notes | |||
Fair Value Measurements | |||
Long-term debt | $ 275,000 | $ 275,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) € in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2023 EUR (€) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Sep. 13, 2022 USD ($) | May 20, 2022 USD ($) | Feb. 11, 2022 USD ($) | Dec. 03, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 0 | ||||||||||||||
Outstanding amount | $ 1,725,252 | $ 1,249,850 | $ 1,725,252 | 1,532,254 | $ 1,249,850 | ||||||||||
Available capacity | 693,498 | 725,150 | 693,498 | $ 738,521 | 725,150 | ||||||||||
Unused fee percentage | 0.375% | ||||||||||||||
Aggregate principal amount | $ 2,420,000 | 1,975,000 | $ 2,420,000 | $ 2,275,000 | $ 1,975,000 | ||||||||||
Weighted average interest rate (excluding unused fees and financing costs) | 6.64% | 4.37% | 6.45% | 3.47% | 4.05% | 2.12% | 1.93% | ||||||||
Weighted average debt | $ 1,619,670 | $ 1,490,571 | $ 1,591,671 | $ 1,399,866 | $ 1,432,492 | $ 796,272 | $ 114,431 | ||||||||
CIBC Substriction Facility | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments for borrowings from lines of credit | $ 55,000 | $ 90,000 | $ 310,350 | 455,000 | 278,500 | ||||||||||
Borrowings from lines of credit | 431,500 | $ 612,350 | |||||||||||||
Outstanding amount | 310,350 | 310,350 | |||||||||||||
Available capacity | 89,650 | 89,650 | |||||||||||||
Aggregate principal amount | 400,000 | $ 400,000 | |||||||||||||
Weighted average interest rate (excluding unused fees and financing costs) | 0% | 3.76% | 0% | 2.57% | 3.13% | 1.77% | 1.93% | ||||||||
CIBC Substriction Facility | Base Rate | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1.65% | 1.65% | |||||||||||||
CIBC Substriction Facility | Prime Rate | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 0.65% | 0.65% | |||||||||||||
BNP Funding Facility | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 600,000 | $ 600,000 | $ 600,000 | ||||||||||||
Repayments for borrowings from lines of credit | 25,000 | $ 83,500 | 55,000 | $ 154,500 | 176,500 | $ 75,000 | |||||||||
Borrowings from lines of credit | 0 | $ 0 | 0 | $ 13,000 | 113,000 | 538,500 | |||||||||
Outstanding amount | 345,000 | 463,500 | 345,000 | 400,000 | 463,500 | ||||||||||
Available capacity | 255,000 | 136,500 | 255,000 | 200,000 | 136,500 | ||||||||||
Aggregate principal amount | $ 600,000 | 600,000 | $ 600,000 | $ 600,000 | $ 600,000 | ||||||||||
Weighted average interest rate (excluding unused fees and financing costs) | 7.77% | 4.57% | 7.34% | 3.37% | 3.90% | 2.48% | |||||||||
BNP Funding Facility | Base Rate | Line of Credit | Low | 1-month Period | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1.95% | ||||||||||||||
BNP Funding Facility | Base Rate | Line of Credit | Low | 3-month Period | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 2.45% | ||||||||||||||
BNP Funding Facility | Base Rate | Line of Credit | High | 1-month Period | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 2.85% | 2.75% | |||||||||||||
BNP Funding Facility | Base Rate | Line of Credit | High | 3-month Period | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 3.35% | 3.25% | |||||||||||||
Truist Credit Facility | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,120,000 | $ 975,000 | $ 975,000 | |||||||||
Interest rate | 1.75% | ||||||||||||||
Repayments for borrowings from lines of credit | 90,000 | $ 222,000 | 90,000 | $ 773,000 | $ 798,000 | $ 68,000 | |||||||||
Borrowings from lines of credit | 278,000 | $ 127,246 | 338,000 | $ 579,246 | 754,246 | 544,000 | |||||||||
Outstanding amount | 680,252 | 476,000 | 680,252 | 432,254 | 476,000 | ||||||||||
Available capacity | 438,498 | 499,000 | $ 438,498 | 538,521 | 499,000 | ||||||||||
Unused fee percentage | 0.375% | ||||||||||||||
Aggregate principal amount | $ 1,120,000 | $ 975,000 | $ 1,120,000 | $ 975,000 | $ 975,000 | € 238 | € 238 | ||||||||
Weighted average interest rate (excluding unused fees and financing costs) | 7.26% | 4.05% | 2.09% | 6.91% | 3.05% | 3.68% | |||||||||
Truist Credit Facility | Federal Resere Bank of New York Rate | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 0.50% | 0.50% | |||||||||||||
Truist Credit Facility | Eurodollar | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1.875% | 1.875% | |||||||||||||
Truist Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1% | 1% | |||||||||||||
Truist Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit | Low | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 0.75% | ||||||||||||||
Truist Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit | High | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 0.875% | ||||||||||||||
2027 Notes | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding amount | $ 425,000 | $ 425,000 | $ 425,000 | ||||||||||||
Aggregate principal amount | $ 425,000 | $ 425,000 | $ 425,000 | $ 425,000 | |||||||||||
Stated interest rate | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | |||||||
Percentage of holders representing outstanding principal | 85.87% | ||||||||||||||
2025 Notes | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding amount | $ 275,000 | $ 275,000 | $ 275,000 | ||||||||||||
Aggregate principal amount | $ 275,000 | $ 275,000 | $ 275,000 | $ 275,000 | |||||||||||
Stated interest rate | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% |
Debt - Schedule of Long-Term De
Debt - Schedule of Long-Term Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 13, 2022 | Feb. 11, 2022 | |
Debt Instrument [Line Items] | ||||||||||
Amortization of deferred financing costs | $ 2,313,000 | $ 2,885,000 | $ 3,735,000 | $ 2,913,000 | $ 1,072,000 | |||||
Total | $ 29,686,000 | $ 18,601,000 | $ 84,260,000 | $ 42,731,000 | $ 67,182,000 | $ 21,015,000 | $ 3,725,000 | |||
Weighted average interest rate (excluding unused fees and financing costs) | 6.64% | 4.37% | 6.45% | 3.47% | 4.05% | 2.12% | 1.93% | |||
CIBC Substriction Facility | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | $ 0 | $ 2,271,000 | $ 0 | $ 5,450,000 | $ 8,312,000 | $ 6,379,000 | $ 2,247,000 | |||
Facility unused commitment fees | 0 | 6,000 | 0 | 19,000 | 26,000 | 92,000 | 406,000 | |||
Amortization of deferred financing costs | 0 | 327,000 | 0 | 1,125,000 | 1,347,000 | 1,375,000 | 1,072,000 | |||
Total | $ 0 | $ 2,604,000 | $ 0 | $ 6,594,000 | $ 9,685,000 | $ 7,846,000 | $ 3,725,000 | |||
Weighted average interest rate (excluding unused fees and financing costs) | 0% | 3.76% | 0% | 2.57% | 3.13% | 1.77% | 1.93% | |||
Weighted average outstanding balance | $ 0 | $ 236,491,000 | $ 0 | $ 279,562,000 | $ 262,184,000 | $ 354,810,000 | $ 114,431,000 | |||
BNP Funding Facility | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | 6,904,000 | 4,517,000 | 20,862,000 | 10,665,000 | 15,376,000 | 8,559,000 | ||||
Facility unused commitment fees | 209,000 | 128,000 | 455,000 | 209,000 | 507,000 | 69,000 | ||||
Amortization of deferred financing costs | 297,000 | 289,000 | 840,000 | 855,000 | 1,145,000 | 1,073,000 | 147,000 | |||
Total | $ 7,410,000 | $ 4,934,000 | $ 22,157,000 | $ 11,729,000 | $ 17,028,000 | $ 9,701,000 | $ 147,000 | |||
Weighted average interest rate (excluding unused fees and financing costs) | 7.77% | 4.57% | 7.34% | 3.37% | 3.90% | 2.48% | ||||
Weighted average outstanding balance | $ 347,446,000 | $ 386,962,000 | $ 374,927,000 | $ 417,700,000 | $ 389,216,000 | $ 340,437,000 | ||||
Truist Credit Facility | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | 10,613,000 | 4,018,000 | $ 2,145,000 | 27,086,000 | 7,485,000 | 11,959,000 | ||||
Facility unused commitment fees | 531,000 | 568,000 | 858,000 | 1,723,000 | 1,863,000 | 2,487,000 | ||||
Amortization of deferred financing costs | 518,000 | 267,000 | 465,000 | 1,473,000 | 905,000 | 1,243,000 | ||||
Total | $ 11,662,000 | $ 4,853,000 | $ 3,468,000 | $ 30,282,000 | $ 10,253,000 | $ 15,689,000 | ||||
Weighted average interest rate (excluding unused fees and financing costs) | 7.26% | 4.05% | 2.09% | 6.91% | 3.05% | 3.68% | ||||
Weighted average outstanding balance | $ 572,225 | $ 388,313 | $ 218,189,000 | $ 516,745 | $ 323,300 | $ 320,955,000 | ||||
2027 Notes | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | 4,781,000 | 4,781,000 | 14,344,000 | 12,219,000 | 17,000,000 | |||||
Accretion of original issuance discount | 54,000 | 54,000 | 160,000 | 136,000 | 190,000 | |||||
Amortization of debt issuance costs | 283,000 | 279,000 | 839,000 | 704,000 | 996,000 | |||||
Total | $ 5,118,000 | $ 5,114,000 | $ 15,343,000 | $ 13,059,000 | $ 18,186,000 | |||||
Stated interest rate | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | ||||
2025 Notes | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | $ 5,191,000 | $ 1,038,000 | $ 15,572,000 | $ 1,038,000 | $ 6,229,000 | |||||
Amortization of debt issuance costs | 305,000 | 58,000 | 906,000 | 58,000 | 365,000 | |||||
Total | $ 5,496,000 | $ 1,096,000 | $ 16,478,000 | $ 1,096,000 | $ 6,594,000 | |||||
Stated interest rate | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% |
Debt - Schedule of Debt Obligat
Debt - Schedule of Debt Obligations (Details) € in Thousands, $ in Thousands | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Sep. 13, 2022 USD ($) | Feb. 11, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | $ 2,420,000 | $ 2,275,000 | $ 1,975,000 | ||||
Outstanding Principal | 1,725,252 | 1,532,254 | 1,249,850 | ||||
Unused Portion | 693,498 | 738,521 | 725,150 | ||||
CIBC Substriction Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 400,000 | ||||||
Outstanding Principal | 310,350 | ||||||
Unused Portion | 89,650 | ||||||
BNP Funding Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 600,000 | 600,000 | 600,000 | ||||
Outstanding Principal | 345,000 | 400,000 | 463,500 | ||||
Unused Portion | 255,000 | 200,000 | 136,500 | ||||
Truist Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 1,120,000 | € 238 | 975,000 | € 238 | 975,000 | ||
Outstanding Principal | 680,252 | 432,254 | 476,000 | ||||
Unused Portion | 438,498 | 538,521 | 499,000 | ||||
Outstanding letters of credit | 1,250 | 4,225 | $ 0 | ||||
2027 Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 425,000 | 425,000 | $ 425,000 | ||||
Outstanding Principal | 425,000 | 425,000 | |||||
Unamortized debt issuance costs | 3,782 | 4,622 | |||||
Unamortized original issuance discount | 721 | 881 | |||||
2025 Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 275,000 | 275,000 | $ 275,000 | ||||
Outstanding Principal | 275,000 | 275,000 | |||||
Unamortized debt issuance costs | 2,370 | 3,277 | |||||
Unamortized original issuance discount | $ 0 | $ 0 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Delayed Draw and Revolving Senior Secured Loans | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded commitments | $ 287,164 | $ 314,251 | $ 509,403 |
Financial Support, Capital Contributions | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded commitments | $ 220,271 | $ 425,694 |
Net Assets - Schedule of Distri
Net Assets - Schedule of Distributable Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Company, Net Assets [Roll Forward] | |||||||
Net distributable earnings (accumulated losses), beginning of period | $ (54,779) | $ 15,782 | $ 15,782 | ||||
Net investment income/(loss) after taxes | $ 50,574 | $ 33,814 | 142,591 | 89,738 | 128,010 | $ 72,929 | $ 10,635 |
Accumulated net realized gain (loss) | 5 | 18 | 127 | 556 | 537 | 1,895 | 2,154 |
Net unrealized appreciation (depreciation) | 22,829 | (24,390) | 30,909 | (61,869) | (80,005) | 8,431 | 5,508 |
Dividends declared | (43,211) | $ (30,611) | (119,323) | (86,667) | (119,437) | (72,315) | (13,926) |
Net distributable earnings (accumulated losses), end of period | (475) | (475) | (54,779) | 15,782 | |||
Net distributable earnings (accumulated losses) | |||||||
Investment Company, Net Assets [Roll Forward] | |||||||
Net distributable earnings (accumulated losses), beginning of period | (54,779) | $ 15,782 | 15,782 | 4,702 | (1,156) | ||
Net investment income/(loss) after taxes | 142,591 | 128,010 | 72,929 | 10,635 | |||
Accumulated net realized gain (loss) | 127 | 537 | 1,895 | 2,154 | |||
Net unrealized appreciation (depreciation) | 30,909 | (80,005) | 8,431 | 5,508 | |||
Dividends declared | (119,323) | (119,437) | (72,315) | (13,926) | |||
Tax reclassification of stockholders' equity | 0 | 334 | 140 | 1,487 | |||
Net distributable earnings (accumulated losses), end of period | $ (475) | $ (475) | $ (54,779) | $ 15,782 | $ 4,702 |
Net Assets - Narrative (Details
Net Assets - Narrative (Details) - USD ($) $ in Thousands | Sep. 22, 2023 | Sep. 30, 2023 |
Subsidiary, Sale of Stock [Line Items] | ||
Capital call proceeds received in advance | $ 7,332 | |
Subscription Agreement | ||
Subsidiary, Sale of Stock [Line Items] | ||
Sale of stock, consideration received | $ 220,500 |
Net Assets - Shares Issued From
Net Assets - Shares Issued From Capital Drawdowns (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 23, 2022 | Jul. 28, 2022 | May 16, 2022 | Dec. 29, 2021 | Nov. 12, 2021 | Oct. 15, 2021 | Jun. 16, 2021 | May 26, 2021 | Apr. 12, 2021 | Mar. 12, 2021 | Jan. 20, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||||||||||||||||
Shares Issued (in shares) | 4,775,721 | 3,903,231 | 3,548,132 | 4,748,891 | 8,182,294 | 7,806,514 | 7,161,130 | 4,036,582 | 5,326,877 | 2,171,816 | 1,726,689 | 7,451,363 | 12,227,084 | 41,160,793 | ||||
Amount | $ 94,600 | $ 79,821 | $ 74,866 | $ 99,600 | $ 174,000 | $ 164,000 | $ 149,900 | $ 85,000 | $ 110,000 | $ 45,000 | $ 35,000 | $ 0 | $ 79,821 | $ 0 | $ 154,687 | $ 249,291 | $ 862,455 | $ 297,347 |
Net Assets - Distributions Decl
Net Assets - Distributions Declared and Payable (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 27, 2023 | Sep. 26, 2023 | Jun. 27, 2023 | Mar. 28, 2023 | Dec. 20, 2022 | Sep. 28, 2022 | Sep. 26, 2022 | Jun. 24, 2022 | Mar. 25, 2022 | Dec. 21, 2021 | Sep. 23, 2021 | Jun. 23, 2021 | Mar. 18, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||||||||||||||||
Per Share Amount (in dollars per share) | $ 0.60 | $ 0.57 | $ 0.50 | $ 0.50 | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.48 | $ 0.57 | $ 0.56 | $ 0.49 | $ 0.45 | $ 1.67 | $ 1.42 | $ 1.92 | $ 2.07 | |
Total Amount | $ 43,211 | $ 40,735 | $ 35,377 | $ 32,770 | $ 30,611 | $ 30,611 | $ 28,601 | $ 27,455 | $ 29,691 | $ 20,080 | $ 13,974 | $ 8,570 | $ 119,323 | $ 86,667 | $ 119,437 | $ 72,315 | |
Supplemental distribution (in dollars per share) | $ 0.10 | $ 0.07 | $ 0.11 |
Net Assets - DRIP Shares (Detai
Net Assets - DRIP Shares (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 25, 2023 | Apr. 25, 2023 | Jan. 25, 2023 | Oct. 19, 2022 | Jul. 27, 2022 | Apr. 27, 2022 | Jan. 25, 2022 | Oct. 27, 2021 | Jul. 22, 2021 | Apr. 22, 2021 | Jan. 27, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||||||||||||||||
DRIP Shares Issued (in shares) | 554,001 | 482,721 | 445,235 | 408,126 | 372,338 | 332,212 | 358,891 | 242,789 | 178,345 | 110,191 | 121,484 | 1,481,957 | 1,063,441 | 1,471,567 | 652,809 | |||
DRIP Shares Value | $ 11,274 | $ 9,698 | $ 8,891 | $ 8,204 | $ 7,614 | $ 6,964 | $ 7,540 | $ 5,101 | $ 3,733 | $ 2,276 | $ 2,462 | $ 11,274 | $ 7,614 | $ 29,863 | $ 22,118 | $ 30,322 | $ 13,572 | $ 1,023 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||||||
Numerator-net increase/(decrease) in net assets resulting from operations | $ 73,408 | $ 9,442 | $ 173,627 | $ 28,425 | $ 48,542 | $ 83,255 | $ 18,297 |
Weighted average shares outstanding - basic (in shares) | 71,874,113 | 64,102,092 | 71,361,910 | 60,169,337 | 61,676,363 | 31,159,302 | 7,559,426 |
Weighted average shares outstanding - diluted (in shares) | 71,874,113 | 64,102,092 | 71,361,910 | 60,169,337 | 61,676,363 | 31,159,302 | 7,559,426 |
Basic earnings (loss) per share (in dollars per share) | $ 1.02 | $ 0.15 | $ 2.43 | $ 0.47 | $ 0.79 | $ 2.67 | $ 2.42 |
Diluted earnings (loss) per share (in dollars per share) | $ 1.02 | $ 0.15 | $ 2.43 | $ 0.47 | $ 0.79 | $ 2.67 | $ 2.42 |
Consolidated Financial Highli_3
Consolidated Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Company, Financial Highlights [Roll Forward] | |||||||
Net asset value, beginning of period (in dollars per share) | $ 19.81 | $ 20.91 | $ 20.91 | $ 20.08 | $ 20 | ||
Net investment income (loss) per share (in dollars per share) | $ 0.70 | $ 0.53 | 2 | 1.49 | 2.08 | 2.34 | 1.41 |
Net unrealized and realized gain (loss) (in dollars per share) | 0.43 | (0.98) | (1.26) | 0.52 | (0.28) | ||
Net increase (decrease) in net assets resulting from operations (in dollars per share) | 2.43 | 0.51 | 0.82 | 2.86 | 1.13 | ||
Dividends declared (in dollars per share) | (1.67) | (1.42) | (1.92) | (2.07) | (1.30) | ||
Issuance of common stock (in dollars per share) | 0.04 | 0.25 | |||||
Total increase (decrease) in net assets (in dollars per share) | 0.76 | (0.91) | (1.10) | 0.83 | 0.08 | ||
Net asset value, end of period (in dollars per share) | $ 20.57 | $ 20 | $ 20.57 | $ 20 | $ 19.81 | $ 20.91 | $ 20.08 |
Shares outstanding, end of period (in shares) | 72,018,635 | 65,352,831 | 72,018,635 | 65,352,831 | 70,536,678 | 56,838,027 | 15,024,425 |
Total return based on net asset value (in percent) | 12.56% | 2.43% | 3.99% | 14.83% | 7.07% | ||
Ratio/Supplemental Data (all amounts in thousands except ratios and shares): | |||||||
Net assets, end of period (in shares) | $ 1,481,472 | $ 1,307,150 | $ 1,481,472 | $ 1,307,150 | $ 1,397,305 | $ 1,188,587 | $ 301,620 |
Weighted average shares outstanding - basic (in shares) | 71,874,113 | 64,102,092 | 71,361,910 | 60,169,337 | 61,676,363 | 31,159,302 | 7,559,426 |
Ratio of net expenses to average net assets | 10.75% | 6.70% | 7.99% | 6.77% | 7.02% | ||
Ratio of expenses before waivers to average net assets | 12.30% | 8.26% | 9.55% | 8.26% | 8.20% | ||
Ratio of net investment income to average net assets | 13.83% | 9.95% | 9.97% | 10.55% | 6.62% | ||
Ratio of total contributed capital to total committed capital, end of period | 86.48% | 80.94% | 86.48% | 88.87% | 20.57% | ||
Asset coverage ratio | 185.87% | 185.74% | 185.87% | 185.74% | 191.19% | 195.10% | 190.35% |
Portfolio turnover rate | 5.71% | 13.10% | 14.87% | 27.18% | 31.11% |
Consolidated Statements of As_3
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,158,601 and $2,939,646 at September 30, 2023 and December 31, 2022, respectively) | $ 2,873,588 | $ 2,387,374 |
Cash | 81,215 | 74,153 |
Deferred financing costs | 7,624 | 11,587 |
Interest and dividend receivable from non-controlled/non-affiliated investments | 20,911 | 11,740 |
Subscription receivable | 2,556 | 7,850 |
Receivable for investments sold/repaid | 188 | 301 |
Prepaid expenses and other assets | 40 | 268 |
Total assets | 2,986,122 | 2,493,273 |
Liabilities | ||
Debt (net of unamortized debt issuance costs of $7,899 and $0 at December 31, 2022 and December 31, 2021, respectively) | 1,523,475 | 1,249,850 |
Payable to affiliates | 2,086 | 4,431 |
Financing costs payable | 4,234 | |
Dividends payable | 33,058 | 29,691 |
Management fees payable | 1,783 | 1,306 |
Income based incentive fees payable | 8,118 | 5,886 |
Capital gains based incentive fees payable | 2,773 | |
Interest payable | 17,019 | 3,281 |
Accrued expenses and other liabilities | 3,278 | 3,234 |
Total liabilities | 1,588,817 | 1,304,686 |
Commitments and Contingencies | ||
Net Assets | ||
Common stock, par value $0.001 (100,000,000 shares authorized and 70,536,678 and 56,838,027 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively) | 71 | 57 |
Paid-in capital in excess of par value | 1,452,013 | 1,172,748 |
Net distributable earnings (accumulated losses) | (54,779) | 15,782 |
Total net assets | 1,397,305 | 1,188,587 |
Total liabilities and net assets | $ 2,986,122 | $ 2,493,273 |
Net asset value per share (in dollars per share) | $ 19.81 | $ 20.91 |
Affiliated Entity | ||
Liabilities | ||
Payable to affiliates | $ 110 |
Consolidated Statements of As_4
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Financial Position [Abstract] | ||||||
Investments at amortized cost | $ 3,158,601 | $ 2,939,646 | [1] | $ 2,373,435 | ||
Unamortized debt issuance costs | $ 6,152 | $ 7,899 | $ 0 | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||
Common stock, shares issued (in shares) | 72,018,635 | 70,536,678 | 56,838,027 | |||
Common stock, shares outstanding (in shares) | 72,018,635 | 70,536,678 | 65,352,831 | 56,838,027 | 15,024,425 | |
[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
Consolidated Statements of Op_2
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Income: | |||
Interest income | $ 223,119 | $ 108,277 | $ 20,269 |
Payment-in-kind interest income | 1,626 | 1,021 | 9 |
Dividend income | 1,488 | 409 | |
Other income | 4,360 | 10,109 | 1,625 |
Total investment income | 230,593 | 119,816 | 21,903 |
Expenses: | |||
Interest expense and other financing expenses | 67,182 | 21,015 | 3,725 |
Management fees | 26,715 | 13,860 | 2,238 |
Income based incentive fees | 26,635 | 15,852 | 2,517 |
Capital gains incentive fees | (2,441) | 1,809 | 1,341 |
Professional fees | 3,206 | 2,440 | 1,654 |
Organization and offering costs | 42 | 676 | |
Directors' fees | 362 | 336 | 349 |
Administrative service fees | 72 | 212 | 183 |
General and other expenses | 510 | 1,538 | 493 |
Total expenses | 122,241 | 57,104 | 13,176 |
Expense support | 44 | 98 | (230) |
Management fees waiver | (20,036) | (10,395) | (1,678) |
Net expenses | 102,249 | 46,807 | 11,268 |
Net investment income (loss) | 128,344 | 73,009 | 10,635 |
Excise tax expense | 334 | 80 | |
Net investment income/(loss) after taxes | 128,010 | 72,929 | 10,635 |
Net realized and unrealized gain (loss) on investment transactions: | |||
Net realized gain (loss) on non-controlled/non-affiliated investments | 537 | 1,895 | 2,154 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments | (80,005) | 8,431 | 5,508 |
Net realized and unrealized gain (loss) | (79,468) | 10,326 | 7,662 |
Net increase (decrease) in net assets resulting from operations | $ 48,542 | $ 83,255 | $ 18,297 |
Per share information-basic and diluted | |||
Net investment income (loss) per share (in dollars per share) | $ 2.08 | $ 2.34 | $ 1.41 |
Earnings (loss) per share - basic (in dollars per share) | 0.79 | 2.67 | 2.42 |
Earnings (loss) per share - diluted (in dollars per share) | $ 0.79 | $ 2.67 | $ 2.42 |
Weighted average shares outstanding - basic (Note 9) (in shares) | 61,676,363 | 31,159,302 | 7,559,426 |
Weighted average shares outstanding - diluted (Note 9) (in shares) | 61,676,363 | 31,159,302 | 7,559,426 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jul. 25, 2023 | Apr. 25, 2023 | Jan. 25, 2023 | Dec. 23, 2022 | Oct. 19, 2022 | Jul. 28, 2022 | Jul. 27, 2022 | May 16, 2022 | Apr. 27, 2022 | Jan. 25, 2022 | Dec. 29, 2021 | Nov. 12, 2021 | Oct. 27, 2021 | Oct. 15, 2021 | Jul. 22, 2021 | Jun. 16, 2021 | May 26, 2021 | Apr. 22, 2021 | Apr. 12, 2021 | Mar. 12, 2021 | Jan. 27, 2021 | Jan. 20, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Company, Net Assets [Roll Forward] | |||||||||||||||||||||||||||||
Net assets at beginning of period | $ 1,440,001 | $ 1,240,884 | $ 1,397,305 | $ 1,188,587 | $ 1,188,587 | $ 301,620 | $ (1,121) | ||||||||||||||||||||||
Increase (decrease) in net assets resulting from operations: | |||||||||||||||||||||||||||||
Net investment income (loss) | 50,574 | 33,814 | 142,591 | 89,738 | 128,010 | 72,929 | 10,635 | ||||||||||||||||||||||
Net realized gain (loss) | 5 | 18 | 127 | 556 | 537 | 1,895 | 2,154 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 22,829 | (24,390) | 30,909 | (61,869) | (80,005) | 8,431 | 5,508 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 73,408 | 9,442 | 173,627 | 28,425 | 48,542 | 83,255 | 18,297 | ||||||||||||||||||||||
Capital transactions: | |||||||||||||||||||||||||||||
Issuance of common stock | $ 94,600 | $ 79,821 | $ 74,866 | $ 99,600 | $ 174,000 | $ 164,000 | $ 149,900 | $ 85,000 | $ 110,000 | $ 45,000 | $ 35,000 | 0 | 79,821 | 0 | 154,687 | 249,291 | 862,455 | 297,347 | |||||||||||
Reinvestment of dividends | $ 11,274 | $ 9,698 | $ 8,891 | $ 8,204 | $ 7,614 | $ 6,964 | $ 7,540 | $ 5,101 | $ 3,733 | $ 2,276 | $ 2,462 | 11,274 | 7,614 | 29,863 | 22,118 | 30,322 | 13,572 | 1,023 | |||||||||||
Dividends declared | (43,211) | (30,611) | (119,323) | (86,667) | (119,437) | (72,315) | (13,926) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital transactions | (31,937) | 56,824 | (89,460) | 90,138 | 160,176 | 803,712 | 284,444 | ||||||||||||||||||||||
Total increase (decrease) in net assets | 41,471 | 66,266 | 84,167 | 118,563 | 208,718 | 886,967 | 302,741 | ||||||||||||||||||||||
Net assets at end of period | $ 1,481,472 | $ 1,307,150 | $ 1,481,472 | $ 1,307,150 | $ 1,397,305 | $ 1,188,587 | $ 301,620 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net Income (Loss) | $ 48,542 | $ 83,255 | $ 18,297 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Net unrealized (appreciation) depreciation | 80,005 | (8,431) | (5,508) |
Net realized (gain) loss on investments | (537) | (1,895) | (2,154) |
Net accretion of discount and amortization of premium on investments | (11,418) | (10,133) | (3,606) |
Payment-in-kind interest and dividend capitalized | (2,714) | (1,179) | (9) |
Amortization of deferred financing costs | 3,735 | 2,913 | 1,072 |
Amortization of debt issuance costs and original issue discount on Unsecured Notes | 1,551 | ||
Amortization of deferred offering costs | 24 | 258 | |
Purchases of investments and change in payable for investments purchased | (945,209) | (2,113,463) | (714,658) |
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid | 393,780 | 384,486 | 88,875 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments | (9,171) | (9,460) | (2,280) |
(Increase) decrease in prepaid expenses and other assets | 228 | (70) | 23 |
(Decrease) increase in payable to affiliates | (2,345) | 2,571 | 461 |
(Decrease) increase in management fees payable | 477 | 1,011 | 295 |
(Decrease) increase in incentive fees payable | (541) | 5,770 | 2,889 |
(Decrease) increase in interest payable | 13,738 | 2,127 | 1,154 |
(Decrease) increase in accrued expenses and other liabilities | 44 | 1,186 | 1,540 |
Net cash provided by (used in) operating activities | (429,835) | (1,661,288) | (613,351) |
Cash flows from financing activities: | |||
Borrowings on debt | 1,566,175 | 1,514,000 | 612,350 |
Repayments on debt | (1,284,850) | (598,000) | (278,500) |
Deferred financing costs paid | (4,006) | (8,204) | (2,780) |
Debt issuance costs paid | (9,259) | ||
Dividends paid in cash | (85,748) | (38,217) | (3,738) |
Proceeds from issuance of common stock | 254,585 | 854,605 | 297,347 |
Offering costs paid | (6) | (100) | |
Net cash provided by (used in) financing activities | 436,897 | 1,724,178 | 624,579 |
Net increase (decrease) in cash | 7,062 | 62,890 | 11,228 |
Cash, beginning of period | 74,153 | 11,263 | 35 |
Cash, end of period | 81,215 | 74,153 | 11,263 |
Supplemental information and non-cash activities: | |||
Excise tax paid | 57 | 5 | |
Interest expense paid | 48,565 | 14,956 | 1,094 |
Reinvestment of dividend distributions during the period | 30,322 | 13,572 | 1,023 |
Subscriptions receivable | 2,556 | 7,850 | |
Dividend payable | $ 33,058 | 29,691 | 9,165 |
Accrued but unpaid deferred financing costs | $ 1,487 | $ 3,425 |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments € in Thousands | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Sep. 30, 2023 EUR (€) | ||||||
Cost | $ 3,158,601,000 | $ 2,939,646,000 | [1] | $ 2,373,435,000 | |||||
Fair Value | $ 3,123,450,000 | $ 2,873,588,000 | $ 2,387,374,000 | ||||||
Interest rate, PIK | 3.75% | ||||||||
Percentage of Net Assets | 205.65% | 200.86% | |||||||
Unused Fee Rate | 0.375% | ||||||||
Investment, Identifier [Axis]: 365 Retail Markets, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 1% | ||||||
Unfunded Commitment | $ 2,800,000 | $ 1,200,000 | $ 5,557,000 | ||||||
Fair Value | $ (27,000) | $ (34,000) | |||||||
Investment, Identifier [Axis]: 365 Retail Markets, LLC 1 | |||||||||
Variable interest rate | 4.75% | [2],[3],[4] | 4.75% | [3],[4],[5] | 4.75% | [6] | 4.75% | [2],[3],[4] | |
Interest Rate | 10.15% | [2],[3],[4] | 8.45% | [3],[4],[5],[7] | 5.75% | [6],[8] | 10.15% | [2],[3],[4] | |
Par Amount | $ 17,280,000 | [3],[4],[5] | $ 17,456,000 | [6] | |||||
Cost | $ (30,000) | [2],[3],[4] | 17,045,000 | [3],[4],[5],[9] | 17,167,000 | [1],[6] | |||
Fair Value | $ 16,890,000 | [3],[4],[5] | $ 17,238,000 | [6] | |||||
Percentage of Net Assets | 1.21% | [3],[4],[5] | 1.45% | [6] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,000,000 | ||||||||
Fair Value | $ (25,000) | ||||||||
Investment, Identifier [Axis]: 365 Retail Markets, LLC 2 | |||||||||
Variable interest rate | 4.75% | [3],[4] | 4.75% | [3],[4],[5] | 4.75% | [6],[10] | 4.75% | [3],[4] | |
Interest Rate | 10.15% | [3],[4] | 8.45% | [3],[4],[5],[7] | 5.75% | [6],[8],[10] | 10.15% | [3],[4] | |
Par Amount | [3],[4] | $ 17,149,000 | $ 5,543,000 | [5] | |||||
Cost | 16,952,000 | [3],[4] | 5,484,000 | [3],[4],[5],[9] | $ (34,000) | [1],[6],[10] | |||
Fair Value | $ 17,149,000 | [3],[4] | $ 5,418,000 | [3],[4],[5] | $ (34,000) | [6],[10] | |||
Percentage of Net Assets | 1.16% | [3],[4] | 0.39% | [3],[4],[5] | 0% | [6],[10] | 1.16% | [3],[4] | |
Investment, Identifier [Axis]: 365 Retail Markets, LLC 3 | |||||||||
Variable interest rate | 4.75% | [3],[4] | 4.75% | [3],[4],[5],[11],[12] | 4.75% | [6],[10] | 4.75% | [3],[4] | |
Interest Rate | 10.15% | [3],[4] | 8.45% | [3],[4],[5],[7],[11],[12] | 5.75% | [6],[8],[10] | 10.15% | [3],[4] | |
Par Amount | $ 5,502,000 | [3],[4] | $ 1,600,000 | [3],[4],[5],[11],[12] | $ 800,000 | [6],[10] | |||
Cost | 5,452,000 | [3],[4] | 1,563,000 | [3],[4],[5],[9],[11],[12] | 754,000 | [1],[6],[10] | |||
Fair Value | $ 5,502,000 | [3],[4] | $ 1,537,000 | [3],[4],[5],[11],[12] | $ 765,000 | [6],[10] | |||
Percentage of Net Assets | 0.37% | [3],[4] | 0.11% | [3],[4],[5],[11],[12] | 0.06% | [6],[10] | 0.37% | [3],[4] | |
Investment, Identifier [Axis]: 48Forty Solutions LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,629,000 | $ 2,715,000 | |||||||
Fair Value | $ (30,000) | $ (139,000) | |||||||
Investment, Identifier [Axis]: 48Forty Solutions LLC 1 | |||||||||
Variable interest rate | [3] | 6% | [13],[14] | 6% | [4],[5] | 6% | [13],[14] | ||
Interest Rate | [3] | 11.43% | [13],[14] | 10.26% | [4],[5],[7] | 11.43% | [13],[14] | ||
Par Amount | [3] | $ 17,767,000 | [13],[14] | $ 1,796,000 | [4],[5] | ||||
Cost | [3] | 17,479,000 | [13],[14] | 1,728,000 | [4],[5],[9] | ||||
Fair Value | [3] | $ 17,439,000 | [13],[14] | $ 1,732,000 | [4],[5] | ||||
Percentage of Net Assets | [3] | 1.18% | [13],[14] | 0.12% | [4],[5] | 1.18% | [13],[14] | ||
Investment, Identifier [Axis]: 48Forty Solutions LLC 2 | |||||||||
Variable interest rate | [3] | 6% | [14],[15] | 5.50% | [4],[5],[16],[17] | 6% | [14],[15] | ||
Interest Rate | [3] | 11.43% | [14],[15] | 9.76% | [4],[5],[7],[16],[17] | 11.43% | [14],[15] | ||
Par Amount | [3] | $ 1,086,000 | [14],[15] | $ 16,106,000 | [4],[5],[16],[17] | ||||
Cost | [3] | 1,049,000 | [14],[15] | 15,825,000 | [4],[5],[9],[16],[17] | ||||
Fair Value | [3] | $ 1,036,000 | [14],[15] | $ 15,283,000 | [4],[5],[16],[17] | ||||
Percentage of Net Assets | [3] | 0.07% | [14],[15] | 1.09% | [4],[5],[16],[17] | 0.07% | [14],[15] | ||
Investment, Identifier [Axis]: 48Forty Solutions LLC 3 | |||||||||
Variable interest rate | [3],[4],[5],[11],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[11],[12] | 9.76% | |||||||
Cost | [3],[4],[5],[9],[11],[12] | $ (46,000) | |||||||
Fair Value | [3],[4],[5],[11],[12] | $ (139,000) | |||||||
Percentage of Net Assets | [3],[4],[5],[11],[12] | (0.01%) | |||||||
Investment, Identifier [Axis]: ABB Concise Optical Group, LLC | |||||||||
Variable interest rate | [14],[18] | 7.50% | 7.50% | ||||||
Interest Rate | [14],[18] | 13.05% | 13.05% | ||||||
Par Amount | [14],[18] | $ 17,008,000 | |||||||
Cost | [14],[18] | 16,671,000 | |||||||
Fair Value | [14],[18] | $ 15,358,000 | |||||||
Percentage of Net Assets | [14],[18] | 1.04% | 1.04% | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 94,000 | ||||||||
Fair Value | $ (4,000) | ||||||||
Investment, Identifier [Axis]: ABB Concise Optical Group, LLC 1 | |||||||||
Variable interest rate | [4],[5],[18],[19] | 7.50% | |||||||
Interest Rate | [4],[5],[7],[18],[19] | 12.67% | |||||||
Par Amount | [4],[5],[18],[19] | $ 17,977,000 | |||||||
Cost | [4],[5],[9],[18],[19] | 17,578,000 | |||||||
Fair Value | [4],[5],[18],[19] | $ 17,165,000 | |||||||
Percentage of Net Assets | [4],[5],[18],[19] | 1.23% | |||||||
Investment, Identifier [Axis]: ABB Concise Optical Group, LLC 2 | |||||||||
Variable interest rate | [4],[5],[11],[12],[18],[19] | 6.50% | |||||||
Interest Rate | [4],[5],[7],[11],[12],[18],[19] | 13.99% | |||||||
Par Amount | [4],[5],[11],[12],[18],[19] | $ 1,792,000 | |||||||
Cost | [4],[5],[9],[11],[12],[18],[19] | 1,752,000 | |||||||
Fair Value | [4],[5],[11],[12],[18],[19] | $ 1,707,000 | |||||||
Percentage of Net Assets | [4],[5],[11],[12],[18],[19] | 0.12% | |||||||
Investment, Identifier [Axis]: AGI-CFI Holdings, Inc. | |||||||||
Variable interest rate | [4],[18] | 5.75% | 5.75% | 5.75% | |||||
Interest Rate | [4],[7],[18] | 11.29% | 10.48% | 11.29% | |||||
Par Amount | [4],[18] | $ 14,299,000 | $ 14,408,000 | ||||||
Cost | [4],[18],[20] | 14,071,000 | 14,140,000 | ||||||
Fair Value | [4],[18] | $ 14,147,000 | $ 13,851,000 | ||||||
Percentage of Net Assets | [4],[18] | 0.95% | 0.99% | 0.95% | |||||
Investment, Identifier [Axis]: AMCP Pet Holdings, Inc. (Brightpet) | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 3,646,000 | ||||||||
Fair Value | $ (90,000) | ||||||||
Investment, Identifier [Axis]: AMCP Pet Holdings, Inc. (Brightpet) 1 | |||||||||
Variable interest rate | 7% | [3],[13],[14] | 6.25% | [3],[4],[17] | 6.25% | [6],[21] | 7% | [3],[13],[14] | |
Interest Rate | 13.27% | [3],[13],[14] | 10.98% | [3],[4],[7],[17] | 7.25% | [6],[8],[21] | 13.27% | [3],[13],[14] | |
Par Amount | $ 41,791,000 | [3],[13],[14] | $ 17,150,000 | [3],[4],[17] | $ 33,825,000 | [6],[21] | |||
Cost | 40,979,000 | [3],[13],[14] | 16,798,000 | [3],[4],[9],[17] | 32,969,000 | [1],[6],[21] | |||
Fair Value | $ 40,755,000 | [3],[13],[14] | $ 16,795,000 | [3],[4],[17] | $ 33,527,000 | [6],[21] | |||
Interest rate, PIK | [3],[13],[14] | 0.75% | 0.75% | ||||||
Percentage of Net Assets | 2.75% | [3],[13],[14] | 1.20% | [3],[4],[17] | 2.82% | [6],[21] | 2.75% | [3],[13],[14] | |
Investment, Identifier [Axis]: AMCP Pet Holdings, Inc. (Brightpet) 2 | |||||||||
Variable interest rate | 7% | [3],[14],[15] | 6.25% | [3],[4] | 6.25% | [6],[10] | 7% | [3],[14],[15] | |
Interest Rate | 13.27% | [3],[14],[15] | 10.98% | [3],[4],[7] | 7.25% | [6],[8],[10] | 13.27% | [3],[14],[15] | |
Par Amount | [3] | $ 2,189,000 | [14],[15] | $ 16,333,000 | [4] | ||||
Cost | 2,099,000 | [3],[14],[15] | 15,989,000 | [3],[4],[9] | $ (119,000) | [1],[6],[10] | |||
Fair Value | $ 2,044,000 | [3],[14],[15] | $ 15,995,000 | [3],[4] | $ (44,000) | [6],[10] | |||
Interest rate, PIK | [3],[14],[15] | 0.75% | 0.75% | ||||||
Percentage of Net Assets | 0.14% | [3],[14],[15] | 1.14% | [3],[4] | 0% | [6],[10] | 0.14% | [3],[14],[15] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 5,000,000 | ||||||||
Fair Value | $ (44,000) | ||||||||
Investment, Identifier [Axis]: AMCP Pet Holdings, Inc. (Brightpet) 3 | |||||||||
Variable interest rate | 6.25% | [3],[4] | 6.25% | [6],[10] | |||||
Interest Rate | 10.98% | [3],[4],[7] | 7.25% | [6],[8],[10] | |||||
Par Amount | $ 5,833,000 | [3],[4] | $ 3,938,000 | [6],[10] | |||||
Cost | 5,721,000 | [3],[4],[9] | 3,796,000 | [1],[6],[10] | |||||
Fair Value | $ 5,713,000 | [3],[4] | $ 3,886,000 | [6],[10] | |||||
Percentage of Net Assets | 0.41% | [3],[4] | 0.33% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,896,000 | ||||||||
Fair Value | $ (17,000) | ||||||||
Investment, Identifier [Axis]: ARI Network Services, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,273,000 | $ 2,121,000 | |||||||
Fair Value | $ (12,000) | $ (60,000) | |||||||
Investment, Identifier [Axis]: ARI Network Services, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [4],[13],[18] | 5.50% | [4],[5],[16],[17],[18],[19] | 6.50% | [6],[21] | 5.25% | [4],[13],[18] | |
Interest Rate | 10.67% | [4],[7],[13],[18] | 9.92% | [4],[5],[7],[16],[17],[18],[19] | 7.50% | [6],[21],[22] | 10.67% | [4],[7],[13],[18] | |
Par Amount | $ 20,564,000 | [4],[13],[18] | $ 20,723,000 | [4],[5],[16],[17],[18],[19] | $ 20,931,000 | [6],[21] | |||
Cost | 20,392,000 | [4],[13],[18],[20] | 20,465,000 | [4],[5],[9],[16],[17],[18],[19] | 20,563,000 | [1],[6],[21] | |||
Fair Value | $ 20,365,000 | [4],[13],[18] | $ 20,134,000 | [4],[5],[16],[17],[18],[19] | $ 20,767,000 | [6],[21] | |||
Percentage of Net Assets | 1.37% | [4],[13],[18] | 1.44% | [4],[5],[16],[17],[18],[19] | 1.75% | [6],[21] | 1.37% | [4],[13],[18] | |
Investment, Identifier [Axis]: ARI Network Services, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [4],[13],[18] | 5.50% | [4],[5],[16],[17],[18],[19] | 6.50% | [6],[10],[21] | 5.25% | [4],[13],[18] | |
Interest Rate | 10.67% | [4],[13],[18] | 9.92% | [4],[5],[7],[16],[17],[18],[19] | 7.50% | [6],[10],[21],[22] | 10.67% | [4],[13],[18] | |
Par Amount | $ 3,603,000 | [4],[13],[18] | $ 3,630,000 | [4],[5],[16],[17],[18],[19] | $ 3,667,000 | [6],[10],[21] | |||
Cost | 3,572,000 | [4],[13],[18] | 3,586,000 | [4],[5],[9],[16],[17],[18],[19] | 3,603,000 | [1],[6],[10],[21] | |||
Fair Value | $ 3,568,000 | [4],[13],[18] | $ 3,527,000 | [4],[5],[16],[17],[18],[19] | $ 3,639,000 | [6],[10],[21] | |||
Percentage of Net Assets | 0.24% | [4],[13],[18] | 0.25% | [4],[5],[16],[17],[18],[19] | 0.31% | [6],[10],[21] | 0.24% | [4],[13],[18] | |
Investment, Identifier [Axis]: ARI Network Services, Inc. 3 | |||||||||
Variable interest rate | 5.25% | [2],[4],[18] | 5.50% | [4],[5],[11],[12],[18],[19] | 6.50% | [6],[10] | 5.25% | [2],[4],[18] | |
Interest Rate | 10.67% | [2],[4],[18] | 9.92% | [4],[5],[7],[11],[12],[18],[19] | 7.50% | [6],[10],[22] | 10.67% | [2],[4],[18] | |
Par Amount | $ 1,757,000 | [2],[4],[18] | $ 909,000 | [4],[5],[11],[12],[18],[19] | $ 1,333,000 | [6],[10] | |||
Cost | 1,734,000 | [2],[4],[18] | 873,000 | [4],[5],[9],[11],[12],[18],[19] | 1,281,000 | [1],[6],[10] | |||
Fair Value | $ 1,728,000 | [2],[4],[18] | $ 823,000 | [4],[5],[11],[12],[18],[19] | $ 1,310,000 | [6],[10] | |||
Percentage of Net Assets | 0.12% | [2],[4],[18] | 0.06% | [4],[5],[11],[12],[18],[19] | 0.11% | [6],[10] | 0.12% | [2],[4],[18] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,697,000 | ||||||||
Fair Value | $ (13,000) | ||||||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 104,000 | ||||||||
Fair Value | $ (3,000) | ||||||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 1 | |||||||||
Variable interest rate | 5.50% | [3],[13],[14] | 4.75% | [5],[16] | 4.75% | [6],[21] | 5.50% | [3],[13],[14] | |
Interest Rate | 10.99% | [3],[13],[14] | 9.38% | [5],[16] | 5.75% | [6],[21],[22] | 10.99% | [3],[13],[14] | |
Par Amount | $ 6,168,000 | [3],[13],[14] | $ 1,021,000 | [5],[16] | $ 899,000 | [6],[21] | |||
Cost | 5,927,000 | [3],[13],[14] | 1,010,000 | [5],[16] | 888,000 | [1],[6],[21] | |||
Fair Value | $ 5,928,000 | [3],[13],[14] | $ 991,000 | [5],[16] | $ 899,000 | [6],[21] | |||
Percentage of Net Assets | 0.40% | [3],[13],[14] | 0.07% | [5],[16] | 0.08% | [6],[21] | 0.40% | [3],[13],[14] | |
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,579,000 | $ 132,000 | |||||||
Fair Value | $ (16,000) | ||||||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 2 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 4.75% | [5] | 4.75% | [6],[10] | 5.50% | [3],[14],[15] | |
Interest Rate | 10.99% | [3],[14],[15] | 9.41% | [5] | 5.75% | [6],[10],[22] | 10.99% | [3],[14],[15] | |
Par Amount | $ 79,000 | [3],[14],[15] | $ 131,000 | [5] | $ 132,000 | [6],[10] | |||
Cost | 62,000 | [3],[14],[15] | 130,000 | [5] | 129,000 | [1],[6],[10] | |||
Fair Value | $ 62,000 | [3],[14],[15] | $ 127,000 | [5] | $ 132,000 | [6],[10] | |||
Percentage of Net Assets | 0.01% | [5] | 0.01% | [6],[10] | |||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 470,000 | $ 114,000 | |||||||
Fair Value | $ (8,000) | ||||||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 3 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 4.75% | [5],[11],[15] | 4.75% | [6],[10] | 5.50% | [3],[14],[15] | |
Interest Rate | 10.99% | [3],[14],[15] | 9.41% | [5],[11],[15] | 5.75% | [6],[10],[22] | 10.99% | [3],[14],[15] | |
Par Amount | $ 320,000 | [3],[14],[15] | $ 54,000 | [5],[11],[15] | $ 43,000 | [6],[10] | |||
Cost | 306,000 | [3],[14],[15] | 52,000 | [5],[11],[15] | 41,000 | [1],[6],[10] | |||
Fair Value | $ 306,000 | [3],[14],[15] | $ 49,000 | [5],[11],[15] | $ 43,000 | [6],[10] | |||
Percentage of Net Assets | 0.02% | [3],[14],[15] | 0% | [5],[11] | 0% | [6],[10] | 0.02% | [3],[14],[15] | |
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) | |||||||||
Par Amount | $ 29,441,000 | [14],[23] | $ 29,441,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 29,441 | [5],[25] | 29,441,000 | ||||||
Cost | 2,944,000 | [14],[20],[23] | $ 2,944,000 | [1],[4],[5],[24],[25] | $ 2,944,000 | ||||
Fair Value | $ 2,733,000 | [14],[23] | $ 2,193,000 | [4],[5],[24],[25] | $ 2,714,000 | ||||
Percentage of Net Assets | 0.18% | [14],[23] | 0.16% | [4],[5],[24],[25] | 0.23% | 0.18% | [14],[23] | ||
Unused Fee Rate | 0.50% | 1% | |||||||
Unfunded Commitment | $ 700,000 | $ 3,500,000 | |||||||
Fair Value | $ (5,000) | ||||||||
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) 1 | |||||||||
Variable interest rate | 6.25% | [3],[13],[14] | 6.25% | [3],[5],[13],[14],[16] | 6.25% | [6],[21] | 6.25% | [3],[13],[14] | |
Interest Rate | 11.72% | [3],[13],[14] | 9.99% | [3],[5],[13],[14],[16],[22] | 7.25% | [6],[21],[22] | 11.72% | [3],[13],[14] | |
Par Amount | $ 18,475,000 | [3],[13],[14] | $ 18,617,000 | [3],[13],[14] | $ 18,806,000 | [6],[21] | |||
Par Amount, Shares (in shares) | shares | [5],[16] | 18,617 | |||||||
Cost | 18,210,000 | [3],[13],[14] | $ 18,303,000 | [1],[3],[5],[13],[14],[16] | 18,428,000 | [1],[6],[21] | |||
Fair Value | $ 18,475,000 | [3],[13],[14] | $ 18,479,000 | [3],[5],[13],[14],[16] | $ 18,806,000 | [6],[21] | |||
Percentage of Net Assets | 1.25% | [3],[13],[14] | 1.32% | [3],[5],[13],[14],[16] | 1.58% | [6],[21] | 1.25% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,190,000 | ||||||||
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) 2 | |||||||||
Variable interest rate | 6.25% | [3],[14] | 6.25% | [3],[5],[14] | 6.25% | [6],[10] | 6.25% | [3],[14] | |
Interest Rate | 11.72% | [3],[14] | 9.99% | [3],[5],[14],[22] | 7.25% | [6],[10],[22] | 11.72% | [3],[14] | |
Par Amount | [3],[14] | $ 1,935,000 | $ 1,950,000 | ||||||
Par Amount, Shares (in shares) | shares | [5] | 1,950 | |||||||
Cost | 1,923,000 | [3],[14] | $ 1,935,000 | [1],[3],[5],[14] | $ (34,000) | [1],[6],[10] | |||
Fair Value | [3],[14] | $ 1,935,000 | $ 1,936,000 | [5] | |||||
Percentage of Net Assets | 0.13% | [3],[14] | 0.14% | [3],[5],[14] | 0% | [6],[10] | 0.13% | [3],[14] | |
Investment, Identifier [Axis]: Abacus Data Holdings, Inc. (AbacusNext) 3 | |||||||||
Variable interest rate | 6.25% | [3],[14] | 6.25% | [3],[5],[11],[14],[15] | 6.25% | [6],[10] | 6.25% | [3],[14] | |
Interest Rate | 11.72% | [3],[14] | 9.99% | [3],[5],[11],[14],[15],[22] | 7.25% | [6],[10],[22] | 11.72% | [3],[14] | |
Par Amount | $ 1,400,000 | [3],[14] | $ 700,000 | [3],[14],[15] | $ 210,000 | [6],[10] | |||
Par Amount, Shares (in shares) | shares | [5],[11] | 700 | |||||||
Cost | 1,381,000 | [3],[14] | $ 677,000 | [1],[3],[5],[11],[14],[15] | 181,000 | [1],[6],[10] | |||
Fair Value | $ 1,400,000 | [3],[14] | $ 690,000 | [3],[5],[11],[14],[15] | $ 210,000 | [6],[10] | |||
Percentage of Net Assets | 0.09% | [3],[14] | 0.05% | [3],[5],[11],[14],[15] | 0.02% | [6],[10] | 0.09% | [3],[14] | |
Investment, Identifier [Axis]: Abracon Group Holdings, LLC | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 441,000 | ||||||||
Fair Value | $ (59,000) | ||||||||
Investment, Identifier [Axis]: Abracon Group Holdings, LLC 1 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 5.75% | [4] | 5.75% | [14] | ||
Interest Rate | [18] | 11.21% | [14] | 10.48% | [4],[7] | 11.21% | [14] | ||
Par Amount | [18] | $ 5,787,000 | [14] | $ 5,534,000 | [4] | ||||
Cost | [18] | 5,693,000 | [14] | 5,431,000 | [4],[9] | ||||
Fair Value | [18] | $ 5,012,000 | [14] | $ 5,249,000 | [4] | ||||
Percentage of Net Assets | [18] | 0.34% | [14] | 0.38% | [4] | 0.34% | [14] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,003,000 | ||||||||
Fair Value | $ (52,000) | ||||||||
Investment, Identifier [Axis]: Abracon Group Holdings, LLC 2 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 5.75% | [4],[12] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.21% | [14],[15] | 10.48% | [4],[7],[12] | 11.21% | [14],[15] | ||
Par Amount | [14],[15],[18] | $ 265,000 | |||||||
Cost | [18] | 253,000 | [14],[15] | $ (9,000) | [4],[9],[12] | ||||
Fair Value | [18] | $ 170,000 | [14],[15] | $ (51,000) | [4],[12] | ||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | 0.01% | [14],[15],[18] | ||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 401,000 | ||||||||
Fair Value | $ (21,000) | ||||||||
Investment, Identifier [Axis]: Abracon Group Holdings, LLC 3 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 5.75% | [4],[12] | 5.75% | [14] | ||
Interest Rate | [18] | 11.21% | [14] | 10.48% | [4],[7],[12] | 11.21% | [14] | ||
Par Amount | [14],[18] | $ 401,000 | |||||||
Cost | [18] | 395,000 | [14] | $ (7,000) | [4],[9],[12] | ||||
Fair Value | [18] | $ 347,000 | [14] | $ (21,000) | [4],[12] | ||||
Percentage of Net Assets | 0.02% | [14],[18] | 0% | 0.02% | [14],[18] | ||||
Investment, Identifier [Axis]: Advarra Holdings, Inc. | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 41,000 | $ 41,000 | |||||||
Fair Value | $ (1,000) | $ (2,000) | |||||||
Investment, Identifier [Axis]: Advarra Holdings, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [14],[26] | 5.75% | 5.25% | [14],[26] | ||||
Interest Rate | 10.57% | [14],[26] | 10.15% | 10.57% | [14],[26] | ||||
Par Amount | $ 455,000 | [14],[26] | $ 459,000 | ||||||
Cost | 448,000 | [14],[26] | 451,000 | ||||||
Fair Value | $ 446,000 | [14],[26] | $ 434,000 | ||||||
Percentage of Net Assets | 0.03% | [14],[26] | 0.03% | 0.03% | [14],[26] | ||||
Investment, Identifier [Axis]: Advarra Holdings, Inc. 2 | |||||||||
Variable interest rate | [15] | 5.25% | [14],[26] | 5.75% | 5.25% | [14],[26] | |||
Interest Rate | [15] | 10.57% | [14],[26] | 10.15% | 10.57% | [14],[26] | |||
Fair Value | [15] | $ (1,000) | [14],[26] | $ (2,000) | |||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Alert Media, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 3,043,000 | $ 1,750,000 | $ 1,750,000 | ||||||
Fair Value | $ (62,000) | $ (58,000) | $ (43,000) | ||||||
Investment, Identifier [Axis]: Alert Media, Inc. 1 | |||||||||
Variable interest rate | 7.75% | [3],[13],[14] | 5% | [3],[4],[5],[13],[16] | 5% | [6],[21] | 7.75% | [3],[13],[14] | |
Interest Rate | 11.56% | [3],[13],[14],[27] | 9.26% | [3],[4],[5],[13],[16] | 6% | [6],[21] | 11.56% | [3],[13],[14],[27] | |
Par Amount | $ 19,127,000 | [3],[13],[14] | $ 14,000,000 | [3],[4],[5],[13],[16] | $ 14,000,000 | [6],[21] | |||
Cost | 18,877,000 | [3],[13],[14],[20] | 13,842,000 | [3],[4],[5],[13],[16],[20] | 13,811,000 | [6],[21] | |||
Fair Value | $ 18,775,000 | [3],[13],[14] | $ 13,534,000 | [3],[4],[5],[13],[16] | $ 13,657,000 | [6],[21] | |||
Interest rate, PIK | [3],[13],[14] | 6.75% | 6.75% | ||||||
Percentage of Net Assets | 1.27% | [3],[13],[14] | 0.97% | [3],[4],[5],[13],[16] | 1.15% | [6],[21] | 1.27% | [3],[13],[14] | |
Investment, Identifier [Axis]: Alert Media, Inc. 2 | |||||||||
Variable interest rate | 7.75% | [3],[14],[15] | 5% | [3],[4],[5],[11],[12] | 5% | [6],[10] | 7.75% | [3],[14],[15] | |
Interest Rate | 11.56% | [3],[14],[15],[27] | 9.26% | [3],[4],[5],[11],[12] | 6% | [6],[10] | 11.56% | [3],[14],[15],[27] | |
Cost | $ (41,000) | [3],[14],[15],[20] | $ (17,000) | [3],[4],[5],[11],[12],[20] | $ (22,000) | [6],[10] | |||
Fair Value | $ (62,000) | [3],[14],[15] | $ (58,000) | [3],[4],[5],[11],[12] | $ (43,000) | [6],[10] | |||
Interest rate, PIK | [3],[14],[15] | 6.75% | 6.75% | ||||||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: Amerilife Holdings, LLC | |||||||||
Par Amount | $ 908,000 | [14],[23] | $ 873,000 | [17],[24] | |||||
Par Amount, Shares (in shares) | shares | [5],[25] | 873 | |||||||
Cost | 25,000 | [14],[20],[23] | $ 24,000 | [1],[5],[17],[24],[25] | |||||
Fair Value | $ 33,000 | [14],[23] | $ 24,000 | [5],[17],[24],[25] | |||||
Percentage of Net Assets | [17],[24] | 0% | |||||||
Investment, Identifier [Axis]: Amerilife Holdings, LLC 1 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | [5],[19] | 5.75% | [14],[18] | |||
Interest Rate | 11.08% | [14],[18] | 9.58% | [5],[19],[22] | 11.08% | [14],[18] | |||
Par Amount | $ 2,029,000 | [14],[18] | $ 2,044,000 | [5],[19] | |||||
Cost | 1,993,000 | [14],[18] | 2,005,000 | [1],[5],[19] | |||||
Fair Value | $ 1,972,000 | [14],[18] | $ 2,005,000 | [5],[19] | |||||
Percentage of Net Assets | 0.13% | [14],[18] | 0.14% | [5],[19] | 0.13% | [14],[18] | |||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 292,000 | $ 292,000 | |||||||
Fair Value | $ (8,000) | $ (5,000) | |||||||
Investment, Identifier [Axis]: Amerilife Holdings, LLC 2 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | [5],[11],[19] | 5.75% | [14],[18] | ||
Interest Rate | [15] | 11.08% | [14],[18] | 10.15% | [5],[11],[19],[22] | 11.08% | [14],[18] | ||
Par Amount | [15] | $ 579,000 | [14],[18] | $ 583,000 | [5],[11],[19] | ||||
Cost | [15] | 566,000 | [14],[18] | 569,000 | [1],[5],[11],[19] | ||||
Fair Value | [15] | $ 554,000 | [14],[18] | $ 569,000 | [5],[11],[19] | ||||
Percentage of Net Assets | [15] | 0.04% | [14],[18] | 0.04% | [5],[11],[19] | 0.04% | [14],[18] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 364,000 | $ 437,000 | |||||||
Fair Value | $ (10,000) | $ (8,000) | |||||||
Investment, Identifier [Axis]: Amerilife Holdings, LLC 3 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | [5],[11],[19] | 5.75% | [14],[18] | ||
Interest Rate | [15] | 11.08% | [14],[18] | 10.15% | [5],[11],[19],[22] | 11.08% | [14],[18] | ||
Par Amount | [14],[15],[18] | $ 73,000 | |||||||
Cost | [15] | 66,000 | [14],[18] | $ (8,000) | [1],[5],[11],[19] | ||||
Fair Value | [15] | $ 61,000 | [14],[18] | $ (8,000) | [5],[11],[19] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Anaplan, Inc. | |||||||||
Variable interest rate | [18] | 6.50% | [14] | 6.50% | [4],[5],[19] | 6.50% | [14] | ||
Interest Rate | [18] | 11.82% | [14],[27] | 10.82% | [4],[5],[19] | 11.82% | [14],[27] | ||
Par Amount | [18] | $ 24,000,000 | [14] | $ 24,000,000 | [4],[5],[19] | ||||
Cost | [18],[20] | 23,584,000 | [14] | 23,546,000 | [4],[5],[19] | ||||
Fair Value | [18] | $ 24,000,000 | [14] | $ 23,578,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 1.62% | [14] | 1.69% | [4],[5],[19] | 1.62% | [14] | ||
Investment, Identifier [Axis]: Answer Acquisition, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 400,000 | $ 833,000 | |||||||
Fair Value | $ (7,000) | $ (35,000) | |||||||
Investment, Identifier [Axis]: Answer Acquisition, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.50% | [5] | 6% | [6] | 5.75% | [3],[14] | |
Interest Rate | 11.29% | [3],[14] | 10.23% | [5] | 7% | [6],[22] | 11.29% | [3],[14] | |
Par Amount | $ 10,638,000 | [3],[14] | $ 10,719,000 | [5] | $ 10,827,000 | [6] | |||
Cost | 10,489,000 | [3],[14] | 10,541,000 | [5] | 10,611,000 | [1],[6] | |||
Fair Value | $ 10,450,000 | [3],[14] | $ 10,265,000 | [5] | $ 10,611,000 | [6] | |||
Percentage of Net Assets | 0.71% | [3],[14] | 0.73% | [5] | 0.89% | [6] | 0.71% | [3],[14] | |
Investment, Identifier [Axis]: Answer Acquisition, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.50% | [5],[11],[15] | 6% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.29% | [3],[14],[15] | 10.23% | [5],[11],[15] | 7% | [6],[10],[22] | 11.29% | [3],[14],[15] | |
Par Amount | [3],[14],[15] | $ 433,000 | |||||||
Cost | 422,000 | [3],[14],[15] | $ (13,000) | [5],[11],[15] | $ (16,000) | [1],[6],[10] | |||
Fair Value | $ 418,000 | [3],[14],[15] | $ (35,000) | [5],[11],[15] | $ (16,000) | [6],[10] | |||
Percentage of Net Assets | 0.03% | [3],[14],[15] | 0% | [5],[11] | 0% | [6],[10] | 0.03% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 833,000 | ||||||||
Fair Value | $ (17,000) | ||||||||
Investment, Identifier [Axis]: Apex Service Partners, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 5.50% | 5.50% | ||||||
Interest Rate | [3],[14] | 10.90% | 10.90% | ||||||
Par Amount | [3],[14] | $ 8,251,000 | |||||||
Cost | [3],[14] | 7,884,000 | |||||||
Fair Value | [3],[14] | $ 7,899,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.53% | 0.53% | ||||||
Investment, Identifier [Axis]: Apex Service Partners, LLC 2 | |||||||||
Variable interest rate | [3],[14] | 5.50% | 5.50% | ||||||
Interest Rate | [3],[14] | 10.90% | 10.90% | ||||||
Par Amount | [3],[14] | $ 8,251,000 | |||||||
Cost | [3],[14] | 7,873,000 | |||||||
Fair Value | [3],[14] | $ 7,899,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.53% | 0.53% | ||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC 1 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 5.50% | [3],[4],[5] | 5.50% | [6] | 5.50% | [3],[14] | |
Interest Rate | 11.02% | [3],[14],[27] | 9.92% | [3],[4],[5] | 6.50% | [6] | 11.02% | [3],[14],[27] | |
Par Amount | $ 18,332,000 | [3],[14] | $ 14,617,000 | [3],[4],[5] | $ 4,663,000 | [6] | |||
Cost | 18,238,000 | [3],[14],[20] | 14,549,000 | [3],[4],[5],[20] | 4,643,000 | [6] | |||
Fair Value | $ 17,942,000 | [3],[14] | $ 14,063,000 | [3],[4],[5] | $ 4,663,000 | [6] | |||
Percentage of Net Assets | 1.21% | [3],[14] | 1.01% | [3],[4],[5] | 0.39% | [6] | 1.21% | [3],[14] | |
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 1,154,000 | $ 1,674,000 | |||||||
Fair Value | $ (25,000) | $ (63,000) | |||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC 2 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | [3],[4],[5],[11],[12] | 5.50% | [6],[10] | 5.50% | [3],[14],[15] | |
Interest Rate | 11.02% | [3],[14],[15],[27] | 9.92% | [3],[4],[5],[11],[12] | 6.50% | [6],[10] | 11.02% | [3],[14],[15],[27] | |
Par Amount | [3] | $ 311,000 | [14],[15] | $ 3,696,000 | [4],[5],[11],[12] | ||||
Cost | 302,000 | [3],[14],[15],[20] | 3,653,000 | [3],[4],[5],[11],[12],[20] | $ (59,000) | [6],[10] | |||
Fair Value | [3] | $ 280,000 | [14],[15] | $ 3,491,000 | [4],[5],[11],[12] | ||||
Percentage of Net Assets | 0.02% | [3],[14],[15] | 0.25% | [3],[4],[5],[11],[12] | 0% | [6],[10] | 0.02% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 167,000 | $ 157,000 | |||||||
Fair Value | $ (4,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC 3 | |||||||||
Variable interest rate | [3] | 5.50% | [14],[15] | 5.50% | [2],[4],[5],[11] | 5.50% | [14],[15] | ||
Interest Rate | [3] | 11.02% | [14],[15],[27] | 9.92% | [2],[4],[5],[11] | 11.02% | [14],[15],[27] | ||
Par Amount | [2],[3],[4],[5],[11] | $ 10,000 | |||||||
Cost | [3],[20] | $ (2,000) | [14],[15] | 7,000 | [2],[4],[5],[11] | ||||
Fair Value | [3] | $ (3,000) | [14],[15] | $ 3,000 | [2],[4],[5],[11] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 13,525,000 | ||||||||
Investment, Identifier [Axis]: Applitools, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 433,000 | $ 433,000 | |||||||
Fair Value | $ (13,000) | $ (7,000) | |||||||
Investment, Identifier [Axis]: Applitools, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.25% | [14],[28] | 6.25% | [4],[29],[30] | 6.25% | [14],[28] | ||
Interest Rate | [18] | 11.35% | [14],[28] | 10.57% | [4],[7],[29],[30] | 11.35% | [14],[28] | ||
Par Amount | [18] | $ 3,481,000 | [14],[28] | $ 3,200,000 | [4],[29],[30] | ||||
Cost | [18] | 3,437,000 | [14],[28] | 3,143,000 | [4],[9],[29],[30] | ||||
Fair Value | [18] | $ 3,377,000 | [14],[28] | $ 3,145,000 | [4],[29],[30] | ||||
Percentage of Net Assets | [18] | 0.23% | [14],[28] | 0.23% | [4],[29],[30] | 0.23% | [14],[28] | ||
Investment, Identifier [Axis]: Applitools, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.25% | [14],[15],[28] | 6.25% | [4],[12],[29],[30] | 6.25% | [14],[15],[28] | ||
Interest Rate | [18] | 11.35% | [14],[15],[28] | 10.57% | [4],[7],[12],[29],[30] | 11.35% | [14],[15],[28] | ||
Cost | [18] | $ (7,000) | [14],[15],[28] | $ (8,000) | [4],[9],[12],[29],[30] | ||||
Fair Value | [18] | $ (13,000) | [14],[15],[28] | $ (7,000) | [4],[12],[29],[30] | ||||
Percentage of Net Assets | [29] | 0% | |||||||
Investment, Identifier [Axis]: Aptean, Inc. | |||||||||
Variable interest rate | 7% | [18] | 7% | [18],[19] | 7% | [6],[19] | 7% | [18] | |
Interest Rate | 12.42% | [18],[27] | 11.74% | [18],[19],[22] | 7.75% | [6],[8],[19] | 12.42% | [18],[27] | |
Par Amount | $ 5,950,000 | [18] | $ 5,950,000 | [18],[19] | $ 5,950,000 | [6],[19] | |||
Cost | 5,950,000 | [18],[20] | 5,950,000 | [1],[18],[19] | 5,950,000 | [1],[6],[19] | |||
Fair Value | $ 5,533,000 | [18] | $ 5,459,000 | [18],[19] | $ 5,950,000 | [6],[19] | |||
Percentage of Net Assets | 0.37% | [18] | 0.39% | [18],[19] | 0.50% | [6],[19] | 0.37% | [18] | |
Investment, Identifier [Axis]: Assembly Intermediate, LLC 1 | |||||||||
Variable interest rate | 6% | [3],[14] | 6.50% | [3],[4],[5] | 7% | [6] | 6% | [3],[14] | |
Interest Rate | 11.49% | [3],[14] | 11.23% | [3],[4],[5],[7] | 8% | [6] | 11.49% | [3],[14] | |
Par Amount | $ 20,741,000 | [3],[14] | $ 20,741,000 | [3],[4],[5] | $ 20,741,000 | [6] | |||
Cost | 20,436,000 | [3],[14] | 20,393,000 | [3],[4],[5],[9] | 20,337,000 | [6] | |||
Fair Value | $ 20,216,000 | [3],[14] | $ 19,944,000 | [3],[4],[5] | $ 20,337,000 | [6] | |||
Percentage of Net Assets | 1.36% | [3],[14] | 1.43% | [3],[4],[5] | 1.71% | [6] | 1.36% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 2,281,000 | $ 2,281,000 | $ 3,941,000 | ||||||
Fair Value | $ (58,000) | $ (88,000) | $ (47,000) | ||||||
Investment, Identifier [Axis]: Assembly Intermediate, LLC 2 | |||||||||
Variable interest rate | 6% | [3],[14],[15] | 6.50% | [3],[4],[5],[11],[12] | 7% | [6],[10] | 6% | [3],[14],[15] | |
Interest Rate | 11.49% | [3],[14],[15] | 11.23% | [3],[4],[5],[7],[11],[12] | 8% | [6],[10] | 11.49% | [3],[14],[15] | |
Par Amount | $ 2,904,000 | [3],[14],[15] | $ 2,904,000 | [3],[4],[5],[11],[12] | $ 1,244,000 | [6],[10] | |||
Cost | 2,846,000 | [3],[14],[15] | 2,836,000 | [3],[4],[5],[9],[11],[12] | 1,182,000 | [6],[10] | |||
Fair Value | $ 2,772,000 | [3],[14],[15] | $ 2,705,000 | [3],[4],[5],[11],[12] | $ 1,182,000 | [6],[10] | |||
Percentage of Net Assets | 0.19% | [3],[14],[15] | 0.19% | [3],[4],[5],[11],[12] | 0.10% | [6],[10] | 0.19% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 2,074,000 | $ 1,244,000 | $ 2,074,000 | ||||||
Fair Value | $ (52,000) | $ (48,000) | $ (40,000) | ||||||
Investment, Identifier [Axis]: Assembly Intermediate, LLC 3 | |||||||||
Variable interest rate | 6% | [3],[14],[15] | 6.50% | [3],[4],[5],[11],[12] | 7% | [6],[10] | 6% | [3],[14],[15] | |
Interest Rate | 11.49% | [3],[14],[15] | 11.23% | [3],[4],[5],[7],[11],[12] | 8% | [6],[10] | 11.49% | [3],[14],[15] | |
Par Amount | [3],[4],[5],[11],[12] | $ 830,000 | |||||||
Cost | $ (28,000) | [3],[14],[15] | 796,000 | [3],[4],[5],[9],[11],[12] | $ (40,000) | [6],[10] | |||
Fair Value | $ (52,000) | [3],[14],[15] | $ 750,000 | [3],[4],[5],[11],[12] | $ (40,000) | [6],[10] | |||
Percentage of Net Assets | 0.05% | [3],[4],[5],[11],[12] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: Associations, Inc. 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6.50% | [3],[5],[13],[14],[16] | 4% | [6],[21] | 6.50% | [3],[13],[14] | |
Interest Rate | 12.03% | [3],[13],[14] | 10.36% | [3],[5],[13],[14],[16],[22] | 7.50% | [6],[21] | 12.03% | [3],[13],[14] | |
Par Amount | $ 16,570,000 | [3],[13],[14] | $ 30,525,000 | [3],[13],[14] | $ 15,853,000 | [6],[21] | |||
Par Amount, Shares (in shares) | shares | [5],[16] | 30,525 | |||||||
Cost | 16,464,000 | [3],[13],[14] | $ 30,293,000 | [1],[3],[5],[13],[14],[16] | 15,706,000 | [6],[21] | |||
Fair Value | $ 16,321,000 | [3],[13],[14] | $ 29,139,000 | [3],[5],[13],[14],[16] | $ 15,853,000 | [6],[21] | |||
Interest rate, PIK | 2.50% | [3],[13],[14] | 2.50% | [3],[5],[13],[14],[16] | 2.50% | [6],[21] | 2.50% | [3],[13],[14] | |
Percentage of Net Assets | 1.10% | [3],[13],[14] | 2.09% | [3],[5],[13],[14],[16] | 1.33% | [6],[21] | 1.10% | [3],[13],[14] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 1,582,000 | $ 6,694,000 | $ 1,860,000 | ||||||
Fair Value | $ (24,000) | $ (304,000) | |||||||
Investment, Identifier [Axis]: Associations, Inc. 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15] | 6.50% | [3],[5],[11],[14],[15] | 4% | [6],[10] | 6.50% | [3],[14],[15] | |
Interest Rate | 12.03% | [3],[14],[15] | 10.36% | [3],[5],[11],[14],[15],[22] | 7.50% | [6],[10] | 12.03% | [3],[14],[15] | |
Par Amount | $ 20,216,000 | [3],[14],[15] | $ 546,000 | [3],[14],[15] | $ 2,723,000 | [6],[10] | |||
Par Amount, Shares (in shares) | shares | [5],[11] | 546 | |||||||
Cost | 20,068,000 | [3],[14],[15] | $ 481,000 | [1],[3],[5],[11],[14],[15] | 2,698,000 | [6],[10] | |||
Fair Value | $ 19,889,000 | [3],[14],[15] | $ 218,000 | [3],[5],[11],[14],[15] | $ 2,723,000 | [6],[10] | |||
Interest rate, PIK | 2.50% | [3],[14],[15] | 2.50% | [3],[5],[11],[14],[15] | 2.50% | [6],[10] | 2.50% | [3],[14],[15] | |
Percentage of Net Assets | 1.34% | [3],[14],[15] | 0.02% | [3],[5],[11],[14],[15] | 0.23% | [6],[10] | 1.34% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,860,000 | $ 1,860,000 | |||||||
Fair Value | $ (28,000) | $ (84,000) | |||||||
Investment, Identifier [Axis]: Associations, Inc. 3 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15] | 6.50% | [3],[5],[11],[14],[15] | 6.50% | [6],[10] | 6.50% | [3],[14],[15] | |
Interest Rate | 12.03% | [3],[14],[15] | 10.36% | [3],[5],[11],[14],[15],[22] | 7.50% | [6],[10] | 12.03% | [3],[14],[15] | |
Par Amount | [6],[10] | $ 11,187,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11] | 0 | |||||||
Cost | $ (12,000) | [3],[14],[15] | $ (14,000) | [1],[3],[5],[11],[14],[15] | 11,083,000 | [6],[10] | |||
Fair Value | $ (28,000) | [3],[14],[15] | $ (84,000) | [3],[5],[11],[14],[15] | $ 11,187,000 | [6],[10] | |||
Interest rate, PIK | [3],[14],[15] | 2.50% | 2.50% | [5],[11] | 2.50% | ||||
Percentage of Net Assets | (0.01%) | [3],[5],[11],[14],[15] | 0.94% | [6],[10] | |||||
Investment, Identifier [Axis]: Associations, Inc. 4 | |||||||||
Variable interest rate | [6],[10] | 6.50% | |||||||
Interest Rate | [6],[10] | 7.50% | |||||||
Cost | [6],[10] | $ (17,000) | |||||||
Percentage of Net Assets | [6],[10] | 0% | |||||||
Investment, Identifier [Axis]: Atlas Purchaser, Inc. | |||||||||
Variable interest rate | 5.25% | 5.25% | |||||||
Interest Rate | 9.81% | 6% | |||||||
Par Amount | $ 8,922,000 | $ 17,413,000 | |||||||
Cost | 8,778,000 | 17,090,000 | |||||||
Fair Value | $ 6,225,000 | $ 17,064,000 | |||||||
Percentage of Net Assets | 0.45% | 1.44% | |||||||
Investment, Identifier [Axis]: Atlas Us Finco, Inc. | |||||||||
Variable interest rate | [13],[18] | 5.25% | 5.25% | ||||||
Interest Rate | [13],[18] | 10.88% | 10.88% | ||||||
Par Amount | [13],[18] | $ 8,854,000 | |||||||
Cost | [13],[18] | 8,727,000 | |||||||
Fair Value | [13],[18] | $ 6,238,000 | |||||||
Percentage of Net Assets | [13],[18] | 0.42% | 0.42% | ||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 186,000 | $ 186,000 | |||||||
Fair Value | $ (2,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: Atlas Us Finco, Inc. 1 | |||||||||
Variable interest rate | [3],[4] | 7.25% | [28] | 7.25% | [5],[30] | 7.25% | [28] | ||
Interest Rate | [3],[4] | 12.58% | [28] | 11.48% | [5],[7],[30] | 12.58% | [28] | ||
Par Amount | [3],[4] | $ 2,009,000 | [28] | $ 2,009,000 | [5],[30] | ||||
Cost | [3],[4] | 1,953,000 | [28] | 1,949,000 | [5],[9],[30] | ||||
Fair Value | [3],[4] | $ 1,988,000 | [28] | $ 1,949,000 | [5],[30] | ||||
Percentage of Net Assets | [3],[4] | 0.13% | [28] | 0.14% | [5],[30] | 0.13% | [28] | ||
Investment, Identifier [Axis]: Atlas Us Finco, Inc. 2 | |||||||||
Variable interest rate | [3],[4] | 7.25% | [2],[28] | 7.25% | [5],[11],[12],[30] | 7.25% | [2],[28] | ||
Interest Rate | [3],[4] | 12.58% | [2],[28] | 11.48% | [5],[7],[11],[12],[30] | 12.58% | [2],[28] | ||
Cost | [3],[4] | $ (5,000) | [2],[28] | $ (6,000) | [5],[9],[11],[12],[30] | ||||
Fair Value | [3],[4] | $ (2,000) | [2],[28] | $ (6,000) | [5],[11],[12],[30] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Avalara, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,130,000 | $ 1,071,000 | |||||||
Fair Value | $ (26,000) | ||||||||
Investment, Identifier [Axis]: Avalara, Inc. 1 | |||||||||
Variable interest rate | [18] | 7.25% | [14] | 7.25% | [4],[5],[19] | 7.25% | [14] | ||
Interest Rate | [18] | 12.64% | [14] | 11.83% | [4],[5],[7],[19] | 12.64% | [14] | ||
Par Amount | [18] | $ 11,302,000 | [14] | $ 10,712,000 | [4],[5],[19] | ||||
Cost | [18] | 11,061,000 | [14] | 10,451,000 | [4],[5],[9],[19] | ||||
Fair Value | [18] | $ 11,302,000 | [14] | $ 10,451,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 0.76% | [14] | 0.75% | [4],[5],[19] | 0.76% | [14] | ||
Investment, Identifier [Axis]: Avalara, Inc. 2 | |||||||||
Variable interest rate | [18] | 7.25% | [14],[15] | 7.25% | [4],[5],[11],[12],[19] | 7.25% | [14],[15] | ||
Interest Rate | [18] | 12.64% | [14],[15] | 11.83% | [4],[5],[7],[11],[12],[19] | 12.64% | [14],[15] | ||
Cost | [18] | $ (23,000) | [14],[15] | $ (26,000) | [4],[5],[9],[11],[12],[19] | ||||
Fair Value | [4],[5],[11],[12],[18],[19] | $ (26,000) | |||||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: BP Purchaser, LLC | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [4],[5],[18],[19] | 5.50% | 5.50% | [14],[18] | ||
Interest Rate | 11.17% | [14],[18] | 10.24% | [4],[5],[7],[18],[19] | 6.25% | [8] | 11.17% | [14],[18] | |
Par Amount | $ 17,205,000 | [14],[18] | $ 17,336,000 | [4],[5],[18],[19] | $ 17,467,000 | ||||
Cost | 16,931,000 | [14],[18] | 17,031,000 | [4],[5],[9],[18],[19] | 17,120,000 | [1] | |||
Fair Value | $ 16,645,000 | [14],[18] | $ 16,185,000 | [4],[5],[18],[19] | $ 17,120,000 | ||||
Percentage of Net Assets | 1.12% | [14],[18] | 1.16% | [4],[5],[18],[19] | 0.10% | 1.12% | [14],[18] | ||
Investment, Identifier [Axis]: BP Purchaser, LLC 2 | |||||||||
Par Amount | [4],[24] | $ 1,233,333,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[25] | 1,233,333 | |||||||
Cost | [1],[4],[5],[24],[25] | $ 1,233,000 | |||||||
Fair Value | [4],[5],[24],[25] | $ 1,468,000 | |||||||
Percentage of Net Assets | [4],[5],[24],[25] | 0.11% | |||||||
Investment, Identifier [Axis]: BP Purchaser, LLC, Common Equity | |||||||||
Par Amount | [14],[23] | $ 1,383,156,000 | |||||||
Par Amount, Shares (in shares) | shares | 1,233,333,000 | ||||||||
Cost | 1,378,000 | [14],[20],[23] | $ 1,233,000 | ||||||
Fair Value | $ 1,529,000 | [14],[23] | $ 1,233,000 | ||||||
Percentage of Net Assets | 0.10% | [14],[23] | 0.10% | 0.10% | [14],[23] | ||||
Investment, Identifier [Axis]: BPG Holdings IV Corp. | |||||||||
Variable interest rate | [4],[18] | 6% | 6% | [5],[19] | 6% | ||||
Interest Rate | [4],[18] | 11.39% | 10.54% | [5],[7],[19] | 11.39% | ||||
Par Amount | [4],[18] | $ 11,676,000 | $ 11,765,000 | [5],[19] | |||||
Cost | [4],[18] | 10,979,000 | 11,001,000 | [5],[9],[19] | |||||
Fair Value | [4],[18] | $ 11,355,000 | $ 11,001,000 | [5],[19] | |||||
Percentage of Net Assets | [4],[18] | 0.77% | 0.79% | [5],[19] | 0.77% | ||||
Investment, Identifier [Axis]: Bearcat Buyer, Inc. | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 513,000 | ||||||||
Investment, Identifier [Axis]: Bearcat Buyer, Inc. 1 | |||||||||
Variable interest rate | [6],[21] | 4.75% | |||||||
Interest Rate | [6],[8],[21] | 5.75% | |||||||
Par Amount | [6],[21] | $ 6,843,000 | |||||||
Cost | [1],[6],[21] | 6,700,000 | |||||||
Fair Value | [6],[21] | $ 6,843,000 | |||||||
Percentage of Net Assets | [6],[21] | 0.58% | |||||||
Investment, Identifier [Axis]: Bearcat Buyer, Inc. 2 | |||||||||
Variable interest rate | [6],[10],[21] | 4.75% | |||||||
Interest Rate | [6],[8],[10],[21] | 5.75% | |||||||
Par Amount | [6],[10],[21] | $ 6,262,000 | |||||||
Cost | [1],[6],[10],[21] | 6,122,000 | |||||||
Fair Value | [6],[10],[21] | $ 6,262,000 | |||||||
Percentage of Net Assets | [6],[10],[21] | 0.53% | |||||||
Investment, Identifier [Axis]: Bottomline Technologies, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 267,000 | $ 267,000 | |||||||
Fair Value | $ (1,000) | $ (10,000) | |||||||
Investment, Identifier [Axis]: Bottomline Technologies, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [3],[14] | 5.50% | [4],[5],[18],[19] | 5.25% | [3],[14] | |||
Interest Rate | 10.57% | [3],[14],[27] | 9.83% | [4],[5],[18],[19] | 10.57% | [3],[14],[27] | |||
Par Amount | $ 3,168,000 | [3],[14] | $ 3,192,000 | [4],[5],[18],[19] | |||||
Cost | [20] | 3,114,000 | [3],[14] | 3,133,000 | [4],[5],[18],[19] | ||||
Fair Value | $ 3,155,000 | [3],[14] | $ 3,070,000 | [4],[5],[18],[19] | |||||
Percentage of Net Assets | 0.21% | [3],[14] | 0.22% | [4],[5],[18],[19] | 0.21% | [3],[14] | |||
Investment, Identifier [Axis]: Bottomline Technologies, Inc. 2 | |||||||||
Variable interest rate | 5% | [3],[14],[15] | 5.50% | [2],[4],[5],[11],[18],[19] | 5% | [3],[14],[15] | |||
Interest Rate | 10.32% | [3],[14],[15],[27] | 9.83% | [2],[4],[5],[11],[18],[19] | 10.32% | [3],[14],[15],[27] | |||
Cost | [20] | $ (4,000) | [3],[14],[15] | $ (5,000) | [2],[4],[5],[11],[18],[19] | ||||
Fair Value | $ (1,000) | [3],[14],[15] | $ (10,000) | [2],[4],[5],[11],[18],[19] | |||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Bridgepointe Technologies, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 4,426,000 | $ 10,116,000 | |||||||
Fair Value | $ (128,000) | $ (403,000) | |||||||
Investment, Identifier [Axis]: Bridgepointe Technologies, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 6.50% | 6.50% | [5] | 6.50% | ||||
Interest Rate | [3],[14] | 12.04% | 11.23% | [5],[22] | 12.04% | ||||
Par Amount | [3],[14] | $ 17,273,000 | $ 15,174,000 | ||||||
Par Amount, Shares (in shares) | shares | [5] | 15,174 | |||||||
Cost | [3],[14] | 16,743,000 | $ 14,570,000 | [1],[5] | |||||
Fair Value | [3],[14] | $ 16,839,000 | $ 14,570,000 | [5] | |||||
Percentage of Net Assets | [3],[14] | 1.14% | 1.04% | [5] | 1.14% | ||||
Investment, Identifier [Axis]: Bridgepointe Technologies, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | [5],[11] | 6.50% | ||||
Interest Rate | [3],[14],[15] | 12.04% | 11.23% | [5],[11],[22] | 12.04% | ||||
Par Amount | [3],[14],[15] | $ 10,116,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11] | 0 | |||||||
Cost | [3],[14],[15] | 9,579,000 | $ (403,000) | [1],[5],[11] | |||||
Fair Value | [3],[14],[15] | $ 9,696,000 | $ (403,000) | [5],[11] | |||||
Percentage of Net Assets | [3],[14],[15] | 0.65% | (0.03%) | [5],[11] | 0.65% | ||||
Investment, Identifier [Axis]: Bullhorn, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 593,000 | $ 320,000 | |||||||
Fair Value | $ (3,000) | $ (10,000) | |||||||
Investment, Identifier [Axis]: Bullhorn, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [3],[5],[13],[14],[16] | 5.75% | [6],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.24% | [3],[13],[14] | 10.48% | [3],[5],[13],[14],[16],[22] | 6.75% | [6],[21],[22] | 11.24% | [3],[13],[14] | |
Par Amount | $ 15,499,000 | [3],[13],[14] | $ 12,948,000 | [3],[13],[14] | $ 9,675,000 | [6],[21] | |||
Par Amount, Shares (in shares) | shares | [5],[16] | 12,948 | |||||||
Cost | 15,409,000 | [3],[13],[14] | $ 12,847,000 | [1],[3],[5],[13],[14],[16] | 9,573,000 | [1],[6],[21] | |||
Fair Value | $ 15,408,000 | [3],[13],[14] | $ 12,571,000 | [3],[5],[13],[14],[16] | $ 9,629,000 | [6],[21] | |||
Percentage of Net Assets | 1.04% | [3],[13],[14] | 0.90% | [3],[5],[13],[14],[16] | 0.81% | [6],[21] | 1.04% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 5,172,000 | ||||||||
Fair Value | $ (25,000) | ||||||||
Investment, Identifier [Axis]: Bullhorn, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [3],[5],[14] | 5.75% | [6],[10] | 5.75% | [3],[14] | |
Interest Rate | 11.24% | [3],[14] | 10.48% | [3],[5],[14],[22] | 6.75% | [6],[10],[22] | 11.24% | [3],[14] | |
Par Amount | [3],[14] | $ 51,000 | $ 2,723,000 | ||||||
Par Amount, Shares (in shares) | shares | [5] | 2,723 | |||||||
Cost | 50,000 | [3],[14] | $ 2,712,000 | [1],[3],[5],[14] | $ (25,000) | [1],[6],[10] | |||
Fair Value | $ 50,000 | [3],[14] | $ 2,643,000 | [3],[5],[14] | $ (25,000) | [6],[10] | |||
Percentage of Net Assets | 0.19% | [3],[5],[14] | 0% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 554,000 | ||||||||
Fair Value | $ (3,000) | ||||||||
Investment, Identifier [Axis]: Bullhorn, Inc. 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[5],[11],[14],[15] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.24% | [3],[14],[15] | 10.48% | [3],[5],[11],[14],[15],[22] | 6.75% | [6],[10],[22] | 11.24% | [3],[14],[15] | |
Par Amount | [3],[14],[15] | $ 273,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11] | 273 | |||||||
Cost | $ (4,000) | [3],[14],[15] | $ 267,000 | [1],[3],[5],[11],[14],[15] | $ (6,000) | [1],[6],[10] | |||
Fair Value | $ (3,000) | [3],[14],[15] | $ 256,000 | [3],[5],[11],[14],[15] | $ (3,000) | [6],[10] | |||
Percentage of Net Assets | 0.02% | [3],[5],[11],[14],[15] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: CC SAG Holdings Corp. (Spectrum Automotive) 1 | |||||||||
Variable interest rate | [6],[19],[21] | 5.75% | |||||||
Interest Rate | [6],[19],[21],[22] | 6.50% | |||||||
Par Amount | [6],[19],[21] | $ 23,890,000 | |||||||
Cost | [1],[6],[19],[21] | 23,553,000 | |||||||
Fair Value | [6],[19],[21] | $ 23,613,000 | |||||||
Percentage of Net Assets | [6],[19],[21] | 1.99% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 4,437,000 | ||||||||
Fair Value | $ (52,000) | ||||||||
Investment, Identifier [Axis]: CC SAG Holdings Corp. (Spectrum Automotive) 2 | |||||||||
Variable interest rate | [6],[10],[19] | 5.75% | |||||||
Interest Rate | [6],[10],[19],[22] | 6.50% | |||||||
Par Amount | [6],[10],[19] | $ 2,167,000 | |||||||
Cost | [1],[6],[10],[19] | 2,105,000 | |||||||
Fair Value | [6],[10],[19] | $ 2,091,000 | |||||||
Percentage of Net Assets | [6],[10],[19] | 0.18% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 881,000 | ||||||||
Fair Value | $ (10,000) | ||||||||
Investment, Identifier [Axis]: CC SAG Holdings Corp. (Spectrum Automotive) 3 | |||||||||
Variable interest rate | [6],[10],[19] | 5.75% | |||||||
Interest Rate | [6],[10],[19],[22] | 6.50% | |||||||
Cost | [1],[6],[10],[19] | $ (12,000) | |||||||
Fair Value | [6],[10],[19] | $ (10,000) | |||||||
Percentage of Net Assets | [6],[10],[19] | 0% | |||||||
Investment, Identifier [Axis]: CLEO Communications Holding, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 12,502,000 | $ 12,502,000 | $ 12,502,000 | ||||||
Fair Value | $ (230,000) | $ (445,000) | $ (198,000) | ||||||
Investment, Identifier [Axis]: CLEO Communications Holding, LLC 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6.50% | [3],[4],[5],[13],[16] | 6.75% | [6],[21] | 6.50% | [3],[13],[14] | |
Interest Rate | 11.93% | [3],[13],[14],[27] | 10.74% | [3],[4],[5],[13],[16] | 7.75% | [6],[21] | 11.93% | [3],[13],[14],[27] | |
Par Amount | $ 39,998,000 | [3],[13],[14] | $ 39,998,000 | [3],[4],[5],[13],[16] | $ 39,998,000 | [6],[21] | |||
Cost | 39,728,000 | [3],[13],[14],[20] | 39,685,000 | [3],[4],[5],[13],[16],[20] | 39,628,000 | [6],[21] | |||
Fair Value | $ 39,262,000 | [3],[13],[14] | $ 38,574,000 | [3],[4],[5],[13],[16] | $ 39,366,000 | [6],[21] | |||
Percentage of Net Assets | 2.65% | [3],[13],[14] | 2.76% | [3],[4],[5],[13],[16] | 3.31% | [6],[21] | 2.65% | [3],[13],[14] | |
Investment, Identifier [Axis]: CLEO Communications Holding, LLC 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15] | 6.50% | [2],[3],[4],[5],[11] | 6.75% | [6],[10] | 6.50% | [3],[14],[15] | |
Interest Rate | 11.93% | [3],[14],[15],[27] | 10.74% | [2],[3],[4],[5],[11] | 7.75% | [6],[10] | 11.93% | [3],[14],[15],[27] | |
Cost | $ (77,000) | [3],[14],[15],[20] | $ (92,000) | [2],[3],[4],[5],[11],[20] | $ (113,000) | [6],[10] | |||
Fair Value | $ (230,000) | [3],[14],[15] | $ (445,000) | [2],[3],[4],[5],[11] | $ (197,000) | [6],[10] | |||
Percentage of Net Assets | (0.02%) | [3],[14],[15] | (0.03%) | [2],[3],[4],[5],[11] | (0.02%) | [6],[10] | (0.02%) | [3],[14],[15] | |
Investment, Identifier [Axis]: CSC Thrive Holdings, LP (Thrive Networks) | |||||||||
Par Amount | [4],[24] | $ 160,016,000 | |||||||
Par Amount, Shares (in shares) | shares | 160,016 | [5],[25] | 160,016,000 | ||||||
Cost | $ 411,000 | [1],[4],[5],[24],[25] | $ 411,000 | ||||||
Fair Value | $ 640,000 | [4],[5],[24],[25] | $ 531,000 | ||||||
Percentage of Net Assets | 0.05% | [4],[5],[24],[25] | 0.04% | ||||||
Investment, Identifier [Axis]: Caerus US 1, Inc. 1 | |||||||||
Variable interest rate | [14],[18],[28] | 5.75% | 5.75% | [5],[19],[29] | 5.75% | ||||
Interest Rate | [14],[18],[28] | 11.14% | 9.83% | [5],[19],[22],[29] | 11.14% | ||||
Par Amount | [14],[18],[28] | $ 11,066,000 | $ 11,121,000 | ||||||
Par Amount, Shares (in shares) | shares | [5],[19],[29] | 11,121 | |||||||
Cost | [14],[18],[28] | 10,867,000 | $ 10,903,000 | [1],[5],[19],[29] | |||||
Fair Value | [14],[18],[28] | $ 11,066,000 | $ 10,903,000 | [5],[19],[29] | |||||
Percentage of Net Assets | [14],[18],[28] | 0.75% | 0.78% | [5],[19],[29] | 0.75% | ||||
Unused Fee Rate | 1% | 0% | |||||||
Unfunded Commitment | $ 893,000 | $ 1,608,000 | |||||||
Fair Value | $ (16,000) | ||||||||
Investment, Identifier [Axis]: Caerus US 1, Inc. 2 | |||||||||
Variable interest rate | [14],[15],[18],[28] | 5.75% | 5.75% | [5],[11],[19],[29] | 5.75% | ||||
Interest Rate | [14],[15],[18],[28] | 11.14% | 9.83% | [5],[11],[19],[22],[29] | 11.14% | ||||
Par Amount | [14],[15],[18],[28] | $ 715,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11],[19],[29] | 0 | |||||||
Cost | [14],[15],[18],[28] | 694,000 | $ (16,000) | [1],[5],[11],[19],[29] | |||||
Fair Value | [14],[15],[18],[28] | $ 715,000 | $ (16,000) | [5],[11],[19],[29] | |||||
Percentage of Net Assets | 0.05% | [14],[15],[18],[28] | 0% | [5],[11],[19],[29] | 0.05% | [14],[15],[18],[28] | |||
Unused Fee Rate | 0.25% | 0.50% | |||||||
Unfunded Commitment | $ 863,000 | $ 878,000 | |||||||
Fair Value | $ (17,000) | ||||||||
Investment, Identifier [Axis]: Caerus US 1, Inc. 3 | |||||||||
Variable interest rate | [14],[15],[18],[28] | 5.75% | 5.75% | [5],[11],[19],[29] | 5.75% | ||||
Interest Rate | [14],[15],[18],[28] | 11.14% | 9.83% | [5],[11],[19],[22],[29] | 11.14% | ||||
Par Amount | [14],[15],[18],[28] | $ 307,000 | $ 293,000 | ||||||
Par Amount, Shares (in shares) | shares | [5],[11],[19],[29] | 293 | |||||||
Cost | [14],[15],[18],[28] | 287,000 | $ 270,000 | [1],[5],[11],[19],[29] | |||||
Fair Value | [14],[15],[18],[28] | $ 307,000 | $ 270,000 | [5],[11],[19],[29] | |||||
Percentage of Net Assets | [14],[15],[18],[28] | 0.02% | 0.02% | [5],[11],[19],[29] | 0.02% | ||||
Investment, Identifier [Axis]: Capstone Acquisition Holdings, Inc. | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 313,000 | ||||||||
Investment, Identifier [Axis]: Capstone Acquisition Holdings, Inc. 1 | |||||||||
Variable interest rate | [6],[21] | 4.75% | |||||||
Interest Rate | [6],[8],[21] | 5.75% | |||||||
Par Amount | [6],[21] | $ 3,460,000 | |||||||
Cost | [1],[6],[21] | 3,433,000 | |||||||
Fair Value | [6],[21] | $ 3,460,000 | |||||||
Percentage of Net Assets | [6],[21] | 0.29% | |||||||
Investment, Identifier [Axis]: Capstone Acquisition Holdings, Inc. 2 | |||||||||
Variable interest rate | [6],[10] | 4.75% | |||||||
Interest Rate | [6],[8],[10] | 5.75% | |||||||
Par Amount | [6],[10] | $ 194,000 | |||||||
Cost | [1],[6],[10] | 191,000 | |||||||
Fair Value | [6],[10] | $ 194,000 | |||||||
Percentage of Net Assets | [6],[10] | 0.02% | |||||||
Investment, Identifier [Axis]: Catalis Intermediate, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,778,000 | ||||||||
Fair Value | $ (247,000) | ||||||||
Investment, Identifier [Axis]: Catalis Intermediate, Inc. 1 | |||||||||
Variable interest rate | [13],[14],[18] | 5.50% | 5.50% | ||||||
Interest Rate | [13],[14],[18] | 11.04% | 11.04% | ||||||
Par Amount | [13],[14],[18] | $ 39,457,000 | |||||||
Cost | [13],[14],[18] | 38,771,000 | |||||||
Fair Value | [13],[14],[18] | $ 35,946,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 2.43% | 2.43% | ||||||
Investment, Identifier [Axis]: Catalis Intermediate, Inc. 2 | |||||||||
Variable interest rate | [14],[18] | 5.50% | 5.50% | ||||||
Interest Rate | [14],[18] | 11.04% | 11.04% | ||||||
Par Amount | [14],[18] | $ 8,878,000 | |||||||
Cost | [14],[18] | 8,738,000 | |||||||
Fair Value | [14],[18] | $ 8,088,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.55% | 0.55% | ||||||
Investment, Identifier [Axis]: Catalis Intermediate, Inc. 3 | |||||||||
Variable interest rate | [14],[15],[18] | 5.50% | 5.50% | ||||||
Interest Rate | [14],[15],[18] | 11.04% | 11.04% | ||||||
Par Amount | [14],[15],[18] | $ 1,460,000 | |||||||
Cost | [14],[15],[18] | 1,392,000 | |||||||
Fair Value | [14],[15],[18] | $ 1,082,000 | |||||||
Percentage of Net Assets | [14],[15],[18] | 0.07% | 0.07% | ||||||
Investment, Identifier [Axis]: Cerity Partners, LLC | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 5,043,000 | $ 12,699,000 | |||||||
Fair Value | $ (381,000) | ||||||||
Investment, Identifier [Axis]: Cerity Partners, LLC 1 | |||||||||
Variable interest rate | [18] | 6.75% | [14] | 6.75% | [4] | 6.75% | [14] | ||
Interest Rate | [18] | 12.13% | [14] | 11.32% | [4],[7] | 12.13% | [14] | ||
Par Amount | [18] | $ 4,767,000 | [14] | $ 8,617,000 | [4] | ||||
Cost | [18] | 4,634,000 | [14] | 8,359,000 | [4],[9] | ||||
Fair Value | [18] | $ 4,767,000 | [14] | $ 8,359,000 | [4] | ||||
Percentage of Net Assets | [18] | 0.32% | [14] | 0.60% | [4] | 0.32% | [14] | ||
Investment, Identifier [Axis]: Cerity Partners, LLC 2 | |||||||||
Variable interest rate | [18] | 6.75% | [14],[15] | 6.75% | [4],[12] | 6.75% | [14],[15] | ||
Interest Rate | [18] | 12.13% | [14],[15] | 11.32% | [4],[7],[12] | 12.13% | [14],[15] | ||
Par Amount | [18] | $ 1,677,000 | [14],[15] | $ 454,000 | [4],[12] | ||||
Cost | [18] | 1,497,000 | [14],[15] | 60,000 | [4],[9],[12] | ||||
Fair Value | [18] | $ 1,677,000 | [14],[15] | $ 60,000 | [4],[12] | ||||
Percentage of Net Assets | 0.11% | [14],[15],[18] | 0% | 0.11% | [14],[15],[18] | ||||
Investment, Identifier [Axis]: Chase Intermediate, LLC 1 | |||||||||
Variable interest rate | [14],[15] | 5.25% | 5.25% | ||||||
Interest Rate | [14],[15] | 11% | 11% | ||||||
Cost | [14],[15] | $ (104,000) | |||||||
Fair Value | [14],[15] | $ (104,000) | |||||||
Percentage of Net Assets | [14],[15] | (0.01%) | (0.01%) | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 10,602,000 | ||||||||
Fair Value | $ (104,000) | ||||||||
Investment, Identifier [Axis]: Chase Intermediate, LLC 2 | |||||||||
Variable interest rate | [14],[15] | 5.25% | 5.25% | ||||||
Interest Rate | [14],[15] | 11% | 11% | ||||||
Par Amount | [14],[15] | $ 177,000 | |||||||
Cost | [14],[15] | 166,000 | |||||||
Fair Value | [14],[15] | $ 166,000 | |||||||
Percentage of Net Assets | [14],[15] | 0.01% | 0.01% | ||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 353,000 | ||||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,092,000 | $ 12,502,000 | |||||||
Fair Value | $ (22,000) | $ (445,000) | |||||||
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC 1 | |||||||||
Variable interest rate | 6.25% | [14],[18] | 5% | [5],[14],[18],[19] | 5% | [6],[19] | 6.25% | [14],[18] | |
Interest Rate | 11.64% | [14],[18] | 9.21% | [5],[14],[18],[19],[22] | 5.75% | [6],[19],[22] | 11.64% | [14],[18] | |
Par Amount | $ 23,563,000 | [14],[18] | $ 20,025,000 | [14],[18] | $ 20,176,000 | [6],[19] | |||
Par Amount, Shares (in shares) | shares | [5],[19] | 20,025 | |||||||
Cost | 23,179,000 | [14],[18] | $ 19,695,000 | [1],[5],[14],[18],[19] | 19,787,000 | [1],[6],[19] | |||
Fair Value | $ 23,091,000 | [14],[18] | $ 19,428,000 | [5],[14],[18],[19] | $ 19,787,000 | [6],[19] | |||
Percentage of Net Assets | 1.56% | [14],[18] | 1.39% | [5],[14],[18],[19] | 1.66% | [6],[19] | 1.56% | [14],[18] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 8,647,000 | ||||||||
Fair Value | $ (83,000) | ||||||||
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC 2 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18] | 5% | [5],[14],[18],[19] | 5% | [6],[10],[19] | 5.75% | [14],[15],[18] | |
Interest Rate | 10.79% | [14],[15],[18] | 9.21% | [5],[14],[18],[19],[22] | 5.75% | [6],[10],[19],[22] | 10.79% | [14],[15],[18] | |
Par Amount | [14],[18] | $ 8,517,000 | [15] | $ 8,582,000 | |||||
Par Amount, Shares (in shares) | shares | [5],[19] | 8,582 | |||||||
Cost | 8,377,000 | [14],[15],[18] | $ 8,437,000 | [1],[5],[14],[18],[19] | $ (83,000) | [1],[6],[10],[19] | |||
Fair Value | $ 8,325,000 | [14],[15],[18] | $ 8,326,000 | [5],[14],[18],[19] | $ (83,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.56% | [14],[15],[18] | 0.60% | [5],[14],[18],[19] | (0.01%) | [6],[10],[19] | 0.56% | [14],[15],[18] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 24,500,000 | ||||||||
Fair Value | $ (469,000) | ||||||||
Investment, Identifier [Axis]: Citrin Cooperman Advisors, LLC 3 | |||||||||
Variable interest rate | [6],[10],[19] | 5% | |||||||
Interest Rate | [6],[10],[19],[22] | 5.75% | |||||||
Cost | [1],[6],[10],[19] | $ (469,000) | |||||||
Fair Value | [6],[10],[19] | $ (469,000) | |||||||
Percentage of Net Assets | [6],[10],[19] | (0.04%) | |||||||
Investment, Identifier [Axis]: Continental Battery Company | |||||||||
Variable interest rate | [3],[4] | 6.75% | 6.75% | 6.75% | |||||
Interest Rate | [3],[4],[7] | 12.04% | 11.48% | 12.04% | |||||
Par Amount | [3],[4] | $ 6,141,000 | $ 6,188,000 | ||||||
Cost | [3],[4],[20] | 6,053,000 | 6,083,000 | ||||||
Fair Value | [3],[4] | $ 5,467,000 | $ 5,903,000 | ||||||
Percentage of Net Assets | [3],[4] | 0.37% | 0.42% | 0.37% | |||||
Investment, Identifier [Axis]: Cordeagle US Finco, Inc. | |||||||||
Variable interest rate | [6],[31] | 6.75% | |||||||
Interest Rate | [6],[31] | 7.75% | |||||||
Par Amount | [6],[31] | $ 18,200,000 | |||||||
Cost | [6],[31] | 17,856,000 | |||||||
Fair Value | [6],[31] | $ 18,200,000 | |||||||
Percentage of Net Assets | [6],[31] | 1.53% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,800,000 | ||||||||
Investment, Identifier [Axis]: Cordeagle US Finco, Inc. 1 | |||||||||
Variable interest rate | [6],[10],[31] | 6.75% | |||||||
Interest Rate | [6],[10],[31] | 7.75% | |||||||
Cost | [6],[10],[31] | $ (52,000) | |||||||
Percentage of Net Assets | [6],[10],[31] | 0% | |||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC 1 | |||||||||
Variable interest rate | [14],[18] | 7.50% | 7.50% | ||||||
Interest Rate | [14],[18],[27] | 12.82% | 12.82% | ||||||
Par Amount | [14],[18] | $ 2,264,000 | |||||||
Cost | [14],[18],[20] | 2,211,000 | |||||||
Fair Value | [14],[18] | $ 2,231,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.15% | 0.15% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,085,000 | ||||||||
Fair Value | $ (16,000) | ||||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC 2 | |||||||||
Variable interest rate | [14],[15],[18] | 7.50% | 7.50% | ||||||
Interest Rate | [14],[15],[18],[27] | 12.82% | 12.82% | ||||||
Cost | [14],[15],[18],[20] | $ (12,000) | |||||||
Fair Value | [14],[15],[18] | $ (16,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 831,000 | ||||||||
Fair Value | $ (12,000) | ||||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC 3 | |||||||||
Variable interest rate | [14],[15],[18] | 7.50% | 7.50% | ||||||
Interest Rate | [14],[15],[18],[27] | 12.82% | 12.82% | ||||||
Cost | [14],[15],[18],[20] | $ (19,000) | |||||||
Fair Value | [14],[15],[18] | $ (12,000) | |||||||
Investment, Identifier [Axis]: Cyara AcquisitionCo, LLC | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 313,000 | ||||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Cyara AcquisitionCo, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 6.75% | 6.75% | ||||||
Interest Rate | [3],[14],[27] | 12.57% | 12.57% | ||||||
Par Amount | [3],[14] | $ 4,631,000 | |||||||
Cost | [3],[14],[20] | 4,509,000 | |||||||
Fair Value | [3],[14] | $ 4,535,000 | |||||||
Interest rate, PIK | [3],[14] | 2.75% | 2.75% | ||||||
Percentage of Net Assets | [3],[14] | 0.31% | 0.31% | ||||||
Investment, Identifier [Axis]: Cyara AcquisitionCo, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.75% | 6.75% | ||||||
Interest Rate | [3],[14],[15],[27] | 12.57% | 12.57% | ||||||
Cost | [3],[14],[15],[20] | $ (8,000) | |||||||
Fair Value | [3],[14],[15] | $ (6,000) | |||||||
Interest rate, PIK | [3],[14],[15] | 2.75% | 2.75% | ||||||
Investment, Identifier [Axis]: DCA Investment Holdings, LLC | |||||||||
Variable interest rate | [13],[14],[18] | 6.50% | 6.50% | ||||||
Interest Rate | [13],[14],[18] | 11.89% | 11.89% | ||||||
Par Amount | [13],[14],[18] | $ 18,323,000 | |||||||
Cost | [13],[14],[18] | 18,007,000 | |||||||
Fair Value | [13],[14],[18] | $ 17,770,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 1.20% | 1.20% | ||||||
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 11,000 | $ 1,026,000 | $ 1,689,000 | ||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: DCA Investment Holdings, LLC 1 | |||||||||
Variable interest rate | 6.50% | [14],[15],[18] | 6% | 6.25% | [6],[19],[21] | 6.50% | [14],[15],[18] | ||
Interest Rate | 11.89% | [14],[15],[18] | 10.39% | 7% | [6],[8],[19],[21] | 11.89% | [14],[15],[18] | ||
Par Amount | $ 2,734,000 | [14],[15],[18] | $ 11,053,000 | $ 11,175,000 | [6],[19],[21] | ||||
Cost | 2,694,000 | [14],[15],[18] | 10,922,000 | 11,027,000 | [1],[6],[19],[21] | ||||
Fair Value | $ 2,651,000 | [14],[15],[18] | $ 10,887,000 | $ 11,175,000 | [6],[19],[21] | ||||
Percentage of Net Assets | 0.18% | [14],[15],[18] | 0.78% | 0.94% | [6],[19],[21] | 0.18% | [14],[15],[18] | ||
Investment, Identifier [Axis]: DCA Investment Holdings, LLC 2 | |||||||||
Variable interest rate | 6.50% | [14],[15],[18] | 6% | [15] | 6.25% | [6],[10],[19] | 6.50% | [14],[15],[18] | |
Interest Rate | 11.89% | [14],[15],[18] | 10.39% | [15] | 7% | [6],[8],[10],[19] | 11.89% | [14],[15],[18] | |
Par Amount | $ 888,000 | [14],[15],[18] | $ 2,629,000 | [15] | $ 1,079,000 | [6],[10],[19] | |||
Cost | 863,000 | [14],[15],[18] | 2,572,000 | [15] | 1,053,000 | [1],[6],[10],[19] | |||
Fair Value | $ 860,000 | [14],[15],[18] | $ 2,575,000 | [15] | $ 1,079,000 | [6],[10],[19] | |||
Percentage of Net Assets | 0.06% | [14],[15],[18] | 0.18% | [15] | 0.09% | [6],[10],[19] | 0.06% | [14],[15],[18] | |
Investment, Identifier [Axis]: DCA Investment Holdings, LLC 3 | |||||||||
Variable interest rate | [14],[18] | 6.50% | 6.50% | ||||||
Interest Rate | [14],[18] | 11.89% | 11.89% | ||||||
Par Amount | [14],[18] | $ 409,000 | |||||||
Cost | [14],[18] | 406,000 | |||||||
Fair Value | [14],[18] | $ 396,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.03% | 0.03% | ||||||
Investment, Identifier [Axis]: Diligent Corporation | |||||||||
Variable interest rate | [14],[23] | 10.50% | 10.50% | ||||||
Interest Rate | [4],[5],[24],[25] | 10.50% | |||||||
Par Amount | $ 5,000,000 | [14],[23] | $ 5,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 5,000 | [5],[25] | 5,000,000 | ||||||
Cost | 6,329,000 | [14],[20],[23] | $ 5,693,000 | [1],[4],[5],[24],[25] | $ 5,143,000 | ||||
Fair Value | $ 6,326,000 | [14],[23] | $ 5,766,000 | [4],[5],[24],[25] | $ 5,295,000 | ||||
Percentage of Net Assets | 0.43% | [14],[23] | 0.41% | [4],[5],[24],[25] | 0.45% | 0.43% | [14],[23] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,655,000 | $ 3,150,000 | |||||||
Fair Value | $ (11,000) | $ (69,000) | |||||||
Investment, Identifier [Axis]: Diligent Corporation 1 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [3],[4],[5],[13],[16] | 5.75% | [6],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.43% | [3],[13],[14],[27] | 10.13% | [3],[4],[5],[13],[16] | 6.75% | [6],[21] | 11.43% | [3],[13],[14],[27] | |
Par Amount | $ 27,300,000 | [3],[13],[14] | $ 27,510,000 | [3],[4],[5],[13],[16] | $ 27,790,000 | [6],[21] | |||
Cost | 27,173,000 | [3],[13],[14],[20] | 27,337,000 | [3],[4],[5],[13],[16],[20] | 27,555,000 | [6],[21] | |||
Fair Value | $ 27,185,000 | [3],[13],[14] | $ 26,905,000 | [3],[4],[5],[13],[16] | $ 27,790,000 | [6],[21] | |||
Percentage of Net Assets | 1.83% | [3],[13],[14] | 1.93% | [3],[4],[5],[13],[16] | 2.34% | [6],[21] | 1.83% | [3],[13],[14] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,136,000 | ||||||||
Investment, Identifier [Axis]: Diligent Corporation 2 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [3],[4],[5],[13],[16] | 5.75% | [6],[10],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.43% | [3],[13],[14],[27] | 10.13% | [3],[4],[5],[13],[16] | 6.75% | [6],[10],[21] | 11.43% | [3],[13],[14],[27] | |
Par Amount | $ 2,184,000 | [3],[13],[14] | $ 2,201,000 | [3],[4],[5],[13],[16] | $ 860,000 | [6],[10],[21] | |||
Cost | 2,174,000 | [3],[13],[14],[20] | 2,187,000 | [3],[4],[5],[13],[16],[20] | 826,000 | [6],[10],[21] | |||
Fair Value | $ 2,175,000 | [3],[13],[14] | $ 2,152,000 | [3],[4],[5],[13],[16] | $ 860,000 | [6],[10],[21] | |||
Percentage of Net Assets | 0.15% | [3],[13],[14] | 0.15% | [3],[4],[5],[13],[16] | 0.07% | [6],[10],[21] | 0.15% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,500,000 | ||||||||
Investment, Identifier [Axis]: Diligent Corporation 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 6.25% | [2],[3],[4],[5],[11] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.43% | [3],[14],[15],[27] | 10.63% | [2],[3],[4],[5],[11] | 6.75% | [6],[10] | 11.43% | [3],[14],[15],[27] | |
Par Amount | [3] | $ 1,845,000 | [14],[15] | $ 1,350,000 | [2],[4],[5],[11] | ||||
Cost | 1,826,000 | [3],[14],[15],[20] | 1,323,000 | [2],[3],[4],[5],[11],[20] | $ (37,000) | [6],[10] | |||
Fair Value | [3] | $ 1,826,000 | [14],[15] | $ 1,251,000 | [2],[4],[5],[11] | ||||
Percentage of Net Assets | 0.12% | [3],[14],[15] | 0.09% | [2],[3],[4],[5],[11] | 0% | [6],[10] | 0.12% | [3],[14],[15] | |
Investment, Identifier [Axis]: Donuts, Inc. | |||||||||
Variable interest rate | 6% | [3],[13],[14] | 6% | 6% | [3],[13],[14] | ||||
Interest Rate | 11.57% | [3],[13],[14] | 7% | 11.57% | [3],[13],[14] | ||||
Par Amount | $ 24,918,000 | [3],[13],[14] | $ 18,563,000 | ||||||
Cost | 24,669,000 | [3],[13],[14] | 18,237,000 | ||||||
Fair Value | $ 24,819,000 | [3],[13],[14] | $ 18,563,000 | ||||||
Percentage of Net Assets | 1.68% | [3],[13],[14] | 1.56% | 1.68% | [3],[13],[14] | ||||
Unused Fee Rate | 0.25% | ||||||||
Unfunded Commitment | $ 3,166,000 | ||||||||
Fair Value | $ (80,000) | ||||||||
Investment, Identifier [Axis]: Donuts, Inc. 1 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 10.43% | ||||||||
Par Amount | $ 18,375,000 | ||||||||
Cost | 18,108,000 | ||||||||
Fair Value | $ 17,910,000 | ||||||||
Percentage of Net Assets | 1.28% | ||||||||
Investment, Identifier [Axis]: Donuts, Inc. 2 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 10.43% | ||||||||
Par Amount | $ 6,735,000 | ||||||||
Cost | 6,735,000 | ||||||||
Fair Value | $ 6,565,000 | ||||||||
Percentage of Net Assets | 0.47% | ||||||||
Investment, Identifier [Axis]: Donuts, Inc. 3 | |||||||||
Variable interest rate | [15] | 6% | |||||||
Interest Rate | [15] | 10.43% | |||||||
Fair Value | [15] | $ (80,000) | |||||||
Percentage of Net Assets | [15] | (0.01%) | |||||||
Investment, Identifier [Axis]: Dwyer Instruments, Inc. 1 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 6% | [4] | 5.75% | [14] | ||
Interest Rate | [18] | 11.33% | [14] | 10.73% | [4],[7] | 11.33% | [14] | ||
Par Amount | [18] | $ 7,998,000 | [14] | $ 8,059,000 | [4] | ||||
Cost | [18] | 7,871,000 | [14] | 7,911,000 | [4],[9] | ||||
Fair Value | [18] | $ 7,820,000 | [14] | $ 7,694,000 | [4] | ||||
Percentage of Net Assets | [18] | 0.53% | [14] | 0.55% | [4] | 0.53% | [14] | ||
Unused Fee Rate | 0.50% | 1% | |||||||
Unfunded Commitment | $ 2,028,000 | $ 2,028,000 | |||||||
Fair Value | $ (45,000) | $ (92,000) | |||||||
Investment, Identifier [Axis]: Dwyer Instruments, Inc. 2 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 6% | [4],[12] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.33% | [14],[15] | 10.73% | [4],[7],[12] | 11.33% | [14],[15] | ||
Cost | [18] | $ (15,000) | [14],[15] | $ (18,000) | [4],[9],[12] | ||||
Fair Value | [18] | $ (45,000) | [14],[15] | $ (92,000) | [4],[12] | ||||
Percentage of Net Assets | [4],[12],[18] | (0.01%) | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 754,000 | $ 855,000 | |||||||
Fair Value | $ (17,000) | $ (39,000) | |||||||
Investment, Identifier [Axis]: Dwyer Instruments, Inc. 3 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 6% | [4],[12] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.33% | [14],[15] | 10.73% | [4],[7],[12] | 11.33% | [14],[15] | ||
Par Amount | [18] | $ 260,000 | [14],[15] | $ 158,000 | [4],[12] | ||||
Cost | [18] | 245,000 | [14],[15] | 140,000 | [4],[9],[12] | ||||
Fair Value | [18] | $ 237,000 | [14],[15] | $ 113,000 | [4],[12] | ||||
Percentage of Net Assets | [18] | 0.02% | [14],[15] | 0.01% | [4],[12] | 0.02% | [14],[15] | ||
Investment, Identifier [Axis]: E-Discovery AcquireCo, LLC | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,618,000 | ||||||||
Fair Value | $ (40,000) | ||||||||
Investment, Identifier [Axis]: E-Discovery AcquireCo, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[27] | 11.90% | 11.90% | ||||||
Par Amount | [3],[14] | $ 17,795,000 | |||||||
Cost | [3],[14],[20] | 17,355,000 | |||||||
Fair Value | [3],[14] | $ 17,355,000 | |||||||
Percentage of Net Assets | [3],[14] | 1.17% | 1.17% | ||||||
Investment, Identifier [Axis]: E-Discovery AcquireCo, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15],[27] | 11.90% | 11.90% | ||||||
Cost | [3],[14],[15],[20] | $ (40,000) | |||||||
Fair Value | [3],[14],[15] | (40,000) | |||||||
Investment, Identifier [Axis]: Electrical Source Holdings LLC 1 | |||||||||
Variable interest rate | 5.50% | ||||||||
Interest Rate | 6.25% | ||||||||
Par Amount | $ 29,550,000 | ||||||||
Cost | 29,330,000 | ||||||||
Fair Value | $ 29,550,000 | ||||||||
Percentage of Net Assets | 2.49% | ||||||||
Investment, Identifier [Axis]: Electrical Source Holdings LLC 2 | |||||||||
Variable interest rate | 5.50% | ||||||||
Interest Rate | 6.25% | ||||||||
Par Amount | $ 6,538,000 | ||||||||
Cost | 6,449,000 | ||||||||
Fair Value | $ 6,538,000 | ||||||||
Percentage of Net Assets | 0.55% | ||||||||
Investment, Identifier [Axis]: Electrical Source Holdings LLC 3 | |||||||||
Variable interest rate | 5.50% | ||||||||
Interest Rate | 6.25% | ||||||||
Par Amount | $ 197,000 | ||||||||
Cost | 179,000 | ||||||||
Fair Value | $ 197,000 | ||||||||
Percentage of Net Assets | 0.02% | ||||||||
Investment, Identifier [Axis]: Electrical Source Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 896,000 | ||||||||
Investment, Identifier [Axis]: Encore Holdings, LLC | |||||||||
Par Amount | 2,796,000 | [14],[23] | $ 2,391,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 2,391 | [5],[25] | 2,391,000 | ||||||
Cost | 348,000 | [14],[20],[23] | $ 275,000 | [1],[4],[5],[24],[25] | $ 275,000 | ||||
Fair Value | $ 660,000 | [14],[23] | $ 449,000 | [4],[5],[24],[25] | $ 275,000 | ||||
Percentage of Net Assets | 0.04% | [14],[23] | 0.03% | [4],[5],[24],[25] | 0.02% | 0.04% | [14],[23] | ||
Investment, Identifier [Axis]: Encore Holdings, LLC 1 | |||||||||
Variable interest rate | 4.50% | [4],[18] | 4.50% | [4],[5],[18],[19] | 4.50% | [6],[19] | 4.50% | [4],[18] | |
Interest Rate | 9.99% | [4],[18] | 9.23% | [4],[5],[7],[18],[19] | 5.25% | [6],[8],[19] | 9.99% | [4],[18] | |
Par Amount | $ 1,835,000 | [4],[18] | $ 1,850,000 | [4],[5],[18],[19] | $ 1,868,000 | [6],[19] | |||
Cost | 1,810,000 | [4],[18] | 1,821,000 | [4],[5],[9],[18],[19] | 1,836,000 | [1],[6],[19] | |||
Fair Value | $ 1,835,000 | [4],[18] | $ 1,806,000 | [4],[5],[18],[19] | $ 1,836,000 | [6],[19] | |||
Percentage of Net Assets | 0.12% | [4],[18] | 0.13% | [4],[5],[18],[19] | 0.15% | [6],[19] | 0.12% | [4],[18] | |
Unused Fee Rate | 0.75% | 0.75% | 0.75% | ||||||
Unfunded Commitment | $ 1,268,000 | $ 1,469,000 | $ 3,081,000 | ||||||
Fair Value | $ (35,000) | $ (30,000) | |||||||
Investment, Identifier [Axis]: Encore Holdings, LLC 2 | |||||||||
Variable interest rate | 4.50% | [2],[4],[18] | 4.50% | [4],[5],[11],[12],[18],[19] | 4.50% | [6],[10],[19] | 4.50% | [2],[4],[18] | |
Interest Rate | 9.99% | [2],[4],[18] | 9.23% | [4],[5],[7],[11],[12],[18],[19] | 5.25% | [6],[8],[10],[19] | 9.99% | [2],[4],[18] | |
Par Amount | $ 2,298,000 | [2],[4],[18] | $ 2,118,000 | [4],[5],[11],[12],[18],[19] | $ 512,000 | [6],[10],[19] | |||
Cost | 2,247,000 | [2],[4],[18] | 2,074,000 | [4],[5],[9],[11],[12],[18],[19] | 477,000 | [1],[6],[10],[19] | |||
Fair Value | $ 2,298,000 | [2],[4],[18] | $ 2,034,000 | [4],[5],[11],[12],[18],[19] | $ 477,000 | [6],[10],[19] | |||
Percentage of Net Assets | 0.16% | [2],[4],[18] | 0.15% | [4],[5],[11],[12],[18],[19] | 0.04% | [6],[10],[19] | 0.16% | [2],[4],[18] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 539,000 | $ 539,000 | $ 539,000 | ||||||
Fair Value | $ (13,000) | $ (9,000) | |||||||
Investment, Identifier [Axis]: Encore Holdings, LLC 3 | |||||||||
Variable interest rate | 4.50% | [2],[4],[18] | 4.50% | [4],[5],[11],[12],[18],[19] | 4.50% | [6],[10],[19] | 4.50% | [2],[4],[18] | |
Interest Rate | 9.99% | [2],[4],[18] | 9.23% | [4],[5],[7],[11],[12],[18],[19] | 5.25% | [6],[8],[10],[19] | 9.99% | [2],[4],[18] | |
Cost | $ (6,000) | [2],[4],[18] | $ (8,000) | [4],[5],[9],[11],[12],[18],[19] | $ (9,000) | [1],[6],[10],[19] | |||
Fair Value | [19] | $ (13,000) | [4],[5],[11],[12],[18] | $ (9,000) | [6],[10] | ||||
Percentage of Net Assets | [19] | 0% | [5],[11] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: Energy Labs Holdings Corp. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 33,000 | ||||||||
Investment, Identifier [Axis]: Energy Labs Holdings Corp. 1 | |||||||||
Variable interest rate | [3] | 5.25% | [4] | 5.25% | [5],[14] | 5.25% | [4] | ||
Interest Rate | [3] | 10.68% | [4] | 9.57% | [5],[14],[22] | 10.68% | [4] | ||
Par Amount | [3] | $ 385,000 | [4] | $ 388,000 | [14] | ||||
Par Amount, Shares (in shares) | shares | [5] | 388 | |||||||
Cost | [3] | 380,000 | [4] | $ 382,000 | [1],[5],[14] | ||||
Fair Value | [3] | $ 379,000 | [4] | $ 376,000 | [5],[14] | ||||
Percentage of Net Assets | [3] | 0.03% | [4] | 0.03% | [5],[14] | 0.03% | [4] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 47,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Energy Labs Holdings Corp. 2 | |||||||||
Variable interest rate | [3] | 5.25% | [4] | 5.25% | [5],[11],[14],[15] | 5.25% | [4] | ||
Interest Rate | [3] | 10.68% | [4] | 9.57% | [5],[11],[14],[15],[22] | 10.68% | [4] | ||
Par Amount | [3],[4] | $ 37,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11] | 0 | |||||||
Cost | 36,000 | [3],[4] | $ 0 | [1],[5],[11] | |||||
Fair Value | [3] | $ 36,000 | [4] | $ (2,000) | [5],[11],[14],[15] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 45,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Energy Labs Holdings Corp. 3 | |||||||||
Variable interest rate | [3] | 5.25% | [2],[4] | 5.25% | [5],[11],[14],[15] | 5.25% | [2],[4] | ||
Interest Rate | [3] | 10.68% | [2],[4] | 9.57% | [5],[11],[14],[15],[22] | 10.68% | [2],[4] | ||
Par Amount | [3] | $ 30,000 | [2],[4] | $ 18,000 | [14],[15] | ||||
Par Amount, Shares (in shares) | shares | [5],[11] | 18 | |||||||
Cost | [3] | 29,000 | [2],[4] | $ 17,000 | [1],[5],[11],[14],[15] | ||||
Fair Value | [3] | $ 29,000 | [2],[4] | $ 16,000 | [5],[11],[14],[15] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp. 1 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | [5],[19] | 5.75% | [14],[18] | |||
Interest Rate | 11.22% | [14],[18] | 10.12% | [5],[19],[22] | 11.22% | [14],[18] | |||
Par Amount | $ 1,458,000 | [14],[18] | $ 1,378,000 | [5],[19] | |||||
Cost | 1,433,000 | [14],[18] | 1,351,000 | [1],[5],[19] | |||||
Fair Value | $ 1,440,000 | [14],[18] | $ 1,311,000 | [5],[19] | |||||
Percentage of Net Assets | 0.10% | [14],[18] | 0.09% | [5],[19] | 0.10% | [14],[18] | |||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 170,000 | $ 262,000 | |||||||
Fair Value | $ (2,000) | $ (13,000) | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp. 2 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | [5],[19] | 5.75% | [14],[18] | |||
Interest Rate | 9.54% | [14],[18] | 7.55% | [5],[19],[22] | 9.54% | [14],[18] | |||
Par Amount | $ 240,000 | [14],[18] | $ 242,000 | [5],[19] | |||||
Cost | 244,000 | [14],[18] | 245,000 | [1],[5],[19] | |||||
Fair Value | $ 251,000 | [14],[18] | $ 246,000 | [5],[19] | |||||
Percentage of Net Assets | 0.02% | [14],[18] | 0.02% | [5],[19] | 0.02% | [14],[18] | |||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 53,000 | $ 57,000 | |||||||
Fair Value | $ (1,000) | $ (3,000) | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp. 3 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | [5],[11],[19] | 5.75% | [14],[18] | ||
Interest Rate | [15] | 11.22% | [14],[18] | 10.12% | [5],[11],[19],[22] | 11.22% | [14],[18] | ||
Cost | [15] | $ (2,000) | [14],[18] | $ (2,000) | [1],[5],[11],[19] | ||||
Fair Value | [15] | $ (2,000) | [14],[18] | $ (13,000) | [5],[11],[19] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp. 4 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | [5],[11],[19] | 5.75% | [14],[18] | ||
Interest Rate | [15] | 11.22% | [14],[18] | 10.12% | [5],[11],[19],[22] | 11.22% | [14],[18] | ||
Par Amount | [15] | $ 78,000 | [14],[18] | $ 74,000 | [5],[11],[19] | ||||
Cost | [15] | 75,000 | [14],[18] | 72,000 | [1],[5],[11],[19] | ||||
Fair Value | [15] | $ 76,000 | [14],[18] | $ 68,000 | [5],[11],[19] | ||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[11],[19] | 0.01% | [14],[15],[18] | |||
Investment, Identifier [Axis]: FLS Holding, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,802,000 | $ 1,802,000 | |||||||
Fair Value | $ (22,000) | $ (29,000) | |||||||
Investment, Identifier [Axis]: FLS Holding, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [3],[4],[28] | 5.25% | [3],[4],[5],[30] | 5.25% | [6],[31] | 5.25% | [3],[4],[28] | |
Interest Rate | 10.79% | [3],[4],[28] | 10.40% | [3],[4],[5],[7],[30] | 6.25% | [6],[8],[31] | 10.79% | [3],[4],[28] | |
Par Amount | $ 19,073,000 | [3],[4],[28] | $ 20,727,000 | [3],[4],[5],[30] | $ 28,750,000 | [6],[31] | |||
Cost | 18,769,000 | [3],[4],[28] | 20,361,000 | [3],[4],[5],[9],[30] | 28,178,000 | [1],[6],[31] | |||
Fair Value | $ 18,844,000 | [3],[4],[28] | $ 20,389,000 | [3],[4],[5],[30] | $ 28,178,000 | [6],[31] | |||
Percentage of Net Assets | 1.27% | [3],[4],[28] | 1.46% | [3],[4],[5],[30] | 2.37% | [6],[31] | 1.27% | [3],[4],[28] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 6,250,000 | ||||||||
Fair Value | $ (62,000) | ||||||||
Investment, Identifier [Axis]: FLS Holding, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [3],[4],[28] | 5.25% | [3],[4],[5],[30] | 5.25% | [6],[10],[31] | 5.25% | [3],[4],[28] | |
Interest Rate | 10.79% | [3],[4],[28] | 10.40% | [3],[4],[5],[7],[30] | 6.25% | [6],[8],[10],[31] | 10.79% | [3],[4],[28] | |
Par Amount | [3],[4] | $ 4,472,000 | [28] | $ 4,506,000 | [5],[30] | ||||
Cost | 4,398,000 | [3],[4],[28] | 4,424,000 | [3],[4],[5],[9],[30] | $ (62,000) | [1],[6],[10],[31] | |||
Fair Value | $ 4,418,000 | [3],[4],[28] | $ 4,432,000 | [3],[4],[5],[30] | $ (62,000) | [6],[10],[31] | |||
Percentage of Net Assets | 0.30% | [3],[4],[28] | 0.32% | [3],[4],[5],[30] | (0.01%) | [6],[10],[31] | 0.30% | [3],[4],[28] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,500,000 | ||||||||
Fair Value | $ (50,000) | ||||||||
Investment, Identifier [Axis]: FLS Holding, Inc. 3 | |||||||||
Variable interest rate | 5.25% | [2],[3],[4],[28] | 5.25% | [3],[4],[5],[11],[12],[30] | 5.25% | [6],[10],[31] | 5.25% | [2],[3],[4],[28] | |
Interest Rate | 10.79% | [2],[3],[4],[28] | 10.40% | [3],[4],[5],[7],[11],[12],[30] | 6.25% | [6],[8],[10],[31] | 10.79% | [2],[3],[4],[28] | |
Cost | $ (25,000) | [2],[3],[4],[28] | $ (30,000) | [3],[4],[5],[9],[11],[12],[30] | $ (50,000) | [1],[6],[10],[31] | |||
Fair Value | $ (22,000) | [2],[3],[4],[28] | $ (29,000) | [3],[4],[5],[11],[12],[30] | $ (50,000) | [6],[10],[31] | |||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10],[31] | |||||
Investment, Identifier [Axis]: FMG Suite Holdings, LLC | |||||||||
Unused Fee Rate | 0.38% | 0.50% | |||||||
Unfunded Commitment | $ 1,426,000 | $ 2,074,000 | |||||||
Fair Value | $ (16,000) | $ (44,000) | |||||||
Investment, Identifier [Axis]: FMG Suite Holdings, LLC 1 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 5.50% | [5] | 5.50% | 5.50% | [3],[14] | ||
Interest Rate | 10.71% | [3],[14] | 9.34% | [5] | 6.50% | 10.71% | [3],[14] | ||
Par Amount | $ 23,587,000 | [3],[14] | $ 24,060,000 | [5] | $ 22,253,000 | ||||
Cost | 23,255,000 | [3],[14] | 23,699,000 | [5] | 21,854,000 | ||||
Fair Value | $ 23,288,000 | [3],[14] | $ 23,546,000 | [5] | $ 22,171,000 | ||||
Percentage of Net Assets | 1.57% | [3],[14] | 1.69% | [5] | 1.87% | 1.57% | [3],[14] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 5,250,000 | ||||||||
Fair Value | $ (19,000) | ||||||||
Investment, Identifier [Axis]: FMG Suite Holdings, LLC 2 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 5.50% | [5] | 5.50% | 5.50% | [3],[14] | ||
Interest Rate | 10.71% | [3],[14] | 9.34% | [5] | 6.50% | 10.71% | [3],[14] | ||
Par Amount | $ 4,580,000 | [3],[14] | $ 5,224,000 | [5] | |||||
Cost | 4,529,000 | [3],[14] | 5,151,000 | [5] | $ (92,000) | ||||
Fair Value | $ 4,530,000 | [3],[14] | $ 5,112,000 | [5] | $ (19,000) | ||||
Percentage of Net Assets | 0.31% | [3],[14] | 0.37% | [5] | 0% | 0.31% | [3],[14] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,625,000 | ||||||||
Fair Value | $ (10,000) | ||||||||
Investment, Identifier [Axis]: FMG Suite Holdings, LLC 3 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | [5],[11],[15] | 5.50% | 5.50% | [3],[14],[15] | ||
Interest Rate | 10.71% | [3],[14],[15] | 9.34% | [5],[11],[15] | 6.50% | 10.71% | [3],[14],[15] | ||
Par Amount | [15] | $ 893,000 | [3],[14] | $ 551,000 | [5],[11] | ||||
Cost | 867,000 | [3],[14],[15] | 515,000 | [5],[11],[15] | $ (46,000) | ||||
Fair Value | $ 867,000 | [3],[14],[15] | $ 495,000 | [5],[11],[15] | $ (10,000) | ||||
Percentage of Net Assets | 0.06% | [3],[14],[15] | 0.04% | [5],[11],[15] | 0% | 0.06% | [3],[14],[15] | ||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC | |||||||||
Variable interest rate | [14],[23] | 12.25% | 12.25% | ||||||
Interest Rate | [4],[5],[24],[25] | 12.25% | |||||||
Par Amount | $ 1,000,000,000 | [14],[23] | $ 1,000,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | [5],[25] | 1,000,000 | |||||||
Cost | 1,143,000 | [14],[20],[23] | $ 1,041,000 | [1],[4],[5],[24],[25] | |||||
Fair Value | $ 970,000 | [14],[23] | $ 1,024,000 | [4],[5],[24],[25] | |||||
Percentage of Net Assets | 0.07% | [14],[23] | 0.07% | [4],[5],[24],[25] | 0.07% | [14],[23] | |||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 1 | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [5],[19] | 5.50% | [6],[19] | 5.50% | [14],[18] | |
Interest Rate | 11.04% | [14],[18] | 9.73% | [5],[19] | 6.25% | [6],[8],[19] | 11.04% | [14],[18] | |
Par Amount | $ 26,776,000 | [14],[18] | $ 26,980,000 | [5],[19] | $ 19,430,000 | [6],[19] | |||
Cost | 26,358,000 | [14],[18] | 26,513,000 | [5],[19] | 19,051,000 | [1],[6],[19] | |||
Fair Value | $ 26,744,000 | [14],[18] | $ 26,101,000 | [5],[19] | $ 19,051,000 | [6],[19] | |||
Percentage of Net Assets | 1.81% | [14],[18] | 1.87% | [5],[19] | 1.60% | [6],[19] | 1.81% | [14],[18] | |
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 936,000 | $ 7,871,000 | |||||||
Fair Value | $ (1,000) | $ (76,000) | |||||||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 2 | |||||||||
Variable interest rate | 5.50% | [14],[15],[18] | 5.50% | [5],[11],[19] | 5.50% | [6],[10],[19] | 5.50% | [14],[15],[18] | |
Interest Rate | 11.04% | [14],[15],[18] | 9.73% | [5],[11],[19] | 6.25% | [6],[8],[10],[19] | 11.04% | [14],[15],[18] | |
Par Amount | [14],[15],[18] | $ 76,000 | |||||||
Cost | 74,000 | [14],[15],[18] | $ (2,000) | [5],[11],[19] | $ (76,000) | [1],[6],[10],[19] | |||
Fair Value | $ 76,000 | [14],[15],[18] | $ (3,000) | [5],[11],[19] | $ (76,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[11],[19] | (0.01%) | [6],[10],[19] | 0.01% | [14],[15],[18] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,699,000 | $ 2,699,000 | |||||||
Fair Value | $ (3,000) | $ (52,000) | |||||||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 3 | |||||||||
Variable interest rate | 5.50% | [14],[15],[18] | 5.50% | [5],[11],[19] | 5.50% | [6],[10],[19] | 5.50% | [14],[15],[18] | |
Interest Rate | 11.04% | [14],[15],[18] | 9.73% | [5],[11],[19] | 6.25% | [6],[8],[10],[19] | 11.04% | [14],[15],[18] | |
Par Amount | [14],[15],[18] | $ 64,000 | |||||||
Cost | 58,000 | [14],[15],[18] | $ (7,000) | [5],[11],[19] | $ (52,000) | [1],[6],[10],[19] | |||
Fair Value | $ 63,000 | [14],[15],[18] | $ (33,000) | [5],[11],[19] | $ (52,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 0% | [5],[11] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: FORTIS Solutions Group, LLC 4 | |||||||||
Variable interest rate | 5.50% | [14],[15],[18] | 5.50% | [5],[11],[19] | 5.50% | [14],[15],[18] | |||
Interest Rate | 11.04% | [14],[15],[18] | 9.73% | [5],[11],[19] | 11.04% | [14],[15],[18] | |||
Par Amount | [5],[11],[19] | $ 360,000 | |||||||
Cost | $ (36,000) | [14],[15],[18] | 317,000 | [5],[11],[19] | |||||
Fair Value | $ (3,000) | [14],[15],[18] | $ 272,000 | [5],[11],[19] | |||||
Percentage of Net Assets | [5],[11],[19] | 0.02% | |||||||
Investment, Identifier [Axis]: FPG Intermediate Holdco, LLC | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4],[5] | 6.50% | [14] | ||
Interest Rate | [3] | 12.07% | [14] | 10.92% | [4],[5],[7] | 12.07% | [14] | ||
Par Amount | [3] | $ 420,000 | [14] | $ 497,000 | [4],[5] | ||||
Cost | [3] | 413,000 | [14] | 488,000 | [4],[5],[9] | ||||
Fair Value | [3] | $ 411,000 | [14] | $ 472,000 | [4],[5] | ||||
Percentage of Net Assets | [3] | 0.03% | [14] | 0.03% | [4],[5] | 0.03% | [14] | ||
Investment, Identifier [Axis]: Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) | |||||||||
Variable interest rate | [5],[32] | 16.25% | |||||||
Par Amount | $ 1,500,000 | [14],[33] | $ 1,500,000 | [4],[5],[32],[34] | $ 1,800,000 | [6],[35] | |||
Cost | 1,500,000 | [14],[20],[33] | 1,500,000 | [1],[4],[5],[32],[34] | 1,777,000 | [1],[6],[35] | |||
Fair Value | $ 125,000 | [14],[33] | $ 372,000 | [4],[5],[32],[34] | $ 1,350,000 | [6],[35] | |||
Interest rate, PIK | 16.25% | [14],[33] | 16.25% | [4],[34] | 16.25% | [6],[35] | 16.25% | [14],[33] | |
Percentage of Net Assets | 0.01% | [14],[33] | 0.03% | [4],[5],[32],[34] | 0.11% | [6],[35] | 0.01% | [14],[33] | |
Investment, Identifier [Axis]: Fetch Insurance Services, LLC | |||||||||
Variable interest rate | [14] | 12.75% | 12.75% | ||||||
Par Amount | [14] | $ 1,935,000 | |||||||
Cost | [14],[20] | 1,886,000 | |||||||
Fair Value | [14] | $ 1,877,000 | |||||||
Interest rate, PIK | [14] | 3.75% | 3.75% | ||||||
Percentage of Net Assets | [14] | 0.13% | 0.13% | ||||||
Investment, Identifier [Axis]: Fetch Insurance Services, LLC (Fetch) | |||||||||
Variable interest rate | [5] | 12.75% | |||||||
Interest Rate | [4] | 12.75% | |||||||
Par Amount | [4],[5] | $ 1,881,000 | |||||||
Cost | [1],[4],[5] | 1,826,000 | |||||||
Fair Value | [4],[5] | $ 1,826,000 | |||||||
Interest rate, PIK | [5] | 3.75% | |||||||
Percentage of Net Assets | [4],[5] | 0.13% | |||||||
Investment, Identifier [Axis]: Flexera Software, LLC | |||||||||
Variable interest rate | 7% | [3],[14] | 7% | [3],[4],[5] | 7% | [6] | 7% | [3],[14] | |
Interest Rate | 12.43% | [3],[14],[27] | 11.39% | [3],[4],[5],[22] | 8% | [6],[8] | 12.43% | [3],[14],[27] | |
Par Amount | $ 13,500,000 | [3],[14] | $ 13,500,000 | [3],[4],[5] | $ 13,500,000 | [6] | |||
Cost | 13,296,000 | [3],[14],[20] | 13,277,000 | [1],[3],[4],[5] | 13,251,000 | [1],[6] | |||
Fair Value | $ 13,469,000 | [3],[14] | $ 12,584,000 | [3],[4],[5] | $ 13,500,000 | [6] | |||
Percentage of Net Assets | 0.91% | [3],[14] | 0.90% | [3],[4],[5] | 1.14% | [6] | 0.91% | [3],[14] | |
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 1 | |||||||||
Variable interest rate | [4],[18] | 5.50% | |||||||
Interest Rate | [4],[7],[18] | 9.73% | |||||||
Par Amount | [4],[18] | $ 26,980,000 | |||||||
Cost | [4],[9],[18] | 26,513,000 | |||||||
Fair Value | [4],[18] | $ 26,101,000 | |||||||
Percentage of Net Assets | [4],[18] | 1.87% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 76,000 | ||||||||
Fair Value | $ (2,000) | ||||||||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 2 | |||||||||
Variable interest rate | [4],[12],[18] | 5.50% | |||||||
Interest Rate | [4],[7],[12],[18] | 9.73% | |||||||
Cost | [4],[9],[12],[18] | $ (2,000) | |||||||
Fair Value | [4],[12],[18] | $ (3,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,000,000 | ||||||||
Fair Value | $ (33,000) | ||||||||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 3 | |||||||||
Variable interest rate | [4],[12],[18] | 5.50% | |||||||
Interest Rate | [4],[7],[12],[18] | 9.73% | |||||||
Cost | [4],[9],[12],[18] | $ (7,000) | |||||||
Fair Value | [4],[12],[18] | $ (33,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,339,000 | ||||||||
Fair Value | $ (76,000) | ||||||||
Investment, Identifier [Axis]: Fortis Solutions Group, LLC 4 | |||||||||
Variable interest rate | [4],[12],[18] | 5.50% | |||||||
Interest Rate | [4],[7],[12],[18] | 9.73% | |||||||
Par Amount | [4],[12],[18] | $ 360,000 | |||||||
Cost | [4],[9],[12],[18] | 317,000 | |||||||
Fair Value | [4],[12],[18] | $ 272,000 | |||||||
Percentage of Net Assets | [4],[12],[18] | 0.02% | |||||||
Investment, Identifier [Axis]: Foundation Risk Partners Corp. | |||||||||
Unused Fee Rate | 0.38% | 0.38% | |||||||
Unfunded Commitment | $ 4,571,000 | $ 2,689,000 | |||||||
Fair Value | $ (246,000) | $ (47,000) | |||||||
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 1 | |||||||||
Variable interest rate | 6% | [14],[18] | 6% | [5],[19] | 5.75% | 6% | [14],[18] | ||
Interest Rate | 11.49% | [14],[18] | 10.68% | [5],[19],[22] | 6.50% | 11.49% | [14],[18] | ||
Par Amount | $ 42,641,000 | [14],[18] | $ 42,966,000 | [5],[19] | $ 43,291,000 | ||||
Cost | 42,141,000 | [14],[18] | 42,408,000 | [1],[5],[19] | 42,654,000 | ||||
Fair Value | $ 40,343,000 | [14],[18] | $ 42,218,000 | [5],[19] | $ 42,654,000 | ||||
Percentage of Net Assets | 2.72% | [14],[18] | 3.02% | [5],[19] | 3.59% | 2.72% | [14],[18] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 4,033,000 | ||||||||
Fair Value | $ (47,000) | ||||||||
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 2 | |||||||||
Variable interest rate | 6% | [14],[18] | 6% | [5],[19] | 5.75% | 6% | [14],[18] | ||
Interest Rate | 11.49% | [14],[18] | 10.68% | [5],[19],[22] | 6.50% | 11.49% | [14],[18] | ||
Par Amount | $ 9,274,000 | [14],[18] | $ 9,345,000 | [5],[19] | $ 5,378,000 | ||||
Cost | 9,165,000 | [14],[18] | 9,222,000 | [1],[5],[19] | 5,269,000 | ||||
Fair Value | $ 8,774,000 | [14],[18] | $ 9,182,000 | [5],[19] | $ 5,269,000 | ||||
Percentage of Net Assets | 0.59% | [14],[18] | 0.66% | [5],[19] | 0.44% | 0.59% | [14],[18] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,571,000 | ||||||||
Fair Value | $ (67,000) | ||||||||
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 3 | |||||||||
Variable interest rate | 6.75% | [14],[15],[18] | 6% | [5],[11],[15],[19] | 5.75% | 6.75% | [14],[15],[18] | ||
Interest Rate | 11.87% | [14],[15],[18] | 10.32% | [5],[11],[15],[19],[22] | 6.50% | 11.87% | [14],[15],[18] | ||
Par Amount | [5],[11],[15],[19] | $ 1,882,000 | |||||||
Cost | $ (47,000) | [14],[15],[18] | 1,827,000 | [1],[5],[11],[15],[19] | $ (67,000) | ||||
Fair Value | $ (246,000) | [14],[15],[18] | $ 1,803,000 | [5],[11],[15],[19] | $ (67,000) | ||||
Percentage of Net Assets | (0.02%) | [14],[15],[18] | 0.13% | [5],[11],[15],[19] | (0.01%) | (0.02%) | [14],[15],[18] | ||
Investment, Identifier [Axis]: Frisbee Holding, LP (Fetch) | |||||||||
Par Amount | [4],[24] | $ 21,744,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[25] | 21,744 | |||||||
Cost | [1],[4],[5],[24],[25] | $ 277,000 | |||||||
Fair Value | [4],[5],[24],[25] | $ 277,000 | |||||||
Percentage of Net Assets | [4],[5],[24],[25] | 0.02% | |||||||
Investment, Identifier [Axis]: Frisbee Holdings, LP (Fetch) | |||||||||
Par Amount | [14],[23] | $ 21,744,000 | |||||||
Cost | [14],[20],[23] | 277,000 | |||||||
Fair Value | [14],[23] | $ 277,000 | |||||||
Percentage of Net Assets | [14],[23] | 0.02% | 0.02% | ||||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc.1 | |||||||||
Variable interest rate | [14],[18] | 6% | 6% | ||||||
Interest Rate | [14],[18] | 11.42% | 11.42% | ||||||
Par Amount | [14],[18] | $ 2,307,000 | |||||||
Cost | [14],[18] | 2,263,000 | |||||||
Fair Value | [14],[18] | $ 2,263,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.15% | 0.15% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 6,707,000 | ||||||||
Fair Value | $ (161,000) | ||||||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc.2 | |||||||||
Variable interest rate | [14],[15],[18] | 6% | 6% | ||||||
Interest Rate | [14],[15],[18] | 11.42% | 11.42% | ||||||
Par Amount | [14],[15],[18] | $ 14,000 | |||||||
Cost | [14],[15],[18] | (148,000) | |||||||
Fair Value | [14],[15],[18] | $ (148,000) | |||||||
Percentage of Net Assets | [14],[15],[18] | (0.01%) | (0.01%) | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 4,000 | ||||||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc.3 | |||||||||
Variable interest rate | [14],[15],[18] | 6% | 6% | ||||||
Interest Rate | [14],[15],[18] | 11.42% | 11.42% | ||||||
Cost | [14],[15],[18] | $ (6,000) | |||||||
Fair Value | [14],[15],[18] | $ (6,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 331,000 | ||||||||
Fair Value | $ (6,000) | ||||||||
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,420,000 | $ 2,420,000 | |||||||
Fair Value | $ (6,000) | $ (58,000) | |||||||
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [3],[4],[5],[13],[16] | 5.75% | [6],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.29% | [3],[13],[14],[27] | 9.91% | [3],[4],[5],[13],[16] | 6.75% | [6],[21] | 11.29% | [3],[13],[14],[27] | |
Par Amount | $ 75,341,000 | [3],[13],[14] | $ 75,927,000 | [3],[4],[5],[13],[16] | $ 69,710,000 | [6],[21] | |||
Cost | 74,944,000 | [3],[13],[14],[20] | 75,432,000 | [3],[4],[5],[13],[16],[20] | 69,108,000 | [6],[21] | |||
Fair Value | $ 75,167,000 | [3],[13],[14] | $ 74,120,000 | [3],[4],[5],[13],[16] | $ 69,361,000 | [6],[21] | |||
Percentage of Net Assets | 5.07% | [3],[13],[14] | 5.30% | [3],[4],[5],[13],[16] | 5.84% | [6],[21] | 5.07% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 10,833,000 | ||||||||
Fair Value | $ (54,000) | ||||||||
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[14] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.29% | [3],[14],[15],[27] | 9.91% | [3],[4],[5],[14] | 6.75% | [6],[10] | 11.29% | [3],[14],[15],[27] | |
Cost | $ (15,000) | [3],[14],[15],[20] | $ (26,000) | [6],[10] | |||||
Fair Value | (6,000) | [3],[14],[15] | $ (54,000) | [6],[10] | |||||
Percentage of Net Assets | 0% | [5] | 0% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,270,000 | ||||||||
Fair Value | $ (6,000) | ||||||||
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 3 | |||||||||
Variable interest rate | 5.75% | [2],[3],[5],[11],[14] | 5.75% | [6],[10] | |||||
Interest Rate | 9.91% | [2],[3],[5],[11],[14] | 6.75% | [6],[10] | |||||
Par Amount | [6],[10] | $ 1,149,000 | |||||||
Cost | $ (19,000) | [2],[3],[5],[11],[14],[20] | 1,125,000 | [6],[10] | |||||
Fair Value | $ (58,000) | [2],[3],[5],[11],[14] | $ 1,137,000 | [6],[10] | |||||
Percentage of Net Assets | 0% | [5],[11] | 0.10% | [6],[10] | |||||
Investment, Identifier [Axis]: GSM Acquisition Corp. | |||||||||
Par Amount, Shares (in shares) | shares | 4,500,000 | ||||||||
Cost | $ 450,000 | ||||||||
Fair Value | $ 1,242,000 | ||||||||
Percentage of Net Assets | 0.10% | ||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,280,000 | ||||||||
Fair Value | (62,000) | ||||||||
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) | |||||||||
Par Amount | 4,500,000 | [14],[23] | $ 4,500,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | [5],[25] | 4,500 | |||||||
Cost | 450,000 | [14],[20],[23] | $ 450,000 | [1],[4],[5],[24],[25] | |||||
Fair Value | $ 665,000 | [14],[23] | $ 916,000 | [4],[5],[24],[25] | |||||
Percentage of Net Assets | 0.04% | [14],[23] | 0.07% | [4],[5],[24],[25] | 0.04% | [14],[23] | |||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 4,280,000 | $ 1,617,000 | |||||||
Fair Value | $ (91,000) | ||||||||
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) 1 | |||||||||
Variable interest rate | 5% | [3],[13],[14] | 5% | [5],[16] | 5% | [6],[21] | 5% | [3],[13],[14] | |
Interest Rate | 10.65% | [3],[13],[14] | 9.84% | [5],[16] | 6% | [6],[21],[22] | 10.65% | [3],[13],[14] | |
Par Amount | $ 17,313,000 | [3],[13],[14] | $ 17,447,000 | [5],[16] | $ 47,701,000 | [6],[21] | |||
Cost | 17,208,000 | [3],[13],[14] | 17,319,000 | [5],[16] | 47,196,000 | [1],[6],[21] | |||
Fair Value | $ 16,944,000 | [3],[13],[14] | $ 17,194,000 | [5],[16] | $ 47,701,000 | [6],[21] | |||
Percentage of Net Assets | 1.14% | [3],[13],[14] | 1.23% | [5],[16] | 4.01% | [6],[21] | 1.14% | [3],[13],[14] | |
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) 2 | |||||||||
Variable interest rate | 5% | [3],[14] | 5% | [5] | 5% | [6],[10] | 5% | [3],[14] | |
Interest Rate | 10.65% | [3],[14] | 9.84% | [5] | 6% | [6],[10],[22] | 10.65% | [3],[14] | |
Par Amount | $ 4,456,000 | [3],[14] | $ 4,490,000 | [5] | $ 7,199,000 | [6],[10] | |||
Cost | 4,420,000 | [3],[14] | 4,446,000 | [5] | 7,096,000 | [1],[6],[10] | |||
Fair Value | $ 4,361,000 | [3],[14] | $ 4,425,000 | [5] | $ 7,199,000 | [6],[10] | |||
Percentage of Net Assets | 0.29% | [3],[14] | 0.32% | [5] | 0.61% | [6],[10] | 0.29% | [3],[14] | |
Investment, Identifier [Axis]: GSM Acquisition Corp. (GSM Outdoors) 3 | |||||||||
Variable interest rate | 5% | [3],[14],[15] | 5% | [5],[11] | 5% | [3],[14],[15] | |||
Interest Rate | 10.65% | [3],[14],[15] | 9.84% | [5],[11] | 10.65% | [3],[14],[15] | |||
Cost | $ (32,000) | [3],[14],[15] | $ (39,000) | [5],[11] | |||||
Fair Value | $ (91,000) | [3],[14],[15] | $ (62,000) | [5],[11] | |||||
Percentage of Net Assets | (0.01%) | [3],[14],[15] | 0% | [5],[11] | (0.01%) | [3],[14],[15] | |||
Investment, Identifier [Axis]: Galway Borrower, LLC 1 | |||||||||
Variable interest rate | 5.25% | [14],[18] | 5.25% | [5],[15],[19] | 5.25% | 5.25% | [14],[18] | ||
Interest Rate | 10.85% | [14],[18] | 9.98% | [5],[15],[19],[22] | 6% | 10.85% | [14],[18] | ||
Par Amount | $ 33,165,000 | [14],[18] | $ 32,271,000 | [5],[15],[19] | $ 26,722,000 | ||||
Cost | 32,654,000 | [14],[18] | 31,721,000 | [1],[5],[15],[19] | 26,203,000 | ||||
Fair Value | $ 32,082,000 | [14],[18] | $ 30,880,000 | [5],[15],[19] | $ 26,260,000 | ||||
Percentage of Net Assets | 2.17% | [14],[18] | 2.21% | [5],[15],[19] | 2.21% | 2.17% | [14],[18] | ||
Unused Fee Rate | 1% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,712,000 | $ 298,000 | $ 4,311,000 | ||||||
Fair Value | $ (24,000) | $ (12,000) | $ (75,000) | ||||||
Investment, Identifier [Axis]: Galway Borrower, LLC 2 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 5.25% | [5],[11],[15],[19] | 5.25% | 5.25% | [14],[15],[18] | ||
Interest Rate | 10.85% | [14],[15],[18] | 9.98% | [5],[11],[15],[19],[22] | 6% | 10.85% | [14],[15],[18] | ||
Par Amount | $ 298,000 | [14],[15],[18] | $ 1,843,000 | ||||||
Cost | 273,000 | [14],[15],[18] | $ (7,000) | [1],[5],[11],[15],[19] | 1,766,000 | ||||
Fair Value | $ 264,000 | [14],[15],[18] | $ (13,000) | [5],[11],[15],[19] | $ 1,736,000 | ||||
Percentage of Net Assets | 0.02% | [14],[15],[18] | 0% | [5],[11],[19] | 0.15% | 0.02% | [14],[15],[18] | ||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 2,053,000 | $ 2,053,000 | $ 2,053,000 | ||||||
Fair Value | $ (68,000) | $ (88,000) | $ (36,000) | ||||||
Investment, Identifier [Axis]: Galway Borrower, LLC 3 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 5.25% | [5],[11],[15],[19] | 5.25% | 5.25% | [14],[15],[18] | ||
Interest Rate | 10.85% | [14],[15],[18] | 9.98% | [5],[11],[15],[19],[22] | 6% | 10.85% | [14],[15],[18] | ||
Cost | $ (27,000) | [14],[15],[18] | $ (32,000) | [1],[5],[11],[15],[19] | $ (39,000) | ||||
Fair Value | $ (68,000) | [14],[15],[18] | $ (88,000) | [5],[11],[15],[19] | $ (35,000) | ||||
Percentage of Net Assets | (0.01%) | [5],[11],[15],[19] | 0% | ||||||
Investment, Identifier [Axis]: Gateway US Holdings, Inc. 1 | |||||||||
Variable interest rate | 6.50% | [14],[18],[28] | 6.50% | [29] | 6.50% | [14],[18],[28] | |||
Interest Rate | 12.04% | [14],[18],[28] | 11.23% | [29] | 12.04% | [14],[18],[28] | |||
Par Amount | $ 752,000 | [14],[18],[28] | $ 750,000 | [29] | |||||
Cost | 746,000 | [14],[18],[28] | 744,000 | [29] | |||||
Fair Value | $ 752,000 | [14],[18],[28] | $ 736,000 | [29] | |||||
Percentage of Net Assets | 0.05% | [14],[18],[28] | 0.05% | [29] | 0.05% | [14],[18],[28] | |||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 6,000 | $ 6,000 | |||||||
Fair Value | $ 0 | ||||||||
Investment, Identifier [Axis]: Gateway US Holdings, Inc. 2 | |||||||||
Variable interest rate | [15] | 6.50% | [14],[18],[28] | 6.50% | [29] | 6.50% | [14],[18],[28] | ||
Interest Rate | [15] | 12.04% | [14],[18],[28] | 11.23% | [29] | 12.04% | [14],[18],[28] | ||
Par Amount | [15] | $ 206,000 | [14],[18],[28] | $ 165,000 | [29] | ||||
Cost | [15] | 204,000 | [14],[18],[28] | 164,000 | [29] | ||||
Fair Value | [15] | $ 206,000 | [14],[18],[28] | $ 162,000 | [29] | ||||
Percentage of Net Assets | [15] | 0.01% | [14],[18],[28] | 0.01% | [29] | 0.01% | [14],[18],[28] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 30,000 | $ 14,000 | |||||||
Fair Value | $ 0 | ||||||||
Investment, Identifier [Axis]: Gateway US Holdings, Inc. 3 | |||||||||
Variable interest rate | [15] | 6.50% | [14],[18],[28] | 6.50% | [29] | 6.50% | [14],[18],[28] | ||
Interest Rate | [15] | 12.04% | [14],[18],[28] | 11.23% | [29] | 12.04% | [14],[18],[28] | ||
Par Amount | [15],[29] | $ 17,000 | |||||||
Cost | [15],[29] | 16,000 | |||||||
Fair Value | [15],[29] | $ 16,000 | |||||||
Percentage of Net Assets | [29] | 0% | |||||||
Investment, Identifier [Axis]: Govbrands Intermediate, Inc. 1 | |||||||||
Variable interest rate | 5.50% | 5.50% | |||||||
Interest Rate | 10.23% | 6.25% | |||||||
Par Amount | $ 39,759,000 | $ 40,162,000 | |||||||
Cost | 38,962,000 | 39,214,000 | |||||||
Fair Value | $ 37,942,000 | $ 39,214,000 | |||||||
Percentage of Net Assets | 2.72% | 3.30% | |||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 4,185,000 | $ 4,185,000 | |||||||
Fair Value | $ (191,000) | $ (83,000) | |||||||
Investment, Identifier [Axis]: Govbrands Intermediate, Inc. 2 | |||||||||
Variable interest rate | 5.50% | [15] | 5.50% | ||||||
Interest Rate | 10.23% | [15] | 6.25% | ||||||
Par Amount | $ 8,969,000 | [15] | $ 9,059,000 | ||||||
Cost | 8,751,000 | [15] | 8,795,000 | ||||||
Fair Value | $ 8,367,000 | [15] | $ 8,795,000 | ||||||
Percentage of Net Assets | 0.60% | [15] | 0.74% | ||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 424,000 | $ 4,237,000 | |||||||
Fair Value | $ (19,000) | $ (99,000) | |||||||
Investment, Identifier [Axis]: Govbrands Intermediate, Inc. 3 | |||||||||
Variable interest rate | 5.50% | [15] | 5.50% | ||||||
Interest Rate | 10.23% | [15] | 6.25% | ||||||
Par Amount | [15] | $ 3,814,000 | |||||||
Cost | 3,733,000 | [15] | $ (99,000) | ||||||
Fair Value | $ 3,620,000 | [15] | $ (99,000) | ||||||
Percentage of Net Assets | 0.26% | [15] | (0.01%) | ||||||
Investment, Identifier [Axis]: GraphPad Software, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 875,000 | $ 1,750,000 | $ 1,750,000 | ||||||
Fair Value | $ (6,000) | $ (58,000) | $ (16,000) | ||||||
Investment, Identifier [Axis]: GraphPad Software, LLC 1 | |||||||||
Variable interest rate | 5.50% | [3],[4],[13] | 5.50% | [3],[4],[5],[16],[17] | 5.50% | [6],[21] | 5.50% | [3],[4],[13] | |
Interest Rate | 10.94% | [3],[4],[13] | 10.39% | [3],[4],[5],[7],[16],[17] | 6.50% | [6],[8],[21] | 10.94% | [3],[4],[13] | |
Par Amount | $ 14,844,000 | [3],[4],[13] | $ 12,066,000 | [3],[4],[5],[16],[17] | $ 15,110,000 | [6],[21] | |||
Cost | 14,746,000 | [3],[4],[13] | 11,974,000 | [3],[4],[5],[9],[16],[17] | 14,971,000 | [1],[6],[21] | |||
Fair Value | $ 14,740,000 | [3],[4],[13] | $ 11,668,000 | [3],[4],[5],[16],[17] | $ 14,971,000 | [6],[21] | |||
Percentage of Net Assets | 0.99% | [3],[4],[13] | 0.84% | [3],[4],[5],[16],[17] | 1.26% | [6],[21] | 0.99% | [3],[4],[13] | |
Investment, Identifier [Axis]: GraphPad Software, LLC 2 | |||||||||
Variable interest rate | 5% | [2],[4] | 5.50% | [3],[4],[5] | 6% | [6],[10] | 5% | [2],[4] | |
Interest Rate | 13.50% | [2],[4] | 10.39% | [3],[4],[5],[7] | 7% | [6],[8],[10] | 13.50% | [2],[4] | |
Par Amount | [4] | $ 875,000 | [2] | $ 2,892,000 | [3],[5] | ||||
Cost | 865,000 | [2],[4] | 2,869,000 | [3],[4],[5],[9] | $ (16,000) | [1],[6],[10] | |||
Fair Value | $ 863,000 | [2],[4] | $ 2,797,000 | [3],[4],[5] | $ (16,000) | [6],[10] | |||
Percentage of Net Assets | 0.06% | [2],[4] | 0.20% | [3],[4],[5] | 0% | [6],[10] | 0.06% | [2],[4] | |
Investment, Identifier [Axis]: GraphPad Software, LLC 3 | |||||||||
Variable interest rate | [3],[4],[5],[11],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[11],[12] | 10.39% | |||||||
Cost | [3],[4],[5],[9],[11],[12] | $ (13,000) | |||||||
Fair Value | [3],[4],[5],[11],[12] | $ (58,000) | |||||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 722,000 | $ 1,181,000 | $ 886,000 | ||||||
Fair Value | $ (8,000) | $ (30,000) | |||||||
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC 1 | |||||||||
Variable interest rate | 4.50% | [3],[13],[14] | 4.75% | [5],[16] | 4.75% | [6],[21] | 4.50% | [3],[13],[14] | |
Interest Rate | 10.06% | [3],[13],[14] | 9.39% | [5],[16] | 5.75% | [6],[21],[22] | 10.06% | [3],[13],[14] | |
Par Amount | $ 8,616,000 | [3],[13],[14] | $ 10,306,000 | [5],[16] | $ 8,771,000 | [6],[21] | |||
Cost | 8,519,000 | [3],[13],[14] | 10,166,000 | [5],[16] | 8,619,000 | [1],[6],[21] | |||
Fair Value | $ 8,520,000 | [3],[13],[14] | $ 10,045,000 | [5],[16] | $ 8,771,000 | [6],[21] | |||
Percentage of Net Assets | 0.58% | [3],[13],[14] | 0.72% | [5],[16] | 0.74% | [6],[21] | 0.58% | [3],[13],[14] | |
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC 2 | |||||||||
Variable interest rate | 4.50% | [3],[13],[14] | 4.75% | [5],[11],[15] | 4.75% | [6],[10] | 4.50% | [3],[13],[14] | |
Interest Rate | 10.06% | [3],[13],[14] | 9.39% | [5],[11],[15] | 5.75% | [6],[10],[22] | 10.06% | [3],[13],[14] | |
Par Amount | $ 1,612,000 | [3],[13],[14] | $ 459,000 | [5],[11],[15] | $ 755,000 | [6],[10] | |||
Cost | 1,596,000 | [3],[13],[14] | 440,000 | [5],[11],[15] | 728,000 | [1],[6],[10] | |||
Fair Value | $ 1,594,000 | [3],[13],[14] | $ 418,000 | [5],[11],[15] | $ 755,000 | [6],[10] | |||
Percentage of Net Assets | 0.11% | [3],[13],[14] | 0.03% | [5],[11],[15] | 0.06% | [6],[10] | 0.11% | [3],[13],[14] | |
Investment, Identifier [Axis]: Ground Penetrating Radar Systems, LLC 3 | |||||||||
Variable interest rate | [3],[14],[15] | 4.50% | 4.50% | ||||||
Interest Rate | [3],[14],[15] | 10.06% | 10.06% | ||||||
Par Amount | [3],[14],[15] | $ 919,000 | |||||||
Cost | [3],[14],[15] | 905,000 | |||||||
Fair Value | [3],[14],[15] | $ 901,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.06% | 0.06% | ||||||
Investment, Identifier [Axis]: Groundworks, LLC 1 | |||||||||
Variable interest rate | [3],[13],[14] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[13],[14] | 11.81% | 11.81% | ||||||
Par Amount | [3],[13],[14] | $ 1,057,000 | |||||||
Cost | [3],[13],[14] | 1,027,000 | |||||||
Fair Value | [3],[13],[14] | $ 1,046,000 | |||||||
Percentage of Net Assets | [3],[13],[14] | 0.07% | 0.07% | ||||||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 137,000 | $ 1,607,000 | |||||||
Fair Value | $ (1,000) | $ 0 | |||||||
Investment, Identifier [Axis]: Groundworks, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15] | 11.81% | 11.81% | ||||||
Par Amount | [3],[14],[15] | $ 56,000 | |||||||
Cost | [3],[14],[15] | 53,000 | |||||||
Fair Value | [3],[14],[15] | $ 54,000 | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 62,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Groundworks, LLC 3 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15] | 11.81% | 11.81% | ||||||
Cost | [3],[14],[15] | $ (2,000) | |||||||
Fair Value | [3],[14],[15] | $ (1,000) | |||||||
Investment, Identifier [Axis]: Gurobi Optimization, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,607,000 | $ 1,607,000 | $ 1,607,000 | ||||||
Investment, Identifier [Axis]: Gurobi Optimization, LLC 1 | |||||||||
Variable interest rate | 4.75% | [3],[13],[14] | 5% | [3],[4],[5],[13],[16] | 5% | [6],[21] | 4.75% | [3],[13],[14] | |
Interest Rate | 10.40% | [3],[13],[14],[27] | 9.38% | [3],[4],[5],[13],[16] | 6% | [6],[8],[21] | 10.40% | [3],[13],[14],[27] | |
Par Amount | $ 12,991,000 | [3],[13],[14] | $ 13,091,000 | [3],[4],[5],[13],[16] | $ 13,226,000 | [6],[21] | |||
Cost | 12,981,000 | [3],[13],[14],[20] | 13,048,000 | [3],[4],[5],[13],[16],[20] | 13,139,000 | [1],[6],[21] | |||
Fair Value | $ 12,991,000 | [3],[13],[14] | $ 13,091,000 | [3],[4],[5],[13],[16] | $ 13,226,000 | [6],[21] | |||
Percentage of Net Assets | 0.88% | [3],[13],[14] | 0.94% | [3],[4],[5],[13],[16] | 1.11% | [6],[21] | 0.88% | [3],[13],[14] | |
Investment, Identifier [Axis]: Gurobi Optimization, LLC 2 | |||||||||
Variable interest rate | 4.75% | [3],[14],[15] | 5% | [2],[3],[4],[5],[11] | 5% | [6],[10] | 4.75% | [3],[14],[15] | |
Interest Rate | 10.40% | [3],[14],[15],[27] | 9.38% | [2],[3],[4],[5],[11] | 6% | [6],[8],[10] | 10.40% | [3],[14],[15],[27] | |
Cost | $ (1,000) | [3],[14],[15],[20] | $ (5,000) | [2],[3],[4],[5],[11],[20] | $ (10,000) | [1],[6],[10] | |||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: Heartland Home Services | |||||||||
Variable interest rate | [14],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[18] | 11.07% | 11.07% | ||||||
Par Amount | [14],[18] | $ 1,950,000 | |||||||
Cost | [14],[18] | 1,940,000 | |||||||
Fair Value | [14],[18] | $ 1,942,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.13% | 0.13% | ||||||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 612,000 | ||||||||
Fair Value | $ (18,000) | ||||||||
Investment, Identifier [Axis]: Heartland Home Services, Inc. | |||||||||
Variable interest rate | [4],[5],[11],[12],[18],[19] | 5.75% | |||||||
Interest Rate | [4],[5],[7],[11],[12],[18],[19] | 10.10% | |||||||
Par Amount | [4],[5],[11],[12],[18],[19] | $ 1,877,000 | |||||||
Cost | [4],[5],[9],[11],[12],[18],[19] | 1,860,000 | |||||||
Fair Value | [4],[5],[11],[12],[18],[19] | $ 1,802,000 | |||||||
Percentage of Net Assets | [4],[5],[11],[12],[18],[19] | 0.13% | |||||||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 612,000 | ||||||||
Fair Value | $ (18,000) | ||||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.75% | ||||||
Unfunded Commitment | $ 375,000 | $ 88,000 | $ 955,000 | ||||||
Fair Value | $ (6,000) | $ (7,000) | $ (7,000) | ||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 1 | |||||||||
Variable interest rate | 4.75% | [3],[14],[15] | 4.75% | 4.75% | [6] | 4.75% | [3],[14],[15] | ||
Interest Rate | 10.17% | [3],[14],[15] | 9.56% | 5.75% | [6],[8] | 10.17% | [3],[14],[15] | ||
Par Amount | $ 1,852,000 | [3],[14],[15] | $ 1,866,000 | $ 1,885,000 | [6] | ||||
Cost | 1,839,000 | [3],[14],[15] | 1,851,000 | 1,866,000 | [1],[6] | ||||
Fair Value | $ 1,824,000 | [3],[14],[15] | $ 1,812,000 | $ 1,866,000 | [6] | ||||
Percentage of Net Assets | 0.12% | [3],[14],[15] | 0.13% | 0.16% | [6] | 0.12% | [3],[14],[15] | ||
Unused Fee Rate | 1% | 0.75% | |||||||
Unfunded Commitment | $ 1,255,000 | $ 3,816,000 | |||||||
Fair Value | $ (36,000) | $ (37,000) | |||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 2 | |||||||||
Variable interest rate | 4.75% | [3],[14] | 4.75% | [15] | 4.75% | [6],[10] | 4.75% | [3],[14] | |
Interest Rate | 10.17% | [3],[14] | 9.56% | [15] | 5.75% | [6],[8],[10] | 10.17% | [3],[14] | |
Par Amount | $ 4,192,000 | [3],[14] | $ 2,969,000 | [15] | $ 424,000 | [6],[10] | |||
Cost | 4,166,000 | [3],[14] | 2,936,000 | [15] | 383,000 | [1],[6],[10] | |||
Fair Value | $ 4,130,000 | [3],[14] | $ 2,847,000 | [15] | $ 383,000 | [6],[10] | |||
Percentage of Net Assets | 0.28% | [3],[14] | 0.20% | [15] | 0.03% | [6],[10] | 0.28% | [3],[14] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 375,000 | $ 375,000 | |||||||
Fair Value | $ (11,000) | $ (4,000) | |||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 3 | |||||||||
Variable interest rate | 4.75% | [3],[14],[15] | 4.75% | [15] | 4.75% | [6],[10] | 4.75% | [3],[14],[15] | |
Interest Rate | 10.17% | [3],[14],[15] | 9.56% | [15] | 5.75% | [6],[8],[10] | 10.17% | [3],[14],[15] | |
Cost | $ (2,000) | [3],[14],[15] | $ (3,000) | [15] | $ (4,000) | [1],[6],[10] | |||
Fair Value | $ (6,000) | [3],[14],[15] | $ (11,000) | [15] | $ (4,000) | [6],[10] | |||
Percentage of Net Assets | 0% | 0% | [6],[10] | ||||||
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 4 | |||||||||
Variable interest rate | 8% | [3],[14] | 8% | [3],[4],[5] | 8% | [6] | 8% | [3],[14] | |
Interest Rate | 13.42% | [3],[14],[27] | 12.81% | [3],[4],[5] | 9% | [6],[8] | 13.42% | [3],[14],[27] | |
Par Amount | $ 3,960,000 | [3],[14] | $ 3,960,000 | [3],[4],[5] | $ 3,960,000 | [6] | |||
Cost | 3,900,000 | [3],[14],[20] | 3,892,000 | [3],[4],[5] | 3,881,000 | [1],[6] | |||
Fair Value | $ 3,869,000 | [3],[14] | $ 3,624,000 | [3],[4],[5] | $ 3,882,000 | [6] | |||
Percentage of Net Assets | 0.26% | [3],[14] | 0.26% | [3],[4],[5] | 0.33% | [6] | 0.26% | [3],[14] | |
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC 5 | |||||||||
Variable interest rate | 8% | [3],[14] | 8% | [2],[3],[4],[5],[11] | 8% | [6],[10] | 8% | [3],[14] | |
Interest Rate | 13.42% | [3],[14],[27] | 12.81% | [2],[3],[4],[5],[11] | 9% | [6],[8],[10] | 13.42% | [3],[14],[27] | |
Par Amount | $ 1,540,000 | [3],[14] | $ 1,452,000 | [2],[3],[4],[5],[11] | $ 585,000 | [6],[10] | |||
Cost | 1,515,000 | [3],[14],[20] | 1,426,000 | [2],[3],[4],[5],[11] | 574,000 | [1],[6],[10] | |||
Fair Value | $ 1,505,000 | [3],[14] | $ 1,322,000 | [2],[3],[4],[5],[11] | $ 574,000 | [6],[10] | |||
Percentage of Net Assets | 0.10% | [3],[14] | 0.09% | [2],[3],[4],[5],[11] | 0.05% | [6],[10] | 0.10% | [3],[14] | |
Investment, Identifier [Axis]: Helios Service Partners, LLC 1 | |||||||||
Variable interest rate | [3],[4] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[4] | 11.88% | 11.88% | ||||||
Par Amount | [3],[4] | $ 6,859,000 | |||||||
Cost | [3],[4] | 6,693,000 | |||||||
Fair Value | [3],[4] | $ 6,693,000 | |||||||
Percentage of Net Assets | [3],[4] | 0.45% | 0.45% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 12,898,000 | ||||||||
Fair Value | $ (155,000) | ||||||||
Investment, Identifier [Axis]: Helios Service Partners, LLC 2 | |||||||||
Variable interest rate | [2],[3],[4] | 6.25% | 6.25% | ||||||
Interest Rate | [2],[3],[4] | 11.88% | 11.88% | ||||||
Cost | [2],[3],[4] | $ (155,000) | |||||||
Fair Value | [2],[3],[4] | $ (155,000) | |||||||
Percentage of Net Assets | [2],[3],[4] | (0.01%) | (0.01%) | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 826,000 | ||||||||
Fair Value | $ (20,000) | ||||||||
Investment, Identifier [Axis]: Helios Service Partners, LLC 3 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.88% | 11.88% | ||||||
Par Amount | [3],[14],[15] | $ 464,000 | |||||||
Cost | [3],[14],[15] | 433,000 | |||||||
Fair Value | [3],[14],[15] | $ 433,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.03% | 0.03% | ||||||
Investment, Identifier [Axis]: Help HP SCF Investor, LP (Help/Systems) | |||||||||
Par Amount | [23],[28] | $ 9,619,564,000 | |||||||
Par Amount, Shares (in shares) | shares | 12,460,000 | ||||||||
Cost | 12,460,000 | [20],[23],[28] | $ 12,460,000 | [1],[24],[25],[29],[30] | $ 13,751,000 | ||||
Fair Value | $ 14,705,000 | [23],[28] | $ 14,732,000 | [24],[25],[29],[30] | $ 1,160 | ||||
Percentage of Net Assets | 0.99% | [23],[28] | 1.05% | [24],[25],[29],[30] | 0% | 0.99% | [23],[28] | ||
Investment, Identifier [Axis]: Help/Systems Holdings, Inc. | |||||||||
Variable interest rate | 6.75% | [18] | 6.75% | [4],[5],[18],[19] | 6.75% | [6],[19] | 6.75% | [18] | |
Interest Rate | 12.35% | [18],[27] | 10.94% | [4],[5],[18],[19],[22] | 7.50% | [6],[8],[19] | 12.35% | [18],[27] | |
Par Amount | $ 17,500,000 | [18] | $ 17,500,000 | [4],[5],[18],[19] | $ 17,500,000 | [6],[19] | |||
Cost | 17,500,000 | [18],[20] | 17,500,000 | [1],[4],[5],[18],[19] | 17,500,000 | [1],[6],[19] | |||
Fair Value | $ 15,050,000 | [18] | $ 16,189,000 | [4],[5],[18],[19] | $ 17,500,000 | [6],[19] | |||
Percentage of Net Assets | 1.02% | [18] | 1.16% | [4],[5],[18],[19] | 1.47% | [6],[19] | 1.02% | [18] | |
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. | |||||||||
Variable interest rate | [5],[16],[19] | 5.25% | |||||||
Interest Rate | [5],[16],[19],[22] | 9.63% | |||||||
Par Amount | [5],[16],[19] | $ 18,482,000 | |||||||
Cost | [1],[5],[16],[19] | 18,287,000 | |||||||
Fair Value | [5],[16],[19] | $ 17,986,000 | |||||||
Percentage of Net Assets | [5],[16],[19] | 1.29% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,754,000 | ||||||||
Fair Value | $ (18,000) | ||||||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. 1 | |||||||||
Variable interest rate | 5.50% | [3],[13],[14] | 5.50% | 5.50% | [3],[13],[14] | ||||
Interest Rate | 10.92% | [3],[13],[14] | 6.25% | 10.92% | [3],[13],[14] | ||||
Par Amount | $ 18,342,000 | [3],[13],[14] | $ 14,558,000 | ||||||
Cost | 18,157,000 | [3],[13],[14] | 14,374,000 | ||||||
Fair Value | $ 18,157,000 | [3],[13],[14] | $ 14,413,000 | ||||||
Percentage of Net Assets | 1.23% | [3],[13],[14] | 1.21% | 1.23% | [3],[13],[14] | ||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. 2 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | 5.50% | [3],[14],[15] | ||||
Interest Rate | 10.92% | [3],[14],[15] | 6.25% | 10.92% | [3],[14],[15] | ||||
Par Amount | $ 4,110,000 | ||||||||
Cost | $ (18,000) | [3],[14],[15] | 4,055,000 | ||||||
Fair Value | $ (18,000) | [3],[14],[15] | $ 4,069,000 | ||||||
Percentage of Net Assets | 0.34% | ||||||||
Investment, Identifier [Axis]: High Street Buyer, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,136,000 | $ 2,136,000 | |||||||
Fair Value | $ (62,000) | ||||||||
Investment, Identifier [Axis]: High Street Buyer, Inc. 1 | |||||||||
Variable interest rate | 6% | [13],[14],[18] | 6% | [5],[16],[19] | 6% | 6% | [13],[14],[18] | ||
Interest Rate | 11.54% | [13],[14],[18] | 10.73% | [5],[16],[19],[22] | 6.75% | 11.54% | [13],[14],[18] | ||
Par Amount | $ 9,916,000 | [13],[14],[18] | $ 9,992,000 | [5],[16],[19] | $ 10,093,000 | ||||
Cost | 9,774,000 | [13],[14],[18] | 9,832,000 | [1],[5],[16],[19] | 9,908,000 | ||||
Fair Value | $ 9,916,000 | [13],[14],[18] | $ 9,702,000 | [5],[16],[19] | $ 10,093,000 | ||||
Percentage of Net Assets | 0.67% | [13],[14],[18] | 0.69% | [5],[16],[19] | 0.85% | 0.67% | [13],[14],[18] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,385,000 | ||||||||
Investment, Identifier [Axis]: High Street Buyer, Inc. 2 | |||||||||
Variable interest rate | 6% | [13],[14],[18] | 6% | [5],[16],[19] | 6% | 6% | [13],[14],[18] | ||
Interest Rate | 11.54% | [13],[14],[18] | 10.73% | [5],[16],[19],[22] | 6.75% | 11.54% | [13],[14],[18] | ||
Par Amount | $ 39,821,000 | [13],[14],[18] | $ 40,125,000 | [5],[16],[19] | $ 37,138,000 | ||||
Cost | 39,232,000 | [13],[14],[18] | 39,459,000 | [1],[5],[16],[19] | 36,402,000 | ||||
Fair Value | $ 39,821,000 | [13],[14],[18] | $ 38,961,000 | [5],[16],[19] | $ 37,138,000 | ||||
Percentage of Net Assets | 2.69% | [13],[14],[18] | 2.79% | [5],[16],[19] | 3.12% | 2.69% | [13],[14],[18] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,136,000 | ||||||||
Investment, Identifier [Axis]: High Street Buyer, Inc. 3 | |||||||||
Variable interest rate | 6% | [14],[15],[18] | 6% | [5],[11],[15],[19] | 6% | 6% | [14],[15],[18] | ||
Interest Rate | 11.54% | [14],[15],[18] | 10.73% | [5],[11],[15],[19],[22] | 6.75% | 11.54% | [14],[15],[18] | ||
Cost | $ (25,000) | [14],[15],[18] | $ (31,000) | [1],[5],[11],[15],[19] | $ (38,000) | ||||
Fair Value | [5],[11],[15],[19] | $ (62,000) | |||||||
Percentage of Net Assets | 0% | [5],[11],[19] | 0% | ||||||
Investment, Identifier [Axis]: Hyland Software, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,879,000 | ||||||||
Fair Value | $ (28,000) | ||||||||
Investment, Identifier [Axis]: Hyland Software, Inc.1 | |||||||||
Variable interest rate | [13],[14],[18] | 6% | 6% | ||||||
Interest Rate | [13],[14],[18] | 11.32% | 11.32% | ||||||
Par Amount | [13],[14],[18] | $ 39,656,000 | |||||||
Cost | [13],[14],[18] | 39,062,000 | |||||||
Fair Value | [13],[14],[18] | $ 39,062,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 2.64% | 2.64% | ||||||
Investment, Identifier [Axis]: Hyland Software, Inc.2 | |||||||||
Variable interest rate | [14],[15],[18] | 6% | 6% | ||||||
Interest Rate | [14],[15],[18] | 11.32% | 11.32% | ||||||
Cost | [14],[15],[18] | $ (28,000) | |||||||
Fair Value | [14],[15],[18] | $ (28,000) | |||||||
Investment, Identifier [Axis]: IQN Holding Corp., dba Beeline | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,545,000 | ||||||||
Investment, Identifier [Axis]: Idera, Inc. | |||||||||
Variable interest rate | 6.75% | [14],[18] | 6.75% | [4],[5],[18],[19] | 6.75% | [6],[19] | 6.75% | [14],[18] | |
Interest Rate | 12.27% | [14],[18],[27] | 10.50% | [4],[5],[18],[19],[22] | 7.50% | [6],[8],[19] | 12.27% | [14],[18],[27] | |
Par Amount | $ 3,887,000 | [14],[18] | $ 3,887,000 | [4],[5],[18],[19] | $ 3,887,000 | [6],[19] | |||
Cost | 3,865,000 | [14],[18],[20] | 3,863,000 | [1],[4],[5],[18],[19] | 3,860,000 | [1],[6],[19] | |||
Fair Value | $ 3,887,000 | [14],[18] | $ 3,642,000 | [4],[5],[18],[19] | $ 3,887,000 | [6],[19] | |||
Percentage of Net Assets | 0.26% | [14],[18] | 0.26% | [4],[5],[18],[19] | 0.33% | [6],[19] | 0.26% | [14],[18] | |
Investment, Identifier [Axis]: Infinite Bidco, LLC | |||||||||
Variable interest rate | [14],[26] | 6.25% | 6.25% | ||||||
Interest Rate | [14],[26] | 11.27% | 11.27% | ||||||
Par Amount | [14],[26] | $ 12,391,000 | |||||||
Cost | [14],[26] | 12,058,000 | |||||||
Fair Value | [14],[26] | $ 12,274,000 | |||||||
Percentage of Net Assets | [14],[26] | 0.83% | 0.83% | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 8,500,000 | $ 8,500,000 | |||||||
Fair Value | $ (269,000) | ||||||||
Investment, Identifier [Axis]: Infinite Bidco, LLC 1 | |||||||||
Variable interest rate | 7% | [26] | 7% | [4],[5],[26],[36] | 7% | [6],[36] | 7% | [26] | |
Interest Rate | 12.43% | [26],[27] | 11.73% | [4],[5],[26],[36] | 7.50% | [6],[8],[36] | 12.43% | [26],[27] | |
Par Amount | $ 25,500,000 | [26] | $ 17,000,000 | [4],[5],[26],[36] | $ 17,000,000 | [6],[36] | |||
Cost | 25,444,000 | [20],[26] | 16,939,000 | [4],[5],[26],[36] | 16,931,000 | [1],[6],[36] | |||
Fair Value | $ 22,121,000 | [26] | $ 16,463,000 | [4],[5],[26],[36] | $ 17,000,000 | [6],[36] | |||
Percentage of Net Assets | 1.49% | [26] | 1.18% | [4],[5],[26],[36] | 1.43% | [6],[36] | 1.49% | [26] | |
Investment, Identifier [Axis]: Infinite Bidco, LLC 2 | |||||||||
Variable interest rate | [36] | 7% | [2],[4],[5],[11],[26] | 7% | [6],[10] | ||||
Interest Rate | [36] | 11.73% | [2],[4],[5],[11],[26] | 7.50% | [6],[8],[10] | ||||
Cost | [1],[6],[10],[36] | $ (19,000) | |||||||
Fair Value | [2],[4],[5],[11],[26],[36] | $ (269,000) | |||||||
Percentage of Net Assets | [36] | (0.02%) | [2],[4],[5],[11],[26] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC | |||||||||
Variable interest rate | [14],[23] | 10.50% | 10.50% | ||||||
Interest Rate | [4],[5],[24],[25] | 10.50% | |||||||
Par Amount | $ 3,250,000,000 | [14],[23] | $ 3,250,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 3,250,000 | [5],[25] | 3,250,000,000 | ||||||
Cost | 3,851,000 | [14],[20],[23] | $ 3,555,000 | [1],[4],[5],[24],[25] | $ 3,185,000 | ||||
Fair Value | $ 3,835,000 | [14],[23] | $ 3,165,000 | [4],[5],[24],[25] | $ 3,185,000 | ||||
Percentage of Net Assets | 0.26% | [14],[23] | 0.23% | [4],[5],[24],[25] | 0.27% | 0.26% | [14],[23] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,056,000 | ||||||||
Fair Value | $ (38,000) | ||||||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 1 | |||||||||
Variable interest rate | 6.05% | [13],[14],[18] | 6.05% | [5],[16],[19] | 5.50% | 6.05% | [13],[14],[18] | ||
Interest Rate | 11.50% | [13],[14],[18] | 10.81% | [5],[16],[19],[22] | 6.25% | 11.50% | [13],[14],[18] | ||
Par Amount | $ 393,000 | [13],[14],[18] | $ 44,059,000 | [5],[16],[19] | $ 58,911,000 | ||||
Cost | 385,000 | [13],[14],[18] | 43,688,000 | [1],[5],[16],[19] | 58,193,000 | ||||
Fair Value | $ 385,000 | [13],[14],[18] | $ 42,808,000 | [5],[16],[19] | $ 58,193,000 | ||||
Percentage of Net Assets | 0.03% | [13],[14],[18] | 3.06% | [5],[16],[19] | 4.90% | 0.03% | [13],[14],[18] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 163,000 | ||||||||
Fair Value | $ (3,000) | ||||||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 2 | |||||||||
Variable interest rate | 6% | [13],[14],[15],[18] | 6.05% | [5],[19] | 5.75% | 6% | [13],[14],[15],[18] | ||
Interest Rate | 11.45% | [13],[14],[15],[18] | 10.81% | [5],[19],[22] | 6.75% | 11.45% | [13],[14],[15],[18] | ||
Par Amount | $ 85,297,000 | [13],[14],[15],[18] | $ 24,599,000 | [5],[19] | $ 24,849,000 | ||||
Cost | 84,589,000 | [13],[14],[15],[18] | 24,373,000 | [1],[5],[19] | 24,545,000 | ||||
Fair Value | $ 83,590,000 | [13],[14],[15],[18] | $ 23,900,000 | [5],[19] | $ 24,545,000 | ||||
Percentage of Net Assets | 5.64% | [13],[14],[15],[18] | 1.71% | [5],[19] | 2.07% | 5.64% | [13],[14],[15],[18] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 52,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 3 | |||||||||
Variable interest rate | 6% | [13],[14],[15],[18] | 6.05% | [5],[19] | 6% | [13],[14],[15],[18] | |||
Interest Rate | 11.45% | [13],[14],[15],[18] | 10.81% | [5],[19],[22] | 11.45% | [13],[14],[15],[18] | |||
Par Amount | $ 99,000 | [13],[14],[15],[18] | $ 17,290,000 | [5],[19] | |||||
Cost | 96,000 | [13],[14],[15],[18] | 17,108,000 | [1],[5],[19] | |||||
Fair Value | $ 94,000 | [13],[14],[15],[18] | $ 16,799,000 | [5],[19] | |||||
Percentage of Net Assets | 0.01% | [13],[14],[15],[18] | 1.20% | [5],[19] | 0.01% | [13],[14],[15],[18] | |||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 4 | |||||||||
Variable interest rate | [14],[15],[18] | 6.50% | 6.50% | ||||||
Interest Rate | [14],[15],[18] | 11.95% | 11.95% | ||||||
Cost | [14],[15],[18] | $ (2,000) | |||||||
Fair Value | [14],[15],[18] | $ (1,000) | |||||||
Investment, Identifier [Axis]: Intelerad Medical Systems Incorporated | |||||||||
Variable interest rate | [29] | 6.50% | |||||||
Interest Rate | [29] | 11.23% | |||||||
Par Amount | [29] | $ 500,000 | |||||||
Cost | [29] | 486,000 | |||||||
Fair Value | [29] | $ 489,000 | |||||||
Percentage of Net Assets | [29] | 0.03% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 10,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Intelerad Medical Systems Incorporated 1 | |||||||||
Variable interest rate | 6.50% | [3],[14],[28] | 5.50% | [6],[21] | 6.50% | [3],[14],[28] | |||
Interest Rate | 12.01% | [3],[14],[28] | 6.50% | [6],[21],[22] | 12.01% | [3],[14],[28] | |||
Par Amount | $ 496,000 | [3],[14],[28] | $ 44,355,000 | [6],[21] | |||||
Cost | 485,000 | [3],[14],[28] | 44,205,000 | [1],[6],[21] | |||||
Fair Value | $ 468,000 | [3],[14],[28] | $ 44,355,000 | [6],[21] | |||||
Percentage of Net Assets | 0.03% | [3],[14],[28] | 3.73% | [6],[21] | 0.03% | [3],[14],[28] | |||
Investment, Identifier [Axis]: Intelerad Medical Systems Incorporated 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15],[28] | 5.50% | [6],[10] | 6.50% | [3],[14],[15],[28] | |||
Interest Rate | 12.01% | [3],[14],[15],[28] | 6.50% | [6],[10],[22] | 12.01% | [3],[14],[15],[28] | |||
Par Amount | [3],[14],[15],[28] | $ 24,000 | |||||||
Cost | 23,000 | [3],[14],[15],[28] | $ (10,000) | [1],[6],[10] | |||||
Fair Value | [3],[14],[15],[28] | $ 22,000 | |||||||
Percentage of Net Assets | [6],[10] | 0% | |||||||
Investment, Identifier [Axis]: Investment One | |||||||||
Interest rate floor | 1% | 1% | 1% | ||||||
Investment, Identifier [Axis]: Investment Three | |||||||||
Interest rate floor | 0.50% | 0.50% | 0.50% | ||||||
Investment, Identifier [Axis]: Investment Two | |||||||||
Interest rate floor | 0.75% | 0.75% | 0.75% | ||||||
Investment, Identifier [Axis]: Jonathan Acquisition Company | |||||||||
Variable interest rate | 5% | [3],[4] | 5% | [3],[4] | 5% | [31] | 5% | [3],[4] | |
Interest Rate | 10.49% | [3],[4],[7] | 9.73% | [3],[4],[7] | 6% | [22],[31] | 10.49% | [3],[4],[7] | |
Par Amount | $ 2,691,000 | [3],[4] | $ 2,712,000 | [3],[4] | $ 2,739,000 | [31] | |||
Cost | 2,645,000 | [3],[4],[20] | 2,656,000 | [3],[4],[20] | 2,671,000 | [1],[31] | |||
Fair Value | $ 2,658,000 | [3],[4] | $ 2,641,000 | [3],[4] | $ 2,671,000 | [31] | |||
Percentage of Net Assets | 0.18% | [3],[4] | 0.19% | [3],[4] | 0.22% | [31] | 0.18% | [3],[4] | |
Investment, Identifier [Axis]: KENG Acquisition, Inc 1 | |||||||||
Variable interest rate | [3],[14] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14] | 11.64% | 11.64% | ||||||
Par Amount | [3],[14] | $ 3,221,000 | |||||||
Cost | [3],[14] | 3,142,000 | |||||||
Fair Value | [3],[14] | $ 3,142,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.21% | 0.21% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 2,040,000 | ||||||||
Fair Value | $ (24,000) | ||||||||
Investment, Identifier [Axis]: KENG Acquisition, Inc 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.64% | 11.64% | ||||||
Par Amount | [3],[14],[15] | $ 400,000 | |||||||
Cost | [3],[14],[15] | 365,000 | |||||||
Fair Value | [3],[14],[15] | $ 371,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.03% | 0.03% | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 781,000 | ||||||||
Fair Value | $ (19,000) | ||||||||
Investment, Identifier [Axis]: KENG Acquisition, Inc 3 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.64% | 11.64% | ||||||
Par Amount | [3],[14],[15] | $ 98,000 | |||||||
Cost | [3],[14],[15] | 76,000 | |||||||
Fair Value | [3],[14],[15] | $ 76,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.01% | 0.01% | ||||||
Investment, Identifier [Axis]: KPSKY Acquisition, Inc. | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,126,000 | $ 3,413,000 | $ 1,980,000 | ||||||
Fair Value | $ (20,000) | $ (154,000) | $ (29,000) | ||||||
Investment, Identifier [Axis]: KPSKY Acquisition, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [14],[18] | 5.50% | [4],[5],[18],[19] | 5.50% | [6],[19] | 5.25% | [14],[18] | |
Interest Rate | 10.72% | [14],[18] | 9.89% | [4],[5],[7],[18],[19] | 6.25% | [6],[8],[19] | 10.72% | [14],[18] | |
Par Amount | $ 33,951,000 | [14],[18] | $ 34,211,000 | [4],[5],[18],[19] | $ 34,557,000 | [6],[19] | |||
Cost | 33,423,000 | [14],[18] | 33,621,000 | [4],[5],[9],[18],[19] | 33,882,000 | [1],[6],[19] | |||
Fair Value | $ 33,353,000 | [14],[18] | $ 32,668,000 | [4],[5],[18],[19] | $ 33,882,000 | [6],[19] | |||
Percentage of Net Assets | 2.25% | [14],[18] | 2.34% | [4],[5],[18],[19] | 2.85% | [6],[19] | 2.25% | [14],[18] | |
Investment, Identifier [Axis]: KPSKY Acquisition, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 4.53% | [4],[5],[11],[12],[18],[19] | 4.50% | [6],[10] | 5.25% | [14],[15],[18] | |
Interest Rate | 10.72% | [14],[15],[18] | 12.03% | [4],[5],[7],[11],[12],[18],[19] | 7.75% | [6],[8],[10] | 10.72% | [14],[15],[18] | |
Par Amount | $ 6,648,000 | [14],[15],[18] | $ 4,420,000 | [4],[5],[11],[12],[18],[19] | $ 1,975,000 | [6],[10] | |||
Cost | 6,529,000 | [14],[15],[18] | 4,311,000 | [4],[5],[9],[11],[12],[18],[19] | 1,917,000 | [1],[6],[10] | |||
Fair Value | $ 6,510,000 | [14],[15],[18] | $ 4,066,000 | [4],[5],[11],[12],[18],[19] | $ 1,917,000 | [6],[10] | |||
Percentage of Net Assets | 0.44% | [14],[15],[18] | 0.29% | [4],[5],[11],[12],[18],[19] | 0.16% | [6],[10] | 0.44% | [14],[15],[18] | |
Investment, Identifier [Axis]: KWOR Acquisition, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [3],[14] | 5.25% | [5],[14],[18],[19] | 5.25% | [6],[19] | 5.25% | [3],[14] | |
Interest Rate | 10.67% | [3],[14] | 9.63% | [5],[14],[18],[19],[22] | 6% | [6],[8],[19] | 10.67% | [3],[14] | |
Par Amount | $ 5,347,000 | [3],[14] | $ 5,376,000 | [14],[18] | $ 878,000 | [6],[19] | |||
Par Amount, Shares (in shares) | shares | [5],[19] | 5,376 | |||||||
Cost | 5,260,000 | [3],[14] | $ 5,280,000 | [1],[5],[14],[18],[19] | 865,000 | [1],[6],[19] | |||
Fair Value | $ 5,248,000 | [3],[14] | $ 5,096,000 | [5],[14],[18],[19] | $ 865,000 | [6],[19] | |||
Percentage of Net Assets | 0.35% | [3],[14] | 0.36% | [5],[14],[18],[19] | 0.07% | [6],[19] | 0.35% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 3,473,000 | $ 4,777,000 | $ 110,000 | ||||||
Fair Value | $ (64,000) | $ (248,000) | $ (2,000) | ||||||
Investment, Identifier [Axis]: KWOR Acquisition, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [3],[14],[15] | 5.25% | [5],[11],[14],[15],[18],[19] | 4.25% | [6],[10] | 5.25% | [3],[14],[15] | |
Interest Rate | 10.67% | [3],[14],[15] | 9.63% | [5],[11],[14],[15],[18],[19],[22] | 7.50% | [6],[8],[10] | 10.67% | [3],[14],[15] | |
Par Amount | $ 1,304,000 | [3],[14],[15] | $ 12,000 | [6],[10] | |||||
Par Amount, Shares (in shares) | shares | [5],[11],[19] | 0 | |||||||
Cost | 1,253,000 | [3],[14],[15] | $ (44,000) | [1],[5],[11],[14],[15],[18],[19] | 10,000 | [1],[6],[10] | |||
Fair Value | $ 1,216,000 | [3],[14],[15] | $ (248,000) | [5],[11],[14],[15],[18],[19] | $ 10,000 | [6],[10] | |||
Percentage of Net Assets | 0.08% | [3],[14],[15] | (0.02%) | [5],[11],[14],[15],[18],[19] | 0% | [6],[10] | 0.08% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 55,000 | $ 122,000 | |||||||
Fair Value | $ (1,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: KWOR Acquisition, Inc. 3 | |||||||||
Variable interest rate | [14],[15] | 4.25% | 4.25% | [5],[11],[18],[19] | 4.25% | ||||
Interest Rate | [14],[15] | 12.75% | 11.75% | [5],[11],[18],[19],[22] | 12.75% | ||||
Par Amount | [14],[15] | $ 67,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11],[19] | 0 | |||||||
Cost | [14],[15] | 66,000 | $ (1,000) | [1],[5],[11],[18],[19] | |||||
Fair Value | [14],[15] | $ 65,000 | $ (6,000) | [5],[11],[18],[19] | |||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Kaseya, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.25% | [14] | 5.75% | [4],[5],[19] | 6.25% | [14] | ||
Interest Rate | [18] | 11.62% | [14],[27] | 10.33% | [4],[5],[19] | 11.62% | [14],[27] | ||
Par Amount | [18] | $ 14,129,000 | [14] | $ 14,099,000 | [4],[5],[19] | ||||
Cost | [18],[20] | 13,947,000 | [14] | 13,899,000 | [4],[5],[19] | ||||
Fair Value | [18] | $ 14,009,000 | [14] | $ 13,484,000 | [4],[5],[19] | ||||
Interest rate, PIK | [14],[18] | 2.50% | 2.50% | ||||||
Percentage of Net Assets | [18] | 0.95% | [14] | 0.97% | [4],[5],[19] | 0.95% | [14] | ||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 803,000 | $ 856,000 | |||||||
Fair Value | $ (7,000) | $ (37,000) | |||||||
Investment, Identifier [Axis]: Kaseya, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.25% | [14],[15] | 5.75% | [2],[4],[5],[11],[19] | 6.25% | [14],[15] | ||
Interest Rate | [18] | 11.62% | [14],[15],[27] | 10.33% | [2],[4],[5],[11],[19] | 11.62% | [14],[15],[27] | ||
Par Amount | [14],[15],[18] | $ 52,000 | |||||||
Cost | [18],[20] | 47,000 | [14],[15] | $ (6,000) | [2],[4],[5],[11],[19] | ||||
Fair Value | [18] | $ 45,000 | [14],[15] | $ (37,000) | [2],[4],[5],[11],[19] | ||||
Interest rate, PIK | [14],[15],[18] | 2.50% | 2.50% | ||||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 641,000 | $ 856,000 | |||||||
Fair Value | $ (5,000) | $ (37,000) | |||||||
Investment, Identifier [Axis]: Kaseya, Inc. 3 | |||||||||
Variable interest rate | [18] | 6.25% | [14],[15] | 5.75% | [2],[4],[5],[11],[19] | 6.25% | [14],[15] | ||
Interest Rate | [18] | 11.62% | [14],[15],[27] | 10.33% | [2],[4],[5],[11],[19] | 11.62% | [14],[15],[27] | ||
Par Amount | [14],[15],[18] | $ 215,000 | |||||||
Cost | [18],[20] | 205,000 | [14],[15] | $ (12,000) | [2],[4],[5],[11],[19] | ||||
Fair Value | [18] | $ 208,000 | [14],[15] | $ (37,000) | [2],[4],[5],[11],[19] | ||||
Interest rate, PIK | [14],[15],[18] | 2.50% | 2.50% | ||||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[11],[19] | 0.01% | [14],[15],[18] | |||
Investment, Identifier [Axis]: Keystone Agency Investors 1 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 6.25% | [5] | 5.50% | 5.50% | [3],[14] | ||
Interest Rate | 11.04% | [3],[14] | 10.98% | [5],[22] | 6.50% | 11.04% | [3],[14] | ||
Par Amount | $ 3,489,000 | [3],[14] | $ 3,516,000 | [5] | $ 2,003,000 | ||||
Cost | 3,448,000 | [3],[14] | 3,467,000 | [1],[5] | 1,973,000 | ||||
Fair Value | $ 3,425,000 | [3],[14] | $ 3,467,000 | [5] | $ 1,974,000 | ||||
Percentage of Net Assets | 0.23% | [3],[14] | 0.25% | [5] | 0.17% | 0.23% | [3],[14] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 2,578,000 | ||||||||
Fair Value | $ (38,000) | ||||||||
Investment, Identifier [Axis]: Keystone Agency Investors 2 | |||||||||
Variable interest rate | 5.50% | [3],[14] | 6.25% | [5] | 5.50% | 5.50% | [3],[14] | ||
Interest Rate | 11.04% | [3],[14] | 10.98% | [5],[22] | 6.50% | 11.04% | [3],[14] | ||
Par Amount | $ 4,017,000 | [3],[14] | $ 4,047,000 | [5] | |||||
Cost | 3,971,000 | [3],[14] | 3,993,000 | [1],[5] | $ (38,000) | ||||
Fair Value | $ 3,944,000 | [3],[14] | $ 3,993,000 | [5] | $ (38,000) | ||||
Percentage of Net Assets | 0.27% | [3],[14] | 0.29% | [5] | 0% | 0.27% | [3],[14] | ||
Investment, Identifier [Axis]: Knockout Intermediate Holdings I, Inc. | |||||||||
Variable interest rate | [14],[23] | 11.75% | 11.75% | ||||||
Interest Rate | [4],[5],[24],[25] | 11.75% | |||||||
Par Amount | $ 2,790,000 | [14],[23] | $ 2,790,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | [5],[25] | 2,790 | |||||||
Cost | 3,073,000 | [14],[20],[23] | $ 2,895,000 | [1],[4],[5],[24],[25] | |||||
Fair Value | $ 3,147,000 | [14],[23] | $ 2,787,000 | [4],[5],[24],[25] | |||||
Percentage of Net Assets | 0.21% | [14],[23] | 0.20% | [4],[5],[24],[25] | 0.21% | [14],[23] | |||
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 1 | |||||||||
Variable interest rate | 6% | [13],[14],[26] | 6% | [5],[16],[36] | 6% | [6],[36] | 6% | [13],[14],[26] | |
Interest Rate | 11.65% | [13],[14],[26] | 11.14% | [5],[16],[36] | 6.50% | [6],[22],[36] | 11.65% | [13],[14],[26] | |
Par Amount | $ 17,260,000 | [13],[14],[26] | $ 4,080,000 | [5],[16],[36] | $ 16,798,000 | [6],[36] | |||
Cost | 17,156,000 | [13],[14],[26] | 4,045,000 | [5],[16],[36] | 16,643,000 | [1],[6],[36] | |||
Fair Value | $ 16,827,000 | [13],[14],[26] | $ 3,837,000 | [5],[16],[36] | $ 16,462,000 | [6],[36] | |||
Percentage of Net Assets | 1.14% | [13],[14],[26] | 0.27% | [5],[16],[36] | 1.39% | [6],[36] | 1.14% | [13],[14],[26] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 8,529,000 | $ 8,529,000 | $ 2,452,000 | ||||||
Fair Value | $ (214,000) | $ (507,000) | $ (49,000) | ||||||
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 2 | |||||||||
Variable interest rate | 6% | [14],[15],[26] | 6% | [5],[11],[15],[36] | 6% | [6],[10],[36] | 6% | [14],[15],[26] | |
Interest Rate | 11.65% | [14],[15],[26] | 11.14% | [5],[11],[15],[36] | 6.50% | [6],[10],[22],[36] | 11.65% | [14],[15],[26] | |
Par Amount | $ 18,613,000 | [14],[15],[26] | $ 19,263,000 | [6],[10],[36] | |||||
Cost | 18,453,000 | [14],[15],[26] | $ (72,000) | [5],[11],[15],[36] | 19,090,000 | [1],[6],[10],[36] | |||
Fair Value | $ 17,932,000 | [14],[15],[26] | $ (507,000) | [5],[11],[15],[36] | $ 18,877,000 | [6],[10],[36] | |||
Percentage of Net Assets | 1.21% | [14],[15],[26] | (0.04%) | [5],[11],[15],[36] | 1.59% | [6],[10],[36] | 1.21% | [14],[15],[26] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 3,797,000 | $ 2,057,000 | |||||||
Fair Value | $ (95,000) | $ (122,000) | |||||||
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 3 | |||||||||
Variable interest rate | 5% | [14],[15] | 6% | [5],[16],[36] | 6% | [6],[10],[36] | 5% | [14],[15] | |
Interest Rate | 13.50% | [14],[15] | 10.67% | [5],[16],[36] | 6.50% | [6],[10],[22],[36] | 13.50% | [14],[15] | |
Par Amount | $ 949,000 | [14],[15] | $ 16,629,000 | [5],[16],[36] | $ 2,294,000 | [6],[10],[36] | |||
Cost | 926,000 | [14],[15] | 16,507,000 | [5],[16],[36] | 2,254,000 | [1],[6],[10],[36] | |||
Fair Value | $ 830,000 | [14],[15] | $ 15,640,000 | [5],[16],[36] | $ 2,199,000 | [6],[10],[36] | |||
Percentage of Net Assets | 0.06% | [14],[15] | 1.12% | [5],[16],[36] | 0.19% | [6],[10],[36] | 0.06% | [14],[15] | |
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 4 | |||||||||
Variable interest rate | [5],[36] | 6% | |||||||
Interest Rate | [5],[36] | 10.67% | |||||||
Par Amount | [5],[36] | $ 19,118,000 | |||||||
Cost | [5],[36] | 18,984,000 | |||||||
Fair Value | [5],[36] | $ 17,981,000 | |||||||
Percentage of Net Assets | [5],[36] | 1.29% | |||||||
Investment, Identifier [Axis]: Komline Sanderson Engineering Corp. 5 | |||||||||
Variable interest rate | [5],[11],[15],[36] | 6% | |||||||
Interest Rate | [5],[11],[15],[36] | 10.67% | |||||||
Par Amount | [5],[11],[15],[36] | $ 2,689,000 | |||||||
Cost | [5],[11],[15],[36] | 2,659,000 | |||||||
Fair Value | [5],[11],[15],[36] | $ 2,407,000 | |||||||
Percentage of Net Assets | [5],[11],[15],[36] | 0.17% | |||||||
Investment, Identifier [Axis]: LJ Avalon Holdings, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14] | 11.77% | 11.77% | ||||||
Par Amount | [3],[14] | $ 4,142,000 | |||||||
Cost | [3],[14] | 4,026,000 | |||||||
Fair Value | [3],[14] | $ 4,052,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.27% | 0.27% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,243,000 | ||||||||
Fair Value | $ (27,000) | ||||||||
Investment, Identifier [Axis]: LJ Avalon Holdings, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.77% | 11.77% | ||||||
Par Amount | [3],[14],[15] | $ 444,000 | |||||||
Cost | [3],[14],[15] | 418,000 | |||||||
Fair Value | [3],[14],[15] | $ 408,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.03% | 0.03% | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 675,000 | ||||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: LJ Avalon Holdings, LLC 3 | |||||||||
Variable interest rate | [3],[14],[15] | 6.25% | 6.25% | ||||||
Interest Rate | [3],[14],[15] | 11.77% | 11.77% | ||||||
Cost | [3],[14],[15] | $ (18,000) | |||||||
Fair Value | [3],[14],[15] | (15,000) | |||||||
Investment, Identifier [Axis]: LUV Car Wash | |||||||||
Par Amount | [14],[23] | 123,000 | |||||||
Cost | [14],[20],[23] | 123,000 | |||||||
Fair Value | [14],[23] | $ 88,000 | |||||||
Percentage of Net Assets | [14],[23] | 0.01% | 0.01% | ||||||
Investment, Identifier [Axis]: LUV Car Wash Group, LLC | |||||||||
Variable interest rate | [3],[14],[15] | 7% | 7% | ||||||
Interest Rate | [3],[14],[15] | 12.40% | 12.40% | ||||||
Par Amount | [3],[14],[15] | $ 716,000 | |||||||
Cost | [3],[14],[15] | 709,000 | |||||||
Fair Value | [3],[14],[15] | $ 712,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.05% | 0.05% | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 274,000 | $ 257,000 | |||||||
Fair Value | $ (1,000) | $ (5,000) | |||||||
Investment, Identifier [Axis]: LUV Car Wash Group, LLC 1 | |||||||||
Variable interest rate | [3],[4],[5],[11],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[11],[12] | 9.24% | |||||||
Par Amount | [3],[4],[5],[11],[12] | $ 372,000 | |||||||
Cost | [3],[4],[5],[9],[11],[12] | 367,000 | |||||||
Fair Value | [3],[4],[5],[11],[12] | $ 359,000 | |||||||
Percentage of Net Assets | [3],[4],[5],[11],[12] | 0.03% | |||||||
Investment, Identifier [Axis]: LUV Car Wash Group, LLC 2 | |||||||||
Variable interest rate | [3],[4],[5] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7] | 9.24% | |||||||
Par Amount | [3],[4],[5] | $ 349,000 | |||||||
Cost | [3],[4],[5],[9] | 346,000 | |||||||
Fair Value | [3],[4],[5] | $ 341,000 | |||||||
Percentage of Net Assets | [3],[4],[5] | 0.02% | |||||||
Investment, Identifier [Axis]: LUV Car Wash Holdings, LLC | |||||||||
Par Amount | [4],[24] | $ 116,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[25] | 116 | |||||||
Cost | [1],[4],[5],[24],[25] | $ 116,000 | |||||||
Fair Value | [4],[5],[24],[25] | $ 116,000 | |||||||
Percentage of Net Assets | [4],[5],[24],[25] | 0.01% | |||||||
Investment, Identifier [Axis]: LegitScript 1 | |||||||||
Variable interest rate | [4],[5],[18],[19] | 5.25% | |||||||
Interest Rate | [4],[5],[18],[19] | 8.23% | |||||||
Par Amount | [4],[5],[18],[19] | $ 28,108,000 | |||||||
Cost | [4],[5],[18],[19],[20] | 27,580,000 | |||||||
Fair Value | [4],[5],[18],[19] | $ 27,580,000 | |||||||
Percentage of Net Assets | [4],[5],[18],[19] | 1.97% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 7,654,000 | ||||||||
Fair Value | $ (68,000) | ||||||||
Investment, Identifier [Axis]: LegitScript 2 | |||||||||
Variable interest rate | [2],[4],[5],[11],[18],[19] | 5.25% | |||||||
Interest Rate | [2],[4],[5],[11],[18],[19] | 9.57% | |||||||
Cost | [2],[4],[5],[11],[18],[19],[20] | $ (68,000) | |||||||
Fair Value | [2],[4],[5],[11],[18],[19] | $ (68,000) | |||||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 3,917,000 | ||||||||
Fair Value | $ (72,000) | ||||||||
Investment, Identifier [Axis]: LegitScript 3 | |||||||||
Variable interest rate | [2],[4],[5],[11],[18],[19] | 5.25% | |||||||
Interest Rate | [2],[4],[5],[11],[18],[19] | 9.57% | |||||||
Par Amount | [2],[4],[5],[11],[18],[19] | $ 250,000 | |||||||
Cost | [2],[4],[5],[11],[18],[19],[20] | 174,000 | |||||||
Fair Value | [2],[4],[5],[11],[18],[19] | $ 174,000 | |||||||
Percentage of Net Assets | [2],[4],[5],[11],[18],[19] | 0.01% | |||||||
Investment, Identifier [Axis]: LegitScript, LLC 1 | |||||||||
Variable interest rate | [14],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[18],[27] | 11.07% | 11.07% | ||||||
Par Amount | [14],[18] | $ 26,636,000 | |||||||
Cost | [14],[18],[20] | 26,179,000 | |||||||
Fair Value | [14],[18] | $ 26,183,000 | |||||||
Percentage of Net Assets | [14],[18] | 1.77% | 1.77% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 6,612,000 | ||||||||
Fair Value | $ (112,000) | ||||||||
Investment, Identifier [Axis]: LegitScript, LLC 2 | |||||||||
Variable interest rate | [14],[15],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[15],[18],[27] | 11.07% | 11.07% | ||||||
Par Amount | [14],[15],[18] | $ 704,000 | |||||||
Cost | [14],[15],[18],[20] | 639,000 | |||||||
Fair Value | [14],[15],[18] | $ 580,000 | |||||||
Percentage of Net Assets | [14],[15],[18] | 0.04% | 0.04% | ||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 3,167,000 | ||||||||
Fair Value | $ (54,000) | ||||||||
Investment, Identifier [Axis]: LegitScript, LLC 3 | |||||||||
Variable interest rate | [14],[15],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[15],[18],[27] | 11.07% | 11.07% | ||||||
Par Amount | € | [14],[15],[18] | € 1,000 | |||||||
Cost | € | [14],[15],[18],[20] | 934 | |||||||
Fair Value | € | [14],[15],[18] | € 929 | |||||||
Percentage of Net Assets | [14],[15],[18] | 0.06% | 0.06% | ||||||
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 4,050,000 | $ 4,050,000 | |||||||
Fair Value | $ (118,000) | $ (180,000) | |||||||
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [3],[13],[14] | 5.50% | 5.75% | [6],[21] | 5.25% | [3],[13],[14] | ||
Interest Rate | 10.70% | [3],[13],[14] | 9.98% | 6.75% | [6],[8],[21] | 10.70% | [3],[13],[14] | ||
Par Amount | $ 12,572,000 | [3],[13],[14] | $ 12,669,000 | $ 12,797,000 | [6],[21] | ||||
Cost | 12,396,000 | [3],[13],[14] | 12,442,000 | 12,506,000 | [1],[6],[21] | ||||
Fair Value | $ 12,486,000 | [3],[13],[14] | $ 12,300,000 | $ 12,229,000 | [6],[21] | ||||
Percentage of Net Assets | 0.84% | [3],[13],[14] | 0.88% | 1.03% | [6],[21] | 0.84% | [3],[13],[14] | ||
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [3],[14] | 5.50% | 5.75% | [6],[10] | 5.25% | [3],[14] | ||
Interest Rate | 10.70% | [3],[14] | 9.98% | 6.75% | [6],[8],[10] | 10.70% | [3],[14] | ||
Par Amount | $ 9,936,000 | [3],[14] | $ 9,234,000 | $ 9,328,000 | [6],[10] | ||||
Cost | 9,784,000 | [3],[14] | 9,053,000 | 9,056,000 | [1],[6],[10] | ||||
Fair Value | $ 9,869,000 | [3],[14] | $ 8,966,000 | $ 8,734,000 | [6],[10] | ||||
Percentage of Net Assets | 0.67% | [3],[14] | 0.64% | 0.73% | [6],[10] | 0.67% | [3],[14] | ||
Investment, Identifier [Axis]: Lightspeed Buyer, Inc. 3 | |||||||||
Variable interest rate | [15] | 5.50% | |||||||
Interest Rate | [15] | 9.98% | |||||||
Cost | [15] | $ (28,000) | |||||||
Fair Value | [15] | $ (118,000) | |||||||
Percentage of Net Assets | [15] | (0.01%) | |||||||
Investment, Identifier [Axis]: Lightspeed Solution, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,195,000 | $ 2,439,000 | |||||||
Fair Value | $ (45,000) | $ (89,000) | |||||||
Investment, Identifier [Axis]: Lightspeed Solution, LLC 1 | |||||||||
Variable interest rate | [18] | 6.50% | [14] | 6.50% | [4],[5],[19] | 6.50% | [14] | ||
Interest Rate | [18] | 11.82% | [14] | 10.82% | [4],[5],[7],[19] | 11.82% | [14] | ||
Par Amount | [18] | $ 7,803,000 | [14] | $ 7,585,000 | [4],[5],[19] | ||||
Cost | [18] | 7,684,000 | [14] | 7,451,000 | [4],[5],[9],[19] | ||||
Fair Value | [18] | $ 7,642,000 | [14] | $ 7,308,000 | [4],[5],[19] | ||||
Interest rate, PIK | [14],[18] | 2.17% | 2.17% | ||||||
Percentage of Net Assets | [18] | 0.52% | [14] | 0.52% | [4],[5],[19] | 0.52% | [14] | ||
Investment, Identifier [Axis]: Lightspeed Solution, LLC 2 | |||||||||
Variable interest rate | [18] | 6.50% | [14],[15] | 6.50% | [4],[5],[11],[12],[19] | 6.50% | [14],[15] | ||
Interest Rate | [18] | 11.82% | [14],[15] | 10.82% | [4],[5],[7],[11],[12],[19] | 11.82% | [14],[15] | ||
Par Amount | [14],[15],[18] | $ 249,000 | |||||||
Cost | [18] | 229,000 | [14],[15] | $ (21,000) | [4],[5],[9],[11],[12],[19] | ||||
Fair Value | [18] | $ 199,000 | [14],[15] | $ (89,000) | [4],[5],[11],[12],[19] | ||||
Interest rate, PIK | [14],[15],[18] | 2.17% | 2.17% | ||||||
Percentage of Net Assets | [18] | 0.01% | [14],[15] | (0.01%) | [4],[5],[11],[12],[19] | 0.01% | [14],[15] | ||
Investment, Identifier [Axis]: Long Term Care Group, Inc. | |||||||||
Variable interest rate | 7% | [14],[18] | 6% | 7% | [14],[18] | ||||
Interest Rate | 12.58% | [14],[18] | 10.34% | 12.58% | [14],[18] | ||||
Par Amount | $ 5,013,000 | [14],[18] | $ 4,963,000 | ||||||
Cost | 4,936,000 | [14],[18] | 4,875,000 | ||||||
Fair Value | $ 4,163,000 | [14],[18] | $ 4,768,000 | ||||||
Interest rate, PIK | [14],[18] | 6% | 6% | ||||||
Percentage of Net Assets | 0.28% | [14],[18] | 0.34% | 0.28% | [14],[18] | ||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,150,000 | $ 2,150,000 | |||||||
Fair Value | $ (16,000) | $ (64,000) | |||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 1 | |||||||||
Variable interest rate | 6% | [3],[13],[14] | 6.25% | [5],[16] | 5.75% | [6],[21] | 6% | [3],[13],[14] | |
Interest Rate | 11.52% | [3],[13],[14] | 9.75% | [5],[16] | 6.75% | [6],[8],[21] | 11.52% | [3],[13],[14] | |
Par Amount | $ 32,681,000 | [3],[13],[14] | $ 121,000 | [5],[16] | $ 28,678,000 | [6],[21] | |||
Cost | 32,212,000 | [3],[13],[14] | 117,000 | [5],[16] | 28,139,000 | [1],[6],[21] | |||
Fair Value | $ 32,274,000 | [3],[13],[14] | $ 117,000 | [5],[16] | $ 28,392,000 | [6],[21] | |||
Percentage of Net Assets | 2.18% | [3],[13],[14] | 0.01% | [5],[16] | 2.39% | [6],[21] | 2.18% | [3],[13],[14] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,585,000 | ||||||||
Fair Value | $ (16,000) | ||||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 2 | |||||||||
Variable interest rate | 6% | [3],[14] | 6.50% | [5] | 5.75% | [6],[10] | 6% | [3],[14] | |
Interest Rate | 11.52% | [3],[14] | 11.46% | [5] | 6.75% | [6],[8],[10] | 11.52% | [3],[14] | |
Par Amount | $ 3,683,000 | [3],[14] | $ 4,419,000 | [5] | $ 2,160,000 | [6],[10] | |||
Cost | 3,631,000 | [3],[14] | 4,332,000 | [5] | 2,104,000 | [1],[6],[10] | |||
Fair Value | $ 3,633,000 | [3],[14] | $ 4,332,000 | [5] | $ 2,122,000 | [6],[10] | |||
Percentage of Net Assets | 0.25% | [3],[14] | 0.31% | [5] | 0.18% | [6],[10] | 0.25% | [3],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,500,000 | ||||||||
Fair Value | $ (25,000) | ||||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 3 | |||||||||
Variable interest rate | 6% | [3],[14],[15] | 6.25% | [5],[16] | 5.75% | [6],[10] | 6% | [3],[14],[15] | |
Interest Rate | 11.52% | [3],[14],[15] | 9.50% | [5],[16] | 6.75% | [6],[8],[10] | 11.52% | [3],[14],[15] | |
Par Amount | $ 1,350,000 | [3],[14],[15] | $ 28,391,000 | [5],[16] | |||||
Cost | 1,318,000 | [3],[14],[15] | 27,937,000 | [5],[16] | $ (46,000) | [1],[6],[10] | |||
Fair Value | $ 1,316,000 | [3],[14],[15] | $ 27,550,000 | [5],[16] | $ (25,000) | [6],[10] | |||
Percentage of Net Assets | 0.09% | [3],[14],[15] | 1.97% | [5],[16] | 0% | [6],[10] | 0.09% | [3],[14],[15] | |
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 4 | |||||||||
Variable interest rate | [5] | 6.25% | |||||||
Interest Rate | [5] | 9.50% | |||||||
Par Amount | [5] | $ 3,711,000 | |||||||
Cost | [5] | 3,650,000 | |||||||
Fair Value | [5] | $ 3,601,000 | |||||||
Percentage of Net Assets | [5] | 0.26% | |||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC 5 | |||||||||
Variable interest rate | [5],[11],[15] | 6% | |||||||
Interest Rate | [5],[11],[15] | 10.94% | |||||||
Par Amount | [5],[11],[15] | $ 350,000 | |||||||
Cost | [5],[11],[15] | 312,000 | |||||||
Fair Value | [5],[11],[15] | $ 276,000 | |||||||
Percentage of Net Assets | [5],[11],[15] | 0.02% | |||||||
Investment, Identifier [Axis]: MRI Software, LLC | |||||||||
Variable interest rate | [6] | 5.50% | |||||||
Interest Rate | [6] | 6.50% | |||||||
Par Amount | [6] | $ 49,090,000 | |||||||
Cost | [6] | 48,603,000 | |||||||
Fair Value | [6] | $ 49,090,000 | |||||||
Percentage of Net Assets | [6] | 4.13% | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,215,000 | $ 2,215,000 | |||||||
Fair Value | $ (18,000) | $ (45,000) | |||||||
Investment, Identifier [Axis]: MRI Software, LLC 1 | |||||||||
Variable interest rate | 5.50% | [3],[13],[14] | 5.50% | [3],[5],[13],[14],[16] | 5.50% | [6],[10],[21] | 5.50% | [3],[13],[14] | |
Interest Rate | 10.99% | [3],[13],[14] | 10.23% | [3],[5],[13],[14],[16] | 6.50% | [6],[10],[21] | 10.99% | [3],[13],[14] | |
Par Amount | $ 59,029,000 | [3],[13],[14] | $ 59,485,000 | [3],[5],[13],[14],[16] | $ 362,000 | [6],[10],[21] | |||
Cost | 58,710,000 | [3],[13],[14] | 59,075,000 | [3],[5],[13],[14],[16] | 338,000 | [6],[10],[21] | |||
Fair Value | $ 58,544,000 | [3],[13],[14] | $ 58,278,000 | [3],[5],[13],[14],[16] | $ 362,000 | [6],[10],[21] | |||
Percentage of Net Assets | 3.95% | [3],[13],[14] | 4.17% | [3],[5],[13],[14],[16] | 0.03% | [6],[10],[21] | 3.95% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 10,637,000 | ||||||||
Investment, Identifier [Axis]: MRI Software, LLC 2 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | [3],[5],[10],[11],[14],[15] | 5.50% | [6],[10] | 5.50% | [3],[14],[15] | |
Interest Rate | 10.99% | [3],[14],[15],[27] | 10.23% | [3],[5],[10],[11],[14],[15] | 6.50% | [6],[10] | 10.99% | [3],[14],[15],[27] | |
Cost | $ (9,000) | [3],[14],[15],[20] | $ (12,000) | [3],[5],[10],[11],[14],[15] | $ (15,000) | [6],[10] | |||
Fair Value | [3],[14],[15] | $ (18,000) | $ (45,000) | [5],[10],[11] | |||||
Percentage of Net Assets | [10] | 0% | [5],[11] | 0% | [6] | ||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,215,000 | ||||||||
Investment, Identifier [Axis]: MSM Acquisitions, Inc. 1 | |||||||||
Variable interest rate | 6% | [5],[16] | 6% | ||||||
Interest Rate | 10.75% | [5],[16] | 7% | ||||||
Par Amount | $ 31,570,000 | [5],[16] | $ 31,890,000 | ||||||
Cost | 31,179,000 | [5],[16] | 31,412,000 | ||||||
Fair Value | $ 30,815,000 | [5],[16] | $ 31,571,000 | ||||||
Percentage of Net Assets | 2.21% | [5],[16] | 2.66% | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 23,439,000 | $ 26,515,000 | |||||||
Fair Value | $ (560,000) | $ (265,000) | |||||||
Investment, Identifier [Axis]: MSM Acquisitions, Inc. 2 | |||||||||
Variable interest rate | 6% | [5],[11],[15] | 6% | ||||||
Interest Rate | 10.75% | [5],[11],[15] | 7% | ||||||
Par Amount | $ 12,743,000 | [5],[11],[15] | $ 9,782,000 | ||||||
Cost | 12,493,000 | [5],[11],[15] | 9,488,000 | ||||||
Fair Value | $ 11,878,000 | [5],[11],[15] | $ 9,419,000 | ||||||
Percentage of Net Assets | 0.85% | [5],[11],[15] | 0.79% | ||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,112,000 | $ 3,582,000 | |||||||
Fair Value | $ (51,000) | $ (36,000) | |||||||
Investment, Identifier [Axis]: MSM Acquisitions, Inc. 3 | |||||||||
Variable interest rate | 6% | [5],[11],[15] | 5% | ||||||
Interest Rate | 10.75% | [5],[11],[15] | 8.25% | ||||||
Par Amount | $ 1,836,000 | [5],[11],[15] | $ 365,000 | ||||||
Cost | 1,784,000 | [5],[11],[15] | 300,000 | ||||||
Fair Value | $ 1,741,000 | [5],[11],[15] | $ 326,000 | ||||||
Percentage of Net Assets | 0.12% | [5],[11],[15] | 0.03% | ||||||
Investment, Identifier [Axis]: Magnolia Wash Holdings | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 71,000 | $ 71,000 | |||||||
Fair Value | $ (7,000) | $ (3,000) | |||||||
Investment, Identifier [Axis]: Magnolia Wash Holdings 1 | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4],[5] | 6.50% | [14] | ||
Interest Rate | [3] | 12.01% | [14] | 10.32% | [4],[5],[7] | 12.01% | [14] | ||
Par Amount | [3] | $ 3,263,000 | [14] | $ 3,767,000 | [4],[5] | ||||
Cost | [3] | 3,207,000 | [14] | 3,696,000 | [4],[5],[9] | ||||
Fair Value | [3] | $ 2,935,000 | [14] | $ 3,608,000 | [4],[5] | ||||
Percentage of Net Assets | [3] | 0.20% | [14] | 0.26% | [4],[5] | 0.20% | [14] | ||
Investment, Identifier [Axis]: Magnolia Wash Holdings 2 | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4] | 6.50% | [14] | ||
Interest Rate | [3] | 12.01% | [14] | 10.32% | [4],[7] | 12.01% | [14] | ||
Par Amount | [3] | $ 700,000 | [14] | $ 706,000 | [4] | ||||
Cost | [3] | 689,000 | [14] | 692,000 | [4],[9] | ||||
Fair Value | [3] | $ 630,000 | [14] | $ 676,000 | [4] | ||||
Percentage of Net Assets | [3] | 0.04% | [14] | 0.05% | [4] | 0.04% | [14] | ||
Investment, Identifier [Axis]: Magnolia Wash Holdings 3 | |||||||||
Variable interest rate | [3] | 6.50% | [14],[15] | 6.50% | [4],[12] | 6.50% | [14],[15] | ||
Interest Rate | [3] | 12.01% | [14],[15] | 10.32% | [4],[7],[12] | 12.01% | [14],[15] | ||
Par Amount | [3] | $ 87,000 | [14],[15] | $ 87,000 | [4],[12] | ||||
Cost | [3] | 85,000 | [14],[15] | 84,000 | [4],[9],[12] | ||||
Fair Value | [3] | $ 71,000 | [14],[15] | $ 81,000 | [4],[12] | ||||
Percentage of Net Assets | [3],[4],[12] | 0.01% | |||||||
Investment, Identifier [Axis]: Majesco | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,575,000 | $ 1,575,000 | $ 1,575,000 | ||||||
Fair Value | $ (23,000) | $ (66,000) | |||||||
Investment, Identifier [Axis]: Majesco 1 | |||||||||
Variable interest rate | 7.38% | [3],[13],[14] | 7.25% | [5],[16] | 7.25% | 7.38% | [3],[13],[14] | ||
Interest Rate | 12.77% | [3],[13],[14] | 11.98% | [5],[16],[22] | 8.25% | 12.77% | [3],[13],[14] | ||
Par Amount | $ 23,241,000 | [3],[13],[14] | $ 23,421,000 | [5],[16] | $ 23,660,000 | ||||
Cost | 22,830,000 | [3],[13],[14] | 22,948,000 | [1],[5],[16] | 23,104,000 | ||||
Fair Value | $ 22,904,000 | [3],[13],[14] | $ 22,447,000 | [5],[16] | $ 23,660,000 | ||||
Percentage of Net Assets | 1.55% | [3],[13],[14] | 1.61% | [5],[16] | 1.99% | 1.55% | [3],[13],[14] | ||
Investment, Identifier [Axis]: Majesco 2 | |||||||||
Variable interest rate | 7.38% | [3],[14],[15] | 7.25% | [5],[11],[15] | 7.25% | 7.38% | [3],[14],[15] | ||
Interest Rate | 12.77% | [3],[14],[15] | 11.98% | [5],[11],[15],[22] | 8.25% | 12.77% | [3],[14],[15] | ||
Cost | $ (23,000) | [3],[14],[15] | $ (29,000) | [1],[5],[11],[15] | $ (37,000) | ||||
Fair Value | [15] | $ (23,000) | [3],[14] | $ (66,000) | [5],[11] | ||||
Percentage of Net Assets | 0% | [5],[11] | 0% | ||||||
Investment, Identifier [Axis]: Mammoth Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 953,000 | $ 953,000 | |||||||
Fair Value | $ (4,000) | $ 0 | |||||||
Investment, Identifier [Axis]: Mammoth Holdings, LLC 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6% | [3],[4],[17] | 6% | [6],[21] | 6.50% | [3],[13],[14] | |
Interest Rate | 12.01% | [3],[13],[14] | 9.82% | [3],[4],[7],[17] | 7% | [6],[8],[21] | 12.01% | [3],[13],[14] | |
Par Amount | $ 43,665,000 | [3],[13],[14] | $ 8,033,000 | [3],[4],[17] | $ 8,117,000 | [6],[21] | |||
Cost | 43,532,000 | [3],[13],[14] | 8,008,000 | [3],[4],[9],[17] | 8,058,000 | [1],[6],[21] | |||
Fair Value | $ 43,495,000 | [3],[13],[14] | $ 8,033,000 | [3],[4],[17] | $ 8,117,000 | [6],[21] | |||
Percentage of Net Assets | 2.94% | [3],[13],[14] | 0.57% | [3],[4],[17] | 0.68% | [6],[21] | 2.94% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 7,434,000 | ||||||||
Investment, Identifier [Axis]: Mammoth Holdings, LLC 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15] | 6% | [3],[4] | 6% | [6],[10] | 6.50% | [3],[14],[15] | |
Interest Rate | 12.01% | [3],[14],[15] | 9.82% | [3],[4],[7] | 7% | [6],[8],[10] | 12.01% | [3],[14],[15] | |
Par Amount | $ 35,966,000 | [3],[4] | $ 28,858,000 | [6],[10] | |||||
Cost | $ (3,000) | [3],[14],[15] | 35,846,000 | [3],[4],[9] | 28,590,000 | [1],[6],[10] | |||
Fair Value | $ (4,000) | [3],[14],[15] | $ 35,966,000 | [3],[4] | $ 28,858,000 | [6],[10] | |||
Percentage of Net Assets | 2.57% | [3],[4] | 2.43% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 953,000 | ||||||||
Investment, Identifier [Axis]: Mammoth Holdings, LLC 3 | |||||||||
Variable interest rate | 6% | [3],[4],[12] | 6% | [6],[10] | |||||
Interest Rate | 9.82% | [3],[4],[7],[12] | 7% | [6],[8],[10] | |||||
Cost | $ (3,000) | [3],[4],[9],[12] | $ (6,000) | [1],[6],[10] | |||||
Percentage of Net Assets | 0% | 0% | [6],[10] | ||||||
Investment, Identifier [Axis]: Mantech International CP 1 | |||||||||
Variable interest rate | [4],[18] | 5.75% | 5.75% | 5.75% | |||||
Interest Rate | [4],[7],[18] | 11.12% | 9.58% | 11.12% | |||||
Par Amount | [4],[18] | $ 356,000 | $ 359,000 | ||||||
Cost | [4],[18],[20] | 350,000 | 352,000 | ||||||
Fair Value | [4],[18] | $ 356,000 | $ 350,000 | ||||||
Percentage of Net Assets | [4],[18] | 0.02% | 0.03% | 0.02% | |||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 56,000 | $ 87,000 | |||||||
Fair Value | $ (2,000) | ||||||||
Investment, Identifier [Axis]: Mantech International CP 2 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [12] | 5.75% | [2] | ||
Interest Rate | [4],[7],[18] | 11.12% | [2] | 9.58% | [12] | 11.12% | [2] | ||
Par Amount | [2],[4],[18] | $ 31,000 | |||||||
Cost | [4],[18],[20] | 30,000 | [2] | $ (1,000) | [12] | ||||
Fair Value | [4],[18] | $ 31,000 | [2] | $ (2,000) | [12] | ||||
Percentage of Net Assets | 0% | ||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 53,000 | $ 53,000 | |||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Mantech International CP 3 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [12] | 5.75% | [2] | ||
Interest Rate | [4],[7],[18] | 11.12% | [2] | 9.58% | [12] | 11.12% | [2] | ||
Cost | [4],[18],[20] | $ (1,000) | [2] | $ (1,000) | [12] | ||||
Fair Value | [4],[12],[18] | $ (2,000) | |||||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Matrix Parent, Inc. | |||||||||
Variable interest rate | [18] | 8% | [14] | 8% | [4],[5],[19] | 8% | [14] | ||
Interest Rate | [18] | 13.56% | [14],[27] | 12.55% | [4],[5],[19],[22] | 13.56% | [14],[27] | ||
Par Amount | [18] | $ 10,667,000 | [14] | $ 10,667,000 | [4],[5],[19] | ||||
Cost | [18] | 10,505,000 | [14],[20] | 10,493,000 | [1],[4],[5],[19] | ||||
Fair Value | [18] | $ 6,494,000 | [14] | $ 9,757,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 0.44% | [14] | 0.70% | [4],[5],[19] | 0.44% | [14] | ||
Investment, Identifier [Axis]: Montana Buyer, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 466,000 | $ 466,000 | |||||||
Fair Value | $ (8,000) | $ (16,000) | |||||||
Investment, Identifier [Axis]: Montana Buyer, Inc. 1 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 5.75% | [4],[5],[19] | 5.75% | [14] | ||
Interest Rate | [18] | 11.07% | [14],[27] | 8.70% | [4],[5],[19] | 11.07% | [14],[27] | ||
Par Amount | [18] | $ 4,131,000 | [4],[5],[19] | € 4,100 | [14] | ||||
Cost | [18],[20] | 4,051,000 | [4],[5],[19] | 4,028 | [14] | ||||
Fair Value | [18] | $ 3,991,000 | [4],[5],[19] | € 4,032 | [14] | ||||
Percentage of Net Assets | [18] | 0.27% | [14] | 0.29% | [4],[5],[19] | 0.27% | [14] | ||
Investment, Identifier [Axis]: Montana Buyer, Inc. 2 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 5.75% | [2],[4],[5],[11],[19] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.07% | [14],[15],[27] | 8.70% | [2],[4],[5],[11],[19] | 11.07% | [14],[15],[27] | ||
Cost | [18],[20] | $ (9,000) | [2],[4],[5],[11],[19] | € (7) | [14],[15] | ||||
Fair Value | [18] | $ (16,000) | [2],[4],[5],[11],[19] | € (8) | [14],[15] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Nellson Nutraceutical, Inc. | |||||||||
Variable interest rate | [3] | 5.75% | [13],[14] | 5.75% | [4],[17] | 5.75% | [13],[14] | ||
Interest Rate | [3] | 11.15% | [13],[14] | 10.17% | [4],[7],[17] | 11.15% | [13],[14] | ||
Par Amount | [3] | $ 18,452,000 | [13],[14] | $ 23,592,000 | [4],[17] | ||||
Cost | [3] | 18,280,000 | [13],[14] | 23,439,000 | [4],[9],[17] | ||||
Fair Value | [3] | $ 18,267,000 | [13],[14] | $ 23,476,000 | [4],[17] | ||||
Percentage of Net Assets | [3] | 1.23% | [13],[14] | 1.68% | [4],[17] | 1.23% | [13],[14] | ||
Investment, Identifier [Axis]: Nellson Nutraceutical, Inc. 1 | |||||||||
Variable interest rate | [6],[21] | 5.25% | |||||||
Interest Rate | [6],[8],[21] | 6.25% | |||||||
Par Amount | [6],[21] | $ 24,606,000 | |||||||
Cost | [1],[6],[21] | 24,292,000 | |||||||
Fair Value | [6],[21] | $ 24,606,000 | |||||||
Percentage of Net Assets | [6],[21] | 2.07% | |||||||
Investment, Identifier [Axis]: Nellson Nutraceutical, Inc. 2 | |||||||||
Variable interest rate | [6],[21] | 4.25% | |||||||
Interest Rate | [6],[8],[21] | 7.50% | |||||||
Par Amount | [6],[21] | $ 66,000 | |||||||
Cost | [1],[6],[21] | 65,000 | |||||||
Fair Value | [6],[21] | $ 66,000 | |||||||
Percentage of Net Assets | [6],[21] | 0.01% | |||||||
Investment, Identifier [Axis]: Netwrix Corporation And Concept Searching, Inc. 1 | |||||||||
Variable interest rate | [18] | 5% | [14] | 5% | [4],[5],[19] | 5% | [14] | ||
Interest Rate | [18] | 10.30% | [14],[27] | 9.70% | [4],[5],[19] | 10.30% | [14],[27] | ||
Par Amount | [18] | $ 4,605,000 | [4],[5],[19] | € 5,468 | [14] | ||||
Cost | [18],[20] | 4,562,000 | [4],[5],[19] | 5,424 | [14] | ||||
Fair Value | [18] | $ 4,358,000 | [4],[5],[19] | € 5,363 | [14] | ||||
Percentage of Net Assets | [18] | 0.36% | [14] | 0.31% | [4],[5],[19] | 0.36% | [14] | ||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 1,562,000 | $ 1,652,000 | |||||||
Fair Value | $ (30,000) | $ (89,000) | |||||||
Investment, Identifier [Axis]: Netwrix Corporation And Concept Searching, Inc. 2 | |||||||||
Variable interest rate | [18] | 5% | [14],[15] | 5% | [4],[5],[11],[19] | 5% | [14],[15] | ||
Interest Rate | [18] | 10.30% | [14],[15],[27] | 9.70% | [4],[5],[11],[19] | 10.30% | [14],[15],[27] | ||
Par Amount | [4],[5],[11],[18],[19] | $ 812,000 | |||||||
Cost | [18],[20] | 798,000 | [4],[5],[11],[19] | € (8) | [14],[15] | ||||
Fair Value | [18] | $ 680,000 | [4],[5],[11],[19] | € (30) | [14],[15] | ||||
Percentage of Net Assets | [4],[5],[11],[18],[19] | 0.05% | |||||||
Unused Fee Rate | 0.25% | 0.50% | |||||||
Unfunded Commitment | $ 323,000 | $ 431,000 | |||||||
Fair Value | $ (6,000) | $ (23,000) | |||||||
Investment, Identifier [Axis]: Netwrix Corporation And Concept Searching, Inc. 3 | |||||||||
Variable interest rate | [18] | 5% | [14],[15] | 5% | [2],[4],[5],[11],[19] | 5% | [14],[15] | ||
Interest Rate | [18] | 10.30% | [14],[15],[27] | 9.70% | [2],[4],[5],[11],[19] | 10.30% | [14],[15],[27] | ||
Par Amount | € | [14],[15],[18] | € 108 | |||||||
Cost | [18],[20] | $ (4,000) | [2],[4],[5],[11],[19] | 104 | [14],[15] | ||||
Fair Value | [18] | $ (23,000) | [2],[4],[5],[11],[19] | € 99 | [14],[15] | ||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[11],[19] | 0.01% | [14],[15],[18] | |||
Investment, Identifier [Axis]: Oak Purchaser, Inc. 1 | |||||||||
Variable interest rate | [18] | 5.50% | [14] | 5.50% | [4],[5],[19] | 5.50% | [14] | ||
Interest Rate | [18] | 10.97% | [14],[27] | 9.48% | [4],[5],[19] | 10.97% | [14],[27] | ||
Par Amount | [18] | $ 2,792,000 | [4],[5],[19] | € 2,792 | [14] | ||||
Cost | [18],[20] | 2,766,000 | [4],[5],[19] | 2,769 | [14] | ||||
Fair Value | [18] | $ 2,752,000 | [4],[5],[19] | € 2,723 | [14] | ||||
Percentage of Net Assets | [18] | 0.18% | [14] | 0.20% | [4],[5],[19] | 0.18% | [14] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 1,031,000 | $ 1,236,000 | |||||||
Fair Value | $ (25,000) | $ (18,000) | |||||||
Investment, Identifier [Axis]: Oak Purchaser, Inc. 2 | |||||||||
Variable interest rate | [18] | 5.50% | [14],[15] | 5.50% | [2],[4],[5],[11],[19] | 5.50% | [14],[15] | ||
Interest Rate | [18] | 10.97% | [14],[15],[27] | 9.48% | [2],[4],[5],[11],[19] | 10.97% | [14],[15],[27] | ||
Par Amount | [18] | $ 625,000 | [2],[4],[5],[11],[19] | € 830 | [14],[15] | ||||
Cost | [18],[20] | 609,000 | [2],[4],[5],[11],[19] | 816 | [14],[15] | ||||
Fair Value | [18] | $ 599,000 | [2],[4],[5],[11],[19] | € 784 | [14],[15] | ||||
Percentage of Net Assets | [18] | 0.05% | [14],[15] | 0.04% | [2],[4],[5],[11],[19] | 0.05% | [14],[15] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 372,000 | $ 372,000 | |||||||
Fair Value | $ (9,000) | $ (5,000) | |||||||
Investment, Identifier [Axis]: Oak Purchaser, Inc. 3 | |||||||||
Variable interest rate | [18] | 5.50% | [14],[15] | 5.50% | [2],[4],[5],[11],[19] | 5.50% | [14],[15] | ||
Interest Rate | [18] | 10.97% | [14],[15],[27] | 9.48% | [2],[4],[5],[11],[19] | 10.97% | [14],[15],[27] | ||
Cost | [18] | $ (3,000) | [2],[4],[5],[11],[19] | € (3) | [14],[15],[20] | ||||
Fair Value | [18] | $ (5,000) | [2],[4],[5],[11],[19] | € (9) | [14],[15] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Oakbridge Insurance Agency, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [5] | 5.75% | [3],[14] | |||
Interest Rate | 11.17% | [3],[14] | 10.17% | [5],[22] | 11.17% | [3],[14] | |||
Par Amount | $ 1,074,000 | [3],[14] | $ 1,078,000 | [5] | |||||
Cost | 1,060,000 | [3],[14] | 1,062,000 | [1],[5] | |||||
Fair Value | $ 1,062,000 | [3],[14] | $ 1,062,000 | [5] | |||||
Percentage of Net Assets | 0.07% | [3],[14] | 0.08% | [5] | 0.07% | [3],[14] | |||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 283,000 | $ 399,000 | |||||||
Fair Value | $ (3,000) | $ (3,000) | |||||||
Investment, Identifier [Axis]: Oakbridge Insurance Agency, LLC 2 | |||||||||
Variable interest rate | [15] | 5.75% | [3],[14] | 5.75% | [5],[11] | 5.75% | [3],[14] | ||
Interest Rate | [15] | 11.17% | [3],[14] | 10.17% | [5],[11],[22] | 11.17% | [3],[14] | ||
Par Amount | [15] | $ 176,000 | [3],[14] | $ 60,000 | [5],[11] | ||||
Cost | [15] | 172,000 | [3],[14] | 56,000 | [1],[5],[11] | ||||
Fair Value | [15] | $ 171,000 | [3],[14] | $ 56,000 | [5],[11] | ||||
Percentage of Net Assets | 0.01% | [3],[14],[15] | 0% | [5],[11] | 0.01% | [3],[14],[15] | |||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 29,000 | $ 36,000 | |||||||
Investment, Identifier [Axis]: Oakbridge Insurance Agency, LLC 3 | |||||||||
Variable interest rate | [15] | 5.75% | [3],[14] | 5.75% | [5],[11] | 5.75% | [3],[14] | ||
Interest Rate | [15] | 11.17% | [3],[14] | 10.17% | [5],[11],[22] | 11.17% | [3],[14] | ||
Par Amount | [15] | $ 26,000 | [3],[14] | $ 19,000 | [5],[11] | ||||
Cost | [15] | 26,000 | [3],[14] | 18,000 | [1],[5],[11] | ||||
Fair Value | [15] | $ 26,000 | [3],[14] | $ 18,000 | [5],[11] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC | |||||||||
Variable interest rate | [3] | 9% | [14] | 9% | [4],[5] | 9% | [14] | ||
Interest Rate | [3] | 14.40% | [14],[27] | 13.69% | [4],[5] | 14.40% | [14],[27] | ||
Par Amount | [3] | $ 4,500,000 | [4],[5] | € 4,500 | [14] | ||||
Cost | [3] | 4,374,000 | [4],[5] | 4,388 | [14],[20] | ||||
Fair Value | [3] | $ 4,319,000 | [4],[5] | € 4,500 | [14] | ||||
Percentage of Net Assets | [3] | 0.30% | [14] | 0.31% | [4],[5] | 0.30% | [14] | ||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 1 | |||||||||
Variable interest rate | 5% | [3],[4] | 5% | [3],[4] | 5% | [6] | 5% | [3],[4] | |
Interest Rate | 10.42% | [3],[4],[7] | 9.73% | [3],[4],[7] | 6% | [6],[22] | 10.42% | [3],[4],[7] | |
Par Amount | $ 12,445,000 | [3],[4] | $ 12,131,000 | [3],[4] | $ 10,621,000 | [6] | |||
Cost | 12,353,000 | [3],[4],[20] | 12,027,000 | [3],[4],[20] | 10,516,000 | [1],[6] | |||
Fair Value | $ 12,445,000 | [3],[4] | $ 11,617,000 | [3],[4] | $ 10,516,000 | [6] | |||
Percentage of Net Assets | 0.84% | [3],[4] | 0.83% | [3],[4] | 0.88% | [6] | 0.84% | [3],[4] | |
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 138,000 | $ 732,000 | $ 1,264,000 | ||||||
Fair Value | $ (31,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 2 | |||||||||
Variable interest rate | 5% | [2],[3],[4] | 5% | [3],[4],[12] | 5% | [6],[10] | 5% | [2],[3],[4] | |
Interest Rate | 10.42% | [2],[3],[4],[7] | 9.73% | [3],[4],[7],[12] | 6% | [6],[10],[22] | 10.42% | [2],[3],[4],[7] | |
Par Amount | $ 1,265,000 | [2],[3],[4] | $ 531,000 | [3],[4],[12] | $ 1,195,000 | [6],[10] | |||
Cost | 1,248,000 | [2],[3],[4],[20] | 519,000 | [3],[4],[12],[20] | 1,176,000 | [1],[6],[10] | |||
Fair Value | $ 1,265,000 | [2],[3],[4] | $ 471,000 | [3],[4],[12] | $ 1,176,000 | [6],[10] | |||
Percentage of Net Assets | 0.09% | [2],[3],[4] | 0.03% | [3],[4],[12] | 0.10% | [6],[10] | 0.09% | [2],[3],[4] | |
Unused Fee Rate | 0.50% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 799,000 | $ 173,000 | $ 799,000 | ||||||
Fair Value | $ (7,000) | $ (8,000) | |||||||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 3 | |||||||||
Variable interest rate | 4% | [2],[4],[14] | 5% | [3],[4] | 5% | [6],[10] | 4% | [2],[4],[14] | |
Interest Rate | 9.42% | [2],[4],[7],[14] | 9.73% | [3],[4],[7] | 6% | [6],[10],[22] | 9.42% | [2],[4],[7],[14] | |
Par Amount | $ 266,000 | [2],[4],[14] | $ 385,000 | [3],[4] | $ 266,000 | [6],[10] | |||
Cost | 259,000 | [2],[4],[14],[20] | 378,000 | [3],[4],[20] | 256,000 | [1],[6],[10] | |||
Fair Value | $ 266,000 | [2],[4],[14] | $ 368,000 | [3],[4] | $ 256,000 | [6],[10] | |||
Percentage of Net Assets | 0.02% | [2],[4],[14] | 0.03% | [3],[4] | 0.02% | [6],[10] | 0.02% | [2],[4],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,065,000 | ||||||||
Fair Value | $ (45,000) | ||||||||
Investment, Identifier [Axis]: Omni Intermediate Holdings, LLC 4 | |||||||||
Variable interest rate | [3],[4],[12] | 5% | |||||||
Interest Rate | [3],[4],[7],[12] | 9.73% | |||||||
Cost | [3],[4],[12],[20] | $ (9,000) | |||||||
Fair Value | [3],[4],[12] | $ (45,000) | |||||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: PAI Holdco, Inc. | |||||||||
Variable interest rate | 7.50% | [3],[14] | 7.50% | [3],[4],[5] | 5.50% | [6] | 7.50% | [3],[14] | |
Interest Rate | 13.02% | [3],[14],[27] | 11.92% | [3],[4],[5] | 8.50% | [6],[8] | 13.02% | [3],[14],[27] | |
Par Amount | $ 26,033,000 | [3],[4],[5] | $ 25,509,000 | [6] | € 26,430 | [3],[14] | |||
Cost | 25,444,000 | [3],[4],[5] | 24,843,000 | [1],[6] | 25,898 | [3],[14],[20] | |||
Fair Value | $ 23,787,000 | [3],[4],[5] | $ 25,509,000 | [6] | € 25,074 | [3],[14] | |||
Interest rate, PIK | 2% | [3],[14] | 2% | [3],[4],[5] | 2% | [6] | 2% | [3],[14] | |
Percentage of Net Assets | 1.69% | [3],[14] | 1.70% | [3],[4],[5] | 2.15% | [6] | 1.69% | [3],[14] | |
Investment, Identifier [Axis]: PCX Holding Corp. | |||||||||
Par Amount | $ 6,538,000 | [14],[23] | $ 6,538,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 6,538 | [5],[25] | 6,538,000 | ||||||
Cost | 654,000 | [14],[20],[23] | $ 654,000 | [1],[4],[5],[24],[25] | $ 654,000 | ||||
Fair Value | $ 779,000 | [14],[23] | $ 747,000 | [4],[5],[24],[25] | $ 965,000 | ||||
Percentage of Net Assets | 0.05% | [14],[23] | 0.05% | [4],[5],[24],[25] | 0.08% | 0.05% | [14],[23] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 987,000 | $ 1,296,000 | |||||||
Fair Value | $ (9,000) | $ (42,000) | |||||||
Investment, Identifier [Axis]: PCX Holding Corp. 1 | |||||||||
Variable interest rate | 6.25% | [3],[4],[13] | 6.25% | [3],[4],[17] | 6.25% | [6],[21] | 6.25% | [3],[4],[13] | |
Interest Rate | 11.79% | [3],[4],[7],[13] | 10.98% | [3],[4],[7],[17] | 7.25% | [6],[21],[22] | 11.79% | [3],[4],[7],[13] | |
Par Amount | $ 18,093,000 | [3],[4],[13] | $ 18,232,000 | [3],[4],[17] | $ 18,417,000 | [6],[21] | |||
Cost | 17,975,000 | [3],[4],[13],[20] | 18,093,000 | [3],[4],[17],[20] | 18,250,000 | [1],[6],[21] | |||
Fair Value | $ 17,930,000 | [3],[4],[13] | $ 17,636,000 | [3],[4],[17] | $ 18,417,000 | [6],[21] | |||
Percentage of Net Assets | 1.21% | [3],[4],[13] | 1.26% | [3],[4],[17] | 1.55% | [6],[21] | 1.21% | [3],[4],[13] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,851,000 | ||||||||
Investment, Identifier [Axis]: PCX Holding Corp. 2 | |||||||||
Variable interest rate | 6.25% | [3],[4] | 6.25% | [3],[4] | 6.25% | [6],[10] | 6.25% | [3],[4] | |
Interest Rate | 11.79% | [3],[4],[7] | 10.98% | [3],[4],[7] | 7.25% | [6],[10],[22] | 11.79% | [3],[4],[7] | |
Par Amount | $ 18,218,000 | [3],[4] | $ 18,356,000 | [3],[4] | $ 7,386,000 | [6],[10] | |||
Cost | 17,968,000 | [3],[4],[20] | 18,064,000 | [3],[4],[20] | 7,309,000 | [1],[6],[10] | |||
Fair Value | $ 18,053,000 | [3],[4] | $ 17,756,000 | [3],[4] | $ 7,386,000 | [6],[10] | |||
Percentage of Net Assets | 1.22% | [3],[4] | 1.27% | [3],[4] | 0.62% | [6],[10] | 1.22% | [3],[4] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,851,000 | ||||||||
Investment, Identifier [Axis]: PCX Holding Corp. 3 | |||||||||
Variable interest rate | 6.25% | [2],[3],[4] | 6.25% | [3],[4],[12] | 6.25% | [6],[10] | 6.25% | [2],[3],[4] | |
Interest Rate | 11.79% | [2],[3],[4],[7] | 10.98% | [3],[4],[7],[12] | 7.25% | [6],[10],[22] | 11.79% | [2],[3],[4],[7] | |
Par Amount | [3],[4] | $ 864,000 | [2] | $ 555,000 | [12] | ||||
Cost | 853,000 | [2],[3],[4],[20] | 542,000 | [3],[4],[12],[20] | $ (16,000) | [1],[6],[10] | |||
Fair Value | [3],[4] | $ 847,000 | [2] | $ 495,000 | [12] | ||||
Percentage of Net Assets | 0.06% | [2],[3],[4] | 0.04% | [3],[4],[12] | 0% | [6],[10] | 0.06% | [2],[3],[4] | |
Investment, Identifier [Axis]: PDFTron Systems, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 3,850,000 | $ 3,850,000 | |||||||
Fair Value | $ (73,000) | $ (128,000) | |||||||
Investment, Identifier [Axis]: PDFTron Systems, Inc. 1 | |||||||||
Variable interest rate | [3] | 5.50% | [13],[14],[28] | 5.50% | [4],[5],[16],[17],[30] | 5.50% | [13],[14],[28] | ||
Interest Rate | [3] | 10.83% | [13],[14],[28] | 9.82% | [4],[5],[7],[16],[17],[30] | 10.83% | [13],[14],[28] | ||
Par Amount | [3] | $ 30,107,000 | [13],[14],[28] | $ 30,415,000 | [4],[5],[16],[17],[30] | ||||
Cost | [3] | 29,750,000 | [13],[14],[28] | 29,998,000 | [4],[5],[9],[16],[17],[30] | ||||
Fair Value | [3] | $ 29,535,000 | [13],[14],[28] | $ 29,402,000 | [4],[5],[16],[17],[30] | ||||
Percentage of Net Assets | [3] | 1.99% | [13],[14],[28] | 2.10% | [4],[5],[16],[17],[30] | 1.99% | [13],[14],[28] | ||
Investment, Identifier [Axis]: PDFTron Systems, Inc. 2 | |||||||||
Variable interest rate | [3] | 5.50% | [14],[28] | 5.50% | [4],[5],[29],[30] | 5.50% | [14],[28] | ||
Interest Rate | [3] | 10.83% | [14],[28] | 9.82% | [4],[5],[7],[22],[29],[30] | 10.83% | [14],[28] | ||
Par Amount | [3] | $ 9,751,000 | [14],[28] | $ 9,800,000 | [4],[5],[29],[30] | ||||
Cost | [3] | 9,612,000 | [14],[28] | 9,638,000 | [1],[4],[5],[9],[29],[30] | ||||
Fair Value | [3] | $ 9,566,000 | [14],[28] | $ 9,474,000 | [4],[5],[29],[30] | ||||
Percentage of Net Assets | [3] | 0.65% | [14],[28] | 0.68% | [4],[5],[29],[30] | 0.65% | [14],[28] | ||
Investment, Identifier [Axis]: PDFTron Systems, Inc. 3 | |||||||||
Variable interest rate | [3] | 5.50% | [14],[15],[28] | 5.50% | [4],[5],[11],[12],[29],[30] | 5.50% | [14],[15],[28] | ||
Interest Rate | [3] | 10.83% | [14],[15],[28] | 9.82% | [4],[5],[7],[11],[12],[22],[29],[30] | 10.83% | [14],[15],[28] | ||
Par Amount | [3] | $ 3,850,000 | [14],[15],[28] | $ 3,850,000 | [4],[5],[11],[12],[29],[30] | ||||
Cost | [3] | 3,764,000 | [14],[15],[28] | 3,741,000 | [1],[4],[5],[9],[11],[12],[29],[30] | ||||
Fair Value | [3] | $ 3,704,000 | [14],[15],[28] | $ 3,594,000 | [4],[5],[11],[12],[29],[30] | ||||
Percentage of Net Assets | [3] | 0.25% | [14],[15],[28] | 0.26% | [4],[5],[11],[12],[29],[30] | 0.25% | [14],[15],[28] | ||
Investment, Identifier [Axis]: PDFTron US Acquisition Corp. 1 | |||||||||
Variable interest rate | [6],[10],[21] | 5.50% | |||||||
Interest Rate | [6],[8],[10],[21] | 6.50% | |||||||
Par Amount | [6],[10],[21] | $ 30,723,000 | |||||||
Cost | [1],[6],[10],[21] | 30,226,000 | |||||||
Fair Value | [6],[10],[21] | $ 29,894,000 | |||||||
Percentage of Net Assets | [6],[10],[21] | 2.52% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 3,640,000 | ||||||||
Fair Value | $ (98,000) | ||||||||
Investment, Identifier [Axis]: PDFTron US Acquisition Corp. 2 | |||||||||
Variable interest rate | [6],[10],[31] | 5.50% | |||||||
Interest Rate | [6],[8],[10],[31] | 6.50% | |||||||
Par Amount | [6],[10],[31] | $ 6,160,000 | |||||||
Cost | [1],[6],[10],[31] | 6,044,000 | |||||||
Fair Value | [6],[10],[31] | $ 5,896,000 | |||||||
Percentage of Net Assets | [6],[10],[31] | 0.50% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 7,700,000 | ||||||||
Fair Value | $ (208,000) | ||||||||
Investment, Identifier [Axis]: PDFTron US Acquisition Corp. 3 | |||||||||
Variable interest rate | [6],[10],[31] | 5.50% | |||||||
Interest Rate | [6],[8],[10],[31] | 6.50% | |||||||
Cost | [1],[6],[10],[31] | $ (140,000) | |||||||
Fair Value | [6],[10],[31] | $ (208,000) | |||||||
Percentage of Net Assets | [6],[10],[31] | (0.02%) | |||||||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC | |||||||||
Variable interest rate | [14],[15],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[15],[18] | 11.15% | 11.15% | ||||||
Cost | [14],[15],[18] | $ (75,000) | |||||||
Fair Value | [14],[15],[18] | $ (75,000) | |||||||
Percentage of Net Assets | [14],[15],[18] | (0.01%) | (0.01%) | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 15,090,000 | ||||||||
Fair Value | $ (75,000) | ||||||||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC Two | |||||||||
Variable interest rate | [14],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [14],[18] | 11.15% | 11.15% | ||||||
Par Amount | [14],[18] | $ 4,357,000 | |||||||
Cost | [14],[18] | 4,193,000 | |||||||
Fair Value | [14],[18] | $ 4,292,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.29% | 0.29% | ||||||
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC 1 | |||||||||
Variable interest rate | 5.98% | [14],[18] | 5.50% | [4],[5],[18],[19] | 5.50% | [6],[19] | 5.98% | [14],[18] | |
Interest Rate | 11.52% | [14],[18] | 10.23% | [4],[5],[7],[18],[19] | 6.25% | [6],[8],[19] | 11.52% | [14],[18] | |
Par Amount | $ 28,415,000 | [14],[18] | $ 28,632,000 | [4],[5],[18],[19] | $ 17,400,000 | [6],[19] | |||
Cost | 28,191,000 | [14],[18] | 28,383,000 | [4],[5],[9],[18],[19] | 17,228,000 | [1],[6],[19] | |||
Fair Value | $ 27,116,000 | [14],[18] | $ 27,804,000 | [4],[5],[18],[19] | $ 17,228,000 | [6],[19] | |||
Percentage of Net Assets | 1.83% | [14],[18] | 1.99% | [4],[5],[18],[19] | 1.45% | [6],[19] | 1.83% | [14],[18] | |
Unfunded Commitment | $ 16,090,000 | ||||||||
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC 2 | |||||||||
Variable interest rate | 5.98% | [14],[18] | 5.50% | [4],[5],[18],[19] | 5.50% | [6],[10],[19] | 5.98% | [14],[18] | |
Interest Rate | 11.52% | [14],[18] | 10.23% | [4],[5],[7],[18],[19] | 6.25% | [6],[8],[10],[19] | 11.52% | [14],[18] | |
Par Amount | $ 15,808,000 | [14],[18] | $ 15,929,000 | [4],[5],[18],[19] | $ 11,521,000 | [6],[10],[19] | |||
Cost | 15,682,000 | [14],[18] | 15,787,000 | [4],[5],[9],[18],[19] | 11,408,000 | [1],[6],[10],[19] | |||
Fair Value | $ 15,086,000 | [14],[18] | $ 15,469,000 | [4],[5],[18],[19] | $ 11,408,000 | [6],[10],[19] | |||
Percentage of Net Assets | 1.02% | [14],[18] | 1.11% | [4],[5],[18],[19] | 0.96% | [6],[10],[19] | 1.02% | [14],[18] | |
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 792,000 | ||||||||
Fair Value | $ (9,000) | ||||||||
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc. 1 | |||||||||
Variable interest rate | [14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [14],[15] | 11.97% | 11.97% | ||||||
Par Amount | [14],[15] | $ 6,763,000 | |||||||
Cost | [14],[15] | 6,632,000 | |||||||
Fair Value | [14],[15] | $ 6,685,000 | |||||||
Percentage of Net Assets | [14],[15] | 0.45% | 0.45% | ||||||
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc. 2 | |||||||||
Variable interest rate | [14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [14],[15] | 11.97% | 11.97% | ||||||
Cost | [14],[15] | $ (15,000) | |||||||
Fair Value | [14],[15] | $ (9,000) | |||||||
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 4,485,000 | $ 4,485,000 | |||||||
Fair Value | $ (61,000) | $ (207,000) | |||||||
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC 1 | |||||||||
Variable interest rate | 5.75% | [13],[14],[18] | 5.50% | [5],[16],[19] | 5.50% | 5.75% | [13],[14],[18] | ||
Interest Rate | 11.27% | [13],[14],[18] | 8.86% | [5],[16],[19],[22] | 6.25% | 11.27% | [13],[14],[18] | ||
Par Amount | $ 62,516,000 | [13],[14],[18] | $ 61,902,000 | [5],[16],[19] | $ 45,812,000 | ||||
Cost | 61,538,000 | [13],[14],[18] | 60,837,000 | [1],[5],[16],[19] | 44,918,000 | ||||
Fair Value | $ 61,666,000 | [13],[14],[18] | $ 59,042,000 | [5],[16],[19] | $ 44,918,000 | ||||
Percentage of Net Assets | 4.16% | [13],[14],[18] | 4.23% | [5],[16],[19] | 3.78% | 4.16% | [13],[14],[18] | ||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 17,620,000 | ||||||||
Fair Value | $ (171,000) | ||||||||
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC 2 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18] | 5.50% | [5],[19] | 5.75% | 5.75% | [14],[15],[18] | ||
Interest Rate | 11.27% | [14],[15],[18] | 8.86% | [5],[19],[22] | 6.75% | 11.27% | [14],[15],[18] | ||
Par Amount | [5],[19] | $ 1,089,000 | |||||||
Cost | $ (65,000) | [14],[15],[18] | 1,060,000 | [1],[5],[19] | $ (171,000) | ||||
Fair Value | $ (61,000) | [14],[15],[18] | $ 1,039,000 | [5],[19] | $ (171,000) | ||||
Percentage of Net Assets | 0.07% | [5],[19] | (0.01%) | ||||||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 4,485,000 | ||||||||
Fair Value | $ (86,000) | ||||||||
Investment, Identifier [Axis]: Patriot Growth Insurance Services, LLC 3 | |||||||||
Variable interest rate | 5.50% | [5],[11],[15],[19] | 5.50% | ||||||
Interest Rate | 8.86% | [5],[11],[15],[19],[22] | 6.25% | ||||||
Cost | $ (74,000) | [1],[5],[11],[15],[19] | $ (86,000) | ||||||
Fair Value | $ (207,000) | [5],[11],[15],[19] | $ (86,000) | ||||||
Percentage of Net Assets | (0.01%) | [5],[11],[15],[19] | (0.01%) | ||||||
Investment, Identifier [Axis]: Performance Health & Wellness | |||||||||
Variable interest rate | 6% | [3],[13],[14] | 6% | [3],[4],[17] | 6% | [6],[21] | 6% | [3],[13],[14] | |
Interest Rate | 11.57% | [3],[13],[14] | 10.73% | [3],[4],[7],[17] | 7% | [6],[8],[21] | 11.57% | [3],[13],[14] | |
Par Amount | $ 9,398,000 | [3],[13],[14] | $ 9,398,000 | [3],[4],[17] | $ 10,474,000 | [6],[21] | |||
Cost | 9,268,000 | [3],[13],[14] | 9,248,000 | [3],[4],[9],[17] | 10,278,000 | [1],[6],[21] | |||
Fair Value | $ 9,248,000 | [3],[13],[14] | $ 8,956,000 | [3],[4],[17] | $ 10,474,000 | [6],[21] | |||
Percentage of Net Assets | 0.62% | [3],[13],[14] | 0.64% | [3],[4],[17] | 0.88% | [6],[21] | 0.62% | [3],[13],[14] | |
Investment, Identifier [Axis]: PerkinElmer U.S., LLC | |||||||||
Variable interest rate | [3],[13],[14] | 6.75% | 6.75% | ||||||
Interest Rate | [3],[13],[14] | 12.16% | 12.16% | ||||||
Par Amount | [3],[13],[14] | $ 3,893,000 | |||||||
Cost | [3],[13],[14] | 3,784,000 | |||||||
Fair Value | [3],[13],[14] | $ 3,842,000 | |||||||
Percentage of Net Assets | [3],[13],[14] | 0.26% | 0.26% | ||||||
Investment, Identifier [Axis]: Pet Holdings, Inc. (Brightpet) | |||||||||
Par Amount | $ 17,543,000 | [14],[23] | $ 13,846,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 13,846 | [5],[25] | 12,313,000 | ||||||
Cost | 2,013,000 | [14],[20],[23] | $ 1,385,000 | [1],[4],[5],[24],[25] | $ 1,232,000 | ||||
Fair Value | $ 1,718,000 | [14],[23] | $ 1,028,000 | [4],[5],[24],[25] | $ 1,052,000 | ||||
Percentage of Net Assets | 0.12% | [14],[23] | 0.07% | [4],[5],[24],[25] | 0.09% | 0.12% | [14],[23] | ||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 1 | |||||||||
Variable interest rate | 6% | [13],[14],[18] | 6% | [5],[19] | 6% | 6% | [13],[14],[18] | ||
Interest Rate | 11.43% | [13],[14],[18] | 11.12% | [5],[19],[22] | 6.75% | 11.43% | [13],[14],[18] | ||
Par Amount | $ 20,256,000 | [13],[14],[18] | $ 910,000 | [5],[19] | $ 17,972,000 | ||||
Cost | 20,072,000 | [13],[14],[18] | 897,000 | [1],[5],[19] | 17,796,000 | ||||
Fair Value | $ 19,896,000 | [13],[14],[18] | $ 866,000 | [5],[19] | $ 17,796,000 | ||||
Percentage of Net Assets | 1.34% | [13],[14],[18] | 0.06% | [5],[19] | 1.50% | 1.34% | [13],[14],[18] | ||
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 1,695,000 | $ 292,000 | $ 1,559,000 | ||||||
Fair Value | $ (16,000) | $ (14,000) | $ (13,000) | ||||||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 2 | |||||||||
Variable interest rate | 6% | [14],[15],[18] | 6% | [5],[11],[15],[19] | 6% | 6% | [14],[15],[18] | ||
Interest Rate | 11.43% | [14],[15],[18] | 11.12% | [5],[11],[15],[19] | 6.75% | 11.43% | [14],[15],[18] | ||
Par Amount | $ 7,164,000 | [14],[15],[18] | $ 1,985,000 | [5],[11],[15],[19] | $ 3,433,000 | ||||
Cost | 7,080,000 | [14],[15],[18] | 1,955,000 | [5],[11],[15],[19] | 3,392,000 | ||||
Fair Value | $ 7,022,000 | [14],[15],[18] | $ 1,874,000 | [5],[11],[15],[19] | $ 3,392,000 | ||||
Percentage of Net Assets | 0.47% | [14],[15],[18] | 0.13% | [5],[11],[15],[19] | 0.29% | 0.47% | [14],[15],[18] | ||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 832,000 | $ 832,000 | $ 832,000 | ||||||
Fair Value | $ (15,000) | $ (40,000) | $ (8,000) | ||||||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 3 | |||||||||
Variable interest rate | 6% | [14],[15],[18] | 6% | [5],[19] | 6% | 6% | [14],[15],[18] | ||
Interest Rate | 11.43% | [14],[15],[18] | 11.21% | [5],[19] | 6.75% | 11.43% | [14],[15],[18] | ||
Par Amount | [5],[19] | $ 17,793,000 | |||||||
Cost | $ (6,000) | [14],[15],[18] | 17,638,000 | [5],[19] | $ (8,000) | ||||
Fair Value | $ (15,000) | [14],[15],[18] | $ 16,930,000 | [5],[19] | $ (8,000) | ||||
Percentage of Net Assets | 1.21% | [5],[19] | 0% | ||||||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 4 | |||||||||
Variable interest rate | [5],[11],[15],[19] | 6% | |||||||
Interest Rate | [5],[11],[15],[19] | 11.21% | |||||||
Par Amount | [5],[11],[15],[19] | $ 4,942,000 | |||||||
Cost | [5],[11],[15],[19] | 4,899,000 | |||||||
Fair Value | [5],[11],[15],[19] | $ 4,703,000 | |||||||
Percentage of Net Assets | [5],[11],[15],[19] | 0.34% | |||||||
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 5 | |||||||||
Variable interest rate | [5],[11],[15],[19] | 6% | |||||||
Interest Rate | [5],[11],[15],[19] | 11.21% | |||||||
Cost | [5],[11],[15],[19] | $ (7,000) | |||||||
Fair Value | [5],[11],[15],[19] | $ (40,000) | |||||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Pound Bidco, Inc 1 | |||||||||
Variable interest rate | [3],[13],[28] | 6.50% | [14] | 6.50% | [4],[5],[16],[18],[29] | 6.50% | [14] | ||
Interest Rate | [3],[13],[28] | 11.93% | [14],[27] | 10.67% | [4],[5],[16],[18],[29] | 11.93% | [14],[27] | ||
Par Amount | [3],[13],[28] | $ 9,012,000 | [4],[5],[16],[18],[29] | € 6,395 | [14] | ||||
Cost | [3],[13],[28] | 8,888,000 | [4],[5],[16],[18],[29] | 6,329 | [14],[20] | ||||
Fair Value | [3],[13],[28] | $ 8,970,000 | [4],[5],[16],[18],[29] | € 6,395 | [14] | ||||
Percentage of Net Assets | [3],[13],[28] | 0.43% | [14] | 0.64% | [4],[5],[16],[18],[29] | 0.43% | [14] | ||
Investment, Identifier [Axis]: Pound Bidco, Inc 2 | |||||||||
Variable interest rate | [3],[13],[28] | 6.50% | [14],[15] | 6.50% | [2],[4],[5],[11],[16],[29] | 6.50% | [14],[15] | ||
Interest Rate | [3],[13],[28] | 11.93% | [14],[15],[27] | 10.67% | [2],[4],[5],[11],[16],[29] | 11.93% | [14],[15],[27] | ||
Cost | [3],[13],[28] | $ (14,000) | [2],[4],[5],[11],[16],[29] | € (11) | [14],[15],[20] | ||||
Fair Value | [2],[3],[4],[5],[11],[13],[16],[28],[29] | $ (5,000) | |||||||
Percentage of Net Assets | [5],[11],[16],[29] | 0% | |||||||
Investment, Identifier [Axis]: Pound Bidco, Inc 3 | |||||||||
Variable interest rate | [3],[14],[28] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[27],[28] | 11.93% | 11.93% | ||||||
Par Amount | € | [3],[14],[28] | € 2,617 | |||||||
Cost | € | [3],[14],[20],[28] | 2,585 | |||||||
Fair Value | € | [3],[14],[28] | € 2,617 | |||||||
Percentage of Net Assets | [3],[14],[28] | 0.18% | 0.18% | ||||||
Investment, Identifier [Axis]: Pound Bidco, Inc 4 | |||||||||
Variable interest rate | [3],[14],[15],[28] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15],[27],[28] | 11.93% | 11.93% | ||||||
Investment, Identifier [Axis]: Pound Bidco, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,163,000 | $ 1,163,000 | $ 1,163,000 | ||||||
Fair Value | $ (5,000) | $ (19,000) | |||||||
Investment, Identifier [Axis]: Pound Bidco, Inc. 1 | |||||||||
Variable interest rate | [6],[21],[31] | 6.50% | |||||||
Interest Rate | [6],[8],[21],[31] | 7.50% | |||||||
Par Amount | [6],[21],[31] | $ 9,012,000 | |||||||
Cost | [1],[6],[21],[31] | 8,854,000 | |||||||
Fair Value | [6],[21],[31] | $ 8,854,000 | |||||||
Percentage of Net Assets | [6],[21],[31] | 0.74% | |||||||
Investment, Identifier [Axis]: Pound Bidco, Inc. 2 | |||||||||
Variable interest rate | [6],[10],[21],[31] | 6.50% | |||||||
Interest Rate | [6],[8],[10],[21],[31] | 7.50% | |||||||
Cost | [1],[6],[10],[21],[31] | $ (19,000) | |||||||
Fair Value | [6],[10],[21],[31] | $ (19,000) | |||||||
Percentage of Net Assets | [6],[10],[21],[31] | 0% | |||||||
Investment, Identifier [Axis]: Pritchard Industries, Inc. | |||||||||
Par Amount, Shares (in shares) | shares | 1,700,000 | [5],[25] | 1,700,000,000 | ||||||
Cost | $ 1,700,000 | [1],[5],[25] | $ 1,700,000 | ||||||
Fair Value | $ 2,210,000 | [5],[25] | $ 1,700,000 | ||||||
Percentage of Net Assets | 0.16% | [5],[25] | 0.14% | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 691,000 | $ 6,140,000 | |||||||
Fair Value | (38,000) | $ (59,000) | |||||||
Investment, Identifier [Axis]: Pritchard Industries, LLC | |||||||||
Par Amount | 1,700,000,000 | [14],[23] | 1,700,000,000 | [4],[24] | |||||
Cost | 1,700,000 | [14],[20],[23] | 1,700,000 | [4],[24] | |||||
Fair Value | $ 1,734,000 | [14],[23] | $ 2,210,000 | [4],[24] | |||||
Percentage of Net Assets | 0.12% | [14],[23] | 0.16% | [4],[24] | 0.12% | [14],[23] | |||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 691,000 | ||||||||
Fair Value | $ (38,000) | ||||||||
Investment, Identifier [Axis]: Pritchard Industries, LLC 1 | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [5],[14],[18],[19] | 5.50% | [6],[19] | 5.50% | [14],[18] | |
Interest Rate | 11.09% | [14],[18],[27] | 10.54% | [5],[14],[18],[19] | 6.25% | [6],[8],[19] | 11.09% | [14],[18],[27] | |
Par Amount | $ 25,338,000 | [14],[18] | $ 25,532,000 | [5],[14],[18],[19] | $ 25,789,000 | [6],[19] | |||
Cost | 24,971,000 | [14],[18],[20] | 25,108,000 | [5],[14],[18],[19] | 25,289,000 | [1],[6],[19] | |||
Fair Value | $ 24,809,000 | [14],[18] | $ 24,112,000 | [5],[14],[18],[19] | $ 25,289,000 | [6],[19] | |||
Percentage of Net Assets | 1.67% | [14],[18] | 1.73% | [5],[14],[18],[19] | 2.13% | [6],[19] | 1.67% | [14],[18] | |
Investment, Identifier [Axis]: Pritchard Industries, LLC 2 | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [4],[5],[10],[11],[12],[18],[19] | 5.50% | [6],[10],[19] | 5.50% | [14],[18] | |
Interest Rate | 11.09% | [14],[18],[27] | 10.54% | [4],[5],[10],[11],[12],[18],[19] | 6.25% | [6],[8],[10],[19] | 11.09% | [14],[18],[27] | |
Par Amount | [18] | $ 6,058,000 | [14] | $ 5,413,000 | [4],[5],[10],[11],[12],[19] | ||||
Cost | 5,966,000 | [14],[18],[20] | 5,315,000 | [4],[5],[10],[11],[12],[18],[19],[20] | $ (59,000) | [1],[6],[10],[19] | |||
Fair Value | $ 5,931,000 | [14],[18] | $ 5,074,000 | [4],[5],[10],[11],[12],[18],[19] | $ (59,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.40% | [14],[18] | 0.36% | [4],[5],[10],[11],[12],[18],[19] | 0% | [6],[10],[19] | 0.40% | [14],[18] | |
Investment, Identifier [Axis]: Procure Acquiom Financial, LLC (Procure Analytics) | |||||||||
Par Amount | $ 1,000,000,000 | [14],[23] | $ 1,000,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 1,000,000 | [5],[25] | 1,000,000,000 | ||||||
Cost | 1,000,000 | [14],[20],[23] | $ 1,000,000 | [1],[4],[5],[24],[25] | $ 1,000,000 | ||||
Fair Value | $ 1,240,000 | [14],[23] | $ 1,380,000 | [4],[5],[24],[25] | $ 1,000,000 | ||||
Percentage of Net Assets | 0.08% | [14],[23] | 0.10% | [4],[5],[24],[25] | 0.08% | 0.08% | [14],[23] | ||
Investment, Identifier [Axis]: Procure Acquireco, Inc. (Procure Analytics) 1 | |||||||||
Variable interest rate | 5% | [14],[18] | 5% | [4],[5],[18],[19] | 5.50% | [6],[19] | 5% | [14],[18] | |
Interest Rate | 10.57% | [14],[18] | 9.35% | [4],[5],[7],[18],[19],[22] | 6.25% | [6],[8],[19] | 10.57% | [14],[18] | |
Par Amount | $ 3,899,000 | [14],[18] | $ 3,929,000 | [4],[5],[18],[19] | $ 3,968,000 | [6],[19] | |||
Cost | 3,837,000 | [14],[18] | 3,859,000 | [1],[4],[5],[18],[19],[20] | 3,889,000 | [1],[6],[19] | |||
Fair Value | $ 3,769,000 | [14],[18] | $ 3,755,000 | [4],[5],[18],[19] | $ 3,889,000 | [6],[19] | |||
Percentage of Net Assets | 0.25% | [14],[18] | 0.27% | [4],[5],[18],[19] | 0.33% | [6],[19] | 0.25% | [14],[18] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 794,000 | $ 794,000 | $ 794,000 | ||||||
Fair Value | $ (26,000) | $ (35,000) | $ (8,000) | ||||||
Investment, Identifier [Axis]: Procure Acquireco, Inc. (Procure Analytics) 2 | |||||||||
Variable interest rate | 5% | [14],[15],[18] | 5% | [4],[5],[12],[18],[19] | 5.50% | [6],[10],[19] | 5% | [14],[15],[18] | |
Interest Rate | 10.57% | [14],[15],[18] | 9.35% | [4],[5],[7],[12],[18],[19],[22] | 6.25% | [6],[8],[10],[19] | 10.57% | [14],[15],[18] | |
Cost | $ (6,000) | [14],[15],[18] | $ (7,000) | [1],[4],[5],[12],[18],[19],[20] | $ (8,000) | [1],[6],[10],[19] | |||
Fair Value | $ (26,000) | [14],[15],[18] | $ (35,000) | [4],[5],[12],[18],[19] | $ (8,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 0% | [5] | 0% | [6],[10] | ||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 238,000 | $ 238,000 | $ 238,000 | ||||||
Fair Value | $ (8,000) | $ (11,000) | $ (5,000) | ||||||
Investment, Identifier [Axis]: Procure Acquireco, Inc. (Procure Analytics) 3 | |||||||||
Variable interest rate | 5% | [14],[15],[18] | 5% | [4],[5],[12],[18],[19] | 5.50% | [6],[10],[19] | 5% | [14],[15],[18] | |
Interest Rate | 10.57% | [14],[15],[18] | 9.35% | [4],[5],[7],[12],[18],[19],[22] | 6.25% | [6],[8],[10],[19] | 10.57% | [14],[15],[18] | |
Cost | $ (3,000) | [14],[15],[18] | $ (4,000) | [1],[4],[5],[12],[18],[19],[20] | $ (5,000) | [1],[6],[10],[19] | |||
Fair Value | $ (8,000) | [14],[15],[18] | $ (11,000) | [4],[5],[12],[18],[19] | $ (5,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 0% | [5] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: Project Boost Purchase, LLC 1 | |||||||||
Variable interest rate | [14],[18] | 5.25% | 5.25% | [5],[19] | 5.25% | ||||
Interest Rate | [14],[18] | 10.67% | 9.65% | [5],[19],[22] | 10.67% | ||||
Par Amount | [14],[18] | $ 5,682,000 | $ 5,414,000 | ||||||
Par Amount, Shares (in shares) | shares | [5],[19] | 5,414 | |||||||
Cost | [14],[18] | 5,636,000 | $ 5,364,000 | [1],[5],[19] | |||||
Fair Value | [14],[18] | $ 5,664,000 | $ 5,362,000 | [5],[19] | |||||
Percentage of Net Assets | [14],[18] | 0.38% | 0.38% | [5],[19] | 0.38% | ||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 589,000 | $ 1,038,000 | |||||||
Fair Value | $ (2,000) | $ (10,000) | |||||||
Investment, Identifier [Axis]: Project Boost Purchase, LLC 2 | |||||||||
Variable interest rate | [14],[15],[18] | 5.25% | 5.25% | [5],[11],[19] | 5.25% | ||||
Interest Rate | [14],[15],[18] | 10.67% | 9.65% | [5],[11],[19],[22] | 10.67% | ||||
Par Amount | [14],[15],[18] | $ 85,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[11],[19] | 85 | |||||||
Cost | [14],[15],[18] | $ (4,000) | $ 79,000 | [1],[5],[11],[19] | |||||
Fair Value | [14],[15],[18] | $ (2,000) | $ 74,000 | [5],[11],[19] | |||||
Percentage of Net Assets | [5],[11],[14],[15],[18],[19] | 0.01% | |||||||
Unused Fee Rate | 0.38% | 0.50% | |||||||
Unfunded Commitment | $ 449,000 | $ 449,000 | |||||||
Fair Value | $ (1,000) | $ (4,000) | |||||||
Investment, Identifier [Axis]: Project Boost Purchase, LLC 3 | |||||||||
Variable interest rate | [14],[15],[18] | 5.25% | 5.25% | [5],[11],[19] | 5.25% | ||||
Interest Rate | [14],[15],[18] | 10.67% | 9.65% | [5],[11],[19],[22] | 10.67% | ||||
Par Amount, Shares (in shares) | shares | [5],[11],[19] | 0 | |||||||
Cost | [14],[15],[18] | $ (3,000) | $ (4,000) | [1],[5],[11],[19] | |||||
Fair Value | [14],[15],[18] | $ (1,000) | $ (4,000) | [5],[11],[19] | |||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: Project Leopard Holdings Inc | |||||||||
Variable interest rate | [26],[28] | 5.25% | 5.25% | 5.25% | |||||
Interest Rate | [26],[28] | 10.72% | [27] | 9.80% | 10.72% | [27] | |||
Par Amount | [26],[28] | $ 6,280,000 | € 6,233 | ||||||
Cost | [26],[28] | 5,862,000 | 5,852 | [20] | |||||
Fair Value | [26],[28] | $ 5,696,000 | € 5,485 | ||||||
Percentage of Net Assets | [26],[28] | 0.37% | 0.41% | 0.37% | |||||
Investment, Identifier [Axis]: Project Leopard Holdings, Inc. | |||||||||
Variable interest rate | [29],[36] | 5.25% | |||||||
Interest Rate | [29],[36] | 9.80% | |||||||
Par Amount | [29],[36] | $ 6,280,000 | |||||||
Cost | [29],[36] | 5,862,000 | |||||||
Fair Value | [29],[36] | $ 5,696,000 | |||||||
Percentage of Net Assets | [29],[36] | 0.41% | |||||||
Investment, Identifier [Axis]: Prompt Care Infusion Buyer Inc 1 | |||||||||
Variable interest rate | 6% | [3],[14] | 6% | 6% | [3],[14] | ||||
Interest Rate | 11.43% | [3],[14] | 10.22% | 11.43% | [3],[14] | ||||
Par Amount | $ 9,004,000 | [3],[14] | $ 9,073,000 | ||||||
Cost | 8,876,000 | [3],[14] | 8,925,000 | ||||||
Fair Value | $ 8,862,000 | [3],[14] | $ 8,757,000 | ||||||
Percentage of Net Assets | 0.60% | [3],[14] | 0.63% | 0.60% | [3],[14] | ||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 972,000 | ||||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: Prompt Care Infusion Buyer Inc 2 | |||||||||
Variable interest rate | [15] | 6% | [3],[14] | 6% | 6% | [3],[14] | |||
Interest Rate | [15] | 11.43% | [3],[14] | 10.22% | 11.43% | [3],[14] | |||
Par Amount | [15] | $ 1,402,000 | [3],[14] | $ 881,000 | |||||
Cost | [15] | 1,379,000 | [3],[14] | 849,000 | |||||
Fair Value | [15] | $ 1,365,000 | [3],[14] | $ 766,000 | |||||
Percentage of Net Assets | [15] | 0.09% | [3],[14] | 0.05% | 0.09% | [3],[14] | |||
Investment, Identifier [Axis]: Promptcare Infusion Buyer, Inc. 1 | |||||||||
Variable interest rate | 6% | 6% | [6] | ||||||
Interest Rate | 10.22% | 7% | [6],[8] | ||||||
Par Amount | $ 9,073,000 | $ 9,165,000 | [6] | ||||||
Cost | 8,925,000 | 8,990,000 | [1],[6] | ||||||
Fair Value | $ 8,757,000 | $ 8,948,000 | [6] | ||||||
Percentage of Net Assets | 0.63% | 0.75% | [6] | ||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 2,431,000 | $ 3,050,000 | |||||||
Fair Value | $ (85,000) | $ (72,000) | |||||||
Investment, Identifier [Axis]: Promptcare Infusion Buyer, Inc. 2 | |||||||||
Variable interest rate | 6% | 6% | [6],[10] | ||||||
Interest Rate | 10.22% | 7% | [6],[8],[10] | ||||||
Par Amount | $ 881,000 | $ 837,000 | [6],[10] | ||||||
Cost | 849,000 | 792,000 | [1],[6],[10] | ||||||
Fair Value | $ 766,000 | $ 745,000 | [6],[10] | ||||||
Percentage of Net Assets | 0.05% | 0.06% | [6],[10] | ||||||
Investment, Identifier [Axis]: Prophix Software, Inc. | |||||||||
Unfunded Commitment | $ 297,000 | ||||||||
Investment, Identifier [Axis]: QBS Parent, Inc. | |||||||||
Variable interest rate | 8.50% | [14] | 8.50% | [4],[5] | 8.50% | [6] | 8.50% | [14] | |
Interest Rate | 13.92% | [14],[27] | 12.88% | [4],[5] | 8.72% | [6],[8] | 13.92% | [14],[27] | |
Par Amount | $ 15,000,000 | [14] | $ 15,000,000 | [4],[5] | $ 15,000,000 | [6] | |||
Cost | 14,841,000 | [14],[20] | 14,809,000 | [4],[5] | 14,769,000 | [1],[6] | |||
Fair Value | $ 14,343,000 | [14] | $ 13,569,000 | [4],[5] | $ 14,748,000 | [6] | |||
Percentage of Net Assets | 0.97% | [14] | 0.97% | [4],[5] | 1.24% | [6] | 0.97% | [14] | |
Investment, Identifier [Axis]: QW Holding Corporation 1 | |||||||||
Variable interest rate | [3],[4],[5],[16],[17] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[16],[17],[22] | 9.44% | |||||||
Par Amount | [3],[4],[5],[16],[17] | $ 8,907,000 | |||||||
Cost | [1],[3],[4],[5],[16],[17],[20] | 8,791,000 | |||||||
Fair Value | [3],[4],[5],[16],[17] | $ 8,575,000 | |||||||
Percentage of Net Assets | [3],[4],[5],[16],[17] | 0.61% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 394,000 | ||||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: QW Holding Corporation 2 | |||||||||
Variable interest rate | [3],[4],[5],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[12],[22] | 9.44% | |||||||
Par Amount | [3],[4],[5],[12] | $ 1,851,000 | |||||||
Cost | [1],[3],[4],[5],[12],[20] | 1,824,000 | |||||||
Fair Value | [3],[4],[5],[12] | $ 1,767,000 | |||||||
Percentage of Net Assets | [3],[4],[5],[12] | 0.13% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,250,000 | ||||||||
Fair Value | $ (84,000) | ||||||||
Investment, Identifier [Axis]: QW Holding Corporation 3 | |||||||||
Variable interest rate | [3],[4],[5],[12] | 5.50% | |||||||
Interest Rate | [3],[4],[5],[7],[12],[22] | 9.44% | |||||||
Cost | [1],[3],[4],[5],[12],[20] | $ (29,000) | |||||||
Fair Value | [3],[4],[5],[12] | $ (84,000) | |||||||
Percentage of Net Assets | [3],[4],[5],[12] | (0.01%) | |||||||
Investment, Identifier [Axis]: RSC Acquisition, Inc. | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 745,000 | ||||||||
Fair Value | $ (11,000) | ||||||||
Investment, Identifier [Axis]: RSC Acquisition, Inc. 1 | |||||||||
Variable interest rate | 5.50% | [13],[14],[18] | 5.50% | [5],[16],[19] | 5.50% | 5.50% | [13],[14],[18] | ||
Interest Rate | 11.04% | [13],[14],[18] | 9.97% | [5],[16],[19] | 6.25% | 11.04% | [13],[14],[18] | ||
Par Amount | $ 32,483,000 | [13],[14],[18] | $ 24,774,000 | [5],[16],[19] | $ 18,667,000 | ||||
Cost | 32,137,000 | [13],[14],[18] | 24,417,000 | [5],[16],[19] | 18,287,000 | ||||
Fair Value | $ 32,137,000 | [13],[14],[18] | $ 23,999,000 | [5],[16],[19] | $ 18,484,000 | ||||
Percentage of Net Assets | 2.17% | [13],[14],[18] | 1.72% | [5],[16],[19] | 1.56% | 2.17% | [13],[14],[18] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 8,474,000 | ||||||||
Fair Value | $ (82,000) | ||||||||
Investment, Identifier [Axis]: RSC Acquisition, Inc. 2 | |||||||||
Variable interest rate | 6% | [14],[15],[18] | 5.50% | [5],[19] | 5.50% | 6% | [14],[15],[18] | ||
Interest Rate | 11.54% | [14],[15],[18] | 9.97% | [5],[19] | 6.25% | 11.54% | [14],[15],[18] | ||
Par Amount | $ 7,961,000 | [5],[19] | $ 5,911,000 | ||||||
Cost | $ (11,000) | [14],[15],[18] | 7,900,000 | [5],[19] | 5,772,000 | ||||
Fair Value | $ (11,000) | [14],[15],[18] | $ 7,712,000 | [5],[19] | $ 5,772,000 | ||||
Percentage of Net Assets | 0.55% | [5],[19] | 0.49% | ||||||
Investment, Identifier [Axis]: RSK Holdings, Inc. (Riskonnect) | |||||||||
Variable interest rate | 10.50% | [14],[18],[23] | 10.50% | [5],[19],[25] | 10.50% | [14],[18],[23] | |||
Interest Rate | [4],[18],[24] | 10.50% | |||||||
Par Amount | [18] | $ 1,012,200,000 | [14],[23] | $ 1,012,200,000 | [4],[24] | ||||
Par Amount, Shares (in shares) | shares | [5],[19],[25] | 1,012,200 | |||||||
Cost | [18] | 1,137,000 | [14],[20],[23] | $ 1,019,000 | [1],[4],[5],[19],[24],[25] | ||||
Fair Value | [18] | $ 1,174,000 | [14],[23] | $ 1,053,000 | [4],[5],[19],[24],[25] | ||||
Percentage of Net Assets | [18] | 0.08% | [14],[23] | 0.08% | [4],[5],[19],[24],[25] | 0.08% | [14],[23] | ||
Investment, Identifier [Axis]: Radwell Parent, LLC | |||||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 2,442,000 | ||||||||
Fair Value | $ (71,000) | ||||||||
Investment, Identifier [Axis]: Radwell Parent, LLC 1 | |||||||||
Variable interest rate | [4],[5],[16],[17],[18],[19] | 6.75% | |||||||
Interest Rate | [4],[5],[7],[16],[17],[18],[19] | 11.33% | |||||||
Par Amount | [4],[5],[16],[17],[18],[19] | $ 32,558,000 | |||||||
Cost | [4],[5],[9],[16],[17],[18],[19] | 31,607,000 | |||||||
Fair Value | [4],[5],[16],[17],[18],[19] | $ 31,607,000 | |||||||
Percentage of Net Assets | [4],[5],[16],[17],[18],[19] | 2.26% | |||||||
Investment, Identifier [Axis]: Radwell Parent, LLC 2 | |||||||||
Variable interest rate | [4],[5],[11],[12],[18],[19] | 6.75% | |||||||
Interest Rate | [4],[5],[7],[11],[12],[18],[19] | 11.33% | |||||||
Cost | [4],[5],[9],[11],[12],[18],[19] | $ (71,000) | |||||||
Fair Value | [4],[5],[11],[12],[18],[19] | $ (71,000) | |||||||
Percentage of Net Assets | [4],[5],[11],[12],[18],[19] | (0.01%) | |||||||
Investment, Identifier [Axis]: Randy's Holdings, Inc. 1 | |||||||||
Variable interest rate | [3],[4] | 6.50% | 6.50% | 6.50% | |||||
Interest Rate | [3],[4],[7] | 11.88% | 10.59% | 11.88% | |||||
Par Amount | [3],[4] | $ 6,684,000 | $ 6,743,000 | ||||||
Cost | [3],[4],[20] | 6,506,000 | 6,545,000 | ||||||
Fair Value | [3],[4] | $ 6,638,000 | $ 6,545,000 | ||||||
Percentage of Net Assets | [3],[4] | 0.45% | 0.47% | 0.45% | |||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 2,248,000 | $ 2,248,000 | |||||||
Fair Value | $ (16,000) | $ (31,000) | |||||||
Investment, Identifier [Axis]: Randy's Holdings, Inc. 2 | |||||||||
Variable interest rate | [3],[4] | 6.50% | [2] | 6.50% | [12] | 6.50% | [2] | ||
Interest Rate | [3],[4],[7] | 11.88% | [2] | 10.59% | [12] | 11.88% | [2] | ||
Cost | [3],[4],[20] | $ (29,000) | [2] | $ (31,000) | [12] | ||||
Fair Value | [3],[4] | $ (15,000) | [2] | $ (31,000) | [12] | ||||
Percentage of Net Assets | 0% | ||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 608,000 | $ 757,000 | |||||||
Fair Value | $ (4,000) | $ (22,000) | |||||||
Investment, Identifier [Axis]: Randy's Holdings, Inc. 3 | |||||||||
Variable interest rate | [3],[4] | 6.50% | [2] | 6.50% | [12] | 6.50% | [2] | ||
Interest Rate | [3],[4],[7] | 11.88% | [2] | 10.59% | [12] | 11.88% | [2] | ||
Par Amount | [3],[4] | $ 292,000 | [2] | $ 142,000 | [12] | ||||
Cost | [3],[4],[20] | 269,000 | [2] | 116,000 | [12] | ||||
Fair Value | [3],[4] | $ 285,000 | [2] | $ 116,000 | [12] | ||||
Percentage of Net Assets | [3],[4] | 0.02% | [2] | 0.01% | [12] | 0.02% | [2] | ||
Investment, Identifier [Axis]: Raptor Merger Sub Debt, LLC | |||||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 1,954,000 | ||||||||
Fair Value | $ (9,000) | ||||||||
Investment, Identifier [Axis]: Raptor Merger Sub Debt, LLC 1 | |||||||||
Variable interest rate | [13],[14],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [13],[14],[18] | 12.14% | 12.14% | ||||||
Par Amount | [13],[14],[18] | $ 32,314,000 | |||||||
Cost | [13],[14],[18] | 31,450,000 | |||||||
Fair Value | [13],[14],[18] | $ 32,165,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 2.17% | 2.17% | ||||||
Investment, Identifier [Axis]: Raptor Merger Sub Debt, LLC 2 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Par Amount | [14],[15],[18] | $ 488,000 | |||||||
Cost | [14],[15],[18] | 428,000 | |||||||
Fair Value | [14],[15],[18] | $ 477,000 | |||||||
Percentage of Net Assets | [14],[15],[18] | 0.03% | 0.03% | ||||||
Investment, Identifier [Axis]: Recovery Point Systems, Inc. | |||||||||
Par Amount | $ 1,000,000,000 | [14],[23] | $ 1,000,000,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 1,000,000 | [5],[25] | 1,000,000,000 | ||||||
Cost | 1,000,000 | [14],[20],[23] | $ 1,000,000 | [1],[4],[5],[24],[25] | $ 1,000,000 | ||||
Fair Value | $ 1,020,000 | [14],[23] | $ 760,000 | [4],[5],[24],[25] | $ 750,000 | ||||
Percentage of Net Assets | 0.07% | [14],[23] | 0.05% | [4],[5],[24],[25] | 0.06% | 0.07% | [14],[23] | ||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | ||||||
Fair Value | $ (5,000) | ||||||||
Investment, Identifier [Axis]: Recovery Point Systems, Inc. 1 | |||||||||
Variable interest rate | 6% | [3],[13],[14] | 6.50% | 6.50% | 6% | [3],[13],[14] | |||
Interest Rate | 11.42% | [3],[13],[14] | 10.26% | 7.50% | 11.42% | [3],[13],[14] | |||
Par Amount | $ 40,740,000 | [3],[13],[14] | $ 41,055,000 | $ 41,475,000 | |||||
Cost | 40,298,000 | [3],[13],[14] | 40,514,000 | 40,805,000 | |||||
Fair Value | $ 40,740,000 | [3],[13],[14] | $ 41,002,000 | $ 41,475,000 | |||||
Percentage of Net Assets | 2.75% | [3],[13],[14] | 2.93% | 3.49% | 2.75% | [3],[13],[14] | |||
Investment, Identifier [Axis]: Recovery Point Systems, Inc. 2 | |||||||||
Variable interest rate | 6% | [3],[14],[15] | 6.50% | [15] | 6.50% | 6% | [3],[14],[15] | ||
Interest Rate | 11.42% | [3],[14],[15] | 10.26% | [15] | 7.50% | 11.42% | [3],[14],[15] | ||
Cost | $ (38,000) | [3],[14],[15] | $ (48,000) | [15] | $ (61,000) | ||||
Fair Value | [15] | $ (5,000) | |||||||
Percentage of Net Assets | 0% | 0% | |||||||
Investment, Identifier [Axis]: Red Dawn SEI Buyer, Inc. | |||||||||
Variable interest rate | 8.50% | [3],[14] | 8.50% | [3],[4],[5] | 8.50% | [6] | 8.50% | [3],[14] | |
Interest Rate | 13.99% | [3],[14],[27] | 12.67% | [3],[4],[5],[22] | 9.50% | [6],[8] | 13.99% | [3],[14],[27] | |
Par Amount | $ 19,000,000 | [3],[14] | $ 19,000,000 | [3],[4],[5] | $ 19,000,000 | [6] | |||
Cost | 18,707,000 | [3],[14],[20] | 18,653,000 | [1],[3],[4],[5] | 18,584,000 | [1],[6] | |||
Fair Value | $ 18,867,000 | [3],[14] | $ 17,904,000 | [3],[4],[5] | $ 19,000,000 | [6] | |||
Percentage of Net Assets | 1.27% | [3],[14] | 1.28% | [3],[4],[5] | 1.60% | [6] | 1.27% | [3],[14] | |
Investment, Identifier [Axis]: Redwood Services Group, LLC | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 3,620,000 | $ 729,000 | |||||||
Fair Value | $ (35,000) | $ (32,000) | |||||||
Investment, Identifier [Axis]: Redwood Services Group, LLC 1 | |||||||||
Variable interest rate | 6% | [14],[18] | 6% | 6% | [14],[18] | ||||
Interest Rate | 11.75% | [14],[18] | 10.68% | 11.75% | [14],[18] | ||||
Par Amount | $ 10,857,000 | [14],[18] | $ 10,939,000 | ||||||
Cost | 10,668,000 | [14],[18] | 10,732,000 | ||||||
Fair Value | $ 10,669,000 | [14],[18] | $ 10,462,000 | ||||||
Percentage of Net Assets | 0.72% | [14],[18] | 0.75% | 0.72% | [14],[18] | ||||
Investment, Identifier [Axis]: Redwood Services Group, LLC 2 | |||||||||
Variable interest rate | [15] | 6% | [14],[18] | 6% | 6% | [14],[18] | |||
Interest Rate | [15] | 11.75% | [14],[18] | 10.68% | 11.75% | [14],[18] | |||
Par Amount | [15] | $ 2,597,000 | [14],[18] | $ 1,880,000 | |||||
Cost | [15] | 2,534,000 | [14],[18] | 1,848,000 | |||||
Fair Value | [15] | $ 2,534,000 | [14],[18] | $ 1,766,000 | |||||
Percentage of Net Assets | [15] | 0.17% | [14],[18] | 0.13% | 0.17% | [14],[18] | |||
Investment, Identifier [Axis]: Revalize, Inc. | |||||||||
Variable interest rate | 10% | [3],[14],[23] | 10% | [5],[25],[37] | 10% | [3],[14],[23] | |||
Interest Rate | [3],[4],[24] | 10% | |||||||
Par Amount | [3] | $ 2,255,000 | [14],[23] | $ 2,255,000 | [4],[24] | ||||
Par Amount, Shares (in shares) | shares | 2,255 | [5],[25],[37] | 1,500,000 | ||||||
Cost | 2,569,000 | [3],[14],[20],[23] | $ 2,391,000 | [1],[3],[4],[5],[24],[25],[37] | $ 1,470,000 | ||||
Fair Value | $ 2,729,000 | [3],[14],[23] | $ 2,281,000 | [3],[4],[5],[24],[25],[37] | $ 1,470,000 | ||||
Percentage of Net Assets | 0.18% | [3],[14],[23] | 0.16% | [3],[4],[5],[24],[25],[37] | 0.12% | 0.18% | [3],[14],[23] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 62,000 | $ 71,000 | |||||||
Fair Value | $ (2,000) | $ (3,000) | |||||||
Investment, Identifier [Axis]: Revalize, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | [3],[4],[5] | 5.25% | [6],[10] | 5.75% | [14],[18] | |
Interest Rate | 11.30% | [14],[18],[27] | 10.48% | [3],[4],[5] | 6.25% | [6],[8],[10] | 11.30% | [14],[18],[27] | |
Par Amount | $ 19,652,000 | [3],[4],[5] | $ 19,715,000 | [6],[10] | € 19,505 | [14],[18] | |||
Cost | 19,543,000 | [3],[4],[5] | 19,570,000 | [1],[6],[10] | 19,418 | [14],[18],[20] | |||
Fair Value | $ 18,737,000 | [3],[4],[5] | $ 19,512,000 | [6],[10] | € 19,026 | [14],[18] | |||
Percentage of Net Assets | 1.28% | [14],[18] | 1.34% | [3],[4],[5] | 1.64% | [6],[10] | 1.28% | [14],[18] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 708,000 | ||||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Revalize, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [2],[3],[4],[5],[11] | 5.25% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.30% | [3],[14],[15],[27] | 10.48% | [2],[3],[4],[5],[11] | 6.25% | [6],[8],[10] | 11.30% | [3],[14],[15],[27] | |
Par Amount | € | [3],[14],[15] | € 9 | |||||||
Cost | $ (1,000) | [2],[3],[4],[5],[11] | $ (1,000) | [1],[6],[10] | 8 | [3],[14],[15],[20] | |||
Fair Value | $ (3,000) | [2],[3],[4],[5],[11] | $ (1,000) | [6],[10] | € 7 | [3],[14],[15] | |||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10] | |||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 71,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: Reveal Data Solutions | |||||||||
Par Amount | [14],[23] | $ 477,846,000 | |||||||
Cost | [14],[20],[23] | 621,000 | |||||||
Fair Value | [14],[23] | $ 621,000 | |||||||
Percentage of Net Assets | [14],[23] | 0.04% | 0.04% | ||||||
Investment, Identifier [Axis]: Riskonnect Parent, LLC | |||||||||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 558,000 | $ 558,000 | |||||||
Fair Value | $ (3,000) | $ (21,000) | |||||||
Investment, Identifier [Axis]: Riskonnect Parent, LLC 1 | |||||||||
Variable interest rate | [18] | 5.50% | [14] | 5.50% | [4],[5],[19] | 5.50% | [14] | ||
Interest Rate | [18] | 11.04% | [14],[27] | 10.08% | [4],[5],[19] | 11.04% | [14],[27] | ||
Par Amount | [18] | $ 444,000 | [4],[5],[19] | € 520 | [14] | ||||
Cost | [18] | 436,000 | [4],[5],[19] | 512 | [14],[20] | ||||
Fair Value | [18] | $ 427,000 | [4],[5],[19] | € 517 | [14] | ||||
Percentage of Net Assets | [18] | 0.03% | [14] | 0.03% | [4],[5],[19] | 0.03% | [14] | ||
Investment, Identifier [Axis]: Riskonnect Parent, LLC 2 | |||||||||
Variable interest rate | [18] | 5.50% | [14],[15] | 5.50% | [2],[4],[5],[11],[19] | 5.50% | [14],[15] | ||
Interest Rate | [18] | 11.04% | [14],[15],[27] | 10.08% | [2],[4],[5],[11],[19] | 11.04% | [14],[15],[27] | ||
Par Amount | [2],[4],[5],[11],[18],[19] | $ 80,000 | |||||||
Cost | [18] | 73,000 | [2],[4],[5],[11],[19] | € (5) | [14],[15],[20] | ||||
Fair Value | [18] | $ 55,000 | [2],[4],[5],[11],[19] | € (3) | [14],[15] | ||||
Percentage of Net Assets | [5],[11],[19] | 0% | |||||||
Investment, Identifier [Axis]: RoadOne IntermodaLogistics 1 | |||||||||
Variable interest rate | [3],[4] | 6.25% | 6.25% | 6.25% | |||||
Interest Rate | [3],[4],[7] | 11.72% | 10.81% | 11.72% | |||||
Par Amount | [3],[4] | $ 1,660,000 | $ 1,672,000 | ||||||
Cost | [3],[4],[20] | 1,614,000 | 1,622,000 | ||||||
Fair Value | [3],[4] | $ 1,629,000 | $ 1,622,000 | ||||||
Percentage of Net Assets | [3],[4] | 0.11% | 0.12% | 0.11% | |||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 295,000 | $ 426,000 | |||||||
Fair Value | $ (5,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: RoadOne IntermodaLogistics 2 | |||||||||
Variable interest rate | [3],[4] | 6.25% | [2] | 6.25% | [12] | 6.25% | [2] | ||
Interest Rate | [3],[4],[7] | 11.72% | [2] | 10.81% | [12] | 11.72% | [2] | ||
Par Amount | [2],[3],[4] | $ 130,000 | |||||||
Cost | [3],[4],[20] | 122,000 | [2] | $ (6,000) | [12] | ||||
Fair Value | [3],[4] | $ 122,000 | [2] | $ (6,000) | [12] | ||||
Percentage of Net Assets | 0.01% | [2],[3],[4] | 0% | 0.01% | [2],[3],[4] | ||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 310,000 | $ 255,000 | |||||||
Fair Value | $ (6,000) | $ (8,000) | |||||||
Investment, Identifier [Axis]: RoadOne IntermodaLogistics 3 | |||||||||
Variable interest rate | [3],[4] | 6.25% | [2] | 6.25% | [12] | 6.25% | [2] | ||
Interest Rate | [3],[4],[7] | 11.72% | [2] | 10.81% | [12] | 11.72% | [2] | ||
Par Amount | [3],[4] | $ 20,000 | [2] | $ 75,000 | [12] | ||||
Cost | [3],[4],[20] | 12,000 | [2] | 65,000 | [12] | ||||
Fair Value | [3],[4] | $ 14,000 | [2] | $ 65,000 | [12] | ||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Securonix, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 3,782,000 | $ 3,782,000 | |||||||
Fair Value | $ (112,000) | $ (137,000) | |||||||
Investment, Identifier [Axis]: Securonix, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.50% | [14] | 6.50% | [4],[5],[19] | 6.50% | [14] | ||
Interest Rate | [18] | 11.27% | [14],[27] | 10.10% | [4],[5],[19] | 11.27% | [14],[27] | ||
Par Amount | [18] | $ 21,010,000 | [4],[5],[19] | € 21,010 | [14] | ||||
Cost | [18] | 20,678,000 | [4],[5],[19] | 20,715 | [14],[20] | ||||
Fair Value | [18] | $ 20,249,000 | [4],[5],[19] | € 20,390 | [14] | ||||
Percentage of Net Assets | [18] | 1.38% | [14] | 1.45% | [4],[5],[19] | 1.38% | [14] | ||
Investment, Identifier [Axis]: Securonix, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.50% | [15] | 6.50% | [2],[4],[5],[11],[19] | 6.50% | [15] | ||
Interest Rate | [18] | 11.27% | [15],[27] | 10.10% | [2],[4],[5],[11],[19] | 11.27% | [15],[27] | ||
Cost | [18] | $ (58,000) | [2],[4],[5],[11],[19] | € (50) | [15],[20] | ||||
Fair Value | [18] | $ (137,000) | [2],[4],[5],[11],[19] | € (112) | [15] | ||||
Percentage of Net Assets | [18] | (0.01%) | [15] | (0.01%) | [2],[4],[5],[11],[19] | (0.01%) | [15] | ||
Investment, Identifier [Axis]: Shelby Co-invest, LP (Spectrum Automotive) | |||||||||
Par Amount | $ 8,500,000 | [14],[23] | $ 8,500,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 8,500 | [5],[25] | 8,500,000 | ||||||
Cost | 850,000 | [14],[20],[23] | $ 850,000 | [1],[4],[5],[24],[25] | $ 850,000 | ||||
Fair Value | $ 1,346,000 | [14],[23] | $ 1,194,000 | [4],[5],[24],[25] | $ 993,000 | ||||
Percentage of Net Assets | 0.09% | [14],[23] | 0.09% | [4],[5],[24],[25] | 0.08% | 0.09% | [14],[23] | ||
Investment, Identifier [Axis]: Sherlock Buyer Corp. 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [4],[5],[18],[19] | 5.75% | [6],[19] | 5.75% | [3],[14] | |
Interest Rate | 11.24% | [3],[14] | 10.48% | [4],[5],[7],[18],[19],[22] | 6.50% | [6],[8],[19] | 11.24% | [3],[14] | |
Par Amount | $ 10,977,000 | [3],[14] | $ 11,061,000 | [4],[5],[18],[19] | $ 11,145,000 | [6],[19] | |||
Cost | 10,803,000 | [3],[14] | 10,867,000 | [1],[4],[5],[18],[19],[20] | 10,923,000 | [1],[6],[19] | |||
Fair Value | $ 10,940,000 | [3],[14] | $ 10,816,000 | [4],[5],[18],[19] | $ 10,923,000 | [6],[19] | |||
Percentage of Net Assets | 0.74% | [3],[14] | 0.77% | [4],[5],[18],[19] | 0.92% | [6],[19] | 0.74% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 3,215,000 | $ 3,215,000 | $ 3,215,000 | ||||||
Fair Value | $ (11,000) | $ (71,000) | $ (32,000) | ||||||
Investment, Identifier [Axis]: Sherlock Buyer Corp. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [4],[5],[12],[18],[19] | 5.75% | [6],[10],[19] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.24% | [3],[14],[15] | 10.48% | [4],[5],[7],[12],[18],[19],[22] | 6.50% | [6],[8],[10],[19] | 11.24% | [3],[14],[15] | |
Cost | $ (24,000) | [3],[14],[15] | $ (27,000) | [1],[4],[5],[12],[18],[19],[20] | $ (32,000) | [1],[6],[10],[19] | |||
Fair Value | $ (11,000) | [3],[14],[15] | $ (71,000) | [4],[5],[12],[18],[19] | $ (32,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | (0.01%) | [4],[5],[12],[18] | 0% | [6],[10] | ||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,286,000 | $ 1,286,000 | $ 1,286,000 | ||||||
Fair Value | $ (4,000) | $ (28,000) | $ (25,000) | ||||||
Investment, Identifier [Axis]: Sherlock Buyer Corp. 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [4],[5],[12],[18],[19] | 5.75% | [6],[10],[19] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.24% | [3],[14],[15] | 10.48% | [4],[5],[7],[12],[18],[19],[22] | 6.50% | [6],[8],[10],[19] | 11.24% | [3],[14],[15] | |
Cost | $ (18,000) | [3],[14],[15] | $ (21,000) | [1],[4],[5],[12],[18],[19],[20] | $ (25,000) | [1],[6],[10],[19] | |||
Fair Value | $ (4,000) | [3],[14],[15] | $ (28,000) | [4],[5],[12],[18],[19] | $ (25,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 0% | [5] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: SitusAMC Holdings Corp. | |||||||||
Variable interest rate | 5.50% | [14],[18] | 5.50% | [4],[18] | 5.75% | [6],[19] | 5.50% | [14],[18] | |
Interest Rate | 10.99% | [14],[18] | 10.23% | [4],[7],[18] | 6.50% | [6],[8],[19] | 10.99% | [14],[18] | |
Par Amount | $ 3,337,000 | [14],[18] | $ 3,573,000 | [4],[18] | $ 3,600,000 | [6],[19] | |||
Cost | 3,310,000 | [14],[18] | 3,542,000 | [4],[9],[18] | 3,564,000 | [1],[6],[19] | |||
Fair Value | $ 3,301,000 | [14],[18] | $ 3,417,000 | [4],[18] | $ 3,564,000 | [6],[19] | |||
Percentage of Net Assets | 0.22% | [14],[18] | 0.24% | [4],[18] | 0.30% | [6],[19] | 0.22% | [14],[18] | |
Investment, Identifier [Axis]: Skykick, Inc. | |||||||||
Par Amount | $ 134,101,000 | [14],[23] | $ 134,101,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 134,101 | [5],[25] | 134,101,000 | ||||||
Cost | 1,275,000 | [14],[20],[23] | $ 1,275,000 | [1],[4],[5],[24],[25] | $ 1,275,000 | ||||
Fair Value | $ 1,275,000 | [14],[23] | $ 963,000 | [4],[5],[24],[25] | $ 1,298,000 | ||||
Percentage of Net Assets | 0.09% | [14],[23] | 0.07% | [4],[5],[24],[25] | 0.11% | 0.09% | [14],[23] | ||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,155,000 | $ 2,625,000 | |||||||
Fair Value | $ (29,000) | $ (31,000) | |||||||
Investment, Identifier [Axis]: Skykick, Inc. 1 | |||||||||
Variable interest rate | 7.25% | [3],[14] | 7.25% | [3],[4],[5] | 7.25% | [6] | 7.25% | [3],[14] | |
Interest Rate | 12.84% | [3],[14],[27] | 11% | [3],[4],[5] | 8.25% | [6],[8] | 12.84% | [3],[14],[27] | |
Par Amount | $ 6,300,000 | [3],[4],[5] | $ 6,300,000 | [6] | € 6,300 | [3],[14] | |||
Cost | 6,171,000 | [3],[4],[5] | 6,149,000 | [1],[6] | 6,187 | [3],[14],[20] | |||
Fair Value | $ 6,142,000 | [3],[4],[5] | $ 6,149,000 | [6] | € 5,872 | [3],[14] | |||
Percentage of Net Assets | 0.40% | [3],[14] | 0.44% | [3],[4],[5] | 0.52% | [6] | 0.40% | [3],[14] | |
Investment, Identifier [Axis]: Skykick, Inc. 2 | |||||||||
Variable interest rate | 7.25% | [3],[14] | 7.25% | [2],[3],[4],[5],[11] | 7.25% | [6],[10] | 7.25% | [3],[14] | |
Interest Rate | 12.84% | [3],[14],[27] | 11% | [2],[3],[4],[5],[11] | 8.25% | [6],[8],[10] | 12.84% | [3],[14],[27] | |
Par Amount | [3] | $ 1,470,000 | [2],[4],[5],[11] | € 2,415 | [14] | ||||
Cost | 1,427,000 | [2],[3],[4],[5],[11] | $ (31,000) | [1],[6],[10] | 2,369 | [3],[14],[20] | |||
Fair Value | $ 1,404,000 | [2],[3],[4],[5],[11] | $ (31,000) | [6],[10] | € 2,251 | [3],[14] | |||
Percentage of Net Assets | 0.15% | [3],[14] | 0.10% | [2],[3],[4],[5],[11] | 0% | [6],[10] | 0.15% | [3],[14] | |
Investment, Identifier [Axis]: Smarsh, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.50% | [14] | 6.50% | [4] | 6.50% | [14] | ||
Interest Rate | [18] | 11.84% | [14] | 11.29% | [4],[7] | 11.84% | [14] | ||
Par Amount | [18] | $ 4,286,000 | [14] | $ 4,286,000 | [4] | ||||
Cost | [18] | 4,215,000 | [14] | 4,208,000 | [4],[9] | ||||
Fair Value | [18] | $ 4,200,000 | [14] | $ 4,126,000 | [4] | ||||
Percentage of Net Assets | [18] | 0.28% | [14] | 0.30% | [4] | 0.28% | [14] | ||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 536,000 | $ 536,000 | |||||||
Fair Value | $ (11,000) | $ (20,000) | |||||||
Investment, Identifier [Axis]: Smarsh, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.50% | [14],[15] | 6.50% | [4],[12] | 6.50% | [14],[15] | ||
Interest Rate | [18] | 11.84% | [14],[15] | 11.29% | [4],[7],[12] | 11.84% | [14],[15] | ||
Par Amount | [18] | $ 536,000 | [14],[15] | $ 536,000 | [4],[12] | ||||
Cost | [18] | 523,000 | [14],[15] | 521,000 | [4],[9],[12] | ||||
Fair Value | [18] | $ 514,000 | [14],[15] | $ 496,000 | [4],[12] | ||||
Percentage of Net Assets | [18] | 0.03% | [14],[15] | 0.04% | [4],[12] | 0.03% | [14],[15] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 268,000 | $ 268,000 | |||||||
Fair Value | $ (5,000) | $ (10,000) | |||||||
Investment, Identifier [Axis]: Smarsh, Inc. 3 | |||||||||
Variable interest rate | [18] | 6.50% | [14],[15] | 6.50% | [4],[12] | 6.50% | [14],[15] | ||
Interest Rate | [18] | 11.84% | [14],[15] | 11.29% | [4],[7],[12] | 11.84% | [14],[15] | ||
Cost | [18] | $ (4,000) | [14],[15] | $ (5,000) | [4],[9],[12] | ||||
Fair Value | [18] | $ (5,000) | [14],[15] | $ (10,000) | [4],[12] | ||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. | |||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 21,225,000 | ||||||||
Fair Value | $ (410,000) | ||||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. 1 | |||||||||
Variable interest rate | [6] | 5.50% | |||||||
Interest Rate | [6],[22] | 6.50% | |||||||
Par Amount | [6] | $ 7,075,000 | |||||||
Cost | [1],[6] | 6,938,000 | |||||||
Fair Value | [6] | $ 6,938,000 | |||||||
Percentage of Net Assets | [6] | 0.58% | |||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. 2 | |||||||||
Variable interest rate | [6],[21] | 6.75% | |||||||
Interest Rate | [6],[21],[22] | 7.75% | |||||||
Par Amount | [6],[21] | $ 5,414,000 | |||||||
Cost | [1],[6],[21] | 5,321,000 | |||||||
Fair Value | [6],[21] | $ 5,321,000 | |||||||
Percentage of Net Assets | [6],[21] | 0.45% | |||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. 3 | |||||||||
Variable interest rate | [6],[10] | 6.75% | |||||||
Interest Rate | [6],[10],[22] | 7.75% | |||||||
Par Amount | [6],[10] | $ 14,447,000 | |||||||
Cost | [1],[6],[10] | 14,203,000 | |||||||
Fair Value | [6],[10] | $ 14,203,000 | |||||||
Percentage of Net Assets | [6],[10] | 1.19% | |||||||
Investment, Identifier [Axis]: Sonny’s Enterprises, Inc. 4 | |||||||||
Variable interest rate | [6],[10] | 5.50% | |||||||
Interest Rate | [6],[10],[22] | 6.50% | |||||||
Cost | [1],[6],[10] | $ (410,000) | |||||||
Fair Value | [6],[10] | $ (410,000) | |||||||
Percentage of Net Assets | [6],[10] | (0.03%) | |||||||
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 1 | |||||||||
Variable interest rate | [3],[4] | 6.75% | [13] | 6.04% | [17] | 6.75% | [13] | ||
Interest Rate | [3],[4],[7] | 12.27% | [13] | 10.29% | [17] | 12.27% | [13] | ||
Par Amount | [3],[4] | $ 40,817,000 | [13] | $ 12,363,000 | [17] | ||||
Cost | [3],[4],[20] | 40,296,000 | [13] | 12,178,000 | [17] | ||||
Fair Value | [3],[4] | $ 40,780,000 | [13] | $ 11,839,000 | [17] | ||||
Percentage of Net Assets | [3],[4] | 2.75% | [13] | 0.85% | [17] | 2.75% | [13] | ||
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 2 | |||||||||
Variable interest rate | [3],[4] | 6.75% | [13] | 6.75% | 6.75% | [13] | |||
Interest Rate | [3],[4],[7] | 12.27% | [13] | 11% | 12.27% | [13] | |||
Par Amount | [3],[4] | $ 5,319,000 | [13] | $ 34,154,000 | |||||
Cost | [3],[4],[20] | 5,257,000 | [13] | 33,656,000 | |||||
Fair Value | [3],[4] | $ 5,314,000 | [13] | $ 32,706,000 | |||||
Percentage of Net Assets | [3],[4] | 0.36% | [13] | 2.34% | 0.36% | [13] | |||
Investment, Identifier [Axis]: Southern Veterinary Partners, LLC | |||||||||
Variable interest rate | 5.50% | ||||||||
Interest Rate | 9.93% | ||||||||
Par Amount | $ 899,000 | ||||||||
Cost | 883,000 | ||||||||
Fair Value | $ 854,000 | ||||||||
Percentage of Net Assets | 0.06% | ||||||||
Investment, Identifier [Axis]: Spectrio, LLC 1 | |||||||||
Variable interest rate | [3],[13],[14] | 6% | 6% | ||||||
Interest Rate | [3],[13],[14] | 11.50% | 11.50% | ||||||
Par Amount | [3],[13],[14] | $ 31,329,000 | |||||||
Cost | [3],[13],[14] | 31,004,000 | |||||||
Fair Value | [3],[13],[14] | $ 29,913,000 | |||||||
Percentage of Net Assets | [3],[13],[14] | 2.02% | 2.02% | ||||||
Investment, Identifier [Axis]: Spectrio, LLC 2 | |||||||||
Variable interest rate | [3],[14] | 6% | 6% | ||||||
Interest Rate | [3],[14] | 11.50% | 11.50% | ||||||
Par Amount | [3],[14] | $ 12,638,000 | |||||||
Cost | [3],[14] | 12,595,000 | |||||||
Fair Value | [3],[14] | $ 12,067,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.81% | 0.81% | ||||||
Investment, Identifier [Axis]: Spectrio, LLC 3 | |||||||||
Variable interest rate | [3],[14] | 6% | 6% | ||||||
Interest Rate | [3],[14] | 11.50% | 11.50% | ||||||
Par Amount | [3],[14] | $ 3,947,000 | |||||||
Cost | [3],[14] | 3,905,000 | |||||||
Fair Value | [3],[14] | $ 3,769,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.25% | 0.25% | ||||||
Investment, Identifier [Axis]: Spectrum Automotive Holdings Corp. 1 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [13] | 5.75% | [17] | 5.75% | [13] | ||
Interest Rate | [4],[7],[18] | 11.18% | [13] | 10.48% | [17] | 11.18% | [13] | ||
Par Amount | [4],[18] | $ 23,470,000 | [13] | $ 23,650,000 | [17] | ||||
Cost | [4],[18],[20] | 23,210,000 | [13] | 23,358,000 | [17] | ||||
Fair Value | [4],[18] | $ 22,853,000 | [13] | $ 22,274,000 | [17] | ||||
Percentage of Net Assets | [4],[18] | 1.54% | [13] | 1.59% | [17] | 1.54% | [13] | ||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,154,000 | $ 1,917,000 | |||||||
Fair Value | $ (30,000) | $ (112,000) | |||||||
Investment, Identifier [Axis]: Spectrum Automotive Holdings Corp. 2 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [12] | 5.75% | [2] | ||
Interest Rate | [4],[7],[18] | 11.18% | [2] | 10.48% | [12] | 11.18% | [2] | ||
Par Amount | [4],[18] | $ 5,379,000 | [2] | $ 4,656,000 | [12] | ||||
Cost | [4],[18],[20] | 5,312,000 | [2] | 4,585,000 | [12] | ||||
Fair Value | [4],[18] | $ 5,207,000 | [2] | $ 4,273,000 | [12] | ||||
Percentage of Net Assets | [4],[18] | 0.35% | [2] | 0.31% | [12] | 0.35% | [2] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 881,000 | $ 881,000 | |||||||
Fair Value | $ (23,000) | $ (51,000) | |||||||
Investment, Identifier [Axis]: Spectrum Automotive Holdings Corp. 3 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [12] | 5.75% | [2] | ||
Interest Rate | [4],[7],[18] | 11.18% | [2] | 10.48% | [12] | 11.18% | [2] | ||
Cost | [4],[18],[20] | $ (8,000) | [2] | $ (10,000) | [12] | ||||
Fair Value | [4],[18] | $ (23,000) | [2] | $ (51,000) | [12] | ||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Spotless Brands, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 145,000 | $ 145,000 | |||||||
Fair Value | $ (2,000) | $ (6,000) | |||||||
Investment, Identifier [Axis]: Spotless Brands, LLC 1 | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4] | 6.50% | [14] | ||
Interest Rate | [3] | 12% | [14] | 10.71% | [4],[7] | 12% | [14] | ||
Par Amount | [3] | $ 4,514,000 | [14] | $ 4,549,000 | [4] | ||||
Cost | [3] | 4,438,000 | [14] | 4,463,000 | [4],[9] | ||||
Fair Value | [3] | $ 4,458,000 | [14] | $ 4,371,000 | [4] | ||||
Percentage of Net Assets | [3] | 0.30% | [14] | 0.31% | [4] | 0.30% | [14] | ||
Investment, Identifier [Axis]: Spotless Brands, LLC 2 | |||||||||
Variable interest rate | [3] | 6.50% | [14] | 6.50% | [4] | 6.50% | [14] | ||
Interest Rate | [3] | 12% | [14] | 10.71% | [4],[7] | 12% | [14] | ||
Par Amount | [3] | $ 855,000 | [14] | $ 860,000 | [4] | ||||
Cost | [3] | 840,000 | [14] | 843,000 | [4],[9] | ||||
Fair Value | [3] | $ 845,000 | [14] | $ 826,000 | [4] | ||||
Percentage of Net Assets | [3] | 0.06% | [14] | 0.06% | [4] | 0.06% | [14] | ||
Investment, Identifier [Axis]: Spotless Brands, LLC 3 | |||||||||
Variable interest rate | [3] | 6.50% | [14],[15] | 6.50% | [4],[12] | 6.50% | [14],[15] | ||
Interest Rate | [3] | 12% | [14],[15] | 10.71% | [4],[7],[12] | 12% | [14],[15] | ||
Cost | [3] | $ (2,000) | [14],[15] | $ (3,000) | [4],[9],[12] | ||||
Fair Value | [3] | $ (2,000) | [14],[15] | $ (6,000) | [4],[12] | ||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC 1 | |||||||||
Variable interest rate | 5.75% | [14],[18] | 5.75% | 5.75% | [14],[18] | ||||
Interest Rate | 11.24% | [14],[18] | 10.48% | 11.24% | [14],[18] | ||||
Par Amount | $ 4,309,000 | [14],[18] | $ 4,342,000 | ||||||
Cost | 4,257,000 | [14],[18] | 4,284,000 | ||||||
Fair Value | $ 4,239,000 | [14],[18] | $ 4,111,000 | ||||||
Percentage of Net Assets | 0.29% | [14],[18] | 0.29% | 0.29% | [14],[18] | ||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 423,000 | $ 737,000 | |||||||
Fair Value | $ (7,000) | $ (39,000) | |||||||
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC 2 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 5.75% | 5.75% | [14],[18] | |||
Interest Rate | [15] | 11.24% | [14],[18] | 10.48% | 11.24% | [14],[18] | |||
Par Amount | [15] | $ 820,000 | [14],[18] | $ 511,000 | |||||
Cost | [15] | 808,000 | [14],[18] | 500,000 | |||||
Fair Value | [15] | $ 800,000 | [14],[18] | $ 444,000 | |||||
Percentage of Net Assets | [15] | 0.05% | [14],[18] | 0.03% | 0.05% | [14],[18] | |||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 538,000 | $ 175,000 | |||||||
Fair Value | $ (9,000) | $ (9,000) | |||||||
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC 3 | |||||||||
Variable interest rate | [15] | 5.75% | [14],[18] | 4.75% | 5.75% | [14],[18] | |||
Interest Rate | [15] | 11.24% | [14],[18] | 12.25% | 11.24% | [14],[18] | |||
Par Amount | [15] | $ 88,000 | [14],[18] | $ 450,000 | |||||
Cost | [15] | 81,000 | [14],[18] | 442,000 | |||||
Fair Value | [15] | $ 77,000 | [14],[18] | $ 417,000 | |||||
Percentage of Net Assets | [15] | 0.01% | [14],[18] | 0.03% | 0.01% | [14],[18] | |||
Investment, Identifier [Axis]: Summit Acquisition, Inc. 1 | |||||||||
Variable interest rate | [13],[14],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [13],[14],[18] | 12.14% | 12.14% | ||||||
Par Amount | [13],[14],[18] | $ 7,371,000 | |||||||
Cost | [13],[14],[18] | 7,158,000 | |||||||
Fair Value | [13],[14],[18] | $ 7,232,000 | |||||||
Percentage of Net Assets | [13],[14],[18] | 0.49% | 0.49% | ||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,638,000 | ||||||||
Fair Value | $ (31,000) | ||||||||
Investment, Identifier [Axis]: Summit Acquisition, Inc. 2 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Cost | [14],[15],[18] | $ (23,000) | |||||||
Fair Value | [14],[15],[18] | $ (31,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 819,000 | ||||||||
Fair Value | $ (15,000) | ||||||||
Investment, Identifier [Axis]: Summit Acquisition, Inc. 3 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Cost | [14],[15],[18] | $ (23,000) | |||||||
Fair Value | [14],[15],[18] | $ (15,000) | |||||||
Investment, Identifier [Axis]: Summit Buyer, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[4] | 5.75% | [3],[4],[5] | 5% | [6] | 5.75% | [3],[4] | |
Interest Rate | 11.24% | [3],[4] | 10.13% | [3],[4],[5],[7] | 6% | [6],[22] | 11.24% | [3],[4] | |
Par Amount | $ 21,952,000 | [3],[4] | $ 22,120,000 | [3],[4],[5] | $ 22,344,000 | [6] | |||
Cost | 21,701,000 | [3],[4] | 21,795,000 | [3],[4],[5],[9] | 21,923,000 | [1],[6] | |||
Fair Value | $ 21,701,000 | [3],[4] | $ 21,142,000 | [3],[4],[5] | $ 22,167,000 | [6] | |||
Percentage of Net Assets | 1.46% | [3],[4] | 1.51% | [3],[4],[5] | 1.86% | [6] | 1.46% | [3],[4] | |
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 227,000 | $ 3,304,000 | $ 13,656,000 | ||||||
Fair Value | $ (3,000) | $ (146,000) | $ (108,000) | ||||||
Investment, Identifier [Axis]: Summit Buyer, LLC 2 | |||||||||
Variable interest rate | 5.75% | [2],[3],[4] | 5.75% | [3],[4],[5],[11],[12] | 5% | [6],[10] | 5.75% | [2],[3],[4] | |
Interest Rate | 11.24% | [2],[3],[4] | 10.13% | [3],[4],[5],[7],[11],[12] | 6% | [6],[10],[22] | 11.24% | [2],[3],[4] | |
Par Amount | $ 32,063,000 | [2],[3],[4] | $ 28,996,000 | [3],[4],[5],[11],[12] | $ 18,887,000 | [6],[10] | |||
Cost | 31,684,000 | [2],[3],[4] | 28,544,000 | [3],[4],[5],[9],[11],[12] | 18,416,000 | [1],[6],[10] | |||
Fair Value | $ 31,684,000 | [2],[3],[4] | $ 27,569,000 | [3],[4],[5],[11],[12] | $ 18,630,000 | [6],[10] | |||
Percentage of Net Assets | 2.14% | [2],[3],[4] | 1.97% | [3],[4],[5],[11],[12] | 1.57% | [6],[10] | 2.14% | [2],[3],[4] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,881,000 | $ 2,420,000 | $ 2,420,000 | ||||||
Fair Value | $ (19,000) | $ (107,000) | $ (19,000) | ||||||
Investment, Identifier [Axis]: Summit Buyer, LLC 3 | |||||||||
Variable interest rate | 4.75% | [2],[4] | 5.75% | [3],[4],[5],[11],[12] | 5% | [6],[10] | 4.75% | [2],[4] | |
Interest Rate | 13.25% | [2],[4] | 10.13% | [3],[4],[5],[7],[11],[12] | 6% | [6],[10],[22] | 13.25% | [2],[4] | |
Par Amount | [2],[4] | $ 562,000 | |||||||
Cost | 537,000 | [2],[4] | $ (32,000) | [3],[4],[5],[9],[11],[12] | $ (43,000) | [1],[6],[10] | |||
Fair Value | $ 537,000 | [2],[4] | $ (107,000) | [3],[4],[5],[11],[12] | $ (19,000) | [6],[10] | |||
Percentage of Net Assets | 0.04% | [2],[4] | (0.01%) | [3],[4],[5],[11],[12] | 0% | [6],[10] | 0.04% | [2],[4] | |
Investment, Identifier [Axis]: Superman Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 380,000 | ||||||||
Fair Value | $ (5,000) | ||||||||
Investment, Identifier [Axis]: Superman Holdings, LLC 1 | |||||||||
Variable interest rate | [3],[14] | 5.75% | 5.75% | ||||||
Interest Rate | [3],[14] | 11.52% | 11.52% | ||||||
Par Amount | [3],[14] | $ 1,605,000 | |||||||
Cost | [3],[14] | 1,568,000 | |||||||
Fair Value | [3],[14] | $ 1,586,000 | |||||||
Percentage of Net Assets | [3],[14] | 0.11% | 0.11% | ||||||
Investment, Identifier [Axis]: Superman Holdings, LLC 2 | |||||||||
Variable interest rate | [3],[14],[15] | 5.75% | 5.75% | ||||||
Interest Rate | [3],[14],[15] | 11.52% | 11.52% | ||||||
Cost | [3],[14],[15] | $ (4,000) | |||||||
Fair Value | [3],[14],[15] | $ (4,000) | |||||||
Investment, Identifier [Axis]: Surewerx Purchaser III, Inc. 1 | |||||||||
Variable interest rate | [18] | 6.75% | [14],[28] | 6.75% | [4],[5],[19],[29],[30] | 6.75% | [14],[28] | ||
Interest Rate | [18] | 12.14% | [14],[28] | 11.30% | [4],[5],[7],[19],[22],[29],[30] | 12.14% | [14],[28] | ||
Par Amount | [18] | $ 5,461,000 | [14],[28] | $ 17,527,000 | [4],[5],[19],[29],[30] | ||||
Cost | [18] | 5,309,000 | [14],[28] | 17,002,000 | [1],[4],[5],[19],[20],[29],[30] | ||||
Fair Value | [18] | $ 5,461,000 | [14],[28] | $ 17,002,000 | [4],[5],[19],[29],[30] | ||||
Percentage of Net Assets | [18] | 0.37% | [14],[28] | 1.22% | [4],[5],[19],[29],[30] | 0.37% | [14],[28] | ||
Unused Fee Rate | 1% | 0.50% | |||||||
Unfunded Commitment | $ 1,128,000 | $ 1,681,000 | |||||||
Fair Value | $ (50,000) | ||||||||
Investment, Identifier [Axis]: Surewerx Purchaser III, Inc. 2 | |||||||||
Variable interest rate | [18] | 6.75% | [14],[15],[28] | 6.75% | [4],[5],[12],[19],[29],[30] | 6.75% | [14],[15],[28] | ||
Interest Rate | [18] | 12.14% | [14],[15],[28] | 11.30% | [4],[5],[7],[12],[19],[22],[29],[30] | 12.14% | [14],[15],[28] | ||
Cost | [18] | $ (20,000) | [14],[15],[28] | $ (72,000) | [1],[4],[5],[12],[19],[20],[29],[30] | ||||
Fair Value | [4],[5],[12],[18],[19],[29],[30] | $ (72,000) | |||||||
Percentage of Net Assets | [4],[5],[12],[18],[19],[29],[30] | (0.01%) | |||||||
Unused Fee Rate | 0.50% | 1% | |||||||
Unfunded Commitment | $ 454,000 | $ 3,601,000 | |||||||
Fair Value | $ (72,000) | ||||||||
Investment, Identifier [Axis]: Surewerx Purchaser III, Inc. 3 | |||||||||
Variable interest rate | [18] | 6.75% | [14],[15],[28] | 6.75% | [4],[5],[12],[19],[29],[30] | 6.75% | [14],[15],[28] | ||
Interest Rate | [18] | 12.14% | [14],[15],[28] | 11.30% | [4],[5],[7],[12],[19],[22],[29],[30] | 12.14% | [14],[15],[28] | ||
Par Amount | [18] | $ 614,000 | [14],[15],[28] | $ 240,000 | [4],[5],[12],[19],[29],[30] | ||||
Cost | [18] | 586,000 | [14],[15],[28] | 183,000 | [1],[4],[5],[12],[19],[20],[29],[30] | ||||
Fair Value | [18] | $ 614,000 | [14],[15],[28] | $ 183,000 | [4],[5],[12],[19],[29],[30] | ||||
Percentage of Net Assets | [18] | 0.04% | [14],[15],[28] | 0.01% | [4],[5],[12],[19],[29],[30] | 0.04% | [14],[15],[28] | ||
Investment, Identifier [Axis]: Surewerx Topco, LP | |||||||||
Par Amount | $ 512,000 | [14],[23],[28] | $ 512,000 | [4],[24],[38] | |||||
Par Amount, Shares (in shares) | shares | [5],[25],[29] | 512 | |||||||
Cost | 512,000 | [14],[20],[23],[28] | $ 512,000 | [1],[4],[5],[24],[25],[29],[38] | |||||
Fair Value | $ 553,000 | [14],[23],[28] | $ 512,000 | [4],[5],[24],[25],[29],[38] | |||||
Percentage of Net Assets | 0.04% | [14],[23],[28] | 0.04% | [4],[5],[24],[25],[29],[38] | 0.04% | [14],[23],[28] | |||
Investment, Identifier [Axis]: Suveto | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,125,000 | ||||||||
Fair Value | $ (27,000) | ||||||||
Investment, Identifier [Axis]: Suveto 1 | |||||||||
Variable interest rate | 4.25% | [14],[18] | 5% | [15] | 4.25% | [14],[18] | |||
Interest Rate | 9.67% | [14],[18] | 9.38% | [15] | 9.67% | [14],[18] | |||
Par Amount | $ 11,867,000 | [14],[18] | $ 11,038,000 | [15] | |||||
Cost | 11,778,000 | [14],[18] | 10,935,000 | [15] | |||||
Fair Value | $ 11,588,000 | [14],[18] | $ 10,461,000 | [15] | |||||
Percentage of Net Assets | 0.78% | [14],[18] | 0.75% | [15] | 0.78% | [14],[18] | |||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 5,081,000 | ||||||||
Fair Value | $ (182,000) | ||||||||
Investment, Identifier [Axis]: Suveto 2 | |||||||||
Variable interest rate | [15] | 4.25% | [14],[18] | 5% | 4.25% | [14],[18] | |||
Interest Rate | [15] | 9.67% | [14],[18] | 9.38% | 9.67% | [14],[18] | |||
Par Amount | [15] | $ 172,000 | [14],[18] | $ 810,000 | |||||
Cost | [15] | 157,000 | [14],[18] | 793,000 | |||||
Fair Value | [15] | $ 141,000 | [14],[18] | $ 764,000 | |||||
Percentage of Net Assets | [15] | 0.01% | [14],[18] | 0.05% | 0.01% | [14],[18] | |||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 486,000 | ||||||||
Fair Value | (18,000) | ||||||||
Investment, Identifier [Axis]: Suveto Buyer, LLC | |||||||||
Par Amount | [14],[23],[28] | $ 19,257,000 | |||||||
Par Amount, Shares (in shares) | shares | 17,000,000 | ||||||||
Cost | 1,926,000 | [14],[20],[23],[28] | $ 1,700,000 | ||||||
Fair Value | $ 1,796,000 | [14],[23],[28] | $ 1,700,000 | ||||||
Percentage of Net Assets | 0.12% | [14],[23],[28] | 0.14% | 0.12% | [14],[23],[28] | ||||
Investment, Identifier [Axis]: Suveto Buyer, LLC 1 | |||||||||
Variable interest rate | [6],[10],[19] | 4.25% | |||||||
Interest Rate | [6],[8],[10],[19] | 5% | |||||||
Par Amount | [6],[10],[19] | $ 7,755,000 | |||||||
Cost | [1],[6],[10],[19] | 7,643,000 | |||||||
Fair Value | [6],[10],[19] | $ 7,608,000 | |||||||
Percentage of Net Assets | [6],[10],[19] | 0.64% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 8,442,000 | ||||||||
Fair Value | $ (78,000) | ||||||||
Investment, Identifier [Axis]: Suveto Buyer, LLC 2 | |||||||||
Variable interest rate | [6],[10] | 3.25% | |||||||
Interest Rate | [6],[8],[10] | 6.50% | |||||||
Par Amount | [6],[10] | $ 590,000 | |||||||
Cost | [1],[6],[10] | 575,000 | |||||||
Fair Value | [6],[10] | $ 575,000 | |||||||
Percentage of Net Assets | [6],[10] | 0.05% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 707,000 | ||||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Suveto Co-Invest, LP | |||||||||
Par Amount | [4],[24],[38] | $ 17,000,000 | |||||||
Par Amount, Shares (in shares) | shares | [5],[25],[29] | 17,000 | |||||||
Cost | [1],[4],[5],[24],[25],[29],[38] | $ 1,700,000 | |||||||
Fair Value | [4],[5],[24],[25],[29],[38] | $ 1,963,000 | |||||||
Percentage of Net Assets | [4],[5],[24],[25],[29],[38] | 0.14% | |||||||
Investment, Identifier [Axis]: Sweep Purchaser, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [3],[4],[5] | 5.75% | [6] | 5.75% | [3],[14] | |
Interest Rate | 11.22% | [3],[14] | 10.47% | [3],[4],[5],[7],[22] | 6.75% | [6],[8] | 11.22% | [3],[14] | |
Par Amount | $ 8,638,000 | [3],[14] | $ 8,704,000 | [3],[4],[5] | $ 8,793,000 | [6] | |||
Cost | 8,537,000 | [3],[14] | 8,582,000 | [1],[3],[4],[5],[20] | 8,644,000 | [1],[6] | |||
Fair Value | $ 7,954,000 | [3],[14] | $ 8,239,000 | [3],[4],[5] | $ 8,644,000 | [6] | |||
Percentage of Net Assets | 0.54% | [3],[14] | 0.59% | [3],[4],[5] | 0.73% | [6] | 0.54% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 273,000 | $ 273,000 | $ 956,000 | ||||||
Fair Value | $ (22,000) | $ (15,000) | $ (16,000) | ||||||
Investment, Identifier [Axis]: Sweep Purchaser, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[12] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.22% | [3],[14],[15] | 10.47% | [3],[4],[5],[7],[12],[22] | 6.75% | [6],[8],[10] | 11.22% | [3],[14],[15] | |
Par Amount | $ 5,889,000 | [3],[14],[15] | $ 5,934,000 | [3],[4],[5],[12] | $ 5,029,000 | [6],[10] | |||
Cost | 5,813,000 | [3],[14],[15] | 5,843,000 | [1],[3],[4],[5],[12],[20] | 4,942,000 | [1],[6],[10] | |||
Fair Value | $ 5,401,000 | [3],[14],[15] | $ 5,601,000 | [3],[4],[5],[12] | $ 4,942,000 | [6],[10] | |||
Percentage of Net Assets | 0.36% | [3],[14],[15] | 0.40% | [3],[4],[5],[12] | 0.42% | [6],[10] | 0.36% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 28,000 | $ 1,153,000 | |||||||
Fair Value | $ (2,000) | $ (62,000) | |||||||
Investment, Identifier [Axis]: Sweep Purchaser, LLC 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[12] | 4.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.22% | [3],[14],[15] | 10.47% | [3],[4],[5],[7],[12],[22] | 8% | [6],[8],[10] | 11.22% | [3],[14],[15] | |
Par Amount | $ 1,378,000 | [3],[14],[15] | $ 253,000 | [3],[4],[5],[12] | $ 450,000 | [6],[10] | |||
Cost | 1,363,000 | [3],[14],[15] | 235,000 | [1],[3],[4],[5],[12],[20] | 427,000 | [1],[6],[10] | |||
Fair Value | $ 1,267,000 | [3],[14],[15] | $ 178,000 | [3],[4],[5],[12] | $ 427,000 | [6],[10] | |||
Percentage of Net Assets | 0.09% | [3],[14],[15] | 0.01% | [3],[4],[5],[12] | 0.04% | [6],[10] | 0.09% | [3],[14],[15] | |
Investment, Identifier [Axis]: Syntax Systems Ltd 1 | |||||||||
Variable interest rate | 5.75% | [14],[18],[28] | 5.50% | [29] | 5.50% | 5.75% | [14],[18],[28] | ||
Interest Rate | 11.17% | [14],[18],[28] | 10.13% | [29] | 6.25% | 11.17% | [14],[18],[28] | ||
Par Amount | $ 35,183,000 | [14],[18],[28] | $ 35,452,000 | [29] | $ 35,811,000 | ||||
Cost | 34,909,000 | [14],[18],[28] | 35,146,000 | [29] | 35,460,000 | ||||
Fair Value | $ 34,416,000 | [14],[18],[28] | $ 33,520,000 | [29] | $ 35,460,000 | ||||
Percentage of Net Assets | 2.32% | [14],[18],[28] | 2.40% | [29] | 2.98% | 2.32% | [14],[18],[28] | ||
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 9,357,000 | $ 9,356,000 | $ 9,356,000 | ||||||
Fair Value | $ (204,000) | $ (510,000) | $ (91,000) | ||||||
Investment, Identifier [Axis]: Syntax Systems Ltd 2 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18],[28] | 5.50% | [15],[29] | 5.50% | 5.75% | [14],[15],[18],[28] | ||
Interest Rate | 11.17% | [14],[15],[18],[28] | 10.13% | [15],[29] | 6.25% | 11.17% | [14],[15],[18],[28] | ||
Cost | $ (68,000) | [14],[15],[18],[28] | $ (78,000) | [15],[29] | $ (91,000) | ||||
Fair Value | $ (204,000) | [14],[15],[18],[28] | $ (510,000) | [15],[29] | $ (91,000) | ||||
Percentage of Net Assets | (0.01%) | [14],[15],[18],[28] | (0.04%) | [15],[29] | (0.01%) | (0.01%) | [14],[15],[18],[28] | ||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,248,000 | $ 1,247,000 | $ 2,106,000 | ||||||
Fair Value | $ (27,000) | $ (68,000) | $ (20,000) | ||||||
Investment, Identifier [Axis]: Syntax Systems Ltd 3 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18],[28] | 5.61% | [5],[11],[15],[19] | 5.50% | 5.75% | [14],[15],[18],[28] | ||
Interest Rate | 11.17% | [14],[15],[18],[28] | 10.08% | [5],[11],[15],[19] | 6.25% | 11.17% | [14],[15],[18],[28] | ||
Par Amount | $ 2,495,000 | [14],[15],[18],[28] | $ 2,495,000 | [5],[11],[15],[19] | $ 1,637,000 | ||||
Cost | 2,472,000 | [14],[15],[18],[28] | 2,466,000 | [5],[11],[15],[19] | 1,601,000 | ||||
Fair Value | $ 2,413,000 | [14],[15],[18],[28] | $ 2,291,000 | [5],[11],[15],[19] | $ 1,601,000 | ||||
Percentage of Net Assets | 0.16% | [14],[15],[18],[28] | 0.16% | [5],[11],[15],[19] | 0.13% | 0.16% | [14],[15],[18],[28] | ||
Investment, Identifier [Axis]: Tamarack Intermediate, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 752,000 | $ 808,000 | |||||||
Fair Value | $ (34,000) | $ (36,000) | |||||||
Investment, Identifier [Axis]: Tamarack Intermediate, LLC 1 | |||||||||
Variable interest rate | [18] | 5.75% | [14] | 5.75% | [4],[5],[19] | 5.75% | [14] | ||
Interest Rate | [18] | 11.17% | [14] | 9.23% | [4],[5],[7],[19],[22] | 11.17% | [14] | ||
Par Amount | [18] | $ 5,431,000 | [14] | $ 5,473,000 | [4],[5],[19] | ||||
Cost | [18] | 5,345,000 | [14] | 5,375,000 | [1],[4],[5],[19],[20] | ||||
Fair Value | [18] | $ 5,189,000 | [14] | $ 5,232,000 | [4],[5],[19] | ||||
Percentage of Net Assets | [18] | 0.35% | [14] | 0.37% | [4],[5],[19] | 0.35% | [14] | ||
Investment, Identifier [Axis]: Tamarack Intermediate, LLC 2 | |||||||||
Variable interest rate | [18] | 5.75% | [14],[15] | 5.75% | [4],[5],[12],[19] | 5.75% | [14],[15] | ||
Interest Rate | [18] | 11.17% | [14],[15] | 9.23% | [4],[5],[7],[12],[19],[22] | 11.17% | [14],[15] | ||
Par Amount | [18] | $ 149,000 | [14],[15] | $ 91,000 | [4],[5],[12],[19] | ||||
Cost | [18] | 135,000 | [14],[15] | 76,000 | [1],[4],[5],[12],[19],[20] | ||||
Fair Value | [18] | $ 108,000 | [14],[15] | $ 52,000 | [4],[5],[12],[19] | ||||
Percentage of Net Assets | 0.01% | [14],[15],[18] | 0% | [5],[19] | 0.01% | [14],[15],[18] | |||
Investment, Identifier [Axis]: Tank Holding Corp. | |||||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 667,000 | ||||||||
Fair Value | $ (37,000) | ||||||||
Investment, Identifier [Axis]: Tank Holding Corp. 1 | |||||||||
Variable interest rate | [18] | 5.75% | [4],[13] | 5.75% | [16],[17],[19] | 5.75% | [4],[13] | ||
Interest Rate | [18] | 11.19% | [4],[13] | 10.17% | [7],[16],[17],[19] | 11.19% | [4],[13] | ||
Par Amount | [18] | $ 15,753,000 | [4],[13] | $ 14,129,000 | [16],[17],[19] | ||||
Cost | [18] | 15,479,000 | [4],[13] | 13,875,000 | [9],[16],[17],[19] | ||||
Fair Value | [18] | $ 15,228,000 | [4],[13] | $ 13,352,000 | [16],[17],[19] | ||||
Percentage of Net Assets | [18] | 1.03% | [4],[13] | 0.96% | [16],[17],[19] | 1.03% | [4],[13] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 745,000 | ||||||||
Fair Value | $ (26,000) | ||||||||
Investment, Identifier [Axis]: Tank Holding Corp. 2 | |||||||||
Variable interest rate | [18] | 5.75% | [2],[4] | 4.75% | [11],[12],[19] | 5.75% | [2],[4] | ||
Interest Rate | [18] | 11.19% | [2],[4] | 12.25% | [7],[11],[12],[19] | 11.19% | [2],[4] | ||
Par Amount | [11],[12],[18],[19] | $ 133,000 | |||||||
Cost | [18] | $ (10,000) | [2],[4] | 119,000 | [9],[11],[12],[19] | ||||
Fair Value | [18] | $ (26,000) | [2],[4] | $ 89,000 | [11],[12],[19] | ||||
Percentage of Net Assets | [11],[12],[18],[19] | 0.01% | |||||||
Unused Fee Rate | 0.38% | ||||||||
Unfunded Commitment | $ 173,000 | ||||||||
Fair Value | $ (6,000) | ||||||||
Investment, Identifier [Axis]: Tank Holding Corp. 3 | |||||||||
Variable interest rate | [2],[18] | 5.75% | 5.75% | ||||||
Interest Rate | [2],[18] | 11.19% | 11.19% | ||||||
Par Amount | [2],[18] | $ 627,000 | |||||||
Cost | [2],[18] | 615,000 | |||||||
Fair Value | [2],[18] | $ 600,000 | |||||||
Percentage of Net Assets | [2],[18] | 0.04% | 0.04% | ||||||
Investment, Identifier [Axis]: Teasdale Foods, Inc. (Teasdale Latin Foods) | |||||||||
Variable interest rate | 7.25% | [3],[14] | 7.25% | [3],[4] | 6.25% | [6] | 7.25% | [3],[14] | |
Interest Rate | 12.84% | [3],[14] | 12.29% | [3],[4],[7] | 8.25% | [6],[8] | 12.84% | [3],[14] | |
Par Amount | $ 10,837,000 | [3],[14] | $ 10,812,000 | [3],[4] | $ 11,148,000 | [6] | |||
Cost | 10,732,000 | [3],[14] | 10,675,000 | [3],[4],[9] | 10,965,000 | [1],[6] | |||
Fair Value | $ 9,740,000 | [3],[14] | $ 9,017,000 | [3],[4] | $ 10,029,000 | [6] | |||
Interest rate, PIK | 1% | [3],[14] | 1% | [3],[4] | 1% | [6] | 1% | [3],[14] | |
Percentage of Net Assets | 0.66% | [3],[14] | 0.65% | [3],[4] | 0.84% | [6] | 0.66% | [3],[14] | |
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) | |||||||||
Par Amount | [14],[23] | $ 162,309,000 | |||||||
Cost | [14],[20],[23] | 421,000 | |||||||
Fair Value | [14],[23] | $ 766,000 | |||||||
Percentage of Net Assets | [14],[23] | 0.05% | 0.05% | ||||||
Unused Fee Rate | 0.38% | 0.50% | |||||||
Unfunded Commitment | $ 1,321,000 | $ 1,717,000 | |||||||
Fair Value | $ (31,000) | $ (42,000) | |||||||
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6% | [5],[16] | 6% | 6.50% | [3],[13],[14] | ||
Interest Rate | 12.10% | [3],[13],[14] | 10.73% | [5],[16] | 7% | 12.10% | [3],[13],[14] | ||
Par Amount | $ 22,995,000 | [3],[13],[14] | $ 20,561,000 | [5],[16] | $ 20,770,000 | ||||
Cost | 22,672,000 | [3],[13],[14] | 20,258,000 | [5],[16] | 20,402,000 | ||||
Fair Value | $ 22,447,000 | [3],[13],[14] | $ 20,059,000 | [5],[16] | $ 20,402,000 | ||||
Percentage of Net Assets | 1.52% | [3],[13],[14] | 1.44% | [5],[16] | 1.72% | 1.52% | [3],[13],[14] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 6,442,000 | ||||||||
Fair Value | $ (123,000) | ||||||||
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) 2 | |||||||||
Variable interest rate | 6% | [3],[14] | 6% | [5] | 6% | 6% | [3],[14] | ||
Interest Rate | 11.60% | [3],[14] | 10.73% | [5] | 7% | 11.60% | [3],[14] | ||
Par Amount | $ 16,955,000 | [3],[14] | $ 17,085,000 | [5] | $ 8,031,000 | ||||
Cost | 16,734,000 | [3],[14] | 16,820,000 | [5] | 7,763,000 | ||||
Fair Value | $ 16,557,000 | [3],[14] | $ 16,668,000 | [5] | $ 7,763,000 | ||||
Percentage of Net Assets | 1.12% | [3],[14] | 1.19% | [5] | 0.65% | 1.12% | [3],[14] | ||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,982,000 | ||||||||
Fair Value | $ (35,000) | ||||||||
Investment, Identifier [Axis]: Thrive Buyer, Inc. (Thrive Networks) 3 | |||||||||
Variable interest rate | 5% | [14],[15] | 5% | [5],[11],[15] | 6% | 5% | [14],[15] | ||
Interest Rate | 13.50% | [14],[15] | 12.50% | [5],[11],[15] | 7% | 13.50% | [14],[15] | ||
Par Amount | [15] | $ 661,000 | [14] | $ 264,000 | [5],[11] | ||||
Cost | 637,000 | [14],[15] | 236,000 | [5],[11],[15] | $ (35,000) | ||||
Fair Value | $ 614,000 | [14],[15] | $ 216,000 | [5],[11],[15] | $ (35,000) | ||||
Percentage of Net Assets | 0.04% | [14],[15] | 0.02% | [5],[11],[15] | 0% | 0.04% | [14],[15] | ||
Investment, Identifier [Axis]: Tivity Health, Inc. | |||||||||
Variable interest rate | 6% | [14],[18] | 6% | 6% | [14],[18] | ||||
Interest Rate | 11.39% | [14],[18] | 10.58% | 11.39% | [14],[18] | ||||
Par Amount | $ 3,683,000 | [14],[18] | $ 3,711,000 | ||||||
Cost | 3,635,000 | [14],[18] | 3,658,000 | ||||||
Fair Value | $ 3,662,000 | [14],[18] | $ 3,592,000 | ||||||
Percentage of Net Assets | 0.25% | [14],[18] | 0.26% | 0.25% | [14],[18] | ||||
Investment, Identifier [Axis]: Total Portfolio Investments | |||||||||
Cost | [20] | $ 3,158,601,000 | |||||||
Fair Value | $ 3,123,450,000 | ||||||||
Percentage of Net Assets | 210.83% | 210.83% | |||||||
Investment, Identifier [Axis]: Trintech, Inc. | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,092,000 | ||||||||
Fair Value | $ (41,000) | ||||||||
Investment, Identifier [Axis]: Trintech, Inc. 1 | |||||||||
Variable interest rate | [3],[13],[14] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[13],[14] | 11.82% | 11.82% | ||||||
Par Amount | [3],[13],[14] | $ 34,086,000 | |||||||
Cost | [3],[13],[14] | 33,419,000 | |||||||
Fair Value | [3],[13],[14] | $ 33,419,000 | |||||||
Percentage of Net Assets | [3],[13],[14] | 2.26% | 2.26% | ||||||
Investment, Identifier [Axis]: Trintech, Inc. 2 | |||||||||
Variable interest rate | [3],[14],[15] | 6.50% | 6.50% | ||||||
Interest Rate | [3],[14],[15] | 11.82% | 11.82% | ||||||
Par Amount | [3],[14],[15] | $ 837,000 | |||||||
Cost | [3],[14],[15] | 780,000 | |||||||
Fair Value | [3],[14],[15] | $ 780,000 | |||||||
Percentage of Net Assets | [3],[14],[15] | 0.05% | 0.05% | ||||||
Investment, Identifier [Axis]: Triple Lift, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.25% | 0.50% | ||||||
Unfunded Commitment | $ 2,467,000 | $ 2,467,000 | $ 4,000,000 | ||||||
Fair Value | $ (187,000) | $ (127,000) | $ (37,000) | ||||||
Investment, Identifier [Axis]: Triple Lift, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [13],[14],[18] | 5.50% | [5],[16],[19] | 5.75% | 5.75% | [13],[14],[18] | ||
Interest Rate | 11.30% | [13],[14],[18] | 10.12% | [5],[16],[19] | 6.50% | 11.30% | [13],[14],[18] | ||
Par Amount | $ 27,370,000 | [13],[14],[18] | $ 27,580,000 | [5],[16],[19] | $ 27,860,000 | ||||
Cost | 26,978,000 | [13],[14],[18] | 27,136,000 | [5],[16],[19] | 27,345,000 | ||||
Fair Value | $ 25,301,000 | [13],[14],[18] | $ 26,162,000 | [5],[16],[19] | $ 27,604,000 | ||||
Percentage of Net Assets | 1.71% | [13],[14],[18] | 1.87% | [5],[16],[19] | 2.32% | 1.71% | [13],[14],[18] | ||
Investment, Identifier [Axis]: Triple Lift, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [14],[15],[18] | 5.25% | [5],[11],[15],[19] | 5.75% | 5.75% | [14],[15],[18] | ||
Interest Rate | 11.30% | [14],[15],[18] | 9.58% | [5],[11],[15],[19] | 6.50% | 11.30% | [14],[15],[18] | ||
Par Amount | [15] | $ 1,533,000 | [14],[18] | $ 1,533,000 | [5],[11],[19] | ||||
Cost | 1,481,000 | [14],[15],[18] | 1,472,000 | [5],[11],[15],[19] | $ (72,000) | ||||
Fair Value | $ 1,231,000 | [14],[15],[18] | $ 1,328,000 | [5],[11],[15],[19] | $ (37,000) | ||||
Percentage of Net Assets | 0.08% | [14],[15],[18] | 0.10% | [5],[11],[15],[19] | 0% | 0.08% | [14],[15],[18] | ||
Investment, Identifier [Axis]: Trunk Acquisition, Inc. | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 857,000 | $ 857,000 | $ 857,000 | ||||||
Fair Value | $ (19,000) | $ (39,000) | $ (8,000) | ||||||
Investment, Identifier [Axis]: Trunk Acquisition, Inc. 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.50% | [3],[4],[5] | 6% | [6] | 5.75% | [3],[14] | |
Interest Rate | 11.29% | [3],[14],[27] | 10.23% | [3],[4],[5] | 7% | [6],[8] | 11.29% | [3],[14],[27] | |
Par Amount | $ 9,051,000 | [3],[4],[5] | $ 9,143,000 | [6] | € 8,983 | [3],[14] | |||
Cost | 8,976,000 | [3],[4],[5] | 9,052,000 | [1],[6] | 8,919 | [3],[14],[20] | |||
Fair Value | $ 8,638,000 | [3],[4],[5] | $ 9,052,000 | [6] | € 8,786 | [3],[14] | |||
Percentage of Net Assets | 0.59% | [3],[14] | 0.62% | [3],[4],[5] | 0.76% | [6] | 0.59% | [3],[14] | |
Investment, Identifier [Axis]: Trunk Acquisition, Inc. 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.50% | [2],[3],[4],[5],[11] | 6% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.29% | [3],[14],[15],[27] | 10.23% | [2],[3],[4],[5],[11] | 7% | [6],[8],[10] | 11.29% | [3],[14],[15],[27] | |
Cost | $ (6,000) | [2],[3],[4],[5],[11] | $ (9,000) | [1],[6],[10] | € (5) | [3],[14],[15],[20] | |||
Fair Value | $ (39,000) | [2],[3],[4],[5],[11] | $ (9,000) | [6],[10] | € (19) | [3],[14],[15] | |||
Percentage of Net Assets | 0% | [5],[11] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: Turbo Buyer, Inc. 1 | |||||||||
Variable interest rate | 6% | [3],[4] | 6% | [3],[4],[5] | 6% | [6] | 6% | [3],[4] | |
Interest Rate | 11.40% | [3],[4] | 11.15% | [3],[4],[5],[7] | 7% | [6],[22] | 11.40% | [3],[4] | |
Par Amount | $ 37,652,000 | [3],[4] | $ 37,940,000 | [3],[4],[5] | $ 38,325,000 | [6] | |||
Cost | 37,251,000 | [3],[4] | 37,419,000 | [3],[4],[5],[9] | 37,645,000 | [1],[6] | |||
Fair Value | $ 37,184,000 | [3],[4] | $ 36,574,000 | [3],[4],[5] | $ 37,580,000 | [6] | |||
Percentage of Net Assets | 2.51% | [3],[4] | 2.62% | [3],[4],[5] | 3.16% | [6] | 2.51% | [3],[4] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,610,000 | ||||||||
Fair Value | $ (31,000) | ||||||||
Investment, Identifier [Axis]: Turbo Buyer, Inc. 2 | |||||||||
Variable interest rate | 6% | [3],[4] | 6% | [3],[4],[5] | 6% | [6],[10] | 6% | [3],[4] | |
Interest Rate | 11.40% | [3],[4] | 11.15% | [3],[4],[5],[7] | 7% | [6],[10],[22] | 11.40% | [3],[4] | |
Par Amount | $ 37,835,000 | [3],[4] | $ 38,123,000 | [3],[4],[5] | $ 36,890,000 | [6],[10] | |||
Cost | 37,352,000 | [3],[4] | 37,494,000 | [3],[4],[5],[9] | 36,086,000 | [1],[6],[10] | |||
Fair Value | $ 37,365,000 | [3],[4] | $ 36,751,000 | [3],[4],[5] | $ 36,142,000 | [6],[10] | |||
Percentage of Net Assets | 2.52% | [3],[4] | 2.63% | [3],[4],[5] | 3.04% | [6],[10] | 2.52% | [3],[4] | |
Investment, Identifier [Axis]: Two Six Labs, LLC 1 | |||||||||
Variable interest rate | 5.50% | [4],[18] | 5.50% | [4],[18] | 5.50% | [6],[19] | 5.50% | [4],[18] | |
Interest Rate | 10.89% | [4],[7],[18] | 10.08% | [4],[7],[18] | 6.25% | [6],[19],[22] | 10.89% | [4],[7],[18] | |
Par Amount | $ 10,876,000 | [4],[18] | $ 10,959,000 | [4],[18] | $ 11,070,000 | [6],[19] | |||
Cost | 10,723,000 | [4],[18],[20] | 10,782,000 | [4],[18],[20] | 10,859,000 | [1],[6],[19] | |||
Fair Value | $ 10,764,000 | [4],[18] | $ 10,694,000 | [4],[18] | $ 10,960,000 | [6],[19] | |||
Percentage of Net Assets | 0.73% | [4],[18] | 0.77% | [4],[18] | 0.92% | [6],[19] | 0.73% | [4],[18] | |
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 2,134,000 | $ 2,134,000 | $ 4,268,000 | ||||||
Fair Value | $ (22,000) | $ (52,000) | $ (43,000) | ||||||
Investment, Identifier [Axis]: Two Six Labs, LLC 2 | |||||||||
Variable interest rate | 5.50% | [2],[4],[18] | 5.50% | [4],[12],[18] | 5.50% | [6],[10],[19] | 5.50% | [2],[4],[18] | |
Interest Rate | 10.89% | [2],[4],[7],[18] | 10.08% | [4],[7],[12],[18] | 6.25% | [6],[10],[19],[22] | 10.89% | [2],[4],[7],[18] | |
Par Amount | [4],[18] | $ 2,102,000 | [2] | $ 2,118,000 | [12] | ||||
Cost | 2,058,000 | [2],[4],[18],[20] | 2,066,000 | [4],[12],[18],[20] | $ (40,000) | [1],[6],[10],[19] | |||
Fair Value | $ 2,059,000 | [2],[4],[18] | $ 2,015,000 | [4],[12],[18] | $ (43,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.14% | [2],[4],[18] | 0.14% | [4],[12],[18] | 0% | [6],[10],[19] | 0.14% | [2],[4],[18] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 2,134,000 | $ 2,134,000 | $ 2,134,000 | ||||||
Fair Value | $ (22,000) | $ (52,000) | $ (21,000) | ||||||
Investment, Identifier [Axis]: Two Six Labs, LLC 3 | |||||||||
Variable interest rate | 5.50% | [2],[4],[18] | 5.50% | [4],[12],[18] | 5.50% | [6],[10],[19] | 5.50% | [2],[4],[18] | |
Interest Rate | 10.89% | [2],[4],[7],[18] | 10.08% | [4],[7],[12],[18] | 6.25% | [6],[10],[19],[22] | 10.89% | [2],[4],[7],[18] | |
Cost | $ (28,000) | [2],[4],[18],[20] | $ (33,000) | [4],[12],[18],[20] | $ (40,000) | [1],[6],[10],[19] | |||
Fair Value | $ (22,000) | [2],[4],[18] | $ (52,000) | [4],[12],[18] | $ (21,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0% | 0% | [6],[10],[19] | ||||||
Investment, Identifier [Axis]: US Infra Svcs Buyer, LLC 1 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6.75% | [3],[4],[5],[16],[17] | 6.50% | [6],[21] | 6.50% | [3],[13],[14] | |
Interest Rate | 12.34% | [3],[13],[14] | 11.67% | [3],[4],[5],[7],[16],[17],[22] | 7.50% | [6],[8],[21] | 12.34% | [3],[13],[14] | |
Par Amount | $ 14,958,000 | [3],[13],[14] | $ 16,193,000 | [3],[4],[5],[16],[17] | $ 16,991,000 | [6],[21] | |||
Cost | 14,813,000 | [3],[13],[14] | 15,998,000 | [1],[3],[4],[5],[16],[17],[20] | 16,734,000 | [1],[6],[21] | |||
Fair Value | $ 14,311,000 | [3],[13],[14] | $ 15,427,000 | [3],[4],[5],[16],[17] | $ 16,903,000 | [6],[21] | |||
Interest rate, PIK | [3] | 0.25% | [13],[14] | 0.25% | [4],[5],[16],[17] | 0.25% | [13],[14] | ||
Percentage of Net Assets | 0.97% | [3],[13],[14] | 1.10% | [3],[4],[5],[16],[17] | 1.42% | [6],[21] | 0.97% | [3],[13],[14] | |
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 8,085,000 | ||||||||
Fair Value | $ (42,000) | ||||||||
Investment, Identifier [Axis]: US Infra Svcs Buyer, LLC 2 | |||||||||
Variable interest rate | 6.50% | [3],[13],[14] | 6.75% | [3],[4],[5],[16],[17] | 6.50% | [6],[10] | 6.50% | [3],[13],[14] | |
Interest Rate | 12.34% | [3],[13],[14] | 11.67% | [3],[4],[5],[7],[16],[17],[22] | 7.50% | [6],[8],[10] | 12.34% | [3],[13],[14] | |
Par Amount | $ 2,111,000 | [3],[13],[14] | $ 2,285,000 | [3],[4],[5],[16],[17] | $ 2,398,000 | [6],[10] | |||
Cost | 2,091,000 | [3],[13],[14] | 2,259,000 | [1],[3],[4],[5],[16],[17],[20] | 2,246,000 | [1],[6],[10] | |||
Fair Value | $ 2,019,000 | [3],[13],[14] | $ 2,177,000 | [3],[4],[5],[16],[17] | $ 2,343,000 | [6],[10] | |||
Interest rate, PIK | [3] | 0.25% | [13],[14] | 0.25% | [4],[5],[16],[17] | 0.25% | [13],[14] | ||
Percentage of Net Assets | 0.14% | [3],[13],[14] | 0.16% | [3],[4],[5],[16],[17] | 0.20% | [6],[10] | 0.14% | [3],[13],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 225,000 | ||||||||
Fair Value | $ (1,000) | ||||||||
Investment, Identifier [Axis]: US Infra Svcs Buyer, LLC 3 | |||||||||
Variable interest rate | 6.50% | [3],[14] | 6.75% | [3],[4],[5] | 6.50% | [6],[10] | 6.50% | [3],[14] | |
Interest Rate | 12.34% | [3],[14] | 11.67% | [3],[4],[5],[7],[22] | 7.50% | [6],[8],[10] | 12.34% | [3],[14] | |
Par Amount | $ 2,250,000 | [3],[14] | $ 2,250,000 | [3],[4],[5] | $ 2,025,000 | [6],[10] | |||
Cost | 2,231,000 | [3],[14] | 2,225,000 | [1],[3],[4],[5],[20] | 1,993,000 | [1],[6],[10] | |||
Fair Value | $ 2,153,000 | [3],[14] | $ 2,144,000 | [3],[4],[5] | $ 2,013,000 | [6],[10] | |||
Interest rate, PIK | [3] | 0.25% | [14] | 0.25% | [4],[5] | 0.25% | [14] | ||
Percentage of Net Assets | 0.15% | [3],[14] | 0.15% | [3],[4],[5] | 0.17% | [6],[10] | 0.15% | [3],[14] | |
Investment, Identifier [Axis]: United Flow Technologies Intermediate Holdco II, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[14] | 5.75% | [3],[4],[5] | 5.75% | [6] | 5.75% | [3],[14] | |
Interest Rate | 11.17% | [3],[14] | 10.17% | [3],[4],[5],[7],[22] | 6.75% | [6],[8] | 11.17% | [3],[14] | |
Par Amount | $ 16,844,000 | [3],[14] | $ 16,972,000 | [3],[4],[5] | $ 17,100,000 | [6] | |||
Cost | 16,596,000 | [3],[14] | 16,687,000 | [1],[3],[4],[5],[20] | 16,766,000 | [1],[6] | |||
Fair Value | $ 16,572,000 | [3],[14] | $ 16,457,000 | [3],[4],[5] | $ 16,766,000 | [6] | |||
Percentage of Net Assets | 1.12% | [3],[14] | 1.18% | [3],[4],[5] | 1.41% | [6] | 1.12% | [3],[14] | |
Unused Fee Rate | 1% | 1% | 1% | ||||||
Unfunded Commitment | $ 32,000 | $ 164,000 | $ 7,500,000 | ||||||
Fair Value | $ (1,000) | $ (5,000) | $ (73,000) | ||||||
Investment, Identifier [Axis]: United Flow Technologies Intermediate Holdco II, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[12] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.17% | [3],[14],[15] | 10.17% | [3],[4],[5],[7],[12],[22] | 6.75% | [6],[8],[10] | 11.17% | [3],[14],[15] | |
Par Amount | $ 19,701,000 | [3],[14],[15] | $ 9,668,000 | [3],[4],[5],[12] | $ 2,400,000 | [6],[10] | |||
Cost | 19,383,000 | [3],[14],[15] | 9,409,000 | [1],[3],[4],[5],[12],[20] | 2,280,000 | [1],[6],[10] | |||
Fair Value | $ 19,384,000 | [3],[14],[15] | $ 9,067,000 | [3],[4],[5],[12] | $ 2,280,000 | [6],[10] | |||
Percentage of Net Assets | 1.31% | [3],[14],[15] | 0.65% | [3],[4],[5],[12] | 0.19% | [6],[10] | 1.31% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 1,950,000 | $ 10,000,000 | $ 3,000,000 | ||||||
Fair Value | $ (31,000) | $ (303,000) | $ (58,000) | ||||||
Investment, Identifier [Axis]: United Flow Technologies Intermediate Holdco II, LLC 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [3],[4],[5],[12] | 5.75% | [6],[10] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.17% | [3],[14],[15] | 10.17% | [3],[4],[5],[7],[12],[22] | 6.75% | [6],[8],[10] | 11.17% | [3],[14],[15] | |
Par Amount | [3],[14],[15] | $ 1,050,000 | |||||||
Cost | 1,013,000 | [3],[14],[15] | $ (46,000) | [1],[3],[4],[5],[12],[20] | $ (58,000) | [1],[6],[10] | |||
Fair Value | $ 1,002,000 | [3],[14],[15] | $ (91,000) | [3],[4],[5],[12] | $ (58,000) | [6],[10] | |||
Percentage of Net Assets | 0.07% | [3],[14],[15] | (0.01%) | [3],[4],[5],[12] | 0% | [6],[10] | 0.07% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 3,000,000 | ||||||||
Fair Value | $ (91,000) | ||||||||
Investment, Identifier [Axis]: UpStack, Inc. 1 | |||||||||
Variable interest rate | 6.25% | [3],[14] | 5.75% | [5] | 6.25% | [3],[14] | |||
Interest Rate | 11.65% | [3],[14] | 10.32% | [5] | 11.65% | [3],[14] | |||
Par Amount | $ 8,271,000 | [3],[14] | $ 9,737,000 | [5] | |||||
Cost | 8,128,000 | [3],[14] | 9,539,000 | [5] | |||||
Fair Value | $ 8,064,000 | [3],[14] | $ 9,444,000 | [5] | |||||
Percentage of Net Assets | 0.54% | [3],[14] | 0.68% | [5] | 0.54% | [3],[14] | |||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 6,945,000 | $ 1,050,000 | |||||||
Fair Value | $ (106,000) | $ (32,000) | |||||||
Investment, Identifier [Axis]: UpStack, Inc. 2 | |||||||||
Variable interest rate | [15] | 6.25% | [3],[14] | 5.75% | [5],[11] | 6.25% | [3],[14] | ||
Interest Rate | [15] | 11.65% | [3],[14] | 10.32% | [5],[11] | 11.65% | [3],[14] | ||
Par Amount | [15] | $ 6,034,000 | [3],[14] | $ 3,292,000 | [5],[11] | ||||
Cost | [15] | 5,811,000 | [3],[14] | 3,205,000 | [5],[11] | ||||
Fair Value | [15] | $ 5,801,000 | [3],[14] | $ 3,162,000 | [5],[11] | ||||
Percentage of Net Assets | [15] | 0.39% | [3],[14] | 0.23% | [5],[11] | 0.39% | [3],[14] | ||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 875,000 | $ 875,000 | |||||||
Fair Value | $ (22,000) | $ (26,000) | |||||||
Investment, Identifier [Axis]: UpStack, Inc. 3 | |||||||||
Variable interest rate | [15] | 6.25% | [3],[14] | 5.75% | [5],[11] | 6.25% | [3],[14] | ||
Interest Rate | [15] | 11.65% | [3],[14] | 10.32% | [5],[11] | 11.65% | [3],[14] | ||
Cost | [15] | $ (16,000) | [3],[14] | $ (19,000) | [5],[11] | ||||
Fair Value | [15] | $ (22,000) | [3],[14] | $ (26,000) | [5],[11] | ||||
Percentage of Net Assets | [5],[11] | 0% | |||||||
Investment, Identifier [Axis]: Upstack Holdco, Inc. 1 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 7% | ||||||||
Par Amount | $ 9,844,000 | ||||||||
Cost | 9,609,000 | ||||||||
Fair Value | $ 9,635,000 | ||||||||
Percentage of Net Assets | 0.81% | ||||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 1,050,000 | ||||||||
Fair Value | $ (22,000) | ||||||||
Investment, Identifier [Axis]: Upstack Holdco, Inc. 2 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 7% | ||||||||
Par Amount | $ 3,325,000 | ||||||||
Cost | 3,223,000 | ||||||||
Fair Value | $ 3,232,000 | ||||||||
Percentage of Net Assets | 0.27% | ||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 875,000 | ||||||||
Fair Value | $ (18,000) | ||||||||
Investment, Identifier [Axis]: Upstack Holdco, Inc. 3 | |||||||||
Variable interest rate | 6% | ||||||||
Interest Rate | 7% | ||||||||
Cost | $ (23,000) | ||||||||
Fair Value | $ (19,000) | ||||||||
Percentage of Net Assets | 0% | ||||||||
Investment, Identifier [Axis]: User Zoom Technologies, Inc. | |||||||||
Variable interest rate | [18] | 7% | [14] | 5.75% | [4],[5],[19] | 7% | [14] | ||
Interest Rate | [18] | 11.92% | [14],[27] | 9.35% | [4],[5],[19] | 11.92% | [14],[27] | ||
Par Amount | [18] | $ 38,689,000 | [4],[5],[19] | € 38,689 | [14] | ||||
Cost | [18] | 37,967,000 | [4],[5],[19] | 38,028 | [14],[20] | ||||
Fair Value | [18] | $ 37,965,000 | [4],[5],[19] | € 38,078 | [14] | ||||
Percentage of Net Assets | [18] | 2.57% | [14] | 2.72% | [4],[5],[19] | 2.57% | [14] | ||
Investment, Identifier [Axis]: V Global Holdings, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 449,000 | $ 672,000 | |||||||
Fair Value | $ (9,000) | $ (34,000) | |||||||
Investment, Identifier [Axis]: V Global Holdings, LLC 1 | |||||||||
Variable interest rate | [4] | 5.75% | [13],[18] | 5.75% | [5],[16],[17],[19] | 5.75% | [13],[18] | ||
Interest Rate | [4] | 11.43% | [13],[18] | 8.99% | [5],[7],[16],[17],[19] | 11.43% | [13],[18] | ||
Par Amount | [4] | $ 4,866,000 | [13],[18] | $ 4,903,000 | [5],[16],[17],[19] | ||||
Cost | [4] | 4,789,000 | [13],[18] | 4,814,000 | [5],[9],[16],[17],[19] | ||||
Fair Value | [4] | $ 4,771,000 | [13],[18] | $ 4,659,000 | [5],[16],[17],[19] | ||||
Percentage of Net Assets | [4] | 0.32% | [13],[18] | 0.33% | [5],[16],[17],[19] | 0.32% | [13],[18] | ||
Investment, Identifier [Axis]: V Global Holdings, LLC 2 | |||||||||
Variable interest rate | [4],[18] | 5.75% | [2] | 5.75% | [5],[11],[12],[19] | 5.75% | [2] | ||
Interest Rate | [4],[18] | 11.43% | [2] | 8.99% | [5],[7],[11],[12],[19] | 11.43% | [2] | ||
Par Amount | [2],[4],[18] | $ 223,000 | |||||||
Cost | [4],[18] | 214,000 | [2] | $ (11,000) | [5],[9],[11],[12],[19] | ||||
Fair Value | [4],[18] | $ 210,000 | [2] | $ (34,000) | [5],[11],[12],[19] | ||||
Percentage of Net Assets | 0.01% | [2],[4],[18] | 0% | [5],[11],[19] | 0.01% | [2],[4],[18] | |||
Investment, Identifier [Axis]: VRC Companies LLC 6 | |||||||||
Unused Fee Rate | 0.75% | ||||||||
Unfunded Commitment | $ 6,059,000 | ||||||||
Fair Value | $ (212,000) | ||||||||
Investment, Identifier [Axis]: VRC Companies, LLC 1 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [4],[5],[18],[19] | 5.50% | [6],[19],[21] | 5.75% | [3],[13],[14] | |
Interest Rate | 11.13% | [3],[13],[14] | 8.52% | [4],[5],[7],[18],[19],[22] | 6.25% | [6],[8],[19],[21] | 11.13% | [3],[13],[14] | |
Par Amount | $ 64,103,000 | [3],[13],[14] | $ 7,540,000 | [4],[5],[18],[19] | $ 49,335,000 | [6],[19],[21] | |||
Cost | 63,435,000 | [3],[13],[14] | 7,435,000 | [1],[4],[5],[18],[19],[20] | 48,644,000 | [1],[6],[19],[21] | |||
Fair Value | $ 63,821,000 | [3],[13],[14] | $ 7,276,000 | [4],[5],[18],[19] | $ 48,921,000 | [6],[19],[21] | |||
Percentage of Net Assets | 4.31% | [3],[13],[14] | 0.52% | [4],[5],[18],[19] | 4.12% | [6],[19],[21] | 4.31% | [3],[13],[14] | |
Unused Fee Rate | 0.75% | 0.75% | 0.75% | ||||||
Unfunded Commitment | $ 515,000 | $ 6,059,000 | $ 5,000,000 | ||||||
Fair Value | $ (2,000) | $ (212,000) | $ (42,000) | ||||||
Investment, Identifier [Axis]: VRC Companies, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [4],[5],[12],[18],[19] | 5.50% | [6],[10],[19],[21] | 5.75% | [3],[14],[15] | |
Interest Rate | 11.13% | [3],[14],[15] | 8.52% | [4],[5],[7],[12],[18],[19],[22] | 6.25% | [6],[8],[10],[19],[21] | 11.13% | [3],[14],[15] | |
Par Amount | $ 8,569,000 | [3],[14],[15] | $ 3,074,000 | [4],[5],[12],[18],[19] | $ 3,263,000 | [6],[10],[19],[21] | |||
Cost | 8,466,000 | [3],[14],[15] | 2,950,000 | [1],[4],[5],[12],[18],[19],[20] | 3,148,000 | [1],[6],[10],[19],[21] | |||
Fair Value | $ 8,529,000 | [3],[14],[15] | $ 2,754,000 | [4],[5],[12],[18],[19] | $ 3,193,000 | [6],[10],[19],[21] | |||
Percentage of Net Assets | 0.58% | [3],[14],[15] | 0.20% | [4],[5],[12],[18],[19] | 0.27% | [6],[10],[19],[21] | 0.58% | [3],[14],[15] | |
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,653,000 | $ 1,653,000 | $ 1,653,000 | ||||||
Fair Value | $ (7,000) | $ (58,000) | $ (14,000) | ||||||
Investment, Identifier [Axis]: VRC Companies, LLC 3 | |||||||||
Variable interest rate | 5.50% | [3],[14],[15] | 5.50% | [4],[5],[16],[17],[18],[19] | 5.50% | [6],[10],[19] | 5.50% | [3],[14],[15] | |
Interest Rate | 10.83% | [3],[14],[15] | 10.65% | [4],[5],[7],[16],[17],[18],[19],[22] | 6.25% | [6],[8],[10],[19] | 10.83% | [3],[14],[15] | |
Par Amount | [4],[5],[16],[17],[18],[19] | $ 48,840,000 | |||||||
Cost | $ (16,000) | [3],[14],[15] | 48,260,000 | [1],[4],[5],[16],[17],[18],[19],[20] | $ (23,000) | [1],[6],[10],[19] | |||
Fair Value | $ (7,000) | [3],[14],[15] | $ 47,130,000 | [4],[5],[16],[17],[18],[19] | $ (14,000) | [6],[10],[19] | |||
Percentage of Net Assets | [19] | 3.37% | [4],[5],[16],[17],[18] | 0% | [6],[10] | ||||
Investment, Identifier [Axis]: VRC Companies, LLC 4 | |||||||||
Variable interest rate | [4],[5],[12],[16],[17],[18],[19] | 5.50% | |||||||
Interest Rate | [4],[5],[7],[12],[16],[17],[18],[19],[22] | 10.22% | |||||||
Par Amount | [4],[5],[12],[16],[17],[18],[19] | $ 8,214,000 | |||||||
Cost | [1],[4],[5],[12],[16],[17],[18],[19],[20] | 8,119,000 | |||||||
Fair Value | [4],[5],[12],[16],[17],[18],[19] | $ 7,927,000 | |||||||
Percentage of Net Assets | [4],[5],[12],[16],[17],[18],[19] | 0.57% | |||||||
Investment, Identifier [Axis]: VRC Companies, LLC 5 | |||||||||
Variable interest rate | [4],[5],[12],[18],[19] | 5.50% | |||||||
Interest Rate | [4],[5],[7],[12],[18],[19],[22] | 10.22% | |||||||
Cost | [1],[4],[5],[12],[18],[19],[20] | $ (19,000) | |||||||
Fair Value | [4],[5],[12],[18],[19] | $ (58,000) | |||||||
Percentage of Net Assets | [5],[19] | 0% | |||||||
Investment, Identifier [Axis]: VRC Companies, LLC 7 | |||||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,653,000 | ||||||||
Fair Value | $ (58,000) | ||||||||
Investment, Identifier [Axis]: Valcourt Holdings II, LLC | |||||||||
Unused Fee Rate | 1% | 1% | |||||||
Unfunded Commitment | $ 1,121,000 | $ 4,378,000 | |||||||
Fair Value | $ (13,000) | ||||||||
Investment, Identifier [Axis]: Valcourt Holdings II, LLC 1 | |||||||||
Variable interest rate | 5.25% | [3],[13],[14] | 5.25% | [3],[4],[5] | 5.50% | [6],[21] | 5.25% | [3],[13],[14] | |
Interest Rate | 10.79% | [3],[13],[14] | 9.98% | [3],[4],[5],[7],[22] | 6.50% | [6],[8],[21] | 10.79% | [3],[13],[14] | |
Par Amount | $ 34,805,000 | [3],[13],[14] | $ 25,145,000 | [3],[4],[5] | $ 35,431,000 | [6],[21] | |||
Cost | 34,383,000 | [3],[13],[14] | 24,785,000 | [1],[3],[4],[5],[20] | 34,816,000 | [1],[6],[21] | |||
Fair Value | $ 34,597,000 | [3],[13],[14] | $ 24,850,000 | [3],[4],[5] | $ 35,431,000 | [6],[21] | |||
Percentage of Net Assets | 2.34% | [3],[13],[14] | 1.78% | [3],[4],[5] | 2.98% | [6],[21] | 2.34% | [3],[13],[14] | |
Investment, Identifier [Axis]: Valcourt Holdings II, LLC 2 | |||||||||
Variable interest rate | 5.25% | [3],[14] | 5.25% | [3],[4],[5],[16],[17] | 5.50% | [6],[10] | 5.25% | [3],[14] | |
Interest Rate | 10.79% | [3],[14] | 9.98% | [3],[4],[5],[7],[16],[17],[22] | 6.50% | [6],[8],[10] | 10.79% | [3],[14] | |
Par Amount | $ 3,067,000 | [3],[14] | $ 9,929,000 | [3],[4],[5],[16],[17] | $ 2,521,000 | [6],[10] | |||
Cost | 3,031,000 | [3],[14] | 9,783,000 | [1],[3],[4],[5],[16],[17],[20] | 2,405,000 | [1],[6],[10] | |||
Fair Value | $ 3,048,000 | [3],[14] | $ 9,813,000 | [3],[4],[5],[16],[17] | $ 2,521,000 | [6],[10] | |||
Percentage of Net Assets | 0.21% | [3],[14] | 0.70% | [3],[4],[5],[16],[17] | 0.21% | [6],[10] | 0.21% | [3],[14] | |
Investment, Identifier [Axis]: Valcourt Holdings II, LLC 3 | |||||||||
Variable interest rate | [3],[4],[5],[12] | 5.25% | |||||||
Interest Rate | [3],[4],[5],[7],[12],[22] | 9.98% | |||||||
Par Amount | [3],[4],[5],[12] | $ 5,738,000 | |||||||
Cost | [1],[3],[4],[5],[12],[20] | 5,643,000 | |||||||
Fair Value | [3],[4],[5],[12] | $ 5,658,000 | |||||||
Percentage of Net Assets | [3],[4],[5],[12] | 0.40% | |||||||
Investment, Identifier [Axis]: Vardiman Black Holdings, LLC | |||||||||
Unused Fee Rate | 1.25% | ||||||||
Unfunded Commitment | $ 142,000 | ||||||||
Fair Value | $ (8,000) | ||||||||
Investment, Identifier [Axis]: Vardiman Black Holdings, LLC 1 | |||||||||
Variable interest rate | 7% | [14],[26],[33] | 7% | [36] | 7% | [14],[26],[33] | |||
Interest Rate | 12.40% | [14],[26],[33] | 11.22% | [36] | 12.40% | [14],[26],[33] | |||
Par Amount | $ 3,386,000 | [14],[26],[33] | $ 3,412,000 | [36] | |||||
Cost | 3,360,000 | [14],[26],[33] | 3,382,000 | [36] | |||||
Fair Value | $ 2,860,000 | [14],[26],[33] | $ 3,227,000 | [36] | |||||
Percentage of Net Assets | 0.19% | [14],[26],[33] | 0.23% | [36] | 0.19% | [14],[26],[33] | |||
Investment, Identifier [Axis]: Vardiman Black Holdings, LLC 2 | |||||||||
Variable interest rate | 7% | [14],[26],[33] | 7% | [15],[36] | 7% | [14],[26],[33] | |||
Interest Rate | 12.40% | [14],[26],[33] | 11.22% | [15],[36] | 12.40% | [14],[26],[33] | |||
Par Amount | $ 4,020,000 | [14],[26],[33] | $ 3,907,000 | [15],[36] | |||||
Cost | 3,988,000 | [14],[26],[33] | 3,871,000 | [15],[36] | |||||
Fair Value | $ 3,395,000 | [14],[26],[33] | $ 3,687,000 | [15],[36] | |||||
Percentage of Net Assets | 0.23% | [14],[26],[33] | 0.26% | [15],[36] | 0.23% | [14],[26],[33] | |||
Investment, Identifier [Axis]: Vehlo Purchaser, LLC 1 | |||||||||
Variable interest rate | [6],[19] | 5% | |||||||
Interest Rate | [6],[19],[22] | 5.75% | |||||||
Par Amount | [6],[19] | $ 27,154,000 | |||||||
Cost | [1],[6],[19] | 26,638,000 | |||||||
Fair Value | [6],[19] | $ 26,725,000 | |||||||
Percentage of Net Assets | [6],[19] | 2.25% | |||||||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 11,569,000 | ||||||||
Fair Value | $ (183,000) | ||||||||
Investment, Identifier [Axis]: Vehlo Purchaser, LLC 2 | |||||||||
Variable interest rate | [6],[10],[19] | 5% | |||||||
Interest Rate | [6],[8],[10],[19] | 5.75% | |||||||
Par Amount | [6],[10],[19] | $ 7,875,000 | |||||||
Cost | [1],[6],[10],[19] | 7,614,000 | |||||||
Fair Value | [6],[10],[19] | $ 7,568,000 | |||||||
Percentage of Net Assets | [6],[10],[19] | 0.64% | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 4,666,000 | ||||||||
Fair Value | $ (74,000) | ||||||||
Investment, Identifier [Axis]: Vehlo Purchaser, LLC 3 | |||||||||
Variable interest rate | [6],[10],[19] | 5% | |||||||
Interest Rate | [6],[8],[10],[19] | 5.75% | |||||||
Par Amount | [6],[10],[19] | $ 1,167,000 | |||||||
Cost | [1],[6],[10],[19] | 1,057,000 | |||||||
Fair Value | [6],[10],[19] | $ 1,074,000 | |||||||
Percentage of Net Assets | [6],[10],[19] | 0.09% | |||||||
Investment, Identifier [Axis]: Vermont Aus Pty Ltd | |||||||||
Variable interest rate | 5.65% | [14],[18],[28] | 5.65% | [29] | 5.65% | [14],[18],[28] | |||
Interest Rate | 11.04% | [14],[18],[28] | 10.23% | [29] | 11.04% | [14],[18],[28] | |||
Par Amount | $ 8,373,000 | [14],[18],[28] | $ 8,436,000 | [29] | |||||
Cost | 8,203,000 | [14],[18],[28] | 8,244,000 | [29] | |||||
Fair Value | $ 8,182,000 | [14],[18],[28] | $ 7,927,000 | [29] | |||||
Percentage of Net Assets | 0.55% | [14],[18],[28] | 0.57% | [29] | 0.55% | [14],[18],[28] | |||
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC | |||||||||
Variable interest rate | [5],[16] | 4.50% | |||||||
Interest Rate | [5],[16] | 8.88% | |||||||
Par Amount | [5],[16] | $ 2,715,000 | |||||||
Cost | [5],[16] | 2,696,000 | |||||||
Fair Value | [5],[16] | $ 2,679,000 | |||||||
Percentage of Net Assets | [5],[16] | 0.19% | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 447,000 | $ 268,000 | |||||||
Fair Value | $ (4,000) | ||||||||
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC 1 | |||||||||
Variable interest rate | 4.50% | [3],[13],[14] | 4.50% | 4.50% | [6],[21] | 4.50% | [3],[13],[14] | ||
Interest Rate | 9.95% | [3],[13],[14] | 8.88% | 5.50% | [6],[8],[21] | 9.95% | [3],[13],[14] | ||
Par Amount | $ 2,694,000 | [3],[13],[14] | $ 2,715,000 | $ 2,735,000 | [6],[21] | ||||
Cost | 2,679,000 | [3],[13],[14] | 2,696,000 | 2,713,000 | [1],[6],[21] | ||||
Fair Value | $ 2,694,000 | [3],[13],[14] | $ 2,679,000 | $ 2,735,000 | [6],[21] | ||||
Percentage of Net Assets | 0.18% | [3],[13],[14] | 0.19% | 0.23% | [6],[21] | 0.18% | [3],[13],[14] | ||
Unused Fee Rate | 1% | ||||||||
Unfunded Commitment | $ 309,000 | ||||||||
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC 2 | |||||||||
Variable interest rate | 4.50% | [3],[14] | 4.50% | [5],[6] | 4.50% | [6],[10] | 4.50% | [3],[14] | |
Interest Rate | 9.95% | [3],[14] | 8.88% | [5],[22] | 5.50% | [6],[8],[10] | 9.95% | [3],[14] | |
Par Amount | $ 1,755,000 | [3],[14] | $ 1,769,000 | $ 1,472,000 | [6],[10] | ||||
Par Amount, Shares (in shares) | shares | [5] | 1,769 | |||||||
Cost | 1,746,000 | [3],[14] | $ 1,757,000 | [1],[5] | 1,457,000 | [1],[6],[10] | |||
Fair Value | $ 1,755,000 | [3],[14] | $ 1,746,000 | [5] | $ 1,472,000 | [6],[10] | |||
Percentage of Net Assets | 0.12% | [3],[14] | 0.12% | [5] | 0.12% | [6],[10] | 0.12% | [3],[14] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 427,000 | ||||||||
Investment, Identifier [Axis]: Vessco Midco Holdings, LLC 3 | |||||||||
Variable interest rate | 4.50% | [3],[14],[15] | 3.50% | [5],[11],[15] | 3.50% | [6],[10] | 4.50% | [3],[14],[15] | |
Interest Rate | 9.95% | [3],[14],[15] | 11% | [5],[11],[15],[22] | 6.75% | [6],[8],[10] | 9.95% | [3],[14],[15] | |
Par Amount | $ 179,000 | [15] | $ 20,000 | [6],[10] | |||||
Par Amount, Shares (in shares) | shares | [5],[11] | 179 | |||||||
Cost | $ (2,000) | [3],[14],[15] | $ 176,000 | [1],[5],[11],[15] | 16,000 | [1],[6],[10] | |||
Fair Value | $ 173,000 | [5],[11],[15] | $ 20,000 | [6],[10] | |||||
Percentage of Net Assets | 0.01% | [5],[11],[15] | 0% | [6],[10] | |||||
Investment, Identifier [Axis]: World Insurance Associates, LLC | |||||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 1,269,000 | $ 444,000 | $ 1,173,000 | ||||||
Fair Value | $ (63,000) | $ (14,000) | $ (23,000) | ||||||
Investment, Identifier [Axis]: World Insurance Associates, LLC 1 | |||||||||
Variable interest rate | 6.75% | [3],[13],[14] | 5.75% | [5],[16] | 5.75% | 6.75% | [3],[13],[14] | ||
Interest Rate | 12.14% | [3],[13],[14] | 10.33% | [5],[16] | 6.75% | 12.14% | [3],[13],[14] | ||
Par Amount | $ 34,076,000 | [3],[13],[14] | $ 33,331,000 | [5],[16] | $ 33,658,000 | ||||
Cost | 33,192,000 | [3],[13],[14] | 32,499,000 | [5],[16] | 32,601,000 | ||||
Fair Value | $ 32,394,000 | [3],[13],[14] | $ 32,288,000 | [5],[16] | $ 32,996,000 | ||||
Percentage of Net Assets | 2.19% | [3],[13],[14] | 2.31% | [5],[16] | 2.78% | 2.19% | [3],[13],[14] | ||
Investment, Identifier [Axis]: World Insurance Associates, LLC 2 | |||||||||
Variable interest rate | 5.75% | [3],[13],[14] | 5.75% | [5],[16] | 5.75% | 5.75% | [3],[13],[14] | ||
Interest Rate | 11.15% | [3],[13],[14] | 10.33% | [5],[16] | 6.75% | 11.15% | [3],[13],[14] | ||
Par Amount | $ 30,934,000 | [3],[13],[14] | $ 31,170,000 | [5],[16] | $ 31,487,000 | ||||
Cost | 30,285,000 | [3],[13],[14] | 30,528,000 | [5],[16] | 30,671,000 | ||||
Fair Value | $ 29,386,000 | [3],[13],[14] | $ 30,194,000 | [5],[16] | $ 30,868,000 | ||||
Percentage of Net Assets | 1.98% | [3],[13],[14] | 2.16% | [5],[16] | 2.60% | 1.98% | [3],[13],[14] | ||
Investment, Identifier [Axis]: World Insurance Associates, LLC 3 | |||||||||
Variable interest rate | 5.75% | [3],[14],[15] | 5.75% | [5],[11],[15] | 5.75% | 5.75% | [3],[14],[15] | ||
Interest Rate | 11.15% | [3],[14],[15] | 10.33% | [5],[11],[15] | 6.75% | 11.15% | [3],[14],[15] | ||
Par Amount | $ 825,000 | [5],[11],[15] | $ 95,000 | ||||||
Cost | $ (13,000) | [3],[14],[15] | 808,000 | [5],[11],[15] | 74,000 | ||||
Fair Value | $ (64,000) | [3],[14],[15] | $ 785,000 | [5],[11],[15] | $ 70,000 | ||||
Percentage of Net Assets | 0.06% | [5],[11],[15] | 0.01% | ||||||
Investment, Identifier [Axis]: Zarya Intermediate, LLC | |||||||||
Variable interest rate | [6],[21] | 6.50% | |||||||
Interest Rate | [6],[21] | 7.50% | |||||||
Par Amount | [6],[21] | $ 24,500,000 | |||||||
Cost | [6],[21] | 24,043,000 | |||||||
Fair Value | [6],[21] | $ 24,500,000 | |||||||
Percentage of Net Assets | [6],[21] | 2.06% | |||||||
Unused Fee Rate | 0.50% | 0.50% | |||||||
Unfunded Commitment | $ 2,085,000 | $ 3,649,000 | |||||||
Fair Value | $ (7,000) | ||||||||
Investment, Identifier [Axis]: Zarya Intermediate, LLC 1 | |||||||||
Variable interest rate | 6.50% | [3],[14],[28] | 6.50% | [3],[4],[5],[29],[30] | 6.50% | [6],[10] | 6.50% | [3],[14],[28] | |
Interest Rate | 11.92% | [3],[14],[27],[28] | 10.90% | [3],[4],[5],[29],[30] | 7.50% | [6],[10] | 11.92% | [3],[14],[27],[28] | |
Par Amount | $ 35,408,000 | [3],[14],[28] | $ 35,408,000 | [3],[4],[5],[29],[30] | $ 19,250,000 | [6],[10] | |||
Cost | 35,408,000 | [3],[14],[20],[28] | 35,408,000 | [3],[4],[5],[20],[29],[30] | 18,884,000 | [6],[10] | |||
Fair Value | $ 35,408,000 | [3],[14],[28] | $ 35,344,000 | [3],[4],[5],[29],[30] | $ 19,250,000 | [6],[10] | |||
Percentage of Net Assets | 2.39% | [3],[14],[28] | 2.53% | [3],[4],[5],[29],[30] | 1.62% | [6],[10] | 2.39% | [3],[14],[28] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 1,983,000 | ||||||||
Investment, Identifier [Axis]: Zarya Intermediate, LLC 2 | |||||||||
Variable interest rate | 6.50% | [3],[14],[15],[28],[30] | 6.50% | [3],[4],[5],[11],[12],[29],[30] | 6.50% | [6],[10] | 6.50% | [3],[14],[15],[28],[30] | |
Interest Rate | 11.92% | [3],[14],[15],[27],[28],[30] | 10.90% | [3],[4],[5],[11],[12],[29],[30] | 7.50% | [6],[10] | 11.92% | [3],[14],[15],[27],[28],[30] | |
Par Amount | [3],[14],[15],[28],[30] | $ 1,564,000 | |||||||
Cost | 1,564,000 | [3],[14],[15],[20],[28],[30] | $ (86,000) | [6],[10] | |||||
Fair Value | [3],[30] | $ 1,564,000 | [14],[15],[28] | $ (7,000) | [4],[5],[11],[12],[29] | ||||
Percentage of Net Assets | 0.11% | [3],[14],[15],[28],[30] | 0% | [5],[11],[29] | 0% | [6],[10] | 0.11% | [3],[14],[15],[28],[30] | |
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 2,683,000 | ||||||||
Investment, Identifier [Axis]: iCIMS, Inc. | |||||||||
Variable interest rate | 7.25% | ||||||||
Interest Rate | 11.52% | ||||||||
Par Amount | $ 6,568,000 | ||||||||
Cost | 6,455,000 | ||||||||
Fair Value | $ 6,455,000 | ||||||||
Interest rate, PIK | 3.875% | ||||||||
Percentage of Net Assets | 0.46% | ||||||||
Investment, Identifier [Axis]: iCIMS, Inc. 1 | |||||||||
Variable interest rate | [14],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[18] | 12.14% | 12.14% | ||||||
Par Amount | [14],[18] | $ 7,059,000 | |||||||
Cost | [14],[18] | 6,955,000 | |||||||
Fair Value | [14],[18] | $ 7,059,000 | |||||||
Percentage of Net Assets | [14],[18] | 0.48% | 0.48% | ||||||
Unfunded Commitment | $ 112,000 | ||||||||
Investment, Identifier [Axis]: iCIMS, Inc. 2 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Cost | [14],[15],[18] | $ (1,000) | |||||||
Unused Fee Rate | 0.50% | ||||||||
Unfunded Commitment | $ 38,000 | ||||||||
Investment, Identifier [Axis]: iCIMS, Inc. 3 | |||||||||
Variable interest rate | [14],[15],[18] | 6.75% | 6.75% | ||||||
Interest Rate | [14],[15],[18] | 12.14% | 12.14% | ||||||
Par Amount | [14],[15],[18] | $ 8,000 | |||||||
Cost | [14],[15],[18] | 7,000 | |||||||
Fair Value | [14],[15],[18] | 8,000 | |||||||
Investment, Identifier [Axis]: mPulse Mobile, Inc. | |||||||||
Par Amount | 165,761,000 | [14],[23] | $ 165,761,000 | [4],[24] | |||||
Par Amount, Shares (in shares) | shares | 165,761 | [5],[25] | 165,761,000 | ||||||
Cost | 1,220,000 | [14],[20],[23] | $ 1,220,000 | [1],[4],[5],[24],[25] | $ 1,220,000 | ||||
Fair Value | $ 1,147,000 | [14],[23] | $ 1,281,000 | [4],[5],[24],[25] | $ 1,220,000 | ||||
Percentage of Net Assets | 0.08% | [14],[23] | 0.09% | [4],[5],[24],[25] | 0.10% | 0.08% | [14],[23] | ||
Investment, Identifier [Axis]: mPulse Mobile, Inc. 1 | |||||||||
Variable interest rate | 5.25% | [14],[18] | 5.25% | 5.25% | [6],[19] | 5.25% | [14],[18] | ||
Interest Rate | 10.75% | [14],[18] | 9.32% | 6% | [6],[8],[19] | 10.75% | [14],[18] | ||
Par Amount | $ 17,369,000 | [14],[18] | $ 17,500,000 | $ 17,500,000 | [6],[19] | ||||
Cost | 17,108,000 | [14],[18] | 17,200,000 | 17,152,000 | [1],[6],[19] | ||||
Fair Value | $ 17,100,000 | [14],[18] | $ 16,977,000 | $ 17,152,000 | [6],[19] | ||||
Percentage of Net Assets | 1.15% | [14],[18] | 1.21% | 1.44% | [6],[19] | 1.15% | [14],[18] | ||
Unused Fee Rate | 1% | 1% | 0.50% | ||||||
Unfunded Commitment | $ 1,996,000 | $ 1,996,000 | $ 1,996,000 | ||||||
Fair Value | $ (31,000) | $ (60,000) | $ (20,000) | ||||||
Investment, Identifier [Axis]: mPulse Mobile, Inc. 2 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 5.25% | [15] | 5.25% | [6],[10],[19] | 5.25% | [14],[15],[18] | |
Interest Rate | 10.75% | [14],[15],[18] | 9.32% | [15] | 6% | [6],[8],[10],[19] | 10.75% | [14],[15],[18] | |
Cost | $ (14,000) | [14],[15],[18] | $ (17,000) | [15] | $ (20,000) | [1],[6],[10],[19] | |||
Fair Value | $ (31,000) | [14],[15],[18] | $ (60,000) | [15] | $ (20,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0% | 0% | [6],[10],[19] | ||||||
Unused Fee Rate | 0.50% | 0.50% | 0.50% | ||||||
Unfunded Commitment | $ 129,000 | $ 353,000 | $ 504,000 | ||||||
Fair Value | $ (2,000) | $ (11,000) | $ (10,000) | ||||||
Investment, Identifier [Axis]: mPulse Mobile, Inc. 3 | |||||||||
Variable interest rate | 5.25% | [14],[15],[18] | 5.25% | [15] | 5.25% | [6],[10],[19] | 5.25% | [14],[15],[18] | |
Interest Rate | 10.75% | [14],[15],[18] | 9.32% | [15] | 6% | [6],[8],[10],[19] | 10.75% | [14],[15],[18] | |
Par Amount | [15] | $ 375,000 | [14],[18] | $ 151,000 | |||||
Cost | 368,000 | [14],[15],[18] | 143,000 | [15] | $ (10,000) | [1],[6],[10],[19] | |||
Fair Value | $ 368,000 | [14],[15],[18] | $ 136,000 | [15] | $ (10,000) | [6],[10],[19] | |||
Percentage of Net Assets | 0.02% | [14],[15],[18] | 0.01% | [15] | 0% | [6],[10],[19] | 0.02% | [14],[15],[18] | |
Euro Interbank Offered Rate (EURIBOR) | |||||||||
Variable interest rate | 5.66% | 2.13% | 5.66% | ||||||
London Interbank Offered Rate (LIBOR) | 1-month Period | |||||||||
Variable interest rate | 5.43% | 4.39% | 5.43% | ||||||
London Interbank Offered Rate (LIBOR) | 3-month Period | |||||||||
Variable interest rate | 5.66% | 4.77% | 5.66% | ||||||
London Interbank Offered Rate (LIBOR) | 6-month Period | |||||||||
Variable interest rate | 5.90% | 5.14% | 5.90% | ||||||
Secured Overnight Financing Rate (SOFR) | 1-month Period | |||||||||
Variable interest rate | 5.32% | 4.36% | 5.32% | ||||||
Secured Overnight Financing Rate (SOFR) | 3-month Period | |||||||||
Variable interest rate | 5.40% | 4.59% | 5.40% | ||||||
Secured Overnight Financing Rate (SOFR) | 6-month Period | |||||||||
Variable interest rate | 4.78% | ||||||||
Prime Rate | |||||||||
Variable interest rate | 8.50% | 7.50% | 8.50% | ||||||
Health Care Equipment & Supplies | |||||||||
Cost | [20] | $ 5,415,000 | |||||||
Fair Value | $ 5,374,000 | ||||||||
Percentage of Net Assets | 0.36% | 0.36% | |||||||
First Lien Debt | |||||||||
Cost | $ 2,960,107,000 | $ 2,753,620,000 | $ 2,213,332,000 | [1] | € 2,960,107 | [20] | |||
Fair Value | $ 2,933,870,000 | $ 2,694,111,000 | $ 2,224,100,000 | € 2,933,870 | |||||
Percentage of Net Assets | 198.03% | 192.81% | 187.12% | 198.03% | |||||
First Lien Debt | Aerospace & Defense | |||||||||
Cost | $ 52,573,000 | [20] | $ 52,520,000 | [20] | $ 38,993,000 | [1] | |||
Fair Value | $ 52,676,000 | $ 51,531,000 | $ 39,370,000 | ||||||
Percentage of Net Assets | 3.56% | 3.69% | 3.31% | 3.56% | |||||
First Lien Debt | Air Freight & Logistics | |||||||||
Cost | $ 29,679,000 | [20] | $ 28,736,000 | [20] | $ 11,948,000 | [1] | |||
Fair Value | $ 29,888,000 | $ 27,943,000 | $ 11,948,000 | ||||||
Percentage of Net Assets | 2.02% | 2% | 1.01% | 2.02% | |||||
First Lien Debt | Automobile Components | |||||||||
Cost | $ 86,866,000 | [20] | $ 86,480,000 | [20] | $ 51,698,000 | [1] | |||
Fair Value | $ 86,506,000 | $ 83,574,000 | $ 51,746,000 | ||||||
Percentage of Net Assets | 5.84% | 5.98% | 4.35% | 5.84% | |||||
First Lien Debt | Automobiles | |||||||||
Cost | $ 154,223,000 | $ 150,144,000 | [9] | $ 174,783,000 | [1] | ||||
Fair Value | $ 154,132,000 | $ 146,413,000 | $ 175,583,000 | ||||||
Percentage of Net Assets | 10.40% | 10.48% | 14.77% | 10.40% | |||||
First Lien Debt | Biotechnology | |||||||||
Cost | $ 15,611,000 | $ 14,830,000 | [9] | $ 14,955,000 | [1] | ||||
Fair Value | $ 15,603,000 | $ 14,407,000 | $ 14,955,000 | ||||||
Percentage of Net Assets | 1.05% | 1.03% | 1.26% | 1.05% | |||||
First Lien Debt | Chemicals | |||||||||
Cost | $ 21,087,000 | $ 18,797,000 | [9] | ||||||
Fair Value | $ 20,783,000 | $ 18,066,000 | |||||||
Percentage of Net Assets | 1.40% | 1.29% | 1.40% | ||||||
First Lien Debt | Commercial Services & Supplies | |||||||||
Cost | $ 320,119,000 | $ 325,020,000 | [1],[20] | $ 306,205,000 | [1] | ||||
Fair Value | $ 319,668,000 | $ 319,508,000 | $ 307,450,000 | ||||||
Percentage of Net Assets | 21.58% | 22.87% | 25.87% | 21.58% | |||||
First Lien Debt | Construction & Engineering | |||||||||
Cost | $ 45,942,000 | $ 37,932,000 | [9] | $ 35,799,000 | [1] | ||||
Fair Value | $ 45,890,000 | $ 36,734,000 | $ 35,799,000 | ||||||
Percentage of Net Assets | 3.10% | 2.63% | 3.01% | 3.10% | |||||
First Lien Debt | Containers & Packaging | |||||||||
Cost | $ 43,385,000 | $ 43,852,000 | [9] | $ 36,043,000 | [1] | ||||
Fair Value | $ 43,525,000 | $ 42,522,000 | $ 36,043,000 | ||||||
Percentage of Net Assets | 2.94% | 3.04% | 3.03% | 2.94% | |||||
First Lien Debt | Distributors | |||||||||
Cost | $ 90,110,000 | $ 122,968,000 | [9] | $ 28,636,000 | [1] | ||||
Fair Value | $ 87,337,000 | $ 120,982,000 | $ 28,636,000 | ||||||
Percentage of Net Assets | 5.90% | 8.66% | 2.41% | 5.90% | |||||
First Lien Debt | Diversified Consumer Services | |||||||||
Cost | $ 103,850,000 | $ 88,142,000 | [9] | $ 36,642,000 | [1] | ||||
Fair Value | $ 103,167,000 | $ 87,147,000 | $ 36,975,000 | ||||||
Percentage of Net Assets | 6.96% | 6.24% | 3.11% | 6.96% | |||||
First Lien Debt | Diversified Financial Services | |||||||||
Cost | $ 53,913,000 | $ 19,820,000 | [9] | $ 71,968,000 | [1] | ||||
Fair Value | $ 54,126,000 | $ 19,586,000 | $ 72,070,000 | ||||||
Percentage of Net Assets | 3.65% | 1.40% | 6.06% | 3.65% | |||||
First Lien Debt | Food Products | |||||||||
Cost | $ 72,090,000 | $ 72,622,000 | [9] | ||||||
Fair Value | $ 70,806,000 | $ 70,996,000 | |||||||
Percentage of Net Assets | 4.78% | 5.08% | 4.78% | ||||||
First Lien Debt | Electronic Equipment, Instruments & Components | |||||||||
Cost | $ 26,500,000 | $ 13,448,000 | [9] | ||||||
Fair Value | $ 25,815,000 | $ 12,892,000 | |||||||
Percentage of Net Assets | 1.74% | 0.92% | 1.74% | ||||||
First Lien Debt | Health Care Equipment & Supplies | |||||||||
Cost | $ 13,052,000 | $ 62,269,000 | [1] | ||||||
Fair Value | $ 13,090,000 | $ 62,602,000 | |||||||
Percentage of Net Assets | 0.88% | 5.27% | 0.88% | ||||||
First Lien Debt | Health Care Providers & Services | |||||||||
Cost | $ 111,559,000 | $ 90,686,000 | |||||||
Fair Value | $ 110,086,000 | $ 88,460,000 | |||||||
Percentage of Net Assets | 7.43% | 6.33% | 7.43% | ||||||
First Lien Debt | Health Care Technology | |||||||||
Cost | $ 61,214,000 | $ 21,467,000 | $ 21,562,000 | [1] | |||||
Fair Value | $ 61,389,000 | $ 21,148,000 | $ 20,963,000 | ||||||
Percentage of Net Assets | 4.14% | 1.51% | 1.76% | 4.14% | |||||
First Lien Debt | Industrial Conglomerates | |||||||||
Cost | $ 33,628,000 | $ 1,666,000 | [1] | $ 35,958,000 | |||||
Fair Value | $ 34,407,000 | $ 1,612,000 | $ 36,285,000 | ||||||
Percentage of Net Assets | 2.32% | 0.12% | 3.05% | 2.32% | |||||
First Lien Debt | Insurance Sector [Member] | |||||||||
Cost | $ 466,713,000 | $ 455,293,000 | $ 401,473,000 | ||||||
Fair Value | $ 460,888,000 | $ 446,804,000 | $ 403,895,000 | ||||||
Percentage of Net Assets | 31.11% | 31.98% | 33.98% | 31.11% | |||||
First Lien Debt | Interactive Media & Services | |||||||||
Cost | $ 104,614,000 | $ 103,429,000 | $ 90,189,000 | ||||||
Fair Value | $ 100,966,000 | $ 101,077,000 | $ 91,025,000 | ||||||
Percentage of Net Assets | 6.82% | 7.23% | 7.66% | 6.82% | |||||
First Lien Debt | IT Services | |||||||||
Cost | $ 227,038,000 | $ 230,561,000 | $ 201,890,000 | ||||||
Fair Value | $ 220,202,000 | $ 223,366,000 | $ 202,960,000 | ||||||
Percentage of Net Assets | 14.86% | 15.99% | 17.08% | 14.86% | |||||
First Lien Debt | Leisure Products | |||||||||
Cost | $ 21,596,000 | $ 21,726,000 | $ 54,292,000 | [1] | |||||
Fair Value | $ 21,214,000 | $ 21,557,000 | $ 54,900,000 | ||||||
Percentage of Net Assets | 1.43% | 1.54% | 4.62% | 1.43% | |||||
First Lien Debt | Machinery | |||||||||
Cost | $ 84,669,000 | $ 88,999,000 | $ 48,582,000 | [1] | |||||
Fair Value | $ 83,742,000 | $ 85,464,000 | $ 48,133,000 | ||||||
Percentage of Net Assets | 5.65% | 6.12% | 4.05% | 5.65% | |||||
First Lien Debt | Multi-Utilities | |||||||||
Cost | $ 21,738,000 | $ 16,427,000 | [1] | $ 10,405,000 | [1] | ||||
Fair Value | $ 21,760,000 | $ 16,228,000 | $ 10,600,000 | ||||||
Percentage of Net Assets | 1.47% | 1.16% | 0.89% | 1.47% | |||||
First Lien Debt | Oil, Gas & Consumable Fuels | |||||||||
Cost | [1] | $ 399,000 | |||||||
Fair Value | $ 390,000 | ||||||||
Percentage of Net Assets | 0.03% | ||||||||
First Lien Debt | Pharmaceuticals | |||||||||
Cost | $ 11,848,000 | $ 11,157,000 | [1] | ||||||
Fair Value | $ 12,088,000 | $ 11,157,000 | |||||||
Percentage of Net Assets | 0.82% | 0.80% | 0.82% | ||||||
First Lien Debt | Professional Services | |||||||||
Cost | $ 110,638,000 | $ 89,714,000 | [1] | $ 91,547,000 | [1] | ||||
Fair Value | $ 110,995,000 | $ 88,770,000 | $ 92,207,000 | ||||||
Percentage of Net Assets | 7.49% | 6.35% | 7.76% | 7.49% | |||||
First Lien Debt | Real Estate Management & Development | |||||||||
Cost | $ 163,130,000 | [20] | $ 155,654,000 | [20] | $ 121,237,000 | ||||
Fair Value | $ 162,420,000 | $ 152,029,000 | $ 122,965,000 | ||||||
Percentage of Net Assets | 10.96% | 10.88% | 10.35% | 10.96% | |||||
First Lien Debt | Software | |||||||||
Cost | $ 381,883,000 | $ 252,416,000 | [1] | € 412,722 | [20] | ||||
Fair Value | $ 374,792,000 | $ 252,952,000 | € 410,701 | ||||||
Percentage of Net Assets | 27.72% | 26.82% | 21.28% | 27.72% | |||||
Second Lien Debt | |||||||||
Cost | $ 145,809,000 | [20] | $ 136,620,000 | [1] | $ 120,124,000 | ||||
Fair Value | $ 134,712,000 | $ 128,350,000 | 121,550,000 | ||||||
Percentage of Net Assets | 9.09% | 9.19% | 9.09% | ||||||
Second Lien Debt | Electronic Equipment, Instruments & Components | |||||||||
Cost | $ 16,939,000 | 16,912,000 | [1] | ||||||
Fair Value | $ 16,194,000 | $ 17,000,000 | |||||||
Percentage of Net Assets | 1.16% | 1.43% | |||||||
Second Lien Debt | Energy Equipment & Services | |||||||||
Cost | [1] | $ 4,455,000 | |||||||
Fair Value | $ 4,456,000 | ||||||||
Percentage of Net Assets | 0.37% | ||||||||
Second Lien Debt | Health Care Providers & Services | |||||||||
Cost | $ 5,318,000 | ||||||||
Fair Value | $ 4,946,000 | ||||||||
Percentage of Net Assets | 0.35% | ||||||||
Second Lien Debt | Industrial Conglomerates | |||||||||
Cost | [1] | $ 39,944,000 | |||||||
Fair Value | $ 40,387,000 | ||||||||
Percentage of Net Assets | 3.40% | ||||||||
Second Lien Debt | IT Services | |||||||||
Cost | $ 40,072,000 | [20] | $ 40,016,000 | [1] | |||||
Fair Value | $ 37,804,000 | $ 37,735,000 | |||||||
Percentage of Net Assets | 2.55% | 2.70% | 2.55% | ||||||
Second Lien Debt | Software | |||||||||
Cost | $ 23,801,000 | [20] | $ 23,770,000 | [1] | $ 120,124,000 | [1] | |||
Fair Value | $ 19,963,000 | $ 22,341,000 | $ 121,550,000 | ||||||
Percentage of Net Assets | 1.35% | 1.60% | 10.23% | 1.35% | |||||
Other Securities | |||||||||
Cost | $ 52,685,000 | [20] | $ 49,406,000 | [1] | $ 39,979,000 | ||||
Fair Value | $ 54,868,000 | $ 51,127,000 | $ 41,724,000 | ||||||
Percentage of Net Assets | 3.70% | 3.66% | 3.51% | 3.70% | |||||
Unsecured debt | |||||||||
Cost | $ 3,386,000 | [20] | $ 3,326,000 | [1] | $ 1,777,000 | [1] | |||
Fair Value | $ 2,002,000 | $ 2,198,000 | $ 1,350,000 | ||||||
Percentage of Net Assets | 0.14% | 0.16% | 0.11% | 0.14% | |||||
Preferred equity | |||||||||
Cost | $ 19,377,000 | [20] | $ 17,869,000 | [1] | $ 11,073,000 | ||||
Fair Value | $ 19,456,000 | $ 17,039,000 | $ 11,248,000 | ||||||
Percentage of Net Assets | 1.31% | 1.22% | 0.95% | 1.31% | |||||
Common equity | |||||||||
Cost | $ 29,922,000 | [20] | $ 28,211,000 | [1] | $ 27,129,000 | ||||
Fair Value | $ 33,410,000 | $ 31,890,000 | $ 29,126,000 | ||||||
Percentage of Net Assets | 2.26% | 2.28% | 2.45% | 2.26% | |||||
Unfunded Debt Securities | |||||||||
Unfunded Commitment | $ 287,164,000 | $ 314,251,000 | $ 509,403,000 | ||||||
Fair Value | (4,778,000) | (10,260,000) | (5,203,000) | ||||||
Unfunded Debt Securities, First Lien | |||||||||
Unfunded Commitment | 287,164,000 | 305,663,000 | 499,948,000 | ||||||
Fair Value | $ (4,778,000) | (9,984,000) | (5,196,000) | ||||||
Unfunded Debt Securities, Second Lien | |||||||||
Unfunded Commitment | 8,588,000 | 9,455,000 | |||||||
Fair Value | $ (276,000) | $ (7,000) | |||||||
Non Qualifying Assets | Assets, Total | Customer Concentration Risk | |||||||||
% of Total Investments at Fair Value | 6.24% | 7.10% | |||||||
Restricted Securities | |||||||||
Fair Value | $ 52,866,000 | $ 48,929,000 | |||||||
Percentage of Net Assets | 3.57% | 3.50% | 3.57% | ||||||
[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. Loan includes interest rate floor of 1.00 %. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, under the supervision of the Board of Directors (see Note 2 and Note 5), pursuant to the Company’s valuation policy. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Directors (see Note 2 and Note 5), pursuant to the Company’s valuation policy. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either E, L or S or an alternate base rate (commonly based on F or P), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022. As of December 31, 2022, the reference rates for our LIBOR-based loans were the 3-month E at 2.13% , the 1-month L at 4.39% , the 3-month L at 4.77% , the 6-month L at 5.14% ; the reference rates for our SOFR-based loans were the 1-month S at 4.36% , the 3-month S at 4.59% , the 6-month S at 4.78% ; and the reference rate for our Prime rate-based loans were at 7.50% . Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2021. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2021. As of December 31, 2021, the reference rates for our variable rate loans were the 30-day L at 0.10%, the 90-day L at 0.21%, the 180-day L at 0.34%, and the P at 3.25%. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2021: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022: Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Board of Directors (the “Board of Directors” or the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”. Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”. Loan includes interest rate floor of 0.75 %. Loan includes interest rate floor of 0.75 %. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. Assets or a portion thereof are pledged as collateral for the BNP Funding Facility. See Note 6 “Debt”. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E"), LIBOR ("L") or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022. As of December 31, 2022, the reference rates for our LIBOR-based loans were the 3-month E at 2.13% , the 30-day L at 4.39% , the 90-day L at 4.77% , the 180-day L at 5.14% ; the reference rates for our SOFR-based loans were the 30-day S at 4.36% , the 90-day S at 4.59% , the 180-day S at 4.78% ; and the reference rate for our Prime rate-based loans were at 7.50% . Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of September 30, 2023, the aggregate fair value of these securities is $52,866 or 3.57% of the Company’s net assets. The initial acquisition dates have been included for such securities. Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $48,929 or 3.50% of the Company’s net assets. The initial acquisition dates have been included for such securities. Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $48,929 or 3.5 % of the Company’s net assets. The initial acquisition dates have been included for such securities. Loan includes interest rate floor of 0.50 %. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR (“E”), LIBOR (“L” or “LIBOR”) or SOFR (“S”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2023. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2023. As of September 30, 2023, the reference rates for our LIBOR-based loans were the 3-month E at 5.66 %, the 1-month L at 5.43% , the 3-month L at 5.66% , the 6-month L at 5.90% ; the reference rates for our SOFR-based loans were the 1-month S at 5.32% , the 3-month S at 5.40% ; and the P at 8.50% . The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, non-qualifying assets represented 6.24 % of total assets as calculated in accordance with regulatory requirements. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 7.1 % of total assets as calculated in accordance with regulatory requirements. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 7.10% of total assets as calculated in accordance with regulatory requirements. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2021, non-qualifying assets represented 5.7% of total assets as calculated in accordance with regulatory requirements. Investment was on non-accrual status as of December 31, 2022. Investment was on non-accrual status as of September 30, 2023. Investment was on non-accrual status as of December 31, 2022. Represents a senior unsecured note, which is subordinated to senior secured term loans of the portfolio company. Loan includes interest rate floor of 0.50 %. Loan includes interest rate floor of 1.00 % The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 7.10% of total assets as calculated in accordance with regulatory requirements. |
Organization_2
Organization | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization | (1) Organization Morgan Stanley Direct Lending Fund (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends 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”). The Company is not a subsidiary of or consolidated with Morgan Stanley. The Company was formed as a Delaware limited liability company on May 30, 2019 and, effective November 25, 2019, converted to a Delaware corporation. The Company commenced investment operations in January 2020. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley. The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. The Company has conducted and from time to time may conduct private offerings of its common stock, par value $0.001 per share (the “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 makes a capital commitment (a “Capital Commitment”) to purchase shares of Common Stock pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. In accordance with the terms of the subscription agreements (the “Subscription Agreements”) entered into by investors in the Company, the Company’s Board of Directors (the “Board of Directors”) approved a one-year extension of the Investment Period (as defined in the Subscription Agreements) such that the Investment Period will expire on December 23, 2023. The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of September 30, 2023, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: DLF CA SPV LLC (“CA SPV”), DLF SPV LLC (“DLF SPV”), DLF Financing SPV LLC (“Financing SPV”) and DLF Equity Holdings LLC (“Equity Holdings,” and collectively with CA SPV, DLF SPV and Financing SPV, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation. | (1) Organization Morgan Stanley Direct Lending Fund (the “Company”) is a non-diversified, externally managed specialty finance company that is focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends 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”). The Company is not a subsidiary of or consolidated with Morgan Stanley. The Company was formed as a Delaware limited liability company on May 30, 2019 and, effective November 25, 2019, converted to a Delaware corporation. The Company commenced investing operations in January 2020. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley. The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. The Company has conducted and from time to time may conduct private offerings of its common stock of the Company, par value $0.001 per share (the “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 makes a capital commitment (a “Capital Commitment”) to purchase shares of Common Stock pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. In accordance with the terms of the subscription agreements (the “Subscription Agreements”) entered into by investors in the Company, the Company’s Board of Directors (the “Board of Directors”) approved a one-year extension of the Investment Period (as defined in the Subscription Agreements) such that the Investment Period will expire on December 23, 2023. The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of December 31, 2022, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: DLF CA SPV LLC (“CA SPV”), DLF SPV LLC (“DLF SPV”), DLF Financing SPV LLC (“DLF LLC”) and DLF Equity Holdings LLC (“DLF Equity Holdings,” and collectively with CA SPV, DLF SPV and DLF LLC, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023. The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Cash Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Foreign Currency Translation The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. Investments Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. The Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the Valuation Designee the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same - to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio. Revenue Recognition Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. PIK Income The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash. Dividend Income Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Dividend income is presented net of withholding tax, if any. Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received. Non-Accrual Income Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Organization and Offering Costs Costs associated with the organization of the Company are expensed as incurred. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock. Expenses The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, is reimbursed by the Company. The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded on the Consolidated Statements of Operations. Deferred Financing Costs and Debt Issuance Costs The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. Income Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as distributions. In order to continue to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company currently intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the three and nine months ended September 30, 2023 and for the three and nine months ended September 30, 2022, the Company did not accrue any U.S. federal excise tax. New Accounting Standards The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. The Company has assessed currently issued ASUs and has determined that they are not applicable or expected to have minimal impact on its consolidated financial statements. | (2) Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. Cash Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Foreign Currency Translation The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. Investments Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. The Company’s Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio. Revenue Recognition Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. PIK Income The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash. Dividend income Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any. Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received. Non-Accrual Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Organization and Offering Costs Costs associated with the organization of the Company are expensed as incurred, subject to the limitations discussed in Note 3. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock. Expenses The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, will be reimbursed by the Company, subject to contractual thresholds. The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded on the Consolidated Statements of Operations. Deferred Financing Costs and Debt Issuance Costs The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. Income Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as dividends. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the year ended December 31, 2022 and December 31, 2021, the Company accrued $334 and $80 of U.S. federal excise tax, respectively. For the year ended December 31, 2020, the Company did not accrue any U.S. federal excise tax. New Accounting Standards In March 2020, the FASB issued Accounting Standards Update 2020-04 (“ASU 2020-04”) “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference LIBOR or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and would therefore not trigger certain accounting impacts that would otherwise be required. 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 adopted the accounting relief on January 1, 2022, and noted no material impact on the consolidated financial statements, as relevant contract relationship modifications are made during the course of the reference rate reform transition period. |
Related Party Transactions_2
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Related Party Transactions | ||
Related Party Transactions | (3) Related Party Transactions Investment Advisory Agreement On November 25, 2019, the Company entered into the Investment Advisory Agreement. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company’s stockholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The renewal of the Investment Advisory Agreement was most recently approved in August 2023. The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee. The cost of both the Base Management Fee and the incentive fee are ultimately be borne by the stockholders. Base Management Fee The Base Management Fee is calculated at an annual rate of 1.0% of the Company’s average gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents. Prior to a listing of the Common Stock on a national securities exchange, the Adviser has agreed to irrevocably waive the portion of the Base Management Fee in excess of 0.25% of the Company’s average gross assets calculated in accordance with the Investment Advisory Agreement. Any Base Management Fees so waived are not subject to recoupment by the Investment Adviser. The Base Management Fee is payable quarterly in arrears, and no management fee is charged on committed but undrawn Capital Commitments. For the three and nine months ended September 30, 2023, Base Management Fees were $1,938, and $5,625 net of waiver, respectively. For the three and nine months ended September 30, 2022, Base Management Fees were $1,716, and $4,896 net of waiver, respectively. As of September 30, 2023 and December 31, 2022, $1,938 and $1,783 were payable to the Investment Adviser relating to Base Management Fees. Incentive Fee The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains. Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below), any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pursuant to the Investment Advisory Agreement, the Company pays its Adviser an income based incentive fee with respect to the Company’s pre-incentive fee net investment income in each calendar quarter as follows: ● No income based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5% ( 6.0% annualized); ● 100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182% ( 7.2728% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.8182% ) is referred to as the “catch-up”. This “catch-up” portion is meant to provide the Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch up” is achieved; and ● 17.5% of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.8182% ( 7.2728% annualized). The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 17.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 17.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period. For the three and nine months ended September 30, 2023, $10,727 and $30,246 respectively, of income based incentive fees were accrued to the Investment Adviser. For the three and nine months ended September 30, 2022, $7,173 and $18,517 respectively, of income based incentive fees were accrued to the Investment Adviser. For the three and nine months ended September 30, 2023, the Investment Adviser did not accrue any capital gains incentive fees. For the three and nine months ended September 30, 2022, there was $0 and a reversal of $2,441 of previously accrued capital gains incentive fees as there was net unrealized depreciation on investments during the period. The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end. As of September 30, 2023, $10,727 and $0 were payable to the Investment Adviser relating to income-based incentive fees and capital gains incentive fees payable. As of December 31, 2022, $8,118 and $0 were payable to the Investment Adviser relating to income-based incentive fees and capital gains incentive fees, respectively. Administration Agreement MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to an administration agreement (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Administration Agreement in August 2023. For the three and nine months ended September 30, 2023, the Company incurred $27 and $141, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2022, the Company incurred $54 and $124, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. Amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of September 30, 2023 and December 31, 2022 were $188 and $110, respectively. Expense Support and Waiver Agreement On December 31, 2019, the Company entered into an expense support and waiver agreement (the “Expense Support and Waiver Agreement”) with the Investment Adviser. Under the terms of the Expense Support and Waiver Agreement, the Investment Adviser agreed to waive any reimbursement by the Company of offering and organizational expenses incurred by the Investment Adviser on behalf of the Company in excess of $1,000 or 0.10% of the aggregate Capital Commitments of the Company, whichever is greater. If actual organization and offering costs incurred exceeded the greater of $1,000 or 0.10% of the Company’s total Capital Commitments, the Investment Adviser or its affiliate would bear the excess costs. For the three and nine months ended September 30, 2023, the Company did not incur any organization costs, offering costs or expense support. For the three and nine months ended September 30, 2022, the Company did not incur any organization costs. For the three and nine months ended September 30, 2022, the Investment Adviser recaptured $0 and $39 of previously waived amounts from the Company. As of September 30, 2023 and December 31, 2022, the Company had reimbursed the Investment Adviser all organization and offering costs incurred and there were no organization and offering costs payable on the Consolidated Statements of Assets and Liabilities. License Agreement The Company entered into the license agreement (the “License Agreement”) with Morgan Stanley under which Morgan Stanley Investment Management, Inc. has granted the Company a non-exclusive, royalty-free license to use the name “Morgan Stanley” for specified purposes in the Company’s business. Under the License Agreement, the Company has a right to use the “Morgan Stanley” name, subject to certain conditions, for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Morgan Stanley” name. Placement Agent Agreement On August 30, 2019, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Morgan Stanley Distribution Inc. (the “Paying Agent”), Morgan Stanley Smith Barney LLC (the “Placement Agent”) and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates assist in the placement of Common Stock in the Company’s private offerings. The Company is not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement. Payments are made by the Investment Adviser to the Placement Agent. To the extent the Paying Agent receives any payments it remits the payment to the Placement Agent. The Placement Agent Agreement will terminate upon a completion of an Initial Public Offering. Indemnification Agreements The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act and are generally consistent with the indemnification provisions of the Company’s certificate of incorporation and bylaws. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act. MS Credit Partners Holdings, Inc. Investment MS Credit Partners Holdings, Inc., or MS Credit Partners Holdings, a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, made an aggregate capital commitment of $200,000 to the Company pursuant to a subscription agreement entered into in December 2019, which had been fully funded as of October 4, 2023. As of September 30, 2023 and December 31, 2022, MS Credit Partners Holdings held approximately 11.7% and 11.9% of the Company’s outstanding shares of Common Stock, respectively. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment. Morgan Stanley & Co. Related Transactions Morgan Stanley & Co. LLC, a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, served as an initial purchaser in connection with the private placement of the Company’s 2027 Notes (as defined below in Note 6) and received fees of $213 at closing, under the purchase agreement entered into by the Company in connection with such private placement. Morgan Stanley & Co. LLC served as a co-agent in connection with the private placement of the Company’s 2025 Notes (as defined below in Note 6) and received fees of $138 at closing. These fees are deferred and amortized over the life of the related term obligation using the straight-line method. Any unamortized amounts are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. | (3) Related Party Transactions Investment Advisory Agreement On November 25, 2019, the Company entered into the Investment Advisory Agreement. The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company’s stockholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The renewal of the Investment Advisory Agreement was most recently approved in August 2022. The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee. The cost of both the Base Management Fee and the incentive fee are ultimately be borne by the stockholders. Base Management Fee The Base Management Fee is calculated at an annual rate of 1.0% of the Company’s average gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents. Prior to a listing of the Common Stock on a national securities exchange, the Adviser has agreed to irrevocably waive the portion of the Base Management Fee in excess of 0.25% of the Company’s average gross assets calculated in accordance with the Investment Advisory Agreement. Any Base Management Fees so waived are not subject to recoupment by the Adviser. The Base Management Fee is payable quarterly in arrears, and no management fee is charged on committed but undrawn Capital Commitments. For the year ended December 31, 2022, December 31, 2021 and December 31, 2020, Base Management Fees were $6,679, $3,465 and $560 net of waiver, respectively. As of December 31, 2022 and December 31, 2021, $1,783 and $1,306 were payable to the Investment Adviser relating to Base Management Fees. Incentive Fee The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains. The Company pays its Adviser an income based incentive fee with respect to the Company’s pre-incentive fee net investment income in each calendar quarter as follows: ● No income based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5 % ( 6.0 % annualized); ● 100 % of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182 % ( 7.2728 % annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.8182 %) is referred to as the “catch-up”. This “catch-up” portion is meant to provide the Adviser with approximately 17.5 % of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch up” is achieved; and ● 17.5 % of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.8182 % ( 7.2728 % annualized) The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 17.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 17.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period. For the year ended December 31, 2022, December 31, 2021 and December 31, 2020, $26,635, $15,852 and $2,517, respectively, of income based incentive fees were accrued to the Investment Adviser. For the year ended December 31, 2022, $2,441 of previously accrued capital gains incentive fees to the Investment Adviser were reversed due to net changes in unrealized depreciation on investments during the period. For the year ended December 31, 2021 and December 31, 2020, $1,809 and $1,341 of capital gains incentive fees were accrued to the Investment Adviser, respectively. The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end. As of December 31, 2022, $8,118 and $0 were payable to the Investment Adviser relating to income based incentive fees and capital gains incentive fees payable. As of December 31, 2021, $5,886 and $2,773 were payable to the Investment Adviser relating to income based incentive fees and capital gains incentive fees, respectively. Administration Agreement MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to an administration agreement (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company equal to an amount that reimburses the Administrator for its costs and expenses and the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to the Company’s Chief Compliance Officer and Chief Financial Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Administration Agreement in August 2022. For the year ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company incurred $72, $212 and $183, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Company’s Consolidated Statements of Operations. Amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of December 31, 2022 and December 31, 2021 were $110 and $266, respectively. Expense Support and Waiver Agreement On December 31, 2019, the Company entered into an expense support and waiver agreement (the “Expense Support and Waiver Agreement”) with the Investment Adviser. Under the terms of the Expense Support and Waiver Agreement, the Investment Adviser agreed to waive any reimbursement by the Company of offering and organizational expenses to be incurred by the Investment Adviser on behalf of the Company in excess of $1,000 or 0.10% of the aggregate Capital Commitments of the Company, whichever is greater. If actual organization and offering costs incurred exceed the greater of $1,000 or 0.10% of the Company’s total Capital Commitments, the Investment Adviser or its affiliate will bear the excess costs. For the year ended December 31, 2022, the Company did not incur any organization costs. The Investment Adviser recaptured $44 $98 As of December 31, 2022, the Company reimbursed the Investment Adviser organization and offering costs incurred and there was no organization and offering costs in payable to affiliates and accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities. License Agreement The Company entered into the License Agreement with Morgan Stanley under which Morgan Stanley Investment Management, Inc. has granted the Company a non-exclusive, royalty-free license to use the name “Morgan Stanley” for specified purposes in the Company’s business. Under the License Agreement, the Company has a right to use the “Morgan Stanley” name, subject to certain conditions, for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Morgan Stanley” name. Placement Agent Agreement On August 30, 2019, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Morgan Stanley Distribution Inc. (the “Paying Agent”), Morgan Stanley Smith Barney LLC (the “Placement Agent”) and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates will assist in the placement of Common Stock in the Company’s private offerings. The Company is not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement. Payments are made by the Investment Adviser to the Placement Agent. To the extent the Paying Agent receives any payments it remits the payment to the Placement Agent. MS Credit Partners Holdings Investment MS Credit Partners Holdings, Inc., or MS Credit Partners Holdings, an indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, made an aggregate capital commitment of $200.0 million to us pursuant to a subscription agreement initially entered into in December 2019. As of December 31, 2022 and December 31, 2021, MS Credit Partners Holdings held approximately 11.9% and 12.5% of the Company’s outstanding shares of common stock, respectively. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment. Morgan Stanley & Co. Related Transactions Morgan Stanley & Co. LLC, a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, served as an initial purchaser in connection with the private placement of the Company’s 2027 Notes (as defined below in Note 6) and received fees of $213 for the year ended December 31, 2022, under the purchase agreement entered into by the Company in connection with such private placement. Morgan Stanley & Co. LLC served as a co-agent in connection with the private placement of the Company’s 2025 Notes (as defined below in Note 6) and received fees of $138 for the year ended December 31, 2022. |
Investments_2
Investments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Abstract] | ||
Investments | (4) Investments The composition of the Company’s investment portfolio at cost and fair value was as follows: September 30, 2023 December 31, 2022 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value First Lien Debt $ 2,960,107 $ 2,933,870 93.9 % $ 2,753,620 $ 2,694,111 93.8 % Second Lien Debt 145,809 134,712 4.3 136,620 128,350 4.5 Other Securities 52,685 54,868 1.8 49,406 51,127 1.7 Total $ 3,158,601 $ 3,123,450 100.0 % $ 2,939,646 $ 2,873,588 100.0 % The industry composition of investments at fair value was as follows: September 30, 2023 December 31, 2022 (1) Aerospace & Defense 1.7 % 1.8 % Air Freight & Logistics 1.1 1.1 Automobile Components 3.6 3.8 Automobiles 4.9 5.1 Biotechnology 0.5 0.5 Chemicals 0.7 0.6 Commercial Services & Supplies 10.3 11.2 Construction & Engineering 1.5 1.3 Containers & Packaging 1.5 1.6 Distributors 2.8 4.2 Diversified Consumer Services 3.3 3.0 Electronic Equipment, Instruments & Components 1.5 1.0 Energy Equipment & Services 0.5 0.5 Financial Services 1.7 0.7 Food Products 2.3 2.5 Health Care Equipment & Supplies 0.4 0.3 Health Care Providers & Services 3.8 3.4 Health Care Technology 2.0 0.7 Industrial Conglomerates 1.3 0.2 Insurance Services 14.9 15.7 Interactive Media & Services 3.2 3.5 IT Services 8.8 9.6 Leisure Products 0.7 0.8 Machinery 2.7 3.0 Multi-Utilities 0.7 0.6 Oil, Gas & Consumable Fuels — 0.0 (2) Pharmaceuticals 0.4 0.4 Professional Services 3.6 3.2 Real Estate Management & Development 5.3 5.4 Software 14.3 14.3 Total 100.0 % 100.0 % (1) The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. (2) Amount rounds to 0.0 % . The geographic composition of investments at cost and fair value was as follows: September 30, 2023 December 31, 2022 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value Australia $ 10,151 $ 10,168 0.3 % $ 10,187 $ 9,870 0.3 % Canada 97,187 96,518 3.1 108,820 105,764 3.7 United Kingdom 11,848 12,088 0.4 11,157 11,157 0.4 United States 3,039,415 3,004,676 96.2 2,809,482 2,746,797 95.6 Total $ 3,158,601 $ 3,123,450 100.0 % $ 2,939,646 $ 2,873,588 100.0 % As of September 30, 2023 and December 31, 2022, the Company had two and one investments, respectively, that were on non-accrual status. The amortized cost of investments on non-accrual status as of September 30, 2023 and December 31, 2022 was $8,848 and $1,500, respectively. | (4) Investments The composition of the Company’s investment portfolio at cost and fair value was as follows: December 31, 2022 December 31, 2021 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value First Lien Debt $ 2,753,620 $ 2,694,111 93.8 % $ 2,213,332 $ 2,224,100 93.2 % Second Lien Debt 136,620 128,350 4.5 120,124 121,550 5.1 Other Securities 49,406 51,127 1.7 39,979 41,724 1.7 Total $ 2,939,646 $ 2,873,588 100.0 % $ 2,373,435 $ 2,387,374 100.0 % The industry composition of investments at fair value was as follows: December 31, 2022 December 31, 2021 Aerospace & Defense 1.8 % 1.7 % Air Freight & Logistics 1.1 0.5 Auto Components 3.8 3.3 Automobiles 5.1 7.4 Biotechnology 0.5 0.6 Chemicals 0.6 — Commercial Services & Supplies 11.2 13.0 Construction & Engineering 1.3 1.5 Containers & Packaging 1.6 1.6 Distributors 4.2 1.2 Diversified Consumer Services 3.0 1.5 Diversified Financial Services 0.7 0.1 Electronic Equipment, Instruments & Components 1.0 0.7 Energy Equipment & Services 0.5 0.6 Food Products 2.5 3.1 Health Care Equipment & Supplies 0.3 0.4 Health Care Providers & Services 3.4 2.9 Health Care Technology 0.7 0.9 Industrial Conglomerates 0.2 1.8 Insurance Services 15.7 17.1 Interactive Media & Services 3.5 3.8 IT Services 9.6 10.8 Leisure Products 0.8 2.4 Machinery 3.0 2.0 Multi-Utilities 0.6 0.4 Oil, Gas & Consumable Fuels 0.0 (1) — Pharmaceuticals 0.4 — Professional Services 3.2 4.0 Real Estate Management & Development 5.4 5.2 Software 14.3 11.5 Total 100.0 % 100.0 % (1) Amount rounds to 0.0%. The geographic composition of investments at cost and fair value were as follows: December 31, 2022 December 31, 2021 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value Australia $ 10,187 $ 9,870 0.3 % $ — $ — — % Canada 108,820 105,764 3.7 81,935 81,386 3.4 United Kingdom 11,157 11,157 0.4 17,804 18,200 0.8 United States 2,809,482 2,746,797 95.6 2,273,696 2,287,788 95.8 Total $ 2,939,646 $ 2,873,588 100.0 % $ 2,373,435 $ 2,387,374 100.0 % |
Fair Value Measurements_2
Fair Value Measurements | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Measurement | ||
Fair Value Measurements | (5) Fair Value Measurements ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. The three-level hierarchy for fair value measurements is defined as follows: Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs. Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained. Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below: 1) each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs; 2) preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management; 3) the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment is reviewed by an independent valuation firm at least once on a rolling twelve-month basis) including review of management’s preliminary valuation and conclusion of fair value; 4) the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provides the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and 5) the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms. The fair value is generally determined based on the assessment of the following factors, as relevant: ● the nature and realizable value of any collateral; ● call features, put features and other relevant terms of debt; ● the portfolio company’s leverage and ability to make payments; ● the portfolio company’s public or private letter credit ratings; ● the portfolio company’s actual and expected earnings and discounted cash flow; ● prevailing interest rates for like securities and expected volatility in future interest rates; ● the markets in which the issuer does business and recent economic and/or market events; and ● comparisons to publicly traded securities. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments. Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency. The following tables present the fair value hierarchy of investments: September 30, 2023 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,881 $ 2,907,989 $ 2,933,870 Second Lien Debt — 42,704 92,008 134,712 Other Securities — — 40,163 40,163 Subtotal $ — $ 68,585 $ 3,040,160 $ 3,108,745 Investment measured at net asset value (1) $ 14,705 Total $ 3,123,450 December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,362 $ 2,668,749 $ 2,694,111 Second Lien Debt — 5,459 122,891 128,350 Other Securities — — 36,395 36,395 Subtotal $ — $ 30,821 $ 2,828,035 $ 2,858,856 Investment measured at net asset value (1) $ 14,732 Total $ 2,873,588 (1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy. The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2023: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,772,653 $ 113,084 $ 39,102 $ 2,924,839 Purchases of investments 153,327 — 1,621 154,948 Proceeds from principal repayments and sales of investments (41,712) — — (41,712) Accretion of discount/amortization of premium 2,035 68 2 2,105 Payment-in-kind 774 137 567 1,478 Net change in unrealized appreciation (depreciation) 20,907 394 (1,129) 20,172 Net realized gains (losses) 5 — — 5 Transfers into/(out) of Level 3 — (21,675) — (21,675) Fair value, end of period $ 2,907,989 $ 92,008 $ 40,163 $ 3,040,160 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 $ 20,893 $ 394 $ (1,129) $ 20,158 The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2023: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,668,749 $ 122,891 $ 36,395 $ 2,828,035 Purchases of investments 365,914 86 1,712 367,712 Proceeds from principal repayments and sales of investments (168,477) — — (168,477) Accretion of discount/amortization of premium 6,985 201 6 7,192 Payment-in-kind 1,580 397 1,562 3,539 Net change in unrealized appreciation (depreciation) 33,111 816 488 34,415 Net realized gains (losses) 127 — — 127 Transfers into/(out) of Level 3 — (32,383) — (32,383) Fair value, end of period $ 2,907,989 $ 92,008 $ 40,163 $ 3,040,160 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 $ 32,754 $ 816 $ 488 $ 34,058 The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2022: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,492,968 $ 116,488 $ 32,898 $ 2,642,354 Purchases of investments 178,809 461 1,016 180,286 Proceeds from principal repayments and sales of investments (94,355) — — (94,355) Accretion of discount/amortization of premium 3,520 50 — 3,570 Payment-in-kind 228 130 — 358 Net change in unrealized appreciation (depreciation) (18,171) (3,345) (1,569) (23,085) Net realized gains (losses) — 18 — 18 Transfers into/(out) of Level 3 (20,083) — — (20,083) Fair value, end of period $ 2,542,916 $ 113,802 $ 32,345 $ 2,689,063 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 $ (17,747) $ (3,345) $ (1,569) $ (22,661) The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2022: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Purchases of investments 709,912 15,694 4,808 730,414 Proceeds from principal repayments and sales of investments (331,077) — (48) (331,125) Accretion of discount/amortization of premium 8,645 210 — 8,855 Payment-in-kind 665 389 397 1,451 Net change in unrealized appreciation (depreciation) (52,779) (6,541) (833) (60,153) Net realized gains (losses) 514 — 48 562 Transfers into/(out) of Level 3 — (17,500) — (17,500) Fair value, end of period $ 2,542,916 $ 113,802 $ 32,345 $ 2,689,063 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 $ (50,808) $ (6,522) $ (833) $ (58,163) The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value. September 30, 2023 Range Fair Valuation Unobservable Weighted Value Technique Input Low High Average Investments in first lien debt $ 2,641,353 Yield Analysis Discount Rate 9.33 % 19.18 % 11.77 % 266,636 Transaction Price Recent Transaction 96.50 % 100.00 % 98.56 % Investments in second lien debt $ 87,508 Yield Analysis Discount Rate 11.47 % 27.42 % 14.89 % 4,500 Transaction Price Recent Transaction 100.00 % 100.00 % 100.00 % Investments in other securities: Unsecured debt $ 1,877 Income Approach Discount Rate 14.50 % 14.50 % 14.50 % 125 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 18,181 Income Approach Discount Rate 12.19 % 15.48 % 13.45 % 1,275 Market Approach Revenue Multiple 7.50 x 7.50 x 7.50 x Common equity 16,937 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.30 x 1,768 Market Approach Revenue Multiple 7.20 x 8.80 x 8.24 x Total investments in other securities $ 40,163 Total Investments $ 3,040,160 December 31, 2022 Range Fair Valuation Unobservable Weighted Value Technique Input Low High Average Investments in first lien debt $ 2,624,749 Yield Analysis Discount Rate 9.20 % 20.44 % 11.27 % 44,000 Transaction Price Recent Transaction 100.00 % 100.00 % 100.00 % Investments in second lien debt $ 122,891 Yield Analysis Discount Rate 12.14 % 17.20 % 14.24 % Investments in other securities Unsecured debt $ 1,826 Income Approach Discount Rate 16.60 % 16.60 % 16.60 % 372 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 16,076 Income Approach Discount Rate 12.20 % 15.69 % 13.62 % 963 Market Approach Revenue Multiple 8.78 x 8.78 x 8.78 x Common equity 15,877 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.25 x 1,281 Market Approach Revenue Multiple 10.20 x 10.20 x 10.20 x Total investments in other securities $ 36,395 Total Investments $ 2,828,035 The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. Financial instruments disclosed but not carried at fair value The Company’s debt, including its credit facilities, 2027 Notes (as defined below in Note 6) and 2025 Notes (as defined below in Note 6), are presented at carrying value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s 2027 Notes is based on third party pricing received by the Company, which is categorized as Level 2 within the fair value hierarchy, and as of September 30, 2023, the fair value of the Company’s 2027 Notes was $392,403. The fair value of the Company’s credit facilities and 2025 Notes are estimated in accordance with the Company's valuation policy. The carrying value and fair value of the Company’s debt were as follows: September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value BNP Funding Facility $ 345,000 $ 345,000 $ 400,000 $ 400,000 Truist Credit Facility 680,252 680,252 432,254 432,254 2027 Notes (1) 420,497 392,403 419,498 394,995 2025 Notes (1) 272,630 275,000 271,723 275,000 Total $ 1,718,379 $ 1,692,654 $ 1,523,475 $ 1,502,249 (1) As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $3,782 and $2,370 , and unamortized original issuance discount of $721 and $0 , respectively. As of December 31, 2022, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $0 , respectively. The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy. | (5) Fair Value Measurements ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. The three-level hierarchy for fair value measurements is defined as follows: Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs. Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained. Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below: 1) each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs; 2) preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management; 3) the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment will be reviewed by an independent valuation firm at least once on a rolling twelve-month basis) including review of management’s preliminary valuation and conclusion of fair value; 4) the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provide the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and 5) the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms. The fair value is generally determined based on the assessment of the following factors, as relevant: ● the nature and realizable value of any collateral; ● call features, put features and other relevant terms of debt; ● the portfolio company’s leverage and ability to make payments; ● the portfolio company’s public or private letter credit ratings; ● the portfolio company’s actual and expected earnings and discounted cash flow; ● prevailing interest rates for like securities and expected volatility in future interest rates; ● the markets in which the issuer does business and recent economic and/or market events; and ● comparisons to publicly traded securities. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments. Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency. The following tables present the fair value hierarchy of investments: December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,362 $ 2,668,749 $ 2,694,111 Second Lien Debt — 5,459 122,891 128,350 Other Securities — — 36,395 36,395 Subtotal $ — $ 30,821 $ 2,828,035 $ 2,858,856 Investment measured at net asset value (1) $ 14,732 Total $ 2,873,588 December 31, 2021 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 17,064 $ 2,207,036 $ 2,224,100 Second Lien Debt — — 121,550 121,550 Other Securities — — 27,973 27,973 Subtotal $ — $ 17,064 $ 2,356,559 $ 2,373,623 Investment measured at net asset value (1) $ 13,751 Total $ 2,387,374 (1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy. The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2022: Total First Lien Debt Second Lien Debt Other Securities Investments Fair value, beginning of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Purchases of investments 900,740 15,694 8,315 924,749 Proceeds from principal repayments and sales of investments (384,631) — (48) (384,679) Accretion of discount/amortization of premium 11,062 278 1 11,341 Payment-in-kind 1,080 524 1,110 2,714 Net change in unrealized appreciation (depreciation) (67,033) (9,205) (1,004) (77,242) Net realized gains (losses) 495 — 48 543 Transfers into/(out) of Level 3 — (5,950) — (5,950) Fair value, end of period $ 2,668,749 $ 122,891 $ 36,395 $ 2,828,035 Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 $ (64,817) $ (9,186) $ (1,004) $ (75,007) The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2021: Total First Lien Debt Second Lien Debt Other Securities Investments Fair value, beginning of period $ 558,318 $ 53,155 $ 2,959 $ 614,432 Purchases of investments 1,956,780 101,352 25,723 2,083,855 Proceeds from principal repayments and sales of investments (325,175) (36,250) (3,348) (364,773) Accretion of discount/amortization of premium 8,831 1,008 — 9,839 Payment-in-kind 133 509 537 1,179 Net change in unrealized appreciation (depreciation) 5,052 1,776 455 7,283 Net realized gains (losses) 248 — 1,647 1,895 Transfers into/(out) of Level 3 2,849 — — 2,849 Fair value, end of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2021 $ 6,807 $ 1,775 $ 455 $ 9,037 The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value. December 31, 2022 Valuation Unobservable Range Weighted Fair Value Technique Input Low High Average Investments in first lien debt $ 2,624,749 Yield Analysis Discount Rate 9.20 % 20.44 % 11.27 % 44,000 Transaction Price Recent Transaction 100 % 100 % 100 % Investments in second lien debt $ 122,891 Yield Analysis Discount Rate 12.14 % 17.20 % 14.24 % Investments in other securities: Unsecured debt $ 1,826 Income Approach Discount Rate 16.60 % 16.60 % 16.60 % 372 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 16,076 Income Approach Discount Rate 12.20 % 15.69 % 13.62 % 963 Market Approach Revenue Multiple 8.78 x 8.78 x 8.78 x Common equity 15,877 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.25 x 1,281 Market Approach Revenue Multiple 10.20 x 10.20 x 10.20 x Total investments in other securities $ 36,395 Total Investments $ 2,828,035 December 31, 2021 Valuation Unobservable Range Weighted Fair Value Technique Input Low High Average Investments in first lien debt $ 2,207,036 Yield Analysis Discount Rate 5.55 % 12.44 % 7.52 % Investments in second lien debt $ 121,550 Yield Analysis Discount Rate 7.12 % 10.79 % 8.51 % Investments in other securities: Unsecured debt $ 1,350 Yield Analysis Discount Rate 25.33 % 25.33 % 25.33 % Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 9,950 Yield Analysis Discount Rate 11.70 % 12.10 % 11.92 % 1,298 Market Approach Revenue Multiple 11.80 x 11.80 x 11.80 x Common equity 15,375 Market Approach EBITDA Multiple 8.10 x 19.97 x 13.11 x Total investments in other securities $ 27,973 Total Investments $ 2,356,559 The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. Financial instruments disclosed but not carried at fair value The Company’s debt, including its credit facilities, 2027 Notes (as defined below in Note 6) and 2025 Notes (as defined below in Note 6), are presented at carrying value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s 2027 Notes is based on vendor pricing received by the Company, which is categorized as Level 2 within the fair value hierarchy, and as of December 31, 2022, the fair value of the Company’s 2027 Notes was $394,995. The fair value of the Company’s credit facilities and 2025 Notes are estimated using Level 3 inputs by discounting remaining payments using the appropriate discount rates, if available. The carrying value and fair value of the Company’s debt were as follows: December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value CIBC Subscription Facility $ — $ — $ 310,350 $ 310,350 BNP Funding Facility 400,000 400,000 463,500 463,500 Truist Credit Facility 432,254 432,254 476,000 476,000 2027 Notes (1) 419,498 394,995 — — 2025 Notes (1) 271,723 275,000 — — Total $ 1,523,475 $ 1,502,249 $ 1,249,850 $ 1,249,850 (1) The carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $ — , respectively. |
Debt_2
Debt | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Debt | (6) Debt CIBC Subscription Facility On December 31, 2019, the Company entered into a revolving credit agreement with CIBC Bank USA as administrative agent and arranger, which was subsequently amended on February 3, 2020, November 17, 2020, January 18, 2022 and February 3, 2022 (as amended, the “CIBC Subscription Facility”). The CIBC Subscription Facility allowed the Company to borrow up to the maximum revolving commitment at any one time outstanding, subject to certain restrictions, including availability under the borrowing base, which is based on unused Capital Commitments. The CIBC Subscription Facility bore interest at a rate at the Company’s election of either (i) the per annum one or three-month LIBOR, divided by a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or liabilities, plus 1.65% or (ii) the prime rate plus 0.65%, as calculated under the CIBC Subscription Facility. The CIBC Subscription Facility was secured by the unfunded commitments of certain stockholders of the Company. The CIBC Subscription Facility matured and was fully paid off as of December 31, 2022. For the three and nine months ended September 30, 2022, the Company did not make any borrowings and repaid $55,000 and $90,000, respectively, under the CIBC Subscription Facility. The summary information of the CIBC Subscription Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ — $ 2,271 $ — $ 5,450 Facility unused commitment fees — 6 — 19 Amortization of deferred financing costs — 327 — 1,125 Total $ — $ 2,604 $ — $ 6,594 Weighted average interest rate (excluding unused fees and financing costs) — % 3.76 % — % 2.57 % Weighted average outstanding balance $ — $ 236,491 $ — $ 279,562 BNP Funding Facility On October 14, 2020, DLF LLC entered into a Revolving Credit and Security Agreement (the “Credit and Security Agreement”, which was subsequently amended on December 11, 2020, March 2, 2021 and September 22, 2023) with DLF LLC, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equity holder and as the servicer, and U.S. Bank National Association, as collateral agent to (as amended, the “BNP Funding Facility”). As of September 30, 2023, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period is 2.85% and, after the reinvestment period 3.35%. The obligations of DLF LLC under the BNP Funding Facility are secured by the assets held by DLF LLC. The BNP Funding Facility has a maturity date of September 22, 2028. The summary information of the BNP Funding Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 6,904 $ 4,517 $ 20,862 $ 10,665 Facility unused commitment fees 209 128 455 209 Amortization of deferred financing costs 297 289 840 855 Total $ 7,410 $ 4,934 $ 22,157 $ 11,729 Weighted average interest rate (excluding unused fees and financing costs) 7.77 % 4.57 % 7.34 % 3.37 % Weighted average outstanding balance $ 347,446 $ 386,962 $ 374,927 $ 417,700 For the three months ended September 30, 2023 and September 30, 2022, the Company had no borrowings and repaid $25,000 and $83,500 under the BNP Funding Facility, respectively. For the nine months ended September 30, 2023 and September 30, 2022, the Company borrowed $0 and $13,000, and repaid $55,000 and $154,500 under the BNP Funding Facility, respectively. As of September 30, 2023 and December 31, 2022, the Company had $345,000 and $400,000 outstanding under the BNP Funding Facility, respectively. As of September 30, 2023 and December 31, 2022, the Company had $255,000 and $200,000, respectively, of available capacity under the BNP Funding Facility (subject to borrowing base restrictions). Truist Credit Facilit y On July 16, 2021, the Company entered into a Senior Secured Revolving Credit Agreement with Truist Bank (the “Truist Credit Facility, which was subsequently amended on December 3, 2021, May 20, 2022 and January 31, 2023). The maximum principal amount of the Truist Credit Facility is $1,120,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of September 30, 2023, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $1,500,000. As of September 30, 2023, the availability period of the Truist Credit Facility will terminate on January 29, 2027. The Truist Credit Facility is guaranteed by certain domestic subsidiaries of the Company (the “Guarantors”). The Company’s obligations to the lenders under the Truist Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and each Guarantor, subject to certain exceptions. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the Truist Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by Truist Bank, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) one month Term SOFR (as defined in the Truist Credit Facility) plus 1% per annum) plus and (y) for loans for which the Company elects the term benchmark option, Term SOFR, for borrowings denominated in U.S. dollars, or the applicable term benchmark rate for borrowings denominated in certain foreign currencies, in each case for the related interest period for such borrowing plus 1.875% per annum or such other applicable margin as is applicable to such foreign currency borrowings. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any letter of credit issued and outstanding under the Truist Credit Facility, as applicable. The Truist Credit Facility has a maturity date of January 31, 2028. The summary information of the Truist Credit Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 10,613 $ 4,018 $ 27,086 $ 7,485 Facility unused commitment fees 531 568 1,723 1,863 Amortization of deferred financing costs 518 267 1,473 905 Total $ 11,662 $ 4,853 $ 30,282 $ 10,253 Weighted average interest rate (excluding unused fees and financing costs) 7.26 % 4.05 % 6.91 % 3.05 % Weighted average outstanding balance $ 572,225 $ 388,313 $ 516,745 $ 323,300 For the three months ended September 30, 2023 and September 30, 2022, the Company borrowed $278,000 and $127,246, and repaid $90,000 and $222,000 under the Truist Credit Facility. For the nine months ended September 30, 2023 and September 30, 2022, the Company borrowed $338,000 and $579,246, and repaid $90,000 and $773,000 under the Truist Credit Facility. As of September 30, 2023 and December 31, 2022, the Company had $680,252 and $432,254 outstanding under the Truist Credit Facility, respectively. As of September 30, 2023 and December 31, 2022, the Company had $438,498 and $538,521, respectively, of available capacity under the Truist Credit Facility (subject to borrowing base restrictions). Unsecured Notes 2027 Notes On February 11, 2022, the Company issued $425,000 in aggregate principal amount of 4.50% notes due 2027 (the restricted securities initially issued on February 11, 2022 together with the unrestricted securities issued pursuant to the exchange offer described below, the “2027 Notes”). The 2027 Notes will mature on February 11, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the 2027 Notes. The 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities. Pursuant to a Registration Statement on Form N-14 (File No. 333-264774), filed on July 20, 2022, the Company closed an exchange offer in which holders of the 2027 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 85.87% of the outstanding principal of the then restricted 2027 Notes obtained registered unrestricted 2027 Notes. The summary information of 2027 Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 4,781 $ 4,781 $ 14,344 $ 12,219 Accretion of original issuance discount 54 54 160 136 Amortization of debt issuance costs 283 279 839 704 Total $ 5,118 $ 5,114 $ 15,343 $ 13,059 Stated interest rate 4.50 % 4.50 % 4.50 % 4.50 % 2025 Notes On September 13, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $275,000 in aggregate principal amount of Series A Senior Notes due September 13, 2025 (the “2025 Notes”) to certain qualified institutional investors in a private placement. The 2025 Notes were delivered and paid for on September 13, 2022, subject to certain customary closing conditions. The 2025 Notes have a fixed interest rate of 7.55% per year. The 2025 Notes will mature on September 13, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the 2025 Notes is due semiannually in February and August of each year. Subject to the terms of the Note Purchase Agreement, the Company may redeem the 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before June 13, 2025, a make-whole premium. The Company’s obligations under the Note Purchase Agreement are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The summary information of 2025 Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 5,191 $ 1,038 $ 15,572 $ 1,038 Amortization of debt issuance costs 305 58 906 58 Total $ 5,496 $ 1,096 $ 16,478 $ 1,096 Stated interest rate 7.55 % 7.55 % 7.55 % 7.55 % The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions: September 30, 2023 December 31, 2022 Aggregate Aggregate Principal Outstanding Unused Principal Outstanding Unused Committed Principal Portion Committed Principal Portion CIBC Subscription Facility (1) $ — $ — $ — $ — $ — $ — BNP Funding Facility 600,000 345,000 255,000 600,000 400,000 200,000 Truist Credit Facility (2)(3) 1,120,000 680,252 438,498 975,000 432,254 538,521 2027 Notes (4) 425,000 425,000 — 425,000 425,000 — 2025 Notes (4) 275,000 275,000 — 275,000 275,000 — Total $ 2,420,000 $ 1,725,252 $ 693,498 $ 2,275,000 $ 1,532,254 $ 738,521 (1) The CIBC Subscription Facility matured and was fully paid off as of December 31, 2022. (2) As of September 30, 2023 and December 31, 2022, a letter of credit of $1,250 and $4,225 , respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. (3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2023 and December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238 . (4) As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $3,782 and $2,370 , and unamortized original issuance discount of $721 and $0 , respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three months ended September 30, 2023 and September 30, 2022 was 6.64% and 4.37%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended September 30, 2023 and September 30, 2022 was $1,619,670 and $1,490,571, respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the nine months ended September 30, 2023 and September 30, 2022 was 6.45% and 3.47%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the nine month ended September 30, 2023 and September 30, 2022 was $1,591,671 and $1,399,866, respectively. As of September 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of each of the credit facilities, the 2027 Notes and the 2025 Notes. | (6) Debt CIBC Subscription Facility On December 31, 2019, the Company entered into a revolving credit agreement with CIBC Bank USA as administrative agent and arranger, which was subsequently amended on February 3, 2020, November 17, 2020, January 18, 2022 and February 3, 2022 (as amended, the “CIBC Subscription Facility”). The maximum revolving commitment of CIBC Subscription Facility was permanently reduced to $0 effective December 31, 2022, upon maturity. The CIBC Subscription Facility allows the Company to borrow up to the maximum revolving commitment at any one time outstanding, subject to certain restrictions, including availability under the borrowing base, which is based on unused Capital Commitments. The CIBC Subscription Facility bears interest at a rate at the Company’s election of either (i) the per annum one or three-month LIBOR, divided by a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or liabilities, plus 1.65% or (ii) the prime rate plus 0.65%, as calculated under the CIBC Subscription Facility. The CIBC Subscription Facility is secured by the unfunded commitments of certain stockholders of the Company. The CIBC Subscription Facility matured on December 31, 2022 and was fully paid off. The summary information of the CIBC Subscription Facility is as follows: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Borrowing interest expense $ 8,312 $ 6,379 $ 2,247 Facility unused commitment fees 26 92 406 Amortization of deferred financing costs 1,347 1,375 1,072 Total $ 9,685 $ 7,846 $ 3,725 Weighted average interest rate (excluding unused fees and financing costs) 3.13 % 1.77 % 1.93 % Weighted average outstanding balance $ 262,184 $ 354,810 $ 114,431 For the year ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company borrowed $—, $431,500 and $612,350, and repaid $310,350, $455,000 and $278,500, respectively, under the CIBC Subscription Facility. As of December 31, 2022 and December 31, 2021, the Company had $— and $310,350 outstanding under the CIBC Subscription Facility, respectively. As of December 31, 2022 and December 31, 2021, the Company had $— and $89,650, respectively, of available capacity under the CIBC Subscription Facility (subject to borrowing base restrictions). BNP Funding Facility On October 14, 2020, DLF LLC entered into a Revolving Credit and Security Agreement (the “Credit and Security Agreement”, which was subsequently amended on December 11, 2020 and March 2, 2021) with DLF LLC, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equity holder and as the servicer, and U.S. Bank National Association, as collateral agent to (as amended, the “BNP Funding Facility”). As of December 31, 2022, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period ranges between 1.95% and 2.75% and, after the reinvestment period, between 2.45% and 3.25%. The obligations of DLF LLC under the BNP Funding Facility are secured by the assets held by DLF LLC. The BNP Funding Facility has a maturity date of October 13, 2025. The summary information of the BNP Funding Facility is as follows: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Borrowing interest expense $ 15,376 $ 8,559 $ — Facility unused commitment fees 507 69 — Amortization of deferred financing costs 1,145 1,073 147 Total $ 17,028 $ 9,701 $ 147 Weighted average interest rate (excluding unused fees and financing costs) 3.90 % 2.48 % — % Weighted average outstanding balance $ 389,216 $ 340,437 $ — For the year ended December 31, 2022 and December 31, 2021, the Company borrowed $113,000 and $538,500, and repaid $176,500 and $75,000 under the BNP Funding Facility, respectively. For the year ended December 31, 2020, the Company did not make any borrowings or repayments under the facility. As of December 31, 2022 and December 31, 2021, the Company had $400,000 and $463,500 outstanding under the BNP Funding Facility, respectively. As of December 31, 2022 and December 31, 2021, the Company had $200,000 and $136,500, respectively, of available capacity under the BNP Funding Facility (subject to borrowing base restrictions). Truist Credit Facility On July 16, 2021, the Company entered into a Senior Secured Revolving Credit Agreement with Truist Bank, as amended on December 3, 2021 and May 20, 2022 (the “Truist Credit Facility”). The maximum principal amount of the Truist Credit Facility is $975,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of December 31, 2022, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $1,500,000. The availability period of the Truist Credit Facility will terminate on July 16, 2025. The Truist Credit Facility is guaranteed by certain domestic subsidiaries of the Company (the “Guarantors”). The Company’s obligations to the lenders under the Truist Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and each Guarantor, subject to certain exceptions. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the Truist Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by Truist Bank, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) one month LIBOR plus 1% per annum) plus either (A) 0.75% or (B) 0.875%, based on certain borrowing base conditions, and (y) for loans for which the Company elects the Eurocurrency option, the applicable LIBO Rate for the related Interest Period for such Borrowing plus either (A) 1.75% per annum, or (B) 1.875% per annum, based on certain borrowing base conditions. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any letter of credit issued and outstanding under the Truist Credit Facility, as applicable. The Truist Credit Facility has a maturity date of July 16, 2026. The summary information of the Truist Credit Facility is as follows: For the Year Ended From July 16, 2021 to December 31, 2022 December 31, 2021 Borrowing interest expense $ 11,959 $ 2,145 Facility unused commitment fees 2,487 858 Amortization of deferred financing costs 1,243 465 Total $ 15,689 $ 3,468 Weighted average interest rate (excluding unused fees and financing costs) 3.68 % 2.09 % Weighted average outstanding balance $ 320,955 $ 218,189 For the year ended December 31, 2022 and from July 16, 2021 to December 31, 2021, the Company borrowed $754,246 and $544,000, and repaid $798,000 and $68,000 under the Truist Credit Facility. As of December 31, 2022 and December 31, 2021, the Company had $432,254 and $476,000 outstanding under the Truist Credit Facility, respectively. As of December 31, 2022 and December 31, 2021, the Company had $538,521 and $499,000, respectively, of available capacity under the Truist Credit Facility (subject to borrowing base restrictions). Unsecured Notes 2027 Notes On February 11, 2022, the Company issued $425,000 in aggregate principal amount of 4.50% notes due 2027 (the restricted securities initially issued on February 11, 2022 together with the unrestricted securities issued pursuant to the exchange offer described below, the “2027 Notes”). The 2027 Notes will mature on February 11, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture governing the 2027 Notes. The 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities. Pursuant to a Registration Statement on Form N-14 (File No. 333-264774), on July 20, 2022, the Company closed an exchange offer in which holders of the 2027 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 85.87% of the outstanding principal of the then restricted 2027 Notes obtained registered unrestricted 2027 Notes. The summary information of 2027 Notes is as follows: For the year ended December 31, 2022 Borrowing interest expense $ 17,000 Accretion of original issuance discount 190 Amortization of debt issuance costs 996 Total $ 18,186 Stated interest rate 4.50 % 2025 Notes On September 13, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $275,000 in aggregate principal amount of Series A Senior Notes due September 13, 2025 (the “2025 Notes”) to certain qualified institutional investors in a private placement. The 2025 Notes were delivered and paid for on September 13, 2022, subject to certain customary closing conditions. The 2025 Notes have a fixed interest rate of 7.55% per year. The 2025 Notes will mature on September 13, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the 2025 Notes is due semiannually in February and August of each year. Subject to the terms of the Note Purchase Agreement, the Company may redeem the 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before June 13, 2025, a make-whole premium. The Company’s obligations under the Note Purchase Agreement are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The summary information of 2025 Notes is as follows: For the year ended December 31, 2022 Borrowing interest expense $ 6,229 Amortization of debt issuance costs 365 Total $ 6,594 Stated interest rate 7.55 % The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions: December 31, 2022 December 31, 2021 Aggregate Aggregate Principal Outstanding Unused Principal Outstanding Unused Committed Principal Portion Committed Principal Portion CIBC Subscription Facility (1) $ — $ — $ — $ 400,000 $ 310,350 $ 89,650 BNP Funding Facility 600,000 400,000 200,000 600,000 463,500 136,500 Truist Credit Facility (2)(3) 975,000 432,254 538,521 975,000 476,000 499,000 2027 Notes (4) 425,000 425,000 — — — — 2025 Notes (4) 275,000 275,000 — — — — Total $ 2,275,000 $ 1,532,254 $ 738,521 $ 1,975,000 $ 1,249,850 $ 725,150 (1) The CIBC Subscription Facility matured on December 31, 2022 and was fully paid off. (2) As of December 31, 2022, $4,225 letter of credit was outstanding, which reduced the unused availability under the Truist Credit Facility of the same amount. As of December 31, 2021, no letter of credit was outstanding. (3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238 . As of December 31, 2021, the Company did not have any borrowings denominated in Euros (EUR) or other permitted currencies. (4) The carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $— , respectively. The combined weighted average interest rate of the aggregate borrowings outstanding for the year ended December 31, 2022, December 31, 2021 and December 31, 2020 was 4.05%, 2.12% and 1.93%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the year ended December 31, 2022, December 31, 2021 and December 31, 2020 was $1,432,492, $796,272 and $114,431, respectively. As of December 31, 2022 and December 31, 2021, the Company was in compliance with all covenants and other requirements of each of the credit facilities, the 2027 Notes and the 2025 Notes. |
Commitment and Contingencies_2
Commitment and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | (7) Commitments and Contingencies In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2023 and December 31, 2022, the Company had $287,164 and $314,251 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively. | (7) Commitments and Contingencies In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. As of December 31, 2022, the Company had $314,251 unfunded commitments to fund delayed draw and revolving senior secured loans. As of December 31, 2021, the Company had $509,403 unfunded commitments to fund delayed draw and revolving senior secured loans. As of December 31, 2022 and December 31, 2021, the Company had $1,629,389 and $1,585,531, respectively, in total capital commitments from stockholders, of which $220,271 and $425,694, respectively, were unfunded. |
Net Assets_2
Net Assets | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Net Assets | (8) Net Assets The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Assets and Liabilities: As of September 30, 2023 December 31, 2022 Net distributable earnings (accumulated losses), beginning of period $ (54,779) $ 15,782 Net investment income/(loss) after taxes 142,591 128,010 Accumulated net realized gain (loss) 127 537 Net unrealized appreciation (depreciation) 30,909 (80,005) Dividends declared (119,323) (119,437) Tax reclassification of stockholders’ equity — 334 Net distributable earnings (accumulated losses), end of period $ (475) $ (54,779) On September 22, 2023, the Company issued a capital drawdown notice to stockholders relating to the sale of shares of Common Stock pursuant to the Subscription Agreements in the amount of approximately $220.5 million. The sale of the shares of Common Stock closed on October 4, 2023. Subscribed but unissued shares of Common Stock are presented in equity with a deduction of subscriptions receivable until cash is received for a subscription. $7,332 was received related to this capital call as of September 30, 2023 which is included in Cash on the Consolidated Statements of Assets and Liabilities. Following this capital call, the Company does not have any remaining undrawn capital commitments. The Company did not issue any other capital calls for the nine months ended September 30, 2023. The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2022: Share Issuance Date Shares Issued Amount May 16, 2022 3,548,132 $ 74,866 July 28, 2022 3,903,231 79,821 Total 7,451,363 $ 154,687 The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2023: Date Declared Record Date Payment Date Per Share Amount Total Amount March 28, 2023 March 28, 2023 April 25, 2023 $ 0.50 $ 35,377 June 27, 2023 June 27, 2023 July 25, 2023 0.57 40,735 (1) September 26, 2023 September 26, 2023 October 25, 2023 0.60 43,211 (2) Total Distributions $ 1.67 $ 119,323 (1) Includes a supplemental distribution of $ 0.07 . (2) Includes a supplemental distribution of $0.10 . The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2022: Date Declared Record Date Payment Date Per Share Amount Total Amount March 25, 2022 March 25, 2022 April 27, 2022 $ 0.48 $ 27,455 June 24, 2022 June 24, 2022 July 27, 2022 0.47 28,601 September 26, 2022 September 28, 2022 October 19, 2022 0.47 30,611 Total Distributions $ 1.42 $ 86,667 The Company adopted an “opt in” dividend reinvestment plan, or the DRIP. As a result, the Company’s stockholders who elect to “opt in” to the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. Stockholders who receive distributions in the form of shares of Common Stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes. Shares issued under the DRIP did not reduce an investor’s outstanding capital commitment. The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the nine months ended September 30, 2023 and the value of such shares as of the payment dates: Payment Date DRIP Shares Issued DRIP Shares Value January 25, 2023 445,235 $ 8,891 April 25, 2023 482,721 9,698 July 25, 2023 554,001 11,274 Total 1,481,957 $ 29,863 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the nine months ended September 30, 2022 and the value of such shares as of the payment dates: Payment Date DRIP Shares Issued DRIP Shares Value January 25, 2022 358,891 $ 7,540 April 27, 2022 332,212 6,964 July 27, 2022 372,338 7,614 Total 1,063,441 $ 22,118 | (8) Net Assets The following table shows the components of distributable earnings as shown on the Consolidated Statements of Assets and Liabilities: As of December 31, 2022 December 31, 2021 December 31, 2020 Net distributable earnings (accumulated losses), beginning of period $ 15,782 $ 4,702 $ (1,156) Net investment income/(loss) after taxes 128,010 72,929 10,635 Accumulated net realized gain (loss) 537 1,895 2,154 Net unrealized appreciation (depreciation) (80,005) 8,431 5,508 Dividends declared (119,437) (72,315) (13,926) Tax reclassification of stockholders’ equity 334 140 1,487 Net distributable earnings (accumulated losses), end of period $ (54,779) $ 15,782 $ 4,702 The following table summarizes the amount of capital drawdowns and total shares issued pursuant to the Subscription Agreements for the year ended December 31, 2022 (dollar amounts in millions): Share Issuance Date Shares Issued Amount May 16, 2022 3,548,132 $ 74.9 July 28, 2022 3,903,231 79.8 December 23, 2022 4,775,721 94.6 Total 12,227,084 $ 249.3 The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the year ended December 31, 2021 (dollar amounts in millions): Share Issuance Date Shares Issued Amount January 20, 2021 1,726,689 $ 35.0 March 12, 2021 2,171,816 45.0 April 12, 2021 5,326,877 110.0 May 26, 2021 4,036,582 85.0 July 16, 2021 7,161,130 149.9 October 15, 2021 7,806,514 164.0 November 12, 2021 8,182,294 174.0 December 29, 2021 4,748,891 99.6 Total 41,160,793 $ 862.5 The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2022: Date Declared Record Date Payment Date Per Share Amount Total Amount March 25, 2022 March 25, 2022 April 27, 2022 $ 0.48 $ 27,455 June 24, 2022 June 24, 2022 July 27, 2022 0.47 28,601 September 26, 2022 September 28, 2022 October 19, 2022 0.47 30,611 December 20, 2022 December 20, 2022 January 25, 2023 0.50 32,770 Total Distributions $ 1.92 $ 119,437 The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2021: Date Declared Record Date Payment Date Per Share Amount Total Amount March 18, 2021 March 18, 2021 April 22, 2021 $ 0.45 $ 8,570 June 23, 2021 June 23, 2021 July 22, 2021 0.49 13,974 September 23, 2021 September 23, 2021 October 27, 2021 0.56 20,080 December 21, 2021 December 21, 2021 January 25, 2022 0.57 (1) 29,691 Total Distributions $ 2.07 $ 72,315 (1) Includes a special distribution of $ 0.11 per share for the year ended December 31, 2021. The Company adopted an “opt in” dividend reinvestment plan (the “DRIP”). As a result, the Company’s stockholders who elect to “opt in” to the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. Stockholders who receive distributions in the form of shares of Common Stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes. Shares issued under the DRIP will not reduce an investor’s outstanding capital commitment. The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the year ended December 31, 2022 and the value of such shares as of the payment dates: Payment Date DRIP Shares Value DRIP Shares Issued January 25, 2022 $ 7,540 358,891 April 27, 2022 6,964 332,212 July 27, 2022 7,614 372,338 October 19, 2022 8,204 408,126 Total $ 30,322 1,471,567 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the year ended December 31, 2021 and the value of such shares as of the payment dates: Payment Date DRIP Shares Value DRIP Shares Issued January 27, 2021 $ 2,462 121,484 April 22, 2021 2,276 110,191 July 22, 2021 3,733 178,345 October 27, 2021 5,101 242,789 Total $ 13,572 652,809 |
Earnings Per Share_2
Earnings Per Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Earnings Per Share | (9) Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Numerator—net increase/(decrease) in net assets resulting from operations $ 73,408 $ 9,442 $ 173,627 $ 28,425 Denominator—weighted average shares outstanding 71,874,113 64,102,092 71,361,910 60,169,337 Basic and diluted earnings (loss) per share $ 1.02 $ 0.15 $ 2.43 $ 0.47 | (9) Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Numerator - net increase/(decrease) in net assets resulting from operations $ 48,542 $ 83,255 $ 18,297 Denominator - weighted average shares outstanding 61,676,363 31,159,302 7,559,426 Basic and diluted earnings per share $ 0.79 $ 2.67 $ 2.42 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income Taxes | (10) Income Taxes For income tax purposes, distributions made to the Company’s stockholders are reported as ordinary income, capital gains, or a combination thereof. The tax character of distributions made were as follows: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Distributions paid from: Ordinary income (including net short-term capital gains) $ 119,433 $ 72,315 $ 13,926 Net long-term capital gains 4 — — Total taxable distributions $ 119,437 $ 72,315 $ 13,926 Taxable income generally differs from net increase in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, and incentive fee accrual associated with any unrealized gains, as unrealized gains or losses are generally not included in taxable income until they are realized. For the year ended December 31, 2022, the Company estimated U.S. federal taxable income exceeded its distributions made from such taxable income during the year; consequently, the Company has elected to carry forward the excess for distribution to stockholders in 2022. The amount carried forward to 2023 is estimated to be approximately $11,559, of which $11,243 is expected to be ordinary income and $316 is expected to be capital gains, although these amounts will not be finalized until the 2022 tax returns are filed in 2023. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book-to-tax treatment of net operating losses, dividend re-designations and timing of the deductibility of certain business expenses, as applicable. To the extent these differences are permanent, they are charged or credited to additional paid-in capital, undistributed net investment income or undistributed net realized gains on investments, as appropriate. The book-to-tax differences relating to distributions made to the Company’s stockholders resulted in reclassifications among certain capital accounts as follows: As of December 31, 2022 December 31, 2021 December 31, 2020 Paid-in capital in excess of par value $ (334) $ (140) $ (1,487) Net distributable earnings (accumulated losses) $ 334 $ 140 $ 1,487 The cost and unrealized gain (loss) on the Company’s consolidated financial instruments, as calculated on a tax basis, were as follows (amounts calculated using book-to-tax differences as of the most recent fiscal year ended December 31, 2022, December 31, 2021 and December 31, 2020): As of December 31, 2022 December 31, 2021 December 31, 2020 Gross unrealized appreciation $ 6,529 $ 18,635 $ 5,121 Gross unrealized depreciation (72,587) (4,696) (577) Net unrealized appreciation (depreciation) $ (66,058) $ 13,939 $ 4,544 Tax cost of investments at year end $ 2,939,635 $ 2,373,435 $ 632,437 |
Consolidated Financial Highli_4
Consolidated Financial Highlights | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Investment Company [Abstract] | ||
Consolidated Financial Highlights | (10) Consolidated Financial Highlights The following are the financial highlights (dollar amounts in thousands, except per share amounts): For the Nine Months Ended September 30, 2023 September 30, 2022 Per Share Data: (1) Net asset value, beginning of period $ 19.81 $ 20.91 Net investment income (loss) 2.00 1.49 Net unrealized and realized gain (loss) (2) 0.43 (0.98) Net increase (decrease) in net assets resulting from operations 2.43 0.51 Dividends declared (1.67) (1.42) Total increase (decrease) in net assets 0.76 (0.91) Net asset value, end of period $ 20.57 $ 20.00 Shares outstanding, end of period 72,018,635 65,352,831 Total return based on net asset value (3) 12.56 % 2.43 % Ratio/Supplemental Data (all amounts in thousands except ratios and shares): Net assets, end of period $ 1,481,472 $ 1,307,150 Weighted average shares outstanding 71,361,910 60,169,337 Ratio of net expenses to average net assets (4) 10.75 % 6.70 % Ratio of expenses before waivers to average net assets (4) 12.30 % 8.26 % Ratio of net investment income to average net assets (4) 13.83 % 9.95 % Ratio of total contributed capital to total committed capital, end of period 86.48 % 80.94 % Asset coverage ratio 185.87 % 185.74 % Portfolio turnover rate 5.71 % 13.10 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the nine months ended September 30, 2023 and September 30, 2022, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) Total return (not annualized) is calculated assuming a purchase of Common Stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP. (4) Amounts are annualized except for incentive fees, and expense support amounts relating to organization and offering costs. | (11) Consolidated Financial Highlights The following are the financial highlights (dollar amounts in thousands, except per share amounts): For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Per Share Data: (1) Net asset value, beginning of period $ 20.91 $ 20.08 $ 20.00 Net investment income (loss) 2.08 2.34 1.41 Net unrealized and realized gain (loss) (2) (1.26) 0.52 (0.28) Net increase (decrease) in net assets resulting from operations 0.82 2.86 1.13 Dividends declared (1.92) (2.07) (1.30) Issuance of common stock — 0.04 0.25 Total increase (decrease) in net assets (1.10) 0.83 0.08 Net asset value, end of period $ 19.81 $ 20.91 $ 20.08 Shares outstanding, end of period 70,536,678 56,838,027 15,024,425 Total return based on net asset value (3) 3.99 % 14.83 % 7.07 % Ratio/Supplemental Data (all amounts in thousands except ratios and shares): Net assets, end of period $ 1,397,305 $ 1,188,587 $ 301,620 Weighted average shares outstanding (4) 61,676,363 31,159,302 7,559,426 Ratio of net expenses to average net assets 7.99 % 6.77 % 7.02 % Ratio of expenses before waivers to average net assets 9.55 % 8.26 % 8.20 % Ratio of net investment income to average net assets 9.97 % 10.55 % 6.62 % Ratio of total contributed capital to total committed capital, end of period 86.48 % 88.87 % 20.57 % Asset coverage ratio 191.19 % 195.10 % 190.35 % Portfolio turnover rate 14.87 % 27.18 % 31.11 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the year ended December 31, 2022, December 31, 2021, and December 31, 2020, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) Total return is calculated assuming a purchase of common stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. (4) For the year ended December 31, 2020, weighted average shares outstanding was calculated for the period from February 5, 2020, the date of first external issuance of shares through December 31, 2020 . |
Subsequent Events_2
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Subsequent Events [Abstract] | ||
Subsequent Events | (11) Subsequent Events Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued. | (12) Subsequent Events Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below. On January 31, 2023, the Company entered into an amendment (the “Third Amendment”) to the Truist Credit Facility. The Third Amendment amended certain terms of the Truist Credit Facility, including, but not limited to (a) increase the maximum borrowing capacity of the Truist Credit Facility to $1,120,000,000, (b) revise the interest rate for borrowings under the Truist Credit Facility such that borrowings bear interest at a per annum rate equal to (x) for loans for which the Company elects the alternate base rate option, the “alternate base rate” (which is the highest of (A) the prime rate as publicly announced by Truist, (B) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (C) one month Term SOFR (as defined in the Truist Credit Facility) plus 1% per annum) plus 0.875%, and (y) for loans for which the Company elects the term benchmark option, Term SOFR, for borrowings denominated in U.S. dollars, or the applicable term benchmark rate for borrowings denominated in certain foreign currencies, in each case for the related interest period for such borrowing plus 1.875% per annum or such other applicable margin as is applicable to such foreign currency borrowings, and (c) extend the maturity date of the Truist Credit Facility to January 31, 2028 with respect to the loans and commitments held by the lenders who consented to the maturity extension. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023. The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. |
Consolidation | Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. | Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash | Cash Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. | Cash Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. | Foreign Currency Translation The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. |
Investments | Investments Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. The Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the Valuation Designee the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same - to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio. | Investments Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. The Company’s Board of Directors, with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio. |
Interest and PIK Income | Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. PIK Income The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash. | |
Dividend income | Dividend Income Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Dividend income is presented net of withholding tax, if any. | |
Revenue Recognition | Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received. | Revenue Recognition Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. PIK Income The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash. Dividend income Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Dividend income is presented net of withholding tax, if any. Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received. Non-Accrual Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. |
Non-Accrual | Non-Accrual Income Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. | |
Organization and Offering Costs | Organization and Offering Costs Costs associated with the organization of the Company are expensed as incurred. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock. | Organization and Offering Costs Costs associated with the organization of the Company are expensed as incurred, subject to the limitations discussed in Note 3. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock. |
Expenses | Expenses The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, is reimbursed by the Company. The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded on the Consolidated Statements of Operations. | Expenses The Company is responsible for investment expenses, professional fees and other general and administrative expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalf of the Company, will be reimbursed by the Company, subject to contractual thresholds. The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded on the Consolidated Statements of Operations. |
Deferred Financing Costs and Debt issuance Costs | Deferred Financing Costs and Debt Issuance Costs The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. | Deferred Financing Costs and Debt Issuance Costs The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving debt facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Assets and Liabilities. |
Income Taxes | Income Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as distributions. In order to continue to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company currently intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the three and nine months ended September 30, 2023 and for the three and nine months ended September 30, 2022, the Company did not accrue any U.S. federal excise tax. | Income Taxes The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as dividends. In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the year ended December 31, 2022 and December 31, 2021, the Company accrued $334 and $80 of U.S. federal excise tax, respectively. For the year ended December 31, 2020, the Company did not accrue any U.S. federal excise tax. |
New Accounting Standards | New Accounting Standards The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. The Company has assessed currently issued ASUs and has determined that they are not applicable or expected to have minimal impact on its consolidated financial statements. | New Accounting Standards In March 2020, the FASB issued Accounting Standards Update 2020-04 (“ASU 2020-04”) “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference LIBOR or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and would therefore not trigger certain accounting impacts that would otherwise be required. 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 adopted the accounting relief on January 1, 2022, and noted no material impact on the consolidated financial statements, as relevant contract relationship modifications are made during the course of the reference rate reform transition period. |
Investments (Tables)_2
Investments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Abstract] | ||
Schedule of Investments | The composition of the Company’s investment portfolio at cost and fair value was as follows: September 30, 2023 December 31, 2022 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value First Lien Debt $ 2,960,107 $ 2,933,870 93.9 % $ 2,753,620 $ 2,694,111 93.8 % Second Lien Debt 145,809 134,712 4.3 136,620 128,350 4.5 Other Securities 52,685 54,868 1.8 49,406 51,127 1.7 Total $ 3,158,601 $ 3,123,450 100.0 % $ 2,939,646 $ 2,873,588 100.0 % The industry composition of investments at fair value was as follows: September 30, 2023 December 31, 2022 (1) Aerospace & Defense 1.7 % 1.8 % Air Freight & Logistics 1.1 1.1 Automobile Components 3.6 3.8 Automobiles 4.9 5.1 Biotechnology 0.5 0.5 Chemicals 0.7 0.6 Commercial Services & Supplies 10.3 11.2 Construction & Engineering 1.5 1.3 Containers & Packaging 1.5 1.6 Distributors 2.8 4.2 Diversified Consumer Services 3.3 3.0 Electronic Equipment, Instruments & Components 1.5 1.0 Energy Equipment & Services 0.5 0.5 Financial Services 1.7 0.7 Food Products 2.3 2.5 Health Care Equipment & Supplies 0.4 0.3 Health Care Providers & Services 3.8 3.4 Health Care Technology 2.0 0.7 Industrial Conglomerates 1.3 0.2 Insurance Services 14.9 15.7 Interactive Media & Services 3.2 3.5 IT Services 8.8 9.6 Leisure Products 0.7 0.8 Machinery 2.7 3.0 Multi-Utilities 0.7 0.6 Oil, Gas & Consumable Fuels — 0.0 (2) Pharmaceuticals 0.4 0.4 Professional Services 3.6 3.2 Real Estate Management & Development 5.3 5.4 Software 14.3 14.3 Total 100.0 % 100.0 % (1) The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022. (2) Amount rounds to 0.0 % . The geographic composition of investments at cost and fair value was as follows: September 30, 2023 December 31, 2022 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value Australia $ 10,151 $ 10,168 0.3 % $ 10,187 $ 9,870 0.3 % Canada 97,187 96,518 3.1 108,820 105,764 3.7 United Kingdom 11,848 12,088 0.4 11,157 11,157 0.4 United States 3,039,415 3,004,676 96.2 2,809,482 2,746,797 95.6 Total $ 3,158,601 $ 3,123,450 100.0 % $ 2,939,646 $ 2,873,588 100.0 % | The composition of the Company’s investment portfolio at cost and fair value was as follows: December 31, 2022 December 31, 2021 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value First Lien Debt $ 2,753,620 $ 2,694,111 93.8 % $ 2,213,332 $ 2,224,100 93.2 % Second Lien Debt 136,620 128,350 4.5 120,124 121,550 5.1 Other Securities 49,406 51,127 1.7 39,979 41,724 1.7 Total $ 2,939,646 $ 2,873,588 100.0 % $ 2,373,435 $ 2,387,374 100.0 % The industry composition of investments at fair value was as follows: December 31, 2022 December 31, 2021 Aerospace & Defense 1.8 % 1.7 % Air Freight & Logistics 1.1 0.5 Auto Components 3.8 3.3 Automobiles 5.1 7.4 Biotechnology 0.5 0.6 Chemicals 0.6 — Commercial Services & Supplies 11.2 13.0 Construction & Engineering 1.3 1.5 Containers & Packaging 1.6 1.6 Distributors 4.2 1.2 Diversified Consumer Services 3.0 1.5 Diversified Financial Services 0.7 0.1 Electronic Equipment, Instruments & Components 1.0 0.7 Energy Equipment & Services 0.5 0.6 Food Products 2.5 3.1 Health Care Equipment & Supplies 0.3 0.4 Health Care Providers & Services 3.4 2.9 Health Care Technology 0.7 0.9 Industrial Conglomerates 0.2 1.8 Insurance Services 15.7 17.1 Interactive Media & Services 3.5 3.8 IT Services 9.6 10.8 Leisure Products 0.8 2.4 Machinery 3.0 2.0 Multi-Utilities 0.6 0.4 Oil, Gas & Consumable Fuels 0.0 (1) — Pharmaceuticals 0.4 — Professional Services 3.2 4.0 Real Estate Management & Development 5.4 5.2 Software 14.3 11.5 Total 100.0 % 100.0 % (1) Amount rounds to 0.0%. The geographic composition of investments at cost and fair value were as follows: December 31, 2022 December 31, 2021 % of Total % of Total Investments at Investments at Cost Fair Value Fair Value Cost Fair Value Fair Value Australia $ 10,187 $ 9,870 0.3 % $ — $ — — % Canada 108,820 105,764 3.7 81,935 81,386 3.4 United Kingdom 11,157 11,157 0.4 17,804 18,200 0.8 United States 2,809,482 2,746,797 95.6 2,273,696 2,287,788 95.8 Total $ 2,939,646 $ 2,873,588 100.0 % $ 2,373,435 $ 2,387,374 100.0 % |
Fair Value Measurements (Tabl_2
Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value Measurement | ||
Schedule of portfolio investments by level in the fair value hierarchy | September 30, 2023 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,881 $ 2,907,989 $ 2,933,870 Second Lien Debt — 42,704 92,008 134,712 Other Securities — — 40,163 40,163 Subtotal $ — $ 68,585 $ 3,040,160 $ 3,108,745 Investment measured at net asset value (1) $ 14,705 Total $ 3,123,450 December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,362 $ 2,668,749 $ 2,694,111 Second Lien Debt — 5,459 122,891 128,350 Other Securities — — 36,395 36,395 Subtotal $ — $ 30,821 $ 2,828,035 $ 2,858,856 Investment measured at net asset value (1) $ 14,732 Total $ 2,873,588 (1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy. | December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 25,362 $ 2,668,749 $ 2,694,111 Second Lien Debt — 5,459 122,891 128,350 Other Securities — — 36,395 36,395 Subtotal $ — $ 30,821 $ 2,828,035 $ 2,858,856 Investment measured at net asset value (1) $ 14,732 Total $ 2,873,588 December 31, 2021 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ 17,064 $ 2,207,036 $ 2,224,100 Second Lien Debt — — 121,550 121,550 Other Securities — — 27,973 27,973 Subtotal $ — $ 17,064 $ 2,356,559 $ 2,373,623 Investment measured at net asset value (1) $ 13,751 Total $ 2,387,374 (1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy. |
Schedule of changes in level III portfolio investments | The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2023: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,772,653 $ 113,084 $ 39,102 $ 2,924,839 Purchases of investments 153,327 — 1,621 154,948 Proceeds from principal repayments and sales of investments (41,712) — — (41,712) Accretion of discount/amortization of premium 2,035 68 2 2,105 Payment-in-kind 774 137 567 1,478 Net change in unrealized appreciation (depreciation) 20,907 394 (1,129) 20,172 Net realized gains (losses) 5 — — 5 Transfers into/(out) of Level 3 — (21,675) — (21,675) Fair value, end of period $ 2,907,989 $ 92,008 $ 40,163 $ 3,040,160 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 $ 20,893 $ 394 $ (1,129) $ 20,158 The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2023: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,668,749 $ 122,891 $ 36,395 $ 2,828,035 Purchases of investments 365,914 86 1,712 367,712 Proceeds from principal repayments and sales of investments (168,477) — — (168,477) Accretion of discount/amortization of premium 6,985 201 6 7,192 Payment-in-kind 1,580 397 1,562 3,539 Net change in unrealized appreciation (depreciation) 33,111 816 488 34,415 Net realized gains (losses) 127 — — 127 Transfers into/(out) of Level 3 — (32,383) — (32,383) Fair value, end of period $ 2,907,989 $ 92,008 $ 40,163 $ 3,040,160 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 $ 32,754 $ 816 $ 488 $ 34,058 The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2022: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,492,968 $ 116,488 $ 32,898 $ 2,642,354 Purchases of investments 178,809 461 1,016 180,286 Proceeds from principal repayments and sales of investments (94,355) — — (94,355) Accretion of discount/amortization of premium 3,520 50 — 3,570 Payment-in-kind 228 130 — 358 Net change in unrealized appreciation (depreciation) (18,171) (3,345) (1,569) (23,085) Net realized gains (losses) — 18 — 18 Transfers into/(out) of Level 3 (20,083) — — (20,083) Fair value, end of period $ 2,542,916 $ 113,802 $ 32,345 $ 2,689,063 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 $ (17,747) $ (3,345) $ (1,569) $ (22,661) The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2022: First Lien Second Lien Total Debt Debt Other Securities Investments Fair value, beginning of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Purchases of investments 709,912 15,694 4,808 730,414 Proceeds from principal repayments and sales of investments (331,077) — (48) (331,125) Accretion of discount/amortization of premium 8,645 210 — 8,855 Payment-in-kind 665 389 397 1,451 Net change in unrealized appreciation (depreciation) (52,779) (6,541) (833) (60,153) Net realized gains (losses) 514 — 48 562 Transfers into/(out) of Level 3 — (17,500) — (17,500) Fair value, end of period $ 2,542,916 $ 113,802 $ 32,345 $ 2,689,063 Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 $ (50,808) $ (6,522) $ (833) $ (58,163) | Total First Lien Debt Second Lien Debt Other Securities Investments Fair value, beginning of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Purchases of investments 900,740 15,694 8,315 924,749 Proceeds from principal repayments and sales of investments (384,631) — (48) (384,679) Accretion of discount/amortization of premium 11,062 278 1 11,341 Payment-in-kind 1,080 524 1,110 2,714 Net change in unrealized appreciation (depreciation) (67,033) (9,205) (1,004) (77,242) Net realized gains (losses) 495 — 48 543 Transfers into/(out) of Level 3 — (5,950) — (5,950) Fair value, end of period $ 2,668,749 $ 122,891 $ 36,395 $ 2,828,035 Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 $ (64,817) $ (9,186) $ (1,004) $ (75,007) Total First Lien Debt Second Lien Debt Other Securities Investments Fair value, beginning of period $ 558,318 $ 53,155 $ 2,959 $ 614,432 Purchases of investments 1,956,780 101,352 25,723 2,083,855 Proceeds from principal repayments and sales of investments (325,175) (36,250) (3,348) (364,773) Accretion of discount/amortization of premium 8,831 1,008 — 9,839 Payment-in-kind 133 509 537 1,179 Net change in unrealized appreciation (depreciation) 5,052 1,776 455 7,283 Net realized gains (losses) 248 — 1,647 1,895 Transfers into/(out) of Level 3 2,849 — — 2,849 Fair value, end of period $ 2,207,036 $ 121,550 $ 27,973 $ 2,356,559 Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2021 $ 6,807 $ 1,775 $ 455 $ 9,037 |
Schedule of fair value measurement inputs and valuation techniques | The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value. September 30, 2023 Range Fair Valuation Unobservable Weighted Value Technique Input Low High Average Investments in first lien debt $ 2,641,353 Yield Analysis Discount Rate 9.33 % 19.18 % 11.77 % 266,636 Transaction Price Recent Transaction 96.50 % 100.00 % 98.56 % Investments in second lien debt $ 87,508 Yield Analysis Discount Rate 11.47 % 27.42 % 14.89 % 4,500 Transaction Price Recent Transaction 100.00 % 100.00 % 100.00 % Investments in other securities: Unsecured debt $ 1,877 Income Approach Discount Rate 14.50 % 14.50 % 14.50 % 125 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 18,181 Income Approach Discount Rate 12.19 % 15.48 % 13.45 % 1,275 Market Approach Revenue Multiple 7.50 x 7.50 x 7.50 x Common equity 16,937 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.30 x 1,768 Market Approach Revenue Multiple 7.20 x 8.80 x 8.24 x Total investments in other securities $ 40,163 Total Investments $ 3,040,160 December 31, 2022 Range Fair Valuation Unobservable Weighted Value Technique Input Low High Average Investments in first lien debt $ 2,624,749 Yield Analysis Discount Rate 9.20 % 20.44 % 11.27 % 44,000 Transaction Price Recent Transaction 100.00 % 100.00 % 100.00 % Investments in second lien debt $ 122,891 Yield Analysis Discount Rate 12.14 % 17.20 % 14.24 % Investments in other securities Unsecured debt $ 1,826 Income Approach Discount Rate 16.60 % 16.60 % 16.60 % 372 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 16,076 Income Approach Discount Rate 12.20 % 15.69 % 13.62 % 963 Market Approach Revenue Multiple 8.78 x 8.78 x 8.78 x Common equity 15,877 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.25 x 1,281 Market Approach Revenue Multiple 10.20 x 10.20 x 10.20 x Total investments in other securities $ 36,395 Total Investments $ 2,828,035 | December 31, 2022 Valuation Unobservable Range Weighted Fair Value Technique Input Low High Average Investments in first lien debt $ 2,624,749 Yield Analysis Discount Rate 9.20 % 20.44 % 11.27 % 44,000 Transaction Price Recent Transaction 100 % 100 % 100 % Investments in second lien debt $ 122,891 Yield Analysis Discount Rate 12.14 % 17.20 % 14.24 % Investments in other securities: Unsecured debt $ 1,826 Income Approach Discount Rate 16.60 % 16.60 % 16.60 % 372 Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 16,076 Income Approach Discount Rate 12.20 % 15.69 % 13.62 % 963 Market Approach Revenue Multiple 8.78 x 8.78 x 8.78 x Common equity 15,877 Market Approach EBITDA Multiple 8.10 x 18.70 x 13.25 x 1,281 Market Approach Revenue Multiple 10.20 x 10.20 x 10.20 x Total investments in other securities $ 36,395 Total Investments $ 2,828,035 December 31, 2021 Valuation Unobservable Range Weighted Fair Value Technique Input Low High Average Investments in first lien debt $ 2,207,036 Yield Analysis Discount Rate 5.55 % 12.44 % 7.52 % Investments in second lien debt $ 121,550 Yield Analysis Discount Rate 7.12 % 10.79 % 8.51 % Investments in other securities: Unsecured debt $ 1,350 Yield Analysis Discount Rate 25.33 % 25.33 % 25.33 % Market Approach EBITDA Multiple 9.00 x 9.00 x 9.00 x Preferred equity 9,950 Yield Analysis Discount Rate 11.70 % 12.10 % 11.92 % 1,298 Market Approach Revenue Multiple 11.80 x 11.80 x 11.80 x Common equity 15,375 Market Approach EBITDA Multiple 8.10 x 19.97 x 13.11 x Total investments in other securities $ 27,973 Total Investments $ 2,356,559 |
Schedule of carrying values and fair values of debt | facilities and 2025 Notes are estimated in accordance with the Company's valuation policy. The carrying value and fair value of the Company’s debt were as follows: September 30, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value BNP Funding Facility $ 345,000 $ 345,000 $ 400,000 $ 400,000 Truist Credit Facility 680,252 680,252 432,254 432,254 2027 Notes (1) 420,497 392,403 419,498 394,995 2025 Notes (1) 272,630 275,000 271,723 275,000 Total $ 1,718,379 $ 1,692,654 $ 1,523,475 $ 1,502,249 (1) As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $3,782 and $2,370 , and unamortized original issuance discount of $721 and $0 , respectively. As of December 31, 2022, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $0 , respectively. | December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value CIBC Subscription Facility $ — $ — $ 310,350 $ 310,350 BNP Funding Facility 400,000 400,000 463,500 463,500 Truist Credit Facility 432,254 432,254 476,000 476,000 2027 Notes (1) 419,498 394,995 — — 2025 Notes (1) 271,723 275,000 — — Total $ 1,523,475 $ 1,502,249 $ 1,249,850 $ 1,249,850 (1) The carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $ — , respectively. |
Debt (Tables)_2
Debt (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Schedule of Long-Term Debt Instruments | The summary information of the CIBC Subscription Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ — $ 2,271 $ — $ 5,450 Facility unused commitment fees — 6 — 19 Amortization of deferred financing costs — 327 — 1,125 Total $ — $ 2,604 $ — $ 6,594 Weighted average interest rate (excluding unused fees and financing costs) — % 3.76 % — % 2.57 % Weighted average outstanding balance $ — $ 236,491 $ — $ 279,562 The summary information of the BNP Funding Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 6,904 $ 4,517 $ 20,862 $ 10,665 Facility unused commitment fees 209 128 455 209 Amortization of deferred financing costs 297 289 840 855 Total $ 7,410 $ 4,934 $ 22,157 $ 11,729 Weighted average interest rate (excluding unused fees and financing costs) 7.77 % 4.57 % 7.34 % 3.37 % Weighted average outstanding balance $ 347,446 $ 386,962 $ 374,927 $ 417,700 The summary information of the Truist Credit Facility is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 10,613 $ 4,018 $ 27,086 $ 7,485 Facility unused commitment fees 531 568 1,723 1,863 Amortization of deferred financing costs 518 267 1,473 905 Total $ 11,662 $ 4,853 $ 30,282 $ 10,253 Weighted average interest rate (excluding unused fees and financing costs) 7.26 % 4.05 % 6.91 % 3.05 % Weighted average outstanding balance $ 572,225 $ 388,313 $ 516,745 $ 323,300 The summary information of 2027 Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 4,781 $ 4,781 $ 14,344 $ 12,219 Accretion of original issuance discount 54 54 160 136 Amortization of debt issuance costs 283 279 839 704 Total $ 5,118 $ 5,114 $ 15,343 $ 13,059 Stated interest rate 4.50 % 4.50 % 4.50 % 4.50 % The summary information of 2025 Notes is as follows: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Borrowing interest expense $ 5,191 $ 1,038 $ 15,572 $ 1,038 Amortization of debt issuance costs 305 58 906 58 Total $ 5,496 $ 1,096 $ 16,478 $ 1,096 Stated interest rate 7.55 % 7.55 % 7.55 % 7.55 % The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions: September 30, 2023 December 31, 2022 Aggregate Aggregate Principal Outstanding Unused Principal Outstanding Unused Committed Principal Portion Committed Principal Portion CIBC Subscription Facility (1) $ — $ — $ — $ — $ — $ — BNP Funding Facility 600,000 345,000 255,000 600,000 400,000 200,000 Truist Credit Facility (2)(3) 1,120,000 680,252 438,498 975,000 432,254 538,521 2027 Notes (4) 425,000 425,000 — 425,000 425,000 — 2025 Notes (4) 275,000 275,000 — 275,000 275,000 — Total $ 2,420,000 $ 1,725,252 $ 693,498 $ 2,275,000 $ 1,532,254 $ 738,521 (1) The CIBC Subscription Facility matured and was fully paid off as of December 31, 2022. (2) As of September 30, 2023 and December 31, 2022, a letter of credit of $1,250 and $4,225 , respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. (3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2023 and December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238 . (4) As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $3,782 and $2,370 , and unamortized original issuance discount of $721 and $0 , respectively. | The summary information of the CIBC Subscription Facility is as follows: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Borrowing interest expense $ 8,312 $ 6,379 $ 2,247 Facility unused commitment fees 26 92 406 Amortization of deferred financing costs 1,347 1,375 1,072 Total $ 9,685 $ 7,846 $ 3,725 Weighted average interest rate (excluding unused fees and financing costs) 3.13 % 1.77 % 1.93 % Weighted average outstanding balance $ 262,184 $ 354,810 $ 114,431 The summary information of the BNP Funding Facility is as follows: For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Borrowing interest expense $ 15,376 $ 8,559 $ — Facility unused commitment fees 507 69 — Amortization of deferred financing costs 1,145 1,073 147 Total $ 17,028 $ 9,701 $ 147 Weighted average interest rate (excluding unused fees and financing costs) 3.90 % 2.48 % — % Weighted average outstanding balance $ 389,216 $ 340,437 $ — The summary information of the Truist Credit Facility is as follows: For the Year Ended From July 16, 2021 to December 31, 2022 December 31, 2021 Borrowing interest expense $ 11,959 $ 2,145 Facility unused commitment fees 2,487 858 Amortization of deferred financing costs 1,243 465 Total $ 15,689 $ 3,468 Weighted average interest rate (excluding unused fees and financing costs) 3.68 % 2.09 % Weighted average outstanding balance $ 320,955 $ 218,189 The summary information of 2027 Notes is as follows: For the year ended December 31, 2022 Borrowing interest expense $ 17,000 Accretion of original issuance discount 190 Amortization of debt issuance costs 996 Total $ 18,186 Stated interest rate 4.50 % The summary information of 2025 Notes is as follows: For the year ended December 31, 2022 Borrowing interest expense $ 6,229 Amortization of debt issuance costs 365 Total $ 6,594 Stated interest rate 7.55 % The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions: December 31, 2022 December 31, 2021 Aggregate Aggregate Principal Outstanding Unused Principal Outstanding Unused Committed Principal Portion Committed Principal Portion CIBC Subscription Facility (1) $ — $ — $ — $ 400,000 $ 310,350 $ 89,650 BNP Funding Facility 600,000 400,000 200,000 600,000 463,500 136,500 Truist Credit Facility (2)(3) 975,000 432,254 538,521 975,000 476,000 499,000 2027 Notes (4) 425,000 425,000 — — — — 2025 Notes (4) 275,000 275,000 — — — — Total $ 2,275,000 $ 1,532,254 $ 738,521 $ 1,975,000 $ 1,249,850 $ 725,150 (1) The CIBC Subscription Facility matured on December 31, 2022 and was fully paid off. (2) As of December 31, 2022, $4,225 letter of credit was outstanding, which reduced the unused availability under the Truist Credit Facility of the same amount. As of December 31, 2021, no letter of credit was outstanding. (3) Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of December 31, 2022, the Company had borrowings denominated in Euros (EUR) of 238 . As of December 31, 2021, the Company did not have any borrowings denominated in Euros (EUR) or other permitted currencies. (4) The carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $4,622 and $3,277 , and unamortized original issuance discount of $881 and $— , respectively. |
Net Assets (Tables)_2
Net Assets (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Schedule of Distributable Earnings | The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Assets and Liabilities: As of September 30, 2023 December 31, 2022 Net distributable earnings (accumulated losses), beginning of period $ (54,779) $ 15,782 Net investment income/(loss) after taxes 142,591 128,010 Accumulated net realized gain (loss) 127 537 Net unrealized appreciation (depreciation) 30,909 (80,005) Dividends declared (119,323) (119,437) Tax reclassification of stockholders’ equity — 334 Net distributable earnings (accumulated losses), end of period $ (475) $ (54,779) | The following table shows the components of distributable earnings as shown on the Consolidated Statements of Assets and Liabilities: As of December 31, 2022 December 31, 2021 December 31, 2020 Net distributable earnings (accumulated losses), beginning of period $ 15,782 $ 4,702 $ (1,156) Net investment income/(loss) after taxes 128,010 72,929 10,635 Accumulated net realized gain (loss) 537 1,895 2,154 Net unrealized appreciation (depreciation) (80,005) 8,431 5,508 Dividends declared (119,437) (72,315) (13,926) Tax reclassification of stockholders’ equity 334 140 1,487 Net distributable earnings (accumulated losses), end of period $ (54,779) $ 15,782 $ 4,702 |
Schedule of Shares Issued | The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2022: Share Issuance Date Shares Issued Amount May 16, 2022 3,548,132 $ 74,866 July 28, 2022 3,903,231 79,821 Total 7,451,363 $ 154,687 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the nine months ended September 30, 2023 and the value of such shares as of the payment dates: Payment Date DRIP Shares Issued DRIP Shares Value January 25, 2023 445,235 $ 8,891 April 25, 2023 482,721 9,698 July 25, 2023 554,001 11,274 Total 1,481,957 $ 29,863 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the nine months ended September 30, 2022 and the value of such shares as of the payment dates: Payment Date DRIP Shares Issued DRIP Shares Value January 25, 2022 358,891 $ 7,540 April 27, 2022 332,212 6,964 July 27, 2022 372,338 7,614 Total 1,063,441 $ 22,118 | The following table summarizes the amount of capital drawdowns and total shares issued pursuant to the Subscription Agreements for the year ended December 31, 2022 (dollar amounts in millions): Share Issuance Date Shares Issued Amount May 16, 2022 3,548,132 $ 74.9 July 28, 2022 3,903,231 79.8 December 23, 2022 4,775,721 94.6 Total 12,227,084 $ 249.3 The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the year ended December 31, 2021 (dollar amounts in millions): Share Issuance Date Shares Issued Amount January 20, 2021 1,726,689 $ 35.0 March 12, 2021 2,171,816 45.0 April 12, 2021 5,326,877 110.0 May 26, 2021 4,036,582 85.0 July 16, 2021 7,161,130 149.9 October 15, 2021 7,806,514 164.0 November 12, 2021 8,182,294 174.0 December 29, 2021 4,748,891 99.6 Total 41,160,793 $ 862.5 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the year ended December 31, 2022 and the value of such shares as of the payment dates: Payment Date DRIP Shares Value DRIP Shares Issued January 25, 2022 $ 7,540 358,891 April 27, 2022 6,964 332,212 July 27, 2022 7,614 372,338 October 19, 2022 8,204 408,126 Total $ 30,322 1,471,567 The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the year ended December 31, 2021 and the value of such shares as of the payment dates: Payment Date DRIP Shares Value DRIP Shares Issued January 27, 2021 $ 2,462 121,484 April 22, 2021 2,276 110,191 July 22, 2021 3,733 178,345 October 27, 2021 5,101 242,789 Total $ 13,572 652,809 |
Schedule of Dividends Declared and Payable | The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2023: Date Declared Record Date Payment Date Per Share Amount Total Amount March 28, 2023 March 28, 2023 April 25, 2023 $ 0.50 $ 35,377 June 27, 2023 June 27, 2023 July 25, 2023 0.57 40,735 (1) September 26, 2023 September 26, 2023 October 25, 2023 0.60 43,211 (2) Total Distributions $ 1.67 $ 119,323 (1) Includes a supplemental distribution of $ 0.07 . (2) Includes a supplemental distribution of $0.10 . The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2022: Date Declared Record Date Payment Date Per Share Amount Total Amount March 25, 2022 March 25, 2022 April 27, 2022 $ 0.48 $ 27,455 June 24, 2022 June 24, 2022 July 27, 2022 0.47 28,601 September 26, 2022 September 28, 2022 October 19, 2022 0.47 30,611 Total Distributions $ 1.42 $ 86,667 | The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2022: Date Declared Record Date Payment Date Per Share Amount Total Amount March 25, 2022 March 25, 2022 April 27, 2022 $ 0.48 $ 27,455 June 24, 2022 June 24, 2022 July 27, 2022 0.47 28,601 September 26, 2022 September 28, 2022 October 19, 2022 0.47 30,611 December 20, 2022 December 20, 2022 January 25, 2023 0.50 32,770 Total Distributions $ 1.92 $ 119,437 The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2021: Date Declared Record Date Payment Date Per Share Amount Total Amount March 18, 2021 March 18, 2021 April 22, 2021 $ 0.45 $ 8,570 June 23, 2021 June 23, 2021 July 22, 2021 0.49 13,974 September 23, 2021 September 23, 2021 October 27, 2021 0.56 20,080 December 21, 2021 December 21, 2021 January 25, 2022 0.57 (1) 29,691 Total Distributions $ 2.07 $ 72,315 (1) Includes a special distribution of $ 0.11 per share for the year ended December 31, 2021. |
Earnings Per Share (Tables)_2
Earnings Per Share (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share: For the Three Months Ended For the Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Numerator—net increase/(decrease) in net assets resulting from operations $ 73,408 $ 9,442 $ 173,627 $ 28,425 Denominator—weighted average shares outstanding 71,874,113 64,102,092 71,361,910 60,169,337 Basic and diluted earnings (loss) per share $ 1.02 $ 0.15 $ 2.43 $ 0.47 | For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Numerator - net increase/(decrease) in net assets resulting from operations $ 48,542 $ 83,255 $ 18,297 Denominator - weighted average shares outstanding 61,676,363 31,159,302 7,559,426 Basic and diluted earnings per share $ 0.79 $ 2.67 $ 2.42 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Schedule of tax character of distributions made | For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Distributions paid from: Ordinary income (including net short-term capital gains) $ 119,433 $ 72,315 $ 13,926 Net long-term capital gains 4 — — Total taxable distributions $ 119,437 $ 72,315 $ 13,926 |
Schedule of tax reclassifications among certain capital accounts | As of December 31, 2022 December 31, 2021 December 31, 2020 Paid-in capital in excess of par value $ (334) $ (140) $ (1,487) Net distributable earnings (accumulated losses) $ 334 $ 140 $ 1,487 |
Schedule of cost and unrealized gain (loss) on the Company's consolidated financial instruments, as calculated on a tax basis | As of December 31, 2022 December 31, 2021 December 31, 2020 Gross unrealized appreciation $ 6,529 $ 18,635 $ 5,121 Gross unrealized depreciation (72,587) (4,696) (577) Net unrealized appreciation (depreciation) $ (66,058) $ 13,939 $ 4,544 Tax cost of investments at year end $ 2,939,635 $ 2,373,435 $ 632,437 |
Consolidated Financial Highli_5
Consolidated Financial Highlights (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Investment Company [Abstract] | ||
Schedule of Financial Highlights | The following are the financial highlights (dollar amounts in thousands, except per share amounts): For the Nine Months Ended September 30, 2023 September 30, 2022 Per Share Data: (1) Net asset value, beginning of period $ 19.81 $ 20.91 Net investment income (loss) 2.00 1.49 Net unrealized and realized gain (loss) (2) 0.43 (0.98) Net increase (decrease) in net assets resulting from operations 2.43 0.51 Dividends declared (1.67) (1.42) Total increase (decrease) in net assets 0.76 (0.91) Net asset value, end of period $ 20.57 $ 20.00 Shares outstanding, end of period 72,018,635 65,352,831 Total return based on net asset value (3) 12.56 % 2.43 % Ratio/Supplemental Data (all amounts in thousands except ratios and shares): Net assets, end of period $ 1,481,472 $ 1,307,150 Weighted average shares outstanding 71,361,910 60,169,337 Ratio of net expenses to average net assets (4) 10.75 % 6.70 % Ratio of expenses before waivers to average net assets (4) 12.30 % 8.26 % Ratio of net investment income to average net assets (4) 13.83 % 9.95 % Ratio of total contributed capital to total committed capital, end of period 86.48 % 80.94 % Asset coverage ratio 185.87 % 185.74 % Portfolio turnover rate 5.71 % 13.10 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the nine months ended September 30, 2023 and September 30, 2022, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) Total return (not annualized) is calculated assuming a purchase of Common Stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP. (4) Amounts are annualized except for incentive fees, and expense support amounts relating to organization and offering costs. | The following are the financial highlights (dollar amounts in thousands, except per share amounts): For the Year Ended December 31, 2022 December 31, 2021 December 31, 2020 Per Share Data: (1) Net asset value, beginning of period $ 20.91 $ 20.08 $ 20.00 Net investment income (loss) 2.08 2.34 1.41 Net unrealized and realized gain (loss) (2) (1.26) 0.52 (0.28) Net increase (decrease) in net assets resulting from operations 0.82 2.86 1.13 Dividends declared (1.92) (2.07) (1.30) Issuance of common stock — 0.04 0.25 Total increase (decrease) in net assets (1.10) 0.83 0.08 Net asset value, end of period $ 19.81 $ 20.91 $ 20.08 Shares outstanding, end of period 70,536,678 56,838,027 15,024,425 Total return based on net asset value (3) 3.99 % 14.83 % 7.07 % Ratio/Supplemental Data (all amounts in thousands except ratios and shares): Net assets, end of period $ 1,397,305 $ 1,188,587 $ 301,620 Weighted average shares outstanding (4) 61,676,363 31,159,302 7,559,426 Ratio of net expenses to average net assets 7.99 % 6.77 % 7.02 % Ratio of expenses before waivers to average net assets 9.55 % 8.26 % 8.20 % Ratio of net investment income to average net assets 9.97 % 10.55 % 6.62 % Ratio of total contributed capital to total committed capital, end of period 86.48 % 88.87 % 20.57 % Asset coverage ratio 191.19 % 195.10 % 190.35 % Portfolio turnover rate 14.87 % 27.18 % 31.11 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the year ended December 31, 2022, December 31, 2021, and December 31, 2020, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) Total return is calculated assuming a purchase of common stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. (4) For the year ended December 31, 2020, weighted average shares outstanding was calculated for the period from February 5, 2020, the date of first external issuance of shares through December 31, 2020 . |
Organization (Details)_2
Organization (Details) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Related Party Transactions (D_2
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Nov. 25, 2019 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions | |||||||||
Management fees, net of waiver | $ 1,938 | $ 1,716 | $ 5,625 | $ 4,896 | $ 6,679 | $ 3,465 | $ 560 | ||
Management fees payable | 1,938 | 1,938 | 1,783 | 1,306 | |||||
Income based incentive fees | 10,727 | 7,173 | 30,246 | 18,517 | 26,635 | 15,852 | 2,517 | ||
Reversal of capital gains incentive fees | 0 | 0 | 0 | 2,441 | 2,441 | (1,809) | (1,341) | ||
Income based incentive fees payable | 10,727 | 10,727 | 8,118 | 5,886 | |||||
Capital gains based incentive fees payable | 0 | 0 | 0 | 2,773 | |||||
Administrative service fees | 72 | 212 | 183 | ||||||
Payable to affiliates | $ 702 | $ 702 | 2,086 | 4,431 | |||||
Threshold for waiver amount | $ 1,000 | ||||||||
Threshold for waiver percentage | 0.10% | ||||||||
Expense support | $ 0 | $ (39) | $ (44) | (98) | 230 | ||||
Organization and offering costs | $ 42 | 676 | |||||||
MS Credit Partners Holdings | Morgan Stanley Direct Lending Fund | |||||||||
Related Party Transactions | |||||||||
Ownership percentage | 11.70% | 11.90% | 12.50% | ||||||
MS Credit Partners Holdings | |||||||||
Related Party Transactions | |||||||||
Unfunded commitments | $ 200 | $ 200,000 | |||||||
Related Party | |||||||||
Related Party Transactions | |||||||||
Base management fee rate | 1% | 1% | |||||||
Threshold minimum rate for waived portion | 0.25% | 0.25% | |||||||
Reversal of capital gains incentive fees | $ 1,341 | ||||||||
Capital gains based incentive fees payable | $ 2,441 | $ (1,809) | |||||||
Payable to affiliates | 110 | $ 266 | |||||||
Related Party | 2027 Notes | |||||||||
Related Party Transactions | |||||||||
Related party fees | $ 213 | 213 | |||||||
Related Party | 2025 Notes | |||||||||
Related Party Transactions | |||||||||
Related party fees | $ 138 | $ 138 | |||||||
Related Party | Quarterly hurdle rate | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 1.50% | 1.50% | |||||||
Related Party | Annualized hurdle rate | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 6% | 6% | |||||||
Related Party | Incentive Fee Rate Pre Incentive Fee Net Investment Income Below Catch Up Threshold | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 100% | 100% | |||||||
Related Party | Incentive Fee Rate Quarterly Catch Up Threshold | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 1.8182% | 1.8182% | |||||||
Related Party | Incentive Fee Rate Annualized Catch Up Threshold | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 7.2728% | 7.2728% | |||||||
Related Party | Incentive Fee Rate Pre Incentive Fee Net Investment Income Exceeds Catch Up Threshold | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 17.50% | 17.50% | |||||||
Related Party | Incentive Fee Rate Realized Capital Gains | |||||||||
Related Party Transactions | |||||||||
Incentive rate | 17.50% | 17.50% | |||||||
Related Party | Investment Advisory Agreement | |||||||||
Related Party Transactions | |||||||||
Initial term | 2 years |
Investments (Details)_2
Investments (Details) € in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 EUR (€) | ||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 3,158,601 | $ 2,939,646 | [1] | $ 2,373,435 | |||||
Fair Value | $ 3,123,450 | 2,873,588 | 2,387,374 | ||||||
Investment Owned at Fair Value | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 2,939,646 | 2,373,435 | |||||||
Fair Value | $ 2,873,588 | $ 2,387,374 | |||||||
Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 100% | 100% | 100% | ||||||
Australia | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 10,151 | $ 10,187 | |||||||
Fair Value | $ 10,168 | $ 9,870 | |||||||
Australia | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.30% | 0.30% | |||||||
Canada | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 97,187 | $ 108,820 | $ 81,935 | ||||||
Fair Value | $ 96,518 | $ 105,764 | $ 81,386 | ||||||
Canada | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.10% | 3.70% | 3.40% | ||||||
United Kingdom | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 11,848 | $ 11,157 | $ 17,804 | ||||||
Fair Value | $ 12,088 | $ 11,157 | $ 18,200 | ||||||
United Kingdom | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.40% | 0.40% | 0.80% | ||||||
United States | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 3,039,415 | $ 2,809,482 | $ 2,273,696 | ||||||
Fair Value | $ 3,004,676 | $ 2,746,797 | $ 2,287,788 | ||||||
United States | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 96.20% | 95.60% | 95.80% | ||||||
Aerospace & Defense | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.70% | 1.80% | 1.70% | ||||||
Air Freight & Logistics | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.10% | 1.10% | 0.50% | ||||||
Automobile Components | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.60% | 3.80% | 3.30% | ||||||
Automobiles | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 4.90% | 5.10% | 7.40% | ||||||
Biotechnology | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.50% | 0.50% | 0.60% | ||||||
Chemicals | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.70% | 0.60% | |||||||
Containers & Packaging | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.50% | 1.60% | 1.60% | ||||||
Commercial Services & Supplies | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 10.30% | 11.20% | 13% | ||||||
Construction & Engineering | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.50% | 1.30% | 1.50% | ||||||
Distributors | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 2.80% | 4.20% | 1.20% | ||||||
Diversified Consumer Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.30% | 3% | 1.50% | ||||||
Electronic Equipment, Instruments & Components | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.50% | 1% | 0.70% | ||||||
Energy Equipment & Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.50% | 0.50% | 0.60% | ||||||
Diversified Financial Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.70% | 0.70% | 0.10% | ||||||
Food Products | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 2.30% | 2.50% | 3.10% | ||||||
Health Care Equipment & Supplies | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [2] | $ 5,415 | |||||||
Fair Value | $ 5,374 | ||||||||
Health Care Equipment & Supplies | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.40% | 0.30% | 0.40% | ||||||
Health Care Providers & Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.80% | 3.40% | 2.90% | ||||||
Health Care Technology | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 2% | 0.70% | 0.90% | ||||||
Industrial Conglomerates | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.30% | 0.20% | 1.80% | ||||||
Insurance Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 14.90% | 15.70% | 17.10% | ||||||
Interactive Media & Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.20% | 3.50% | 3.80% | ||||||
IT Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 8.80% | 9.60% | 10.80% | ||||||
Leisure Products | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.70% | 0.80% | 2.40% | ||||||
Machinery | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 2.70% | 3% | 2% | ||||||
Multi-Utilities | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.70% | 0.60% | 0.40% | ||||||
Oil, Gas & Consumable Fuels | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0% | 0% | |||||||
Pharmaceuticals | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 0.40% | 0.40% | |||||||
Professional Services | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 3.60% | 3.20% | 4% | ||||||
Real Estate Management & Development | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 5.30% | 5.40% | 5.20% | ||||||
Software | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 14.30% | 14.30% | 11.50% | ||||||
First Lien Debt | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 2,960,107 | $ 2,753,620 | $ 2,213,332 | [1] | € 2,960,107 | [2] | |||
Fair Value | $ 2,933,870 | $ 2,694,111 | $ 2,224,100 | 2,933,870 | |||||
First Lien Debt | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 93.90% | 93.80% | 93.20% | ||||||
First Lien Debt | Aerospace & Defense | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 52,573 | [2] | $ 52,520 | [2] | $ 38,993 | [1] | |||
Fair Value | 52,676 | 51,531 | 39,370 | ||||||
First Lien Debt | Air Freight & Logistics | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 29,679 | [2] | 28,736 | [2] | 11,948 | [1] | |||
Fair Value | 29,888 | 27,943 | 11,948 | ||||||
First Lien Debt | Automobile Components | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 86,866 | [2] | 86,480 | [2] | 51,698 | [1] | |||
Fair Value | 86,506 | 83,574 | 51,746 | ||||||
First Lien Debt | Automobiles | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 154,223 | 150,144 | [3] | 174,783 | [1] | ||||
Fair Value | 154,132 | 146,413 | 175,583 | ||||||
First Lien Debt | Biotechnology | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 15,611 | 14,830 | [3] | 14,955 | [1] | ||||
Fair Value | 15,603 | 14,407 | 14,955 | ||||||
First Lien Debt | Chemicals | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 21,087 | 18,797 | [3] | ||||||
Fair Value | 20,783 | 18,066 | |||||||
First Lien Debt | Containers & Packaging | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 43,385 | 43,852 | [3] | 36,043 | [1] | ||||
Fair Value | 43,525 | 42,522 | 36,043 | ||||||
First Lien Debt | Commercial Services & Supplies | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 320,119 | 325,020 | [1],[2] | 306,205 | [1] | ||||
Fair Value | 319,668 | 319,508 | 307,450 | ||||||
First Lien Debt | Construction & Engineering | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 45,942 | 37,932 | [3] | 35,799 | [1] | ||||
Fair Value | 45,890 | 36,734 | 35,799 | ||||||
First Lien Debt | Distributors | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 90,110 | 122,968 | [3] | 28,636 | [1] | ||||
Fair Value | 87,337 | 120,982 | 28,636 | ||||||
First Lien Debt | Diversified Consumer Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 103,850 | 88,142 | [3] | 36,642 | [1] | ||||
Fair Value | 103,167 | 87,147 | 36,975 | ||||||
First Lien Debt | Electronic Equipment, Instruments & Components | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 26,500 | 13,448 | [3] | ||||||
Fair Value | 25,815 | 12,892 | |||||||
First Lien Debt | Diversified Financial Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 53,913 | 19,820 | [3] | 71,968 | [1] | ||||
Fair Value | 54,126 | 19,586 | 72,070 | ||||||
First Lien Debt | Health Care Equipment & Supplies | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 13,052 | 62,269 | [1] | ||||||
Fair Value | 13,090 | 62,602 | |||||||
First Lien Debt | Health Care Providers & Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 111,559 | 90,686 | |||||||
Fair Value | 110,086 | 88,460 | |||||||
First Lien Debt | Health Care Technology | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 61,214 | 21,467 | 21,562 | [1] | |||||
Fair Value | 61,389 | 21,148 | 20,963 | ||||||
First Lien Debt | Industrial Conglomerates | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 33,628 | 1,666 | [1] | 35,958 | |||||
Fair Value | 34,407 | 1,612 | 36,285 | ||||||
First Lien Debt | Insurance Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 466,713 | 455,293 | 401,473 | ||||||
Fair Value | 460,888 | 446,804 | 403,895 | ||||||
First Lien Debt | Interactive Media & Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 104,614 | 103,429 | 90,189 | ||||||
Fair Value | 100,966 | 101,077 | 91,025 | ||||||
First Lien Debt | IT Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 227,038 | 230,561 | 201,890 | ||||||
Fair Value | 220,202 | 223,366 | 202,960 | ||||||
First Lien Debt | Leisure Products | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 21,596 | 21,726 | 54,292 | [1] | |||||
Fair Value | 21,214 | 21,557 | 54,900 | ||||||
First Lien Debt | Machinery | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 84,669 | 88,999 | 48,582 | [1] | |||||
Fair Value | 83,742 | 85,464 | 48,133 | ||||||
First Lien Debt | Multi-Utilities | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 21,738 | 16,427 | [1] | 10,405 | [1] | ||||
Fair Value | 21,760 | 16,228 | 10,600 | ||||||
First Lien Debt | Oil, Gas & Consumable Fuels | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1] | 399 | |||||||
Fair Value | 390 | ||||||||
First Lien Debt | Pharmaceuticals | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 11,848 | 11,157 | [1] | ||||||
Fair Value | 12,088 | 11,157 | |||||||
First Lien Debt | Professional Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 110,638 | 89,714 | [1] | 91,547 | [1] | ||||
Fair Value | 110,995 | 88,770 | 92,207 | ||||||
First Lien Debt | Real Estate Management & Development | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 163,130 | [2] | 155,654 | [2] | 121,237 | ||||
Fair Value | 162,420 | 152,029 | 122,965 | ||||||
First Lien Debt | Software | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 381,883 | 252,416 | [1] | 412,722 | [2] | ||||
Fair Value | 374,792 | 252,952 | € 410,701 | ||||||
Second Lien Debt | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 145,809 | [2] | 136,620 | [1] | 120,124 | ||||
Fair Value | $ 134,712 | $ 128,350 | $ 121,550 | ||||||
Second Lien Debt | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 4.30% | 4.50% | 5.10% | ||||||
Second Lien Debt | Electronic Equipment, Instruments & Components | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 16,939 | $ 16,912 | [1] | ||||||
Fair Value | 16,194 | 17,000 | |||||||
Second Lien Debt | Health Care Providers & Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 5,318 | ||||||||
Fair Value | 4,946 | ||||||||
Second Lien Debt | Industrial Conglomerates | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1] | 39,944 | |||||||
Fair Value | 40,387 | ||||||||
Second Lien Debt | IT Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 40,072 | [2] | 40,016 | [1] | |||||
Fair Value | 37,804 | 37,735 | |||||||
Second Lien Debt | Software | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 23,801 | [2] | 23,770 | [1] | 120,124 | [1] | |||
Fair Value | 19,963 | 22,341 | 121,550 | ||||||
Other Securities | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 52,685 | [2] | 49,406 | [1] | 39,979 | ||||
Fair Value | $ 54,868 | $ 51,127 | $ 41,724 | ||||||
Other Securities | Investment Owned at Fair Value | Investment Type Concentration Risk | |||||||||
Schedule of Investments [Line Items] | |||||||||
% of Total Investments at Fair Value | 1.80% | 1.70% | 1.70% | ||||||
[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Levels (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurements | |||
Fair Value | $ 3,123,450 | $ 2,873,588 | $ 2,387,374 |
Level 1 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
Level 2 | |||
Fair Value Measurements | |||
Fair Value | 68,585 | 30,821 | 17,064 |
Level 3 | |||
Fair Value Measurements | |||
Fair Value | 3,040,160 | 2,828,035 | 2,356,559 |
Level 1, Level 2, and Level 3 | |||
Fair Value Measurements | |||
Fair Value | 3,108,745 | 2,858,856 | 2,373,623 |
Net Asset Value | |||
Fair Value Measurements | |||
Fair Value | 14,705 | 14,732 | 13,751 |
First Lien Debt | Level 1 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
First Lien Debt | Level 2 | |||
Fair Value Measurements | |||
Fair Value | 25,881 | 25,362 | 17,064 |
First Lien Debt | Level 3 | |||
Fair Value Measurements | |||
Fair Value | 2,907,989 | 2,668,749 | 2,207,036 |
First Lien Debt | Level 1, Level 2, and Level 3 | |||
Fair Value Measurements | |||
Fair Value | 2,933,870 | 2,694,111 | 2,224,100 |
Second Lien Debt | Level 1 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
Second Lien Debt | Level 2 | |||
Fair Value Measurements | |||
Fair Value | 42,704 | 5,459 | |
Second Lien Debt | Level 3 | |||
Fair Value Measurements | |||
Fair Value | 92,008 | 122,891 | 121,550 |
Second Lien Debt | Level 1, Level 2, and Level 3 | |||
Fair Value Measurements | |||
Fair Value | 134,712 | 128,350 | 121,550 |
Other Securities | Level 1 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
Other Securities | Level 2 | |||
Fair Value Measurements | |||
Fair Value | 0 | 0 | |
Other Securities | Level 3 | |||
Fair Value Measurements | |||
Fair Value | 40,163 | 36,395 | 27,973 |
Other Securities | Level 1, Level 2, and Level 3 | |||
Fair Value Measurements | |||
Fair Value | $ 40,163 | $ 36,395 | $ 27,973 |
Fair Value Measurements - Lev_2
Fair Value Measurements - Level III Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurements | ||||||
Fair value, beginning of period | $ 2,924,839 | $ 2,642,354 | $ 2,828,035 | $ 2,356,559 | $ 2,356,559 | $ 614,432 |
Purchases of investments | 154,948 | 180,286 | 367,712 | 730,414 | 924,749 | 2,083,855 |
Proceeds from principal repayments and sales of investments | (41,712) | (94,355) | (168,477) | (331,125) | (384,679) | (364,773) |
Accretion of discount/amortization of premium | 2,105 | 3,570 | 7,192 | 8,855 | 11,341 | 9,839 |
Payment-in-kind | 1,478 | 358 | 3,539 | 1,451 | 2,714 | 1,179 |
Transfers into/(out) of Level 3 | (21,675) | (20,083) | (32,383) | (17,500) | (5,950) | 2,849 |
Fair value, end of period | 3,040,160 | 2,689,063 | 3,040,160 | 2,689,063 | 2,828,035 | 2,356,559 |
Net change in unrealized appreciation (depreciation) from investments still held | (75,007) | 9,037 | ||||
Net change in unrealized appreciation (depreciation) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 20,172 | (23,085) | 34,415 | (60,153) | ||
Total gains or losses included in earnings | (77,242) | 7,283 | ||||
Net realized gains (losses) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 5 | 18 | 127 | 562 | ||
Total gains or losses included in earnings | 543 | 1,895 | ||||
First Lien Debt | ||||||
Fair Value Measurements | ||||||
Fair value, beginning of period | 2,772,653 | 2,492,968 | 2,668,749 | 2,207,036 | 2,207,036 | 558,318 |
Purchases of investments | 153,327 | 178,809 | 365,914 | 709,912 | 900,740 | 1,956,780 |
Proceeds from principal repayments and sales of investments | (41,712) | (94,355) | (168,477) | (331,077) | (384,631) | (325,175) |
Accretion of discount/amortization of premium | 2,035 | 3,520 | 6,985 | 8,645 | 11,062 | 8,831 |
Payment-in-kind | 774 | 228 | 1,580 | 665 | 1,080 | 133 |
Transfers into/(out) of Level 3 | 0 | (20,083) | 0 | 0 | 2,849 | |
Fair value, end of period | 2,907,989 | 2,542,916 | 2,907,989 | 2,542,916 | 2,668,749 | 2,207,036 |
Net change in unrealized appreciation (depreciation) from investments still held | (64,817) | 6,807 | ||||
First Lien Debt | Net change in unrealized appreciation (depreciation) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 20,907 | (18,171) | 33,111 | (52,779) | ||
Total gains or losses included in earnings | (67,033) | 5,052 | ||||
First Lien Debt | Net realized gains (losses) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 5 | 0 | 127 | 514 | ||
Total gains or losses included in earnings | 495 | 248 | ||||
Second Lien Debt | ||||||
Fair Value Measurements | ||||||
Fair value, beginning of period | 113,084 | 116,488 | 122,891 | 121,550 | 121,550 | 53,155 |
Purchases of investments | 0 | 461 | 86 | 15,694 | 15,694 | 101,352 |
Proceeds from principal repayments and sales of investments | 0 | 0 | 0 | 0 | (36,250) | |
Accretion of discount/amortization of premium | 68 | 50 | 201 | 210 | 278 | 1,008 |
Payment-in-kind | 137 | 130 | 397 | 389 | 524 | 509 |
Transfers into/(out) of Level 3 | (21,675) | 0 | (32,383) | (17,500) | (5,950) | |
Fair value, end of period | 92,008 | 113,802 | 92,008 | 113,802 | 122,891 | 121,550 |
Net change in unrealized appreciation (depreciation) from investments still held | (9,186) | 1,775 | ||||
Second Lien Debt | Net change in unrealized appreciation (depreciation) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 394 | (3,345) | 816 | (6,541) | ||
Total gains or losses included in earnings | (9,205) | 1,776 | ||||
Second Lien Debt | Net realized gains (losses) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | 0 | 18 | 0 | 0 | ||
Other Securities | ||||||
Fair Value Measurements | ||||||
Fair value, beginning of period | 39,102 | 32,898 | 36,395 | 27,973 | 27,973 | 2,959 |
Purchases of investments | 1,621 | 1,016 | 1,712 | 4,808 | 8,315 | 25,723 |
Proceeds from principal repayments and sales of investments | 0 | 0 | 0 | (48) | (48) | (3,348) |
Accretion of discount/amortization of premium | 2 | 0 | 6 | 0 | 1 | |
Payment-in-kind | 567 | 0 | 1,562 | 397 | 1,110 | 537 |
Transfers into/(out) of Level 3 | 0 | 0 | 0 | 0 | ||
Fair value, end of period | 40,163 | 32,345 | 40,163 | 32,345 | 36,395 | 27,973 |
Net change in unrealized appreciation (depreciation) from investments still held | (1,004) | 455 | ||||
Other Securities | Net change in unrealized appreciation (depreciation) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | (1,129) | (1,569) | 488 | (833) | ||
Total gains or losses included in earnings | (1,004) | 455 | ||||
Other Securities | Net realized gains (losses) | ||||||
Fair Value Measurements | ||||||
Total gains or losses included in earnings | $ 0 | $ 0 | $ 0 | $ 48 | ||
Total gains or losses included in earnings | $ 48 | $ 1,647 |
Fair Value Measurements - Uno_2
Fair Value Measurements - Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurements | |||
Fair Value | $ 3,123,450 | $ 2,873,588 | $ 2,387,374 |
Level 3 | |||
Fair Value Measurements | |||
Fair Value | 3,040,160 | 2,828,035 | 2,356,559 |
Level 3 | Transaction Price | Recent Transaction | |||
Fair Value Measurements | |||
Fair Value | $ 44,000 | ||
Level 3 | Transaction Price | Low | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 100 | ||
Level 3 | Transaction Price | High | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 100 | ||
Level 3 | Transaction Price | Weighted Average | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 100 | ||
Level 3 | First Lien Debt | |||
Fair Value Measurements | |||
Fair Value | 2,907,989 | $ 2,668,749 | 2,207,036 |
Level 3 | First Lien Debt | Yield Analysis | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 2,641,353 | $ 2,624,749 | $ 2,207,036 |
Level 3 | First Lien Debt | Yield Analysis | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.0933 | 0.0920 | 0.0555 |
Level 3 | First Lien Debt | Yield Analysis | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1918 | 0.2044 | 0.1244 |
Level 3 | First Lien Debt | Yield Analysis | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1177 | 0.1127 | 0.0752 |
Level 3 | First Lien Debt | Transaction Price | Recent Transaction | |||
Fair Value Measurements | |||
Fair Value | $ 266,636 | $ 44,000 | |
Level 3 | First Lien Debt | Transaction Price | Low | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 0.9650 | 1 | |
Level 3 | First Lien Debt | Transaction Price | High | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 1 | 1 | |
Level 3 | First Lien Debt | Transaction Price | Weighted Average | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 0.9856 | 1 | |
Level 3 | Second Lien Debt | |||
Fair Value Measurements | |||
Fair Value | $ 92,008 | $ 122,891 | $ 121,550 |
Level 3 | Second Lien Debt | Yield Analysis | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 87,508 | $ 122,891 | $ 121,550 |
Level 3 | Second Lien Debt | Yield Analysis | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1147 | 0.1214 | 0.0712 |
Level 3 | Second Lien Debt | Yield Analysis | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.2742 | 0.1720 | 0.1079 |
Level 3 | Second Lien Debt | Yield Analysis | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1489 | 0.1424 | 0.0851 |
Level 3 | Second Lien Debt | Transaction Price | Recent Transaction | |||
Fair Value Measurements | |||
Fair Value | $ 4,500 | ||
Level 3 | Second Lien Debt | Transaction Price | Low | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 1 | ||
Level 3 | Second Lien Debt | Transaction Price | High | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 1 | ||
Level 3 | Second Lien Debt | Transaction Price | Weighted Average | Recent Transaction | |||
Fair Value Measurements | |||
Measurement input | 1 | ||
Level 3 | Unsecured debt | Yield Analysis | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 1,350 | ||
Level 3 | Unsecured debt | Yield Analysis | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.2533 | ||
Level 3 | Unsecured debt | Yield Analysis | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.2533 | ||
Level 3 | Unsecured debt | Yield Analysis | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.2533 | ||
Level 3 | Unsecured debt | Income Approach | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 1,877 | $ 1,826 | |
Level 3 | Unsecured debt | Income Approach | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1450 | 0.1660 | |
Level 3 | Unsecured debt | Income Approach | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1450 | 0.1660 | |
Level 3 | Unsecured debt | Income Approach | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1450 | 0.1660 | |
Level 3 | Unsecured debt | Market Approach | EBITDA Multiple | |||
Fair Value Measurements | |||
Fair Value | $ 125 | $ 372 | |
Level 3 | Unsecured debt | Market Approach | Low | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0900 | 0.0900 | 0.0900 |
Level 3 | Unsecured debt | Market Approach | High | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0900 | 0.0900 | 0.0900 |
Level 3 | Unsecured debt | Market Approach | Weighted Average | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0900 | 0.0900 | 0.0900 |
Level 3 | Preferred equity | Yield Analysis | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 9,950 | ||
Level 3 | Preferred equity | Yield Analysis | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1170 | ||
Level 3 | Preferred equity | Yield Analysis | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1210 | ||
Level 3 | Preferred equity | Yield Analysis | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1192 | ||
Level 3 | Preferred equity | Income Approach | Discount Rate | |||
Fair Value Measurements | |||
Fair Value | $ 18,181 | $ 16,076 | |
Level 3 | Preferred equity | Income Approach | Low | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1219 | 0.1220 | |
Level 3 | Preferred equity | Income Approach | High | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1548 | 0.1569 | |
Level 3 | Preferred equity | Income Approach | Weighted Average | Discount Rate | |||
Fair Value Measurements | |||
Measurement input | 0.1345 | 0.1362 | |
Level 3 | Preferred equity | Market Approach | Revenue Multiple | |||
Fair Value Measurements | |||
Fair Value | $ 1,275 | $ 963 | $ 1,298 |
Level 3 | Preferred equity | Market Approach | Low | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0750 | 0.0878 | 0.1180 |
Level 3 | Preferred equity | Market Approach | High | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0750 | 0.0878 | 0.1180 |
Level 3 | Preferred equity | Market Approach | Weighted Average | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0750 | 0.0878 | 0.1180 |
Level 3 | Common equity | Market Approach | EBITDA Multiple | |||
Fair Value Measurements | |||
Fair Value | $ 16,937 | $ 15,877 | $ 15,375 |
Level 3 | Common equity | Market Approach | Revenue Multiple | |||
Fair Value Measurements | |||
Fair Value | $ 1,768 | $ 1,281 | |
Level 3 | Common equity | Market Approach | Low | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0810 | 0.0810 | 0.0810 |
Level 3 | Common equity | Market Approach | Low | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0720 | 0.1020 | |
Level 3 | Common equity | Market Approach | High | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.1870 | 0.1870 | 0.1997 |
Level 3 | Common equity | Market Approach | High | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0880 | 0.1020 | |
Level 3 | Common equity | Market Approach | Weighted Average | EBITDA Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.1330 | 0.1325 | 0.1311 |
Level 3 | Common equity | Market Approach | Weighted Average | Revenue Multiple | |||
Fair Value Measurements | |||
Measurement input | 0.0824 | 0.1020 | |
Level 3 | Other Securities | |||
Fair Value Measurements | |||
Fair Value | $ 40,163 | $ 36,395 | $ 27,973 |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Value and Fair Value of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
2027 Notes | Senior Notes | |||
Fair Value Measurements | |||
Unamortized debt issuance costs | $ 3,782 | $ 4,622 | |
Unamortized original issuance discount | 721 | 881 | |
2025 Notes | Senior Notes | |||
Fair Value Measurements | |||
Unamortized debt issuance costs | 2,370 | 3,277 | |
Unamortized original issuance discount | 0 | 0 | |
Carrying Value | |||
Fair Value Measurements | |||
Long-term debt | 1,718,379 | 1,523,475 | $ 1,249,850 |
Carrying Value | CIBC Substriction Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 310,350 | ||
Carrying Value | BNP Funding Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 345,000 | 400,000 | 463,500 |
Carrying Value | Truist Credit Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 680,252 | 432,254 | 476,000 |
Carrying Value | 2027 Notes | Senior Notes | |||
Fair Value Measurements | |||
Long-term debt | 420,497 | 419,498 | |
Carrying Value | 2025 Notes | Senior Notes | |||
Fair Value Measurements | |||
Long-term debt | 272,630 | 271,723 | |
Fair Value | |||
Fair Value Measurements | |||
Long-term debt | 1,692,654 | 1,502,249 | 1,249,850 |
Fair Value | CIBC Substriction Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 310,350 | ||
Fair Value | BNP Funding Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 345,000 | 400,000 | 463,500 |
Fair Value | Truist Credit Facility | Line of Credit | |||
Fair Value Measurements | |||
Long-term debt | 680,252 | 432,254 | $ 476,000 |
Fair Value | 2027 Notes | Senior Notes | |||
Fair Value Measurements | |||
Long-term debt | 392,403 | 394,995 | |
Fair Value | 2025 Notes | Senior Notes | |||
Fair Value Measurements | |||
Long-term debt | $ 275,000 | $ 275,000 |
Debt - Narrative (Details)_2
Debt - Narrative (Details) € in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2023 EUR (€) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 EUR (€) | Sep. 13, 2022 USD ($) | May 20, 2022 USD ($) | Feb. 11, 2022 USD ($) | Dec. 03, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 0 | ||||||||||||||
Outstanding amount | $ 1,725,252 | $ 1,249,850 | $ 1,725,252 | 1,532,254 | $ 1,249,850 | ||||||||||
Available capacity | 693,498 | 725,150 | 693,498 | $ 738,521 | 725,150 | ||||||||||
Unused fee percentage | 0.375% | ||||||||||||||
Aggregate principal amount | $ 2,420,000 | 1,975,000 | $ 2,420,000 | $ 2,275,000 | $ 1,975,000 | ||||||||||
Weighted average interest rate (excluding unused fees and financing costs) | 6.64% | 4.37% | 6.45% | 3.47% | 4.05% | 2.12% | 1.93% | ||||||||
Weighted average debt | $ 1,619,670 | $ 1,490,571 | $ 1,591,671 | $ 1,399,866 | $ 1,432,492 | $ 796,272 | $ 114,431 | ||||||||
CIBC Substriction Facility | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments for borrowings from lines of credit | $ 55,000 | $ 90,000 | $ 310,350 | 455,000 | 278,500 | ||||||||||
Borrowings from lines of credit | 431,500 | $ 612,350 | |||||||||||||
Outstanding amount | 310,350 | 310,350 | |||||||||||||
Available capacity | 89,650 | 89,650 | |||||||||||||
Aggregate principal amount | 400,000 | $ 400,000 | |||||||||||||
Weighted average interest rate (excluding unused fees and financing costs) | 0% | 3.76% | 0% | 2.57% | 3.13% | 1.77% | 1.93% | ||||||||
CIBC Substriction Facility | Base Rate | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1.65% | 1.65% | |||||||||||||
CIBC Substriction Facility | Prime Rate | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 0.65% | 0.65% | |||||||||||||
BNP Funding Facility | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 600,000 | $ 600,000 | $ 600,000 | ||||||||||||
Repayments for borrowings from lines of credit | 25,000 | $ 83,500 | 55,000 | $ 154,500 | 176,500 | $ 75,000 | |||||||||
Borrowings from lines of credit | 0 | $ 0 | 0 | $ 13,000 | 113,000 | 538,500 | |||||||||
Outstanding amount | 345,000 | 463,500 | 345,000 | 400,000 | 463,500 | ||||||||||
Available capacity | 255,000 | 136,500 | 255,000 | 200,000 | 136,500 | ||||||||||
Aggregate principal amount | $ 600,000 | 600,000 | $ 600,000 | $ 600,000 | $ 600,000 | ||||||||||
Weighted average interest rate (excluding unused fees and financing costs) | 7.77% | 4.57% | 7.34% | 3.37% | 3.90% | 2.48% | |||||||||
BNP Funding Facility | Base Rate | Line of Credit | Low | 1-month Period | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1.95% | ||||||||||||||
BNP Funding Facility | Base Rate | Line of Credit | Low | 3-month Period | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 2.45% | ||||||||||||||
BNP Funding Facility | Base Rate | Line of Credit | High | 1-month Period | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 2.85% | 2.75% | |||||||||||||
BNP Funding Facility | Base Rate | Line of Credit | High | 3-month Period | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 3.35% | 3.25% | |||||||||||||
Truist Credit Facility | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,120,000 | $ 975,000 | $ 975,000 | |||||||||
Interest rate | 1.75% | ||||||||||||||
Repayments for borrowings from lines of credit | 90,000 | $ 222,000 | 90,000 | $ 773,000 | $ 798,000 | $ 68,000 | |||||||||
Borrowings from lines of credit | 278,000 | $ 127,246 | 338,000 | $ 579,246 | 754,246 | 544,000 | |||||||||
Outstanding amount | 680,252 | 476,000 | 680,252 | 432,254 | 476,000 | ||||||||||
Available capacity | 438,498 | 499,000 | $ 438,498 | 538,521 | 499,000 | ||||||||||
Unused fee percentage | 0.375% | ||||||||||||||
Aggregate principal amount | $ 1,120,000 | $ 975,000 | $ 1,120,000 | $ 975,000 | $ 975,000 | € 238 | € 238 | ||||||||
Weighted average interest rate (excluding unused fees and financing costs) | 7.26% | 4.05% | 2.09% | 6.91% | 3.05% | 3.68% | |||||||||
Truist Credit Facility | Federal Resere Bank of New York Rate | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 0.50% | 0.50% | |||||||||||||
Truist Credit Facility | Eurodollar | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1.875% | 1.875% | |||||||||||||
Truist Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 1% | 1% | |||||||||||||
Truist Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit | Low | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 0.75% | ||||||||||||||
Truist Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit | High | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate | 0.875% | ||||||||||||||
2027 Notes | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding amount | $ 425,000 | $ 425,000 | $ 425,000 | ||||||||||||
Aggregate principal amount | $ 425,000 | $ 425,000 | $ 425,000 | $ 425,000 | |||||||||||
Stated interest rate | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | |||||||
Percentage of holders representing outstanding principal | 85.87% | ||||||||||||||
2025 Notes | Senior Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Outstanding amount | $ 275,000 | $ 275,000 | $ 275,000 | ||||||||||||
Aggregate principal amount | $ 275,000 | $ 275,000 | $ 275,000 | $ 275,000 | |||||||||||
Stated interest rate | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% |
Debt - Schedule of Long-Term _2
Debt - Schedule of Long-Term Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 13, 2022 | Feb. 11, 2022 | |
Debt Instrument [Line Items] | ||||||||||
Amortization of deferred financing costs | $ 2,313,000 | $ 2,885,000 | $ 3,735,000 | $ 2,913,000 | $ 1,072,000 | |||||
Total | $ 29,686,000 | $ 18,601,000 | $ 84,260,000 | $ 42,731,000 | $ 67,182,000 | $ 21,015,000 | $ 3,725,000 | |||
Weighted average interest rate (excluding unused fees and financing costs) | 6.64% | 4.37% | 6.45% | 3.47% | 4.05% | 2.12% | 1.93% | |||
CIBC Substriction Facility | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | $ 0 | $ 2,271,000 | $ 0 | $ 5,450,000 | $ 8,312,000 | $ 6,379,000 | $ 2,247,000 | |||
Facility unused commitment fees | 0 | 6,000 | 0 | 19,000 | 26,000 | 92,000 | 406,000 | |||
Amortization of deferred financing costs | 0 | 327,000 | 0 | 1,125,000 | 1,347,000 | 1,375,000 | 1,072,000 | |||
Total | $ 0 | $ 2,604,000 | $ 0 | $ 6,594,000 | $ 9,685,000 | $ 7,846,000 | $ 3,725,000 | |||
Weighted average interest rate (excluding unused fees and financing costs) | 0% | 3.76% | 0% | 2.57% | 3.13% | 1.77% | 1.93% | |||
Weighted average outstanding balance | $ 0 | $ 236,491,000 | $ 0 | $ 279,562,000 | $ 262,184,000 | $ 354,810,000 | $ 114,431,000 | |||
BNP Funding Facility | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | 6,904,000 | 4,517,000 | 20,862,000 | 10,665,000 | 15,376,000 | 8,559,000 | ||||
Facility unused commitment fees | 209,000 | 128,000 | 455,000 | 209,000 | 507,000 | 69,000 | ||||
Amortization of deferred financing costs | 297,000 | 289,000 | 840,000 | 855,000 | 1,145,000 | 1,073,000 | 147,000 | |||
Total | $ 7,410,000 | $ 4,934,000 | $ 22,157,000 | $ 11,729,000 | $ 17,028,000 | $ 9,701,000 | $ 147,000 | |||
Weighted average interest rate (excluding unused fees and financing costs) | 7.77% | 4.57% | 7.34% | 3.37% | 3.90% | 2.48% | ||||
Weighted average outstanding balance | $ 347,446,000 | $ 386,962,000 | $ 374,927,000 | $ 417,700,000 | $ 389,216,000 | $ 340,437,000 | ||||
Truist Credit Facility | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | 10,613,000 | 4,018,000 | $ 2,145,000 | 27,086,000 | 7,485,000 | 11,959,000 | ||||
Facility unused commitment fees | 531,000 | 568,000 | 858,000 | 1,723,000 | 1,863,000 | 2,487,000 | ||||
Amortization of deferred financing costs | 518,000 | 267,000 | 465,000 | 1,473,000 | 905,000 | 1,243,000 | ||||
Total | $ 11,662,000 | $ 4,853,000 | $ 3,468,000 | $ 30,282,000 | $ 10,253,000 | $ 15,689,000 | ||||
Weighted average interest rate (excluding unused fees and financing costs) | 7.26% | 4.05% | 2.09% | 6.91% | 3.05% | 3.68% | ||||
Weighted average outstanding balance | $ 572,225 | $ 388,313 | $ 218,189,000 | $ 516,745 | $ 323,300 | $ 320,955,000 | ||||
2027 Notes | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | 4,781,000 | 4,781,000 | 14,344,000 | 12,219,000 | 17,000,000 | |||||
Accretion of original issuance discount | 54,000 | 54,000 | 160,000 | 136,000 | 190,000 | |||||
Amortization of debt issuance costs | 283,000 | 279,000 | 839,000 | 704,000 | 996,000 | |||||
Total | $ 5,118,000 | $ 5,114,000 | $ 15,343,000 | $ 13,059,000 | $ 18,186,000 | |||||
Stated interest rate | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | 4.50% | ||||
2025 Notes | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing interest expense | $ 5,191,000 | $ 1,038,000 | $ 15,572,000 | $ 1,038,000 | $ 6,229,000 | |||||
Amortization of debt issuance costs | 305,000 | 58,000 | 906,000 | 58,000 | 365,000 | |||||
Total | $ 5,496,000 | $ 1,096,000 | $ 16,478,000 | $ 1,096,000 | $ 6,594,000 | |||||
Stated interest rate | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% | 7.55% |
Debt - Schedule of Debt Oblig_2
Debt - Schedule of Debt Obligations (Details) € in Thousands, $ in Thousands | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Sep. 13, 2022 USD ($) | Feb. 11, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | $ 2,420,000 | $ 2,275,000 | $ 1,975,000 | ||||
Outstanding Principal | 1,725,252 | 1,532,254 | 1,249,850 | ||||
Unused Portion | 693,498 | 738,521 | 725,150 | ||||
CIBC Substriction Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 400,000 | ||||||
Outstanding Principal | 310,350 | ||||||
Unused Portion | 89,650 | ||||||
BNP Funding Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 600,000 | 600,000 | 600,000 | ||||
Outstanding Principal | 345,000 | 400,000 | 463,500 | ||||
Unused Portion | 255,000 | 200,000 | 136,500 | ||||
Truist Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 1,120,000 | € 238 | 975,000 | € 238 | 975,000 | ||
Outstanding Principal | 680,252 | 432,254 | 476,000 | ||||
Unused Portion | 438,498 | 538,521 | 499,000 | ||||
Outstanding letters of credit | 1,250 | 4,225 | $ 0 | ||||
2027 Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 425,000 | 425,000 | $ 425,000 | ||||
Outstanding Principal | 425,000 | 425,000 | |||||
Unamortized debt issuance costs | 3,782 | 4,622 | |||||
Unamortized original issuance discount | 721 | 881 | |||||
2025 Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate Principal Committed | 275,000 | 275,000 | $ 275,000 | ||||
Outstanding Principal | 275,000 | 275,000 | |||||
Unamortized debt issuance costs | 2,370 | 3,277 | |||||
Unamortized original issuance discount | $ 0 | $ 0 |
Commitment and Contingencies _2
Commitment and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | |
Delayed Draw and Revolving Senior Secured Loans | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded commitments | $ 314,251 | $ 509,403 | $ 287,164 |
Financial Support, Capital Contributions | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded commitments | 220,271 | 425,694 | |
Capital commitments | $ 1,629,389 | $ 1,585,531 |
Net Assets - Schedule of Dist_2
Net Assets - Schedule of Distributable Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Company, Net Assets [Roll Forward] | |||||||
Net distributable earnings (accumulated losses), beginning of period | $ (54,779) | $ 15,782 | $ 15,782 | ||||
Net investment income/(loss) after taxes | $ 50,574 | $ 33,814 | 142,591 | 89,738 | 128,010 | $ 72,929 | $ 10,635 |
Accumulated net realized gain (loss) | 5 | 18 | 127 | 556 | 537 | 1,895 | 2,154 |
Net unrealized appreciation (depreciation) | 22,829 | (24,390) | 30,909 | (61,869) | (80,005) | 8,431 | 5,508 |
Dividends declared | (43,211) | $ (30,611) | (119,323) | (86,667) | (119,437) | (72,315) | (13,926) |
Net distributable earnings (accumulated losses), end of period | (475) | (475) | (54,779) | 15,782 | |||
Net distributable earnings (accumulated losses) | |||||||
Investment Company, Net Assets [Roll Forward] | |||||||
Net distributable earnings (accumulated losses), beginning of period | (54,779) | $ 15,782 | 15,782 | 4,702 | (1,156) | ||
Net investment income/(loss) after taxes | 142,591 | 128,010 | 72,929 | 10,635 | |||
Accumulated net realized gain (loss) | 127 | 537 | 1,895 | 2,154 | |||
Net unrealized appreciation (depreciation) | 30,909 | (80,005) | 8,431 | 5,508 | |||
Dividends declared | (119,323) | (119,437) | (72,315) | (13,926) | |||
Tax reclassification of stockholders' equity | 0 | 334 | 140 | 1,487 | |||
Net distributable earnings (accumulated losses), end of period | $ (475) | $ (475) | $ (54,779) | $ 15,782 | $ 4,702 |
Net Assets - Shares Issued Fr_2
Net Assets - Shares Issued From Capital Drawdowns (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 23, 2022 | Jul. 28, 2022 | May 16, 2022 | Dec. 29, 2021 | Nov. 12, 2021 | Oct. 15, 2021 | Jun. 16, 2021 | May 26, 2021 | Apr. 12, 2021 | Mar. 12, 2021 | Jan. 20, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||||||||||||||||
Shares Issued (in shares) | 4,775,721 | 3,903,231 | 3,548,132 | 4,748,891 | 8,182,294 | 7,806,514 | 7,161,130 | 4,036,582 | 5,326,877 | 2,171,816 | 1,726,689 | 7,451,363 | 12,227,084 | 41,160,793 | ||||
Amount | $ 94,600 | $ 79,821 | $ 74,866 | $ 99,600 | $ 174,000 | $ 164,000 | $ 149,900 | $ 85,000 | $ 110,000 | $ 45,000 | $ 35,000 | $ 0 | $ 79,821 | $ 0 | $ 154,687 | $ 249,291 | $ 862,455 | $ 297,347 |
Net Assets - Distributions De_2
Net Assets - Distributions Declared and Payable (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 27, 2023 | Sep. 26, 2023 | Jun. 27, 2023 | Mar. 28, 2023 | Dec. 20, 2022 | Sep. 28, 2022 | Sep. 26, 2022 | Jun. 24, 2022 | Mar. 25, 2022 | Dec. 21, 2021 | Sep. 23, 2021 | Jun. 23, 2021 | Mar. 18, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||||||||||||||||
Per Share Amount (in dollars per share) | $ 0.60 | $ 0.57 | $ 0.50 | $ 0.50 | $ 0.47 | $ 0.47 | $ 0.47 | $ 0.48 | $ 0.57 | $ 0.56 | $ 0.49 | $ 0.45 | $ 1.67 | $ 1.42 | $ 1.92 | $ 2.07 | |
Total Amount | $ 43,211 | $ 40,735 | $ 35,377 | $ 32,770 | $ 30,611 | $ 30,611 | $ 28,601 | $ 27,455 | $ 29,691 | $ 20,080 | $ 13,974 | $ 8,570 | $ 119,323 | $ 86,667 | $ 119,437 | $ 72,315 | |
Supplemental distribution (in dollars per share) | $ 0.10 | $ 0.07 | $ 0.11 |
Net Assets - DRIP Shares (Det_2
Net Assets - DRIP Shares (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 25, 2023 | Apr. 25, 2023 | Jan. 25, 2023 | Oct. 19, 2022 | Jul. 27, 2022 | Apr. 27, 2022 | Jan. 25, 2022 | Oct. 27, 2021 | Jul. 22, 2021 | Apr. 22, 2021 | Jan. 27, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||||||||||||||||
DRIP Shares Issued (in shares) | 554,001 | 482,721 | 445,235 | 408,126 | 372,338 | 332,212 | 358,891 | 242,789 | 178,345 | 110,191 | 121,484 | 1,481,957 | 1,063,441 | 1,471,567 | 652,809 | |||
DRIP Shares Value | $ 11,274 | $ 9,698 | $ 8,891 | $ 8,204 | $ 7,614 | $ 6,964 | $ 7,540 | $ 5,101 | $ 3,733 | $ 2,276 | $ 2,462 | $ 11,274 | $ 7,614 | $ 29,863 | $ 22,118 | $ 30,322 | $ 13,572 | $ 1,023 |
Earnings Per Share (Details)_2
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||||||
Numerator-net increase/(decrease) in net assets resulting from operations | $ 73,408 | $ 9,442 | $ 173,627 | $ 28,425 | $ 48,542 | $ 83,255 | $ 18,297 |
Weighted average shares outstanding - basic (Note 9) (in shares) | 71,874,113 | 64,102,092 | 71,361,910 | 60,169,337 | 61,676,363 | 31,159,302 | 7,559,426 |
Weighted average shares outstanding - diluted (Note 9) (in shares) | 71,874,113 | 64,102,092 | 71,361,910 | 60,169,337 | 61,676,363 | 31,159,302 | 7,559,426 |
Basic earnings (loss) per share (in dollars per share) | $ 1.02 | $ 0.15 | $ 2.43 | $ 0.47 | $ 0.79 | $ 2.67 | $ 2.42 |
Diluted earnings (loss) per share (in dollars per share) | $ 1.02 | $ 0.15 | $ 2.43 | $ 0.47 | $ 0.79 | $ 2.67 | $ 2.42 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Distributions paid from: | |||||||
Ordinary income (including net short-term capital gains) | $ 119,433 | $ 72,315 | $ 13,926 | ||||
Net long-term capital gains | 4 | ||||||
Total taxable distributions | $ 43,211 | $ 30,611 | $ 119,323 | $ 86,667 | 119,437 | $ 72,315 | $ 13,926 |
Estimated carried forward amount of taxable income for distributions | 11,559 | ||||||
Estimated carried forward amount of ordinary income | 11,243 | ||||||
Estimated carried forward amount of capital gains | $ 316 |
Income Taxes - Reclassification
Income Taxes - Reclassifications of certain capital accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes | |||
Paid-in capital in excess of par value | $ (334) | $ (140) | $ (1,487) |
Net distributable earnings (accumulated losses) | $ 334 | $ 140 | $ 1,487 |
Income Taxes - Cost and unreali
Income Taxes - Cost and unrealized gain (loss) calculated on a tax basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes | |||
Gross unrealized appreciation | $ 6,529 | $ 18,635 | $ 5,121 |
Gross unrealized depreciation | (72,587) | (4,696) | (577) |
Net unrealized appreciation (depreciation) | (66,058) | 13,939 | 4,544 |
Tax cost of investments at year end | $ 2,939,635 | $ 2,373,435 | $ 632,437 |
Consolidated Financial Highli_6
Consolidated Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Company, Financial Highlights [Roll Forward] | |||||||
Net asset value, beginning of period (in dollars per share) | $ 19.81 | $ 20.91 | $ 20.91 | $ 20.08 | $ 20 | ||
Net investment income (loss) per share (in dollars per share) | $ 0.70 | $ 0.53 | 2 | 1.49 | 2.08 | 2.34 | 1.41 |
Net unrealized and realized gain (loss) (in dollars per share) | 0.43 | (0.98) | (1.26) | 0.52 | (0.28) | ||
Net increase (decrease) in net assets resulting from operations (in dollars per share) | 2.43 | 0.51 | 0.82 | 2.86 | 1.13 | ||
Dividends declared (in dollars per share) | (1.67) | (1.42) | (1.92) | (2.07) | (1.30) | ||
Issuance of common stock (in dollars per share) | 0.04 | 0.25 | |||||
Total increase (decrease) in net assets (in dollars per share) | 0.76 | (0.91) | (1.10) | 0.83 | 0.08 | ||
Net asset value, end of period (in dollars per share) | $ 20.57 | $ 20 | $ 20.57 | $ 20 | $ 19.81 | $ 20.91 | $ 20.08 |
Shares outstanding, end of period (in shares) | 72,018,635 | 65,352,831 | 72,018,635 | 65,352,831 | 70,536,678 | 56,838,027 | 15,024,425 |
Total return based on net asset value (in percent) | 12.56% | 2.43% | 3.99% | 14.83% | 7.07% | ||
Ratio/Supplemental Data (all amounts in thousands except ratios and shares): | |||||||
Net assets, end of period (in shares) | $ 1,481,472 | $ 1,307,150 | $ 1,481,472 | $ 1,307,150 | $ 1,397,305 | $ 1,188,587 | $ 301,620 |
Weighted average shares outstanding - basic (Note 9) (in shares) | 71,874,113 | 64,102,092 | 71,361,910 | 60,169,337 | 61,676,363 | 31,159,302 | 7,559,426 |
Ratio of net expenses to average net assets | 10.75% | 6.70% | 7.99% | 6.77% | 7.02% | ||
Ratio of expenses before waivers to average net assets | 12.30% | 8.26% | 9.55% | 8.26% | 8.20% | ||
Ratio of net investment income to average net assets | 13.83% | 9.95% | 9.97% | 10.55% | 6.62% | ||
Ratio of total contributed capital to total committed capital, end of period | 86.48% | 80.94% | 86.48% | 88.87% | 20.57% | ||
Asset coverage ratio | 185.87% | 185.74% | 185.87% | 185.74% | 191.19% | 195.10% | 190.35% |
Portfolio turnover rate | 5.71% | 13.10% | 14.87% | 27.18% | 31.11% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Jan. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | May 20, 2022 | Dec. 03, 2021 | |
Subsequent Event | |||||
Maximum borrowing capacity | $ 0 | ||||
Truist Credit Facility | Line of Credit | |||||
Subsequent Event | |||||
Maximum borrowing capacity | $ 1,120,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | $ 975,000,000 | $ 975,000,000 |
Spread on variable rate | 1.75% | ||||
Truist Credit Facility | Line of Credit | Federal Resere Bank of New York Rate | |||||
Subsequent Event | |||||
Spread on variable rate | 0.50% | 0.50% | |||
Truist Credit Facility | Line of Credit | Eurocurrency option | |||||
Subsequent Event | |||||
Spread on variable rate | 1.875% | 1.875% | |||
Subsequent Events | Truist Credit Facility | Line of Credit | |||||
Subsequent Event | |||||
Maximum borrowing capacity | $ 1,120,000,000 | ||||
Subsequent Events | Truist Credit Facility | Line of Credit | Federal Resere Bank of New York Rate | |||||
Subsequent Event | |||||
Spread on variable rate | 0.50% | ||||
Subsequent Events | Truist Credit Facility | Line of Credit | SOFR | |||||
Subsequent Event | |||||
Spread on variable rate | 1% | ||||
Subsequent Events | Truist Credit Facility | Line of Credit | SOFR | Borrowing base conditions one | |||||
Subsequent Event | |||||
Spread on variable rate | 0.875% | ||||
Subsequent Events | Truist Credit Facility | Line of Credit | Eurocurrency option | |||||
Subsequent Event | |||||
Spread on variable rate | 1.875% |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure | |||||||
Net Income (Loss) | $ 73,408 | $ 9,442 | $ 173,627 | $ 28,425 | $ 48,542 | $ 83,255 | $ 18,297 |
N-2
N-2 - USD ($) | Jan. 23, 2024 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cover [Abstract] | |||||||
Entity Central Index Key | 0001782524 | ||||||
Amendment Flag | false | ||||||
Document Type | 424B1 | ||||||
Entity Registrant Name | MORGAN STANLEY DIRECT LENDING FUND | ||||||
Fee Table [Abstract] | |||||||
Shareholder Transaction Expenses [Table Text Block] | Stockholder transaction expenses ( as a percentage of offering price ): Sales load 6.00 % (1) Offering expenses 1.74 % (2) Dividend reinvestment plan expenses — % (3) Total stockholder transaction expenses 7.74 % Estimated annual expenses (as a percentage of net assets attributable to Common Stock): Base management fee 2.08 % (4) Incentive fees payable under the Investment Advisory Agreement (17.5% of net investment income and realized capital gains) 2.87 % (5) Interest payments on borrowed funds 7.95 % (6) Other expenses 0.41 % (7) Total annual expenses (estimated) 13.31 % Management Fee Waiver (0.52) % (4) Incentive Fee Waiver (0.41) % (5) Total net annual expenses (estimated) 12.38 % (1) The underwriting discount and commission with respect to shares of Common Stock sold in this offering, which is a one-time fee paid to the underwriters, is the only sales load paid in connection with this offering. (2) Amount reflects estimated offering expenses of approximately $1.8 million. (3) The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. For additional information, see “ Dividend Reinvestment Plan. | ||||||
Sales Load [Percent] | 6% | ||||||
Other Transaction Expenses [Abstract] | |||||||
Annual Expenses [Table Text Block] | Stockholder transaction expenses ( as a percentage of offering price ): Sales load 6.00 % (1) Offering expenses 1.74 % (2) Dividend reinvestment plan expenses — % (3) Total stockholder transaction expenses 7.74 % Estimated annual expenses (as a percentage of net assets attributable to Common Stock): Base management fee 2.08 % (4) Incentive fees payable under the Investment Advisory Agreement (17.5% of net investment income and realized capital gains) 2.87 % (5) Interest payments on borrowed funds 7.95 % (6) Other expenses 0.41 % (7) Total annual expenses (estimated) 13.31 % Management Fee Waiver (0.52) % (4) Incentive Fee Waiver (0.41) % (5) Total net annual expenses (estimated) 12.38 % (4) Our base management fee is calculated at an annual rate of 1.0% of our average gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents. For purposes of this table, we have assumed that we maintain no cash or cash equivalents. During the Waiver Period, the Adviser has agreed to waive its right to receive the base management fee in excess of 0.75% of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents. The base management fee reflected in the table is calculated by determining the ratio that the base management fee bears to our net assets attributable to Common Stock (rather than our gross assets). The estimate of our base management fee referenced in the table assumes that our average gross assets are 2.21x our average net assets. See “ Management Agreements — Investment Advisory Agreement and Administration Agreement. (5) Our incentive fee consists of two parts. The first part is determined and paid quarterly based on our pre-incentive fee net investment income and the second part is determined and payable in arrears based on net capital gains as of the end of each calendar year or upon termination of the Investment Advisory Agreement. The table reflects each incentive fee calculated at a rate of 17.5%. Similar to the waiver referenced in footnote (4) above, the Adviser has agreed to waive its right to receive each component of the incentive fee above 15% during the Waiver Period. See “ Management Agreements — Investment Advisory Agreement and Administration Agreement. (6) Interest payments on borrowed funds represents an estimate of our annualized interest expense based on our total borrowings as of September 30, 2023. For the quarter ended September 30, 2023, the weighted average effective interest rate (excluding unused fees and financing costs) for total outstanding debt was 6.64%. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act. See “Description of Capital Stock — Preferred Stock.” (7) “Other expenses” includes estimated overhead expenses, including payments under the Administration Agreement with our Administrator, and is estimated for the current fiscal year. See “ Management Agreements — Investment Advisory Agreement and Administration Agreement. | ||||||
Management Fees [Percent] | 2.87% | ||||||
Interest Expenses on Borrowings [Percent] | 7.95% | ||||||
Other Annual Expenses [Abstract] | |||||||
Other Annual Expenses [Percent] | 0.41% | ||||||
Total Annual Expenses [Percent] | 0.1331% | ||||||
Expense Example [Table Text Block] | Example The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our Common Stock. In calculating the following expense amounts, we have assumed that our annual operating expenses remain at the levels set forth in the table above, except for the incentive fee based on income, and that stockholders pay stockholder transaction expenses of 7.74% with respect to Common Stock sold by us in this offering. 1 year 3 years 5 years 10 years You would pay the following expenses on a $1,000 Common Stock investment, assuming a 5% annual return (none of which is subject to the incentive fee based on capital gains) (1) $ 167 $ 340 $ 495 $ 814 You would pay the following expenses on a $1,000 Common Stock investment, assuming a 5% annual return resulting entirely from net realized capital gains (all of which is subject to the incentive fee based on capital gains) (2) $ 187 $ 396 $ 572 $ 898 (1) Assumes that we will not realize any capital gains computed net of all realized capital losses and unrealized capital depreciation. (2) Assumes no unrealized capital depreciation and a 5% annual return resulting entirely from net realized capital gains and not otherwise deferrable under the terms of the Investment Advisory Agreement and therefore subject to the incentive fee based on capital gains. Because our investment strategy involves investments that generate primarily current income, we believe that a 5% annual return resulting entirely from net realized capital gains is unlikely. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. The incentive fee under our Investment Advisory Agreement, which, assuming a 5% annual return, would either not be payable or would have an insignificant impact on the expense amounts shown above, is not included in the example. The example assumes inclusion of offering expenses of approximately $1.8 million and reinvestment of all distributions at net asset value. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our DRIP will receive a number of shares of Common Stock, determined by dividing the total dollar amount of the dividend or distribution payable to a participant by the market price per share of Common Stock at the close of trading on the valuation date for the dividend. See “ Dividend Reinvestment Plan ” for additional information regarding our DRIP. This example should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown. The amounts included in the table above for “ Other expenses ” represent our estimates based on actual amounts incurred for the nine months ended September 30, 2023, annualized for a full year . | ||||||
Expense Example, Year 01 | $ 187 | ||||||
Expense Example, Years 1 to 3 | 396 | ||||||
Expense Example, Years 1 to 5 | 572 | ||||||
Expense Example, Years 1 to 10 | $ 898 | ||||||
Purpose of Fee Table , Note [Text Block] | The following table is intended to assist you in understanding the fees and expenses that an investor in this offering will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. The expenses shown in the table under “annual expenses” are based on estimated amounts for our current fiscal year and assume that we issue 5,000,000 shares of Common Stock in the offering, based on the offering price equal to $20.67 per share. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “us” or that “we” will pay fees or expenses, our stockholders will indirectly bear such fees or expenses as our investors. | ||||||
Other Expenses, Note [Text Block] | The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. For additional information, see “ Dividend Reinvestment Plan. | ||||||
Financial Highlights [Abstract] | |||||||
Senior Securities [Table Text Block] | Involuntary Total Amount Liquidating Average Outstanding Exclusive of Asset Coverage Preference Market Value Class and Period Treasury Securities (1) per Unit (2) per Unit (3) per Unit ($in thousands) ($in thousands) 2025 Notes September 30, 2023 (unaudited) $ 275,000 1,859 — N/A (4) December 31, 2022 $ 275,000 1,912 — N/A (4) 2027 Notes September 30, 2023 (unaudited) $ 425,000 1,859 — N/A (4) December 31, 2022 $ 425,000 1,912 — N/A (4) Truist Credit Facility September 30, 2023 (unaudited) $ 680,252 1,859 — N/A (4) December 31, 2022 $ 432,254 1,912 — N/A (4) December 31, 2021 $ 476,000 1,951 — N/A (4) BNP Funding Facility September 30, 2023 (unaudited) $ 345,000 1,859 — N/A (4) December 31, 2022 $ 400,000 1,912 — N/A (4) December 31, 2021 $ 463,500 1,951 — N/A (4) December 31, 2020 $ 0 — — N/A (4) CIBC Subscription Facility September 30, 2023 (unaudited) $ — — — N/A (4) December 31, 2022 $ — — — N/A (4) December 31, 2021 $ 310,350 1,951 — N/A (4) December 31, 2020 $ 333,850 1,903 — N/A (4) December 31, 2019 $ 0 — — N/A (4) (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “ — ” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. (4) Not applicable because the senior securities are not registered for public trading on a stock exchange. | ||||||
Senior Securities Coverage per Unit | $ 1,000,000 | ||||||
Senior Securities, Note [Text Block] | Information about the Company’s senior securities is shown as of the dates indicated in the below table. This information about the Company’s senior securities should be read in conjunction with the Company’s audited consolidated financial statements and related notes thereto and “ Management’s Discussion and Analysis of Financial Condition and Results of Operation | ||||||
General Description of Registrant [Abstract] | |||||||
Risk Factors [Table Text Block] | RISK FACTORS Investing in shares of our Common Stock involves a number of significant risks. Before you invest in shares of our Common Stock, you should be aware of various risks, including those described below. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, our net asset value could decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in us as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours. Risks Relating to Our Business and Structure Operating as a BDC imposes numerous constraints on us and significantly reduces our operating flexibility. In addition, if we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company, which would subject us to additional regulatory restrictions. The 1940 Act imposes numerous constraints on the operations of BDCs that do not apply to certain of the other investment vehicles advised by our Adviser and its affiliates. BDCs are required, for example, to invest at least 70% of their total assets primarily in securities of U.S. private or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt instruments that mature in one year or less from the date of investment. These constraints may hinder our ability to take advantage of attractive investment opportunities and to achieve our investment objective. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. We may be precluded from investing in what our Adviser believes are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we will be prohibited from making any additional investment that is not a qualifying asset and could be forced to forgo attractive investment opportunities. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position). If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under any outstanding indebtedness we might have, which could have a material adverse effect on our business, financial condition or results of operations. We are subject to risks associated with the current interest rate environment and to the extent we use debt to finance our investments, changes in interest rates will affect our cost of capital and net investment income. To the extent we borrow money or issue debt securities or any preferred stock to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds or pay interest or distributions on such debt securities or preferred stock and the rate at which we invest these funds. In addition, we anticipate that many of our debt investments and borrowings will have floating interest rates that reset on a periodic basis, and many of our investments will be subject to interest rate floors. As a result, a significant change in market interest rates could have a material adverse effect on our net investment income. Rising interest rates on floating rate loans we make to portfolio companies could drive an increase in defaults or accelerated refinancings. Some portfolio companies may be unable to refinance into fixed rate loans or repay outstanding amounts, leading to a gradual decline in the credit quality of our portfolio. In periods of rising interest rates, our cost of funds will increase because we expect that the interest rates on the majority of amounts we borrow will be floating. This change could reduce our net investment income to the extent any debt investments have fixed interest rates. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act and applicable commodities laws. These activities may limit our ability to benefit from lower interest rates with respect to hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. The discontinuation of LIBOR and replacement or reform of other interest rate benchmarks may adversely affect our business and results of operations. Many financial instruments have historically used a floating rate based on LIBOR, which was the offered rate for short-term Eurodollar deposits between major international banks. LIBOR was and other benchmark interest rates may, in the future, be the subject of national and international regulatory scrutiny. Following their publication on June 30, 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued. On March 15, 2022, the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration), has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S. dollar LIBOR until the end of this period. Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for certain LIBOR-based instruments in the United States), the transition process is complex. The market transition away from LIBOR and reform, modification, or adjustments of other reference rate benchmarks to alternative reference rates is complex and could have a range of adverse impacts on our business, financial condition and results of operations. In particular, any such transition or reform could: ● Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products, including any securities linked to the applicable benchmark rate, loans and derivatives that are included in our assets and liabilities; ● Require further extensive changes to documentation that governs or references products using the applicable benchmark rate, including, for example, pursuant to time-consuming renegotiations of existing documentation to modify the terms of outstanding transactions; ● Result in disputes, litigation or other actions with portfolio companies, or other counterparties, regarding the interpretation and enforceability of provisions in investments that utilize certain benchmark rates, the transition from one benchmark rate to other benchmark rates, including through fallback language, legislative requirements or other related provisions or in connection with any economic, legal, operational or other impact resulting from the fundamental differences of the various alternative reference rates; ● Require the transition and/or development of appropriate systems and analytics to effectively transition risk management processes to those based on one or more alternative reference rates in a timely manner, including by quantifying value and risk for various alternative reference rates, which may prove challenging given the limited history of an applicable alternative reference rate; and ● Cause us to incur additional costs in relation to any of the above factors. In addition, the failure of any alternative benchmark rate to gain or maintain market acceptance could adversely affect the return on, value of and market for securities, variable rate debt and derivative financial instruments linked to such rates. Depending on several factors, including those set forth above, our business, financial condition and results of operations could be materially adversely impacted by the market transition or reform of certain reference rates and benchmarks. Other factors include the pace of the transition to replacement or reformed rates, timing mismatches between cash and derivative markets, the specific terms and parameters for and market acceptance of any alternative reference rate, market conventions for the use of any alternative reference rate in connection with a particular product (including the timing and market adoption of any conventions proposed or recommended by any industry or other group), prices of and the liquidity of trading markets for products based on alternative reference rates, and our ability to transition and develop appropriate systems and analytics for one or more alternative reference rates. As of September 30, 2023, we did not hold any investments in our debt portfolio that bore interest at a floating rate determined on the basis of LIBOR. We depend upon our Adviser and Administrator for our success and upon their access to the investment professionals and partners of Morgan Stanley and its affiliates. We do not have any internal management capacity or employees. We depend on the diligence, skill and network of business contacts of the senior investment professionals of our Adviser to achieve our investment objective. We cannot assure you that we will replicate the historical results achieved for other Morgan Stanley funds, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. We expect that the Adviser will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of the Investment Advisory Agreement. We can offer no assurance, however, that the senior investment professionals of the Adviser will continue to provide investment advice to us. The loss of any member of the Investment Committee or of other senior investment professionals of the Adviser and its affiliates could limit our ability to achieve our investment objective and operate as we anticipate. In addition, we can offer no assurance that the resources, relationships and expertise of Morgan Stanley will be available for every transaction or generally during the term of the Company. This could have a material adverse effect on our financial condition, results of operations and cash flows. For the avoidance of doubt, we are not a subsidiary of or consolidated with Morgan Stanley. Furthermore, Morgan Stanley has no obligation, contractual or otherwise, to financially support us. See “ Management’s Discussion and Analysis of Financial Condition and Results of Operations — MS Credit Partners Holdings Investment We depend on the diligence, skill and network of business contacts of the professionals available to our Administrator to carry out the administrative functions necessary for us to operate, including the ability to select and engage sub-administrators and third-party service providers. We can offer no assurance, however, that the professionals of the Administrator will continue to provide administrative services to us. In addition, we can offer no assurance that the resources, relationships and expertise of Morgan Stanley will be available to the Administrator throughout the term of the Company. This could have a material adverse effect on our financial condition, results of operations and cash flows. Our business model depends to a significant extent upon strong referral relationships with private equity sponsors. Any inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. We depend upon the Adviser’s and its affiliates’ relationships with private equity sponsors, and we intend to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser fails to maintain such relationships, or to develop new relationships with other sponsors or sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the principals of the Adviser and its affiliates have relationships are not obligated to provide us with investment opportunities, and, therefore, we can offer no assurance that these relationships will generate investment opportunities for us in the future. The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to the fact that neither our Adviser nor its affiliates are prohibited from raising money for or managing another entity that makes the same types of investments that we target. The Adviser and its affiliates currently serve as the investment adviser for various funds, accounts and strategies, including the funds and accounts on the MS Private Credit platform, including the MS BDCs, and are not prohibited from raising money for and managing future investment entities that make the same or similar types of investments as those we target. As a result, the time and resources that our Adviser devotes to us may be diverted, and during times of intense activity in other investment programs they may devote less time and resources to our business than is necessary or appropriate. In addition, we may compete with any such investment entity also advised by the Adviser or its affiliates for the same investors and investment opportunities. We may not replicate the historical results achieved by other entities advised or sponsored by members of the Investment Committee, or by the Adviser or its affiliates. Our investments may differ from those of existing accounts that are or have been sponsored or advised by members of the Investment Committee, the Adviser or affiliates of the Adviser. Investors in our securities are not acquiring an interest in any accounts that are or have been sponsored or advised by members of the Investment Committee, the Adviser or affiliates of the Adviser. Subject to the requirements of the 1940 Act and the provisions of the co-investment exemptive order applicable to us, or, as amended, the exemptive order, we often co-invest in portfolio investments with other Affiliated Investment Accounts. Any such investments are subject to regulatory limitations and approvals by the Independent Directors. We can offer no assurance, however, that we will obtain such approvals or develop opportunities that comply with such limitations. We also cannot assure you that we will replicate the historical results achieved for other Morgan Stanley funds by members of the Investment Committee (including the Affiliated Investment Accounts), and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. Additionally, all or a portion of the prior results may have been achieved in particular market conditions which may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance. Our financial condition and results of operation depend on our ability to manage future growth effectively. Our ability to achieve our investment objective depends on our ability to grow, which depends, in turn, on the Adviser’s ability to identify, invest in and monitor companies that meet our investment selection criteria. Accomplishing this result on a cost-effective basis is largely a function of the Adviser’s structuring of the investment process, its ability to provide competent, attentive and efficient services to us and our access to financing on acceptable terms. We can offer no assurance that any current or future employees of the Adviser will contribute effectively to the work of, or remain associated with, the Adviser. We caution you that the principals of our Adviser or Administrator may also be called upon to provide managerial assistance to our portfolio companies and those of other investment vehicles, including the MS BDCs, which are advised by the Adviser. Such demands on their time may distract them or slow our rate of investment. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. The Adviser may frequently be required to make investment analyses and decisions on an expedited basis in order to take advantage of investment opportunities, and our Adviser may not have knowledge of all circumstances that could impact our investments. Investment analyses and decisions by the Adviser may frequently be required to be undertaken on an expedited basis to take advantage of investment opportunities. In such cases, the information available to the Adviser at the time of making an investment decision may be limited. Therefore, we can offer no assurance that the Adviser will have knowledge of all circumstances that may adversely affect a portfolio investment, and the Adviser may make portfolio investments which it would not have made if more extensive due diligence had been undertaken. In addition, the Adviser may rely upon independent consultants and advisors in connection with its evaluation of proposed investments, and we can offer no assurance as to the accuracy or completeness of the information provided by such independent consultants and advisors or to the Adviser’s right of recourse against them in the event errors or omissions do occur. There are significant potential conflicts of interest that could affect our investment returns. As a result of our Adviser and Administrator’s affiliation with, and the Investment Committee members’ employment by, Morgan Stanley, there may be times when the Adviser, the Administrator or such persons have interests that differ from those of our stockholders, giving rise to a conflict of interest. As a diversified global financial services firm, Morgan Stanley engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of our stockholders, notwithstanding Morgan Stanley’s participation as one of our investors. Investors should be aware that potential and actual conflicts of interest between Morgan Stanley or any Affiliated Investment Account, on the one hand, and us, on the other hand, may exist and others may arise in connection with our operation. Morgan Stanley’s employees may also have interests separate from those of Morgan Stanley and us. There is no assurance that conflicts of interest will be resolved in favor of the Company’s stockholders, and, in fact, they may not be. Conflicts related to obligations the Investment Committee, the Adviser or its affiliates have to other clients and conflicts related to fees and expenses of such other clients. Morgan Stanley, the parent company of the Adviser, has advised and may advise clients and has sponsored, managed or advised other Affiliated Investment Accounts with a wide variety of investment objectives that in some instances may overlap or conflict with our investment objectives and present conflicts of interest. In addition, Morgan Stanley routinely makes equity and debt investments in connection with its global business and operations. MS Private Credit may also from time to time create new or successor Affiliated Investment Accounts that may compete with us and present similar conflicts of interest. In serving in these multiple capacities, Morgan Stanley, including the Adviser, the Investment Committee and the Investment Team, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of us or our stockholders. For example, in connection with the management of investments for other Affiliated Investment Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with our portfolio investments. Our investment objective may overlap with the investment objectives of certain Affiliated Investment Accounts. For example, the Adviser currently serves as the investment adviser to the MS BDCs. As a result, the members of the Investment Committee may face conflicts in the allocation of investment opportunities among us and other Affiliated Investment Accounts. Certain Affiliated Investment Accounts, including the MS BDCs, may provide for higher management fees, incentive fees, greater expense reimbursements or overhead allocations or may permit the Adviser and its affiliates to receive higher origination and other transaction fees, all of which may contribute to this conflict of interest and create an incentive for the Adviser to favor such Affiliated Investment Accounts. For example, the 1940 Act restricts the Adviser from receiving more than a 1% fee in connection with loans that we acquire, or originate, a limitation that does not exist for certain other accounts. Morgan Stanley currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities in North America, Europe and elsewhere. Morgan Stanley and, to the extent consistent with applicable law and/or exemptive relief, its Affiliated Investment Accounts will be permitted to invest in investment opportunities without making such opportunities available to us beforehand. Subject to the requirements of any applicable exemptive relief, Morgan Stanley may offer investments that fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within our investment objectives. We may invest in opportunities that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. In addition, to the extent permitted by applicable law, investment opportunities in companies in which certain Affiliated Investment Accounts have already invested may be available to the Company notwithstanding that the Company has no existing investments in such portfolio company, resulting in assets of the Company potentially providing value to, or otherwise supporting the investments of, other Affiliated Investment Accounts. All of the foregoing may reduce the number of investment opportunities available to us and may create conflicts of interest in allocating investment opportunities among the Company, itself and the Affiliated Investment Accounts, including the MS BDCs. Our Adviser has established allocation policies and procedures and will continue to allocate opportunities among one or more of the Company and such Affiliated Investment Accounts in accordance with the terms of such policies and procedures. Investors should note that such allocation decisions may not be resolved to our advantage. There can be no assurance that we will have an opportunity to participate in certain opportunities that fall within our investment objectives. It is possible that Morgan Stanley or an Affiliated Investment Account will invest in a company that is or becomes a competitor of one of our portfolio companies. Such investment could create conflicts of interest among the Company, Morgan Stanley and/or the Affiliated Investment Account. Morgan Stanley may also have conflicts of interest in the allocation of Morgan Stanley resources to the portfolio company. In addition, certain Affiliated Investment Accounts will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with us. In certain cases, we may be unable to invest in attractive opportunities because of the investment by these Affiliated Investment Accounts in such private equity or private credit sponsoring funds. We do not expect to invest in, or hold securities of, companies that are controlled by an affiliate’s other clients. However, our Adviser or an affiliate’s other clients may invest in, and gain control over, one of our portfolio companies. If our Adviser or an affiliate’s other client, or clients, gains control over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions our Adviser may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, our Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, our Adviser may choose to exit such investments prematurely and, as a result, we may forego any positive returns associated with such investments. In addition, to the extent that an affiliate’s other client holds a different class of securities than us as a result of such transactions, our interests may not be aligned. It should be noted that Morgan Stanley has, directly and indirectly, made investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley’s investment in us in itself may not determine the outcome in the resolution of any of the foregoing conflicts. In the course of our investing activities, we pay management and incentive fees to the Adviser and reimburse certain expenses of the Administrator. As a result, investors in shares of our Common Stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than one might achieve through direct investments. As a result of this arrangement, there may be times when the Adviser has interests that differ from those of our common stockholders, giving rise to a conflict. The Investment Committee, the Adviser or its affiliates may, from time to time, possess material non-public information, or may not have access to certain information held by Morgan Stanley, each of which would limit our investment discretion. Principals of the Adviser and its affiliates and members of the Investment Committee may serve as directors of, or in a similar capacity with, companies in which we invest, the securities of which are purchased or sold on our behalf. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions in order to comply with applicable law, regulatory restrictions or internal policies or procedures, including without limitation joint transaction restrictions pursuant to the 1940 Act, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us. The Adviser and/or Morgan Stanley may also from time to time be subject to contractual “stand-still” obligations and/or confidentiality obligations that may restrict the Adviser’s ability to trade in or make certain investments on behalf of the Company. In addition, Morgan Stanley may be precluded from disclosing such information to the Investment Team, even in circumstances in which the information would benefit the Company if disclosed. Therefore, the Adviser may not be provided access to material nonpublic information in the possession of Morgan Stanley that might be relevant to an investment decision to be made by the Company, and the Company may initiate a transaction or sell an investment that, if such information had been known to it, may not have been undertaken. In addition, certain members of the Investment Team and of the Investment Committee may be recused from certain investment-related discussions, including investment committee meetings, so that such members do not receive information that would limit their ability to perform functions of their employment with Morgan Stanley unrelated to the Company. Furthermore, access to certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan Stanley in order to manage potential conflicts of interest and regulatory restrictions, including without limitation joint transaction restrictions pursuant to the 1940 Act. Accordingly, the Company’s ability to source investments from other business units within Morgan Stanley may be limited and there can be no assurance that the Company will be able to source any investments from any one or more parts of the Morgan Stanley network. Our management fee and incentive fee structure may create incentives for the Adviser that are not fully aligned with the interests of our stockholders and may induce the Adviser to make speculative investments. In the course of our investing activities, we pay a management fee and incentive fees to the Adviser. The base management fee is based on our average gross assets and the incentive fee is computed and paid on income, both of which include leverage. As a result, investors in shares of our Common Stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than one might achieve through direct investments. Because the management fee is based on our average gross assets, the Adviser benefits when we incur debt or use leverage. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor us and our stockholders. In addition, as additional leverage would magnify positive returns, if any, on our portfolio, our incentive fee would become payable to our Adviser (i.e., exceed the hurdle rate) at a lower average return on our portfolio. Thus, if we incur additional leverage, our Adviser may receive additional incentive fees without any corresponding increase (and potentially with a decrease) in our net performance. Additionally, the incentive fee payable by us to the Adviser may create an incentive for the Adviser to cause us to realize capital gains or losses that may not be in the best interests of us or our stockholders. Under the incentive fee structure, the Adviser benefits when we recognize capital gains and, because the Adviser determines when an investment is sold, the Adviser controls the timing of the recognition of such capital gains. As a result, our Adviser may have an incentive to invest more in companies whose securities are likely to yield capital gains, as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Payment-in-kind, or PIK, interest and original issue discount, or OID, would increase our pre-incentive fee net investment income by increasing the size of the loan balance of underlying loa | ||||||
Effects of Leverage [Text Block] | Based on our outstanding indebtedness of $1,725.3 million as of September 30, 2023 and the effective weighted average annual interest rate of 6.64% as of that date (excluding unused fees and financing costs), our investment portfolio would have been required to experience an annual return of at least 3.50% to cover annual interest payments on the outstanding debt. | ||||||
Annual Coverage Return Rate [Percent] | 3.50% | ||||||
Effects of Leverage [Table Text Block] | The following table illustrates the effect of leverage on returns from an investment in our Common Stock as of September 30, 2023, assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (Net of Expenses) (10)% (5)% 0% 5% 10% Corresponding return to common stockholder assuming actual asset coverage as of September 30, 2023 (1) (29.9) % (18.8) % (7.7) % 3.3 % 14.4 % (1) Assumes $3,277.0 million in total assets, $1,725.3 million in debt outstanding and $1,481.5 million in net assets as of September 30,2023, and an effective weighted average annual interest of 6.64% as of September 30, 2023 (excluding unused fees and financing costs). | ||||||
Return at Minus Ten [Percent] | (29.90%) | ||||||
Return at Minus Five [Percent] | (18.80%) | ||||||
Return at Zero [Percent] | (7.70%) | ||||||
Return at Plus Five [Percent] | 3.30% | ||||||
Return at Plus Ten [Percent] | 14.40% | ||||||
NAV Per Share | $ 20.57 | $ 19.81 | $ 20 | $ 20.91 | $ 20.08 | $ 20 | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||
Capital Stock [Table Text Block] | DESCRIPTION OF CAPITAL STOCK The following description of our capital stock is based on relevant portions of the DGCL and on our Certificate of Incorporation and Bylaws. This summary is not necessarily complete, and we refer you to the DGCL and our Certificate of Incorporation and Bylaws, forms of which are incorporated by reference to the exhibits to the registration statement of which this prospectus is a part, for a more detailed description of the provisions summarized below. Our authorized stock consists of 100,000,000 shares of Common Stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share. Prior to this offering, there has been no public market for shares of our Common Stock, and we can offer no assurance that a market for shares of our Common Stock will develop in the future or that the market price for shares of our Common Stock will not decline following the offering. There are no outstanding options or warrants to purchase shares of our Common Stock. No stock has been authorized for issuance under any equity compensation plan. Under Delaware law, our stockholders generally are not personally liable for our debts or obligations. All shares of our Common Stock have equal rights as to earnings, assets, dividends and other distributions and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our Common Stock if, as and when authorized by our Board of Directors and declared by us out of assets legally available therefor. Shares of our Common Stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except when their transfer is restricted by federal and state securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our Common Stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our Common Stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our Common Stock possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of Common Stock can elect all of our directors, and holders of less than a majority of such shares are not able to elect any directors. Provisions of the DGCL and Our Certificate of Incorporation and Bylaws Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses The indemnification of our officers and directors is governed by Section 145 of the DGCL, our certificate of incorporation and bylaws. Section 145(a) of the DGCL empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if (1) such person acted in good faith, (2) in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and (3) with respect to any criminal action or proceeding, such person had no reasonable cause to believe the person’s conduct was unlawful. Section 145(b) of the DGCL empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the corporation, and except that no indemnification may be made in respect of any claim, issue or matter as to which such person has been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought determines upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court deems proper. Section 145 of the DGCL further provides that to the extent that a present or former director or officer is successful, on the merits or otherwise, in the defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person will be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with such action, suit or proceeding. In all cases in which indemnification is permitted under subsections (a) and (b) of Section 145 (unless ordered by a court), it will be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the applicable standard of conduct has been met by the party to be indemnified. Such determination must be made, with respect to a person who is a director or officer at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, (2) by a committee of such directors designated by majority vote of such directors, even though less than a quorum, (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion or (4) by the stockholders. The statute authorizes the corporation to pay expenses incurred by an officer or director in advance of the final disposition of a proceeding upon receipt of an undertaking by or on behalf of the person to whom the advance will be made, to repay the advances if it is ultimately determined that he or she was not entitled to indemnification. Section 145 of the DGCL also provides that indemnification and advancement of expenses permitted under such Section are not to be exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. Section 145 of the DGCL also authorizes the corporation to purchase and maintain liability insurance on behalf of its directors, officers, employees and agents regardless of whether the corporation would have the statutory power to indemnify such persons against the liabilities insured. Our certificate of incorporation provides that our directors will not be liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by the current DGCL or as the DGCL may be amended. Section 102(b)(7) of the DGCL provides that the personal liability of a director to a corporation or its stockholders for breach of fiduciary duty as a director may be eliminated except for liability (1) for any breach of the director’s duty of loyalty to the registrant or its stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) under Section 174 of the DGCL, relating to unlawful payment of dividends or unlawful stock purchases or redemption of stock or (4) for any transaction from which the director derives an improper personal benefit. Our bylaws provide for the indemnification of any person to the full extent permitted, and in the manner provided, by the current DGCL or as the DGCL may be amended. In addition, we have entered into indemnification agreements with each of our directors in order to effect the foregoing except to the extent that such indemnification would exceed the limitations on indemnification under section 17(h) of the 1940 Act. As a BDC, we are not permitted to and will not indemnify our Adviser, any of our executive officers and directors, or any other person against liability arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office, or by reason of reckless disregard of obligations and duties of such person arising under contract or agreement. Election of Directors Our bylaws provide that the affirmative vote of a majority of the total votes cast “for” or “against” a nominee for director at a duly called meeting of stockholders at which a quorum is present is required to elect a director in an uncontested election. In a contested election, directors are elected by a plurality of the votes cast at a meeting of stockholders duly called and at which is a quorum is present. Under our bylaws, our Board of Directors may amend the bylaws to alter the vote required to elect directors. Classified Board of Directors Our Board of Directors is divided into three classes of directors serving staggered three-year terms, with the term of office of only one of the three classes expiring each year. At each annual meeting of stockholders, directors of the class of directors whose term expires at such meeting will be elected to hold office for a term expiring at the third succeeding annual meeting of stockholders following the meeting at which they were elected and until their successors are duly elected and qualified. A classified Board of Directors may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified Board of Directors helps to ensure the continuity and stability of our management and policies. Number of Directors; Removal; Vacancies Our certificate of incorporation and bylaws provide that the number of directors will be set only by the Board of Directors. Our bylaws provide that a majority of our entire Board of Directors may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number of directors may never be less than the minimum number required by the DGCL. Under the DGCL, unless the certificate of incorporation provides otherwise (which our certificate of incorporation does not), directors on a classified board such as our Board of Directors may be removed only for cause. Under our certificate of incorporation and bylaws, any vacancy on the Board of Directors, including a vacancy resulting from an enlargement of the Board of Directors, may be filled only by vote of a majority of the directors then in office. The limitations on the ability of our stockholders to remove directors and fill vacancies could make it more difficult for a third-party to acquire, or discourage a third-party from seeking to acquire, control of us. Action by Stockholders Our certificate of incorporation provides that stockholder action can be taken only at an annual or special meeting of stockholders or by unanimous written consent in lieu of a meeting. This may have the effect of delaying consideration of a stockholder proposal until the next annual meeting. Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals Our bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to the Board of Directors and the proposal of business to be considered by stockholders may be made only (1) by or at the direction of the Board of Directors, (2) pursuant to our notice of meeting or (3) by a stockholder who was a stockholder of record at the time of provision of notice, at the record date and at the time of the meeting, who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board of Directors at a special meeting may be made only (1) by or at the direction of the Board of Directors or (2) provided that the special meeting has been called in accordance with our bylaws for the purposes of electing directors, by a stockholder who was a stockholder of record at the time of provision of notice, at the record date and at the time of the meeting, who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws. The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our Board of Directors a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board of Directors, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board of Directors any power to disapprove stockholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our stockholders. Calling of Special Meetings of Stockholders Our bylaws provide that special meetings of stockholders may be called by our Board of Directors and certain of our officers. Additionally, our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called by the secretary of the corporation upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting. Delaware Anti-Takeover Law The DGCL contains provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board of Directors. These measures may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders. Our Board of Directors has considered the implications of these provisions, including Section 203 of the DGCL, which is described in further detail below, and believes, however, that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because the negotiation of such proposals may improve their terms. We are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general, these provisions prohibit a Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder, unless: ● prior to such time, the board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; ● upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or ● at or subsequent to such time, the business combination is approved by the board of directors and authorized at a meeting of stockholders, by at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder. Section 203 of the DGCL defines “business combination” to include the following: ● any merger or consolidation involving the corporation and the interested stockholder; ● any sale, transfer, pledge or other disposition (in one transaction or a series of transactions) of 10% or more of either the aggregate market value of all the assets of the corporation or the aggregate market value of all the outstanding stock of the corporation involving the interested stockholder; ● subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; ● any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation owned by the interested stockholder; or ● the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. In general, Section 203 of the DGCL defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by any of these entities or persons. The statute could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us. Our Board of Directors may choose to adopt a resolution exempting from Section 203 of the DGCL any business combination between us and any other person, subject to prior approval of such business combination by our Board of Directors, including approval by a majority of our Independent Directors. The Company is aware of certain recent federal and state court decisions regarding certain control share statutes in jurisdictions other than Delaware holding that such control share statutes are not consistent with the 1940 Act and acknowledges the possibility that a court may determine that Section 203 of the DGCL similarly conflicts with the 1940 Act. The Company’s bylaws provide that to the extent that any provision of the DGCL, including Section 203 of the DGCL, conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act shall control. Conflict with 1940 Act Our bylaws provide that, if and to the extent that any provision of the DGCL or any provision of our certificate of incorporation or bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control. Exclusive Forum Our certificate of incorporation and bylaws provide that, to the fullest extent permitted by law, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (1) any derivative action or proceeding brought on behalf of the Company, (2) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company’s stockholders, (3) any action asserting a claim arising pursuant to any provision of the DGCL, our certificate of incorporation or bylaws or the securities, antifraud, unfair trade practices or similar laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder, or (4) any action asserting a claim governed by the internal affairs doctrine will be a federal or state court located in the state of Delaware. Any person or entity purchasing or otherwise acquiring any interest in shares of our Common Stock will be deemed, to the fullest extent permitted by law, to have notice of and consented to these exclusive forum provisions and to have irrevocably submitted to, and waived any objection to, the exclusive jurisdiction of such courts in connection with any such action or proceeding and consented to process being served in any such action or proceeding, without limitation, by U.S. mail addressed to the stockholder at the stockholder’s address as it appears on the records of the Company, with postage thereon prepaid. Our certificate of incorporation includes this provision so that we can respond to litigation more efficiently, reduce the costs associated with our responses to such litigation, particularly litigation that might otherwise be brought in multiple forums, and make it less likely that plaintiffs’ attorneys will be able to employ such litigation to coerce us into otherwise unjustified settlements. However, this exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that such stockholder believes is favorable for disputes with us or our directors, officers or other employees, if any, and may discourage lawsuits against us and our directors, officers or other employees, if any. Alternatively, if a court were to find such provision inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition and results of operations. The exclusive forum provision does not apply to claims arising under the federal securities laws. | ||||||
Security Title [Text Block] | Common Stock | ||||||
Security Dividends [Text Block] | Distributions may be paid to the holders of our Common Stock if, as and when authorized by our Board of Directors and declared by us out of assets legally available therefor | ||||||
Security Voting Rights [Text Block] | Each share of our Common Stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our Common Stock possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of Common Stock can elect all of our directors, and holders of less than a majority of such shares are not able to elect any directors. | ||||||
Security Liquidation Rights [Text Block] | In the event of our liquidation, dissolution or winding up, each share of our Common Stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. | ||||||
Security Preemptive and Other Rights [Text Block] | Shares of our Common Stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except when their transfer is restricted by federal and state securities laws or by contract. | ||||||
Security Obligations of Ownership [Text Block] | There are no outstanding options or warrants to purchase shares of our Common Stock. No stock has been authorized for issuance under any equity compensation plan. Under Delaware law, our stockholders generally are not personally liable for our debts or obligations. | ||||||
Long Term Debt, Principal | $ 1,725,300,000 | ||||||
Risks Relating To Our Investments [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Risks Relating to Our Investments Limitations of investment due diligence expose us to investment risk. Our due diligence may not reveal all of a portfolio company’s liabilities and may not reveal other weaknesses in its business. We can offer no assurance that our due diligence processes will uncover all relevant facts that would be material to an investment decision. Before making an investment in, or a loan to, a company, our Adviser will assess the strength and skills of the company’s management and other factors that it believes are material to the performance of the investment. In making the assessment and otherwise conducting customary due diligence, our Adviser will rely on the resources available to it and, in some cases, an investigation by third parties. This process is particularly important and highly subjective with respect to newly organized entities because there may be little or no information publicly available about the entities. We may make investments in, or loans to, companies which are not subject to public company reporting requirements including requirements regarding preparation of financial statements and our portfolio companies may utilize divergent reporting standards that may make it difficult for the Adviser to accurately assess the prior performance of a portfolio company. We will, therefore, depend upon the compliance by investment companies with their contractual reporting obligations. As a result, the evaluation of potential investments and our ability to perform due diligence on, and effectively monitor investments, may be impeded, and we may not realize the returns which we expect on any particular investment. In the event of fraud by any company in which we invest or with respect to which we make a loan, we may suffer a partial or total loss of the amounts invested in that company. Our debt investments may be risky and we could lose all or part of our investments. The debt instruments in which we invest are typically not rated by any rating agency, but we believe that if such investments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB–” by Fitch Ratings or lower than “BBB–” by Standard & Poor’s Ratings Services), which under the guidelines established by these entities is an indication of having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” Therefore, our investments may result in an above average amount of risk and volatility or loss of principal. Defaults by our portfolio companies will harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its debt financing and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company’s ability to meet its obligations under the debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. In addition, lenders in certain cases can be subject to lender liability claims for actions taken by them when they become too involved in the borrower’s business or exercise control over a borrower. It is possible that we could become subject to a lender’s liability claim, including as a result of actions taken if we render managerial assistance to the borrower. Economic recessions or downturns could impair our portfolio companies and defaults by our portfolio companies will harm our operating results. Many of our portfolio companies are susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets are likely to increase and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm our operating results. For more information, see “— We are operating in a period of capital markets volatility and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations. Inflation and supply chain risk could adversely impact our portfolio companies and our results of our operations. Economic activity has accelerated across sectors and regions in recent periods. Nevertheless, due to global supply chain issues, a rise in energy prices, strong consumer demand and other factors, inflation has accelerated in the U.S. and globally. Higher inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy could continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins. We may hold the debt securities of distressed companies that may enter into bankruptcy proceedings. Companies that are financially distressed due to leverage or other factors may experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversary proceedings and are beyond the control of the creditors. A bankruptcy filing by an issuer may adversely and permanently affect the issuer. If the proceeding is converted to a liquidation, the value of the issuer may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs of a bankruptcy proceeding are frequently high and would be paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial. Depending on the facts and circumstances of our investments and the extent of our involvement in the management of a portfolio company, upon the bankruptcy of a portfolio company, a bankruptcy court may recharacterize our debt investments as equity interests and subordinate all or a portion of our claim to that of other creditors. This could occur even though we may have structured our investment as senior debt. Our investments in private, middle-market portfolio companies are risky, and you could lose all or part of your investment. Investments in private, middle-market companies involve a number of significant risks. Generally, little public information exists about these companies, and we rely on the ability of the Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. Further, these companies may not have third-party debt ratings or audited financial statements. We must therefore rely solely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies, which information may not include all information or resources which may be available from other areas of Morgan Stanley. If the Adviser is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and we may lose money on our investments. Middle-market companies generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Middle-market companies may have limited financial resources, may have difficulty accessing the capital markets to meet future capital needs and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, our executive officers, directors and the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments. Subordinated liens on collateral securing debt investments that we will make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us. Certain debt investments that we make in portfolio companies will be secured on a second priority basis by the same collateral securing senior debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the debt. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. We can offer no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any. Similarly, investments in “last out” pieces of tranched first lien loans will be similar to second lien loans in that such investments will be junior in priority to the “first out” piece of the same tranched loan with respect to payment of principal, interest and other amounts. We may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on such portfolio companies’ collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. We can offer no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any. The rights we may have with respect to the collateral securing the debt investments we make in our portfolio companies with senior debt outstanding, or first-out pieces of tranched first lien debt, may also be limited pursuant to the terms of one or more inter-creditor agreements that we enter into with the holders of senior debt. Under such an inter-creditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected. Covenant-lite loans may expose us to different risks, including with respect to liquidity, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants. Certain loans in our portfolio may consist of “covenant-lite” loans. Generally, covenant-lite loans permit borrowers more opportunity to negatively impact lenders because such loans may not require the borrower to maintain debt service or other financial ratios and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Accordingly, to the extent we invest in covenant-lite loans, we may have less protection from borrower actions and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Ownership of covenant-lite loans may expose us to different risks, including with respect to liquidity, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants. As of September 30, 2023, approximately 24% of our portfolio, measured as percent of gross commitments, is in loans that are considered “covenant-lite.” The lack of liquidity in our investments may adversely affect our business. Our investments are illiquid in most cases, and we can offer no assurance that we will be able to realize on such investments in a timely manner. A substantial portion of our investments in leveraged companies are and will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, the Adviser or any of its affiliates have material nonpublic information regarding such portfolio company. In addition, we generally expect to invest in securities, instruments and assets that are not, and are not expected to become, publicly traded. We will generally not be able to sell securities publicly unless the sale is registered under applicable securities laws, or unless an exemption from such registration requirements is available. Investments may be illiquid and long-term. Illiquidity may result from the absence of an established or liquid market for investments as well as legal and contractual restrictions on their resale by us. It is generally expected that we will hold assets to maturity, and the amount of “discretionary sales” of investments generally will be limited. Our investment in illiquid investments may restrict its ability to dispose of investments in a timely fashion and for a fair price. Furthermore, we likely will be limited in our ability to sell investments because Morgan Stanley may have material, non-public information regarding the issuers of such loans or investments or as a result of measures established by Morgan Stanley in order to comply with applicable law, regulatory restrictions or internal policies or procedures, including without limitation joint transaction restrictions pursuant to the 1940 Act. This limited ability to sell investments could materially adversely affect our investment results. As a result, our exposure to losses, including a potential loss of principal, as a result of which you could potentially lose all or a portion of your investment in us, may be increased due to the illiquidity of our investments generally. In certain cases, we may also be prohibited by contract from selling our investments for a period of time or otherwise be restricted from disposing of our investments. Furthermore, certain types of investments expected to be made may require a substantial length of time to realize a return or fully liquidate. We may exit some investments through distributions in kind to the common stockholders, after which such you will still bear the risks associated with holding the securities and must make your own disposition decisions. Given the nature of the investments contemplated by the Company, there is a material risk that we will be unable to realize our investment objectives by sale or other disposition at attractive prices or will otherwise be unable to complete any exit strategy. In particular, this risk could arise from changes in the financial condition or prospects of the portfolio company in which the investment is made, changes in national or international economic conditions, changes in debt and equity capital markets and changes in laws, regulations, fiscal policies or political conditions of countries in which investments are made. In connection with the disposition of an investment in a portfolio company, we may be required to make representations about the business and financial affairs of the portfolio company, or may be responsible for the contents of disclosure documents under applicable securities laws. We may also be required to indemnify the purchasers of such investment or underwriters to the extent that any such representations or disclosure documents turn out to be incorrect, inaccurate or misleading. These arrangements may result in contingent liabilities, for which we may establish reserves or escrows. However, we can offer no assurance that we will adequately reserve for our contingent liabilities and that such liabilities will not have an adverse effect on us. Such contingent liabilities might ultimately have to be funded by proceeds, including the return of capital, from our other investments. Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by our Valuation Designee, under the supervision of our Board of Directors. As part of the valuation process, we may take into account the following types of factors, if relevant, in determining the fair value of our investments: ● a comparison of the portfolio company ’ s securities to publicly traded securities; ● the enterprise value of the portfolio company; ● the nature and realizable value of any collateral; ● the portfolio company ’ s ability to make payments and its earnings and discounted cash flow; ● the markets in which the portfolio company does business; and ● the changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our net asset value by increasing net unrealized depreciation in our portfolio. Any unrealized losses in our portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. Depending on market conditions, we could incur substantial realized losses and ultimately experience reductions of our income available for distribution in future periods. We may also suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, decreases in the market value or fair value of our investments will reduce our net asset value. Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interest rates may make it more difficult for portfolio companies to make periodic payments on their loans. Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity. This risk and the risk of default is increased to the extent that the loan documents do not require the portfolio companies to pay down the outstanding principal of such debt prior to maturity. In addition, if general interest rates rise, there is a risk that our portfolio companies will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Investments with a deferred interest feature, such as OID and PIK interest, could represent a higher credit risk than investments that must pay interest in full in cash on a regular basis. Any failure of one or more portfolio companies to repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make ongoing payments following an increase in contractual interest rates could have a material adverse effect on our business, financial condition, results of operations and cash flows. Our portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields. The loans in our investment portfolio may be prepaid at any time, generally with little advance notice. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the ability to replace existing financing with less expensive capital. As market conditions change, we do not know when, and if, prepayment may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce our achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on our business, financial condition and results of operations. Our investments in portfolio companies may expose us to environmental risks. We may invest in portfolio entities that are subject to changing and increasingly stringent environmental and health and safety laws, regulations and permit requirements and environmental costs that could place increasing financial burdens on such portfolio entities. Required expenditures for environmental compliance may adversely impact investment returns on portfolio entities. The imposition of new environmental and other laws, regulations and initiatives could adversely affect the business operations and financial stability of portfolio entities. There can be no guarantee that all costs and risks regarding compliance with environmental laws and regulations can be identified. New and more stringent environmental and health and safety laws, regulations and permit requirements or stricter interpretations of current laws or regulations could impose substantial additional costs on portfolio investment or potential investments. Compliance with such current or future environmental requirements does not ensure that the operations of the portfolio investments will not cause injury to the environment or to people under all circumstances or that the portfolio investments will not be required to incur additional unforeseen environmental expenditures. Moreover, failure to comply with any such requirements could have a material adverse effect on an investment, and we can offer no assurance that the portfolio investments will at all times comply with all applicable environmental laws, regulations and permit requirements. Additionally, our portfolio companies may be subject to certain so-called sustainability risks, or environmental, social and governance, or ESG, events or conditions that, if they occur, could cause an actual or potential material impact on the value of the Company, including, but not limited to, the following: ● Natural resource risks including rising costs from resource scarcity or resource usage taxes and systemic risk from biodiversity loss; ● Pollution and waste risks including liabilities associated with contamination and waste management costs; ● Human capital risks include declining employee productivity, attrition and turnover costs, pandemics and supply chain reputational risks or disruption; ● Community risks factors including loss of license to operate, operational disruptions caused by protests or boycotts and systematic inequality and instability; ● Security and safety risks such as consumer security, data privacy and security; and ● Other climate-related conditions and events that present risks related to the physical impacts of the climate and risks related to a potential transition to a lower carbon economy. We have not yet identified all of the portfolio company investments we will acquire and we may have difficulty sourcing investment opportunities. We have not yet identified all of the potential investments for our portfolio that we will acquire with the proceeds of this offering, and we cannot assure investors that we will be able to locate a sufficient number of suitable investment opportunities to allow us to deploy all available capital successfully. Privately negotiated investments in loans and illiquid securities of private, middle-market companies require substantial due diligence and structuring, and we cannot assure you that we will achieve our anticipated investment pace. As a result, investors will be unable to evaluate any future portfolio company investments prior to purchasing our shares. The Adviser selects all of our investments, and our stockholders will have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in our securities. Until such appropriate investment opportunities can be found, we may also invest the net proceeds in cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less from the date of investment. We expect these temporary investments to earn yields substantially lower than the income that we expect to receive in respect of our targeted investment types. As a result, any distributions we make during this period may be substantially smaller than the distributions that we expect to pay when our portfolio is fully invested. To the extent we are unable to deploy all available capital, our investment income and, in turn, our results of operations, will likely be materially adversely affected. There is no assurance that we will be able to consummate investment transactions or that such transactions will be successful. Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio. Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in seeking to: ● increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company; ● exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or ● preserve or enhance the value of our investment. We have discretion to make follow-on investments, subject to the availability of capital resources and certain limitations on co-investment with affiliates under the 1940 Act. Failure on our part to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful portfolio company. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, because we prefer other opportunities or because of regulatory or other considerations. Our ability to make follow-on investments may also be limited by the Adviser’s allocation policies and procedures. Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. To the extent that we do not hold controlling equity interests in portfolio companies, we will have a limited ability to protect our position in such portfolio companies. We may also co-invest with third parties through partnerships, joint ventures or other entities. Such investments may involve risks in connection with such third-party involvement, including the possibility that a third-party co-investor may have economic or business interests or goals that are inconsistent with ours or may be in a position to take (or block) action in a manner contrary to our investment objective. In those circumstances where such third parties involve a management group, such third parties may receive compensation arrangements relating to such investments, including incentive compensation arrangements. We can offer no assurance that portfolio company management will be able to operate their companies in accordance with our expectations. The day-to-day operations of each portfolio company in which we invest are the responsibility of that portfolio company’s management team. Although we are responsible for monitoring the pe | ||||||
Risks Relating To Our Business And Structure [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Risks Relating to Our Business and Structure Operating as a BDC imposes numerous constraints on us and significantly reduces our operating flexibility. In addition, if we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company, which would subject us to additional regulatory restrictions. The 1940 Act imposes numerous constraints on the operations of BDCs that do not apply to certain of the other investment vehicles advised by our Adviser and its affiliates. BDCs are required, for example, to invest at least 70% of their total assets primarily in securities of U.S. private or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt instruments that mature in one year or less from the date of investment. These constraints may hinder our ability to take advantage of attractive investment opportunities and to achieve our investment objective. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. We may be precluded from investing in what our Adviser believes are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we will be prohibited from making any additional investment that is not a qualifying asset and could be forced to forgo attractive investment opportunities. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position). If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under any outstanding indebtedness we might have, which could have a material adverse effect on our business, financial condition or results of operations. We are subject to risks associated with the current interest rate environment and to the extent we use debt to finance our investments, changes in interest rates will affect our cost of capital and net investment income. To the extent we borrow money or issue debt securities or any preferred stock to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds or pay interest or distributions on such debt securities or preferred stock and the rate at which we invest these funds. In addition, we anticipate that many of our debt investments and borrowings will have floating interest rates that reset on a periodic basis, and many of our investments will be subject to interest rate floors. As a result, a significant change in market interest rates could have a material adverse effect on our net investment income. Rising interest rates on floating rate loans we make to portfolio companies could drive an increase in defaults or accelerated refinancings. Some portfolio companies may be unable to refinance into fixed rate loans or repay outstanding amounts, leading to a gradual decline in the credit quality of our portfolio. In periods of rising interest rates, our cost of funds will increase because we expect that the interest rates on the majority of amounts we borrow will be floating. This change could reduce our net investment income to the extent any debt investments have fixed interest rates. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act and applicable commodities laws. These activities may limit our ability to benefit from lower interest rates with respect to hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. The discontinuation of LIBOR and replacement or reform of other interest rate benchmarks may adversely affect our business and results of operations. Many financial instruments have historically used a floating rate based on LIBOR, which was the offered rate for short-term Eurodollar deposits between major international banks. LIBOR was and other benchmark interest rates may, in the future, be the subject of national and international regulatory scrutiny. Following their publication on June 30, 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued. On March 15, 2022, the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration), has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S. dollar LIBOR until the end of this period. Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for certain LIBOR-based instruments in the United States), the transition process is complex. The market transition away from LIBOR and reform, modification, or adjustments of other reference rate benchmarks to alternative reference rates is complex and could have a range of adverse impacts on our business, financial condition and results of operations. In particular, any such transition or reform could: ● Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products, including any securities linked to the applicable benchmark rate, loans and derivatives that are included in our assets and liabilities; ● Require further extensive changes to documentation that governs or references products using the applicable benchmark rate, including, for example, pursuant to time-consuming renegotiations of existing documentation to modify the terms of outstanding transactions; ● Result in disputes, litigation or other actions with portfolio companies, or other counterparties, regarding the interpretation and enforceability of provisions in investments that utilize certain benchmark rates, the transition from one benchmark rate to other benchmark rates, including through fallback language, legislative requirements or other related provisions or in connection with any economic, legal, operational or other impact resulting from the fundamental differences of the various alternative reference rates; ● Require the transition and/or development of appropriate systems and analytics to effectively transition risk management processes to those based on one or more alternative reference rates in a timely manner, including by quantifying value and risk for various alternative reference rates, which may prove challenging given the limited history of an applicable alternative reference rate; and ● Cause us to incur additional costs in relation to any of the above factors. In addition, the failure of any alternative benchmark rate to gain or maintain market acceptance could adversely affect the return on, value of and market for securities, variable rate debt and derivative financial instruments linked to such rates. Depending on several factors, including those set forth above, our business, financial condition and results of operations could be materially adversely impacted by the market transition or reform of certain reference rates and benchmarks. Other factors include the pace of the transition to replacement or reformed rates, timing mismatches between cash and derivative markets, the specific terms and parameters for and market acceptance of any alternative reference rate, market conventions for the use of any alternative reference rate in connection with a particular product (including the timing and market adoption of any conventions proposed or recommended by any industry or other group), prices of and the liquidity of trading markets for products based on alternative reference rates, and our ability to transition and develop appropriate systems and analytics for one or more alternative reference rates. As of September 30, 2023, we did not hold any investments in our debt portfolio that bore interest at a floating rate determined on the basis of LIBOR. We depend upon our Adviser and Administrator for our success and upon their access to the investment professionals and partners of Morgan Stanley and its affiliates. We do not have any internal management capacity or employees. We depend on the diligence, skill and network of business contacts of the senior investment professionals of our Adviser to achieve our investment objective. We cannot assure you that we will replicate the historical results achieved for other Morgan Stanley funds, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. We expect that the Adviser will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of the Investment Advisory Agreement. We can offer no assurance, however, that the senior investment professionals of the Adviser will continue to provide investment advice to us. The loss of any member of the Investment Committee or of other senior investment professionals of the Adviser and its affiliates could limit our ability to achieve our investment objective and operate as we anticipate. In addition, we can offer no assurance that the resources, relationships and expertise of Morgan Stanley will be available for every transaction or generally during the term of the Company. This could have a material adverse effect on our financial condition, results of operations and cash flows. For the avoidance of doubt, we are not a subsidiary of or consolidated with Morgan Stanley. Furthermore, Morgan Stanley has no obligation, contractual or otherwise, to financially support us. See “ Management’s Discussion and Analysis of Financial Condition and Results of Operations — MS Credit Partners Holdings Investment We depend on the diligence, skill and network of business contacts of the professionals available to our Administrator to carry out the administrative functions necessary for us to operate, including the ability to select and engage sub-administrators and third-party service providers. We can offer no assurance, however, that the professionals of the Administrator will continue to provide administrative services to us. In addition, we can offer no assurance that the resources, relationships and expertise of Morgan Stanley will be available to the Administrator throughout the term of the Company. This could have a material adverse effect on our financial condition, results of operations and cash flows. Our business model depends to a significant extent upon strong referral relationships with private equity sponsors. Any inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. We depend upon the Adviser’s and its affiliates’ relationships with private equity sponsors, and we intend to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser fails to maintain such relationships, or to develop new relationships with other sponsors or sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the principals of the Adviser and its affiliates have relationships are not obligated to provide us with investment opportunities, and, therefore, we can offer no assurance that these relationships will generate investment opportunities for us in the future. The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to the fact that neither our Adviser nor its affiliates are prohibited from raising money for or managing another entity that makes the same types of investments that we target. The Adviser and its affiliates currently serve as the investment adviser for various funds, accounts and strategies, including the funds and accounts on the MS Private Credit platform, including the MS BDCs, and are not prohibited from raising money for and managing future investment entities that make the same or similar types of investments as those we target. As a result, the time and resources that our Adviser devotes to us may be diverted, and during times of intense activity in other investment programs they may devote less time and resources to our business than is necessary or appropriate. In addition, we may compete with any such investment entity also advised by the Adviser or its affiliates for the same investors and investment opportunities. We may not replicate the historical results achieved by other entities advised or sponsored by members of the Investment Committee, or by the Adviser or its affiliates. Our investments may differ from those of existing accounts that are or have been sponsored or advised by members of the Investment Committee, the Adviser or affiliates of the Adviser. Investors in our securities are not acquiring an interest in any accounts that are or have been sponsored or advised by members of the Investment Committee, the Adviser or affiliates of the Adviser. Subject to the requirements of the 1940 Act and the provisions of the co-investment exemptive order applicable to us, or, as amended, the exemptive order, we often co-invest in portfolio investments with other Affiliated Investment Accounts. Any such investments are subject to regulatory limitations and approvals by the Independent Directors. We can offer no assurance, however, that we will obtain such approvals or develop opportunities that comply with such limitations. We also cannot assure you that we will replicate the historical results achieved for other Morgan Stanley funds by members of the Investment Committee (including the Affiliated Investment Accounts), and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. Additionally, all or a portion of the prior results may have been achieved in particular market conditions which may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance. Our financial condition and results of operation depend on our ability to manage future growth effectively. Our ability to achieve our investment objective depends on our ability to grow, which depends, in turn, on the Adviser’s ability to identify, invest in and monitor companies that meet our investment selection criteria. Accomplishing this result on a cost-effective basis is largely a function of the Adviser’s structuring of the investment process, its ability to provide competent, attentive and efficient services to us and our access to financing on acceptable terms. We can offer no assurance that any current or future employees of the Adviser will contribute effectively to the work of, or remain associated with, the Adviser. We caution you that the principals of our Adviser or Administrator may also be called upon to provide managerial assistance to our portfolio companies and those of other investment vehicles, including the MS BDCs, which are advised by the Adviser. Such demands on their time may distract them or slow our rate of investment. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. The Adviser may frequently be required to make investment analyses and decisions on an expedited basis in order to take advantage of investment opportunities, and our Adviser may not have knowledge of all circumstances that could impact our investments. Investment analyses and decisions by the Adviser may frequently be required to be undertaken on an expedited basis to take advantage of investment opportunities. In such cases, the information available to the Adviser at the time of making an investment decision may be limited. Therefore, we can offer no assurance that the Adviser will have knowledge of all circumstances that may adversely affect a portfolio investment, and the Adviser may make portfolio investments which it would not have made if more extensive due diligence had been undertaken. In addition, the Adviser may rely upon independent consultants and advisors in connection with its evaluation of proposed investments, and we can offer no assurance as to the accuracy or completeness of the information provided by such independent consultants and advisors or to the Adviser’s right of recourse against them in the event errors or omissions do occur. There are significant potential conflicts of interest that could affect our investment returns. As a result of our Adviser and Administrator’s affiliation with, and the Investment Committee members’ employment by, Morgan Stanley, there may be times when the Adviser, the Administrator or such persons have interests that differ from those of our stockholders, giving rise to a conflict of interest. As a diversified global financial services firm, Morgan Stanley engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of our stockholders, notwithstanding Morgan Stanley’s participation as one of our investors. Investors should be aware that potential and actual conflicts of interest between Morgan Stanley or any Affiliated Investment Account, on the one hand, and us, on the other hand, may exist and others may arise in connection with our operation. Morgan Stanley’s employees may also have interests separate from those of Morgan Stanley and us. There is no assurance that conflicts of interest will be resolved in favor of the Company’s stockholders, and, in fact, they may not be. Conflicts related to obligations the Investment Committee, the Adviser or its affiliates have to other clients and conflicts related to fees and expenses of such other clients. Morgan Stanley, the parent company of the Adviser, has advised and may advise clients and has sponsored, managed or advised other Affiliated Investment Accounts with a wide variety of investment objectives that in some instances may overlap or conflict with our investment objectives and present conflicts of interest. In addition, Morgan Stanley routinely makes equity and debt investments in connection with its global business and operations. MS Private Credit may also from time to time create new or successor Affiliated Investment Accounts that may compete with us and present similar conflicts of interest. In serving in these multiple capacities, Morgan Stanley, including the Adviser, the Investment Committee and the Investment Team, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of us or our stockholders. For example, in connection with the management of investments for other Affiliated Investment Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with our portfolio investments. Our investment objective may overlap with the investment objectives of certain Affiliated Investment Accounts. For example, the Adviser currently serves as the investment adviser to the MS BDCs. As a result, the members of the Investment Committee may face conflicts in the allocation of investment opportunities among us and other Affiliated Investment Accounts. Certain Affiliated Investment Accounts, including the MS BDCs, may provide for higher management fees, incentive fees, greater expense reimbursements or overhead allocations or may permit the Adviser and its affiliates to receive higher origination and other transaction fees, all of which may contribute to this conflict of interest and create an incentive for the Adviser to favor such Affiliated Investment Accounts. For example, the 1940 Act restricts the Adviser from receiving more than a 1% fee in connection with loans that we acquire, or originate, a limitation that does not exist for certain other accounts. Morgan Stanley currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities in North America, Europe and elsewhere. Morgan Stanley and, to the extent consistent with applicable law and/or exemptive relief, its Affiliated Investment Accounts will be permitted to invest in investment opportunities without making such opportunities available to us beforehand. Subject to the requirements of any applicable exemptive relief, Morgan Stanley may offer investments that fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within our investment objectives. We may invest in opportunities that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. In addition, to the extent permitted by applicable law, investment opportunities in companies in which certain Affiliated Investment Accounts have already invested may be available to the Company notwithstanding that the Company has no existing investments in such portfolio company, resulting in assets of the Company potentially providing value to, or otherwise supporting the investments of, other Affiliated Investment Accounts. All of the foregoing may reduce the number of investment opportunities available to us and may create conflicts of interest in allocating investment opportunities among the Company, itself and the Affiliated Investment Accounts, including the MS BDCs. Our Adviser has established allocation policies and procedures and will continue to allocate opportunities among one or more of the Company and such Affiliated Investment Accounts in accordance with the terms of such policies and procedures. Investors should note that such allocation decisions may not be resolved to our advantage. There can be no assurance that we will have an opportunity to participate in certain opportunities that fall within our investment objectives. It is possible that Morgan Stanley or an Affiliated Investment Account will invest in a company that is or becomes a competitor of one of our portfolio companies. Such investment could create conflicts of interest among the Company, Morgan Stanley and/or the Affiliated Investment Account. Morgan Stanley may also have conflicts of interest in the allocation of Morgan Stanley resources to the portfolio company. In addition, certain Affiliated Investment Accounts will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with us. In certain cases, we may be unable to invest in attractive opportunities because of the investment by these Affiliated Investment Accounts in such private equity or private credit sponsoring funds. We do not expect to invest in, or hold securities of, companies that are controlled by an affiliate’s other clients. However, our Adviser or an affiliate’s other clients may invest in, and gain control over, one of our portfolio companies. If our Adviser or an affiliate’s other client, or clients, gains control over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions our Adviser may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, our Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, our Adviser may choose to exit such investments prematurely and, as a result, we may forego any positive returns associated with such investments. In addition, to the extent that an affiliate’s other client holds a different class of securities than us as a result of such transactions, our interests may not be aligned. It should be noted that Morgan Stanley has, directly and indirectly, made investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley’s investment in us in itself may not determine the outcome in the resolution of any of the foregoing conflicts. In the course of our investing activities, we pay management and incentive fees to the Adviser and reimburse certain expenses of the Administrator. As a result, investors in shares of our Common Stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than one might achieve through direct investments. As a result of this arrangement, there may be times when the Adviser has interests that differ from those of our common stockholders, giving rise to a conflict. The Investment Committee, the Adviser or its affiliates may, from time to time, possess material non-public information, or may not have access to certain information held by Morgan Stanley, each of which would limit our investment discretion. Principals of the Adviser and its affiliates and members of the Investment Committee may serve as directors of, or in a similar capacity with, companies in which we invest, the securities of which are purchased or sold on our behalf. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions in order to comply with applicable law, regulatory restrictions or internal policies or procedures, including without limitation joint transaction restrictions pursuant to the 1940 Act, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us. The Adviser and/or Morgan Stanley may also from time to time be subject to contractual “stand-still” obligations and/or confidentiality obligations that may restrict the Adviser’s ability to trade in or make certain investments on behalf of the Company. In addition, Morgan Stanley may be precluded from disclosing such information to the Investment Team, even in circumstances in which the information would benefit the Company if disclosed. Therefore, the Adviser may not be provided access to material nonpublic information in the possession of Morgan Stanley that might be relevant to an investment decision to be made by the Company, and the Company may initiate a transaction or sell an investment that, if such information had been known to it, may not have been undertaken. In addition, certain members of the Investment Team and of the Investment Committee may be recused from certain investment-related discussions, including investment committee meetings, so that such members do not receive information that would limit their ability to perform functions of their employment with Morgan Stanley unrelated to the Company. Furthermore, access to certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan Stanley in order to manage potential conflicts of interest and regulatory restrictions, including without limitation joint transaction restrictions pursuant to the 1940 Act. Accordingly, the Company’s ability to source investments from other business units within Morgan Stanley may be limited and there can be no assurance that the Company will be able to source any investments from any one or more parts of the Morgan Stanley network. Our management fee and incentive fee structure may create incentives for the Adviser that are not fully aligned with the interests of our stockholders and may induce the Adviser to make speculative investments. In the course of our investing activities, we pay a management fee and incentive fees to the Adviser. The base management fee is based on our average gross assets and the incentive fee is computed and paid on income, both of which include leverage. As a result, investors in shares of our Common Stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than one might achieve through direct investments. Because the management fee is based on our average gross assets, the Adviser benefits when we incur debt or use leverage. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor us and our stockholders. In addition, as additional leverage would magnify positive returns, if any, on our portfolio, our incentive fee would become payable to our Adviser (i.e., exceed the hurdle rate) at a lower average return on our portfolio. Thus, if we incur additional leverage, our Adviser may receive additional incentive fees without any corresponding increase (and potentially with a decrease) in our net performance. Additionally, the incentive fee payable by us to the Adviser may create an incentive for the Adviser to cause us to realize capital gains or losses that may not be in the best interests of us or our stockholders. Under the incentive fee structure, the Adviser benefits when we recognize capital gains and, because the Adviser determines when an investment is sold, the Adviser controls the timing of the recognition of such capital gains. As a result, our Adviser may have an incentive to invest more in companies whose securities are likely to yield capital gains, as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Payment-in-kind, or PIK, interest and original issue discount, or OID, would increase our pre-incentive fee net investment income by increasing the size of the loan balance of underlying loans and increasing our assets under management and makes it easier for our Adviser to surpass the hurdle rate and increase the amount of incentive fees payable to our Adviser. This fee structure may be considered to give rise to a conflict of interest for the Adviser to the extent that it may encourage the Adviser to favor debt financings that provide for deferred interest, rather than current cash payments of interest. Under these investments, we will accrue the interest over the life of the investment but we will not receive the cash income from the investment until the end of the term. Our net investment income used to calculate the income portion of our investment fee, however, includes accrued interest. The Adviser may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the fees even when the issuers of the deferred interest sec | ||||||
Risks Relating to this Offering and an Investment in our Common Stock | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | Risks Relating to this Offering and an Investment in our Common Stock There are material limitations with making available preliminary estimates of our financial results at and for the three-months ended December 31, 2023 prior to the completion of our and our auditor's financial review procedures for such period. The preliminary financial estimates contained in the section entitled “ Prospectus Summary — Recent Developments — Preliminary Estimates of Results as of December 31, 2023 completion of our customary financial closing procedures and related internal controls over financial reporting, final determination of the fair value of our portfolio investments, final adjustments, execution of our disclosures and control procedures and other developments arising between now and the time that our financial results for the fiscal year ended December 31, 2023 are finalized. The preliminary financial data included herein has been prepared by, and is the responsibility of, management. Deloitte & Touche LLP has not audited, reviewed, compiled, examined or performed any procedures with respect to such preliminary estimates, and, accordingly, does not express an opinion or any other form of assurance with respect thereto. In addition, the preliminary financial estimates do not include all of the information regarding our financial condition and results of operations for the fiscal year ended December 31, 2023 that may be important to investors. Prior to this offering, there has been no public market for shares of our Common Stock, and we cannot assure you that a market for shares of our Common Stock will develop or that the market price of shares of our Common Stock will not decline following the offering. Our Common Stock has no history of public trading. Our Common Stock has been approved for listing on The New York Stock Exchange under the symbol “MSDL.” We cannot assure you that a trading market will develop for our Common Stock after this offering or, if one develops, that such trading market can be sustained. In addition, we cannot predict the prices at which our Common Stock will trade. The offering price for our Common Stock was determined through our negotiations with the underwriters and may not bear any relationship to the market price at which it may trade after this offering. Shares of companies offered in an initial public offering often trade at a discount to the initial offering price due to underwriting discounts and commissions and related offering expenses. Also, shares of closed-end investment companies, including BDCs, frequently trade at a discount from net asset value and our Common Stock may also be discounted in the market. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share may decline. We cannot predict whether our Common Stock will trade at, above or below net asset value. The risk of loss associated with this characteristic of closed-end management investment companies may be greater for investors expecting to sell shares of Common Stock purchased in the offering soon after the offering. In addition, if our Common Stock trades below its net asset value, we will generally not be able to sell additional shares of our Common Stock to the public at its market price without, among other things, the requisite stockholders approve such a sale. The market price of our Common Stock may be volatile and may fluctuate significantly. The market price and liquidity of the market for our Common Stock that will prevail in the market after this offering may be higher or lower than the price you pay and may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: ● Significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies; ● Price and volume fluctuations in the overall stock market from time to time; ● The inclusion or exclusion of our Common Stock from certain indices; ● Changes in the value of our portfolio of investments and derivative instruments as a result of changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons; ● Changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs; ● Loss of RIC tax treatment or BDC status; ● Distributions that exceed our net investment income and net income as reported according to the generally accepted accounting principles in the United States of America ( “ U.S. GAAP ” ); ● Changes in earnings or variations in operating results; ● Changes in accounting guidelines governing valuation of our investments; ● Any shortfall in revenue or net income or any increase in losses from levels expected by investors; ● Departure of our Adviser or certain of its key personnel; ● Inability of the Adviser to employ additional experienced investment professionals; ● General economic trends and other external factors; ● Escalation of tensions and conflicts in Europe and elsewhere, including in Ukraine, and disruptions in local, regional, national and global markets and economies affected thereby, including the potential for volatility in energy prices and its impact on the industries in which we invest; ● Elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest; ● The impact of supply chain constraints on our portfolio companies and the global economy; ● Loss of a major funding source; ● The impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; and ● The economic and other impacts of disease outbreaks, pandemics, or any other serious public health concern, such as the Coronavirus pandemic, in the United States as well as worldwide. There is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital. We intend to make periodic distributions to our stockholders out of assets legally available for distribution. We may fund our cash distributions to stockholders from any sources of funds available to us, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and fee and expense reimbursement waivers from the Adviser or the Administrator, if any. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to- year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this prospectus. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. To the extent we make distributions to stockholders that include a return of capital, such portion of the distribution essentially constitutes a return of the stockholder’s investment. Although such return of capital may not be taxable, such distributions may increase an investor’s tax liability for capital gains upon the future sale of our Common Stock. A return of capital distribution may cause a stockholder to recognize a capital gain from the sale of our Common Stock even if the stockholder sells its shares for less than the original purchase price. Purchases of our Common Stock by us under the Company 10b5-1 Plan may result in the price of our Common Stock being higher than the price might otherwise exist in the open market. On September 11, 2023, our Board of Directors approved the Company 10b5-1 Plan which we intend to enter into. Under the Company 10b5-1 Plan, Wells Fargo Securities, LLC, as agent for the Company, will acquire up to $100 million in the aggregate of our Common Stock during the period beginning 60 calendar days following the end of the “restricted period” under Regulation M and will terminate upon the earliest to occur of (i) 12-months from the commencement date of the Company 10b5-1 Plan, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $100 million and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan. The “restricted period” under Regulation M will end upon the closing of this offering and, therefore, the Common Stock repurchases/purchases described above shall not begin prior to 60 days after the closing of this offering. Under Regulation M, the restricted period could end at a later date if the underwriters were to exercise the over-allotment option to purchase shares of our Common Stock in excess of their short position at the time that they complete their initial distribution of shares of our Common Stock. In such event, the restricted period would not end until the excess securities were distributed by the underwriters or placed in their investment accounts. However, the underwriters have agreed to only exercise their over-allotment option to cover their actual short positions, if any. Therefore, the restricted period under Regulation M will end on the closing of this offering. Whether purchases will be made under the Company 10b5-1 Plan and how much will be purchased at any time is uncertain, dependent on prevailing market prices and trading volumes, all of which we cannot predict. These activities may have the effect of maintaining the market price of our Common Stock or retarding a decline in the market price of the Common Stock, and, as a result, the price of our Common Stock may be higher than the price that otherwise might exist in the open market. Purchases of our Common Stock by us under the Company 10b5-1 Plan may result in dilution to our net asset value per share. The Company 10b5-1 Plan is intended to require Wells Fargo Securities, LLC, as our agent, to repurchase our Common Stock on our behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by us to any previously announced net asset value per share, including any distributions declared). Under the Company 10b5-1 Plan, the agent will increase the volume of purchases made as the price of our Common Stock declines, subject to volume restrictions. Because purchases under the Company 10b5-1 Plan will be made beginning at any price below our most recently reported net asset value per share, if our net asset value per share as of the end of a quarter is lower than the net asset per share as of the end of the prior quarter, purchases under the Company 10b5-1 Plan during the period from the end of a quarter to the time of our earnings release announcing the new net asset value per share for that quarter may result in dilution to our net asset value per share. This dilution would occur because we would repurchase Common Stock under the Company 10b5-1 Plan at a price above the net asset value per share as of the end of the most recent quarter end, which would cause a proportionately smaller increase in our stockholders’ interest in our earnings and assets and their voting interest in us than the decrease in our assets resulting from such repurchase. As a result of any such dilution, our market price per share may decline. The actual dilutive effect will depend on the number of Common Stock that could be so repurchased, the price and the timing of any repurchases under the Company 10b5-1 Plan. Investing in our Common Stock may involve an above average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk, and therefore, an investment in our shares may not be suitable for someone with lower risk tolerance. In addition, our Common Stock is intended for long-term investors who can accept the risks of investing primarily in illiquid loans and other debt or debt-like instruments and should not be treated as a trading vehicle. We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from any offering of securities, to fund dividends (which may reduce the amount of capital we ultimately invest in assets). Stockholders should understand that any distributions made from sources other than cash flow from operations or relying on fee or expense reimbursement waivers, if any, from the Adviser of the Administrator are not based on our investment performance and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser or the Administrator continues to make such expense reimbursements, if any. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, how quickly we invest the proceeds from any securities offerings and the performance of our investments. There can be no assurance that we will achieve such performance in order to sustain these distributions or be able to pay distributions at all. The Adviser and the Administrator have no obligation to waive fees or receipt of expense reimbursements, if any. Sales of substantial amounts of our Common Stock in the public market may have an adverse effect on the market price of our Common Stock. Upon completion of this offering, we will have 88,278,830 shares of Common Stock outstanding (or 89,028,830 shares of Common Stock if the underwriters’ option to purchase additional shares is fully exercised). The shares of Common Stock sold in the offering will be freely tradable without restriction or limitation under the Securities Act. Each of MS Credit Partners Holdings and our directors, officers and members of the Investment Committee have agreed that they will not transfer their shares in accordance with the transfer restrictions provided for in the lock-up agreement with the underwriters for a period of 365 days after the date of the prospectus. See “ Shares Eligible for Future Sale Certain other stockholders holding in the aggregate approximately 88.0% of the outstanding shares of Common Stock have agreed that they will not transfer their shares that they own prior to this offering in accordance with the transfer restrictions provided for in the lock-up agreement with the underwriters for 365 days after the date of this prospectus, provided, however that (i) 33% of the shares of the Company’s Common Stock held by such stockholder prior to this offering will be automatically released from the transfer restrictions at any time beginning 180 days after the date of the prospectus, (ii) an additional 33% of the shares of the Company’s Common Stock held by such stockholder prior to this offering will be automatically released from the transfer restrictions at any time beginning 270 days after the date of the prospectus, and (iii) the remaining 33% of the shares of the Company’s Common Stock held by such stockholder prior to this offering will be released from such transfer restrictions 365 days after the date of the prospectus. Following this offering and the expiration of applicable lock-up periods with the underwriters for MS Credit Partners Holdings, directors, officers and stockholders of our outstanding shares of Common Stock, and subject to applicable securities laws, including Rule 144, sales of substantial amounts of our Common Stock, or the perception that such sales could occur, could adversely affect the prevailing market prices for our Common Stock. If these sales occur, it could impair our ability to raise additional capital through the sale of equity securities should we desire to do so. We cannot predict what effect, if any, future sales of securities, or the availability of securities for future sales, will have on the market price of our Common Stock prevailing from time to time. Investors in this offering may experience immediate dilution upon the closing of the offering. If you purchase shares of our Common Stock in this offering, you may experience immediate dilution if the price that you pay is greater than the pro forma net asset value per share of the Common Stock you acquire. Investors in this offering could pay a price per share of Common Stock that exceeds the tangible book value per share after the closing of the offering. At the initial public offering price of $20.67 per share, purchasers in this offering will experience immediate dilution of approximately $0.09 per share. See “ Dilution .” Our stockholders may experience dilution in their ownership percentage. Our stockholders do not have preemptive rights to purchase any shares of our Common Stock we issue in the future. To the extent that we issue additional equity interests at or below net asset value your percentage ownership interest in us may be diluted. In addition, depending upon the terms and pricing of any future sales of Common Stock and the value of our investments, you may also experience dilution in the book value and fair value of your shares of Common Stock. Under the 1940 Act, we generally are prohibited from issuing or selling shares of our Common Stock at a price below net asset value per share, which may be a disadvantage as compared with certain public companies. We may, however, sell shares of our Common Stock, or warrants, options, or rights to acquire shares of our Common Stock, at a price below the current net asset value of shares of our Common Stock if our Board of Directors determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders, including a majority of those stockholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board of Directors, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing shares of our Common Stock or senior securities convertible into, or exchangeable for, shares of our Common Stock, then the percentage ownership of our stockholders at that time will decrease and you will experience dilution. Our stockholders will experience dilution in their ownership percentage if they do not participate in our DRIP. We have an “opt out” DRIP pursuant to which all distributions declared will be automatically reinvested in shares of our Common Stock unless stockholders elect to receive their distributions in cash. As a result, our stockholders that do not participate in our DRIP will experience dilution in their ownership percentage of our Common Stock over time. See “ Dividend Reinvestment Plan Our stockholders may receive shares of our Common Stock as dividends, which could result in adverse tax consequences to them. In order to satisfy the Annual Distribution Requirement applicable to RICs, we will have the ability to declare a large portion of a dividend in shares of our Common Stock instead of in cash. Revenue procedures issued by the Internal Revenue Service, or the IRS, allow a publicly offered regulated investment company (as defined above) to distribute its own stock as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of our Common Stock. We may use proceeds of this offering in a way with which you may not agree. We will have significant flexibility in applying the proceeds of this offering and may use the net proceeds from this offering in ways with which you may not agree, or for purposes other than those contemplated at the time of this offering. We will also pay operating expenses, and may pay other expenses such as due diligence expenses of potential new investments, from the net proceeds of this offering. Our ability to achieve our investment objectives may be limited to the extent that net proceeds of this offering, pending full investment, are used to pay expenses rather than to make investments. We may in the future determine to issue preferred stock, which could adversely affect the value of shares of Common Stock. The issuance of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could make an investment in shares of Common Stock less attractive. In addition, the dividends on any preferred stock we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred stock must take preference over any distributions or other payments to holders of Common Stock, and holders of preferred stock are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred stock that converts into shares of Common Stock). In addition, under the 1940 Act, preferred stock would constitute a “senior security” for purposes of the 150% asset coverage test. Our stockholders may be subject to filing requirements under the Exchange Act as a result of an investment in us. Because our Common Stock is registered under the Exchange Act, ownership information for any person who beneficially owns 5% or more of our Common Stock must be disclosed in a Schedule 13G or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. Although we will provide in our quarterly financial statements the amount of outstanding stock and the amount of the investor’s stock, the responsibility for determining the filing obligation and preparing the filing remains with the investor. In addition, owners of 10% or more of our Common Stock are subject to reporting obligations under Section 16(a) of the Exchange Act. Our stockholders may be subject to the short-swing profits rules under the Exchange Act as a result of an investment in us. Persons with the right to appoint a director or who hold 10% or more of a class of our shares may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of the issuer profits from the purchase and sale of registered stock within a six-month period. Sale of shares of our Common Stock by MS Credit Partners Holdings may negatively impact our performance and the price of our Common Stock. MS Credit Partners Holdings, a wholly owned subsidiary of Morgan Stanley and an affiliate of our Adviser, has invested $200 million in our Common Stock pursuant to a capital commitment set forth in a subscription agreement. However, MS Credit Partners Holdings is not obligated to maintain its investment in the Company and MS Credit Partners Holdings may decide to dispose of its shares of our Common Stock, following the expiration of the applicable lock-up period. To the extent such disposition is permissible, sales of substantial amounts of our Common Stock, or the perception that such sales could occur, could adversely affect the prevailing market prices for our Common Stock. If these sales occur, it could impair our ability to raise additional capital through the sale of equity securities should we desire to do so. We cannot predict what effect, if any, future sales of securities, or the availability of securities for future sales, will have on the market price of our Common Stock prevailing from time to time. Morgan Stanley has no obligation, contractual or otherwise, to financially support us. For more information, see “ Management’s Discussion and Analysis of Financial Condition and Results of Operations — MS Credit Partners Holdings Investment | ||||||
General Risk Factors [Member] | |||||||
General Description of Registrant [Abstract] | |||||||
Risk [Text Block] | General Risk Factors We are operating in a period of capital markets volatility and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations. From time to time, capital markets may experience periods of volatility and instability for a variety of reasons. We are currently operating in a period of market volatility, as a result of, among other factors, elevated levels of inflation. Uncertainty remains as to the probability of, and length and depth of a global recession and the impact of actions taken by the Federal Reserve, foreign central banks and other U.S. and global governmental entities. Government spending, government policies, including recent increases in certain interest rates by the Federal Reserve and other global central banks, the failure of certain regional banks earlier this year and the potential for disruptions in the availability of credit in the United State and elsewhere, in conjunction with other factors have led and could continue to lead to a continued inflationary economic environment that could affect the Company’s portfolio companies, the Company’s financial condition and the Company’s results of operations. In addition to the factors described above, other factors described herein that may affect market, economic and geopolitical conditions, and thereby adversely affect the Company including, without limitation, economic slowdown in the United States and internationally, changes in interest rates and/or a lack of availability of credit in the United States and internationally, commodity price volatility and changes in law and/or regulation, and uncertainty regarding government and regulatory policy. The full impact of any such risks is uncertain and difficult to predict. Capital markets volatility and instability have also occurred in the past and may occur in the future. For example, from 2008 to 2009, the global capital markets were unstable as evidenced by the lack of liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and various foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. There have been more recent periods of volatility and there can be no assurance that adverse market conditions will not repeat themselves in the future. Furthermore, uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused volatility in the global markets, and we cannot assure you that these market conditions will not continue or worsen in the future. Terrorist acts, acts of war, natural disasters, or disease outbreaks, pandemics or other public health crises may cause periods of market instability and volatility and may disrupt the operations of us and our portfolio companies for extended periods of time. If similar adverse and volatile market conditions repeat in the future, we and other companies in the financial services sector may have to access, if available, alternative markets for debt and equity capital in order to grow. Equity capital may be particularly difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of Common Stock at a price less than the net asset value per share without first obtaining approval for such issuance from our stockholders and our Board of Directors, including all of our directors who are not “interested persons” of the Company, as defined in the 1940 Act. Moreover, the re-appearance of market conditions similar to those experienced from 2008 through 2009 for any substantial length of time or worsened market conditions, including as a result of U.S. government shutdowns or the perceived creditworthiness of the United States, could make it difficult for us to borrow money or to extend the maturity of or refinance any indebtedness we may have under similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if any, may be at a higher cost and on less favorable terms and conditions than would currently be available. If we are unable to raise or refinance debt, stockholders may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. Given the periods of extreme volatility and dislocation in the capital markets from time to time, many BDCs have faced, and may in the future face, a challenging environment in which to raise or access capital. In addition, significant changes in the capital markets, including the extreme volatility and disruption over the past several years, has had, and may in the future have, a negative effect on asset valuations and on the potential for liquidity events. While most of our investments will not be publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through to maturity). As a result, volatility in the capital markets can adversely affect the valuations of our investments. Further, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. In addition, a prolonged period of market illiquidity may cause us to reduce the volume of loans and debt securities we originate and/or fund and adversely affect the value of our portfolio investments, which could have a material and adverse effect on our business, financial condition, results of operations and cash flows. An inability to raise or access capital could have a material adverse impact on our business, financial condition or results of operations. New or modified laws or regulations governing our or Morgan Stanley’s operations may adversely affect our business. We and certain of our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the relevant government agencies charged with implementing those laws and regulations, and new laws, regulations and interpretations may also come into effect. For example, because a Morgan Stanley affiliate is acting as the Adviser and Morgan Stanley has a 5% or greater voting investment in us, we are subject to the certain federal banking and financial requirements, including the Bank Holding Company Act of 1956, as amended, or the BHCA, regulations of the Federal Reserve, and certain provisions of the Dodd-Frank Act. See “ Regulation as a Business Development Company — Bank Holding Company Act and Dodd Frank and Volcker Rule Disclosure. Similarly, the Volcker Rule generally restricts any banking entity (which includes Morgan Stanley and most affiliates of Morgan Stanley, including us as a BDC controlled by Morgan Stanley) from engaging in “proprietary trading” as well as from acquiring or retaining any “ownership interest” in a “covered fund”, in each case unless the investment or activity is conducted in accordance with an exclusion or exemption. The Volcker Rule also generally prohibits certain transactions between a banking entity and any of its affiliates, on the one hand, and a covered fund for which the banking entity or any of its affiliates serves, directly or indirectly, as the investment manager, investment adviser, or that the banking entity or any of its affiliates sponsors in connection with organizing and offering that fund (or with any other covered fund that is controlled by such fund, on the other hand. It is not certain how all aspects of the Volcker Rule will be interpreted and applied, or what the impact of the Volcker Rule will have on us. In addition, the restrictions and limitation on Morgan Stanley and us may change in the future as the Federal Reserve and other agencies consider whether and how to revise and apply the Volcker Rule. We believe that we may perform our activities and services without violation of applicable U.S. banking laws and regulations. However, it is possible that future changes or clarifications in the BHCA and Volcker Rule, as well as judicial or administrative decisions or interpretations of present of future laws or regulations, could restrict (or possibly prevent) our ability to continue to conduct our operations as currently contemplated. In such event, we, the Adviser and/or Morgan Stanley may agree to make certain amendments or changes to the extent necessary to permit the Adviser to continue to provide services to us, while enabling us to continue to achieve our purposes and objectives. These regulations and any future legislative and regulatory proposals, as well as future interpretations of existing rules, that are directed at the financial services industry, including those that may be proposed or pending in the U.S. Congress, may negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies, intensify the regulatory supervision of us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. Laws that apply to us, either now or in the future, are often highly complex and may include licensing requirements. The licensing process can be lengthy and can be expected to subject us to increased regulatory oversight. Failure, even if unintentional, to comply fully with applicable laws may result in sanctions, fines or limitations on the ability of the Company or the Adviser to do business in the relevant jurisdiction or to procure required licenses in other jurisdictions, all of which could have a material adverse effect on us. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of our business and may be subject to civil fines and criminal penalties. Additionally, changes to the laws and regulations governing our operations, including those associated with RICs and BDCs, may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities, or to comply with additional restrictions on our investments or capital structure, or result in the imposition of corporate-level taxes on us. Such changes could result in material differences to our strategies and plans and may shift our investment focus from the areas of expertise of the Adviser to other types of investments in which the Adviser may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment. The Adviser currently acts pursuant to an exemption from registration as a commodity trading advisor with the CFTC. These requirements restrict the types of commodity investment strategies that the Adviser can pursue while remaining exempt, and if the Adviser were to seek other investment strategies that required it to register with the CFTC, that registration would increase their, and therefore our, costs. In addition, new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our stockholders of such qualification, or could have other adverse consequences. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities. In addition, certain regulations applicable to debt securitizations implementing credit risk retention requirements in effect in both the United States and in Europe may adversely affect or prevent us from entering into any future securitization transaction. These risk retention rules may cause an increase in our cost of funds under or may prevent us from completing any future securitization transactions. The U.S. risk retention rules require the sponsor (directly or through a majority-owned affiliate) of a debt securitization subject to such rules, such as collateralized loan obligations, in the absence of an exemption, to retain an economic interest in the credit risk of the assets being securitized. If, and to the extent that, we engage in securitization transactions that require the retention of an economic interest, these rules would increase our financing costs in comparison to other types of financings and this increase in financing costs would ultimately be borne by our stockholders. Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business, financial condition and results of operations. Certain tax law changes have been enacted, including, among others, a minimum tax on book income and profits of certain multinational corporations. Such legislative changes, any other significant changes in economic or tax policy and/or government programs, as well as any future such changes could have a material adverse impact on us and on our investments. Ongoing implementation of, or changes in, including changes in interpretation or enforcement of, laws and regulations could impose greater costs on us and on financial services companies and impact the value of assets we hold and our business, financial condition and results of operations. In addition, uncertainty regarding legislation and regulations affecting the financial services industry or taxation could also adversely impact our business or the business of our portfolio companies. If we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of our business and may be subject to civil fines and criminal penalties. We are highly dependent on information systems, and systems failures could significantly disrupt our business, which may, in turn, negatively affect the value of shares of our Common Stock and our ability to pay distributions. The operations of the Company, the Adviser, the Administrator and any third-party service provider to any of the foregoing are susceptible to risks from cybersecurity attacks and incidents due to reliance on the secure processing, storage and transmission of confidential and other information in the relevant computer systems and networks. In particular, cyber security incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. These attacks could involve gaining unauthorized access to information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption and result in disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, any of which could have a material adverse effect on our business, financial condition and results of operations. We, the Adviser and the Administrator must each continuously monitor and innovate our cybersecurity to protect our technology and data from corruption or unauthorized access. In addition, due to the use of third-party vendors, agents, exchanges, clearing houses and other financial institutions and service providers, we, the Adviser and the Administrator could be adversely impacted if any of us are subject to a successful cyber-attack or other breach of our information. Furthermore, in recent years cybersecurity risks for financial institutions have significantly increased in part because of the proliferation of new technologies, the use of the internet, mobile telecommunications and cloud technologies to conduct financial transactions, and the increased sophistication and activities of organized crime, hackers, terrorists and other external extremist parties, including foreign state actors in some circumstances as a means to promote political ends. Global events and geopolitical instability may lead to increased nation state targeting of financial institutions in the U.S. and abroad. Any of these parties may also attempt to fraudulently induce employees, customers, clients, vendors, or other third parties or users of the Company, the Adviser, the Administrator and their affiliates’ systems to disclose sensitive information in order to gain access to such parties’ data or that of their employees or clients. Cybersecurity risks may also derive from human error, fraud or malice on the part of the Adviser or the Administrator and their affiliates’ employees or third parties, or may result from accidental technological failure. Like other financial services firms, Morgan Stanley continues to be the subject of unauthorized access attacks, mishandling or misuse of information, computer viruses or malware, cyber attacks designed to obtain confidential information, destroy data, disrupt or degrade service, sabotage systems or cause other damage, denial of service attacks, data breaches, social engineering attacks and other events, and there can be no assurance that such unauthorized access, mishandling or misuse of information, or cyber incidents will not occur in the future, and they could occur more frequently and on a more significant scale. Given Morgan Stanley’s global footprint and the high volume of transactions it processes, the large number of clients, partners, vendors and counterparties with which it does business, and the increasing sophistication of cyber attacks, a cyber attack, information or security breaches could occur and persist for an extended period of time without detection. Although we, the Adviser, the Administrator and Morgan Stanley have developed protocols, processes, internal controls and other protective measures to help mitigate cybersecurity risks and cyber intrusions, these measures, as well as our increased awareness of the nature and extent of the risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident. If any of the foregoing events occur, the confidential and other information of the Company, the Adviser, and the Administrator could be compromised. Such events could also cause interruptions or malfunctions in the operations of the Company, the Adviser or the Administrator, and in particular the Adviser’s investment activities on our behalf and the provision of administrative services to us by the Administrator. In addition, the Company, the Adviser, the Administrator or our portfolio companies could be required to make a significant investment to remedy the effects of any cybersecurity incident, harm to their reputations, legal claims that they and their respective affiliates may be subjected to, regulatory action or enforcement arising out of applicable privacy and other laws, adverse publicity, and other events that may affect their business and financial performance. The increased use of mobile and cloud technologies can heighten these and other operational risks. We, the Adviser and the Administrator currently or in the future are expected to routinely transmit and receive personal, confidential and proprietary information by email and other electronic means. We, the Adviser and the Administrator have discussed and worked with clients, vendors, service providers, counterparties and other third parties to develop secure transmission capabilities and protect against cyber-attacks. However, we, the Adviser and the Administrator may not be able to ensure secure capabilities with all of our clients, vendors, service providers, counterparties and other third parties to protect the confidentiality of the information. In addition, the systems and technology resources used by us, our Adviser, our Administrator and our and their respective affiliates could be strained by extended periods of remote working by our Adviser, our Administrator and their affiliate’s employees and such extended remote working could introduce operational risks, including heightened cybersecurity risk. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts. Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, such as the Coronavirus pandemic, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition. Terrorist acts, acts of war, natural disasters, disease outbreaks, pandemics or other similar events may disrupt our operations, as well as the operations of our portfolio companies and our Adviser. Such acts have created, and continue to create, economic and political uncertainties and have contributed to recent global economic instability. For example, many countries have experienced outbreaks of infectious illnesses in recent decades, including polio, swine flu, avian influenza, SARS, coronaviruses and the monkeypox virus. The Israel-Hamas war and the conflict between Russia and Ukraine, and resulting market volatility, could also adversely affect the Company’s business, operating results, and financial condition. The extent and duration or escalation of such conflicts, resulting sanctions and resulting future market disruptions are impossible to predict, but could be significant. Any disruptions resulting from such conflicts and any future conflict (including cyberattacks, espionage or the use or threatened use of nuclear weapons) or resulting from actual or threatened responses to such actions could cause disruptions to any of our portfolio companies located in Europe or the Middle East or that have substantial business relationships with companies in affected regions. It is not possible to predict the duration or extent of longer-term consequences of these conflicts, which could include further sanctions, retaliatory and escalating measures, embargoes, regional instability, geopolitical shifts and adverse effects on or involving macroeconomic conditions, the energy sector, supply chains, inflation, security conditions, currency exchange rates and financial markets around the globe. Any such market disruptions could affect our portfolio companies’ operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations. Market volatility has had a material adverse impact on local economies in the affected jurisdictions and also on the global economy, as cross border commercial activity and market sentiment continue to be impacted by such events. In addition to these and any future developments potentially having adverse consequences for certain portfolio companies and other issuers in or through which we may invest and the value of our investments therein, the operations of the Adviser (including those relating to us) have been, and could continue to be, adversely impacted. Any of the foregoing events could materially and adversely affect our ability to source, manage and divest our investments and our ability to fulfill our investment objectives. Similar consequences could arise with respect to other comparable infectious diseases. The extent to which the Coronavirus and/or other disease outbreaks or health pandemics may negatively affect our and our portfolio companies’ operating results, or the duration of any potential business or supply- chain disruption, is uncertain. These potential impacts, while uncertain, could adversely affect our operating results and the operating results of the portfolio companies in which we invest. There is a risk that any future disease outbreaks or health pandemics (including a recurrence of the Coronavirus) would impact our ability to achieve our investment objectives. Further, if a future pandemic occurs during a period when our investments are maturing, we may not be able to realize our investments within the Company’s term, or at all. In addition, future terrorist activities, military or security operations, natural disasters, disease outbreaks, pandemics or other similar events could weaken the domestic/global economies and create additional uncertainties, which may negatively impact our portfolio companies and, in turn, could have a material adverse impact on our business, operating results and financial condition. We may be the target of litigation. We may be the target of securities litigation in the future, particularly if the value of shares of our Common Stock fluctuates significantly. We could also generally be subject to litigation, including derivative actions by our stockholders. Any litigation could result in substantial costs and divert management’s attention and resources from our business and cause a material adverse effect on our business, financial condition and results of operations. We may experience fluctuations in our quarterly operating results. We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the debt securities we acquire, the default rate on such securities, the number and size of investments we originate or acquire, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of our performance in future periods. We are an “emerging growth company,” and we do not know if such status will make our shares less attractive to investors. We are an “emerging growth company,” as defined in the JOBS Act until the earliest of: ● The last day of the fiscal year ending after the fifth anniversary of any initial public offering of our shares of Common Stock; ● The year in which our total annual gross revenues first exceed $1.235 billion; ● The date on which we have, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and ● The last day of a fiscal year in which we (1) have an aggregate worldwide market value of our shares of our Common Stock held by non-affiliates of $700 million or more, computed at the end of the last business day of the second fiscal quarter in such fiscal year and (2) have been a reporting company under the Exchange Act for at least one year (and filed at least one annual report under the Exchange Act). As an “emerging growth company, we may take advantage of certain reduced regulatory and disclosure requirements permitted by the JOBS Act and, as a result, some investors may consider shares of our Common Stock less attractive. If some investors find our shares of Common Stock less attractive as a result, there may be a less active trading market for our shares and our share price may be more volatile. For example, while we are an emerging growth company and/or a non-accelerated filer within the meaning of the Exchange Act, we are exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act of 2002, or the Sarbanes- Oxley Act, requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting. This may increase the risk that material weaknesses or other deficiencies in our internal control over financial reporting go undetected. Efforts to comply with the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance with the Sarbanes-Oxley Act would adversely affect us and the value of our Common Stock. We are required to comply with certain requirements of the Sarbanes-Oxley Act and the related rules and regulations promulgated by the SEC but will not have to comply with certain requirements until we cease to be an “emerging growth company.” Because shares of our Common Stock are registered under the Exchange Act, we are subject to the Sarbanes-Oxley Act and the related rules and regulations promulgated by the SEC, and our management is required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. As a result, we expect to incur significant additional expenses that may negatively impact our financial performance and our ability to make distributions. This process will also result in a diversion of management’s time and attention. We do not know when our evaluation, testing and remediation actions will be completed or its impact on our operations. In addition, we may be unable to ensure that the process is effective or that our internal control over financial reporting is or will be effective. In the event that we are unable to come into and maintain compliance with the Sarbanes- Oxley Act and related rules, we and the value of our securities would be adversely affected. Additionally, will not be required to comply with all of the requirements under Section 404 of the Sarbanes- Oxley Act until we have been subject to the reporting requirements of the Exchange Act for a specified period of time or the date we are no longer an emerging growth company under the JOBS Act. Our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting until the date we are no longer an emerging growth company under the JOBS Act. Because we do not currently have comprehensive documentation of our internal control and have not yet tested our internal control in accordance with Section 404 of the Sarbanes-Oxley Act, we cannot conclude, as required by Section 404, that we do not have a material weakness in our internal control or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal control. If we are not able to implement the applicable requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC, and result in a breach of the covenants under the agreements governing any of our financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements could also suffer if we or our independent registered public accounting firm were to report a material weakness in our internal controls over financial report | ||||||
2025 Notes [Member] | |||||||
Financial Highlights [Abstract] | |||||||
Senior Securities Amount | $ 275,000,000 | $ 275,000,000 | |||||
Senior Securities Coverage per Unit | $ 1,859,000 | $ 1,912,000 | |||||
2027 Notes [Member] | |||||||
Financial Highlights [Abstract] | |||||||
Senior Securities Amount | $ 425,000,000 | $ 425,000,000 | |||||
Senior Securities Coverage per Unit | $ 1,859,000 | $ 1,912,000 | |||||
Truist Credit Facility [Member] | |||||||
Financial Highlights [Abstract] | |||||||
Senior Securities Amount | $ 680,252,000 | $ 432,254,000 | $ 476,000,000 | ||||
Senior Securities Coverage per Unit | $ 1,859,000 | $ 1,912,000 | $ 1,951,000 | ||||
BNP Funding Facility [Member] | |||||||
Financial Highlights [Abstract] | |||||||
Senior Securities Amount | $ 345,000,000 | $ 400,000,000 | $ 463,500,000 | $ 0 | |||
Senior Securities Coverage per Unit | $ 1,859,000 | $ 1,912,000 | $ 1,951,000 | ||||
CIBC Subscription Facility [Member] | |||||||
Financial Highlights [Abstract] | |||||||
Senior Securities Amount | $ 310,350,000 | $ 333,850,000 | $ 0 | ||||
Senior Securities Coverage per Unit | $ 1,951,000 | $ 1,903,000 |