Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 12, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | TCW DIRECT LENDING VIII LLC | |
Entity Central Index Key | 0001825265 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,745,660 | |
Entity File Number | 814-01420 | |
Entity Tax Identification Number | 86-3307898 | |
Entity Address, Address Line One | 200 Clarendon Street | |
Entity Address City Or Town | Boston | |
Entity Address State Or Province | MA | |
Entity Address Postal Zip Code | 02116 | |
City Area Code | 617 | |
Local Phone Number | 936-2275 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Schedules of Inves
Consolidated Schedules of Investments (Unaudited) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | |||
Schedule Of Investments [Line Items] | ||||
Fair Value | $ 948,140,000 | $ 742,916,000 | ||
Investment, Identifier [Axis]: Debt Investments, Machinery, Net Assets 7.2% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 7.20% | ||
Amortized Cost | [1] | $ 41,931,949 | ||
Fair Value | [1] | $ 38,861,131 | ||
Investment, Identifier [Axis]: Cash Equivalents, First American Government Obligation Fund, Yield 5.24% Net Assets 8.4% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | 8.40% | |||
Shares | 45,474,445 | |||
Amortized Cost | $ 45,474,445 | |||
Fair Value | $ 45,474,445 | |||
Investment, Identifier [Axis]: Cash Equivalents, First American Government Obligation Fund, Yield 5.30% Net Assets 9.0% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 9% | ||
Shares | [2] | 41,446,727 | ||
Amortized Cost | [2] | $ 41,446,727 | ||
Fair Value | [2] | $ 41,446,727 | ||
Investment, Identifier [Axis]: Cash Equivalents, Net Assets 8.4% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | 8.40% | |||
Shares | 45,474,445 | |||
Amortized Cost | $ 45,474,445 | |||
Fair Value | $ 45,474,445 | |||
Investment, Identifier [Axis]: Cash Equivalents, Net Assets 9.0% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 9% | ||
Shares | [2] | 41,446,727 | ||
Amortized Cost | [2] | $ 41,446,727 | ||
Fair Value | [2] | $ 41,446,727 | ||
Investment, Identifier [Axis]: Debt & Equity Investments, Net Assets 174.1% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | 174.10% | |||
Amortized Cost | $ 945,661,911 | |||
Fair Value | $ 948,140,194 | |||
Investment, Identifier [Axis]: Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Delayed Draw Term Loan B-1 - 11.84% (SOFR + 6.50%, 1.75% Floor) Net Assets 0.3% Maturity 03/28/29 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Mar. 28, 2024 | ||
Investment Interest Rate | [1] | 11.84% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1.75% | ||
% of Net Assets | [1] | 0.30% | ||
Par Amount | [1] | $ 1,795,371 | ||
Maturity Date | [1] | Mar. 28, 2029 | ||
Amortized Cost | [1] | $ 1,795,371 | ||
Fair Value | [1] | $ 1,754,078 | ||
Investment, Identifier [Axis]: Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Term Loan B - 11.84% (SOFR + 6.50%, 1.75% Floor) Net Assets 5.4% Maturity 03/28/29 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Mar. 28, 2024 | ||
Investment Interest Rate | [1] | 11.84% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1.75% | ||
% of Net Assets | [1] | 5.40% | ||
Par Amount | [1] | $ 29,937,813 | ||
Maturity Date | [1] | Mar. 28, 2029 | ||
Amortized Cost | [1] | $ 29,078,052 | ||
Fair Value | [1] | $ 29,249,244 | ||
Investment, Identifier [Axis]: Debt Investments, Automobile Components, Net Assets 5.7% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 5.70% | ||
Amortized Cost | [1] | $ 30,873,423 | ||
Fair Value | [1] | $ 31,003,322 | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Term Loan - 13.11% (SOFR + 7.50%, 2.00% Floor) Net Assets 6.4% Maturity 06/30/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Jun. 30, 2023 | ||
Investment Interest Rate | [2] | 13.11% | ||
Investment Variable Interest Rate | [2] | 7.50% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 6.40% | ||
Par Amount | [2] | $ 29,792,536 | ||
Maturity Date | [2] | Jun. 30, 2028 | ||
Amortized Cost | [2] | $ 28,862,619 | ||
Fair Value | [2] | $ 29,345,648 | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Term Loan - 13.85% (SOFR + 8.25%, 2.00% Floor) Net Assets 5.3% Maturity 06/30/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jun. 30, 2023 | ||
Investment Interest Rate | [1] | 13.85% | ||
Investment Variable Interest Rate | [1] | 8.25% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 5.30% | ||
Par Amount | [1] | $ 29,247,215 | ||
Maturity Date | [1] | Jun. 30, 2028 | ||
Amortized Cost | [1] | $ 28,435,505 | ||
Fair Value | [1] | $ 28,925,495 | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies Comprehensive Logistics Co., LLC, Acquisition Date 03/26/24 Term Loan - 12.46% (SOFR + 7.00%, 2.00% Floor) Net Assets 6.5% Maturity 03/26/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Mar. 26, 2024 | ||
Investment Interest Rate | [1] | 12.44% | ||
Investment Variable Interest Rate | [1] | 7% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 6.50% | ||
Par Amount | [1] | $ 35,839,988 | ||
Maturity Date | [1] | Mar. 26, 2026 | ||
Amortized Cost | [1] | $ 35,139,922 | ||
Fair Value | [1] | $ 35,266,548 | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies Jones Industrial Holdings, Inc., Acquisition Date 07/31/23 Delayed Draw Term Loan - 13.94% (SOFR + 8.50%, 2.00% Floor) Net Assets 1.5% Maturity 07/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jul. 31, 2023 | ||
Investment Interest Rate | [1] | 13.94% | ||
Investment Variable Interest Rate | [1] | 8.50% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 1.50% | ||
Par Amount | [1] | $ 8,305,474 | ||
Maturity Date | [1] | Jul. 31, 2028 | ||
Amortized Cost | [1] | $ 8,183,451 | ||
Fair Value | [1] | $ 8,405,140 | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies Jones Industrial Holdings, Inc., Acquisition Date 07/31/23 Term Loan - 13.94% (SOFR + 8.50%, 2.00% Floor) Net Assets 6.5% Maturity 07/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jul. 31, 2023 | ||
Investment Interest Rate | [1] | 13.94% | ||
Investment Variable Interest Rate | [1] | 8.50% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 6.50% | ||
Par Amount | [1] | $ 34,938,984 | ||
Maturity Date | [1] | Jul. 31, 2028 | ||
Amortized Cost | [1] | $ 33,976,656 | ||
Fair Value | [1] | $ 35,358,252 | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies Jones Industrial Holdings, Inc., Acquisition Date 07/31/23 Term Loan - 13.96% (SOFR + 8.50%, 2.00% Floor) Net Assets 7.7% Maturity 07/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Jul. 31, 2023 | ||
Investment Interest Rate | [2] | 13.96% | ||
Investment Variable Interest Rate | [2] | 8.50% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 7.70% | ||
Par Amount | [2] | $ 35,386,920 | ||
Maturity Date | [2] | Jul. 31, 2028 | ||
Amortized Cost | [2] | $ 34,293,281 | ||
Fair Value | [2] | $ 35,422,307 | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies, Net Assets 14.1% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 14.10% | ||
Amortized Cost | [2] | $ 63,155,900 | ||
Fair Value | [2] | $ 64,767,955 | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies, Net Assets 19.8% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 19.80% | ||
Amortized Cost | [1] | $ 105,735,534 | ||
Fair Value | [1] | $ 107,955,435 | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering Propulsion Acquisition, LLC, Acquisition Date 05/22/23 Term Loan - 12.08% (SOFR + 6.50%, 1.50% Floor) Net Assets 3.0% Maturity 07/31/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 22, 2023 | ||
Investment Interest Rate | [1] | 12.08% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1.50% | ||
% of Net Assets | [1] | 3% | ||
Par Amount | [1] | $ 16,142,357 | ||
Maturity Date | [1] | Jul. 31, 2026 | ||
Amortized Cost | [1] | $ 16,037,141 | ||
Fair Value | [1] | $ 16,368,350 | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering Propulsion Acquisition, LLC, Acquisition Date 05/22/23 Term Loan - 12.10% (SOFR + 6.50%, 1.50% Floor) Net Assets 3.5% Maturity 07/31/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | May 22, 2023 | ||
Investment Interest Rate | [2] | 12.10% | ||
Investment Variable Interest Rate | [2] | 6.50% | ||
Investment Interest Rate, Floor | [2] | 1.50% | ||
% of Net Assets | [2] | 3.50% | ||
Par Amount | [2] | $ 16,225,886 | ||
Maturity Date | [2] | Jul. 31, 2026 | ||
Amortized Cost | [2] | $ 16,094,798 | ||
Fair Value | [2] | $ 16,209,660 | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Term Loan - 12.96% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.50% PIK) Net Assets 4.1% Maturity 06/16/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Jun. 16, 2023 | ||
Investment Interest Rate | [2] | 12.96% | ||
Investment Variable Interest Rate | [2] | 7.50% | ||
Investment Interest Rate, Floor | [2] | 1.75% | ||
Investment Interest Rate, PIK | [2] | 0.50% | ||
% of Net Assets | [2] | 4.10% | ||
Par Amount | [2] | $ 19,041,190 | ||
Maturity Date | [2] | Jun. 16, 2028 | ||
Amortized Cost | [2] | $ 18,411,206 | ||
Fair Value | [2] | $ 18,984,066 | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Term Loan B - 11.94% (SOFR + 6.50%, 1.75% Floor) Net Assets 3.6% Maturity 06/16/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jun. 16, 2023 | ||
Investment Interest Rate | [1] | 11.94% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1.75% | ||
% of Net Assets | [1] | 3.60% | ||
Par Amount | [1] | $ 19,070,701 | ||
Maturity Date | [1] | Jun. 16, 2028 | ||
Amortized Cost | [1] | $ 18,511,145 | ||
Fair Value | [1] | $ 19,337,691 | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering, Net Assets 6.6% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 6.60% | ||
Amortized Cost | [1] | $ 34,548,286 | ||
Fair Value | [1] | $ 35,706,041 | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering, Net Assets 7.6% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 7.60% | ||
Amortized Cost | [2] | $ 34,506,004 | ||
Fair Value | [2] | $ 35,193,726 | ||
Investment, Identifier [Axis]: Debt Investments, Construction Materials Resco Products, Inc., Acquisition Date 03/07/22 Term Loan - 12.14% (SOFR + 6.50%, 1.00% Floor) Net Assets 4.1% Maturity 03/07/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Mar. 07, 2022 | ||
Investment Interest Rate | [2] | 12.14% | ||
Investment Variable Interest Rate | [2] | 6.50% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 4.10% | ||
Par Amount | [2] | $ 18,685,139 | ||
Maturity Date | [2] | Mar. 07, 2027 | ||
Amortized Cost | [2] | $ 18,447,533 | ||
Fair Value | [2] | $ 18,685,139 | ||
Investment, Identifier [Axis]: Debt Investments, Construction Materials, Net Assets 0.8% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 0.80% | ||
Amortized Cost | [1] | $ 4,560,001 | ||
Fair Value | [1] | $ 4,609,427 | ||
Investment, Identifier [Axis]: Debt Investments, Construction Materials, Net Assets 4.1% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 4.10% | ||
Amortized Cost | [2] | $ 18,447,533 | ||
Fair Value | [2] | $ 18,685,139 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 02/24/23 Term Loan - 11.58% (SOFR + 6.25%, 2.00% Floor) Net Assets 3.9% Maturity 02/24/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Feb. 24, 2023 | ||
Investment Interest Rate | [1] | 11.58% | ||
Investment Variable Interest Rate | [1] | 6.25% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 3.90% | ||
Par Amount | [1] | $ 21,456,092 | ||
Maturity Date | [1] | Feb. 24, 2028 | ||
Amortized Cost | [1] | $ 21,284,621 | ||
Fair Value | [1] | $ 21,220,075 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 02/24/23 Term Loan - 12.84% (SOFR + 7.50%, 2.00% Floor) Net Assets 4.9% Maturity 02/24/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Feb. 24, 2023 | ||
Investment Interest Rate | [2] | 12.84% | ||
Investment Variable Interest Rate | [2] | 7.50% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 4.90% | ||
Par Amount | [2] | $ 21,787,887 | ||
Maturity Date | [2] | Feb. 24, 2028 | ||
Amortized Cost | [2] | $ 21,589,991 | ||
Fair Value | [2] | $ 22,332,584 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 03/15/24 Incremental Term Loan - 11.58% (SOFR + 6.25%, 2.00% Floor) Net Assets 3.5% Maturity 02/24/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Mar. 15, 2024 | ||
Investment Interest Rate | [1] | 11.58% | ||
Investment Variable Interest Rate | [1] | 6.25% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 3.50% | ||
Par Amount | [1] | $ 19,409,061 | ||
Maturity Date | [1] | Feb. 24, 2028 | ||
Amortized Cost | [1] | $ 19,049,973 | ||
Fair Value | [1] | $ 19,195,561 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging PaperWorks Industries, Inc., Acquisition Date 07/26/23 Term Loan - 13.73% (SOFR + 8.25%, 1.00% Floor) Net Assets 2.6% Maturity 06/30/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jul. 26, 2023 | ||
Investment Interest Rate | [1] | 13.73% | ||
Investment Variable Interest Rate | [1] | 8.25% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
% of Net Assets | [1] | 2.60% | ||
Par Amount | [1] | $ 14,730,326 | ||
Maturity Date | [1] | Jun. 30, 2027 | ||
Amortized Cost | [1] | $ 14,505,727 | ||
Fair Value | [1] | $ 14,317,877 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging PaperWorks Industries, Inc., Acquisition Date 07/26/23 Term Loan - 13.78% (SOFR + 8.25%, 1.00% Floor) Net Assets 3.5% Maturity 06/30/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Jul. 26, 2023 | ||
Investment Interest Rate | [2] | 13.78% | ||
Investment Variable Interest Rate | [2] | 8.25% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 3.50% | ||
Par Amount | [2] | $ 16,327,627 | ||
Maturity Date | [2] | Jun. 30, 2027 | ||
Amortized Cost | [2] | $ 16,037,257 | ||
Fair Value | [2] | $ 16,033,729 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 05/21/24 Incremental Term Loan - 12.84% (SOFR + 7.50%, 2.00% Floor) Net Assets 4.3% Maturity 08/01/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 21, 2024 | ||
Investment Interest Rate | [1] | 12.84% | ||
Investment Variable Interest Rate | [1] | 7.50% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 4.30% | ||
Par Amount | [1] | $ 23,956,254 | ||
Maturity Date | [1] | Aug. 01, 2028 | ||
Amortized Cost | [1] | $ 23,373,365 | ||
Fair Value | [1] | $ 23,213,610 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 08/01/23 Term Loan - 12.61% (SOFR + 7.25%, 2.00% Floor) Net Assets 8.8% Maturity 08/01/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Aug. 01, 2023 | ||
Investment Interest Rate | [2] | 12.61% | ||
Investment Variable Interest Rate | [2] | 7.25% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 8.80% | ||
Par Amount | [2] | $ 41,209,794 | ||
Maturity Date | [2] | Aug. 01, 2028 | ||
Amortized Cost | [2] | $ 40,265,826 | ||
Fair Value | [2] | $ 40,468,018 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 08/01/23 Term Loan - 12.84% (SOFR + 7.25%, 2.00% Floor) Net Assets 7.3% Maturity 08/01/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Aug. 01, 2023 | ||
Investment Interest Rate | [1] | 12.84% | ||
Investment Variable Interest Rate | [1] | 7.50% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 7.30% | ||
Par Amount | [1] | $ 40,755,143 | ||
Maturity Date | [1] | Aug. 01, 2028 | ||
Amortized Cost | [1] | $ 39,923,087 | ||
Fair Value | [1] | $ 39,491,734 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging, Net Assets 17.2% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 17.20% | ||
Amortized Cost | [2] | $ 77,893,074 | ||
Fair Value | [2] | $ 78,834,331 | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging, Net Assets 21.6% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 21.60% | ||
Amortized Cost | [1] | $ 118,136,773 | ||
Fair Value | [1] | $ 117,438,857 | ||
Investment, Identifier [Axis]: Debt Investments, Debt Investments, Construction Materials Resco Products, Inc., Acquisition Date 03/07/22 Term Loan - 12.09% (SOFR + 6.50%, 1.00% Floor) Net Assets 0.8% Maturity 03/07/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Mar. 07, 2022 | ||
Investment Interest Rate | [1] | 12.09% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
% of Net Assets | [1] | 0.80% | ||
Par Amount | [1] | $ 4,609,427 | ||
Maturity Date | [1] | Mar. 07, 2027 | ||
Amortized Cost | [1] | $ 4,560,001 | ||
Fair Value | [1] | $ 4,609,427 | ||
Investment, Identifier [Axis]: Debt Investments, Electrical Equipment VoltaGrid, LLC, Acquisition Date 04/09/24 Term Loan - 11.93% (SOFR + 6.50%, 4.00% Floor) Net Assets 5.3% Maturity 02/28/29 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Apr. 09, 2024 | ||
Investment Interest Rate | [1] | 11.93% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 4% | ||
% of Net Assets | [1] | 5.30% | ||
Par Amount | [1] | $ 29,870,685 | ||
Maturity Date | [1] | Feb. 28, 2029 | ||
Amortized Cost | [1] | $ 28,675,150 | ||
Fair Value | [1] | $ 28,855,082 | ||
Investment, Identifier [Axis]: Debt Investments, Electrical Equipment, Net Assets 5.3% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 5.30% | ||
Amortized Cost | [1] | $ 28,675,150 | ||
Fair Value | [1] | $ 28,855,082 | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services Harvey Gulf Holdings, LLC, Acquisition Date 01/19/24 Term Loan B - 11.58% (SOFR + 6.25%, 2.00% Floor) Net Assets 7.5% Maturity 01/19/29 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jan. 19, 2024 | ||
Investment Interest Rate | [1] | 11.58% | ||
Investment Variable Interest Rate | [1] | 6.25% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 7.50% | ||
Par Amount | [1] | $ 41,115,842 | ||
Maturity Date | [1] | Jan. 19, 2029 | ||
Amortized Cost | [1] | $ 40,777,606 | ||
Fair Value | [1] | $ 40,869,147 | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services Harvey Gulf Holdings, LLC, Acquisition Date 08/10/22 Term Loan A - 10.14% (SOFR + 4.50%, 1.00% Floor) Net Assets 4.7% Maturity 08/10/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Aug. 10, 2022 | ||
Investment Interest Rate | [2] | 10.14% | ||
Investment Variable Interest Rate | [2] | 4.50% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 4.70% | ||
Par Amount | [2] | $ 21,324,957 | ||
Maturity Date | [2] | Aug. 10, 2027 | ||
Amortized Cost | [2] | $ 21,055,796 | ||
Fair Value | [2] | $ 21,538,206 | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services Harvey Gulf Holdings, LLC, Acquisition Date 08/10/22 Term Loan B - 12.64% (SOFR + 7.00%, 1.00% Floor) Net Assets 4.6% Maturity 08/10/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Aug. 10, 2022 | ||
Investment Interest Rate | [2] | 12.64% | ||
Investment Variable Interest Rate | [2] | 7% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 4.60% | ||
Par Amount | [2] | $ 20,549,504 | ||
Maturity Date | [2] | Aug. 10, 2027 | ||
Amortized Cost | [2] | $ 20,078,648 | ||
Fair Value | [2] | $ 21,124,890 | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Revolver - 14.10% (SOFR + 8.50%, 2.00% Floor) Net Assets 0.1% Maturity 04/04/29 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Apr. 05, 2024 | ||
Investment Interest Rate | [1] | 14.10% | ||
Investment Variable Interest Rate | [1] | 8.50% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 0.10% | ||
Par Amount | [1] | $ 784,467 | ||
Maturity Date | [1] | Apr. 04, 2029 | ||
Amortized Cost | [1] | $ 784,467 | ||
Fair Value | [1] | $ 784,467 | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Term Loan - 14.10% (SOFR + 8.50%, 2.00% Floor) Net Assets 5.2% Maturity 04/04/29 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Apr. 05, 2024 | ||
Investment Interest Rate | [1] | 14.10% | ||
Investment Variable Interest Rate | [1] | 8.50% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 5.20% | ||
Par Amount | [1] | $ 28,240,826 | ||
Maturity Date | [1] | Apr. 04, 2029 | ||
Amortized Cost | [1] | $ 27,405,673 | ||
Fair Value | [1] | $ 28,240,826 | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services Net Assets 12.8% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 12.80% | ||
Amortized Cost | [1] | $ 68,967,746 | ||
Fair Value | [1] | $ 69,894,440 | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services, Net Assets 9.3% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 9.30% | ||
Amortized Cost | [2] | $ 41,134,444 | ||
Fair Value | [2] | $ 42,663,096 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Baxters North America, Inc., Acquisition Date 05/31/23 Term Loan - 14.59% inc PIK (SOFR + 9.25%, 1.75% Floor, 2.00% PIK) Net Assets 6.5% Maturity 05/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 31, 2023 | ||
Investment Interest Rate | [1] | 14.59% | ||
Investment Variable Interest Rate | [1] | 9.25% | ||
Investment Interest Rate, Floor | [1] | 1.75% | ||
Investment Interest Rate, PIK | [1] | 2% | ||
% of Net Assets | [1] | 6.50% | ||
Par Amount | [1] | $ 35,922,892 | ||
Maturity Date | [1] | May 31, 2028 | ||
Amortized Cost | [1] | $ 35,181,022 | ||
Fair Value | [1] | $ 35,348,126 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Baxters North America, Inc., Acquisition Date 05/31/23 Term Loan - 14.63% inc PIK (SOFR + 9.25%, 1.75% Floor, 2.00% PIK) Net Assets 8.4% Maturity 05/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | May 31, 2023 | ||
Investment Interest Rate | [2] | 14.63% | ||
Investment Variable Interest Rate | [2] | 9.25% | ||
Investment Interest Rate, Floor | [2] | 1.75% | ||
Investment Interest Rate, PIK | [2] | 2% | ||
% of Net Assets | [2] | 8.40% | ||
Par Amount | [2] | $ 40,814,714 | ||
Maturity Date | [2] | May 31, 2028 | ||
Amortized Cost | [2] | $ 39,854,504 | ||
Fair Value | [2] | $ 38,733,163 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Del Real, LLC, Acquisition Date 03/28/23 Term Loan - 13.18% inc PIK (SOFR + 7.75%, 2.00% Floor, 1.00% PIK) Net Assets 6.3% Maturity 03/28/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Mar. 28, 2023 | ||
Investment Interest Rate | [1] | 13.18% | ||
Investment Variable Interest Rate | [1] | 7.75% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
Investment Interest Rate, PIK | [1] | 1% | ||
% of Net Assets | [1] | 6.30% | ||
Par Amount | [1] | $ 33,685,123 | ||
Maturity Date | [1] | Mar. 28, 2028 | ||
Amortized Cost | [1] | $ 32,830,002 | ||
Fair Value | [1] | $ 34,358,826 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Del Real, LLC, Acquisition Date 03/28/23 Term Loan - 13.25% inc PIK (SOFR + 7.75%, 2.00% Floor 1.00% PIK) Net Assets 7.4% Maturity 03/28/23 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Mar. 28, 2023 | ||
Investment Interest Rate | [2] | 13.25% | ||
Investment Variable Interest Rate | [2] | 7.75% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
Investment Interest Rate, PIK | [2] | 1% | ||
% of Net Assets | [2] | 7.40% | ||
Par Amount | [2] | $ 33,683,106 | ||
Maturity Date | [2] | Mar. 28, 2028 | ||
Amortized Cost | [2] | $ 32,709,199 | ||
Fair Value | [2] | $ 33,851,522 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Great Kitchens Food Company, Inc., Acquisition Date 05/31/24 Term Loan - 11.34% (SOFR + 6.00%, 1.25% Floor) Net Assets 0.1% Maturity 05/31/29 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 31, 2024 | ||
Investment Interest Rate | [1] | 11.34% | ||
Investment Variable Interest Rate | [1] | 6% | ||
Investment Interest Rate, Floor | [1] | 1.25% | ||
% of Net Assets | [1] | 0.10% | ||
Par Amount | [1] | $ 698,600 | ||
Maturity Date | [1] | May 31, 2029 | ||
Amortized Cost | [1] | $ 698,600 | ||
Fair Value | [1] | $ 684,628 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Great Kitchens Food Company, Inc., Acquisition Date 05/31/24 Term Loan - 11.34% (SOFR + 6.00%, 1.25% Floor) Net Assets 9.6% Maturity 05/31/29 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 31, 2024 | ||
Investment Interest Rate | [1] | 11.34% | ||
Investment Variable Interest Rate | [1] | 6% | ||
Investment Interest Rate, Floor | [1] | 1.25% | ||
% of Net Assets | [1] | 9.60% | ||
Par Amount | [1] | $ 53,093,605 | ||
Maturity Date | [1] | May 31, 2029 | ||
Amortized Cost | [1] | $ 51,878,075 | ||
Fair Value | [1] | $ 52,031,733 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 02/29/24 Delayed Draw Term Loan A - 12.10% (SOFR + 6.50%, 1.75% Floor) Net Assets 0.3% Maturity 05/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Feb. 29, 2024 | ||
Investment Interest Rate | [1] | 12.10% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1.75% | ||
% of Net Assets | [1] | 0.30% | ||
Par Amount | [1] | $ 1,826,949 | ||
Maturity Date | [1] | May 04, 2028 | ||
Amortized Cost | [1] | $ 1,826,949 | ||
Fair Value | [1] | $ 1,826,949 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/23 Term Loan - 14.14% inc PIK (SOFR + 8.50%, 1.75% Floor, 1.25% PIK) Net Assets 6.7% Maturity 05/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | May 05, 2023 | ||
Investment Interest Rate | [2] | 14.14% | ||
Investment Variable Interest Rate | [2] | 8.50% | ||
Investment Interest Rate, Floor | [2] | 1.75% | ||
Investment Interest Rate, PIK | [2] | 1.25% | ||
% of Net Assets | [2] | 6.70% | ||
Par Amount | [2] | $ 31,645,888 | ||
Maturity Date | [2] | May 04, 2028 | ||
Amortized Cost | [2] | $ 30,996,882 | ||
Fair Value | [2] | $ 30,633,220 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/23 Term Loan - 15.11% inc PIK (SOFR + 9.50%, 1.75% Floor, 3.00% PIK) Net Assets 5.3% Maturity 05/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 05, 2023 | ||
Investment Interest Rate | [1] | 15.11% | ||
Investment Variable Interest Rate | [1] | 9.50% | ||
Investment Interest Rate, Floor | [1] | 1.75% | ||
Investment Interest Rate, PIK | [1] | 3% | ||
% of Net Assets | [1] | 5.30% | ||
Par Amount | [1] | $ 32,031,759 | ||
Maturity Date | [1] | May 04, 2028 | ||
Amortized Cost | [1] | $ 31,457,277 | ||
Fair Value | [1] | $ 28,924,679 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products, Net Assets 22.5% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 22.50% | ||
Amortized Cost | [2] | $ 103,560,585 | ||
Fair Value | [2] | $ 103,217,905 | ||
Investment, Identifier [Axis]: Debt Investments, Food Products, Net Assets 28.1% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 28.10% | ||
Amortized Cost | [1] | $ 153,871,925 | ||
Fair Value | [1] | $ 153,174,941 | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Delayed Draw Term Loan B - 11.71% (SOFR + 6.25%, 2.00% Floor) Net Assets 0.7% Maturity 09/11/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Sep. 11, 2023 | ||
Investment Interest Rate | [1] | 11.71% | ||
Investment Variable Interest Rate | [1] | 6.25% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 0.70% | ||
Par Amount | [1] | $ 3,910,228 | ||
Maturity Date | [1] | Sep. 11, 2028 | ||
Amortized Cost | [1] | $ 3,910,228 | ||
Fair Value | [1] | $ 3,910,228 | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Term Loan B - 11.71% (SOFR + 6.25%, 2.00% Floor) Net Assets 5.1% Maturity 09/11/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Sep. 11, 2023 | ||
Investment Interest Rate | [1] | 11.71% | ||
Investment Variable Interest Rate | [1] | 6.25% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 5.10% | ||
Par Amount | [1] | $ 27,610,908 | ||
Maturity Date | [1] | Sep. 11, 2028 | ||
Amortized Cost | [1] | $ 26,886,915 | ||
Fair Value | [1] | $ 27,776,574 | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Term Loan B - 11.90% (SOFR + 6.25%, 2.00% Floor) Net Assets 5.9% Maturity 09/11/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Sep. 11, 2023 | ||
Investment Interest Rate | [2] | 11.90% | ||
Investment Variable Interest Rate | [2] | 6.25% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 5.90% | ||
Par Amount | [2] | $ 27,750,006 | ||
Maturity Date | [2] | Sep. 11, 2028 | ||
Amortized Cost | [2] | $ 26,935,979 | ||
Fair Value | [2] | $ 27,306,006 | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation, Net Assets 5.8% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 5.80% | ||
Amortized Cost | [1] | $ 30,797,143 | ||
Fair Value | [1] | $ 31,686,802 | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation, Net Assets 5.9% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 5.90% | ||
Amortized Cost | [2] | $ 26,935,979 | ||
Fair Value | [2] | $ 27,306,006 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Black Rock Coffee Holdings, LLC, Acquisition Date 04/29/22 Term Loan - 12.11% inc PIK (SOFR + 6.50%, 1.00% Floor, 0.50% PIK) Net Assets 3.4% Maturity 09/30/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Apr. 29, 2022 | ||
Investment Interest Rate | [1] | 12.11% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
Investment Interest Rate, PIK | [1] | 0.50% | ||
% of Net Assets | [1] | 3.40% | ||
Par Amount | [1] | $ 18,930,428 | ||
Maturity Date | [1] | Sep. 30, 2026 | ||
Amortized Cost | [1] | $ 18,802,862 | ||
Fair Value | [1] | $ 18,741,123 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Black Rock Coffee Holdings, LLC, Acquisition Date 04/29/22 Term Loan - 12.15% inc PIK (SOFR + 6.50%, 1.00% Floor, 0.50% PIK) Net Assets 4.1% Maturity 04/29/25 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Apr. 29, 2022 | ||
Investment Interest Rate | [2] | 12.15% | ||
Investment Variable Interest Rate | [2] | 6.50% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
Investment Interest Rate, PIK | [2] | 0.50% | ||
% of Net Assets | [2] | 4.10% | ||
Par Amount | [2] | $ 18,976,399 | ||
Maturity Date | [2] | Apr. 29, 2025 | ||
Amortized Cost | [2] | $ 18,770,938 | ||
Fair Value | [2] | $ 18,881,517 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Black Rock Coffee Holdings, LLC, Acquisition Date 05/31/24 Incremental Term Loan -12.11% inc PIK (SOFR + 6.50%, 1.00% Floor, 0.50% PIK) Net Assets 0.9% Maturity 09/30/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 31, 2024 | ||
Investment Interest Rate | [1] | 12.11% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
Investment Interest Rate, PIK | [1] | 0.50% | ||
% of Net Assets | [1] | 0.90% | ||
Par Amount | [1] | $ 4,946,404 | ||
Maturity Date | [1] | Sep. 30, 2026 | ||
Amortized Cost | [1] | $ 4,755,747 | ||
Fair Value | [1] | $ 4,896,940 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Delayed Draw Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor) Net Assets 0.1% Maturity 02/23/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | May 11, 2023 | ||
Investment Interest Rate | [2] | 12.46% | ||
Investment Variable Interest Rate | [2] | 7% | ||
Investment Interest Rate, Floor | [2] | 1.50% | ||
% of Net Assets | [2] | 0.10% | ||
Par Amount | [2] | $ 710,698 | ||
Maturity Date | [2] | Feb. 23, 2028 | ||
Amortized Cost | [2] | $ 710,698 | ||
Fair Value | [2] | $ 684,403 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Delayed Draw Term Loan - 12.50% (SOFR + 7.00%, 1.50% Floor) Net Assets 0.1% Maturity 02/23/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 11, 2023 | ||
Investment Interest Rate | [1] | 12.50% | ||
Investment Variable Interest Rate | [1] | 7% | ||
Investment Interest Rate, Floor | [1] | 1.50% | ||
% of Net Assets | [1] | 0.10% | ||
Par Amount | [1] | $ 710,698 | ||
Maturity Date | [1] | Feb. 23, 2028 | ||
Amortized Cost | [1] | $ 710,698 | ||
Fair Value | [1] | $ 687,245 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor) Net Assets 4.4% Maturity 02/23/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | May 11, 2023 | ||
Investment Interest Rate | [2] | 12.46% | ||
Investment Variable Interest Rate | [2] | 7% | ||
Investment Interest Rate, Floor | [2] | 1.50% | ||
% of Net Assets | [2] | 4.40% | ||
Par Amount | [2] | $ 20,925,460 | ||
Maturity Date | [2] | Feb. 23, 2028 | ||
Amortized Cost | [2] | $ 20,207,374 | ||
Fair Value | [2] | $ 20,151,218 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Term Loan - 12.50% (SOFR + 7.00%, 1.50% Floor) Net Assets 3.7% Maturity 02/23/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 11, 2023 | ||
Investment Interest Rate | [1] | 12.50% | ||
Investment Variable Interest Rate | [1] | 7% | ||
Investment Interest Rate, Floor | [1] | 1.50% | ||
% of Net Assets | [1] | 3.70% | ||
Par Amount | [1] | $ 20,606,798 | ||
Maturity Date | [1] | Feb. 23, 2028 | ||
Amortized Cost | [1] | $ 19,984,655 | ||
Fair Value | [1] | $ 19,926,774 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Revolver - 11.96% (SOFR + 6.50%, 1.00% Floor) Net Assets 0.1% Maturity 03/04/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Apr. 11, 2022 | ||
Investment Interest Rate | [1] | 11.96% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
% of Net Assets | [1] | 0.10% | ||
Par Amount | [1] | $ 469,744 | ||
Maturity Date | [1] | Mar. 04, 2027 | ||
Amortized Cost | [1] | $ 469,744 | ||
Fair Value | [1] | $ 461,758 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Term Loan - 11.66% (SOFR + 6.00%, 1.00% Floor) Net Assets 2.6% Maturity 03/04/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Apr. 11, 2022 | ||
Investment Interest Rate | [2] | 11.66% | ||
Investment Variable Interest Rate | [2] | 6% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 2.60% | ||
Par Amount | [2] | $ 11,846,485 | ||
Maturity Date | [2] | Mar. 04, 2027 | ||
Amortized Cost | [2] | $ 11,587,542 | ||
Fair Value | [2] | $ 11,751,713 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Term Loan - 12.10% (SOFR + 6.50%, 1.00% Floor) Net Assets 1.9% Maturity 03/04/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Apr. 11, 2022 | ||
Investment Interest Rate | [1] | 12.10% | ||
Investment Variable Interest Rate | [1] | 6.50% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
% of Net Assets | [1] | 1.90% | ||
Par Amount | [1] | $ 10,516,700 | ||
Maturity Date | [1] | Mar. 04, 2027 | ||
Amortized Cost | [1] | $ 10,322,953 | ||
Fair Value | [1] | $ 10,337,916 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure, Net Assets 10.1% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 10.10% | ||
Amortized Cost | [1] | $ 55,046,659 | ||
Fair Value | [1] | $ 55,051,756 | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure, Net Assets 11.2% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 11.20% | ||
Amortized Cost | [2] | $ 51,276,552 | ||
Fair Value | [2] | $ 51,468,851 | ||
Investment, Identifier [Axis]: Debt Investments, Household Durables, Lenox Holdings, Inc, Acquisition Date 07/08/22, Term Loan - 14.42% (SOFR + 8.75%,1.00%,Floor), Net Assets 8.0%, Maturity Date 07/08/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Jul. 08, 2022 | ||
Investment Interest Rate | [2] | 14.42% | ||
Investment Variable Interest Rate | [2] | 8.75% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 8% | ||
Par Amount | [2] | $ 37,397,529 | ||
Maturity Date | [2] | Jul. 08, 2027 | ||
Amortized Cost | [2] | $ 36,871,587 | ||
Fair Value | [2] | $ 36,724,373 | ||
Investment, Identifier [Axis]: Debt Investments, Household Durables, Lenox Holdings, Inc., Acquisition Date 07/08/22 Term Loan - 14.32% (SOFR + 8.75%,1.00%,Floor), Net Assets 6.6%, Maturity Date 07/08/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jul. 08, 2022 | ||
Investment Interest Rate | [1] | 14.32% | ||
Investment Variable Interest Rate | [1] | 8.75% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
% of Net Assets | [1] | 6.60% | ||
Par Amount | [1] | $ 36,426,164 | ||
Maturity Date | [1] | Jul. 08, 2027 | ||
Amortized Cost | [1] | $ 35,986,497 | ||
Fair Value | [1] | $ 35,989,050 | ||
Investment, Identifier [Axis]: Debt Investments, Household Durables, Net Assets 6.6% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 6.60% | ||
Amortized Cost | [1] | $ 35,986,497 | ||
Fair Value | [1] | $ 35,989,050 | ||
Investment, Identifier [Axis]: Debt Investments, Household Durables, Net Assets 8.0% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 8% | ||
Amortized Cost | [2] | $ 36,871,587 | ||
Fair Value | [2] | $ 36,724,373 | ||
Investment, Identifier [Axis]: Debt Investments, Information Technology Services Corcentric, Inc., Acquisition Date 05/09/23 Term Loan - 12.60% (SOFR + 7.00%, 2.00% Floor) Net Assets 7.4% Maturity Date 05/09/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | May 09, 2023 | ||
Investment Interest Rate | [1] | 12.60% | ||
Investment Variable Interest Rate | [1] | 7% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 7.40% | ||
Par Amount | [1] | $ 39,790,069 | ||
Maturity Date | [1] | May 09, 2027 | ||
Amortized Cost | [1] | $ 39,364,389 | ||
Fair Value | [1] | $ 40,187,970 | ||
Investment, Identifier [Axis]: Debt Investments, Information Technology Services, Corcentric Inc., Acquisition Date 05/09/23, Term Loan - 12.63% (SOFR + 7.00%,2.00%Floor), Net Assets 8.7%, Maturity Date 05/09/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | May 09, 2023 | ||
Investment Interest Rate | [2] | 12.63% | ||
Investment Variable Interest Rate | [2] | 7% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 8.70% | ||
Par Amount | [2] | $ 40,303,489 | ||
Maturity Date | [2] | May 09, 2027 | ||
Amortized Cost | [2] | $ 39,797,006 | ||
Fair Value | [2] | $ 40,222,882 | ||
Investment, Identifier [Axis]: Debt Investments, Information Technology Services, Net Assets 7.4% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 7.40% | ||
Amortized Cost | [1] | $ 39,364,389 | ||
Fair Value | [1] | $ 40,187,970 | ||
Investment, Identifier [Axis]: Debt Investments, Information Technology Services, Net Assets 8.7% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 8.70% | ||
Amortized Cost | [2] | $ 39,797,006 | ||
Fair Value | [2] | $ 40,222,882 | ||
Investment, Identifier [Axis]: Debt Investments, Machinery Mark Andy, Inc., Acquisition Date 06/16/23 Term Loan - 13.23% (SOFR + 7.75%, 1.50% Floor) Net Assets 4.4% Maturity Date 06/16/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jun. 16, 2023 | ||
Investment Interest Rate | [1] | 13.23% | ||
Investment Variable Interest Rate | [1] | 7.75% | ||
Investment Interest Rate, Floor | [1] | 1.50% | ||
% of Net Assets | [1] | 4.40% | ||
Par Amount | [1] | $ 26,227,511 | ||
Maturity Date | [1] | Jun. 16, 2028 | ||
Amortized Cost | [1] | $ 25,708,559 | ||
Fair Value | [1] | $ 23,893,262 | ||
Investment, Identifier [Axis]: Debt Investments, Machinery Triarc Tanks Bidco, LLC, Acquisition Date 10/03/22 Term Loan - 12.60% (SOFR + 7.00%, 1.00% Floor) Net Assets 2.8% Maturity Date 10/03/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Oct. 03, 2022 | ||
Investment Interest Rate | [1] | 12.60% | ||
Investment Variable Interest Rate | [1] | 7% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
% of Net Assets | [1] | 2.80% | ||
Par Amount | [1] | $ 16,502,612 | ||
Maturity Date | [1] | Oct. 03, 2026 | ||
Amortized Cost | [1] | $ 16,223,390 | ||
Fair Value | [1] | $ 14,967,869 | ||
Investment, Identifier [Axis]: Debt Investments, Machinery, Mark Andy, Inc. Acquisition Date 06/16/23, Term Loan - 13.25% (SOFR + 7.75%,1.50%Floor), Net Assets 5.6%, Maturity Date 06/16/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Jun. 16, 2023 | ||
Investment Interest Rate | [2] | 13.25% | ||
Investment Variable Interest Rate | [2] | 7.75% | ||
Investment Interest Rate, Floor | [2] | 1.50% | ||
% of Net Assets | [2] | 5.60% | ||
Par Amount | [2] | $ 26,359,973 | ||
Maturity Date | [2] | Jun. 16, 2028 | ||
Amortized Cost | [2] | $ 25,772,753 | ||
Fair Value | [2] | $ 25,885,494 | ||
Investment, Identifier [Axis]: Debt Investments, Machinery, Net Assets 9.0% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 9% | ||
Amortized Cost | [2] | $ 42,501,889 | ||
Fair Value | [2] | $ 41,720,508 | ||
Investment, Identifier [Axis]: Debt Investments, Machinery, Triarc Tanks Bidco, LLC. Acquisition Date 10/03/22, Term Loan - 12.61% (SOFR + 7.00%,1.00%Floor), Net Assets 3.4%, Maturity Date 10/03/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Oct. 03, 2022 | ||
Investment Interest Rate | [2] | 12.61% | ||
Investment Variable Interest Rate | [2] | 7% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 3.40% | ||
Par Amount | [2] | $ 17,082,000 | ||
Maturity Date | [2] | Oct. 03, 2026 | ||
Amortized Cost | [2] | $ 16,729,136 | ||
Fair Value | [2] | $ 15,835,014 | ||
Investment, Identifier [Axis]: Debt Investments, Marine Transportation Florida Marine Transporters, LLC, Acquisition Date 03/17/23 Term Loan B - 12.96% (SOFR + 7.50%, 2.00% Floor) Net Assets 5.9% Maturity Date 03/17/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Mar. 17, 2023 | ||
Investment Interest Rate | [1] | 12.96% | ||
Investment Variable Interest Rate | [1] | 7.50% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 5.90% | ||
Par Amount | [1] | $ 31,113,063 | ||
Maturity Date | [1] | Mar. 17, 2028 | ||
Amortized Cost | [1] | $ 30,464,573 | ||
Fair Value | [1] | $ 32,108,681 | ||
Investment, Identifier [Axis]: Debt Investments, Marine Transportation, Florida Marine Transporters, LLC, Acquisition Date 03/17/23, Term Loan - 13.47% (SOFR + 8.00%,2.00%Floor), Net Assets 8.4%, Maturity Date 03/17/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Mar. 17, 2023 | ||
Investment Interest Rate | [2] | 13.47% | ||
Investment Variable Interest Rate | [2] | 8% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 8.40% | ||
Par Amount | [2] | $ 39,193,607 | ||
Maturity Date | [2] | Mar. 17, 2028 | ||
Amortized Cost | [2] | $ 38,266,969 | ||
Fair Value | [2] | $ 38,880,058 | ||
Investment, Identifier [Axis]: Debt Investments, Marine Transportation, Net Assets 5.9% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 5.90% | ||
Amortized Cost | [1] | $ 30,464,573 | ||
Fair Value | [1] | $ 32,108,681 | ||
Investment, Identifier [Axis]: Debt Investments, Marine Transportation, Net Assets 8.4% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 8.40% | ||
Amortized Cost | [2] | $ 38,266,969 | ||
Fair Value | [2] | $ 38,880,058 | ||
Investment, Identifier [Axis]: Debt Investments, Net Assets 161.5% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2],[3] | 161.50% | ||
Amortized Cost | [2],[3] | $ 738,207,203 | ||
Fair Value | [2],[3] | $ 742,916,128 | ||
Investment, Identifier [Axis]: Debt Investments, Net Assets 173.9% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1],[4] | 173.90% | ||
Amortized Cost | [1],[4] | $ 945,661,911 | ||
Fair Value | [1],[4] | $ 947,024,783 | ||
Investment, Identifier [Axis]: Debt Investments, Oil & Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/22 Term Loan - 15.64% inc PIK (SOFR + 10.00%, 2.00% Floor, 2.75% PIK) Net Assets 5.0% Maturity 06/17/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Jun. 17, 2022 | ||
Investment Interest Rate | [2] | 15.64% | ||
Investment Variable Interest Rate | [2] | 10% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
Investment Interest Rate, PIK | [2] | 2.75% | ||
% of Net Assets | [2] | 5% | ||
Par Amount | [2] | $ 23,615,378 | ||
Maturity Date | [2] | Jun. 17, 2027 | ||
Amortized Cost | [2] | $ 23,292,982 | ||
Fair Value | [2] | $ 22,788,840 | ||
Investment, Identifier [Axis]: Debt Investments, Oil & Gas & Consumable Fuels, Net Assets 5.0% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 5% | ||
Amortized Cost | [2] | $ 23,292,982 | ||
Fair Value | [2] | $ 22,788,840 | ||
Investment, Identifier [Axis]: Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 02/29/24 Term Loan B -15.58% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.5% Maturity 06/17/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Feb. 29, 2024 | ||
Investment Interest Rate | [1] | 15.58% | ||
Investment Variable Interest Rate | [1] | 10% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 0.50% | ||
Par Amount | [1] | $ 4,626,036 | ||
Maturity Date | [1] | Jun. 17, 2027 | ||
Amortized Cost | [1] | $ 4,627,238 | ||
Fair Value | [1] | $ 2,494,081 | ||
Investment, Identifier [Axis]: Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/22 Term Loan - 14.59% inc PIK (SOFR + 9.00%, 2.00% Floor, all PIK) Net Assets 4.5% Maturity 06/17/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jun. 17, 2022 | ||
Investment Interest Rate | [1] | 14.59% | ||
Investment Variable Interest Rate | [1] | 9% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 4.50% | ||
Par Amount | [1] | $ 24,707,935 | ||
Maturity Date | [1] | Jun. 17, 2027 | ||
Amortized Cost | [1] | $ 24,431,996 | ||
Fair Value | [1] | $ 24,707,935 | ||
Investment, Identifier [Axis]: Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/24 Protective Advance Term Loan - 16.50% inc PIK (PRIME + 8.00%, 2.00% Floor, all PIK) Net Assets 0.1% Maturity 06/17/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jun. 17, 2024 | ||
Investment Interest Rate | [1] | 16.50% | ||
Investment Variable Interest Rate | [1] | 8% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 0.10% | ||
Par Amount | [1] | $ 300,533 | ||
Maturity Date | [1] | Jun. 17, 2027 | ||
Amortized Cost | [1] | $ 315,356 | ||
Fair Value | [1] | $ 315,356 | ||
Investment, Identifier [Axis]: Debt Investments, Oil, Gas & Consumable Fuels, Net Assets 5.1% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 5.10% | ||
Amortized Cost | [1] | $ 29,374,590 | ||
Fair Value | [1] | $ 27,517,372 | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals Rising Pharma Holdings, Inc., Acquisition Date 02/08/22 Delayed Draw Term Loan - 12.60% (SOFR + 7.00%, 1.00% Floor) Net Assets 0.1% Maturity 12/13/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Feb. 08, 2022 | ||
Investment Interest Rate | [1] | 12.60% | ||
Investment Variable Interest Rate | [1] | 7% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
% of Net Assets | [1] | 0.10% | ||
Par Amount | [1] | $ 787,943 | ||
Maturity Date | [1] | Dec. 13, 2026 | ||
Amortized Cost | [1] | $ 776,357 | ||
Fair Value | [1] | $ 783,215 | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals Rising Pharma Holdings, Inc., Acquisition Date 02/08/22 Delayed Draw Term Loan - 12.61% (SOFR + 7.00%, 1.00% Floor) Net Assets 0.2% Maturity 12/13/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Feb. 08, 2022 | ||
Investment Interest Rate | [2] | 12.61% | ||
Investment Variable Interest Rate | [2] | 7% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 0.20% | ||
Par Amount | [2] | $ 809,471 | ||
Maturity Date | [2] | Dec. 13, 2026 | ||
Amortized Cost | [2] | $ 795,148 | ||
Fair Value | [2] | $ 791,663 | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals Rising Pharma Holdings, Inc., Acquisition Date 02/08/22 Delayed Draw Term Loan - 12.65% (SOFR + 7.00%, 1.00% Floor) Net Assets 2.7% Maturity 12/13/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Feb. 08, 2022 | ||
Investment Interest Rate | [2] | 12.65% | ||
Investment Variable Interest Rate | [2] | 7% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 2.70% | ||
Par Amount | [2] | $ 12,838,027 | ||
Maturity Date | [2] | Dec. 13, 2026 | ||
Amortized Cost | [2] | $ 12,578,206 | ||
Fair Value | [2] | $ 12,555,590 | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals Rising Pharma Holdings, Inc., Acquisition Date 02/08/22 Term Loan - 12.61% (SOFR + 7.00%, 1.00% Floor) Net Assets 2.3% Maturity 12/13/26 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Feb. 08, 2022 | ||
Investment Interest Rate | [1] | 12.61% | ||
Investment Variable Interest Rate | [1] | 7% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
% of Net Assets | [1] | 2.30% | ||
Par Amount | [1] | $ 12,493,571 | ||
Maturity Date | [1] | Dec. 13, 2026 | ||
Amortized Cost | [1] | $ 12,283,450 | ||
Fair Value | [1] | $ 12,418,609 | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals, Net Assets 2.4% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 2.40% | ||
Amortized Cost | [1] | $ 13,059,807 | ||
Fair Value | [1] | $ 13,201,824 | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals, Net Assets 2.9% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 2.90% | ||
Amortized Cost | [2] | $ 13,373,354 | ||
Fair Value | [2] | $ 13,347,253 | ||
Investment, Identifier [Axis]: Debt Investments, Professional Services Alorica Inc., Acquisition Date 12/21/22 Term Loan - 12.22% (SOFR + 6.88%, 1.50% Floor) Net Assets 5.8% Maturity 03/02/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Dec. 21, 2022 | ||
Investment Interest Rate | [1] | 12.22% | ||
Investment Variable Interest Rate | [1] | 6.88% | ||
Investment Interest Rate, Floor | [1] | 1.50% | ||
% of Net Assets | [1] | 5.80% | ||
Par Amount | [1] | $ 31,974,912 | ||
Maturity Date | [1] | Mar. 02, 2027 | ||
Amortized Cost | [1] | $ 31,641,855 | ||
Fair Value | [1] | $ 31,431,338 | ||
Investment, Identifier [Axis]: Debt Investments, Professional Services Alorica Inc., Acquisition Date 12/21/22 Term Loan - 12.23% (SOFR + 6.88%, 1.50% Floor) Net Assets 7.2% Maturity 03/02/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Dec. 21, 2022 | ||
Investment Interest Rate | [2] | 12.23% | ||
Investment Variable Interest Rate | [2] | 6.88% | ||
Investment Interest Rate, Floor | [2] | 1.50% | ||
% of Net Assets | [2] | 7.20% | ||
Par Amount | [2] | $ 33,686,999 | ||
Maturity Date | [2] | Mar. 02, 2027 | ||
Amortized Cost | [2] | $ 33,285,743 | ||
Fair Value | [2] | $ 33,046,946 | ||
Investment, Identifier [Axis]: Debt Investments, Professional Services, Net Assets 5.8% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 5.80% | ||
Amortized Cost | [1] | $ 31,641,855 | ||
Fair Value | [1] | $ 31,431,338 | ||
Investment, Identifier [Axis]: Debt Investments, Professional Services, Net Assets 7.2% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 7.20% | ||
Amortized Cost | [2] | $ 33,285,743 | ||
Fair Value | [2] | $ 33,046,946 | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Revolver - 12.45% (SOFR + 7.00%, 2.00% Floor) Net Assets 0.2% Maturity 10/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Oct. 04, 2023 | ||
Investment Interest Rate | [2] | 12.45% | ||
Investment Variable Interest Rate | [2] | 7% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 0.20% | ||
Par Amount | [2] | $ 1,153,606 | ||
Maturity Date | [2] | Oct. 04, 2028 | ||
Amortized Cost | [2] | $ 1,153,606 | ||
Fair Value | [2] | $ 1,130,534 | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Term Loan - 12.18% (SOFR + 6.75%, 2.00% Floor) Net Assets 5.9% Maturity 10/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Oct. 04, 2023 | ||
Investment Interest Rate | [1] | 12.18% | ||
Investment Variable Interest Rate | [1] | 6.75% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
% of Net Assets | [1] | 5.90% | ||
Par Amount | [1] | $ 32,139,473 | ||
Maturity Date | [1] | Oct. 04, 2028 | ||
Amortized Cost | [1] | $ 31,230,431 | ||
Fair Value | [1] | $ 32,139,473 | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Term Loan - 12.45% (SOFR + 7.00%, 2.00% Floor) Net Assets 6.9% Maturity 10/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Oct. 04, 2023 | ||
Investment Interest Rate | [2] | 12.45% | ||
Investment Variable Interest Rate | [2] | 7% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 6.90% | ||
Par Amount | [2] | $ 32,300,978 | ||
Maturity Date | [2] | Oct. 04, 2028 | ||
Amortized Cost | [2] | $ 31,280,506 | ||
Fair Value | [2] | $ 31,654,959 | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail Follett Higher Education Group, Inc., Acquisition Date 02/01/22 Term Loan - 13.21% (SOFR + 7.75%, 2.00% Floor) Net Assets 6.6% Maturity 02/01/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Feb. 01, 2022 | ||
Investment Interest Rate | [2] | 13.21% | ||
Investment Variable Interest Rate | [2] | 7.75% | ||
Investment Interest Rate, Floor | [2] | 2% | ||
% of Net Assets | [2] | 6.60% | ||
Par Amount | [2] | $ 30,678,468 | ||
Maturity Date | [2] | Feb. 01, 2027 | ||
Amortized Cost | [2] | $ 30,299,776 | ||
Fair Value | [2] | $ 30,371,684 | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail Follett Higher Education Group, Inc., Acquisition Date 02/01/22 Term Loan - 15.69% inc PIK (SOFR + 10.25%, 2.00% Floor, 2.00% PIK) Net Assets 5.4% Maturity 02/01/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Feb. 01, 2022 | ||
Investment Interest Rate | [1] | 15.69% | ||
Investment Variable Interest Rate | [1] | 10.25% | ||
Investment Interest Rate, Floor | [1] | 2% | ||
Investment Interest Rate, PIK | [1] | 2% | ||
% of Net Assets | [1] | 5.40% | ||
Par Amount | [1] | $ 30,910,639 | ||
Maturity Date | [1] | Feb. 01, 2027 | ||
Amortized Cost | [1] | $ 30,594,683 | ||
Fair Value | [1] | $ 29,488,750 | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail, Net Assets 11.3% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 11.30% | ||
Amortized Cost | [1] | $ 61,825,114 | ||
Fair Value | [1] | $ 61,628,223 | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail, Net Assets 13.7% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 13.70% | ||
Amortized Cost | [2] | $ 62,733,888 | ||
Fair Value | [2] | $ 63,157,177 | ||
Investment, Identifier [Axis]: Debt Investments, Technology Hardware, Storage and Peripherals Sigmatron International, Inc., Acquisition Date 07/18/22 Term Loan - 12.96% (SOFR + 7.50%, 1.00% Floor) Net Assets 2.0% Maturity 07/18/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jul. 18, 2022 | ||
Investment Interest Rate | [1] | 12.96% | ||
Investment Variable Interest Rate | [1] | 7.50% | ||
Investment Interest Rate, Floor | [1] | 1% | ||
% of Net Assets | [1] | 2% | ||
Par Amount | [1] | $ 11,419,755 | ||
Maturity Date | [1] | Jul. 18, 2027 | ||
Amortized Cost | [1] | $ 11,282,655 | ||
Fair Value | [1] | $ 10,905,866 | ||
Investment, Identifier [Axis]: Debt Investments, Technology Hardware, Storage and Peripherals Sigmatron International, Inc., Acquisition Date 07/18/22 Term Loan - 12.97% (SOFR + 7.50%, 1.00% Floor) Net Assets 2.5% Maturity 07/18/27 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Jul. 18, 2022 | ||
Investment Interest Rate | [2] | 12.97% | ||
Investment Variable Interest Rate | [2] | 7.50% | ||
Investment Interest Rate, Floor | [2] | 1% | ||
% of Net Assets | [2] | 2.50% | ||
Par Amount | [2] | $ 11,976,990 | ||
Maturity Date | [2] | Jul. 18, 2027 | ||
Amortized Cost | [2] | $ 11,809,688 | ||
Fair Value | [2] | $ 11,629,658 | ||
Investment, Identifier [Axis]: Debt Investments, Technology Hardware, Storage and Peripherals, Net Assets 2.0% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 2% | ||
Amortized Cost | [1] | $ 11,282,655 | ||
Fair Value | [1] | $ 10,905,866 | ||
Investment, Identifier [Axis]: Debt Investments, Technology Hardware, Storage and Peripherals, Net Assets 2.5% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 2.50% | ||
Amortized Cost | [2] | $ 11,809,688 | ||
Fair Value | [2] | $ 11,629,658 | ||
Investment, Identifier [Axis]: Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Term Loan - 11.86% (SOFR + 6.5.%, 1.50% Floor) Net Assets 4.2% Maturity 07/19/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [2] | Jul. 19, 2023 | ||
Investment Interest Rate | [2] | 11.86% | ||
Investment Variable Interest Rate | [2] | 6.50% | ||
Investment Interest Rate, Floor | [2] | 1.50% | ||
% of Net Assets | [2] | 4.20% | ||
Par Amount | [2] | $ 19,857,139 | ||
Maturity Date | [2] | Jul. 19, 2028 | ||
Amortized Cost | [2] | $ 19,364,026 | ||
Fair Value | [2] | $ 19,261,424 | ||
Investment, Identifier [Axis]: Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Term Loan - 12.34% (SOFR + 7.00%, 1.50% Floor) Net Assets 3.6% Maturity 07/19/28 | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | [1] | Jul. 19, 2023 | ||
Investment Interest Rate | [1] | 12.34% | ||
Investment Variable Interest Rate | [1] | 7% | ||
Investment Interest Rate, Floor | [1] | 1.50% | ||
% of Net Assets | [1] | 3.60% | ||
Par Amount | [1] | $ 19,956,923 | ||
Maturity Date | [1] | Jul. 19, 2028 | ||
Amortized Cost | [1] | $ 19,517,842 | ||
Fair Value | [1] | $ 19,817,225 | ||
Investment, Identifier [Axis]: Debt Investments, Transportation Infrastructure, Net Assets 3.6% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [1] | 3.60% | ||
Amortized Cost | [1] | $ 19,517,842 | ||
Fair Value | [1] | $ 19,817,225 | ||
Investment, Identifier [Axis]: Debt Investments, Transportation Infrastructure, Net Assets 4.2% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 4.20% | ||
Amortized Cost | [2] | $ 19,364,026 | ||
Fair Value | [2] | 19,261,424 | ||
Investment, Identifier [Axis]: Equity Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Warrant, expires 4/4/34 Net Assets 0.2% | ||||
Schedule Of Investments [Line Items] | ||||
Acquisition Date | Apr. 05, 2024 | |||
% of Net Assets | 0.20% | |||
Par Amount | $ 380 | |||
Maturity Date | Apr. 04, 2034 | |||
Amortized Cost | $ 0 | |||
Fair Value | $ 1,115,411 | |||
Investment, Identifier [Axis]: Equity Investments, Energy Equipment & Services Net Assets 0.2% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | 0.20% | |||
Amortized Cost | $ 0 | |||
Fair Value | $ 1,115,411 | |||
Investment, Identifier [Axis]: Equity Investments, Net Assets 0.2% | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | 0.20% | |||
Amortized Cost | $ 0 | |||
Fair Value | 1,115,411 | |||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets (70.2%) | ||||
Schedule Of Investments [Line Items] | ||||
Fair Value | [2] | (323,232,131) | ||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets (82.6%) | ||||
Schedule Of Investments [Line Items] | ||||
Fair Value | (448,992,049) | |||
Investment, Identifier [Axis]: Net Assets (100.0%) | ||||
Schedule Of Investments [Line Items] | ||||
Fair Value | 543,337,425 | 460,210,091 | [2] | |
Investment, Identifier [Axis]: Net unrealized depreciation on unfunded commitments (0.2%) | ||||
Schedule Of Investments [Line Items] | ||||
Fair Value | $ (1,285,165) | $ (920,633) | [2] | |
Investment, Identifier [Axis]: Total Investments (170.4%) | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | [2] | 170.40% | ||
Amortized Cost | [2] | $ 779,653,930 | ||
Fair Value | [2] | $ 784,362,855 | ||
Investment, Identifier [Axis]: Total Investments (182.9%) | ||||
Schedule Of Investments [Line Items] | ||||
% of Net Assets | (182.90%) | |||
Amortized Cost | $ 991,136,356 | |||
Fair Value | $ 993,614,639 | |||
[1] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. The fair value of each debt investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.” The fair value of each debt investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.” |
Consolidated Schedules of Inv_2
Consolidated Schedules of Investments (Unaudited) (Parenthetical) | Jun. 30, 2024 | Dec. 31, 2023 | ||
Investment, Identifier [Axis]: Debt Investments, Machinery, Net Assets 7.2% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 7.20% | ||
Investment, Identifier [Axis]: Cash Equivalents, First American Government Obligation Fund, Yield 5.24% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of yield on investment | 5.24% | |||
Investment, Identifier [Axis]: Cash Equivalents, First American Government Obligation Fund, Yield 5.24% Net Assets 8.4% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | 8.40% | |||
Investment, Identifier [Axis]: Cash Equivalents, First American Government Obligation Fund, Yield 5.30% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of yield on investment | [2] | 5.30% | ||
Investment, Identifier [Axis]: Cash Equivalents, First American Government Obligation Fund, Yield 5.30% Net Assets 9.0% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 9% | ||
Investment, Identifier [Axis]: Cash Equivalents, Net Assets 8.4% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | 8.40% | |||
Investment, Identifier [Axis]: Cash Equivalents, Net Assets 9.0% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 9% | ||
Investment, Identifier [Axis]: Debt & Equity Investments, Net Assets 174.1% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | 174.10% | |||
Investment, Identifier [Axis]: Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Delayed Draw Term Loan B-1 - 11.84% (SOFR + 6.50%, 1.75% Floor) Net Assets 0.3% Maturity 03/28/29 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.30% | ||
Investment, Identifier [Axis]: Debt Investments, Automobile Components Fenix Intermediate, LLC, Acquisition Date 03/28/24 Term Loan B - 11.84% (SOFR + 6.50%, 1.75% Floor) Net Assets 5.4% Maturity 03/28/29 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.40% | ||
Investment, Identifier [Axis]: Debt Investments, Automobile Components, Net Assets 5.7% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.70% | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Term Loan - 13.11% (SOFR + 7.50%, 2.00% Floor) Net Assets 6.4% Maturity 06/30/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 6.40% | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies CSAT Holdings LLC, Acquisition Date 06/30/23 Term Loan - 13.85% (SOFR + 8.25%, 2.00% Floor) Net Assets 5.3% Maturity 06/30/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.30% | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies Comprehensive Logistics Co., LLC, Acquisition Date 03/26/24 Term Loan - 12.46% (SOFR + 7.00%, 2.00% Floor) Net Assets 6.5% Maturity 03/26/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 6.50% | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies Jones Industrial Holdings, Inc., Acquisition Date 07/31/23 Delayed Draw Term Loan - 13.94% (SOFR + 8.50%, 2.00% Floor) Net Assets 1.5% Maturity 07/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 1.50% | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies Jones Industrial Holdings, Inc., Acquisition Date 07/31/23 Term Loan - 13.94% (SOFR + 8.50%, 2.00% Floor) Net Assets 6.5% Maturity 07/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 6.50% | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies Jones Industrial Holdings, Inc., Acquisition Date 07/31/23 Term Loan - 13.96% (SOFR + 8.50%, 2.00% Floor) Net Assets 7.7% Maturity 07/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 7.70% | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies, Net Assets 14.1% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 14.10% | ||
Investment, Identifier [Axis]: Debt Investments, Commercial Services & Supplies, Net Assets 19.8% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 19.80% | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering Propulsion Acquisition, LLC, Acquisition Date 05/22/23 Term Loan - 12.08% (SOFR + 6.50%, 1.50% Floor) Net Assets 3.0% Maturity 07/31/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 3% | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering Propulsion Acquisition, LLC, Acquisition Date 05/22/23 Term Loan - 12.10% (SOFR + 6.50%, 1.50% Floor) Net Assets 3.5% Maturity 07/31/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 3.50% | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Term Loan - 12.96% inc PIK (SOFR + 7.50%, 1.75% Floor, 0.50% PIK) Net Assets 4.1% Maturity 06/16/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.10% | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering Sunland Asphalt & Construction, LLC, Acquisition Date 06/16/23 Term Loan B - 11.94% (SOFR + 6.50%, 1.75% Floor) Net Assets 3.6% Maturity 06/16/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 3.60% | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering, Net Assets 6.6% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 6.60% | ||
Investment, Identifier [Axis]: Debt Investments, Construction & Engineering, Net Assets 7.6% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 7.60% | ||
Investment, Identifier [Axis]: Debt Investments, Construction Materials Resco Products, Inc., Acquisition Date 03/07/22 Term Loan - 12.14% (SOFR + 6.50%, 1.00% Floor) Net Assets 4.1% Maturity 03/07/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.10% | ||
Investment, Identifier [Axis]: Debt Investments, Construction Materials, Net Assets 0.8% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.80% | ||
Investment, Identifier [Axis]: Debt Investments, Construction Materials, Net Assets 4.1% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.10% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 02/24/23 Term Loan - 11.58% (SOFR + 6.25%, 2.00% Floor) Net Assets 3.9% Maturity 02/24/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 3.90% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 02/24/23 Term Loan - 12.84% (SOFR + 7.50%, 2.00% Floor) Net Assets 4.9% Maturity 02/24/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.90% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging Hoffmaster Group, Inc., Acquisition Date 03/15/24 Incremental Term Loan - 11.58% (SOFR + 6.25%, 2.00% Floor) Net Assets 3.5% Maturity 02/24/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 3.50% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging PaperWorks Industries, Inc., Acquisition Date 07/26/23 Term Loan - 13.73% (SOFR + 8.25%, 1.00% Floor) Net Assets 2.6% Maturity 06/30/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 2.60% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging PaperWorks Industries, Inc., Acquisition Date 07/26/23 Term Loan - 13.78% (SOFR + 8.25%, 1.00% Floor) Net Assets 3.5% Maturity 06/30/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 3.50% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 05/21/24 Incremental Term Loan - 12.84% (SOFR + 7.50%, 2.00% Floor) Net Assets 4.3% Maturity 08/01/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 4.30% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 08/01/23 Term Loan - 12.61% (SOFR + 7.25%, 2.00% Floor) Net Assets 8.8% Maturity 08/01/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 8.80% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging The HC Companies, Inc., Acquisition Date 08/01/23 Term Loan - 12.84% (SOFR + 7.25%, 2.00% Floor) Net Assets 7.3% Maturity 08/01/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 7.30% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging, Net Assets 17.2% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 17.20% | ||
Investment, Identifier [Axis]: Debt Investments, Containers & Packaging, Net Assets 21.6% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 21.60% | ||
Investment, Identifier [Axis]: Debt Investments, Debt Investments, Construction Materials Resco Products, Inc., Acquisition Date 03/07/22 Term Loan - 12.09% (SOFR + 6.50%, 1.00% Floor) Net Assets 0.8% Maturity 03/07/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.80% | ||
Investment, Identifier [Axis]: Debt Investments, Electrical Equipment VoltaGrid, LLC, Acquisition Date 04/09/24 Term Loan - 11.93% (SOFR + 6.50%, 4.00% Floor) Net Assets 5.3% Maturity 02/28/29 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.30% | ||
Investment, Identifier [Axis]: Debt Investments, Electrical Equipment, Net Assets 5.3% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.30% | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services Harvey Gulf Holdings, LLC, Acquisition Date 01/19/24 Term Loan B - 11.58% (SOFR + 6.25%, 2.00% Floor) Net Assets 7.5% Maturity 01/19/29 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 7.50% | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services Harvey Gulf Holdings, LLC, Acquisition Date 08/10/22 Term Loan A - 10.14% (SOFR + 4.50%, 1.00% Floor) Net Assets 4.7% Maturity 08/10/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.70% | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services Harvey Gulf Holdings, LLC, Acquisition Date 08/10/22 Term Loan B - 12.64% (SOFR + 7.00%, 1.00% Floor) Net Assets 4.6% Maturity 08/10/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.60% | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Revolver - 14.10% (SOFR + 8.50%, 2.00% Floor) Net Assets 0.1% Maturity 04/04/29 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.10% | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Term Loan - 14.10% (SOFR + 8.50%, 2.00% Floor) Net Assets 5.2% Maturity 04/04/29 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.20% | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services Net Assets 12.8% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 12.80% | ||
Investment, Identifier [Axis]: Debt Investments, Energy Equipment & Services, Net Assets 9.3% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 9.30% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Baxters North America, Inc., Acquisition Date 05/31/23 Term Loan - 14.59% inc PIK (SOFR + 9.25%, 1.75% Floor, 2.00% PIK) Net Assets 6.5% Maturity 05/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 6.50% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Baxters North America, Inc., Acquisition Date 05/31/23 Term Loan - 14.63% inc PIK (SOFR + 9.25%, 1.75% Floor, 2.00% PIK) Net Assets 8.4% Maturity 05/31/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 8.40% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Del Real, LLC, Acquisition Date 03/28/23 Term Loan - 13.18% inc PIK (SOFR + 7.75%, 2.00% Floor, 1.00% PIK) Net Assets 6.3% Maturity 03/28/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 6.30% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Del Real, LLC, Acquisition Date 03/28/23 Term Loan - 13.25% inc PIK (SOFR + 7.75%, 2.00% Floor 1.00% PIK) Net Assets 7.4% Maturity 03/28/23 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 7.40% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Great Kitchens Food Company, Inc., Acquisition Date 05/31/24 Term Loan - 11.34% (SOFR + 6.00%, 1.25% Floor) Net Assets 0.1% Maturity 05/31/29 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.10% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Great Kitchens Food Company, Inc., Acquisition Date 05/31/24 Term Loan - 11.34% (SOFR + 6.00%, 1.25% Floor) Net Assets 9.6% Maturity 05/31/29 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 9.60% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 02/29/24 Delayed Draw Term Loan A - 12.10% (SOFR + 6.50%, 1.75% Floor) Net Assets 0.3% Maturity 05/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.30% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/23 Term Loan - 14.14% inc PIK (SOFR + 8.50%, 1.75% Floor, 1.25% PIK) Net Assets 6.7% Maturity 05/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 6.70% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products Signature Brands, LLC, Acquisition Date 05/05/23 Term Loan - 15.11% inc PIK (SOFR + 9.50%, 1.75% Floor, 3.00% PIK) Net Assets 5.3% Maturity 05/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.30% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products, Net Assets 22.5% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 22.50% | ||
Investment, Identifier [Axis]: Debt Investments, Food Products, Net Assets 28.1% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 28.10% | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Delayed Draw Term Loan B - 11.71% (SOFR + 6.25%, 2.00% Floor) Net Assets 0.7% Maturity 09/11/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.70% | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Term Loan B - 11.71% (SOFR + 6.25%, 2.00% Floor) Net Assets 5.1% Maturity 09/11/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.10% | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation RPM Purchaser, Inc., Acquisition Date 09/11/23 Term Loan B - 11.90% (SOFR + 6.25%, 2.00% Floor) Net Assets 5.9% Maturity 09/11/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 5.90% | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation, Net Assets 5.8% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.80% | ||
Investment, Identifier [Axis]: Debt Investments, Ground Transportation, Net Assets 5.9% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 5.90% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Black Rock Coffee Holdings, LLC, Acquisition Date 04/29/22 Term Loan - 12.11% inc PIK (SOFR + 6.50%, 1.00% Floor, 0.50% PIK) Net Assets 3.4% Maturity 09/30/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 3.40% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Black Rock Coffee Holdings, LLC, Acquisition Date 04/29/22 Term Loan - 12.15% inc PIK (SOFR + 6.50%, 1.00% Floor, 0.50% PIK) Net Assets 4.1% Maturity 04/29/25 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.10% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Black Rock Coffee Holdings, LLC, Acquisition Date 05/31/24 Incremental Term Loan -12.11% inc PIK (SOFR + 6.50%, 1.00% Floor, 0.50% PIK) Net Assets 0.9% Maturity 09/30/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.90% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Delayed Draw Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor) Net Assets 0.1% Maturity 02/23/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 0.10% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Delayed Draw Term Loan - 12.50% (SOFR + 7.00%, 1.50% Floor) Net Assets 0.1% Maturity 02/23/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.10% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Term Loan - 12.46% (SOFR + 7.00%, 1.50% Floor) Net Assets 4.4% Maturity 02/23/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.40% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Five Star Buyer, Inc., Acquisition Date 05/11/23 Term Loan - 12.50% (SOFR + 7.00%, 1.50% Floor) Net Assets 3.7% Maturity 02/23/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 3.70% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Revolver - 11.96% (SOFR + 6.50%, 1.00% Floor) Net Assets 0.1% Maturity 03/04/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.10% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Term Loan - 11.66% (SOFR + 6.00%, 1.00% Floor) Net Assets 2.6% Maturity 03/04/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 2.60% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure Red Robin International, Inc., Acquisition Date 04/11/22 Term Loan - 12.10% (SOFR + 6.50%, 1.00% Floor) Net Assets 1.9% Maturity 03/04/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 1.90% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure, Net Assets 10.1% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 10.10% | ||
Investment, Identifier [Axis]: Debt Investments, Hotels, Restaurants & Leisure, Net Assets 11.2% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 11.20% | ||
Investment, Identifier [Axis]: Debt Investments, Household Durables, Lenox Holdings, Inc, Acquisition Date 07/08/22, Term Loan - 14.42% (SOFR + 8.75%,1.00%,Floor), Net Assets 8.0%, Maturity Date 07/08/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 8% | ||
Investment, Identifier [Axis]: Debt Investments, Household Durables, Lenox Holdings, Inc., Acquisition Date 07/08/22 Term Loan - 14.32% (SOFR + 8.75%,1.00%,Floor), Net Assets 6.6%, Maturity Date 07/08/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 6.60% | ||
Investment, Identifier [Axis]: Debt Investments, Household Durables, Net Assets 6.6% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 6.60% | ||
Investment, Identifier [Axis]: Debt Investments, Household Durables, Net Assets 8.0% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 8% | ||
Investment, Identifier [Axis]: Debt Investments, Information Technology Services Corcentric, Inc., Acquisition Date 05/09/23 Term Loan - 12.60% (SOFR + 7.00%, 2.00% Floor) Net Assets 7.4% Maturity Date 05/09/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 7.40% | ||
Investment, Identifier [Axis]: Debt Investments, Information Technology Services, Corcentric Inc., Acquisition Date 05/09/23, Term Loan - 12.63% (SOFR + 7.00%,2.00%Floor), Net Assets 8.7%, Maturity Date 05/09/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 8.70% | ||
Investment, Identifier [Axis]: Debt Investments, Information Technology Services, Net Assets 7.4% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 7.40% | ||
Investment, Identifier [Axis]: Debt Investments, Information Technology Services, Net Assets 8.7% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 8.70% | ||
Investment, Identifier [Axis]: Debt Investments, Machinery Mark Andy, Inc., Acquisition Date 06/16/23 Term Loan - 13.23% (SOFR + 7.75%, 1.50% Floor) Net Assets 4.4% Maturity Date 06/16/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 4.40% | ||
Investment, Identifier [Axis]: Debt Investments, Machinery Triarc Tanks Bidco, LLC, Acquisition Date 10/03/22 Term Loan - 12.60% (SOFR + 7.00%, 1.00% Floor) Net Assets 2.8% Maturity Date 10/03/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 2.80% | ||
Investment, Identifier [Axis]: Debt Investments, Machinery, Mark Andy, Inc. Acquisition Date 06/16/23, Term Loan - 13.25% (SOFR + 7.75%,1.50%Floor), Net Assets 5.6%, Maturity Date 06/16/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 5.60% | ||
Investment, Identifier [Axis]: Debt Investments, Machinery, Net Assets 9.0% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 9% | ||
Investment, Identifier [Axis]: Debt Investments, Machinery, Triarc Tanks Bidco, LLC. Acquisition Date 10/03/22, Term Loan - 12.61% (SOFR + 7.00%,1.00%Floor), Net Assets 3.4%, Maturity Date 10/03/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 3.40% | ||
Investment, Identifier [Axis]: Debt Investments, Marine Transportation Florida Marine Transporters, LLC, Acquisition Date 03/17/23 Term Loan B - 12.96% (SOFR + 7.50%, 2.00% Floor) Net Assets 5.9% Maturity Date 03/17/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.90% | ||
Investment, Identifier [Axis]: Debt Investments, Marine Transportation, Florida Marine Transporters, LLC, Acquisition Date 03/17/23, Term Loan - 13.47% (SOFR + 8.00%,2.00%Floor), Net Assets 8.4%, Maturity Date 03/17/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 8.40% | ||
Investment, Identifier [Axis]: Debt Investments, Marine Transportation, Net Assets 5.9% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.90% | ||
Investment, Identifier [Axis]: Debt Investments, Marine Transportation, Net Assets 8.4% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 8.40% | ||
Investment, Identifier [Axis]: Debt Investments, Net Assets 161.5% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2],[3] | 161.50% | ||
Investment, Identifier [Axis]: Debt Investments, Net Assets 173.9% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1],[4] | 173.90% | ||
Investment, Identifier [Axis]: Debt Investments, Oil & Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/22 Term Loan - 15.64% inc PIK (SOFR + 10.00%, 2.00% Floor, 2.75% PIK) Net Assets 5.0% Maturity 06/17/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 5% | ||
Investment, Identifier [Axis]: Debt Investments, Oil & Gas & Consumable Fuels, Net Assets 5.0% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 5% | ||
Investment, Identifier [Axis]: Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 02/29/24 Term Loan B -15.58% inc PIK (SOFR + 10.00%, 2.00% Floor, all PIK) Net Assets 0.5% Maturity 06/17/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.50% | ||
Investment, Identifier [Axis]: Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/22 Term Loan - 14.59% inc PIK (SOFR + 9.00%, 2.00% Floor, all PIK) Net Assets 4.5% Maturity 06/17/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 4.50% | ||
Investment, Identifier [Axis]: Debt Investments, Oil, Gas & Consumable Fuels HOP Energy, LLC, Acquisition Date 06/17/24 Protective Advance Term Loan - 16.50% inc PIK (PRIME + 8.00%, 2.00% Floor, all PIK) Net Assets 0.1% Maturity 06/17/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.10% | ||
Investment, Identifier [Axis]: Debt Investments, Oil, Gas & Consumable Fuels, Net Assets 5.1% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.10% | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals Rising Pharma Holdings, Inc., Acquisition Date 02/08/22 Delayed Draw Term Loan - 12.60% (SOFR + 7.00%, 1.00% Floor) Net Assets 0.1% Maturity 12/13/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 0.10% | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals Rising Pharma Holdings, Inc., Acquisition Date 02/08/22 Delayed Draw Term Loan - 12.61% (SOFR + 7.00%, 1.00% Floor) Net Assets 0.2% Maturity 12/13/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 0.20% | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals Rising Pharma Holdings, Inc., Acquisition Date 02/08/22 Delayed Draw Term Loan - 12.65% (SOFR + 7.00%, 1.00% Floor) Net Assets 2.7% Maturity 12/13/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 2.70% | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals Rising Pharma Holdings, Inc., Acquisition Date 02/08/22 Term Loan - 12.61% (SOFR + 7.00%, 1.00% Floor) Net Assets 2.3% Maturity 12/13/26 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 2.30% | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals, Net Assets 2.4% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 2.40% | ||
Investment, Identifier [Axis]: Debt Investments, Pharmaceuticals, Net Assets 2.9% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 2.90% | ||
Investment, Identifier [Axis]: Debt Investments, Professional Services Alorica Inc., Acquisition Date 12/21/22 Term Loan - 12.22% (SOFR + 6.88%, 1.50% Floor) Net Assets 5.8% Maturity 03/02/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.80% | ||
Investment, Identifier [Axis]: Debt Investments, Professional Services Alorica Inc., Acquisition Date 12/21/22 Term Loan - 12.23% (SOFR + 6.88%, 1.50% Floor) Net Assets 7.2% Maturity 03/02/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 7.20% | ||
Investment, Identifier [Axis]: Debt Investments, Professional Services, Net Assets 5.8% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.80% | ||
Investment, Identifier [Axis]: Debt Investments, Professional Services, Net Assets 7.2% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 7.20% | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Revolver - 12.45% (SOFR + 7.00%, 2.00% Floor) Net Assets 0.2% Maturity 10/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 0.20% | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Term Loan - 12.18% (SOFR + 6.75%, 2.00% Floor) Net Assets 5.9% Maturity 10/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.90% | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail D&D Buyer, LLC, Acquisition Date 10/04/23 Term Loan - 12.45% (SOFR + 7.00%, 2.00% Floor) Net Assets 6.9% Maturity 10/04/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 6.90% | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail Follett Higher Education Group, Inc., Acquisition Date 02/01/22 Term Loan - 13.21% (SOFR + 7.75%, 2.00% Floor) Net Assets 6.6% Maturity 02/01/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 6.60% | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail Follett Higher Education Group, Inc., Acquisition Date 02/01/22 Term Loan - 15.69% inc PIK (SOFR + 10.25%, 2.00% Floor, 2.00% PIK) Net Assets 5.4% Maturity 02/01/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 5.40% | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail, Net Assets 11.3% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 11.30% | ||
Investment, Identifier [Axis]: Debt Investments, Specialty Retail, Net Assets 13.7% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 13.70% | ||
Investment, Identifier [Axis]: Debt Investments, Technology Hardware, Storage and Peripherals Sigmatron International, Inc., Acquisition Date 07/18/22 Term Loan - 12.96% (SOFR + 7.50%, 1.00% Floor) Net Assets 2.0% Maturity 07/18/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 2% | ||
Investment, Identifier [Axis]: Debt Investments, Technology Hardware, Storage and Peripherals Sigmatron International, Inc., Acquisition Date 07/18/22 Term Loan - 12.97% (SOFR + 7.50%, 1.00% Floor) Net Assets 2.5% Maturity 07/18/27 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 2.50% | ||
Investment, Identifier [Axis]: Debt Investments, Technology Hardware, Storage and Peripherals, Net Assets 2.0% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 2% | ||
Investment, Identifier [Axis]: Debt Investments, Technology Hardware, Storage and Peripherals, Net Assets 2.5% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 2.50% | ||
Investment, Identifier [Axis]: Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Term Loan - 11.86% (SOFR + 6.5.%, 1.50% Floor) Net Assets 4.2% Maturity 07/19/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.20% | ||
Investment, Identifier [Axis]: Debt Investments, Transportation Infrastructure, CG Buyer, LLC, Acquisition Date 07/19/23 Term Loan - 12.34% (SOFR + 7.00%, 1.50% Floor) Net Assets 3.6% Maturity 07/19/28 | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 3.60% | ||
Investment, Identifier [Axis]: Debt Investments, Transportation Infrastructure, Net Assets 3.6% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [1] | 3.60% | ||
Investment, Identifier [Axis]: Debt Investments, Transportation Infrastructure, Net Assets 4.2% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 4.20% | ||
Investment, Identifier [Axis]: Equity Investments, Energy Equipment & Services HydroSource Logistics, LLC, Acquisition Date 04/05/24 Warrant, expires 4/4/34 Net Assets 0.2% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | 0.20% | |||
Investment, Identifier [Axis]: Equity Investments, Energy Equipment & Services Net Assets 0.2% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | 0.20% | |||
Investment, Identifier [Axis]: Equity Investments, Net Assets 0.2% | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | 0.20% | |||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets (70.2%) | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of liabilities in excess of other assets | [2] | 70.20% | ||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets (82.6%) | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of liabilities in excess of other assets | 82.60% | |||
Investment, Identifier [Axis]: Net Assets (100.0%) | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Net Assets | 100% | 100% | [2] | |
Investment, Identifier [Axis]: Net unrealized depreciation on unfunded commitments (0.2%) | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of net unrealized depreciation on unfunded commitments | 0.20% | 0.20% | [2] | |
Investment, Identifier [Axis]: Total Investments (170.4%) | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | [2] | 170.40% | ||
Investment, Identifier [Axis]: Total Investments (182.9%) | ||||
Schedule Of Investments [Line Items] | ||||
Percentage of Investments | (182.90%) | |||
[1] Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower. The fair value of each debt investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.” The fair value of each debt investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.” |
Consolidated Schedules of Inv_3
Consolidated Schedules of Investments (Unaudited) (Parenthetical 2) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Investment, Identifier [Axis]: Aggregate Acquisitions and Aggregate Dispositions of Investments, Other Than Government Securities | ||
Schedule of Investments [Line Items] | ||
Aggregate acquisition of investments | $ 299,895,419 | $ 536,888,682 |
Aggregate dispositions of investments | $ 96,070,513 | $ 107,516,528 |
Investment, Identifier [Axis]: Geographic Breakdown of Portfolio, United States | ||
Schedule of Investments [Line Items] | ||
Percentage of portfolio breakdown on investment | 100% | 100% |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Non-controlled/non-affiliated investments (amortized cost of $945,662 and $738,207, respectively) | $ 948,140 | $ 742,916 |
Cash and cash equivalents | 47,241 | 83,247 |
Capital call receivable | 0 | 13,866 |
Interest receivable | 6,639 | 5,777 |
Receivable for investment sold | 484 | 0 |
Due from adviser | 2 | 78 |
Deferred financing costs | 2,095 | 1,640 |
Prepaid and other assets | 73 | 578 |
Total Assets | 1,004,674 | 848,102 |
Liabilities | ||
Incentive Fee Payable | 16,947 | 10,979 |
Interest and credit facility expense payable | 6,395 | 4,032 |
Management fees payable | 2,890 | 2,355 |
Unrealized depreciation on unfunded commitments | 1,285 | 921 |
Directors’ fees payable | 111 | 11 |
Other accrued expenses and other liabilities | 542 | 992 |
Total Liabilities | 461,337 | 387,892 |
Commitments and Contingencies (Note 5) | ||
Members’ Capital | ||
Common Unitholders commitment: (12,745,660 and 10,709,060 units issued and outstanding, respectively) | 1,274,566 | 1,070,906 |
Common Unitholders' undrawn commitment: (12,745,660 and 10,709,060 units issued and outstanding, respectively) | (713,504) | (599,495) |
Common Unitholders' return of capital | (3,682) | (3,094) |
Common Unitholders’ offering costs | (333) | (316) |
Common Unitholders’ capital | 557,047 | 468,001 |
Accumulated overdistributed earnings | (13,710) | (7,791) |
Total Members’ Capital | 543,337 | 460,210 |
Total Liabilities and Members’ Capital | $ 1,004,674 | $ 848,102 |
Net Asset Value Per Unit (accrual base) (Note 10) | $ 98.61 | $ 98.95 |
Term Loan | ||
Liabilities | ||
Revolving credit facilities payable and term loan | $ 398,167 | $ 198,813 |
Revolving Credit Facilities | ||
Liabilities | ||
Revolving credit facilities payable and term loan | $ 35,000 | $ 169,789 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Common Unitholders' commitment and undrawn commitment, outstanding | 12,745,660 | |
Term Loan | ||
Deferred financing costs | $ 1,833 | $ 1,187 |
Non-controlled/non-affiliated | ||
Amortized cost | $ 945,662 | $ 738,207 |
Commitment | ||
Common Unitholders' commitment and undrawn commitment, issued | 12,745,660 | 10,709,060 |
Common Unitholders' commitment and undrawn commitment, outstanding | 12,745,660 | 10,709,060 |
Undrawn Commitment | ||
Common Unitholders' commitment and undrawn commitment, issued | 12,745,660 | 10,709,060 |
Common Unitholders' commitment and undrawn commitment, outstanding | 12,745,660 | 10,709,060 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 37 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | |
Investment, Type [Extensible Enumeration] | Non Controlled Or Non Affiliated Investments [Member] | Non Controlled Or Non Affiliated Investments [Member] | Non Controlled Or Non Affiliated Investments [Member] | Non Controlled Or Non Affiliated Investments [Member] | Non Controlled Or Non Affiliated Investments [Member] |
Interest income | $ 31,099 | $ 16,108 | $ 59,328 | $ 26,613 | |
Interest income paid-in-kind | 2,689 | 1,655 | 3,648 | 1,826 | |
Other fee income | 2,377 | 1,774 | 3,096 | 1,925 | |
Total investment income | 36,165 | 19,537 | 66,072 | 30,364 | |
Expenses | |||||
Interest and credit facility expenses | 9,778 | 3,980 | 17,355 | 6,962 | |
Incentive fees | 3,795 | 2,556 | 5,968 | 3,163 | |
Management fees | 2,890 | 1,618 | 5,253 | 2,697 | |
Administrative fees | 232 | 165 | 434 | 304 | |
Professional fees | 225 | 105 | 377 | 251 | |
Directors’ fees | 50 | 48 | 125 | 147 | |
Organizational costs | 2 | 0 | 20 | 0 | $ 711 |
Interest expense on repurchase transactions | 0 | 594 | 0 | 951 | |
Other expenses | 116 | 64 | 218 | 125 | |
Total expenses | 17,088 | 9,130 | 29,750 | 14,600 | |
Expenses reimbursed by Adviser | (2) | 0 | (2) | 0 | |
Net expenses | 17,086 | 9,130 | 29,748 | 14,600 | |
Net investment income | 19,079 | 10,407 | 36,324 | 15,764 | |
Net realized (loss) gain: | |||||
Non-controlled/non-affiliated investments | (3) | 16 | 106 | 16 | |
Net change in unrealized appreciation/(depreciation): | |||||
Non-controlled/non-affiliated investments | 2,547 | 3,759 | (2,595) | 1,616 | |
Net realized gain on short-term investments | 0 | 275 | 0 | 528 | |
Net realized and unrealized gain (loss) on investments | 2,544 | 4,050 | (2,489) | 2,160 | |
Net increase in Members' Capital from operations | $ 21,623 | $ 14,457 | $ 33,835 | $ 17,924 | |
Basic and diluted: | |||||
Income per unit | $ 1.7 | $ 1.72 | $ 2.65 | $ 2.14 | |
Income per unit | $ 1.7 | $ 1.72 | $ 2.65 | $ 2.14 | |
Units outstanding | 12,745,660 | 8,390,110 | 12,745,660 | 8,390,110 | |
Units outstanding | 12,745,660 | 8,390,110 | 12,745,660 | 8,390,110 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Members' Capital (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Members' Capital, Beginning Balance | $ 498,780 | $ 460,210 | $ 324,485 | $ 196,018 |
Net Increase (Decrease) in Members' Capital Resulting from Operations: | ||||
Net investment income | 19,079 | 17,245 | 10,407 | 5,357 |
Net realized gain (loss) on investments | (3) | 109 | 291 | 253 |
Net change in unrealized appreciation/(depreciation) on investments | 2,547 | (5,142) | 3,759 | (2,143) |
Distributions to Members from: | ||||
Distributable earnings | (34,000) | (5,754) | (3,467) | |
Net Increase (Decrease) in Members' Capital Resulting from Capital Activity: | ||||
Contributions | 57,327 | 32,324 | 45,144 | 125,000 |
Return of capital | (376) | (212) | ||
Offering costs | (17) | |||
Total Increase (Decrease) in Members' Capital for the year end | 44,557 | 38,570 | 56,134 | 128,467 |
Members' Capital, Ending Balance | 543,337 | 498,780 | 380,619 | 324,485 |
Common Unitholders’ Capital | ||||
Members' Capital, Beginning Balance | 500,113 | 468,001 | 323,894 | 198,894 |
Net Increase (Decrease) in Members' Capital Resulting from Operations: | ||||
Net investment income | 0 | 0 | 0 | 0 |
Net realized gain (loss) on investments | 0 | 0 | 0 | 0 |
Net change in unrealized appreciation/(depreciation) on investments | 0 | 0 | 0 | 0 |
Distributions to Members from: | ||||
Distributable earnings | 0 | 0 | 0 | |
Net Increase (Decrease) in Members' Capital Resulting from Capital Activity: | ||||
Contributions | 57,327 | 32,324 | 45,144 | 125,000 |
Return of capital | (376) | (212) | ||
Offering costs | (17) | |||
Total Increase (Decrease) in Members' Capital for the year end | 56,934 | 32,112 | 45,144 | 125,000 |
Members' Capital, Ending Balance | 557,047 | 500,113 | 369,038 | 323,894 |
Accumulated Undistributed (Overdistributed) Earnings | ||||
Members' Capital, Beginning Balance | (1,333) | (7,791) | 591 | (2,876) |
Net Increase (Decrease) in Members' Capital Resulting from Operations: | ||||
Net investment income | 19,079 | 17,245 | 10,407 | 5,357 |
Net realized gain (loss) on investments | (3) | 109 | 291 | 253 |
Net change in unrealized appreciation/(depreciation) on investments | 2,547 | (5,142) | 3,759 | (2,143) |
Distributions to Members from: | ||||
Distributable earnings | (34,000) | (5,754) | (3,467) | |
Net Increase (Decrease) in Members' Capital Resulting from Capital Activity: | ||||
Contributions | 0 | 0 | 0 | 0 |
Return of capital | 0 | 0 | ||
Offering costs | 0 | |||
Total Increase (Decrease) in Members' Capital for the year end | (12,377) | 6,458 | 10,990 | 3,467 |
Members' Capital, Ending Balance | $ (13,710) | $ (1,333) | $ 11,581 | $ 591 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows from Operating Activities | ||
Net increase in net assets resulting from operations | $ 33,835 | $ 17,924 |
Adjustments to reconcile the net increase in net assets resulting from operations to net cash used in operating activities: | ||
Purchases of investments | (296,247) | (335,841) |
Purchases of short-term investments | 0 | (266,108) |
Interest income paid-in-kind | (3,648) | (1,826) |
Proceeds from sales and paydowns of investments | 96,071 | 30,555 |
Proceeds from sales of short-term investments | 0 | 329,998 |
Net realized gain on investments | (106) | (16) |
Change in net unrealized (appreciation)/depreciation on investments | 2,595 | (1,616) |
Amortization of premium and accretion of discount, net | (3,523) | (1,404) |
Amortization of deferred financing costs | 1,562 | 624 |
Increase (decrease) in operating assets and liabilities: | ||
(Increase) decrease in interest receivable | (862) | (956) |
(Increase) decrease in receivable for investment sold | (484) | 31 |
(Increase) decrease in due from Adviser | 76 | 182 |
(Increase) decrease in prepaid and other assets | 505 | 11 |
Increase (decrease) in payable for short-term investments purchased | 0 | (63,890) |
Increase (decrease) incentive fee payable | 5,968 | 3,163 |
Increase (decrease) distribution payable | 0 | (1,500) |
Increase (decrease) management fees payable | 535 | 729 |
Increase (decrease) interest and credit facility expense payable | 2,363 | 1,785 |
Increase (decrease) directors’ fees payable | 100 | 124 |
Increase (decrease) other accrued expenses and other liabilities | (450) | (346) |
Net cash used in operating activities | (161,710) | (288,377) |
Cash Flows from Financing Activities | ||
Contribution from Members | 103,517 | 170,144 |
Distributions to Members from distributable earnings | (39,754) | (3,467) |
Distributions to Members from return of capital | (588) | 0 |
Offering costs | (17) | 0 |
Deferred financing costs paid | (2,665) | 0 |
Proceeds from credit facilities | 263,000 | 289,100 |
Repayment of credit facilities | (197,789) | (98,000) |
Net cash provided by financing activities | 125,704 | 357,777 |
Net (decrease) increase in cash and cash equivalents | (36,006) | 69,400 |
Cash and cash equivalents, beginning of period | 83,247 | 21,852 |
Cash and cash equivalents, end of period | 47,241 | 91,252 |
Supplemental and non-cash financing activities | ||
Interest expense paid | 12,427 | 3,775 |
Decrease in Capital call receivable | $ (13,866) | $ 0 |
N-2
N-2 - $ / shares | 6 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Cover [Abstract] | ||||
Entity Central Index Key | 0001825265 | |||
Amendment Flag | false | |||
Securities Act File Number | 814-01420 | |||
Document Type | 10-Q | |||
Entity Registrant Name | TCW DIRECT LENDING VIII LLC | |||
Entity Address, Address Line One | 200 Clarendon Street | |||
Entity Address, City or Town | Boston | |||
Entity Address, State or Province | MA | |||
Entity Address, Postal Zip Code | 02116 | |||
City Area Code | 617 | |||
Local Phone Number | 936-2275 | |||
Entity Emerging Growth Company | true | |||
Entity Ex Transition Period | false | |||
General Description of Registrant [Abstract] | ||||
Risk Factors [Table Text Block] | Item 1A. Risk Factors There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K, which filed with the SEC on March 27, 2024. | |||
NAV Per Share | $ 98.61 | $ 98.95 | $ 101.35 | $ 99.57 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization: TCW Direct Lending VIII LLC (the “Company”), was formed as a Delaware limited liability company on September 3, 2020. The Company has conducted and expects to further conduct private offerings of its common limited liability company units (the “Units”) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). In addition, the Company may issue preferred units, though it currently has no intention to do so. On May 27, 2021 (“Inception Date”), the Company sold and issued 10 Units at an aggregate purchase price of $ 1 to TCW Asset Management Company LLC (“TAMCO” or the “Adviser”), the Company's investment adviser and an affiliate of the TCW Group, Inc. On July 22, 2021 the Company filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company also filed an election to be treated for U.S. federal income tax purposes as a Regulated Investment Company (a “RIC”) under Subchapter M of the U.S Internal Revenue Code of 1986, as amended (the “Code”) and made such an election beginning with the taxable year ending December 31, 2022. The Company is required to meet the minimum distribution and other requirements for RIC qualification. As a BDC and a RIC, the Company is required to comply with certain regulatory requirements. On January 21, 2022, the Company entered into the Investment Advisory and Management Agreement with the Adviser. On the same date, the Company also completed the first closing of the sale of its Common Units (the “Initial Closing Date” ) pursuant to which the Company sold 4,543,770 Common Units at an aggregate purchase price of $ 454,377 . The Company may continue to accept subscription agreements and issue Units for a period of twelve-months following the Initial Closing Date (the “Closing Period”). On January 6, 2023, the Company's Board of Directors (the “Board”) approved a six-month extension of the Closing Period from January 21, 2023 to July 21, 2023. On July 26, 2023, the Company's Amended and Restated Limited Liability Company Agreement was amended to extend the Closing Period to be the twenty-four month period following the Company's initial closing, until January 21, 2024 by a majority vote of the Company's Unitholders. On February 16, 2024, the Company's Amended and Restated Limited Liability Company Agreement was amended such that the definition of the Closing Period was amended to be the twenty-six month period following the Initial Closing Date which ended on March 21, 2024. The Company commenced operations during the first quarter of fiscal year 2022. On May 13, 2022, the Company formed a wholly-owned subsidiary, TCW DL VIII Financing LLC, a single member Delaware limited liability company. On April 2, 2024, the Company formed a wholly-owned subsidiary, TCW DL HDR LLC, a single member Delaware limited liability company. The consolidated financial statements in this quarterly report on Form 10-Q include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. On July 8, 2022, the Company completed the second closing of the sale of its Common Units pursuant to which the Company sold 2,178,280 Common Units for an aggregate offering price of $ 217,828 . On November 14, 2022, the Company completed the third closing of the sale of our Common Units pursuant to which the Company sold 642,500 Common Units for an aggregate offering price of $ 64,250 . On April 3, 2023, the Company completed the fourth closing of the sale of its Common Units pursuant to which the Company sold 1,025,550 Common Units for an aggregate offering price of $ 102,555 . On July 24, 2023, the Company completed the fifth closing of the sale of its Common Units pursuant to which the Company sold 1,173,625 Common Units for an aggregate offering price of $ 117,363 . On December 13, 2023, the Company completed the sixth closing of the sale of its Common Units pursuant to which the Company sold 1,145,325 Common Units for an aggregate offering price of $ 114,533 . On January 18, 2024, the Company completed the seventh closing of the sale of its Common Units pursuant to which the Company sold 734,300 Common Units for an aggregate offering price of $ 73,430 . On March 19, 2024, the Company completed the final closing of the sale of its Common Units pursuant to which the Company sold 1,302,300 Common Units for an aggregate offering price of $ 130,230 . The additional closings occurred during the 26-month Closing Period. The sale of the Common Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Common Unit generally upon at least ten business days’ prior written notice to the unitholders. 1. Organization and Basis of Presentation (Continued) Term: The term of the Company will continue until January 21, 2029, unle ss extended or the Company is sooner dissolved as provided in the Company’s amended and restated limited liability agreement (the “LLC Agreement”) or by operation of law. The Company may extend the term for two additional one-year periods upon written notice to the holders of the Units (the “Unitholders”) and holders of preferred units, if any (together with the Unitholders, the “Members”), at least 90 days prior to the expiration of the term or the end of the first one-year period. Thereafter, the term may be extended for successive one-year periods, with the vote or consent of a supermajority representing more than 66 2/3 % in interest of the holders of the Units. Commitment Period: The Commitment Period commenced on the Initial Closing Date, the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser and will end on February 1, 2026, which is the later of (a) January 21, 2026, four years from the Initial Closing Date and (b) February 1, 2026, four years from the date in which the Company first completed an investment. However, the Commitment Period is subject to termination upon the occurrence of a Key Person Event defined as follows: A “Key Person Event” will occur if, during the Commitment Period, (i) Richard T. Miller and one or more of Suzanne Grosso, Mark Gertzof and David Wang (each of such four Persons, a “Key Person” and collectively, the “Key Persons”) fail to devote substantially all (i.e. more than 85 %) of his or her business time to the investment activities of the Company, the prior funds, any successor funds and any fund(s) managed by the Adviser or an affiliate of the Adviser that are managed within the Private Credit Group (together, the “Related Entities”); or (ii) Ms. Grosso, Mr. Gertzof and Mr. Wang all fail to devote substantially all of their business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a temporary disability; provided that if a replacement has been approved as described in the paragraphs below, such replacement shall be specifically designated to take the place of one of the above-named individuals and the definition “Key Person Event” will be amended to take into account such successor. Upon the occurrence of a Key Person Event, and in the event that the Adviser fails to replace the above-referenced individuals in the manner contemplated by this paragraph, the Commitment Period shall be automatically terminated upon such Key Person Event. The Commitment Period will be re-instated upon the vote or written consent of 66 2/3 % in interest of the Unitholders. The Adviser is permitted at any time to replace any person designated above with a senior professional (including a Key Person) selected by the Adviser, provided that such replacement has been approved by a majority of the Unitholders (in which case, the approved substitute will be a Key Person in lieu of the person replaced). The determination of whether a Key Person Event has occurred will be made by the Company in accordance with the criteria set out above. If, during the Commitment Period, any Key Person shall fail to devote substantially all of his or her business time to the investment activities of the Company and the Related Entities other than as a result of temporary disability (the occurrence of such event, a “Key Person Departure”), the Company shall provide written notice to Unitholders of such Key Person Departure within 30 days of the date of such Key Person Departure. If the Company fails to obtain approval of a replacement of a Key Person following a Key Person Departure as provided herein, then notwithstanding anything herein, the Key Person Departure shall be permanent and the Adviser shall not be permitted to replace such Key Person. Notwithstanding the foregoing, the Adviser is permitted at any time to replace any Person designated above with a senior professional (including a Key Person) selected by the Adviser, with the approval of the majority of the Unitholders (in which case, the approved substitute shall be a Key Person in lieu of the Person replaced) no later than 90 days after the date that the Adviser informs the Company of its proposed replacement of the Key Person. If such replacement(s) end the occurrence of a Key Person Event, the Commitment Period will automatically be re-instated. In accordance with the Company’s LLC Agreement, the Company may complete investment transactions that were significantly in process as of the end of the Commitment Period and which the Company reasonably expects to be consummated prior to 90 days subsequent to the expiration date of the Commitment Period. The Company may also effect follow-on investments in existing portfolio companies up to an aggregate maximum of 10 % of aggregate cumulative invested amounts. Capital Commitments: On the Initial Closing Date, the Company began accepting subscription agreements from investors for the private sale of its Units. As of June 30, 2024, the Company has sold 12,745,660 Units for an aggregate offering price of $ 1,274,566 . Each Unitholder is obligated to contribute capital equal to their respective capital commitment to the Company (each, a “Commitment”) and each Unit’s Commitment obligation is $ 100.00 per unit. The sale of the Units was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Unit generally upon at least ten business days’ prior written notice to the unitholders. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment”. 1. Organization and Basis of Presentation (Continued) The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Company did not consummate and therefore returned to the Members as unused capital. As of June 30, 2024, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows: Commitments Undrawn % of Units Common Unitholder $ 1,274,566 $ 713,504 44.0 % 12,745,660 Recallable Amount: A Unitholder may be required to re-contribute amounts distributed equal to (a) such Unitholder’s share of all portfolio investments that are repaid to the Company, or otherwise recouped by the Company, and distributed to the Unitholder, in whole or in part, during or after the Commitment period, reduced by (b) all re-contributions made by such Unitholder. This amount, (the “Recallable Amount”) is excluded from the calculation of the accrual based net asset value. The Recallable Amount as of June 30, 2024 was $ 3,682 . |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation: The Company’s unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). The unaudited consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 , filed with the U.S. Securities and Exchange Commission ("SEC") on March 27, 2024. Use of Estimates : The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the consolidated financial statements, (ii) the reported amounts of income and expenses during the years presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material. Investments : The Company measures the fair value of its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”). Fair value is 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. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers the principal market of its investments to be the market in which the investment trades with the greatest volume and level of activity. Transactions : The Company records investment transactions on the trade date. The Company considers the trade date for investments not traded on a recognizable exchange, or traded in the over-the-counter markets, to be the date on which the Company receives legal or contractual title to the asset and bears the risk of loss. Income Recognition : Interest income and interest income paid-in-kind are recorded on an accrual basis unless doubtful of collection or the related investment is in default. Realized gains and losses on investments are recorded on a specific identification basis. The Company typically receives a fee in the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to collectability, and reflected in the amortized cost basis of the investment. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized immediately when earned as income. 2. Significant Accounting Policies (Continued) The Company may enter into certain intercreditor agreements that entitle the Company to the “last out” tranche of first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. In certain cases, the Company may receive a higher interest rate than the contractual stated interest rate as disclosed on the Company’s Consolidated Schedule of Investments. Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. The Company earns an unused commitment fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5—Commitments and Contingencies. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Deferred Financing Costs: Deferred financing costs incurred by the Company in connection with the Credit Facilities (as described in Note 7 to the Consolidated Financial Statements), including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the respective credit facility. Organizational and Offering Costs : Costs incurred to organize the Company are expensed as incurred. Offering costs are accumulated and will be charged directly to Members’ Capital at the end of the period during which Units will be offered (the “Closing Period”). The Company will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Units (in aggregate, the “Commitments”) of the Company for organizational and offering costs in connection with the offering of the Units through the Closing Period. Organizational costs are expensed as incurred and since inception, the Company has incurred $ 711 in organizational costs, of which $ 2 and $ 20 was expensed during the three and six months ended June 30, 2024, respectively. Since inception, the Company has incurred $ 333 in offering costs, all of which were charged to Members’ Capital as of June 30, 2024 . Cash and Cash Equivalents : The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of June 30, 2024, cash and cash equivalents are comprised of demand deposits and highly liquid investments with maturities of three months or less. C ash equivalents are valued at the net asset value of the mutual fund which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy. Income Taxes: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to be treated as a RIC under the Code and will make such an election beginning with the taxable year ending December 31, 2022. S o long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. Recent Accounting Pronouncements: In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. On January 1, 2024 , the Company adopted ASU 2022-03 and the adoption did not have a material impact on the consolidated financial statements. |
Investment Valuations and Fair
Investment Valuations and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Investment Valuations And Fair Value Measurements [Abstract] | |
Investment Valuations and Fair Value Measurements | 3. Investment Valuations and Fair Value Measurements Investments at Fair Value: Investments held by the Company are valued at fair value. Fair value is generally determined on the basis of last reported sales prices or official closing prices on the primary exchange in which each security trades, or if no sales are reported, generally based on the midpoint of the valuation range obtained for debt investments from a quotation reporting system, established market makers or pricing service. Investments for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by the Board based on similar instruments, internal assumptions and the weighting of the best available pricing inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" with respect to the fair valuation of the Company's portfolio securities, subject to oversight by and periodic reporting to the Board. Fair Value Hierarchy: Assets and liabilities are classified by the Company into three levels based on valuation inputs used to determine fair value: Level 1 values are based on unadjusted quoted market prices in active markets for identical assets. Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs. Level 3 values are based on significant unobservable inputs that reflect the Company’s determination of assumptions that market participants might reasonably use in valuing the assets. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation levels are not necessarily an indication of the risk associated with investing in those securities. Level 1 Assets (Investments) : The valuation techniques and significant inputs used to determine fair value are as follows: Equity, (Level 1) , generally includes common stock valued at the closing price on the primary exchange in which the security trades. Level 2 Assets (Investments) : The valuation techniques and significant inputs used to determine fair value are as follows: Equity, (Level 2) , generally includes warrants valued using quotes for comparable investments. Level 3 Assets (Investments): The following valuation techniques and significant inputs are used to determine the fair value of investments in private debt and equity for which reliable market quotations are not available. Some of the inputs are independently observable however, a significant portion of the inputs and the internal assumptions applied are unobservable. Debt, (Level 3) , include investments in privately originated senior secured debt. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. An income method approach incorporating a weighted average cost of capital and discount rate or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets are generally used to determine fair value, though some cases use an enterprise value waterfall method. Valuation may also include a shadow rating method. Standard pricing inputs include but are not limited to the financial health of the issuer, place in the capital structure, value of other issuer debt, credit, industry, and market risk and events. 3. Investment Valuations and Fair Value Measurements (Continued) Equity , (Level 3), may include common stock, preferred stock and warrants. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. A market approach is generally used to determine fair value. Pricing inputs include, but are not limited to, financial health and relevant business developments of the issuer; EBITDA; market multiples of comparable companies; comparable market transactions and recent trades or transactions; issuer, industry and market events; and contractual or legal restrictions on the sale of the security. When a Black-Scholes pricing model is used it follows the income approach. The pricing model takes into account the contract terms as well as multiple inputs, including: time value, implied volatility, equity prices and interest rates. A liquidity discount based on current market expectations, future events, minority ownership position and the period management reasonably expects to hold the investment may be applied. Pricing inputs and weightings applied to determine value require subjective determination. Accordingly, valuations do not necessarily represent the amounts that may eventually be realized from sales or other dispositions of investments. The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of June 30, 2024: Investments Level 1 Level 2 Level 3 Total Debt $ — $ — $ 947,025 $ 947,025 Equity — — 1,115 1,115 Cash equivalents 45,474 — — 45,474 Total $ 45,474 $ — $ 948,140 $ 993,614 The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2023: Investments Level 1 Level 2 Level 3 Total Debt $ — $ — $ 742,916 $ 742,916 Cash equivalents 41,447 — — 41,447 Total $ 41,447 $ — $ 742,916 $ 784,363 The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2024: Debt Equity Total Balance, April 1, 2024 $ 823,989 $ — $ 823,989 Purchases 157,484 — 157,484 Sales and paydowns of investments ( 37,773 ) — ( 37,773 ) Amortization of premium and accretion of discount, net 1,685 — 1,685 Net realized loss ( 3 ) — ( 3 ) Net change in unrealized appreciation/(depreciation) 1,643 1,115 2,758 Balance, June 30, 2024 $ 947,025 $ 1,115 $ 948,140 Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2024 $ 1,640 $ 1,115 $ 2,755 3. Investment Valuations and Fair Value Measurements (Continued) Debt Equity Total Balance, January 1, 2024 $ 742,916 $ — $ 742,916 Purchases, including payments received in-kind 299,895 — 299,895 Sales and paydowns of investments ( 96,071 ) — ( 96,071 ) Amortization of premium and accretion of discount, net 3,523 — 3,523 Net realized gain 106 — 106 Net change in unrealized appreciation/(depreciation) ( 3,344 ) 1,115 ( 2,229 ) Balance, June 30, 2024 $ 947,025 $ 1,115 $ 948,140 Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2024 $ ( 1,707 ) $ 1,115 $ ( 592 ) The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2023: Debt Equity Total Balance, April 1, 2023 $ 403,510 $ — $ 403,510 Purchases 229,016 — 229,016 Sales and paydowns of investments ( 22,266 ) — ( 22,266 ) Amortization of premium and accretion of discount, net 849 — 849 Net realized gain 16 — 16 Net change in unrealized appreciation/(depreciation) 4,178 — 4,178 Balance, June 30, 2023 $ 615,303 $ — $ 615,303 Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023 $ 4,178 $ — $ 4,178 Debt Equity Total Balance, January 1, 2023 $ 304,672 $ — $ 304,672 Purchases, including payments received in-kind 337,667 — 337,667 Sales and paydowns of investments ( 30,555 ) — ( 30,555 ) Amortization of premium and accretion of discount, net 1,404 — 1,404 Net realized gain 16 — 16 Net change in unrealized appreciation/(depreciation) 2,099 — 2,099 Balance, June 30, 2023 $ 615,303 $ — $ 615,303 Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023 $ 2,099 $ — $ 2,099 The Company did no t have any transfers between levels during the three and six months ended June 30, 2024 and 2023. Level 3 Valuation and Quantitative Information: The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of June 30, 2024: Investment Type Fair Value Valuation Unobservable Range Weighted Impact to Debt $ 837,396 Income Method Discount Rate 8.4 % to 20.4 % 13.0 % Decrease Debt $ 56,543 Market Method EBITDA Multiple 5.0 x to 6.8 x N/A Increase Debt $ 53,086 Income Method Discount Rate 9.2 % to 15.1 % 13.3 % Decrease Market Method Indicative Bid 100.0 % to 103.2 % N/A Increase Equity $ 1,115 Market Method EBITDA Multiple 5.5 x to 7.8 x N/A Increase * Weighted based on fair value 3. Investment Valuations and Fair Value Measurements (Continued) The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2023: Investment Type Fair Value Valuation Unobservable Range Weighted Impact to Debt $ 700,253 Income Method Discount Rate 9.7 % to 20.7 % 13.0 % Decrease Debt $ 42,663 Market Method Indicative Bid 101.0 % to 102.8 % N/A Increase * Weighted based on fair value The Company generally utilizes the midpoint of a valuation range provided by an external, independent valuation firm in determining fair value. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | 4. Agreements and Related Party Transactions Advisory Agree ment : On January 21, 2022, the Company entered into the Investment Advisory and Management Agreement (the “Advisory Agreement”) with the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Advisory Agreement became effective upon it s execution. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the Company’s outstanding voting securities and (ii) the vote of a majority of the Board who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Adviser or any of their respective affiliates (the “Independent Directors”). The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser. On November 8, 2023, the Company's Board renewed the Advisory Agreement for an additional one-year term until January 21, 2025. The Advisory Agreement may be terminated by either party, by vote of the Company’s Board, or by a vote of the majority of the Company’s outstanding voting units, without penalty upon not less than 60 days’ prior written notice to the applicable party. If the Advisory Agreement is terminated according to this paragraph, the Company will pay the Adviser a pro-rated portion of the Management Fee and Incentive Fee (each as defined below). Pursuant to the Advisory Agreement, the Adviser will: • determine the composition of the Company’s portfolio, the nature and timing of the changes to the Company’s portfolio and the manner of implementing such changes; • identify, evaluate and negotiate the structure of the investments the Company makes (including performing due diligence on the Company’s prospective portfolio companies); • determine the assets the Company will originate, purchase, retain or sell; • close, monitor and administer the investments the Company makes, including the exercise of any rights in the Company’s capacity as a lender; and • provide the Company such other investment advice, research and related services as the Company may, from time to time, require. The Company pays to the Adviser, quarterly in arrears, a management fee in cash (the “Management Fee”) calculated as follows: 0.3125 % (i.e., 1.25 % per annum) of the average gross assets of the Company on a consolidated basis, with the average determined based on the gross assets of the Company as of the end of the three most recently completed calendar months. “Gross assets” means the amortized cost of the Company’s portfolio investments (including portfolio investments purchased with borrowed funds and other forms of leverage, such as preferred units, public and private debt issuances, derivative instruments, repurchase agreements and other similar instruments or arrangements) that have not been sold, distributed to members, or written off for tax purposes (but reduced by any portion of such cost basis that has been written down to reflect a permanent impairment of value of any portfolio investment), and excluding cash and cash equivalents. The Management Fee for any partial month or quarter will be 4. Agreements and Related Party Transactions (Continued) For the three and six months ended June 30, 2024, Management Fees incurred were $ 2,890 and $ 5,253 , respectively, of which $ 2,890 remained payable as of June 30, 2024. For the three and six months ended June 30, 2023, Management Fees incurred were $ 1,618 and $ 2,697 , respectively, of which $ 1,618 remained payable as of June 30, 2023. In addition, the Adviser will receive an incentive fee (the “Incentive Fee”) as follows: (a) First, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions pursuant to this clause equal to their aggregate capital contributions in respect of all Units; (b) Second, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions equal to an 8.0 % internal rate of return on their aggregate capital contributions in respect of all Units (the “Hurdle”); (c) Third, the Adviser will be entitled to an Incentive Fee out of 100 % of additional amounts otherwise distributable to Unitholders until such time as the Incentive Fee paid to the Adviser is equal to 15 % of the sum of (i) the amount by which the Hurdle exceeds the aggregate capital contributions of the Unitholders in respect of all Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and (d) Thereafter, the Adviser will be entitled to an Incentive Fee equal to 15 % of additional amounts otherwise distributable to Unitholders, with the remaining 85 % distributed to the Unitholders. The Incentive Fee is calculated on a cumulative basis and the amount of the Incentive Fee payable in connection with any distribution (or deemed distribution) will be determined and, if applicable, paid in accordance with the foregoing formula each time amounts are to be distributed to the Unitholders. For the three and six months ended June 30, 2024, Incentive Fees incurred were $ 3,795 and $ 5,968 , respectively. For the three and six months ended June 30, 2023, Incentive Fees incurred were $ 2,556 and $ 3,163 , respectively. The Company has not made any incentive fee payments to the Adviser and as of June 30, 2024 and December 31, 2023, the Company's incentive fee payable to the Advisor was $ 16,947 and $ 10,979 , respectively. For purposes of calculating the Incentive Fee, as provided in 3.3.2 of the LLC Agreement, Aggregate Contributions shall not include NAV Balancing Contributions or Late-Closer Contributions (as such terms are defined in the LLC Agreement), and the distributions to Common Unitholders shall not include distributions attributable to Late-Closer Contributions. NAV Balancing Contributions received by the Company will not be treated as amounts distributed to Common Unitholders for purposes of calculating the Incentive Fee. In addition if distributions to which a Defaulting Member (as such term is defined in the LLC Agreement) otherwise would have been entitled have been withheld pursuant to 6.2.4 of the LLC Agreement, the amounts so withheld shall be treated for such purposes as having been distributed to such Defaulting Member. The amount of any distribution of securities made in kind shall be equal to the fair market value of those securities at the time of distribution determined pursuant to 13.4 of the LLC Agreement. If the Advisory Agreement terminates early for any reason other than (i) the Adviser voluntarily terminating the Advisory Agreement or (ii) the Company terminating the agreement for cause (as set out in the Advisory Agreement), the Company will be required to pay the Adviser a final incentive fee payment (the “Final Incentive Fee Payment”). The Final Incentive Fee Payment will be calculated as of the date the Advisory Agreement is so terminated and will equal the amount of Incentive Fee that would be payable to the Adviser if (A) all of the Company’s investments were liquidated for their current value (but without taking into account any unrealized appreciation of any portfolio investment), and any unamortized deferred portfolio investment-related fees were deemed accelerated, (B) the proceeds from such liquidation were used to pay all of the Company’s outstanding liabilities, and (C) the remainder were distributed to Unitholders and paid as Incentive Fee in accordance with the “waterfall” (i.e., clauses (a) through (d)) described above for determining the amount of the Incentive Fee. The Company will make the Final Incentive Fee Payment in cash on or immediately following the date the Advisory Agreement is so terminated. The Adviser Return Obligation (defined below) will not apply in connection with a Final Incentive Fee Payment. 4. Agreements and Related Party Transactions (Continued) Adviser Return Obligation : After the Company has made its final distribution of assets in connection with its dissolution, if the Adviser has received aggregate payments of Incentive Fees in excess of the amount the Adviser was entitled to receive pursuant to “ Incentive Fee ” above, then the Adviser will return to the Company, on or before 90 days after such final distribution of assets, an amount equal to such excess (the “Adviser Return Obligation”). Notwithstanding the preceding sentence, in no event will the Adviser be required to return to the Company an amount greater than the aggregate Incentive Fees paid to the Adviser, reduced by the excess (if any) of (a) the aggregate federal, state and local income tax liability the Adviser incurred in connection with the payment of such Incentive Fees, over (b) an amount equal to the U.S. federal and state tax benefits available to the Adviser by virtue of the payment made by the Adviser pursuant to its Adviser Return Obligation. Administration Agreement : On January 21, 2022, the Company entered into an Administration Agreement (the “Administration Agreement”) with TCW Asset Management Company LLC (in such capacity, the “Administrator”). Under the Administration Agreement, the Administrator will furnish us with office facilities and equipment, and clerical, bookkeeping and record keeping services. Pursuant to the Administration Agreement, the Administrator will oversee the maintenance of the Company’s financial records and otherwise assist with the Company’s compliance with BDC and RIC rules, monitor the payment of expenses, oversee the performance of administrative and professional services rendered to the Company by others, be responsible for the financial and other records that the Company is required to maintain, prepare and disseminate reports to the Unitholders and reports and other materials to be filed with the SEC or other regulators, assist the Company in determining and publishing (as necessary or appropriate) its net asset value, oversee the preparation and filing of tax returns, generally oversee the payment of expenses and provide such other services as the Administrator, subject to review of the Company’s Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. The Administrator may perform these services directly, may delegate some or all of them through the retention of a sub-administrator and may remove or replace any sub-administrator. Payments under the Administration Agreement will be equal to an amount that reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. The amounts paid pursuant to the Administration Agreement are subject to the Company Expenses Limitation (as defined below). The Administrator agrees that it would not charge total fees under the Administration Agreement that would exceed its reasonable estimate of what a qualified third party would charge to perform substantially similar services. The costs and expenses paid by the Company and the applicable caps on certain costs and expenses are described below under “ Expenses ”. The Administration Agreement provides that neither the Administrator, nor any director, officer, agent or employee of the Administrator, shall be liable or responsible to the Company or any of the Unitholders for any error of judgment, mistake of law or any loss arising out of any investment, or for any other act or omission in the performance by such person or persons of their respective duties, except for liability resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of their respective duties. The Company will also indemnify the Administrator and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with it. On November 8, 2023, the Company's Board renewed the Administrative Agreement for an additional one-year term until January 21, 2025. 4. Agreements and Related Party Transactions (Continued) Expenses: The Company, and indirectly the Unitholders, will bear all costs, expenses and liabilities, other than Adviser Operating Expenses (which shall be borne by the Adviser), in connection with the Company’s organization, operations, administration and transactions (“Company Expenses”). Company Expenses shall include, without limitation: (a) organizational expenses and expenses associated with the issuance of the Units and organizational expenses of a related entity organized and managed by the Adviser or an affiliate of the Adviser as a feeder fund for the Company and issuance of interests therein; (b) expenses of calculating net asset value (including the cost and expenses of any independent valuation firm); (c) fees payable to third parties, including agents, consultants, attorneys or other advisors, relating to, or associated with, evaluating and making investments; (d) expenses incurred by the Adviser or the Administrator payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring the Company’s financial and legal affairs, providing administrative services, monitoring or administering the Company’s investments and performing due diligence reviews of prospective investments and the corresponding portfolio companies; (e) costs associated with the Company’s reporting and compliance obligations under the 1940 Act, the 1934 Act and other applicable federal or state securities laws; (f) fees and expenses incurred in connection with debt incurred to finance the Company’s investments or operations, and payment of interest and repayment of principal on such debt; (g) expenses related to sales and purchases of Units and other securities; (h) Management Fees and Incentive Fees; (i) administrator fees and expenses payable under the Administration Agreement, provided that any such fees payable to the Administrator shall be limited to what a qualified third party would charge to perform substantially similar services; (j) transfer agent, sub-administrator and custodial fees; (k) expenses relating to the issue, repurchase and transfer of Units to the extent not borne by the relevant transferring Unitholders and/or assignees; (l) federal and state registration fees; (m) federal, state and local taxes and other governmental charges assessed against the Company; (n) independent directors’ fees and expenses and the costs associated with convening a meeting of the Company’s board of directors or any committee thereof; (o) fees and expenses and the costs associated with convening a meeting of the Unitholders or holders of any Preferred Units; (p) costs of any reports, proxy statements or other notices to Unitholders, including printing and mailing costs; (q) costs and expenses related to the preparation of the Company’s consolidated financial statements and tax returns; (r) the Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; (s) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (t) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator, pertaining to the Company; (u) compensation of other third party professionals to the extent they are devoted to preparing the Company’s consolidated financial statements or tax returns or providing similar “back office” financial services to the Company; (v) Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Company, monitoring the Company’s investments and disposing of any such investments; (w) portfolio risk management costs; (x) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees); (y) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Company, including in each case services with respect to the proposed purchase or sale of securities by us that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (z) costs of amending, restating or modifying the Company’s LLC Agreement or Advisory Agreement or related documents of the Company or related entities; (aa) fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of the Company or related entities; and (bb) all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering the Company’s business. 4. Agreements and Related Party Transactions (Continued) However, the Company will not bear more than (a) an amount equal to 10 basis points of its aggregate Commitments for organizational expenses and offering expenses in connection with the offering of Units through the Closing Period (see “ The Private Offering—Closing Period ”) and (b) 12.5 basis points of the greater of total commitments or total assets computed annually for Company Expenses (“Company Expenses Limitation”); provided, that, any amount by which actual annual expenses in (b) exceed the Company Expenses Limitation shall be reimbursed to us by the Adviser in the year such excess is incurred with any partial year assessed and reimbursed on a pro rata basis; and provided, further, that in determining the Company Expenses subject to the Company Expenses Limitation in (b), the following expenses shall be excluded and shall be borne by us as incurred without regard to the Company Expenses Limitation in (b): the Management Fee, the Incentive Fee, organizational and offering expenses (which are subject to the separate cap), amounts incurred in connection with the Company’s borrowings (including collateral agent (security trustee) fees, interest, bank fees, legal fees and other transactional expenses arising out of or related to any borrowing or borrowing facility and similar costs), transfer agent fees, federal, state and local taxes and other governmental charges assessed against the Company, out-of-pocket expenses of calculating net asset value (including the cost and expenses of any independent valuation firm engaged for that purpose and the costs and expenses of the valuation of the Company’s portfolio investments performed by the Company’s independent auditors in order to comply with applicable Public Company Accounting Oversight Board standards), out-of-pocket costs and expenses incurred in connection with arranging or structuring investments and their ongoing operations (including expenses and liabilities related to the formation and ongoing operations of any special purpose entity or entities in connection with an investment), out-of-pocket legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator pertaining to the Company, out-of-pocket costs and expenses relating to any reorganization or liquidation of the Company, directors and officers/errors and omissions liability insurance, and any extraordinary expenses (such as litigation expenses and indemnification payments). Notwithstanding the foregoing, amounts reimbursed pursuant to the Company Expenses Limitation in any year may be carried forward by the Adviser and recouped in future years where the Company Expenses Limitation is not exceeded but in no event will the Company carryforward to future periods the amount by which actual annual Company Expenses for a year exceed the Company Expenses Limitation for more than three years from the date on which such expenses were reimbursed. “Adviser Operating Expenses” means overhead and operating and administrative expenses incurred by or on behalf of the Adviser or any of its affiliates, including the Company, in connection with maintaining and operating the Adviser’s office, including salaries and other compensation (including compensation due to its officers), rent, routine office equipment expense and liability and insurance premiums (other than (i) those incurred in maintaining fidelity bonds and Indemnitee insurance policies and (ii) the allocable portion of the Administrator’s overhead in performing its obligations), in furtherance of providing supervisory investment management services for the Company. For the avoidance of doubt, Adviser Operating Expenses include any expenses incurred by the Adviser or its affiliates in connection with the Adviser’s registration as an investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”), or with its compliance as a registered investment adviser thereunder. All Adviser Operating Expenses and all expenses of the Company that the Company will not bear, as set forth above, will be borne by the Adviser or its affiliates. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies The Company had the following unfunded commitments and unrealized depreciation by investment as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Unfunded Commitments Maturity/ Amount Unrealized Amount Unrealized Black Rock Coffee Holdings, LLC September 2025 $ 9,918 $ 99 $ — $ — CG Buyer, LLC July 2025 3,696 26 3,696 111 Comprehensive Logistics Co., LLC March 2026 4,556 73 — — CSAT Holdings LLC June 2028 3,934 43 3,934 59 D&D Buyer, LLC October 2025 8,075 — 8,075 162 D&D Buyer, LLC October 2028 3,461 — 2,307 46 Del Real, LLC March 2028 4,079 — 4,079 — Fenix Intermediate LLC March 2026 11,607 273 — — Five Star Buyer, Inc. February 2028 3,035 100 3,035 112 Five Star Buyer, Inc. May 2024 — — 3,035 112 Great Kitchens Food Company, Inc. May 2029 8,034 161 — — Hoffmaster Group, Inc. February 2028 2,096 23 2,096 — HydroSource Logistics, LLC April 2029 1,139 — — — Jones Industrial Holdings, Inc. February 2025 — — 8,959 — Red Robin International, Inc. March 2027 1,096 19 1,566 13 Rising Pharma Holdings, Inc. December 2026 1,981 12 1,981 44 RPM Purchaser, Inc. September 2025 3,667 — 7,587 121 Signature Brands, LLC March 2025 3,654 354 3,654 117 Sunland Asphalt & Construction, LLC December 2024 8,033 — 8,033 24 VoltaGrid, LLC September 2025 2,995 102 — — Total $ 85,056 $ 1,285 $ 62,037 $ 921 From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2024, the Company is not aware of any pending or threatened litigation. In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications. |
Members Capital
Members Capital | 6 Months Ended |
Jun. 30, 2024 | |
Statement of Stockholders' Equity [Abstract] | |
Members Capital | 6. Members' Capital The Company’s Unit activity for the three and six months ended June 30, 2024 and 2023, was as follows (See Note 1): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Units at beginning of period 12,745,660 7,364,560 10,709,060 7,364,560 Units issued and committed during the period — — 2,036,600 — Units issued and committed at end of period 12,745,660 7,364,560 12,745,660 7,364,560 No deemed distributions and contributions were processed during the three and six months ended June 30, 2024 . |
Credit Facilities
Credit Facilities | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Credit Facilities | 7. Credit Facilities On March 8, 2022, the Company entered into a senior secured revolving credit facility (the “Subscription Based Credit Facility” fka the “March 2022 Credit Facility”) among the Company, as borrower, and PNC Bank, National Association, as administrative agent and committed lender (“PNC”). The Subscription Based Credit Facility provides for a revolving credit line of up to $ 200,000 (the “Subscription Based Credit Facility Maximum Commitment”), subject to the lesser of (i) a percentage of unfunded commitments from certain classes of eligible investors in the Company (the “Subscription Based Credit Facility Borrowing Base”) and (ii) the Subscription Based Credit Facility Maximum Commitment. The Subscription Based Credit Facility has an initial commitment of $ 200,000 and may be periodically increased in amounts designated by the Company, up to an aggregate amount of $ 400,000 . The maturity date of the Subscription Based Credit Facility is March 7, 2025 , unless such date is extended at the Company’s option for a term of up to 12 months per such extension. Borrowings under the Subscription Based Credit Facility bear interest at a rate equal to either (a) a base rate calculated in a customary manner (which will never be less than the adjusted SOFR rate plus 1.00 %) plus 0.75 % or (b) adjusted SOFR rate calculated in a customary manner plus 1.75 %. The Subscription Based Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) the Company’s right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under the Company’s operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Subscription Based Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of June 30, 2024, the Company was in compliance with such covenants. On September 13, 2022, TCW DL VIII Financing LLC (the “Borrower” or “TCW DL VIII Financing”), a newly-formed, wholly-owned, special purpose financing subsidiary of the Company entered into a senior secured credit facility (the “Asset Based Credit Facility” fka the “September 2022 Credit Facility” and together with the Subscription Based Credit Facility, the “Credit Facilities”) pursuant to a credit and security agreement with PNC, as facility agent, the lenders from time to time party thereto, U.S. Bank National Association, as custodian, and Alter Domus (US) LLC, as collateral agent and collateral administrator. The Asset Based Credit Facility provides for an aggregate principal amount of up to $ 250,000 of revolving and term loans (the “Asset Based Credit Facility Maximum Commitment”), subject to compliance with a borrowing base (the “Asset Based Credit Facility Borrowing Base”). The Asset Based Credit Facility Maximum Commitment may be periodically increased in amounts designated by the Borrower up to an aggregate principal amount of $ 800,000 , subject to lender consent and obtaining commitments for the increase. Under the Asset Based Credit Facility, the Borrower may make borrowings of (i) revolving loans (the “Asset Based Revolving Credit Facility” and together with the Subscription Based Credit Facility, the “Revolving Credit Facilities”) during the period commencing September 13, 2022 and ending on September 13, 2025 and (ii) term loans (the “Term Loan”) during the period commencing September 13, 2022 and ending on September 13, 2023, unless, in the case of (i) and (ii), there is an earlier termination of the Asset Based Credit Facility or event of default thereunder. The Asset Based Credit Facility will mature on September 13, 2027 . Borrowings under the Asset Based Credit Facility will bear interest at a fluctuating rate of interest per annum equal to, at the Borrower’s option, either (i) a SOFR reference rate plus the facility margin of 2.25 % per annum or (ii) the Base Rate plus the facility margin of 2.25 % per annum. The Borrower’s obligations under the Asset Based Credit Facility are secured by a first priority security interest in all of the assets of the Borrower, including its portfolio of loans which will be contributed by the Company to the Borrower in exchange for 100 % of the membership interest of the Borrower and any payments received in respect of such loans. The Company may contribute or sell to the Borrower additional loans from time to time after the closing date, which shall be pledged in favor of the lenders under the Asset Based Credit Facility. Under the Asset Based Credit Facility, the Borrower has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. The Asset Based Credit Facility also includes events of default that are customary for similar credit facilities. As of June 30, 2024, the Borrower was in compliance with such covenants. On August 11, 2023, the Company amended the Asset Based Credit Facility and entered into the Amendment No. 1 to Credit and Security Agreement ("Amendment No. 1"). Amendment No. 1 increased the Asset Based Credit Facility Maximum Commitment from $ 250,000 to $ 400,000 which is comprised of $ 200,000 each of the revolving loan and term loan commitments, respectively. In addition, the term SOFR Adjustment has been deleted and the Facility Margin Level shall be 2.90 % per annum. 7. Credit Facilities (Continued) On February 2, 2024, the Company amended the Asset Based Credit Facility and entered into the Amendment No. 2 to Credit and Security Agreement ("Amendment No. 2"). Amendment No. 2 increased the Asset Based Credit Facility Maximum Commitment from $ 400,000 to $ 800,000 which is comprised of $ 400,000 each of the revolving loan and term loan commitments, respectively. Borrowings of the Borrower are non-recourse to the Company but are considered borrowings of the Company for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended. A summary of amounts outstanding and available under the Credit Facilities as of June 30, 2024 and December 31, 2023 was as follows: Credit Facilities Total Facility Borrowings Available (1) Subscription Based Credit Facility – June 30, 2024 $ 200,000 $ — $ 200,000 Asset Based Credit Facility – June 30, 2024 $ 800,000 $ 435,000 $ 137,858 Subscription Based Credit Facility – December 31, 2023 $ 200,000 $ 169,789 $ 30,211 Asset Based Credit Facility – December 31, 2023 $ 400,000 $ 200,000 $ 200,000 (1) The amount available considers any limitations related to the debt facility borrowing. Borrowings under the Asset Based Credit Facility as of June 30, 2024 and December 31, 2023 consisted of $ 35,000 and $ 0 , respectively, from the Asset Based Revolving Credit Facility and $ 400,000 and $ 200,000 , respectively, of Term Loan. Costs associated with the revolving credit lines are recorded as deferred financing costs on the Company's Consolidated Statements of Assets and Liabilities and such costs are being amortized over the lives of the respective Credit Facilities. Costs associated with the Term Loan are recorded as a reduction of the Term Loan on the Company's Consolidated Statements of Assets and Liabilities and such costs are being amortized over the life of the Term Loan. The Company incurred financing costs of $ 2,656 in connection with Amendment No. 2, of which $ 1,328 was recorded by the Company as deferred financing costs on its Consolidated Statements of Assets and Liabilities and the remaining $ 1,328 as a reduction of the Term Loan on its Consolidated Statements of Assets and Liabilities. The financing costs are being amortized over the term of the Asset Based Credit Facility. As of June 30, 2024 and December 31, 2023, $ 2,095 and $ 1,640 , respectively of deferred financing costs related to the revolving credit lines had yet to be amortized and $ 1,833 and $ 1,187 , respectively of deferred financing costs related to the Term Loan have yet to be amortized. A reconciliation of amounts presented on the Company’s Consolidated Statements of Assets and Liabilities versus amounts outstanding on the Term Loan is as follows: As of June 30, 2024 As of December 31, 2023 Principal amount outstanding on Term Loan $ 400,000 $ 200,000 Deferred financing costs ( 1,833 ) ( 1,187 ) Term Loan (as presented on the Consolidated Statements of Assets and Liabilities) $ 398,167 $ 198,813 The carrying amount of the Credit Facilities, which is categorized as Level 2 within the fair value hierarchy as of June 30, 2024 approximates its fair value. Valuation techniques and significant inputs used to determine fair value include Company performance; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and the respective credit agreement’s terms and conditions. 7. Credit Facilities (Continued) The summary information regarding the Credit Facilities for the three and six months ended June 30, 2024 was as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Credit Facilities interest expense $ 8,438 $ 3,472 $ 14,617 $ 5,798 Undrawn commitment fees 488 181 1,176 515 Administrative fees — 13 — 25 Amortization of deferred financing costs 852 314 1,562 624 Total $ 9,778 $ 3,980 $ 17,355 $ 6,962 Weighted average interest rate 8.21 % 7.30 % 8.10 % 7.02 % Average outstanding balance $ 406,486 $ 188,126 $ 356,791 $ 164,351 |
Repurchase Obligations
Repurchase Obligations | 6 Months Ended |
Jun. 30, 2024 | |
Repurchase Obligation [Abstract] | |
Repurchase Obligations | 8. Repurchase Obligations In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie US Trading LLC (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (each, a “Macquarie Transaction”). Additionally, the Company may, from time to time, enter into repurchase agreements with Barclays Bank PLC (“Barclays”), whereby the Company sells to Barclays its short-term investments and concurrently enters into an agreement to repurchase the same investments at an agreed-upon price at a future date, generally within 30-days (each, a “Barclays Transaction” and together with the Macquarie Transactions, the “Repurchase Transactions”). In accordance with ASC 860, Transfers and Servicing , these Repurchase Transactions meet the criteria for secured borrowings. Accordingly, the investments financed by these Repurchase Transactions remain on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie and Barclays (the “Repurchase Obligations”). Outstanding Repurchase Obligations are presented on the Company's Consolidated Statements of Assets and Liabilities as Repurchase Obligations. Repurchase Obligations are secured by the respective investment or short-term investment that is the subject of the repurchase agreement. Interest expense associated with the Repurchase Obligations is reported on the Company’s Consolidated Statements of Operations within Interest expense on repurchase transactions. During the three and six months ended June 30, 2024 and 2023, the Company did not enter into or settle any Macquarie Transactions. As of June 30, 2024 and December 31, 2023 , the Company had no outstanding Repurchase Obligations with Macquarie. The Company did not enter into Barclays Transactions during the six months ended June 30, 2024. During the six months ended June 30, 2023 the Company entered into Barclays Transactions on January 1, 2023 and April 3, 2023 which settled on January 25, 2023 and April 25, 2023, respectively. As of June 30, 2024 and December 31, 2023 , the Company had no outstanding Repurchase Obligations with Barclays. Interest expense incurred on the Repurchase Obligations during the three months ended June 30, 2024 and 2023 was $ 0 and $ 594 , respectively. Interest expense incurred on the Repurchase Obligations during the six months ended June 30, 2024 and 2023 was $ 0 and $ 951 , respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act and has also elected to be treated as a RIC under the Code and has made such an election beginning with the taxable year ending December 31, 2022. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. Federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. 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. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Federal Income Taxes : It is the policy of the Company to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and distribute all of its net taxable income and any net realized gains on investments to its shareholders. Therefore, no federal income tax provision is required. As of June 30, 2024 and December 31, 2023, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows: June 30, 2024 December 31, 2023 Cost of investments for federal income tax purposes $ 991,136 $ 779,654 Unrealized appreciation $ 12,958 $ 8,396 Unrealized depreciation $ ( 10,480 ) $ ( 3,687 ) Net unrealized appreciation on investments $ 2,478 $ 4,709 The Company did no t have any unrecognized tax benefits as of December 31, 2023 , nor were there any increases or decreases in unrecognized tax benefits for the period then ended; therefore, no interest or penalties were accrued. |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | 10. Financial Highlights Selected data for a unit outstanding throughout the six months ended June 30, 2024 and 2023 is presented below. For the six months ended June 30, 2024 (1) 2023 (1) Net Asset Value Per Unit (accrual base), Beginning of Period $ 98.95 $ 99.57 Net Increase in Common Unitholder NAV from Prior Year (2) 0.17 0.05 Income from Investment Operations: Net investment income 2.85 1.88 Net realized and unrealized loss ( 0.20 ) 0.26 Total income from investment operations 2.65 2.14 Less Distributions: From net investment income ( 3.12 ) ( 0.41 ) Return of capital ( 0.04 ) — Total distributions ( 3.16 ) ( 0.41 ) Net Asset Value Per Unit (accrual base), End of Period $ 98.61 $ 101.35 Unitholder Total Return (3)(4) 6.52 % 6.37 % Unitholder IRR before incentive fee (5) 15.95 % 12.89 % Unitholder IRR after incentive fee (5) 13.67 % 10.97 % Ratios and Supplemental Data: Members’ Capital, end of period $ 543,337 $ 380,619 Units outstanding, end of period 12,745,660 8,390,110 Ratios based on average net assets of Members’ Capital: Ratio of total expenses to average net asset (6) 11.87 % 10.10 % Expense reimbursed by Investment Advisor (4) 0.00 % 0.00 % Ratio of net expenses to average net assets (7) 11.87 % 10.10 % Ratio of financing cost to average net assets (4) 3.44 % 2.39 % Ratio of net investment income before expense recapture to average net assets (6) 14.50 % 9.48 % Ratio of net investment income to average net assets (7) 14.50 % 10.91 % Ratio of incentive fees to average net assets (7) 2.38 % 2.19 % Credit facility payable $ 435,000 $ 321,789 Asset coverage ratio 2.25 2.18 Portfolio turnover rate (4) 11.54 % 7.41 % (1) Per unit data was calculated using the number of Units issued and outstanding as of June 30, 2024 and 2023. (2) Adjustment to NAV per Unit is attributable to the 734,300 Units and 1,302,300 Units issued on January 18, 2024 and March 19 2024, respectively, and 1,025,550 Units issued on April 3, 2023 at $ 100 per Unit. See Note 1 in the financial statements. (3) The Total Return for the six months ended June 30, 2024 and 2023 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses. (4) Not annualized. (5) The Internal Rate of Return ("IRR") since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before Advisor incentive fees is 15.95 % . The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses, and Advisor incentive fees is 13.67 % through June 30, 2024. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the actual return may vary significantly upon realization. (6) Annualized except for organizational costs. (7) Annualized except for organizational costs and expenses reimbursed by the Advisor. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events The Company has evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that require recognition or disclosure in these consolidated financial statements other than those described below. On August 12, 2024, the Company's Board renewed the Advisory and Administrative Agreements for an additional one-year term through September 15, 2025. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The Company’s unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). The unaudited consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 , filed with the U.S. Securities and Exchange Commission ("SEC") on March 27, 2024. |
Use of Estimates | Use of Estimates : The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the consolidated financial statements, (ii) the reported amounts of income and expenses during the years presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material. |
Investments | Investments : The Company measures the fair value of its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”). Fair value is 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. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers the principal market of its investments to be the market in which the investment trades with the greatest volume and level of activity. |
Transactions | Transactions : The Company records investment transactions on the trade date. The Company considers the trade date for investments not traded on a recognizable exchange, or traded in the over-the-counter markets, to be the date on which the Company receives legal or contractual title to the asset and bears the risk of loss. |
Income Recognition | Income Recognition : Interest income and interest income paid-in-kind are recorded on an accrual basis unless doubtful of collection or the related investment is in default. Realized gains and losses on investments are recorded on a specific identification basis. The Company typically receives a fee in the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to collectability, and reflected in the amortized cost basis of the investment. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized immediately when earned as income. 2. Significant Accounting Policies (Continued) The Company may enter into certain intercreditor agreements that entitle the Company to the “last out” tranche of first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. In certain cases, the Company may receive a higher interest rate than the contractual stated interest rate as disclosed on the Company’s Consolidated Schedule of Investments. Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. The Company earns an unused commitment fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5—Commitments and Contingencies. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. |
Deferred Financing Costs | Deferred Financing Costs: Deferred financing costs incurred by the Company in connection with the Credit Facilities (as described in Note 7 to the Consolidated Financial Statements), including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the respective credit facility. |
Organizational and Offering Costs | Organizational and Offering Costs : Costs incurred to organize the Company are expensed as incurred. Offering costs are accumulated and will be charged directly to Members’ Capital at the end of the period during which Units will be offered (the “Closing Period”). The Company will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Units (in aggregate, the “Commitments”) of the Company for organizational and offering costs in connection with the offering of the Units through the Closing Period. Organizational costs are expensed as incurred and since inception, the Company has incurred $ 711 in organizational costs, of which $ 2 and $ 20 was expensed during the three and six months ended June 30, 2024, respectively. Since inception, the Company has incurred $ 333 in offering costs, all of which were charged to Members’ Capital as of June 30, 2024 . |
Cash and Cash Equivalents | Cash and Cash Equivalents : The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of June 30, 2024, cash and cash equivalents are comprised of demand deposits and highly liquid investments with maturities of three months or less. C ash equivalents are valued at the net asset value of the mutual fund which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy. |
Income Taxes | Income Taxes: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to be treated as a RIC under the Code and will make such an election beginning with the taxable year ending December 31, 2022. S o long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Unitholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 (1) clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and (2) requires specific disclosures related to such an equity security. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and interim periods within that fiscal year, with early adoption permitted. On January 1, 2024 , the Company adopted ASU 2022-03 and the adoption did not have a material impact on the consolidated financial statements. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Aggregate Commitments, Undrawn Commitments, Percentage of Commitments Funded and Number of Subscribed for Units | As of June 30, 2024, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Units of the Company were as follows: Commitments Undrawn % of Units Common Unitholder $ 1,274,566 $ 713,504 44.0 % 12,745,660 |
Investment Valuations and Fai_2
Investment Valuations and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investment Valuations And Fair Value Measurements [Abstract] | |
Summary by Major Security Type of Fair Valuations According to Inputs Used in Valuing Investments | The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of June 30, 2024: Investments Level 1 Level 2 Level 3 Total Debt $ — $ — $ 947,025 $ 947,025 Equity — — 1,115 1,115 Cash equivalents 45,474 — — 45,474 Total $ 45,474 $ — $ 948,140 $ 993,614 The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2023: Investments Level 1 Level 2 Level 3 Total Debt $ — $ — $ 742,916 $ 742,916 Cash equivalents 41,447 — — 41,447 Total $ 41,447 $ — $ 742,916 $ 784,363 |
Reconciliation of Beginning and Ending Balances for Total Investments | The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2024: Debt Equity Total Balance, April 1, 2024 $ 823,989 $ — $ 823,989 Purchases 157,484 — 157,484 Sales and paydowns of investments ( 37,773 ) — ( 37,773 ) Amortization of premium and accretion of discount, net 1,685 — 1,685 Net realized loss ( 3 ) — ( 3 ) Net change in unrealized appreciation/(depreciation) 1,643 1,115 2,758 Balance, June 30, 2024 $ 947,025 $ 1,115 $ 948,140 Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2024 $ 1,640 $ 1,115 $ 2,755 3. Investment Valuations and Fair Value Measurements (Continued) Debt Equity Total Balance, January 1, 2024 $ 742,916 $ — $ 742,916 Purchases, including payments received in-kind 299,895 — 299,895 Sales and paydowns of investments ( 96,071 ) — ( 96,071 ) Amortization of premium and accretion of discount, net 3,523 — 3,523 Net realized gain 106 — 106 Net change in unrealized appreciation/(depreciation) ( 3,344 ) 1,115 ( 2,229 ) Balance, June 30, 2024 $ 947,025 $ 1,115 $ 948,140 Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2024 $ ( 1,707 ) $ 1,115 $ ( 592 ) The following tables provide a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three and six months ended June 30, 2023: Debt Equity Total Balance, April 1, 2023 $ 403,510 $ — $ 403,510 Purchases 229,016 — 229,016 Sales and paydowns of investments ( 22,266 ) — ( 22,266 ) Amortization of premium and accretion of discount, net 849 — 849 Net realized gain 16 — 16 Net change in unrealized appreciation/(depreciation) 4,178 — 4,178 Balance, June 30, 2023 $ 615,303 $ — $ 615,303 Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023 $ 4,178 $ — $ 4,178 Debt Equity Total Balance, January 1, 2023 $ 304,672 $ — $ 304,672 Purchases, including payments received in-kind 337,667 — 337,667 Sales and paydowns of investments ( 30,555 ) — ( 30,555 ) Amortization of premium and accretion of discount, net 1,404 — 1,404 Net realized gain 16 — 16 Net change in unrealized appreciation/(depreciation) 2,099 — 2,099 Balance, June 30, 2023 $ 615,303 $ — $ 615,303 Change in net unrealized appreciation/(depreciation) in investments held as of June 30, 2023 $ 2,099 $ — $ 2,099 |
Summary of Valuation Techniques and Quantitative Information in Determining Fair value of Level 3 Investments | The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of June 30, 2024: Investment Type Fair Value Valuation Unobservable Range Weighted Impact to Debt $ 837,396 Income Method Discount Rate 8.4 % to 20.4 % 13.0 % Decrease Debt $ 56,543 Market Method EBITDA Multiple 5.0 x to 6.8 x N/A Increase Debt $ 53,086 Income Method Discount Rate 9.2 % to 15.1 % 13.3 % Decrease Market Method Indicative Bid 100.0 % to 103.2 % N/A Increase Equity $ 1,115 Market Method EBITDA Multiple 5.5 x to 7.8 x N/A Increase * Weighted based on fair value 3. Investment Valuations and Fair Value Measurements (Continued) The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2023: Investment Type Fair Value Valuation Unobservable Range Weighted Impact to Debt $ 700,253 Income Method Discount Rate 9.7 % to 20.7 % 13.0 % Decrease Debt $ 42,663 Market Method Indicative Bid 101.0 % to 102.8 % N/A Increase * Weighted based on fair value |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Unfunded Commitments And Unrealized Depreciation By Investment | The Company had the following unfunded commitments and unrealized depreciation by investment as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Unfunded Commitments Maturity/ Amount Unrealized Amount Unrealized Black Rock Coffee Holdings, LLC September 2025 $ 9,918 $ 99 $ — $ — CG Buyer, LLC July 2025 3,696 26 3,696 111 Comprehensive Logistics Co., LLC March 2026 4,556 73 — — CSAT Holdings LLC June 2028 3,934 43 3,934 59 D&D Buyer, LLC October 2025 8,075 — 8,075 162 D&D Buyer, LLC October 2028 3,461 — 2,307 46 Del Real, LLC March 2028 4,079 — 4,079 — Fenix Intermediate LLC March 2026 11,607 273 — — Five Star Buyer, Inc. February 2028 3,035 100 3,035 112 Five Star Buyer, Inc. May 2024 — — 3,035 112 Great Kitchens Food Company, Inc. May 2029 8,034 161 — — Hoffmaster Group, Inc. February 2028 2,096 23 2,096 — HydroSource Logistics, LLC April 2029 1,139 — — — Jones Industrial Holdings, Inc. February 2025 — — 8,959 — Red Robin International, Inc. March 2027 1,096 19 1,566 13 Rising Pharma Holdings, Inc. December 2026 1,981 12 1,981 44 RPM Purchaser, Inc. September 2025 3,667 — 7,587 121 Signature Brands, LLC March 2025 3,654 354 3,654 117 Sunland Asphalt & Construction, LLC December 2024 8,033 — 8,033 24 VoltaGrid, LLC September 2025 2,995 102 — — Total $ 85,056 $ 1,285 $ 62,037 $ 921 |
Members Capital (Tables)
Members Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Statement of Stockholders' Equity [Abstract] | |
Schedule of Members Capital Unit Activity | The Company’s Unit activity for the three and six months ended June 30, 2024 and 2023, was as follows (See Note 1): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Units at beginning of period 12,745,660 7,364,560 10,709,060 7,364,560 Units issued and committed during the period — — 2,036,600 — Units issued and committed at end of period 12,745,660 7,364,560 12,745,660 7,364,560 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Amounts Outstanding and Available under Credit Facilities | A summary of amounts outstanding and available under the Credit Facilities as of June 30, 2024 and December 31, 2023 was as follows: Credit Facilities Total Facility Borrowings Available (1) Subscription Based Credit Facility – June 30, 2024 $ 200,000 $ — $ 200,000 Asset Based Credit Facility – June 30, 2024 $ 800,000 $ 435,000 $ 137,858 Subscription Based Credit Facility – December 31, 2023 $ 200,000 $ 169,789 $ 30,211 Asset Based Credit Facility – December 31, 2023 $ 400,000 $ 200,000 $ 200,000 (1) The amount available considers any limitations related to the debt facility borrowing. |
Summary of Reconciliation Amounts Presented on Consolidated Statements of Assets and Liabilities Versus Outstanding on Term Loan | A reconciliation of amounts presented on the Company’s Consolidated Statements of Assets and Liabilities versus amounts outstanding on the Term Loan is as follows: As of June 30, 2024 As of December 31, 2023 Principal amount outstanding on Term Loan $ 400,000 $ 200,000 Deferred financing costs ( 1,833 ) ( 1,187 ) Term Loan (as presented on the Consolidated Statements of Assets and Liabilities) $ 398,167 $ 198,813 |
Summary Information Regarding Credit Facilities | The summary information regarding the Credit Facilities for the three and six months ended June 30, 2024 was as follows: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Credit Facilities interest expense $ 8,438 $ 3,472 $ 14,617 $ 5,798 Undrawn commitment fees 488 181 1,176 515 Administrative fees — 13 — 25 Amortization of deferred financing costs 852 314 1,562 624 Total $ 9,778 $ 3,980 $ 17,355 $ 6,962 Weighted average interest rate 8.21 % 7.30 % 8.10 % 7.02 % Average outstanding balance $ 406,486 $ 188,126 $ 356,791 $ 164,351 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Aggregate Investment Unrealized Appreciation and Depreciation for Federal Income Tax Purposes | As of June 30, 2024 and December 31, 2023, the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows: June 30, 2024 December 31, 2023 Cost of investments for federal income tax purposes $ 991,136 $ 779,654 Unrealized appreciation $ 12,958 $ 8,396 Unrealized depreciation $ ( 10,480 ) $ ( 3,687 ) Net unrealized appreciation on investments $ 2,478 $ 4,709 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlights | Selected data for a unit outstanding throughout the six months ended June 30, 2024 and 2023 is presented below. For the six months ended June 30, 2024 (1) 2023 (1) Net Asset Value Per Unit (accrual base), Beginning of Period $ 98.95 $ 99.57 Net Increase in Common Unitholder NAV from Prior Year (2) 0.17 0.05 Income from Investment Operations: Net investment income 2.85 1.88 Net realized and unrealized loss ( 0.20 ) 0.26 Total income from investment operations 2.65 2.14 Less Distributions: From net investment income ( 3.12 ) ( 0.41 ) Return of capital ( 0.04 ) — Total distributions ( 3.16 ) ( 0.41 ) Net Asset Value Per Unit (accrual base), End of Period $ 98.61 $ 101.35 Unitholder Total Return (3)(4) 6.52 % 6.37 % Unitholder IRR before incentive fee (5) 15.95 % 12.89 % Unitholder IRR after incentive fee (5) 13.67 % 10.97 % Ratios and Supplemental Data: Members’ Capital, end of period $ 543,337 $ 380,619 Units outstanding, end of period 12,745,660 8,390,110 Ratios based on average net assets of Members’ Capital: Ratio of total expenses to average net asset (6) 11.87 % 10.10 % Expense reimbursed by Investment Advisor (4) 0.00 % 0.00 % Ratio of net expenses to average net assets (7) 11.87 % 10.10 % Ratio of financing cost to average net assets (4) 3.44 % 2.39 % Ratio of net investment income before expense recapture to average net assets (6) 14.50 % 9.48 % Ratio of net investment income to average net assets (7) 14.50 % 10.91 % Ratio of incentive fees to average net assets (7) 2.38 % 2.19 % Credit facility payable $ 435,000 $ 321,789 Asset coverage ratio 2.25 2.18 Portfolio turnover rate (4) 11.54 % 7.41 % (1) Per unit data was calculated using the number of Units issued and outstanding as of June 30, 2024 and 2023. (2) Adjustment to NAV per Unit is attributable to the 734,300 Units and 1,302,300 Units issued on January 18, 2024 and March 19 2024, respectively, and 1,025,550 Units issued on April 3, 2023 at $ 100 per Unit. See Note 1 in the financial statements. (3) The Total Return for the six months ended June 30, 2024 and 2023 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses. (4) Not annualized. (5) The Internal Rate of Return ("IRR") since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before Advisor incentive fees is 15.95 % . The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses, and Advisor incentive fees is 13.67 % through June 30, 2024. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the actual return may vary significantly upon realization. (6) Annualized except for organizational costs. (7) Annualized except for organizational costs and expenses reimbursed by the Advisor. |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||||||||
Jan. 21, 2026 | Mar. 19, 2024 USD ($) shares | Jan. 18, 2024 USD ($) shares | Dec. 13, 2023 USD ($) shares | Jul. 24, 2023 USD ($) shares | Apr. 03, 2023 USD ($) shares | Nov. 14, 2022 USD ($) shares | Jul. 08, 2022 USD ($) shares | Jan. 21, 2022 USD ($) shares | May 27, 2021 USD ($) shares | Jun. 30, 2024 USD ($) SubscriptionAgreement Persons $ / shares shares | |
Organization and Basis of Presentation Disclosure [Line Items] | |||||||||||
Number of business days | 10 days | ||||||||||
Number of additional subscription agreements | SubscriptionAgreement | 2 | ||||||||||
Term of subscription agreements | 1 year | ||||||||||
Extended term for successive periods of subscription agreements | 1 year | ||||||||||
Percentage of interest of holders representing supermajority | 66.67% | ||||||||||
Commitment period description | The Commitment Period commenced on the Initial Closing Date, the day on which the Company completed the first closing of the sale of its Units to persons not affiliated with the Adviser and will end on February 1, 2026, which is the later of (a) January 21, 2026, four years from the Initial Closing Date and (b) February 1, 2026, four years from the date in which the Company first completed an investment. However, the Commitment Period is subject to termination upon the occurrence of a Key Person Event defined as follows: A “Key Person Event” will occur if, during the Commitment Period, (i) Richard T. Miller and one or more of Suzanne Grosso, Mark Gertzof and David Wang (each of such four Persons, a “Key Person” and collectively, the “Key Persons”) fail to devote substantially all (i.e. more than 85%) of his or her business time to the investment activities of the Company, the prior funds, any successor funds and any fund(s) managed by the Adviser or an affiliate of the Adviser that are managed within the Private Credit Group (together, the “Related Entities”); or (ii) Ms. Grosso, Mr. Gertzof and Mr. Wang all fail to devote substantially all of their business time to the investment activities of the Company and the Related Entities, in each case other than as a result of a temporary disability; provided that if a replacement has been approved as described in the paragraphs below, such replacement shall be specifically designated to take the place of one of the above-named individuals and the definition “Key Person Event” will be amended to take into account such successor. | ||||||||||
Number of key person | Persons | 4 | ||||||||||
Percentage required to spend time on investment activities during period | 85% | ||||||||||
Percentage of interest in unitholders upon vote or written consent | 66.67% | ||||||||||
Significantly investment completion period upon expiration of commitment period | 90 days | ||||||||||
Percentage of aggregate cumulative invested amount in existing portfolio companies | 10% | ||||||||||
Recallable amount | $ 3,682 | ||||||||||
Forecast | |||||||||||
Organization and Basis of Presentation Disclosure [Line Items] | |||||||||||
Term of subscription agreements | 4 years | ||||||||||
Common Units | |||||||||||
Organization and Basis of Presentation Disclosure [Line Items] | |||||||||||
Number of units sold and issued | shares | 1,302,300 | 734,300 | 1,145,325 | 1,173,625 | 1,025,550 | 642,500 | 2,178,280 | 4,543,770 | 10 | ||
Units issued and committed during the period | shares | 12,745,660 | ||||||||||
Aggregate purchase price | $ 130,230 | $ 73,430 | $ 114,533 | $ 117,363 | $ 102,555 | $ 64,250 | $ 217,828 | $ 454,377 | $ 1 | ||
Common units, issuance value | $ 1,274,566 | ||||||||||
Shares issued price per unit | $ / shares | $ 100 |
Organization and Basis of Pre_4
Organization and Basis of Presentation - Schedule of Aggregate Commitments, Undrawn Commitments, Percentage of Commitments Funded and Number of Subscribed for Units (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Organization and Basis of Presentation Disclosure [Line Items] | |||
Common Unitholder, Commitments | $ 1,274,566 | $ 1,070,906 | |
Common Unitholder, Undrawn Commitments | $ 713,504 | $ 599,495 | |
Common Unitholder, Units | 12,745,660 | 8,390,110 | |
Common Units | |||
Organization and Basis of Presentation Disclosure [Line Items] | |||
Common Unitholder, Commitments | $ 1,274,566 | ||
Common Unitholder, Undrawn Commitments | $ 713,504 | ||
Common Unitholder, % of Commitments Funded | 44% | ||
Common Unitholder, Units | 12,745,660 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 37 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Organizational costs | $ 2 | $ 0 | $ 20 | $ 0 | $ 711 | |
Offering costs | $ 333 | $ 333 | $ 333 | $ 316 | ||
ASU 2022-03 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Change in accounting principle, accounting standards update, adopted [true false] | true | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 01, 2024 | Jan. 01, 2024 | Jan. 01, 2024 | |||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | true | true |
Investment Valuations and Fai_3
Investment Valuations and Fair Value Measurements - Summary by Major Security Type of Fair Valuations According to Inputs Used in Valuing Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | $ 993,614 | $ 784,363 |
Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 947,025 | 742,916 |
Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 1,115 | |
Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 45,474 | 41,447 |
Level 1 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 45,474 | 41,447 |
Level 1 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Level 1 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | |
Level 1 | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 45,474 | 41,447 |
Level 2 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Level 2 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Level 2 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | |
Level 2 | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 0 | 0 |
Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 948,140 | 742,916 |
Level 3 | Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 947,025 | 742,916 |
Level 3 | Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | 1,115 | |
Level 3 | Cash Equivalents | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Investments Fair Value , Total | $ 0 | $ 0 |
Investment Valuations and Fai_4
Investment Valuations and Fair Value Measurements - Reconciliation of Beginning and Ending Balances for Total Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investment Valuations And Fair Value Measurements [Line Items] | ||||
Net change in unrealized appreciation/(depreciation) | $ (2,547) | $ (3,759) | $ 2,595 | $ (1,616) |
Level 3 | ||||
Investment Valuations And Fair Value Measurements [Line Items] | ||||
Beginning Balance | 823,989 | 403,510 | 742,916 | 304,672 |
Purchases | 157,484 | 229,016 | ||
Purchases, including payments received in-kind | 299,895 | 337,667 | ||
Sales and paydowns of investments | (37,773) | (22,266) | (96,071) | (30,555) |
Amortization of premium and accretion of discount, net | $ 1,685 | $ 849 | $ 3,523 | $ 1,404 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized Investment Gains (Losses) | Realized Investment Gains (Losses) | Realized Investment Gains (Losses) | Realized Investment Gains (Losses) |
Net realized gain (loss) | $ (3) | $ 16 | $ 106 | $ 16 |
Net change in unrealized appreciation/(depreciation) | 2,758 | 4,178 | (2,229) | 2,099 |
Ending Balance | 948,140 | 615,303 | 948,140 | 615,303 |
Change in net unrealized appreciation/(depreciation) in investments held | 2,755 | 4,178 | (592) | 2,099 |
Level 3 | Debt | ||||
Investment Valuations And Fair Value Measurements [Line Items] | ||||
Beginning Balance | 823,989 | 403,510 | 742,916 | 304,672 |
Purchases | 157,484 | 229,016 | ||
Purchases, including payments received in-kind | 299,895 | 337,667 | ||
Sales and paydowns of investments | (37,773) | (22,266) | (96,071) | (30,555) |
Amortization of premium and accretion of discount, net | $ 1,685 | $ 849 | $ 3,523 | $ 1,404 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized Investment Gains (Losses) | Realized Investment Gains (Losses) | Realized Investment Gains (Losses) | Realized Investment Gains (Losses) |
Net realized gain (loss) | $ (3) | $ 16 | $ 106 | $ 16 |
Net change in unrealized appreciation/(depreciation) | 1,643 | 4,178 | (3,344) | 2,099 |
Ending Balance | 947,025 | 615,303 | 947,025 | 615,303 |
Change in net unrealized appreciation/(depreciation) in investments held | 1,640 | 4,178 | (1,707) | 2,099 |
Level 3 | Equity | ||||
Investment Valuations And Fair Value Measurements [Line Items] | ||||
Beginning Balance | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | ||
Purchases, including payments received in-kind | 0 | 0 | ||
Sales and paydowns of investments | 0 | 0 | 0 | 0 |
Amortization of premium and accretion of discount, net | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized Investment Gains (Losses) | Realized Investment Gains (Losses) | Realized Investment Gains (Losses) | Realized Investment Gains (Losses) |
Net realized gain (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Net change in unrealized appreciation/(depreciation) | 1,115 | 0 | 1,115 | 0 |
Ending Balance | 1,115 | 0 | 1,115 | 0 |
Change in net unrealized appreciation/(depreciation) in investments held | $ 1,115 | $ 0 | $ 1,115 | $ 0 |
Investment Valuations and Fai_5
Investment Valuations and Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Investment Valuations And Fair Value Measurements [Abstract] | ||
Fair value assets (liabilities) transfer between level amount | $ 0 | $ 0 |
Investment Valuations and Fai_6
Investment Valuations and Fair Value Measurements - Summary of Valuation Techniques and Quantitative Information in Determining Fair value of Level 3 Investments (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 993,614 | $ 784,363 |
Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | 948,140 | 742,916 |
Debt | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | 947,025 | 742,916 |
Debt | Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | 947,025 | 742,916 |
Debt | Level 3 | Income Method | Discount Rate | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 837,396 | $ 700,253 |
Debt | Level 3 | Income Method | Discount Rate | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 8.4 | 9.7 |
Debt | Level 3 | Income Method | Discount Rate | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 20.4 | 20.7 |
Debt | Level 3 | Income Method | Discount Rate | Weighted Average | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 13 | 13 |
Debt | Level 3 | Market Method | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 56,543 | |
Debt | Level 3 | Market Method | EBITDA Multiple | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 5 | |
Debt | Level 3 | Market Method | EBITDA Multiple | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 6.8 | |
Debt | Level 3 | Market Method | Indicative Bid | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 42,663 | |
Debt | Level 3 | Market Method | Indicative Bid | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 101 | |
Debt | Level 3 | Market Method | Indicative Bid | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 102.8 | |
Debt | Level 3 | Income Method | Discount Rate | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 53,086 | |
Debt | Level 3 | Income Method | Discount Rate | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 9.2 | |
Debt | Level 3 | Income Method | Discount Rate | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 15.1 | |
Debt | Level 3 | Income Method | Discount Rate | Weighted Average | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 13.3 | |
Debt | Level 3 | Market Method | Indicative Bid | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 100 | |
Debt | Level 3 | Market Method | Indicative Bid | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Debt securities, measurement input | 103.2 | |
Equity | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 1,115 | |
Equity | Level 3 | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | 1,115 | |
Equity | Level 3 | Market Method | EBITDA Multiple | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Fair Value | $ 1,115 | |
Equity | Level 3 | Market Method | EBITDA Multiple | Minimum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Equity securities, measurement input | 5.5 | |
Equity | Level 3 | Market Method | EBITDA Multiple | Maximum | ||
Investment Valuations And Fair Value Measurements [Line Items] | ||
Equity securities, measurement input | 7.8 |
Agreements and Related Party _2
Agreements and Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||||||
Advisory agreement effective period | 2 years | |||||
Advisory agreement, description | Advisory Agreement: On January 21, 2022, the Company entered into the Investment Advisory and Management Agreement (the “Advisory Agreement”) with the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Advisory Agreement became effective upon its execution. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the Company’s outstanding voting securities and (ii) the vote of a majority of the Board who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company, the Adviser or any of their respective affiliates (the “Independent Directors”). The Advisory Agreement will automatically terminate in the event of an assignment by the Adviser. On November 8, 2023, the Company's Board renewed the Advisory Agreement for an additional one-year term until January 21, 2025. The Advisory Agreement may be terminated by either party, by vote of the Company’s Board, or by a vote of the majority of the Company’s outstanding voting units, without penalty upon not less than 60 days’ prior written notice to the applicable party. | |||||
Management fees | $ 2,890 | $ 1,618 | $ 5,253 | $ 2,697 | ||
Management fees payable | 2,890 | $ 2,890 | $ 2,355 | |||
Incentive fee, description | Adviser will receive an incentive fee (the “Incentive Fee”) as follows: (a)First, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions pursuant to this clause equal to their aggregate capital contributions in respect of all Units;(b)Second, no Incentive Fee will be owed until the Unitholders have collectively received cumulative distributions equal to an 8.0% internal rate of return on their aggregate capital contributions in respect of all Units (the “Hurdle”);(c)Third, the Adviser will be entitled to an Incentive Fee out of 100% of additional amounts otherwise distributable to Unitholders until such time as the Incentive Fee paid to the Adviser is equal to 15% of the sum of (i) the amount by which the Hurdle exceeds the aggregate capital contributions of the Unitholders in respect of all Units and (ii) the amount of Incentive Fee being paid to the Adviser pursuant to this clause (c); and(d)Thereafter, the Adviser will be entitled to an Incentive Fee equal to 15% of additional amounts otherwise distributable to Unitholders, with the remaining 85% distributed to the Unitholders. | |||||
Percentage of internal rate of return on aggregate capital contribution | 8% | |||||
Percentage of advisor incentive fee entitled | 100% | |||||
Percentage of incentive fee paid to the adviser subject to terms | 15% | |||||
Maximum percentage of aggregate commitment for organizational expenses and offering expenses | 0.10% | |||||
Maximum percentage of commitment or assets computed annually for company expenses | 0.125% | |||||
Incentive fees | 3,795 | 2,556 | $ 5,968 | 3,163 | ||
Incentive fee payable | 16,947 | $ 16,947 | 10,979 | |||
Thereafter | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of incentive fee paid to the adviser subject to terms | 15% | |||||
Percentage of remaining incentive fee distributed to the unitholders | 85% | |||||
Adviser | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of management fee | 1.25% | 0.3125% | ||||
Management fees | 2,890 | 1,618 | $ 5,253 | 2,697 | ||
Management fees payable | 2,890 | 1,618 | 2,890 | 1,618 | ||
Incentive fees | 3,795 | $ 2,556 | 5,968 | $ 3,163 | ||
Incentive fee payable | $ 16,947 | $ 16,947 | $ 10,979 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Unfunded Commitments and Unrealized Depreciation by Investment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Unfunded commitments, Amount | $ 85,056 | $ 62,037 |
Unrealized depreciation on unfunded commitments | $ 1,285 | 921 |
Black Rock Coffee Holdings, LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2025-09 | |
Unfunded commitments, Amount | $ 9,918 | 0 |
Unrealized depreciation on unfunded commitments | $ 99 | 0 |
CG Buyer, LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2025-07 | |
Unfunded commitments, Amount | $ 3,696 | 3,696 |
Unrealized depreciation on unfunded commitments | $ 26 | 111 |
Comprehensive Logistics Co., LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2026-03 | |
Unfunded commitments, Amount | $ 4,556 | 0 |
Unrealized depreciation on unfunded commitments | $ 73 | 0 |
CSAT Holdings LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2028-06 | |
Unfunded commitments, Amount | $ 3,934 | 3,934 |
Unrealized depreciation on unfunded commitments | $ 43 | 59 |
D&D Buyer, LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2025-10 | |
Unfunded commitments, Amount | $ 8,075 | 8,075 |
Unrealized depreciation on unfunded commitments | $ 0 | 162 |
D&D Buyer, LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2028-10 | |
Unfunded commitments, Amount | $ 3,461 | 2,307 |
Unrealized depreciation on unfunded commitments | $ 0 | 46 |
Del Real, LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2028-03 | |
Unfunded commitments, Amount | $ 4,079 | 4,079 |
Unrealized depreciation on unfunded commitments | $ 0 | 0 |
Fenix Intermediate LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2026-03 | |
Unfunded commitments, Amount | $ 11,607 | 0 |
Unrealized depreciation on unfunded commitments | $ 273 | 0 |
Five Star Buyer, Inc. | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2028-02 | |
Unfunded commitments, Amount | $ 3,035 | 3,035 |
Unrealized depreciation on unfunded commitments | $ 100 | 112 |
Five Star Buyer, Inc. | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2024-05 | |
Unfunded commitments, Amount | $ 0 | 3,035 |
Unrealized depreciation on unfunded commitments | $ 0 | 112 |
Great Kitchens Food Company, Inc. | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2029-05 | |
Unfunded commitments, Amount | $ 8,034 | 0 |
Unrealized depreciation on unfunded commitments | $ 161 | 0 |
Hoffmaster Group, Inc. | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2028-02 | |
Unfunded commitments, Amount | $ 2,096 | 2,096 |
Unrealized depreciation on unfunded commitments | $ 23 | 0 |
HydroSource Logistics, LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2029-04 | |
Unfunded commitments, Amount | $ 1,139 | 0 |
Unrealized depreciation on unfunded commitments | $ 0 | 0 |
Jones Industrial Holdings, Inc. | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2025-02 | |
Unfunded commitments, Amount | $ 0 | 8,959 |
Unrealized depreciation on unfunded commitments | $ 0 | 0 |
Red Robin International, Inc. | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2027-03 | |
Unfunded commitments, Amount | $ 1,096 | 1,566 |
Unrealized depreciation on unfunded commitments | $ 19 | 13 |
Rising Pharma Holdings, Inc. | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2026-12 | |
Unfunded commitments, Amount | $ 1,981 | 1,981 |
Unrealized depreciation on unfunded commitments | $ 12 | 44 |
RPM Purchaser, Inc. | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2025-09 | |
Unfunded commitments, Amount | $ 3,667 | 7,587 |
Unrealized depreciation on unfunded commitments | $ 0 | 121 |
Signature Brands, LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2025-03 | |
Unfunded commitments, Amount | $ 3,654 | 3,654 |
Unrealized depreciation on unfunded commitments | $ 354 | 117 |
Sunland Asphalt & Construction, LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2024-12 | |
Unfunded commitments, Amount | $ 8,033 | 8,033 |
Unrealized depreciation on unfunded commitments | $ 0 | 24 |
VoltaGrid, LLC | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitments, Maturity/Expiration month and year | 2025-09 | |
Unfunded commitments, Amount | $ 2,995 | 0 |
Unrealized depreciation on unfunded commitments | $ 102 | $ 0 |
Members Capital - Schedule of M
Members Capital - Schedule of Members Capital Unit Activity (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Units at beginning of period | 12,745,660 | 7,364,560 | 10,709,060 | 7,364,560 |
Units issued and committed during the period | 0 | 0 | 2,036,600 | 0 |
Units issued and committed at end of period | 12,745,660 | 7,364,560 | 12,745,660 | 7,364,560 |
Members Capital - Additional In
Members Capital - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Statement of Stockholders' Equity [Abstract] | ||
Deemed distributions | $ 0 | $ 0 |
Deemed contributions | $ 0 | $ 0 |
Credit Facilities - Additional
Credit Facilities - Additional Information (Details) - USD ($) | Aug. 11, 2023 | Sep. 13, 2022 | Mar. 08, 2022 | Jun. 30, 2024 | Feb. 02, 2024 | Dec. 31, 2023 |
Line Of Credit Facility [Line Items] | ||||||
Deferred financing costs, gross | $ 2,095,000 | $ 1,640,000 | ||||
Subscription Based Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Maximum commitments | $ 200,000,000 | 200,000,000 | 200,000,000 | |||
Increased amount of credit facility | $ 400,000,000 | |||||
Line of credit facility, maturity date | Mar. 07, 2025 | |||||
Borrowings Outstanding | 0 | 169,789,000 | ||||
Asset Based Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Maximum commitments | $ 250,000,000 | 800,000,000 | $ 400,000,000 | 400,000,000 | ||
Increased amount of credit facility | $ 800,000,000 | |||||
Line of credit facility, maturity date | Sep. 13, 2027 | |||||
Percentage of membership interest of borrower obligation | 100% | |||||
Borrowings Outstanding | 435,000,000 | 200,000,000 | ||||
Asset Based Credit Facility Amendment | ||||||
Line Of Credit Facility [Line Items] | ||||||
Maximum commitments | 400,000,000 | |||||
Credit facility, interest rate | 2.90% | |||||
Asset Based Credit Facility Amendment One | ||||||
Line Of Credit Facility [Line Items] | ||||||
Maximum commitments | 800,000,000 | |||||
Deferred financing costs | 1,328,000 | |||||
Deferred financing costs, gross | 2,656,000 | |||||
Asset Based Credit Facility Term Loan | ||||||
Line Of Credit Facility [Line Items] | ||||||
Maximum commitments | 200,000,000 | 400,000,000 | ||||
Borrowings Outstanding | 400,000,000 | 200,000,000 | ||||
Deferred financing costs | $ 1,328,000 | |||||
Asset Based Revolving Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Borrowings Outstanding | 35,000,000 | 0 | ||||
Term Loan | ||||||
Line Of Credit Facility [Line Items] | ||||||
Borrowings Outstanding | 398,167,000 | 198,813,000 | ||||
Deferred financing costs | 1,833,000 | 1,187,000 | ||||
Revolving Credit Lines | ||||||
Line Of Credit Facility [Line Items] | ||||||
Deferred financing costs | $ 2,095,000 | $ 1,640,000 | ||||
SOFR | Subscription Based Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, interest rate | 1.75% | |||||
SOFR | Subscription Based Credit Facility | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, interest rate | 1% | |||||
SOFR | Asset Based Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, interest rate | 2.25% | |||||
Base Rate | Subscription Based Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, interest rate | 0.75% | |||||
Base Rate | Asset Based Credit Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, interest rate | 2.25% |
Credit Facilities - Summary of
Credit Facilities - Summary of Amounts Outstanding and Available under Credit Facilities (Details) - USD ($) | Jun. 30, 2024 | Feb. 02, 2024 | Dec. 31, 2023 | Sep. 13, 2022 | Mar. 08, 2022 |
Subscription Based Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Total Facility Commitment | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||
Borrowings Outstanding | 0 | 169,789,000 | |||
Available Amount | 200,000,000 | 30,211,000 | |||
Asset Based Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Total Facility Commitment | 800,000,000 | $ 400,000,000 | 400,000,000 | $ 250,000,000 | |
Borrowings Outstanding | 435,000,000 | 200,000,000 | |||
Available Amount | $ 137,858,000 | $ 200,000,000 |
Credit Facilities - Summary o_2
Credit Facilities - Summary of Reconciliation Amounts Presented on Consolidated Statements of Assets and Liabilities Versus Outstanding on Term Loan (Details) - Term Loan - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Line Of Credit Facility [Line Items] | ||
Principal amount outstanding on Term Loan | $ 400,000 | $ 200,000 |
Deferred financing costs | (1,833) | (1,187) |
Term Loan (as presented on the Consolidated Statements of Assets and Liabilities) | $ 398,167 | $ 198,813 |
Credit Facilities - Summary Inf
Credit Facilities - Summary Information Regarding Credit Facilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Line Of Credit Facility [Line Items] | ||||
Administrative fees | $ 232 | $ 165 | $ 434 | $ 304 |
Amortization of deferred financing costs | 1,562 | 624 | ||
Total | 9,778 | 3,980 | 17,355 | 6,962 |
Credit Facilities | ||||
Line Of Credit Facility [Line Items] | ||||
Credit Facilities interest expense | 8,438 | 3,472 | 14,617 | 5,798 |
Undrawn commitment fees | 488 | 181 | 1,176 | 515 |
Administrative fees | 0 | 13 | 0 | 25 |
Amortization of deferred financing costs | 852 | 314 | 1,562 | 624 |
Total | $ 9,778 | $ 3,980 | $ 17,355 | $ 6,962 |
Weighted average interest rate | 8.21% | 7.30% | 8.10% | 7.02% |
Average outstanding balance | $ 406,486 | $ 188,126 | $ 356,791 | $ 164,351 |
Repurchase Obligations - Additi
Repurchase Obligations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Repurchase Obligation [Line Items] | |||||
Interest Expense on Repurchase Obligations | $ 0 | $ 594 | $ 0 | $ 951 | |
Barclays Bank PLC | |||||
Repurchase Obligation [Line Items] | |||||
Repurchase obligation outstanding | 0 | 0 | 0 | ||
Macquarie | |||||
Repurchase Obligation [Line Items] | |||||
Repurchase obligation outstanding | 0 | 0 | 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax provision | $ 0 | |
Unrecognized tax benefits | $ 0 | |
Interest or penalties accrued | $ 0 |
Income Taxes - Schedule of Aggr
Income Taxes - Schedule of Aggregate Investment Unrealized Appreciation and Depreciation for Federal Income Tax Purposes (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Income Tax Disclosure [Abstract] | ||
Cost of investments for federal income tax purposes | $ 991,136 | $ 779,654 |
Unrealized appreciation | 12,958 | 8,396 |
Unrealized depreciation | (10,480) | (3,687) |
Net unrealized (depreciation) appreciation on investments | $ 2,478 | $ 4,709 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Investment Company [Abstract] | ||||||
Net Asset Value Per Unit (accrual base), Beginning of Period | $ 98.95 | $ 99.57 | ||||
Net Increase in Common Unitholder NAV from Prior Year | 0.17 | 0.05 | ||||
Income from Investment Operations: | ||||||
Net investment income | 2.85 | 1.88 | ||||
Net realized and unrealized loss | (0.2) | 0.26 | ||||
Total income from investment operations | 2.65 | 2.14 | ||||
Less Distributions: | ||||||
From net investment income | (3.12) | (0.41) | ||||
Return of capital | (0.04) | 0 | ||||
Total distributions | (3.16) | (0.41) | ||||
Net Asset Value Per Unit (accrual base), End of Period | $ 98.61 | $ 101.35 | ||||
Unitholder Total Return | 6.52% | 6.37% | ||||
Unitholder IRR before incentive fee | 15.95% | 12.89% | ||||
Unitholder IRR | 13.67% | 10.97% | ||||
Ratios and Supplemental Data | ||||||
Members' Capital, end of period | $ 543,337 | $ 380,619 | $ 498,780 | $ 460,210 | $ 324,485 | $ 196,018 |
Units outstanding | 12,745,660 | 8,390,110 | ||||
Ratios based on average net assets of Members’ Capital: | ||||||
Ratio of total expenses to average net asset | 11.87% | 10.10% | ||||
Expense reimbursed by Investment Advisor | 0% | 0% | ||||
Ratio of net expenses to average net assets | 11.87% | 10.10% | ||||
Ratio of financing cost to average net assets | 3.44% | 2.39% | ||||
Ratio of net investment income before expense recapture to average net assets | 14.50% | 9.48% | ||||
Ratio of net investment income to average net assets | 14.50% | 10.91% | ||||
Ratio of incentive fees to average net assets | 2.38% | 2.19% | ||||
Credit facility payable | $ 435,000 | $ 321,789 | ||||
Asset coverage ratio | 2.25% | 2.18% | ||||
Portfolio turnover rate | 11.54% | 7.41% |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details) - $ / shares | 6 Months Ended | ||||||||||||
Mar. 19, 2024 | Jan. 18, 2024 | Dec. 13, 2023 | Jul. 24, 2023 | Apr. 03, 2023 | Nov. 14, 2022 | Jul. 08, 2022 | Jan. 21, 2022 | May 27, 2021 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Investment Company, Financial Highlights [Line Items] | |||||||||||||
NAV per Unit | $ 98.61 | $ 98.95 | $ 101.35 | $ 99.57 | |||||||||
Ratio of internal rate of return since inception for common unitholders before incentive fees | 15.95% | ||||||||||||
Ratio of internal rate of return since inception for common unitholders | 13.67% | ||||||||||||
Common Units | |||||||||||||
Investment Company, Financial Highlights [Line Items] | |||||||||||||
Number of units sold and issued | 1,302,300 | 734,300 | 1,145,325 | 1,173,625 | 1,025,550 | 642,500 | 2,178,280 | 4,543,770 | 10 | ||||
NAV per Unit | $ 100 |