Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | New York, New York |
Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 20, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Securities Act File Number | 814-01427 | ||
Entity Registrant Name | LAFAYETTE SQUARE USA, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 87-2807075 | ||
Entity Address, Address Line One | 175 SW 7th St, | ||
Entity Address, Address Line Two | Unit 1911 | ||
Entity Address, City or Town | Miami | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33130 | ||
City Area Code | 786 | ||
Local Phone Number | 753-7096 | ||
Title of 12(g) Security | Common Stock, par value $0.001 per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 21,502,768 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for use in connection with its 2023 Annual Meeting of Stockholders, which is to be filed no later than 120 days after December 31, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Key | 0001849089 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 0 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Investments, at fair value | $ 273,593 | [1],[2],[3],[4],[5] | $ 84,343 | [6],[7],[8],[9] |
Cash and cash equivalents | 109,771 | 20,687 | ||
Deferred financing costs | 1,094 | 306 | ||
Interest receivable | 961 | 90 | ||
Deferred offering costs | 0 | 151 | ||
Other assets | 407 | 0 | ||
Total assets | 385,826 | 105,577 | ||
Liabilities | ||||
SBA-guaranteed debentures (see Note 5) | 31,000 | 0 | ||
Secured borrowings (see Note 5) | 27,500 | 31,500 | ||
Distributions payable | 3,937 | 0 | ||
Accounts payable and accrued expenses | 1,277 | 1,135 | ||
Administrative services fee payable (see Note 6) | 885 | 550 | ||
Interest and financing payable | 695 | 323 | ||
Management fee payable (see Note 6) | 605 | 167 | ||
Incentive fee payable (see Note 6) | 565 | 0 | ||
Due to affiliate | 123 | 120 | ||
Total liabilities | 66,587 | 33,795 | ||
Commitments and Contingencies (See Note 7) | ||||
Net assets | ||||
Preferred stock, par value $0.001 per share (50,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2023 and December 31, 2022) | 0 | 0 | ||
Common stock, par value $0.001 per share (450,000,000 shares authorized, 21,502,768 and 4,916,554 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively) | 22 | 5 | ||
Paid-in capital in excess of par | 317,677 | 72,610 | ||
Distributable earnings (losses) | 1,540 | (833) | ||
Total net assets | 319,239 | 71,782 | ||
Total liabilities and net assets | $ 385,826 | $ 105,577 | ||
Net asset value per common share (in dollar per share) | $ 14.85 | $ 14.60 | ||
Non-controlled/non-affiliated investments | ||||
Assets | ||||
Investments, at fair value | $ 246,342 | [1],[2],[3],[4],[5] | $ 63,636 | [8],[10],[11],[12] |
Non-controlled/Affiliate Investments | ||||
Assets | ||||
Investments, at fair value | $ 27,251 | $ 20,707 | ||
[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Amortized Cost | $ 271,523 | [1],[2],[3],[4],[5] | $ 84,545 | [6],[7],[8],[9],[10],[11],[12],[13] |
Accounts Payable, Related Party, Type [Extensible Enumeration] | Affiliated Entity [Member] | Affiliated Entity [Member] | ||
Preferred stock par value (in dollar per shares) | $ 0.001 | $ 0.001 | ||
Preferred stock shares authorized (in shares) | 50,000,000 | 50,000,000 | ||
Preferred stock shares issued (in shares) | 0 | 0 | ||
Preferred stock shares outstanding (in shares) | 0 | 0 | ||
Common stock par value (in dollar per shares) | $ 0.001 | $ 0.001 | ||
Common stock shares authorized (in shares) | 450,000,000 | 450,000,000 | ||
Common stock shares issued (in shares) | 21,502,768 | 4,916,554 | ||
Common stock shares outstanding (in shares) | 21,502,768 | 4,916,554 | ||
Non-controlled/non-affiliated investments | ||||
Amortized Cost | $ 244,442 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18] | $ 63,838 | [6],[7],[8],[9],[10],[11],[12],[13] |
Non-controlled/Affiliate Investments | ||||
Amortized Cost | $ 27,081 | $ 20,707 | ||
[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Investment Income: | |||
Interest from cash and cash equivalents | $ 2,114,000 | $ 47,000 | |
Total investment income | $ 0 | 20,751,000 | 3,496,000 |
Expenses: | |||
Interest and financing expenses (see Note 5) | 0 | 2,049,000 | 750,000 |
Management fee (see Note 6) | 0 | 1,640,000 | 277,000 |
Incentive fee (see Note 6) | 0 | 1,615,000 | 0 |
Administrative services fee (see Note 6) | 0 | 1,485,000 | 708,000 |
General and administrative expenses | 232,000 | 1,441,000 | 958,000 |
Placement fees | 0 | 1,131,000 | 415,000 |
Legal fees | 35,000 | 838,000 | 200,000 |
Professional fees | 82,000 | 584,000 | 447,000 |
Organizational costs (See Note 2) | 141,000 | 332,000 | 22,000 |
Directors' fees | 25,000 | 320,000 | 176,000 |
Offering expenses | 0 | 151,000 | 158,000 |
Total expenses, before expense support reimbursement | 515,000 | 11,586,000 | 4,111,000 |
Expense support reimbursement (see Note 6) | 0 | 452,000 | (452,000) |
Total expenses, including expenses support reimbursement | 515,000 | 12,038,000 | 3,659,000 |
Net investment income (loss) | (515,000) | 8,713,000 | (163,000) |
Net realized gains (losses) on investments: | |||
Total net realized gains (losses) on investments | 0 | 0 | (111,000) |
Net change in unrealized gains (losses) on investments: | |||
Total net change in unrealized gains (losses) on investments | 0 | 2,272,000 | (202,000) |
Net increase (decrease) in net assets resulting from operations | $ (515,000) | $ 10,985,000 | $ (476,000) |
Weighted average common shares outstanding, basic (in shares) | 700 | 10,910,180 | 1,481,583 |
Weighted average common shares outstanding, diluted (in shares) | 700 | 10,910,180 | 1,481,583 |
Net investment income (loss) per common share (basic) (in dollar per share) | $ (735.91) | $ 0.80 | $ (0.11) |
Net investment income (loss) per common share (diluted) (in dollar per share) | (735.91) | 0.80 | (0.11) |
Earnings (loss) per common share basic (in dollar per share) | (735.91) | 1.01 | (0.32) |
Earnings (loss) per common share diluted (in dollar per share) | $ (735.91) | $ 1.01 | $ (0.32) |
Non-controlled/non-affiliated investments | |||
Investment Income: | |||
Cash | $ 0 | $ 15,440,000 | $ 2,816,000 |
Fee income | 0 | 70,000 | 80,000 |
Net realized gains (losses) on investments: | |||
Total net realized gains (losses) on investments | 0 | 0 | (111,000) |
Net change in unrealized gains (losses) on investments: | |||
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments | 0 | 2,102,000 | (202,000) |
Non-controlled/Affiliate Investments | |||
Investment Income: | |||
Cash | 0 | 3,127,000 | 546,000 |
Fee income | 0 | 0 | 54,000 |
Interest from cash and cash equivalents | 0 | 2,114,000 | 0 |
Net change in unrealized gains (losses) on investments: | |||
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments | $ 0 | $ 170,000 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |||||
Investment Company, Net Assets [Roll Forward] | ||||||||
Beginning balance (in shares) | 4,916,554 | 700 | ||||||
Beginning balance | $ 0 | $ 71,782 | $ (504) | |||||
Issuance of common stock (in shares) | 16,472,283 | 4,915,854 | ||||||
Issuance of common stock | 11 | $ 243,923 | $ 72,762 | |||||
Reinvestment of stockholder distributions | $ 0 | 1,688 | 0 | |||||
Net increase in net assets from capital transactions | 245,611 | |||||||
Net increase (decrease) in net assets resulting from operations: | ||||||||
Net investment income (loss) | (515) | (515) | 8,713 | (163) | ||||
Total net realized gains (losses) on investments | (111) | |||||||
Net change in unrealized gain (losses) | $ 0 | 0 | 2,272 | (202) | ||||
Total increase (decrease) in net assets from operations | $ (504) | 10,985 | 72,286 | |||||
Distributable earnings | (9,139) | |||||||
Total distributions to stockholders | (9,139) | |||||||
Tax reclassification of stockholders’ equity in accordance with US GAAP | 0 | $ 0 | ||||||
Total increase (decrease) in net assets | $ 247,457 | |||||||
Ending balance (in shares) | 700 | 700 | 21,502,768 | 4,916,554 | ||||
Ending balance | $ (504) | $ (504) | $ 319,239 | $ 71,782 | ||||
Common Stock | ||||||||
Investment Company, Net Assets [Roll Forward] | ||||||||
Beginning balance (in shares) | 0 | 4,916,554 | 700 | |||||
Beginning balance | [1] | $ 0 | $ 5 | $ 0 | ||||
Issuance of common stock (in shares) | 700 | 16,472,283 | 4,915,854 | |||||
Issuance of common stock | $ 17 | $ 5 | [1] | |||||
Reinvestment of stockholder distributions (in shares) | 113,931 | |||||||
Net increase in net assets from capital transactions (in shares) | 16,586,214 | |||||||
Net increase in net assets from capital transactions | $ 17 | |||||||
Net increase (decrease) in net assets resulting from operations: | ||||||||
Total increase (decrease) in net assets from operations (in shares) | 700 | 0 | 4,915,854 | |||||
Total increase (decrease) in net assets from operations | $ 0 | [1] | $ 0 | $ 5 | [1] | |||
Total increase (decrease) in net assets (in shares) | 16,586,214 | |||||||
Total increase (decrease) in net assets | $ 17 | |||||||
Ending balance (in shares) | 700 | 700 | 21,502,768 | 4,916,554 | ||||
Ending balance | $ 0 | [1] | $ 0 | [1] | $ 22 | $ 5 | [1] | |
Paid in Capital Excess of Par | ||||||||
Investment Company, Net Assets [Roll Forward] | ||||||||
Beginning balance | 0 | 72,610 | 11 | |||||
Issuance of common stock | 11 | 243,906 | 72,757 | |||||
Reinvestment of stockholder distributions | 1,688 | |||||||
Net increase in net assets from capital transactions | 245,594 | |||||||
Net increase (decrease) in net assets resulting from operations: | ||||||||
Total increase (decrease) in net assets from operations | 11 | 0 | 72,599 | |||||
Tax reclassification of stockholders’ equity in accordance with US GAAP | (527) | (158) | ||||||
Total increase (decrease) in net assets | 245,067 | |||||||
Ending balance | 11 | 11 | 317,677 | 72,610 | ||||
Distributable Earnings (Losses) | ||||||||
Investment Company, Net Assets [Roll Forward] | ||||||||
Beginning balance | 0 | (833) | (515) | |||||
Net increase (decrease) in net assets resulting from operations: | ||||||||
Net investment income (loss) | (515) | 8,713 | (163) | |||||
Total net realized gains (losses) on investments | (111) | |||||||
Net change in unrealized gain (losses) | 2,272 | (202) | ||||||
Total increase (decrease) in net assets from operations | (515) | 10,985 | (318) | |||||
Distributable earnings | (9,139) | |||||||
Total distributions to stockholders | (9,139) | |||||||
Tax reclassification of stockholders’ equity in accordance with US GAAP | 527 | 158 | ||||||
Total increase (decrease) in net assets | 2,373 | |||||||
Ending balance | $ (515) | $ (515) | $ 1,540 | $ (833) | ||||
[1]Less than $1 as of December 31, 2021. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | |||
Net increase (decrease) in net assets resulting from operations | $ (515) | $ 10,985 | $ (476) |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Net realized (gain) loss on investments | 0 | 0 | 111 |
Net change in unrealized (gain) loss on investments | 0 | (2,272) | 202 |
Purchases of investments | 0 | (190,068) | (97,547) |
Net accretion of discount on investments | 0 | (406) | (102) |
Proceeds from sales and repayments of investments | 0 | 3,496 | 12,993 |
Amortization of deferred financing costs | (50) | 441 | 215 |
Changes in operating assets and liabilities: | |||
Interest receivable | 0 | (871) | (90) |
Due from affiliate | (1) | 0 | 1 |
Deferred offering costs | (271) | 151 | 120 |
Other assets | 0 | (407) | 0 |
Accounts payable and accrued expenses | 339 | 142 | 796 |
Management fee payable | 0 | 438 | 167 |
Incentive fee payable | 0 | 565 | 0 |
Administrative services fee payable | 0 | 335 | 550 |
Interest and financing payable | 0 | 372 | 323 |
Due to affiliate | 495 | 3 | (375) |
Net cash provided by (used in) operating activities | (3) | (177,096) | (83,112) |
Cash flows from financing activities | |||
Proceeds from issuance of shares of common stock | 11 | 243,923 | 72,762 |
Distributions paid | 0 | (3,514) | 0 |
Proceeds from secured borrowings | 0 | 113,948 | 51,500 |
Repayments of secured borrowings | 0 | (117,948) | (20,000) |
Proceeds from SBA-guaranteed debentures | 0 | 31,000 | 0 |
Deferred financing costs paid | 0 | (1,229) | (471) |
Net cash provided by (used in) financing activities | 11 | 266,180 | 103,791 |
Net increase (decrease) in cash and cash equivalents | 8 | 89,084 | 20,679 |
Cash and cash equivalents at beginning of period | 0 | 20,687 | 8 |
Cash and cash equivalents at end of period | 8 | 109,771 | 20,687 |
Supplemental information: | |||
Interest expense paid | 0 | 784 | 182 |
Shares issued from dividend reinvestment plan | 0 | 1,688 | 0 |
Accrual for deferred financing costs | $ 50 | $ 1,094 | $ 306 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2022 | [38],[39] | Dec. 31, 2022 | Dec. 31, 2022 | [38],[39],[41],[42] | Dec. 31, 2021 | ||||
Amortized Cost | $ 271,523 | [1],[2],[3],[4],[5] | $ 84,545 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Fair Value | $ 273,593 | [2],[14],[15],[16],[17] | 84,343 | [6],[8],[11],[12] | ||||||||
Percentages of Net Assets | 85.50% | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 117.50% | [6],[7],[8],[9],[10],[11],[12],[13],[21],[22] | ||||||||
Commercial Services & Supplies | ||||||||||||
Amortized Cost | $ 45,747 | 39,024 | ||||||||||
Fair Value | 45,828 | 38,647 | ||||||||||
Construction & Engineering | ||||||||||||
Amortized Cost | 57,458 | 20,012 | ||||||||||
Fair Value | 58,360 | 20,012 | ||||||||||
Environmental & Facilities Services | ||||||||||||
Amortized Cost | 9,795 | |||||||||||
Fair Value | 9,922 | |||||||||||
Health Care Equipment & Services | ||||||||||||
Amortized Cost | 8,175 | |||||||||||
Fair Value | 8,391 | |||||||||||
Health Care Providers & Services | ||||||||||||
Amortized Cost | 7,840 | |||||||||||
Fair Value | 7,940 | |||||||||||
Health Care Services | ||||||||||||
Amortized Cost | 13,773 | |||||||||||
Fair Value | 13,773 | |||||||||||
Hotels, Restaurants & Leisure | ||||||||||||
Amortized Cost | 1,994 | |||||||||||
Fair Value | 2,000 | |||||||||||
IT Services | ||||||||||||
Amortized Cost | 3,380 | |||||||||||
Fair Value | 3,425 | |||||||||||
Leisure Facilities | ||||||||||||
Amortized Cost | 33,439 | |||||||||||
Fair Value | 33,789 | |||||||||||
Media | ||||||||||||
Amortized Cost | 28,467 | 25,509 | ||||||||||
Fair Value | 28,594 | 25,684 | ||||||||||
Professional Services | ||||||||||||
Amortized Cost | 34,254 | |||||||||||
Fair Value | 34,254 | |||||||||||
Real Estate Management & Development | ||||||||||||
Amortized Cost | 2,952 | |||||||||||
Fair Value | 2,970 | |||||||||||
Restaurants | ||||||||||||
Amortized Cost | 8,683 | |||||||||||
Fair Value | 8,722 | |||||||||||
Specialized Consumer Services | ||||||||||||
Amortized Cost | 15,566 | |||||||||||
Fair Value | 15,625 | |||||||||||
Non-controlled/non-affiliated investments | ||||||||||||
Amortized Cost | 244,442 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 63,838 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Fair Value | $ 246,342 | [2],[14],[15],[16],[17] | 63,636 | [7],[9],[11],[13] | ||||||||
Percentages of Net Assets | 77% | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 88.70% | [6],[7],[8],[9],[10],[11],[12],[13],[21],[22] | ||||||||
Non-controlled/non-affiliated investments | Commercial Services & Supplies | ||||||||||||
Amortized Cost | $ 18,666 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 18,317 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Fair Value | $ 18,577 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 17,940 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Percentages of Net Assets | 5.80% | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 25% | [6],[7],[8],[9],[10],[11],[12],[13],[21],[22] | ||||||||
Non-controlled/non-affiliated investments | Construction & Engineering | ||||||||||||
Amortized Cost | $ 57,458 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 20,012 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Fair Value | $ 58,360 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 20,012 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Percentages of Net Assets | 18.30% | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 27.90% | [6],[7],[8],[9],[10],[11],[12],[13],[21],[22] | ||||||||
Non-controlled/non-affiliated investments | Environmental & Facilities Services | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 9,795 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 9,922 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 3.10% | ||||||||||
Non-controlled/non-affiliated investments | Health Care Equipment & Services | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 8,175 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 8,391 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 2.60% | ||||||||||
Non-controlled/non-affiliated investments | Health Care Providers & Services | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 7,840 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 7,940 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 2.50% | ||||||||||
Non-controlled/non-affiliated investments | Health Care Services | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 13,773 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 13,773 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 4.30% | ||||||||||
Non-controlled/non-affiliated investments | Hotels, Restaurants & Leisure | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 1,994 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 2,000 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 0.60% | ||||||||||
Non-controlled/non-affiliated investments | IT Services | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 3,380 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 3,425 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 1.10% | ||||||||||
Non-controlled/non-affiliated investments | Leisure Facilities | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 33,439 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 33,789 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 10.60% | ||||||||||
Non-controlled/non-affiliated investments | Media | ||||||||||||
Amortized Cost | $ 28,467 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 25,509 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Fair Value | $ 28,594 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 25,684 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Percentages of Net Assets | 8.90% | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 35.80% | [6],[7],[8],[9],[10],[11],[12],[13],[21],[22] | ||||||||
Non-controlled/non-affiliated investments | Professional Services | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 34,254 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 34,254 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 10.70% | ||||||||||
Non-controlled/non-affiliated investments | Real Estate Management & Development | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 2,952 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 2,970 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 0.90% | ||||||||||
Non-controlled/non-affiliated investments | Restaurants | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 8,683 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 8,722 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 2.70% | ||||||||||
Non-controlled/non-affiliated investments | Specialized Consumer Services | ||||||||||||
Amortized Cost | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 15,566 | ||||||||||
Fair Value | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | $ 15,625 | ||||||||||
Percentages of Net Assets | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 4.90% | ||||||||||
Non-controlled/affiliated investments | ||||||||||||
Amortized Cost | $ 27,081 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 20,707 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Fair Value | $ 27,251 | [1],[4],[5],[15],[19] | 20,707 | [6],[7],[8],[9],[10],[11],[12],[13] | $ 0 | |||||||
Percentages of Net Assets | 8.50% | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 28.80% | [6],[7],[8],[9],[10],[11],[12],[13],[21],[22] | ||||||||
Non-controlled/affiliated investments | Commercial Services & Supplies | ||||||||||||
Amortized Cost | $ 27,081 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 20,707 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Fair Value | $ 27,251 | [1],[2],[3],[4],[5],[14],[15],[16],[17],[19] | 20,707 | [6],[7],[8],[9],[10],[11],[12],[13] | ||||||||
Percentages of Net Assets | 8.50% | [1],[2],[3],[4],[5],[14],[15],[16],[17],[18],[19],[20] | 28.80% | [6],[7],[8],[9],[10],[11],[12],[13],[21],[22] | ||||||||
Investment, Identifier [Axis]: Aetius Holdings, LLC, First lien senior secured loan | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 700% | ||||||||||
Interest Rate | [23],[24],[25],[26] | 12.61% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28] | 2,000,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26] | $ 1,994 | ||||||||||
Fair Value | [23],[24],[25],[26] | $ 2,000 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26] | 0.60% | ||||||||||
Investment, Identifier [Axis]: Best Friends Pet Care Holdings Inc., First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30],[31],[32] | 6.45% | ||||||||||
Interest Rate | [23],[24],[25],[26],[29],[30],[31],[32] | 0% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[29],[30],[31],[32] | 0 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[29],[30],[31],[32] | $ (59) | ||||||||||
Fair Value | [23],[24],[25],[26],[29],[30],[31],[32] | $ 0 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[29],[30],[31],[32] | 0% | ||||||||||
Investment, Identifier [Axis]: Best Friends Pet Care Holdings Inc., First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30] | 6.45% | ||||||||||
Interest Rate | [23],[24],[25],[26],[29],[30] | 12.06% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[29],[30] | 15,814,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[29],[30] | $ 15,625 | ||||||||||
Fair Value | [23],[24],[25],[26],[29],[30] | $ 15,625 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[29],[30] | 4.90% | ||||||||||
Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30],[31],[32] | 7% | ||||||||||
Interest Rate | [23],[24],[25],[26],[29],[30],[31],[32] | 12.35% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[29],[30],[31],[32] | 446,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[29],[30],[31],[32] | $ 413 | ||||||||||
Fair Value | [23],[24],[25],[26],[29],[30],[31],[32] | $ 446 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[29],[30],[31],[32] | 0.10% | ||||||||||
Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30],[31],[32] | 7% | ||||||||||
Interest Rate | [23],[24],[25],[26],[29],[30],[31],[32] | 0% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[29],[30],[31],[32] | 0 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[29],[30],[31],[32] | $ (6) | ||||||||||
Fair Value | [23],[24],[25],[26],[29],[30],[31],[32] | $ 0 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[29],[30],[31],[32] | 0% | ||||||||||
Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 3 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30] | 7% | ||||||||||
Interest Rate | [23],[24],[25],[26],[29],[30] | 12.35% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[29],[30] | 8,359,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[29],[30] | $ 8,276 | ||||||||||
Fair Value | [23],[24],[25],[26],[29],[30] | $ 8,276 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[29],[30] | 2.60% | ||||||||||
Investment, Identifier [Axis]: Critical Nurse Staffing, LLC, First lien senior secured loan | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30] | 650% | ||||||||||
Interest Rate | [23],[24],[25],[26],[29],[30] | 12.04% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[29],[30] | 13,908,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[29],[30] | $ 13,773 | ||||||||||
Fair Value | [23],[24],[25],[26],[29],[30] | $ 13,773 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[29],[30] | 4.30% | ||||||||||
Investment, Identifier [Axis]: Dance Nation Holdings LLC, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 6.50% | ||||||||||
Interest Rate | [23],[24],[25],[26] | 12.11% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28] | 32,137,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26] | $ 31,825 | ||||||||||
Fair Value | [23],[24],[25],[26] | $ 32,137 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26] | 10.10% | ||||||||||
Investment, Identifier [Axis]: Dance Nation Holdings LLC, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 6.50% | ||||||||||
Interest Rate | [23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[31],[32] | 0 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[31],[32] | $ (38) | ||||||||||
Fair Value | [23],[24],[25],[26],[31],[32] | $ 0 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Investment, Identifier [Axis]: Dance Nation Topco LLC, Preferred Equity | ||||||||||||
Par Amount/Shares (in shares) | [27],[28] | 1,652,200 | ||||||||||
Amortized Cost | $ 1,652 | |||||||||||
Fair Value | $ 1,652 | |||||||||||
Percentages of Net Assets | [18],[20] | 0.50% | ||||||||||
Investment, Identifier [Axis]: Dartpoints Operating Company, LLC, First lien senior secured loan | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30],[33],[34] | 9.38% | ||||||||||
Interest Rate | [23],[24],[25],[26],[29],[30],[33],[34] | 14.87% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[29],[30],[33],[34] | 3,425,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[29],[30],[33],[34] | $ 3,380 | ||||||||||
Fair Value | [23],[24],[25],[26],[29],[30],[33],[34] | $ 3,425 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[29],[30],[33],[34] | 1.10% | ||||||||||
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 7.95% | ||||||||||
Interest Rate | 13.49% | [23],[24],[25],[26] | 845% | [35],[36],[37],[40] | 12.86% | [35],[36],[37],[38],[39],[40] | ||||||
Par Amount/Shares (in shares) | 7,694,000 | [23],[24],[25],[26],[27],[28] | 4,234,000 | [35],[36],[37],[40] | ||||||||
Amortized Cost | $ 7,662 | [23],[24],[25],[26] | 4,191 | [35],[36],[37],[38],[39],[40] | ||||||||
Fair Value | $ 7,694 | [23],[24],[25],[26] | 4,234 | [35],[36],[37],[38],[39],[40] | ||||||||
Percentages of Net Assets | 2.40% | [18],[20],[23],[24],[25],[26] | 5.90% | [21],[22],[35],[36],[37],[38],[39],[40] | ||||||||
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 7.95% | ||||||||||
Interest Rate | 13.49% | [23],[24],[25],[26] | 845% | [35],[36],[37],[40] | 13.18% | [35],[36],[37],[38],[39],[40] | ||||||
Par Amount/Shares (in shares) | 20,900,000 | [23],[24],[25],[26],[27],[28] | 21,450,000 | [35],[36],[37],[40] | ||||||||
Amortized Cost | $ 20,805 | [23],[24],[25],[26] | 21,318 | [35],[36],[37],[38],[39],[40] | ||||||||
Fair Value | $ 20,900 | [23],[24],[25],[26] | 21,450 | [35],[36],[37],[38],[39],[40] | ||||||||
Percentages of Net Assets | 6.50% | [18],[20],[23],[24],[25],[26] | 29.90% | [21],[22],[35],[36],[37],[38],[39],[40] | ||||||||
Investment, Identifier [Axis]: GK9 Global Companies, LLC | ||||||||||||
Fair Value | $ 22,350 | 16,076 | ||||||||||
Investment, Identifier [Axis]: GK9 Global Companies, LLC | ||||||||||||
Fair Value | 16,076 | 0 | ||||||||||
Investment, Identifier [Axis]: GK9 Global Companies, LLC, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30] | 9.25% | ||||||||||
Interest Rate | 14.86% | [23],[24],[25],[26],[29],[30] | 950% | [35],[36],[37],[40] | 14.34% | [35],[36],[37],[38],[39],[40] | ||||||
Par Amount/Shares (in shares) | 18,925,000 | [23],[24],[25],[26],[27],[28],[29],[30] | 16,272,000 | [35],[36],[37],[40] | ||||||||
Amortized Cost | $ 18,794 | [23],[24],[25],[26],[29],[30] | 16,112 | [35],[36],[37],[38],[39],[40] | ||||||||
Fair Value | $ 18,925 | [23],[24],[25],[26],[29],[30] | 16,112 | [35],[36],[37],[38],[39],[40] | ||||||||
Percentages of Net Assets | 5.90% | [18],[20],[23],[24],[25],[26],[29],[30] | 22.40% | [21],[22],[35],[36],[37],[38],[39],[40] | ||||||||
Investment, Identifier [Axis]: GK9 Global Companies, LLC, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30],[31],[32] | 9.25% | ||||||||||
Interest Rate | 14.86% | [23],[24],[25],[26],[29],[30],[31],[32] | 950% | [35],[36],[37],[40],[43],[44] | 14.34% | [35],[36],[37],[38],[39],[40],[43],[44] | ||||||
Par Amount/Shares (in shares) | 3,425,000 | [23],[24],[25],[26],[27],[28],[29],[30],[31],[32] | 0 | [35],[36],[37],[40],[43],[44] | ||||||||
Amortized Cost | $ 3,406 | [23],[24],[25],[26],[29],[30],[31],[32] | (36) | [35],[36],[37],[38],[39],[40],[43],[44] | ||||||||
Fair Value | $ 3,425 | [23],[24],[25],[26],[29],[30],[31],[32] | (36) | [35],[36],[37],[38],[39],[40],[43],[44] | ||||||||
Percentages of Net Assets | 1.10% | [18],[20],[23],[24],[25],[26],[29],[30],[31],[32] | (0.10%) | [21],[22],[35],[36],[37],[38],[39],[40],[43],[44] | ||||||||
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 6.75% | ||||||||||
Interest Rate | [23],[24],[25],[26] | 12.27% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28] | 13,138,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26] | $ 12,780 | ||||||||||
Fair Value | [23],[24],[25],[26] | $ 13,138 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26] | 4.10% | ||||||||||
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 6.25% | ||||||||||
Interest Rate | [23],[24],[25],[26],[31],[32] | 11.76% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[31],[32] | 1,447,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[31],[32] | $ 1,331 | ||||||||||
Fair Value | [23],[24],[25],[26],[31],[32] | $ 1,447 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[31],[32] | 0.50% | ||||||||||
Investment, Identifier [Axis]: IVM GK9 Holdings LLC | ||||||||||||
Fair Value | $ 4,901 | 4,631 | $ 0 | |||||||||
Investment, Identifier [Axis]: IVM GK9 Holdings LLC, Equity | ||||||||||||
Par Amount/Shares (in shares) | 14,969 | [27],[28],[29],[30] | 4,750 | |||||||||
Amortized Cost | $ 4,881 | [29],[30] | 4,631 | [38],[39] | ||||||||
Fair Value | $ 4,901 | [29],[30] | 4,631 | [38],[39] | ||||||||
Percentages of Net Assets | 1.50% | [18],[20],[29],[30] | 6.50% | [21],[22],[38],[39] | ||||||||
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 6.50% | ||||||||||
Interest Rate | [23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[31],[32] | 0 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[31],[32] | $ (127) | ||||||||||
Fair Value | [23],[24],[25],[26],[31],[32] | $ 0 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 6.50% | ||||||||||
Interest Rate | [23],[24],[25],[26] | 12.14% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28] | 10,123,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26] | $ 9,922 | ||||||||||
Fair Value | [23],[24],[25],[26] | $ 9,922 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26] | 3.10% | ||||||||||
Investment, Identifier [Axis]: M&S Acquisition Corporation, First lien senior secured loan | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[29],[30] | 6.50% | ||||||||||
Interest Rate | [23],[24],[25],[26],[29],[30] | 12.11% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[29],[30] | 34,600,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[29],[30] | $ 34,254 | ||||||||||
Fair Value | [23],[24],[25],[26],[29],[30] | $ 34,254 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[29],[30] | 10.70% | ||||||||||
Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 575% | ||||||||||
Interest Rate | [23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[31],[32] | 0 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[31],[32] | $ (134) | ||||||||||
Fair Value | [23],[24],[25],[26],[31],[32] | $ 0 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 575% | ||||||||||
Interest Rate | [23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[31],[32] | 0 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[31],[32] | $ (82) | ||||||||||
Fair Value | [23],[24],[25],[26],[31],[32] | $ 0 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 3 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 575% | ||||||||||
Interest Rate | [23],[24],[25],[26] | 11.14% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28] | 8,476,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26] | $ 8,391 | ||||||||||
Fair Value | [23],[24],[25],[26] | $ 8,391 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26] | 2.60% | ||||||||||
Investment, Identifier [Axis]: Rotolo Consultants, Inc. | ||||||||||||
Amortized Cost | [6],[7],[8],[9],[10],[11],[12],[13] | 3,158 | ||||||||||
Fair Value | [6],[7],[8],[9],[10],[11],[12],[13] | 3,160 | ||||||||||
Percentages of Net Assets | [6],[7],[8],[9],[10],[11],[12],[13],[21],[22] | 4.40% | ||||||||||
Investment, Identifier [Axis]: Rotolo Consultants, Inc., First lien senior secured loan | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 7.45% | ||||||||||
Interest Rate | 13.10% | [23],[24],[25],[26] | 750% | [35],[36],[37],[40] | 12.23% | [35],[36],[37],[38],[39],[40] | ||||||
Par Amount/Shares (in shares) | 3,174,000 | [23],[24],[25],[26],[27],[28] | 3,209,000 | [35],[36],[37],[40] | ||||||||
Amortized Cost | $ 3,133 | [23],[24],[25],[26] | 3,158 | [35],[36],[37],[38],[39],[40] | ||||||||
Fair Value | $ 3,166 | [23],[24],[25],[26] | 3,160 | [35],[36],[37],[38],[39],[40] | ||||||||
Percentages of Net Assets | 1% | [18],[20],[23],[24],[25],[26] | 4.40% | [21],[22],[35],[36],[37],[38],[39],[40] | ||||||||
Investment, Identifier [Axis]: Salt Dental Collective LLC, First lien senior secured loan | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 7.50% | ||||||||||
Interest Rate | [23],[24],[25],[26] | 12.96% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28] | 7,940,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26] | $ 7,840 | ||||||||||
Fair Value | [23],[24],[25],[26] | $ 7,940 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26] | 2.50% | ||||||||||
Investment, Identifier [Axis]: Standard Real Estate Investments LP, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 8.75% | ||||||||||
Interest Rate | [23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[31],[32] | 0 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[31],[32] | $ (18) | ||||||||||
Fair Value | [23],[24],[25],[26],[31],[32] | $ 0 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Investment, Identifier [Axis]: Standard Real Estate Investments LP, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 8.75% | ||||||||||
Interest Rate | [23],[24],[25],[26] | 14.36% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28] | 3,000,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26] | $ 2,970 | ||||||||||
Fair Value | [23],[24],[25],[26] | $ 2,970 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26] | 0.90% | ||||||||||
Investment, Identifier [Axis]: Synergi, LLC, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 7.50% | ||||||||||
Interest Rate | 13.11% | [23],[24],[25],[26] | 750% | [35],[36],[37],[40] | 12.34% | [35],[36],[37],[38],[39],[40] | ||||||
Par Amount/Shares (in shares) | 22,286,000 | [23],[24],[25],[26],[27],[28] | 20,000 | [35],[36],[37],[40] | ||||||||
Amortized Cost | $ 22,110 | [23],[24],[25],[26] | 20,049 | [35],[36],[37],[38],[39],[40] | ||||||||
Fair Value | $ 22,286 | [23],[24],[25],[26] | 20,049 | [35],[36],[37],[38],[39],[40] | ||||||||
Percentages of Net Assets | 7% | [18],[20],[23],[24],[25],[26] | 27.90% | [21],[22],[35],[36],[37],[38],[39],[40] | ||||||||
Investment, Identifier [Axis]: Synergi, LLC, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 7.50% | ||||||||||
Interest Rate | 0% | [23],[24],[25],[26],[31],[32] | 750% | [35],[36],[37],[40],[43],[44] | 12.34% | [35],[36],[37],[38],[39],[40],[43],[44] | ||||||
Par Amount/Shares (in shares) | 0 | [23],[24],[25],[26],[27],[28],[31],[32] | 0 | [35],[36],[37],[40],[43],[44] | ||||||||
Amortized Cost | $ (30) | [23],[24],[25],[26],[31],[32] | (37) | [35],[36],[37],[38],[39],[40],[43],[44] | ||||||||
Fair Value | $ 0 | [23],[24],[25],[26],[31],[32] | (37) | [35],[36],[37],[38],[39],[40],[43],[44] | ||||||||
Percentages of Net Assets | 0% | [18],[20],[23],[24],[25],[26],[31],[32] | (0.10%) | [21],[22],[35],[36],[37],[38],[39],[40],[43],[44] | ||||||||
Investment, Identifier [Axis]: TCFIII Owl Buyer LLC, First lien senior secured loan | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 5.50% | ||||||||||
Interest Rate | [23],[24],[25],[26] | 10.97% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28] | 10,897,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26] | $ 10,813 | ||||||||||
Fair Value | [23],[24],[25],[26] | $ 10,870 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26] | 3.40% | ||||||||||
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 6.25% | ||||||||||
Interest Rate | [23],[24],[25],[26] | 11.78% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28] | 6,066,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26] | $ 5,972 | ||||||||||
Fair Value | [23],[24],[25],[26] | $ 6,066 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26] | 1.90% | ||||||||||
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 6.25% | ||||||||||
Interest Rate | [23],[24],[25],[26],[31],[32] | 11.80% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[31],[32] | 4,498,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[31],[32] | $ 4,435 | ||||||||||
Fair Value | [23],[24],[25],[26],[31],[32] | $ 4,498 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[31],[32] | 1.40% | ||||||||||
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 3 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 6.25% | ||||||||||
Interest Rate | [23],[24],[25],[26],[31],[32] | 11.75% | ||||||||||
Par Amount/Shares (in shares) | [23],[24],[25],[26],[27],[28],[31],[32] | 55,000 | ||||||||||
Amortized Cost | [23],[24],[25],[26],[31],[32] | $ 47 | ||||||||||
Fair Value | [23],[24],[25],[26],[31],[32] | $ 55 | ||||||||||
Percentages of Net Assets | [18],[20],[23],[24],[25],[26],[31],[32] | 0% | ||||||||||
Investment, Identifier [Axis]: ZWR Holdings, Inc. | ||||||||||||
Amortized Cost | [6],[7],[8],[9],[10],[11],[12],[13] | 15,159 | ||||||||||
Fair Value | [6],[7],[8],[9],[10],[11],[12],[13] | 14,780 | ||||||||||
Percentages of Net Assets | [6],[7],[8],[9],[10],[11],[12],[13],[21],[22] | 20.60% | ||||||||||
Investment, Identifier [Axis]: ZWR Holdings, Inc., Subordinated debt | ||||||||||||
Reference Rate and Spread | 10% | |||||||||||
Interest Rate | 14% | 1,400% | 14% | [38],[39] | ||||||||
PIK interest rate | 14% | 1,000% | ||||||||||
Par Amount/Shares (in shares) | 1,872,000 | [27],[28] | 1,694,000 | |||||||||
Amortized Cost | $ 1,872 | 1,693 | [38],[39] | |||||||||
Fair Value | $ 1,753 | 1,556 | [38],[39] | |||||||||
Percentages of Net Assets | 0.50% | [18],[20] | 2.20% | [21],[22],[38],[39] | ||||||||
Investment, Identifier [Axis]: ZWR Holdings, Inc., Warrants | ||||||||||||
Par Amount/Shares (in shares) | 24,953 | [27],[28] | 24,953 | |||||||||
Fair Value | $ 0 | 0 | [38],[39] | |||||||||
Percentages of Net Assets | 0% | [18],[20] | 0% | [21],[22],[38],[39] | ||||||||
Investment, Identifier [Axis]: Zero Waste Recycling LLC, First lien senior secured loan 1 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26],[31],[32] | 6.45% | ||||||||||
Interest Rate | 12.10% | [23],[24],[25],[26],[31],[32] | 645% | [35],[36],[37],[40],[43],[44] | 11.13% | [35],[36],[37],[38],[39],[40],[43],[44] | ||||||
Par Amount/Shares (in shares) | 3,878,000 | [23],[24],[25],[26],[27],[28],[31],[32] | 3,442,000 | [35],[36],[37],[40],[43],[44] | ||||||||
Amortized Cost | $ 3,887 | [23],[24],[25],[26],[31],[32] | 3,422 | [35],[36],[37],[38],[39],[40],[43],[44] | ||||||||
Fair Value | $ 3,859 | [23],[24],[25],[26],[31],[32] | 3,334 | [35],[36],[37],[38],[39],[40],[43],[44] | ||||||||
Percentages of Net Assets | 1.20% | [18],[20],[23],[24],[25],[26],[31],[32] | 4.60% | [21],[22],[35],[36],[37],[38],[39],[40],[43],[44] | ||||||||
Investment, Identifier [Axis]: Zero Waste Recycling LLC, First lien senior secured loan 2 | ||||||||||||
Reference Rate and Spread | [23],[24],[25],[26] | 6.45% | ||||||||||
Interest Rate | 12.10% | [23],[24],[25],[26] | 645% | [35],[36],[37],[40] | 11.18% | [35],[36],[37],[38],[39],[40] | ||||||
Par Amount/Shares (in shares) | 9,835,000 | [23],[24],[25],[26],[27],[28] | 10,105,000 | [35],[36],[37],[40] | ||||||||
Amortized Cost | $ 9,774 | [23],[24],[25],[26] | 10,044 | [35],[36],[37],[38],[39],[40] | ||||||||
Fair Value | $ 9,799 | [23],[24],[25],[26] | $ 9,890 | [35],[36],[37],[38],[39],[40] | ||||||||
Percentages of Net Assets | 3.10% | [18],[20],[23],[24],[25],[26] | 13.80% | [21],[22],[35],[36],[37],[38],[39],[40] | ||||||||
[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". Percentage is based on net assets of $319,239 as of December 31, 2023. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Percentage is based on net assets of $319,239 as of December 31, 2023. Percentage is based on net assets of $71,782 as of December 31, 2022. Percentage is based on net assets of $71,782 as of December 31, 2022. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.36% and 30-day SOFR at 5.34%. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.36% and 30-day SOFR at 5.34%. The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Investments held by the SBIC subsidiary (as defined in Note 1). Investments held by the SBIC subsidiary (as defined in Note 1). Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2023: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2023: The Company categorized its unitranche loan as First Lien Senior Secured Loan. The First Lien Senior Secured Loan is comprised of two components: a first out tranche (“First Out”) and last out tranche (“Last Out”). The Company syndicates the First Out tranche and retains the Last Out tranche. The First Out and Last Out tranches have the same maturity date. Interest disclosed reflects the contractual rate of First Lien Senior Secured Loan. The First Out tranche has priority as to the Last Out tranche with respect to payments of principal, interest and any amounts due thereunder. The Company may be entitled to receive additional interest as a result of the Agreement Among Lenders (“AAL”) entered into with the First Out lender. In exchange for the higher interest rate, the Last Out portion is at a greater risk of loss. The Company categorized its unitranche loan as First Lien Senior Secured Loan. The First Lien Senior Secured Loan is comprised of two components: a first out tranche (“First Out”) and last out tranche (“Last Out”). The Company syndicates the First Out tranche and retains the Last Out tranche. The First Out and Last Out tranches have the same maturity date. Interest disclosed reflects the contractual rate of First Lien Senior Secured Loan. The First Out tranche has priority as to the Last Out tranche with respect to payments of principal, interest and any amounts due thereunder. The Company may be entitled to receive additional interest as a result of the Agreement Among Lenders (“AAL”) entered into with the First Out lender. In exchange for the higher interest rate, the Last Out portion is at a greater risk of loss. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the London InterBank Offered Rate ("LIBOR" or “L”), the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. As of December 31, 2022, the reference rates for our variable rate loans were the 90-day LIBOR at 4.77% and SOFR at 4.30%. Loan includes interest rate floor feature. Loan includes interest rate floor feature. Unless otherwise indicated, all investments are "restricted securities" as defined in the Securities Act of 1933. Unless otherwise indicated, all investments are "restricted securities" as defined in the Securities Act of 1933. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the London InterBank Offered Rate ("LIBOR" or “L”), the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. As of December 31, 2022, the reference rates for our variable rate loans were the 90-day LIBOR at 4.77% and SOFR at 4.30%. The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022: |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||||
Total net assets | $ (504) | $ 319,239 | $ 71,782 | |||
Unfunded Commitment | 73,977 | 12,995 | ||||
Fair Value | 273,593 | [1],[2],[3],[4],[5] | 84,343 | [6],[7],[8],[9] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [6],[7],[8],[9] | 84,343 | ||||
Fair value, ending balance | $ 273,593 | [1],[2],[3],[4],[5] | 84,343 | [6],[7],[8],[9] | ||
Investment, Identifier [Axis]: Aetius Holdings, LLC, First lien senior secured loan | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 700% | ||||
Fair Value | [10],[11],[12],[13] | $ 2,000 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13] | $ 2,000 | ||||
Investment, Identifier [Axis]: Best Friends Pet Care Holdings Inc., First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15],[16],[17] | 6.45% | ||||
Fair Value | [10],[11],[12],[13],[14],[15],[16],[17] | $ 0 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[14],[15],[16],[17] | $ 0 | ||||
Investment, Identifier [Axis]: Best Friends Pet Care Holdings Inc., First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15] | 6.45% | ||||
Fair Value | [10],[11],[12],[13],[14],[15] | $ 15,625 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[14],[15] | $ 15,625 | ||||
Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15],[16],[17] | 7% | ||||
Fair Value | [10],[11],[12],[13],[14],[15],[16],[17] | $ 446 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[14],[15],[16],[17] | $ 446 | ||||
Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15],[16],[17] | 7% | ||||
Fair Value | [10],[11],[12],[13],[14],[15],[16],[17] | $ 0 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[14],[15],[16],[17] | $ 0 | ||||
Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 3 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15] | 7% | ||||
Fair Value | [10],[11],[12],[13],[14],[15] | $ 8,276 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[14],[15] | $ 8,276 | ||||
Investment, Identifier [Axis]: Critical Nurse Staffing, LLC, First lien senior secured loan | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15] | 650% | ||||
Fair Value | [10],[11],[12],[13],[14],[15] | $ 13,773 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[14],[15] | $ 13,773 | ||||
Investment, Identifier [Axis]: Dance Nation Holdings LLC, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 6.50% | ||||
Fair Value | [10],[11],[12],[13] | $ 32,137 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13] | $ 32,137 | ||||
Investment, Identifier [Axis]: Dance Nation Holdings LLC, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 6.50% | ||||
Fair Value | [10],[11],[12],[13],[16],[17] | $ 0 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[16],[17] | 0 | ||||
Investment, Identifier [Axis]: Dance Nation Topco LLC, Preferred Equity | ||||||
Fair Value | 1,652 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 1,652 | |||||
Investment, Identifier [Axis]: Dartpoints Operating Company, LLC, First lien senior secured loan | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15],[18],[19] | 9.38% | ||||
Fair Value | [10],[11],[12],[13],[14],[15],[18],[19] | $ 3,425 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[14],[15],[18],[19] | $ 3,425 | ||||
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 7.95% | ||||
Fair Value | $ 7,694 | [10],[11],[12],[13] | 4,234 | [20],[21],[22],[23],[24],[25] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [20],[21],[22],[23],[24],[25] | 4,234 | ||||
Fair value, ending balance | $ 7,694 | [10],[11],[12],[13] | 4,234 | [20],[21],[22],[23],[24],[25] | ||
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 7.95% | ||||
Fair Value | $ 20,900 | [10],[11],[12],[13] | 21,450 | [20],[21],[22],[23],[24],[25] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [20],[21],[22],[23],[24],[25] | 21,450 | ||||
Fair value, ending balance | 20,900 | [10],[11],[12],[13] | 21,450 | [20],[21],[22],[23],[24],[25] | ||
Investment, Identifier [Axis]: GK9 Global Companies, LLC | ||||||
Fair Value | 22,350 | 16,076 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | 16,076 | |||||
Gross Additions | 6,413 | |||||
Gross Reductions | (289) | |||||
Change in Unrealized Gains (Losses) | 150 | |||||
Fair value, ending balance | 22,350 | 16,076 | ||||
Investment Income | 3,127 | |||||
Investment, Identifier [Axis]: GK9 Global Companies, LLC | ||||||
Fair Value | 0 | 16,076 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | $ 16,076 | 0 | ||||
Gross Additions | 16,076 | |||||
Gross Reductions | 0 | |||||
Change in Unrealized Gains (Losses) | 0 | |||||
Fair value, ending balance | 0 | 16,076 | ||||
Investment Income | 600 | |||||
Investment, Identifier [Axis]: GK9 Global Companies, LLC, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15] | 9.25% | ||||
Fair Value | $ 18,925 | [10],[11],[12],[13],[14],[15] | 16,112 | [20],[21],[22],[23],[24],[25] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [20],[21],[22],[23],[24],[25] | 16,112 | ||||
Fair value, ending balance | $ 18,925 | [10],[11],[12],[13],[14],[15] | 16,112 | [20],[21],[22],[23],[24],[25] | ||
Investment, Identifier [Axis]: GK9 Global Companies, LLC, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15],[16],[17] | 9.25% | ||||
Fair Value | $ 3,425 | [10],[11],[12],[13],[14],[15],[16],[17] | (36) | [20],[21],[22],[23],[24],[25],[26],[27] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [20],[21],[22],[23],[24],[25],[26],[27] | (36) | ||||
Fair value, ending balance | $ 3,425 | [10],[11],[12],[13],[14],[15],[16],[17] | (36) | [20],[21],[22],[23],[24],[25],[26],[27] | ||
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 6.75% | ||||
Fair Value | [10],[11],[12],[13] | $ 13,138 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13] | $ 13,138 | ||||
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 6.25% | ||||
Fair Value | [10],[11],[12],[13],[16],[17] | $ 1,447 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[16],[17] | 1,447 | ||||
Investment, Identifier [Axis]: IVM GK9 Holdings LLC | ||||||
Fair Value | 0 | 4,901 | 4,631 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | 4,631 | 0 | ||||
Gross Additions | 250 | 4,631 | ||||
Gross Reductions | 0 | 0 | ||||
Change in Unrealized Gains (Losses) | 20 | 0 | ||||
Fair value, ending balance | 0 | 4,901 | 4,631 | |||
Investment Income | 0 | 0 | ||||
Investment, Identifier [Axis]: IVM GK9 Holdings LLC, Equity | ||||||
Fair Value | 4,901 | [14],[15] | 4,631 | [23],[24] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [23],[24] | 4,631 | ||||
Fair value, ending balance | $ 4,901 | [14],[15] | 4,631 | [23],[24] | ||
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 6.50% | ||||
Fair Value | [10],[11],[12],[13],[16],[17] | $ 0 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[16],[17] | $ 0 | ||||
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 6.50% | ||||
Fair Value | [10],[11],[12],[13] | $ 9,922 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13] | $ 9,922 | ||||
Investment, Identifier [Axis]: M&S Acquisition Corporation, First lien senior secured loan | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[14],[15] | 6.50% | ||||
Fair Value | [10],[11],[12],[13],[14],[15] | $ 34,254 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[14],[15] | $ 34,254 | ||||
Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 575% | ||||
Fair Value | [10],[11],[12],[13],[16],[17] | $ 0 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[16],[17] | $ 0 | ||||
Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 575% | ||||
Fair Value | [10],[11],[12],[13],[16],[17] | $ 0 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[16],[17] | $ 0 | ||||
Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 3 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 575% | ||||
Fair Value | [10],[11],[12],[13] | $ 8,391 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13] | 8,391 | ||||
Investment, Identifier [Axis]: Rotolo Consultants, Inc. | ||||||
Fair Value | [6],[7],[8],[9],[28],[29],[30],[31] | 3,160 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [6],[7],[8],[9],[28],[29],[30],[31] | $ 3,160 | ||||
Fair value, ending balance | [6],[7],[8],[9],[28],[29],[30],[31] | 3,160 | ||||
Investment, Identifier [Axis]: Rotolo Consultants, Inc., First lien senior secured loan | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 7.45% | ||||
Fair Value | $ 3,166 | [10],[11],[12],[13] | 3,160 | [20],[21],[22],[23],[24],[25] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [20],[21],[22],[23],[24],[25] | 3,160 | ||||
Fair value, ending balance | $ 3,166 | [10],[11],[12],[13] | 3,160 | [20],[21],[22],[23],[24],[25] | ||
Investment, Identifier [Axis]: Salt Dental Collective LLC, First lien senior secured loan | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 7.50% | ||||
Fair Value | [10],[11],[12],[13] | $ 7,940 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13] | $ 7,940 | ||||
Investment, Identifier [Axis]: Standard Real Estate Investments LP, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 8.75% | ||||
Fair Value | [10],[11],[12],[13],[16],[17] | $ 0 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[16],[17] | $ 0 | ||||
Investment, Identifier [Axis]: Standard Real Estate Investments LP, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 8.75% | ||||
Fair Value | [10],[11],[12],[13] | $ 2,970 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13] | $ 2,970 | ||||
Investment, Identifier [Axis]: Synergi, LLC, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 7.50% | ||||
Fair Value | $ 22,286 | [10],[11],[12],[13] | 20,049 | [20],[21],[22],[23],[24],[25] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [20],[21],[22],[23],[24],[25] | 20,049 | ||||
Fair value, ending balance | $ 22,286 | [10],[11],[12],[13] | 20,049 | [20],[21],[22],[23],[24],[25] | ||
Investment, Identifier [Axis]: Synergi, LLC, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 7.50% | ||||
Fair Value | $ 0 | [10],[11],[12],[13],[16],[17] | (37) | [20],[21],[22],[23],[24],[25],[26],[27] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [20],[21],[22],[23],[24],[25],[26],[27] | (37) | ||||
Fair value, ending balance | $ 0 | [10],[11],[12],[13],[16],[17] | (37) | [20],[21],[22],[23],[24],[25],[26],[27] | ||
Investment, Identifier [Axis]: TCFIII Owl Buyer LLC, First lien senior secured loan | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 5.50% | ||||
Fair Value | [10],[11],[12],[13] | $ 10,870 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13] | $ 10,870 | ||||
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 6.25% | ||||
Fair Value | [10],[11],[12],[13] | $ 6,066 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13] | $ 6,066 | ||||
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 6.25% | ||||
Fair Value | [10],[11],[12],[13],[16],[17] | $ 4,498 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[16],[17] | $ 4,498 | ||||
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 3 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 6.25% | ||||
Fair Value | [10],[11],[12],[13],[16],[17] | $ 55 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | [10],[11],[12],[13],[16],[17] | 55 | ||||
Investment, Identifier [Axis]: Unfunded Delayed Draw and Revolving Senior Secured Loans | ||||||
Unfunded Commitment | 73,977 | 12,995 | ||||
Investment, Identifier [Axis]: ZWR Holdings, Inc. | ||||||
Fair Value | [6],[7],[8],[9],[28],[29],[30],[31] | 14,780 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [6],[7],[8],[9],[28],[29],[30],[31] | $ 14,780 | ||||
Fair value, ending balance | [6],[7],[8],[9],[28],[29],[30],[31] | 14,780 | ||||
Investment, Identifier [Axis]: ZWR Holdings, Inc., Subordinated debt | ||||||
Reference Rate and Spread | 10% | |||||
Fair Value | $ 1,753 | 1,556 | [23],[24] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [23],[24] | 1,556 | ||||
Fair value, ending balance | 1,753 | 1,556 | [23],[24] | |||
Investment, Identifier [Axis]: ZWR Holdings, Inc., Warrants | ||||||
Fair Value | 0 | 0 | [23],[24] | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [23],[24] | 0 | ||||
Fair value, ending balance | $ 0 | 0 | [23],[24] | |||
Investment, Identifier [Axis]: Zero Waste Recycling LLC, First lien senior secured loan 1 | ||||||
Reference Rate and Spread | [10],[11],[12],[13],[16],[17] | 6.45% | ||||
Fair Value | $ 3,859 | [10],[11],[12],[13],[16],[17] | 3,334 | [20],[21],[22],[23],[24],[25],[26],[27] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [20],[21],[22],[23],[24],[25],[26],[27] | 3,334 | ||||
Fair value, ending balance | $ 3,859 | [10],[11],[12],[13],[16],[17] | 3,334 | [20],[21],[22],[23],[24],[25],[26],[27] | ||
Investment, Identifier [Axis]: Zero Waste Recycling LLC, First lien senior secured loan 2 | ||||||
Reference Rate and Spread | [10],[11],[12],[13] | 6.45% | ||||
Fair Value | $ 9,799 | [10],[11],[12],[13] | 9,890 | [20],[21],[22],[23],[24],[25] | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | [20],[21],[22],[23],[24],[25] | 9,890 | ||||
Fair value, ending balance | 9,799 | [10],[11],[12],[13] | 9,890 | [20],[21],[22],[23],[24],[25] | ||
Non-controlled/affiliated investments | ||||||
Fair Value | 0 | 27,251 | [3],[32],[33],[34],[35] | 20,707 | [6],[7],[8],[9],[28],[29],[30],[31] | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | 20,707 | [6],[7],[8],[9],[28],[29],[30],[31] | 0 | |||
Gross Additions | 6,663 | 20,707 | ||||
Gross Reductions | (289) | 0 | ||||
Change in Unrealized Gains (Losses) | 170 | 0 | ||||
Fair value, ending balance | $ 0 | 27,251 | [3],[32],[33],[34],[35] | 20,707 | [6],[7],[8],[9],[28],[29],[30],[31] | |
Investment Income | 3,127 | 600 | ||||
Line of Credit | ||||||
Unfunded Commitment | 73,977 | 12,995 | ||||
Fair Value | (4) | (109) | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | (109) | |||||
Fair value, ending balance | $ (4) | $ (109) | ||||
Delayed Draw Term Loan | Zero Waste Recycling LLC | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 1,141 | |||||
Fair Value | (4) | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ (4) | |||||
Delayed Draw Term Loan | Standard Real Estate Investments LP | Line of Credit | ||||||
Unused Fee Rate | 0% | |||||
Unfunded Commitment | $ 2,000 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Delayed Draw Term Loan | Ironhorse Purchaser, LLC | Line of Credit | ||||||
Unused Fee Rate | 1% | |||||
Unfunded Commitment | $ 6,377 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Delayed Draw Term Loan | GK9 Global Companies, LLC | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 1,940 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Delayed Draw Term Loan | Café Zupas, L.C | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 2,898 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Delayed Draw Term Loan | Best Friends Pet Care Holdings Inc. | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 11,186 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Delayed Draw Term Loan | MSPB MSO, LLC | Line of Credit | ||||||
Unused Fee Rate | 0.38% | |||||
Unfunded Commitment | $ 27,548 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Delayed Draw Term Loan | Trilon Group, LLC | Line of Credit | ||||||
Unused Fee Rate | 1% | |||||
Unfunded Commitment | $ 2,075 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | 0 | |||||
Delayed Draw Term Loan | ZWR Holdings, Inc. | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 1,682 | |||||
Fair Value | (36) | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | (36) | |||||
Fair value, ending balance | $ (36) | |||||
Delayed Draw Term Loan | GK9 Global Companies, LLC | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 7,563 | |||||
Fair Value | (36) | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | $ (36) | |||||
Fair value, ending balance | $ (36) | |||||
Revolver | H.W. Lochner, Inc. | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 1,553 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Revolver | Synergi, LLC | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 3,750 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Revolver | Café Zupas, L.C | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 557 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Revolver | Dance Nation Holdings LLC | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 4,131 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Revolver | MSPB MSO, LLC | Line of Credit | ||||||
Unused Fee Rate | 0.38% | |||||
Unfunded Commitment | $ 8,476 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | $ 0 | |||||
Revolver | Trilon Group, LLC | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 345 | |||||
Fair Value | 0 | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, ending balance | 0 | |||||
Revolver | Synergi, LLC | Line of Credit | ||||||
Unused Fee Rate | 0.50% | |||||
Unfunded Commitment | $ 3,750 | |||||
Fair Value | (37) | |||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||||
Fair value, beginning balance | $ (37) | |||||
Fair value, ending balance | $ (37) | |||||
90 Days Secured Overnight Financing Rate (SOFR) | ||||||
Reference Rate and Spread | 5.36% | 4.30% | ||||
30 Days Secured Overnight Financing Rate (SOFR) | ||||||
Reference Rate and Spread | 5.34% | |||||
90 Days London Interbank Offered Rate (LIBOR) | ||||||
Reference Rate and Spread | 4.77% | |||||
Minimum | ||||||
Investment, interest rate, floor | 100% | |||||
Maximum | ||||||
Investment, interest rate, floor | 250% | |||||
[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.36% and 30-day SOFR at 5.34%. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.36% and 30-day SOFR at 5.34%. Investments held by the SBIC subsidiary (as defined in Note 1). Investments held by the SBIC subsidiary (as defined in Note 1). Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2023: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2023: The Company categorized its unitranche loan as First Lien Senior Secured Loan. The First Lien Senior Secured Loan is comprised of two components: a first out tranche (“First Out”) and last out tranche (“Last Out”). The Company syndicates the First Out tranche and retains the Last Out tranche. The First Out and Last Out tranches have the same maturity date. Interest disclosed reflects the contractual rate of First Lien Senior Secured Loan. The First Out tranche has priority as to the Last Out tranche with respect to payments of principal, interest and any amounts due thereunder. The Company may be entitled to receive additional interest as a result of the Agreement Among Lenders (“AAL”) entered into with the First Out lender. In exchange for the higher interest rate, the Last Out portion is at a greater risk of loss. The Company categorized its unitranche loan as First Lien Senior Secured Loan. The First Lien Senior Secured Loan is comprised of two components: a first out tranche (“First Out”) and last out tranche (“Last Out”). The Company syndicates the First Out tranche and retains the Last Out tranche. The First Out and Last Out tranches have the same maturity date. Interest disclosed reflects the contractual rate of First Lien Senior Secured Loan. The First Out tranche has priority as to the Last Out tranche with respect to payments of principal, interest and any amounts due thereunder. The Company may be entitled to receive additional interest as a result of the Agreement Among Lenders (“AAL”) entered into with the First Out lender. In exchange for the higher interest rate, the Last Out portion is at a greater risk of loss. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the London InterBank Offered Rate ("LIBOR" or “L”), the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. As of December 31, 2022, the reference rates for our variable rate loans were the 90-day LIBOR at 4.77% and SOFR at 4.30%. Loan includes interest rate floor feature. Loan includes interest rate floor feature. Unless otherwise indicated, all investments are "restricted securities" as defined in the Securities Act of 1933. Unless otherwise indicated, all investments are "restricted securities" as defined in the Securities Act of 1933. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the London InterBank Offered Rate ("LIBOR" or “L”), the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. As of December 31, 2022, the reference rates for our variable rate loans were the 90-day LIBOR at 4.77% and SOFR at 4.30%. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022: All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Lafayette Square USA, Inc. (the “Company,” which term refers to either Lafayette Square USA, Inc. or Lafayette Square USA, Inc. together with its consolidated subsidiaries, as the context may require) is an externally managed, non-diversified, closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). On May 16, 2022, Lafayette Square Empire BDC, Inc. filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change its corporate name from “Lafayette Square Empire BDC, Inc.” to “Lafayette Square USA, Inc.,” effective May 16, 2022. In addition, for U.S. federal income tax purposes, the Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for the tax years ending December 31, 2021 and December 31, 2022. The Company intends to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) for the tax year ending December 31, 2023, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. The Company is externally managed by LS BDC Adviser, LLC (the “Adviser”) pursuant to an investment advisory and management agreement between the Company and the Adviser, dated August 8, 2023 (and as may be amended, the “Investment Advisory Agreement”). The Adviser is a subsidiary of Lafayette Square Holding Company, LLC (together with its controlled subsidiaries, including the Adviser and LS Administration, LLC, “Lafayette Square”). The Company invests in businesses that are primarily domiciled, headquartered and/or have a significant operating presence in each of the ten regions below, with a goal to invest at least 5% of its assets in each region over time. However, the Company anticipates that it could take time to invest substantially all of the capital it expects to raise in a geographically diverse manner due to general market conditions, the time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle market companies, and the potential for allocations to other affiliated investment vehicles which focus their investments on a specific region. As a result, at any point in time, the Company may have a disproportionate amount of investments in certain regions, and there can be no assurance that the Company will achieve geographic diversification across all ten regions. • Cascade Region: Alaska, Idaho, Oregon and Washington • Empire Region: New York, New Jersey, Connecticut and Pennsylvania • Far West Region: California, Hawaii and Nevada • Four Corners Region: Arizona, Colorado, New Mexico and Utah • Great Lakes Region: Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin • Gulf Coast Region: Arkansas, Louisiana, Oklahoma and Texas • Mid-Atlantic Region: Delaware, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia and West Virginia and the District of Columbia • Northeast Region: Maine, Massachusetts, New Hampshire, Rhode Island and Vermont • Plains Region: Iowa, Kansas, Missouri, Montana, Nebraska, North Dakota, South Dakota and Wyoming • Southeast Region: Alabama, Georgia, Florida, Mississippi and the territory of Puerto Rico The Company’s investment objective is to generate favorable risk-adjusted returns, including current income and capital appreciation, from directly originated investments in middle market companies. The Company invests primarily in first and second lien loans and, to a lesser extent, in subordinated and mezzanine loans and equity and equity-like securities, including common stock, preferred stock and warrants. The Company defines middle market companies as those with annual revenues between $10 million and $1 billion, and annual earnings before interest, taxes, depreciation, and amortization (“EBITDA”) of between $10 million and $100 million, although the Company may invest in larger or smaller companies. The Company also may purchase interests in loans, corporate bonds or other instruments through secondary market transactions. The Company formed wholly-owned subsidiaries, LS BDC Holdings, LLC and LS BDC Holdings (DN), LLC, both Delaware limited liability companies, to hold certain equity or equity-like investments in portfolio companies. Additionally, the Company has formed a wholly-owned subsidiary, Lafayette Square SBIC, LP (“SBIC LP”), a small business investment company (“SBIC”) licensed by the U.S. Small Business Administration (the "SBA"), to invest in eligible “small businesses” as defined by the SBA. SBIC LP received its SBIC license on February 1, 2023 (made effective as of January 27, 2023). SBA regulations currently permit SBIC LP to borrow up to $175.0 million in SBA-guaranteed debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations). The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of each subsidiary’s formation. All significant intercompany transactions and balances have been eliminated in such consolidation. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The following is a summary of significant accounting policies consistently followed by the Company in the preparation of its consolidated financial statements. The Company is an investment company and accordingly applies specific accounting and financial reporting requirements under Accounting Standards Codification, as issued by the Financial Accounting Standards Board (“ASC”) Topic 946—Financial Services—Investment Companies (“Topic 946”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and pursuant to Articles 6, 10 and 12 of Regulation S-X. Certain reclassifications have been made to certain prior period balances to conform with current presentation. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company deposits its cash in a financial institution and, at times, such deposits may exceed the Federal Deposit Insurance Corporation insurance limits. As of December 31, 2023 and December 31, 2022, the Company held $109,771 and $20,687 in cash and cash equivalents, respectively, of which no cash was restricted. Of the total cash and cash equivalents balance, $109,771 and $20,682 were held in an interest bearing account with U.S. Bank National Association as of December 31, 2023 and December 31, 2022, respectively. For the years ended December 31, 2023 and December 31, 2022 the Company earned $2,114 and $47, respectively, in interest on cash and cash equivalents balances, and the balance is included under Interest from cash and cash equivalents in the Consolidated Statements of Operations. No interest was earned on cash balances for the period ended December 31, 2021. Organization and Offering Costs Organization costs consist of costs incurred to establish the Company and enable it to do business legally. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of the common stock of the Company. The Company’s initial organizational costs incurred were expensed and initial offering costs are being amortized over one year. The Company may incur organization and offering expenses of up to $1 million in connection with the formation of the Company and the offering of shares of its common stock, including the out-of-pocket expenses of the Adviser and its agents and affiliates. The Company reimburses the Adviser for the organization and offering costs it incurs on the Company’s behalf. If actual organization and offering costs incurred exceed $1 million, the Adviser or its affiliates will bear the excess costs. As of December 31, 2023, the Company has incurred $804 (since inception) of organization and offering costs. Deferred Financing Costs Deferred financing costs, incurred in connection with any credit facility and SBA-guaranteed debentures (see Note 5) are deferred and amortized over the life of the respective credit facility and SBA-guaranteed debentures. Indemnifications In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote. Revenue Recognition Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. Investment Income Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method or straight-line interest method, as applicable, and adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company collects such amount. Original Issue Discount Discounts to par on portfolio securities are accreted into income over the tenor of the instrument. Any remaining discount is accreted into income upon prepayment or redemption of the instrument. The Company then amortizes such amounts using the effective interest method as interest income over the expected life of the investment. PIK Interest The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest in cash may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income. This affects the amount the Company would be required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Fee Income Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, which are recorded as investment income when earned. Non-accrual loans A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date such loan is placed on non-accrual status. Interest payments received on non-accrual loans are 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, future payments are likely to remain current. Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, the Company is deemed to "control" a portfolio company if it owns more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. Such investments in portfolio companies that the Company "controls" are referred to as "Control Investments." Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of a portfolio company if it owns between 5% and 25% of the portfolio company's outstanding voting securities or the Company is under common control with such portfolio company. We refer to such investments in Affiliated Persons as "Affiliated Investments." Investments which are neither Control Investments or Affiliated Investments are referred to as "Non-Controlled/Non-Affiliated investments." Fair Value of Financial Instruments The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act (the "Valuation Rule"), which established an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Valuation Rule, which became effective on September 8, 2022 (the "SEC Compliance Date"), the Board has chosen to designate the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of the assets for which market quotations are not readily available, subject to the Board's oversight. Income Taxes The Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for U.S. federal income tax purposes, for the tax years ended December 31, 2021 and December 31, 2022. The Company intends to elect to be treated as a RIC under Subchapter M of the Code for the tax year ending December 31, 2023, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. As a RIC, the Company would intend to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. The Company may be subject to regular federal and state corporate income tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that the Company elects to recognize upon RIC election or when recognized over the next five taxable years. The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) any income and gains recognized, but not distributed, from the previous years. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized net tax benefits or unrecognized net tax liabilities related to uncertain income tax positions as of and through December 31, 2023. Distributions Distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company will authorize and declare ordinary cash distributions approved by the Board on a quarterly basis. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed to shareholders at least annually, although the Company can retain such capital gains for investment in its discretion. The Company has adopted a dividend reinvestment plan (the “DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act). Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 at any time after March 12, 2020 but no later than December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December, 2022, the FASB issued a new Accounting Standards Update ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” that extends the sunset (or expiration) date of Accounting Standards Codification (ASC) Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. The Company adopted ASU 2020-04 and 2021-01 as of June 30, 2023, and concluded that there was no impact of this guidance to the consolidated financial statements and disclosures as of December 31, 2023. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investments | Investments The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of December 31, 2023 and December 31, 2022. December 31, 2023 Amortized Cost Fair Value First lien senior secured loans $ 263,118 96.9 % $ 265,287 97.0 % Equity 4,881 1.8 % 4,901 1.8 % Subordinated debt 1,872 0.7 % 1,753 0.6 % Preferred equity 1,652 0.6 % 1,652 0.6 % Warrants — — % — — % Total $ 271,523 100.0 % $ 273,593 100.0 % December 31, 2022 Amortized Cost Fair Value First lien senior secured loans $ 78,221 92.5 % $ 78,156 92.7 % Equity 4,631 5.5 % 4,631 5.5 % Subordinated debt 1,693 2.0 % 1,556 1.8 % Warrants — — % — — % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of December 31, 2023 and December 31, 2022. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business: December 31, 2023 Amortized Cost Fair Value Far West $ 70,645 26.0 % $ 71,013 26.0 % Gulf Coast 44,775 16.5 % 45,107 16.5 % Mid-Atlantic 39,607 14.6 % 39,697 14.5 % Southeast 35,256 13.0 % 35,642 13.0 % Four Corners 32,910 12.1 % 33,114 12.1 % Great Lakes 24,924 9.2 % 25,455 9.3 % Empire 15,566 5.7 % 15,625 5.7 % Cascade 7,840 2.9 % 7,940 2.9 % Total $ 271,523 100.0 % $ 273,593 100.0 % December 31, 2022 Amortized Cost Fair Value Mid-Atlantic $ 35,171 41.6 % $ 34,792 41.3 % Gulf Coast 28,667 33.9 % 28,844 34.1 % Southeast 20,707 24.5 % 20,707 24.6 % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of December 31, 2023 and December 31, 2022. December 31, 2023 Amortized Cost Fair Value Construction & Engineering $ 57,458 21.3 % $ 58,360 21.2 % Commercial Services & Supplies 45,747 16.8 % 45,828 16.8 % Professional Services 34,254 12.6 % 34,254 12.5 % Leisure Facilities 33,439 12.3 % 33,789 12.4 % Media 28,467 10.5 % 28,594 10.5 % Specialized Consumer Services 15,566 5.7 % 15,625 5.7 % Health Care Services 13,773 5.1 % 13,773 5.0 % Environmental & Facilities Services 9,795 3.6 % 9,922 3.6 % Restaurants 8,683 3.2 % 8,722 3.2 % Health Care Equipment & Services 8,175 3.0 % 8,391 3.1 % Health Care Providers & Services 7,840 2.9 % 7,940 2.9 % IT Services 3,380 1.2 % 3,425 1.3 % Real Estate Management & Development 2,952 1.1 % 2,970 1.1 % Hotels, Restaurants & Leisure 1,994 0.7 % 2,000 0.7 % Total $ 271,523 100.0 % $ 273,593 100.0 % December 31, 2022 Amortized Cost Fair Value Commercial Services & Supplies $ 39,024 46.2 % $ 38,647 45.8 % Media 25,509 30.2 % 25,684 30.5 % Construction & Engineering 20,012 23.6 % 20,012 23.7 % Total $ 84,545 100.0 % $ 84,343 100.0 % |
Fair Value Measurements of Inve
Fair Value Measurements of Investments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Investments | Fair Value Measurements of Investments FASB ASC 820, Fair Value Measurement (“ASC 820”), clarifies the definition of fair value as the amount that would be received in the sale of an asset or paid in the transfer of a liability in an orderly transaction between market participants at the measurement date. Where available, the Company uses quoted market prices based on the last sales price on the measurement date. In accordance with Topic 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). To the extent that fair value is based on inputs that are less observable, the determination of fair value requires a significant amount of management judgment. The three-tier hierarchy of inputs is summarized below. Level 1 - Quoted prices are available in active markets/exchanges for identical investments as of the reporting date. Level 2 - Pricing inputs are observable inputs including, but not limited to, prices quoted for similar assets or liabilities in active markets/exchanges or prices quoted for identical or similar assets or liabilities in markets that are not active, and fair value is determined through the use of models or other valuation methodologies. Level 3 - Pricing inputs are unobservable for the investment and include activities where there is little, if any, market activity for the investment. The inputs into determination of fair value require significant management judgment and estimation. The inputs used by management in estimating the fair value of Level 3 investments may include valuations and other reporting provided by representatives of the portfolio companies, original transaction prices, recent transactions for identical or similar instruments, and comparisons to fair values of comparable investments, and may include adjustments to reflect illiquidity or non-transferability. The Adviser has policies with respect to its investments, which may assist the Adviser in assessing the quality of information provided by, or on behalf of, each portfolio investment and in determining whether such information continues to be provided by a reliable source or whether further investigation is necessary. Any such investigation, as applicable, may or may not require the Adviser to forego its normal reliance on the value supplied by, or on behalf of, such portfolio investment and to independently determine the fair value of the Company’s interest in such portfolio investments, consistent with the Adviser’s valuation procedures. The Company has engaged an independent third-party valuation provider, which performs valuation procedures to arrive at estimated valuation ranges of the investments on a quarterly basis. Investments that have been completed within the past three months are fair valued approximating cost unless there has been a material event since the completion date. If there has been a material event or material information that was not known as of the close of the transaction, the independent third-party valuation provider provides an independent valuation range. The types of valuation methodologies employed by the third-party valuation provider include discounted cash flow, recent financing and enterprise value valuation methodologies. Pursuant to the Valuation Rule, which became effective on the SEC Compliance Date, the Board has chosen to designate the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of the assets for which market quotations are not readily available, subject to the Board's oversight. The Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. The use of these valuation models requires significant estimation and judgment by the Adviser. While the Company believes its valuation methods are appropriate, other market participants may value identical assets differently than the Company at the measurement date. The methods used by the Company may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. The Company may also have risk associated with its concentration of investments in certain geographic regions and industries. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Accordingly, the degree of judgment exercised by the Adviser in determining fair value is greatest for securities categorized in Level 3. The determination of what constitutes “observable” requires significant judgment by the Adviser. The Adviser considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary. Such observable data may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy where the fair value measurement falls (in its entirety) is based on the lowest level input that is significant to the fair value measurement. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment, and observability of prices and inputs may be reduced for many investments. This condition could cause the investment to be reclassified to a lower level within the fair value hierarchy. The consolidated financial statements include portfolio investments at fair value of $273,593 and $84,343 as of December 31, 2023 and December 31, 2022, respectively. The fair value of the Company's portfolio investments was determined in good faith by the Company’s Board. Because of the inherent uncertainty of valuation, the determined values may differ significantly from the values that would have been used had a liquid market existed for the investments as of December 31, 2023. The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of December 31, 2023 and December 31, 2022. December 31, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 265,287 $ 265,287 Subordinated debt — — 1,753 1,753 Equity — — 4,901 4,901 Preferred equity — — 1,652 1,652 Warrants — — — — Total Investments $ — $ — $ 273,593 $ 273,593 December 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 78,156 $ 78,156 Subordinated debt — — 1,556 1,556 Equity — — 4,631 4,631 Warrants — — — — Total Investments $ — $ — $ 84,343 $ 84,343 The carrying value of the Credit Facility and SBA-guaranteed debentures approximates fair value as of December 31, 2023, and is considered Level 3. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended December 31, 2023 and December 31, 2022. There were no investments as of December 31, 2021. For the year ended Investments First Lien Senior Secured Loans Subordinated Equity Preferred Warrants Total Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ — $ 84,343 Purchases of investments and other adjustments to cost 187,988 178 250 1,652 — 190,068 Proceeds from sales and repayments of investments (3,496) — — — — (3,496) Net realized gain (loss) — — — — — — Net accretion of discount on investments 406 — — — 406 Net change in unrealized gain (loss) on investments 2,233 19 20 — — 2,272 Balance as of December 31, 2023 $ 265,287 $ 1,753 $ 4,901 $ 1,652 $ — $ 273,593 For the year ended Investments First Lien Senior Secured Loans Subordinated Equity Warrants Total Balance as of December 31, 2021 $ — $ — $ — $ — $ — Purchases of investments and other adjustments to cost 91,223 1,693 4,631 — 97,547 Proceeds from sales and repayments of investments (12,993) — — — (12,993) Net realized gain (loss) (111) — — — (111) Net accretion of discount on investments 102 — — — 102 Net change in unrealized gain (loss) on investments (65) (137) — — (202) Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ 84,343 For the year ended December 31, 2023 the net change in unrealized gain (loss) on investments attributable to Level 3 investments still held on December 31, 2023 was $2,272 as shown on the Consolidated Statements of Operations. For the year ended December 31, 2022 the net change in unrealized gain (loss) on investments attributable to Level 3 investments still held on December 31, 2022 was $(202) as shown on the Consolidated Statements of Operations. Purchases of investments and other adjustments to costs include purchases of new investments at cost, accretion/amortization of income from discount/premium on debt securities and PIK. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period which the reclassifications occur. There were no transfers between Levels 1, 2 and 3 during the years ended December 31, 2023 and December 31, 2022. Significant Unobservable Inputs ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The table below is not intended to be all-inclusive, but rather to provide information on significant unobservable inputs and valuation techniques used by the Company. The tables below summarize the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2023 and December 31, 2022. Range Fair Value, as of December 31, 2023 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 169,630 Discounted Cash Flow Discount Rate 11.5% 9.9% 14.1% First lien senior secured loans 95,657 Amortized Cost Cost N/A N/A N/A Subordinated debt 1,753 Discounted Cash Flow Discount Rate 16.3% 15.8% 16.8% Equity 4,901 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Preferred equity 1,652 Comparable Multiples EV/EBITDA 6.3x 6.0x 6.5x Warrants — Comparable Multiples EV/EBITDA 8.5x 8.3x 8.8x Total Level 3 Assets $ 273,593 Range Fair Value, as of December 31, 2022 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 78,156 Discounted Cash Flow Discount Rate 12.8% 10.9% 14.7% Subordinated debt 1,556 Discounted Cash Flow Discount Rate 16.3% 16.0% 16.5% Equity 4,631 Comparable Multiples EV/EBITDA 8.0x 8.0x 8.0x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 84,343 The significant unobservable input used in the income approach of fair value measurement of the Company’s investments is the discount rate used to discount the estimated future cash flows received from the underlying investment, which include both future principal and interest payments. Increases (decreases) in the discount rate would result in a decrease (increase) in the fair value estimate of the investment. Included in the consideration and selection of discount rates are the following factors: risk of default, rating of the investment and comparable investments, and call provisions. The significant unobservable inputs used in the market approach of fair value measurement of the Company’s investments are the market multiples of EBITDA or revenue of the comparable guideline public companies. The Company selects a population of public companies for each investment with similar operations and attributes of the portfolio company. Using these guideline public company data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The Company selects percentages from the range of multiples for purposes of determining the portfolio company’s estimated enterprise value based on such multiple and generally the latest twelve months EBITDA or revenue of the portfolio company (or other meaningful measure). Increases (decreases) in the multiple will result in an increase (decrease) in enterprise value, resulting in an increase (decrease) in the fair value estimate of the investment. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to shares of our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150%, subject to receipt of certain approvals and compliance with certain disclosure requirements, immediately after each such issuance. Section 61(a) of the 1940 Act reduces the asset coverage requirements applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. In April 2021, our Board and initial stockholder approved the reduced asset coverage ratio. The reduced asset coverage requirements permit us to increase the maximum amount of leverage that we are permitted to incur by reducing the asset coverage requirements applicable to us from 200% to 150%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities as compared to $100 from borrowing and issuing senior securities for every $100 of net assets under 200% asset coverage requirement. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. As of December 31, 2023 and December 31, 2022, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 645.7% and 327.9%. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Company's total debt for the years ended December 31, 2023 and December 31, 2022 and for the period February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Interest expense $ 1,526 $ 494 $ — Non-usage fee (1) 82 41 — Amortization of financing costs 441 215 — Weighted average stated interest rate 7.08 % 5.08 % — % Weighted average outstanding balance (2) $ 21,548 $ 19,091 $ — (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. (2) The Company's initial borrowing occurred on June 29, 2022. Credit Facilities Subscription Facility On February 2, 2022, the Company entered into a subscription-based credit agreement with Sumitomo Mitsui Banking Corporation, which was amended on June 28, 2022, December 21, 2022, and February 1, 2024 (and as may be further amended, modified or supplemented, the “Subscription Facility”). The Subscription Facility allows the Company to borrow up to $38.4 million, subject to certain restrictions, including availability under a borrowing base that is based upon unused capital commitments made by investors in the Company. The amount of permissible borrowings under the Subscription Facility may be increased to up to $1 billion with the consent of the lenders. The Subscription Facility matures on May 2, 2024 and bears interest at an annual rate of: (i) with respect to reference rate loans, a reference rate for the period plus a margin equal to 2.50% (the "Applicable Margin") and (ii) with respect to alternative rate loans, the greatest of (a) the administrative agent's prime rate, (b) Term SOFR with a one-month term plus the Applicable Margin and (c) the federal funds rate plus 0.50%. Subject to certain exceptions, the Subscription Facility is secured by a first lien security interest in the Company’s unfunded investor equity capital commitments. The Subscription Facility includes customary covenants, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for credit facilities of this nature. As of December 31, 2023 and December 31, 2022, the Company had $27.5 million and $31.5 million, respectively, in outstanding borrowings from the Subscription Facility. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Subscription Facility for the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Interest expense $ 584 $ 494 $ — Non-usage fee (1) 82 41 — Amortization of financing costs 372 215 — Weighted average stated interest rate 7.19 % 5.08 % — % Weighted average outstanding balance (2) $ 8,121 $ 19,091 $ — (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. (2) The Company's initial borrowing occurred on June 29, 2022. SBA Debentures SBIC LP is able to borrow funds from the SBA against its regulatory capital (which approximates equity capital in SBIC LP) that is paid in and is subject to customary regulatory requirements, including, but not limited to, periodic examination by the SBA. As of December 31, 2023, we funded SBIC LP with $82.5 million of regulatory capital, and have $31.0 million in SBA-guaranteed debentures outstanding. SBA debentures are non-recourse to us, have a 10-year maturity, and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over 10-year U.S. Treasury Notes. Current SBA regulations limit the amount that SBIC LP may borrow to a maximum of $175.0 million, which is up to twice its potential regulatory capital. The SBA-guaranteed debentures incurred an upfront commitment fee of 1.00% on the total commitment amount and a 2.435% issuance discount on drawdowns, which are amortized over the life of the SBA-guaranteed debentures. In addition, an annual fee of 0.047% is charged on the SBA-guaranteed debentures which are amortized over the period. The following table summarizes the Company’s SBA-guaranteed debentures as of December 31, 2023: Issuance Date Maturity Date Debenture Amount Interest Rate SBA Annual Charge September 15, 2023 March 1, 2034 $ 31,000 6.04% 0.047% The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Interest expense $ 566 $ — $ — Non-usage fee (1) — — — Amortization of financing costs 69 — — Weighted average stated interest rate 6.23 % — % — % Weighted average outstanding balance (2) $ 9,088 $ — $ — (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the SBA-guaranteed debentures. (2) The Company's initial borrowing occurred on September 15, 2023. 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 (the “Macquarie Transaction”). The Company entered into a repurchase agreement on March 15, 2023 which was collateralized by the Company’s term loan to Synergi, LLC. Interest under this Repurchase Obligations was calculated as (a) the product of the funded amount of the loan and (b) the product of (i) the number of days the loan is outstanding (subject to number of minimum days per the agreement) and (ii) daily fee rate. The Company maintained effective control over the security because it is entitled and obligated to repurchase the security before its maturity. Therefore, the repurchase agreement was treated as a secured borrowing and not a sale. On June 2, 2023 the Company repurchased its obligation under the repurchase agreement. As of December 31, 2023, there was no outstanding loan and interest payable balance to Macquarie. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Repurchase Obligation for the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Interest expense $ 376 $ — $ — Non-usage fee — — — Amortization of financing costs — — — Weighted average stated interest rate 8.68 % — % — % Weighted average outstanding balance (1) $ 4,339 $ — $ — (1) The Company's initial borrowing occurred on March 15, 2023. The facilities of the Company consist of the following: December 31, 2023 December 31, 2022 Aggregate Principal Unused Aggregate Principal Unused Subscription Facility $ 38,400 $ 27,500 $ 10,900 $ 38,400 $ 31,500 $ 6,900 SBA-guaranteed debentures 36,960 31,000 5,960 — — — Total $ 75,360 $ 58,500 $ 16,860 $ 38,400 $ 31,500 $ 6,900 |
Related Party Agreements and Tr
Related Party Agreements and Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Agreements and Transactions | Related Party Agreements and Transactions Investment Advisory Agreement Under the Investment Advisory Agreement, the Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. The Board approved the Investment Advisory Agreement on April 26 2021 and approved its renewal on June 23, 2023. The Adviser is a registered investment adviser with the SEC. The Adviser receives fees for providing services, consisting of two components, a base management fee and an incentive fee. Base Management Fee: The base management fee (“Management Fee”) is payable quarterly in arrears beginning in the period during the Initial Drawdown at an annual rate of (i) prior to a Liquidity Event, 0.75%, and (ii) following a Liquidity Event, 1.0%, in each case of the average value of our gross assets (gross assets equal the total assets of the Company as set forth on the Company’s Consolidated Statements of Assets and Liabilities) at the end of the two most recently completed calendar quarters. No Management Fee is charged on committed but undrawn capital commitments. We define a “Liquidity Event” as the earliest to occur of: (1) a quotation or listing of our common stock on a national securities exchange, including an initial public offering or (2) a Sale Transaction. A “Sale Transaction” means (a) the sale of all or substantially all of our capital stock or assets to, or another liquidity event with, another entity or (b) a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of stock in each case for consideration of either cash and/or publicly listed securities of the acquirer. Potential acquirers could include entities that are not BDCs that are advised by the Adviser or its affiliates. For the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021, the Company incurred Management Fee expense of $1,640, $277 and $0, respectively. As of December 31, 2023 and December 31, 2022, $605 and $167, respectively, remained payable as shown on the Consolidated Statements of Assets and Liabilities. Incentive Fee: The Company also pays the Adviser an incentive fee consisting of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”), and (ii) the capital gains component of the incentive fee (the “Capital Gains Fee”) of which is described in more detail below. The Income-Based Fee, is based on Pre-Incentive Fee Net Investment Income Returns and is determined and payable in arrears as of the end of each calendar year. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the Management Fee, expenses payable under the Administration Agreement), and any interest expense or fees on any credit facilities or outstanding debt and distributions paid on any issued and outstanding preferred shares, but excluding the incentive fee. Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). Prior to a Liquidity Event, we pay the Adviser the Income-Based Fee as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%; • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.47% (5.88% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.47%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.47% in any calendar quarter; and • 15% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.47% (5.88% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 15% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. Following a Liquidity Event, we will pay the Adviser the Income-Based Fee as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%; • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.47% (5.88% annualized). The “catch-up” is meant to provide the Adviser with approximately 17.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.47% in any calendar quarter; and • 17.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.47% (5.88% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. For the year ended December 31, 2023, the Company incurred Income-Based Fee of $1,615. As of December 31, 2023, $565 remained payable. For the year ended December 31, 2022 and for the period from February 19, 2021 (Date of Inception) through December 31, 2021, there was no Income-Based Fee payable. The second part of the incentive fee, the Capital Gains Fee, is determined and payable in arrears as of the end of each calendar year (or at the time of a Liquidity Event). The Capital Gains Fee is equal to 15% of (1) realized capital gains less (2) realized capital losses, less unrealized capital losses on a cumulative basis from inception through the day before the Liquidity Event, less the aggregate amount of any previously paid Capital Gains Fee. Prior to a Liquidity Event, the Capital Gains Fee equals: • 15% of cumulative realized capital gains less all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of such calendar year (or upon a Liquidity Event), less the aggregate amount of any previously paid Capital Gains Fee as calculated in accordance with GAAP. Following a Liquidity Event, the amount payable equals: • 17.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fee as calculated in accordance with GAAP. If a Liquidity Event occurs on a date other than the first day of a fiscal year, the Capital Gains Fee will be calculated as of the day before the Liquidity Event, with such Capital Gains Fee paid to the Adviser annually following the end of the fiscal year in which the Liquidity Event occurred. Solely for purposes of calculating the Capital Gains Fee after a Liquidity Event, the Company will be deemed to have previously paid a Capital Gains Fee prior to a Liquidity Event equal to the product obtained by multiplying (a) the actual aggregate amount of previously paid Capital Gains Fee for all periods prior to a Liquidity Event by (b) the percentage obtained by dividing (x) 17.5% by (y) 15%. Each year, the Capital Gains Fee is calculated net of the aggregate amount of any previously paid Capital Gains Fee for all prior periods. We will accrue, but will not pay, a Capital Gains Fee with respect to unrealized appreciation because a Capital Gains Fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. In no event will the Capital Gains Fee payable pursuant to the Investment Advisory Agreement exceed the amount permitted by the Investment Advisers Act of 1940, as amended (the “Advisers Act”), including Section 205 thereof. For the purpose of computing the Capital Gains Fee, the calculation methodology looks through derivative financial instruments or swaps as if we owned the reference assets directly. For the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (Date of Inception) through December 31, 2021, there were no Capital Gains Fees incurred. Administration Agreement Pursuant to the administration agreement between the Company and LS Administration, LLC (the “Administration Agreement”), LS Administration, LLC (the “Administrator”) furnishes the Company with office space, office services, and equipment. Under the Administration Agreement, our Administrator performs or oversees the performance of our required administrative services, which include providing assistance in accounting, legal, compliance, operations, technology, internal audit, and investor relations, and loan agency services (including any third party service providers related to the foregoing) and being responsible for the financial records that we are required to maintain and preparing reports to our stockholders and reports filed with the SEC. In addition, our Administrator assists us in determining and publishing our net asset value, overseeing the preparation and filing of our tax returns and the printing and disseminating reports to our stockholders, assessing our internal controls under the Sarbanes-Oxley Act, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others. Payments under the Administration Agreement are equal to an amount that reimburses our Administrator for its costs and expenses. Such payments include the Company's allocable portion of (i) the expenses incurred by our Administrator in performing its obligations under the Administration Agreement, (ii) the compensation paid to our Chief Compliance Officer and Chief Financial Officer and their respective staffs, and (iii) the cost of providing managerial assistance upon request to portfolio companies. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. Additionally, we ultimately bear the costs of any sub-administration agreements that our Administrator may enter into. Our Administrator reserves the right to waive all or part of any reimbursements due from us at its sole discretion. The Administration Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, our Administrator and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it will be entitled to indemnification from us for any damages, liabilities, costs, and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of our Administrator’s services under the Administration Agreement or otherwise as administrator for us. For the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (Date of Inception) through December 31, 2021, the Administrator incurred $1,485, $708 and $0, respectively, in fees under the Administrative Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of December 31, 2023 and December 31, 2022, $885 and $550, respectively, were unpaid and included in administrative services fee payable in the accompanying Consolidated Statements of Assets and Liabilities. No administrative services fee was charged to the Company prior to the Company’s commencement of operations. Additionally, pursuant to a sub-administration agreement with SS&C Technologies, Inc. (“SS&C”), SS&C performs certain of the Company’s required administrative services, which include providing assistance in accounting, legal, compliance, operations, investor relations and technology, being responsible for the financial records that the Company is required to maintain and preparing reports to the Company’s stockholders and reports filed with the SEC. SS&C is also reimbursed for certain expenses it incurs on our behalf. Our Administrator and Adviser have entered into staffing agreements with affiliates of Lafayette Square pursuant to which such Lafayette Square affiliates agree to provide our Administrator and Adviser with access to certain legal, operations, financial, compliance, accounting, internal audit (in their role of performing our Sarbanes-Oxley Act internal control assessment), clerical and administrative personnel. Affiliated transactions The Adviser’s investment allocation policy seeks to ensure allocation of investment opportunities on a fair and equitable basis over time between the Company and other funds or investment vehicles managed by the Adviser or its affiliates. It is expected that the Company may have overlapping investment strategies with such affiliated funds and/or investment vehicles, but there are prohibitions under the 1940 Act from participating in certain transactions with such affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. As a result, the Company, the Adviser and certain of their affiliates applied for, and have been granted, exemptive relief by the SEC for the Company to co-invest with other funds or investment vehicles managed by the Adviser or certain of its affiliates, in a manner consistent with the requirements of the Company’s organizational documents and investment strategy as well as applicable laws and regulations and the Adviser’s fiduciary duties. As a result of such exemptive relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of such other affiliated entities that avail themselves of such exemptive relief and that have an investment objective similar to the Company. In addition, any transaction fees (including break-up or commitment fees, but excluding transaction fees contemplated by Section 17(e) or 57(k) of the 1940 Act, as applicable, which are retained by the Adviser, to the extent permitted by applicable law) received in connection with a co-investment transaction among the Company and its affiliated entities are distributed to the participating entities (including the Company) on a pro rata basis based on the amounts they invested or committed, as the case may be, in such transaction. Due to Affiliate The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. After the commencement of operations these expenses are reimbursed on an ongoing basis. As of December 31, 2023 and December 31, 2022, $123 and $120, respectively, were included in the Due to Affiliate line item in the Consolidated Statements of Assets and Liabilities for reimbursable expenses, that were paid by the Administrator on behalf of the Company. Expense Support and Conditional Reimbursement Agreement On December 30, 2021, the Company entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser. The Adviser may elect to pay certain Company expenses on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company are referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The Company’s obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's inception: For the Period Ended Expense Payments by Adviser Reimbursement Payments to Adviser Unreimbursed Expense Payable June 30, 2022 $ 227 $ — $ 227 September 30, 2022 225 — 452 June 30, 2023 — (329) 123 September 30, 2023 — (123) — Total $ 452 $ (452) $ — As of December 31, 2022, the Company did not have an obligation to repay Expense Payments to the Advisor and therefore did not record a liability on the Consolidated Statements of Assets and Liabilities. However, during the year ended December 31, 2023, the obligation to repay became due and the Company fully repaid its Expense Reimbursement obligation of $452, so that as of December 31, 2023, the Company has extinguished all such obligations to the Advisor. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of December 31, 2023, the Company was not subject to any legal proceedings, although the Company may, from time to time, be involved in litigation arising out of operations in the normal course of business or otherwise. The Company has and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of December 31, 2023 and December 31, 2022 the fair value of unfunded commitments held by the Company was $(4) and $(109), respectively, as shown on the Consolidated Schedule of Investments. The Company had the following unfunded commitments to fund investments as of the indicated dates: Par Value as of Par Value as of December 31, 2023 December 31, 2022 Unfunded delayed draw and revolving senior secured loans $ 73,977 $ 12,995 Total unfunded commitments $ 73,977 $ 12,995 |
Directors Fees
Directors Fees | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Directors Fees | Directors Fees Our independent directors receive an annual fee of $100 (prorated for any partial year). In addition, the chair of the Audit Committee receives an additional annual fee of $20 (prorated for any partial year). We are also authorized to pay the reasonable out-of-pocket expenses for each independent director incurred in connection with the fulfillment of his or her duties as independent directors (provided that such compensation will only be paid if the committee meeting is not held on the same day as any regular meeting of the Board). For the fiscal year December 31, 2023, independent directors fees will be paid in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. As of December 31, 2023, the Company had not yet issued any common stock to our directors as compensation for their services. |
Share Data and Distributions
Share Data and Distributions | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Share Data and Distributions | Share Data and Distributions Earnings per Share The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Earnings (loss) per common share (basic and diluted): Net increase (decrease) in net assets resulting from operations $ 10,985 $ (476) $ (515) Weighted average common shares outstanding 10,910,180 1,481,583 700 Earnings (loss) per common share (basic and diluted): $ 1.01 $ (0.32) $ (735.91) Capital Activity The Company is authorized to issue 50,000,000 shares of preferred stock at a par value of $0.001 per share and 450,000,000 shares of common stock at a par value of $0.001 per share. The Company has entered into subscription agreements in which investors have made capital commitments to purchase shares of the Company's common stock (the “Subscription Agreements”) with several investors, providing for the private placement of the Company’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s common stock at a price per share equal to the most recent NAV per share as determined by the Board (subject to the adjustment to the extent required by Section 23 of the 1940 Act) up to the amount of their respective capital subscriptions on an as-needed basis as determined by the Company with a minimum of ten business days prior notice. As of December 31, 2023 and December 31, 2022, the Company had closed capital commitments totaling $377.0 million and $146.5 million, respectively, for the private placement of the Company's common stock, of which $60.3 million and $73.9 million, respectively, were unfunded. Share Issuance Date Shares Issued Amount Average Offering Price per Share January 26, 2023 2,510,396 $ 37,129 $ 14.79 March 28, 2023 1,188,592 17,746 14.93 June 27, 2023 4,392,543 65,097 14.82 December 13, 2023 8,380,752 123,951 14.79 Total 16,472,283 $ 243,923 $ 14.81 Share Issuance Date Shares Issued Amount Average Offering Price per Share June 24, 2022 1,747,083 $ 26,206 $ 15.00 September 13, 2022 1,790,045 26,206 14.64 December 21, 2022 1,378,726 20,350 14.76 Total 4,915,854 $ 72,762 $ 14.80 Distributions Distributions to common stockholders are recorded on the ex-dividend date. The Company intends to elect to be taxed as a RIC under the Code for its taxable year ending December 31, 2023, and for future taxable years. The Company will be required to distribute dividends each tax year as a RIC to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, in order to be eligible for tax benefits allowed to a RIC under Subchapter M of the Code. The Company anticipates paying out as a distribution all or substantially all of those amounts. The amount to be paid out as a dividend is determined by the Board and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment. The Company has adopted the DRIP that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors, unless a stockholder elects to “opt out” of the DRIP. As a result, if the Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. The Company reserves the right to use primarily newly issued shares to implement the DRIP, whether the shares are trading at a price per share at or above NAV. NAV is determined as of the latest available quarter end before such distribution. However, the Company reserves the right to purchase shares in the open market in connection with the implementation of the DRIP. In the event the price per share is trading at a discount to NAV, the Company intends to purchase shares in the open market rather than issue new shares. The following table summarizes the distributions declared on shares of the Company’s common stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP: Date Declared Record Date Payment Date Amount Amount Per Share DRIP Shares Issued April 21, 2023 April 21, 2023 May 15, 2023 $1,292 $0.15 30,168 June 23, 2023 June 23, 2023 August 14, 2023 $1,297 $0.15 29,859 September 29, 2023 September 29, 2023 November 13, 2023 $2,614 $0.20 53,904 December 13, 2023 December 12, 2023 January 04, 2024 $3,936 $0.30 81,573 |
Tax Matters
Tax Matters | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Tax Matters | Tax Matters The Company intends to elect to be treated as a RIC under Subchapter M of the Code for the year ended December 31, 2023 and intends to qualify for tax treatment as a RIC annually thereafter. As a RIC, the Company generally will not pay U.S. federal income taxes at corporate tax rates on any ordinary income or capital gains that it timely distributes to its shareholders as dividends. To qualify as a RIC, the Company must meet certain minimum distribution, source-of-income, and asset diversification requirements. The minimum distribution requirements applicable to RICs require the Company to distribute at least 90% of its investment company taxable income, as defined by the Code, each year. The Company has complied with all RIC requirements for the year ended December 31, 2023, and will be making the election to be treated as a RIC with its year ended December 31, 2023, tax return. In order to present certain components of the Company’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Company’s accounts. These reclassifications have no impact on the net asset value of the Company and result primarily from non-deductible offering expense. For the years ended December 31, 2023, December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021, the Company reclassified balances as follows. As of December 31, 2023 As of December 31, 2022 As of December 31, 2021 Distributable earnings $ 527 $ (158) $ — Paid-in capital in excess of par (527) 158 — For U.S. federal income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid for the years ended December 31, 2023, December 31, 2022, and for the period from February 19, 2021 (date of inception) to December 31, 2021, were as follows: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Ordinary Income $ 9,139 $ — $ — Long-term Capital Gain $ — $ — $ — Return of Capital $ — $ — $ — As of December 31, 2023, December 31, 2022 and December 31, 2021, the tax cost and estimated gross unrealized appreciation/(depreciation) from investments for federal income tax purposes are as follows. As of December 31, 2023 As of December 31, 2022 As of December 31, 2021 Tax cost $ 271,522 $ 84,545 $ — Gross unrealized appreciation $ 2,217 $ 177 $ — Gross unrealized depreciation (147) (379) — Net unrealized investment appreciation / (depreciation) on investments $ 2,070 $ (202) $ — At December 31, 2023, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Statements of Assets and Liabilities by temporary and other book/tax differences, primarily relating to the tax treatment of organizational costs, as follows: For the year ended Undistributed Ordinary Income $ 26 Capital Loss Carry Forwards (111) Other Accumulated Losses (445) Net unrealized appreciation/(depreciation) from investments 2,070 Accumulated earnings/(deficit) on a tax basis $ 1,540 For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. As a RIC, the Fund is permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. Capital loss carry forwards generated prior to the Fund qualifying as a RIC can be carried forward for 5 years, and, accordingly, would begin to expire as of December 31, 2027. The Fund has net capital loss carry forwards for federal income tax purposes as follows: Period Ended Amount Expiration Lafayette Square USA, Inc 12/31/2022 $111 12/31/2027 The Company did not qualify to elect treatment as a RIC for the year ended December 31, 2022 and the period from February 19, 2021 (date of inception) to December 31, 2021 and was subject to tax as a regular corporation. It is not anticipated that the Company will incur U.S. federal, state, and local taxes (other than nominal state and local taxes) as a corporation. Consequently, no such taxes were accrued for the period in which the company was subject to taxes as a regular corporation. The following disclosures relate to the period in which the company was taxed as a regular corporation. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes. Components of the Company’s deferred tax assets and liabilities as of December 31, 2022 are as follows: For the year ended Deferred tax assets: Net operating loss carryforward 101 Capital loss carryforward 28 Net unrealized loss on investments 51 Organizational costs $ 31 Valuation allowance (211) Total deferred tax assets — Deferred tax liabilities: Total deferred tax liabilities $ — Net deferred tax assets and liabilities $ — The Company’s income tax provision consists of the following as of December 31, 2022: For the year ended Current tax (expense)/benefit: Federal $ — State and Local — Total current tax (expense)/benefit — Deferred tax (expense)/benefit: Federal 175 State and Local 36 Valuation allowance (211) Total deferred tax (expense)/benefit $ — Total income tax (expense) benefit for the Company differs from the amount computed by applying the federal statutory income tax rate of 21% to net increase (decrease) in net assets from operations for the years ended December 31, 2022: For the year ended Income tax benefit at federal statutory rate (21%) $ 100 State and local income tax benefit (net of federal detriment) 21 Prior year net operating loss carryforward 97 Organizational costs 33 Permanent differences (40) Valuation allowance (211) Total income tax (expense)/benefits $ — At December 31, 2022, the Company determined a valuation allowance was required. The Company’s assessment considered, among other matters, the nature, frequency and severity of current and cumulative losses, the duration of statutory carryforward periods and the associated risk that operating loss and capital loss carryforwards are limited or are likely to expire unused, and unrealized gains and losses on investments. Through the consideration of these factors, the Company determined that it is more likely than not that the Company’s net deferred tax asset would not be realized. As a result, the Company recorded a full valuation allowance with respect to its deferred tax asset for the years ended December 31, 2022. From time to time, the Company may modify its estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance as new information becomes available. Modifications to the Company’s estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance, changes in generally accepted accounting principles or related guidance or interpretations thereof, limitations imposed on or expirations of the Company’s net operating losses and capital loss carryovers (if any) and changes in applicable tax law could result in increases or decreases in the Company’s NAV per share, which could be material. As of December 31, 2022, the Company had a net operating loss carryforward for federal income tax purposes of $397. This net operating loss may be carried forward indefinitely but would not be useable to offset income in taxable years in which the Company qualifies as a RIC. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights Below is the schedule of financial highlights of the Company for the years ended December 31, 2023, December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: Per Common Share Data: (1) For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Net asset value, beginning of period $ 14.60 $ (720.91) $ — Net investment income (loss) 0.80 (0.11) (735.91) Net realized and unrealized gain (loss) 0.21 (0.21) — Net increase (decrease) in net assets resulting from operations 1.01 (0.32) (735.91) Initial issuance of Common Stock — — 15.00 Effect of offering price of subscriptions 0.04 735.83 — Distributions declared (0.80) — — Net asset value, end of period $ 14.85 $ 14.60 $ (720.91) Total return based on NAV (2) 7.32 % (102.03) % (4906.05) % Common shares outstanding, end of period 21,502,768 4,916,554 700 Weighted average shares outstanding 10,910,180 1,481,583 700 Net assets, end of period $ 319,239 $ 71,782 $ (504) Ratio/Supplemental data (3) : Ratio of net investment income (loss) to average net assets (4) 4.81 % (0.55) % (298.82) % Ratio of expenses to average net assets (4) 6.65 % 12.39 % (298.82) % Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets (4) 3.72 % 8.92 % (298.82) % Weighted average debt outstanding (5) $ 21,548 $ 19,091 $ — Total debt outstanding $ 58,500 $ 31,500 $ — Asset coverage ratio 645.7 % 327.9 % — % Portfolio turnover — % 37 % N/A (1) The per share data were derived by using the weighted average shares from the date of the first issuance of shares, through December 31, 2023, December 31, 2022 and December 31, 2021. (2) Total return is based upon the change in net asset value per share between the opening and ending net assets per share and the issuance of common stock in the period. Total return is not annualized. (3) Annualized, except for organizational expenses, which are non-recurring. (4) For the year ended December 31, 2022, prior to the effect of the Expense Support Agreement, the ratio of net investment income (loss) to average net assets, and expenses to average net assets is (2.08)% and 13.92%, respectively. (5) The Company's initial borrowing occurred on June 29, 2022. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements. Other than the subsequent events disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements. On February 1, 2024, the Company entered into a Third Amendment to the Subscription Facility, pursuant to which the applicable margin was increased from 1.80% to 2.50%, the unused commitment fee rate was increased, the ability to borrow in currencies other than US Dollars was removed, and the stated maturity date was extended from February 2, 2024 to May 2, 2024. On February 2, 2024, the Company repaid its outstanding balance on the Subscription Facility in the amount of $27.5 million. As of the date of this Report, there is no outstanding balance on the Subscription Facility. On March 15, 2024, the Company drew down additional $6.0 million in available SBA-guranteed debentures bearing an interim interest rate of 5.83% and an SBA annual charge of 0.047% maturing on September 1, 2034. On March 19, 2024, the Company submitted its application to the SBA for an additional commitment of $45.5 million, which will bring its total commitment to $82.5 million. |
N-2
N-2 - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 18, 2021 | |
Cover [Abstract] | ||||
Entity Central Index Key | 0001849089 | |||
Amendment Flag | false | |||
Securities Act File Number | 814-01427 | |||
Document Type | 10-K | |||
Entity Registrant Name | LAFAYETTE SQUARE USA, INC. | |||
Entity Address, Address Line One | 175 SW 7th St, | |||
Entity Address, Address Line Two | Unit 1911 | |||
Entity Address, City or Town | Miami | |||
Entity Address, State or Province | FL | |||
Entity Address, Postal Zip Code | 33130 | |||
City Area Code | 786 | |||
Local Phone Number | 753-7096 | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Emerging Growth Company | true | |||
Entity Ex Transition Period | true | |||
Other Annual Expenses [Abstract] | ||||
Management Fee not based on Net Assets, Note [Text Block] | Directors Fees Our independent directors receive an annual fee of $100 (prorated for any partial year). In addition, the chair of the Audit Committee receives an additional annual fee of $20 (prorated for any partial year). We are also authorized to pay the reasonable out-of-pocket expenses for each independent director incurred in connection with the fulfillment of his or her duties as independent directors (provided that such compensation will only be paid if the committee meeting is not held on the same day as any regular meeting of the Board). For the fiscal year December 31, 2023, independent directors fees will be paid in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. As of December 31, 2023, the Company had not yet issued any common stock to our directors as compensation for their services. | |||
General Description of Registrant [Abstract] | ||||
NAV Per Share | $ 14.85 | $ 14.60 | $ (720.91) | $ 0 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The following is a summary of significant accounting policies consistently followed by the Company in the preparation of its consolidated financial statements. The Company is an investment company and accordingly applies specific accounting and financial reporting requirements under Accounting Standards Codification, as issued by the Financial Accounting Standards Board (“ASC”) Topic 946—Financial Services—Investment Companies (“Topic 946”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and pursuant to Articles 6, 10 and 12 of Regulation S-X. Certain reclassifications have been made to certain prior period balances to conform with current presentation. |
Use of Estimates | Use of Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Organization and Offering Costs | Organization and Offering Costs Organization costs consist of costs incurred to establish the Company and enable it to do business legally. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of the common stock of the Company. The Company’s initial organizational costs incurred were expensed and initial offering costs are being amortized over one year. The Company may incur organization and offering expenses of up to $1 million in connection with the formation of the Company and the offering of shares of its common stock, including the out-of-pocket expenses of the Adviser and its agents and affiliates. The Company reimburses the Adviser for the organization and offering costs it incurs on the Company’s behalf. If actual organization and offering costs incurred exceed $1 million, the Adviser or its affiliates will bear the excess costs. As of December 31, 2023, the Company has incurred $804 (since inception) of organization and offering costs. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs, incurred in connection with any credit facility and SBA-guaranteed debentures (see Note 5) are deferred and amortized over the life of the respective credit facility and SBA-guaranteed debentures. |
Indemnifications | Indemnifications In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote. |
Revenue Recognition | Revenue Recognition Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. Investment Income Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method or straight-line interest method, as applicable, and adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company collects such amount. Original Issue Discount Discounts to par on portfolio securities are accreted into income over the tenor of the instrument. Any remaining discount is accreted into income upon prepayment or redemption of the instrument. The Company then amortizes such amounts using the effective interest method as interest income over the expected life of the investment. PIK Interest The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest in cash may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income. This affects the amount the Company would be required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Fee Income Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, which are recorded as investment income when earned. Non-accrual loans A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date such loan is placed on non-accrual status. Interest payments received on non-accrual loans are 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, future payments are likely to remain current. |
Investment Classification | Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, the Company is deemed to "control" a portfolio company if it owns more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. Such investments in portfolio companies that the Company "controls" are referred to as "Control Investments." Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of a portfolio company if it owns between 5% and 25% of the portfolio |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act (the "Valuation Rule"), which established an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Valuation Rule, which became effective on September 8, 2022 (the "SEC Compliance Date"), the Board has chosen to designate the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of the assets for which market quotations are not readily available, subject to the Board's oversight. In accordance with Topic 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). To the extent that fair value is based on inputs that are less observable, the determination of fair value requires a significant amount of management judgment. The three-tier hierarchy of inputs is summarized below. Level 1 - Quoted prices are available in active markets/exchanges for identical investments as of the reporting date. Level 2 - Pricing inputs are observable inputs including, but not limited to, prices quoted for similar assets or liabilities in active markets/exchanges or prices quoted for identical or similar assets or liabilities in markets that are not active, and fair value is determined through the use of models or other valuation methodologies. Level 3 - Pricing inputs are unobservable for the investment and include activities where there is little, if any, market activity for the investment. The inputs into determination of fair value require significant management judgment and estimation. The inputs used by management in estimating the fair value of Level 3 investments may include valuations and other reporting provided by representatives of the portfolio companies, original transaction prices, recent transactions for identical or similar instruments, and comparisons to fair values of comparable investments, and may include adjustments to reflect illiquidity or non-transferability. The Adviser has policies with respect to its investments, which may assist the Adviser in assessing the quality of information provided by, or on behalf of, each portfolio investment and in determining whether such information continues to be provided by a reliable source or whether further investigation is necessary. Any such investigation, as applicable, may or may not require the Adviser to forego its normal reliance on the value supplied by, or on behalf of, such portfolio investment and to independently determine the fair value of the Company’s interest in such portfolio investments, consistent with the Adviser’s valuation procedures. The Company has engaged an independent third-party valuation provider, which performs valuation procedures to arrive at estimated valuation ranges of the investments on a quarterly basis. Investments that have been completed within the past three months are fair valued approximating cost unless there has been a material event since the completion date. If there has been a material event or material information that was not known as of the close of the transaction, the independent third-party valuation provider provides an independent valuation range. The types of valuation methodologies employed by the third-party valuation provider include discounted cash flow, recent financing and enterprise value valuation methodologies. Pursuant to the Valuation Rule, which became effective on the SEC Compliance Date, the Board has chosen to designate the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of the assets for which market quotations are not readily available, subject to the Board's oversight. The Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. The use of these valuation models requires significant estimation and judgment by the Adviser. While the Company believes its valuation methods are appropriate, other market participants may value identical assets differently than the Company at the measurement date. The methods used by the Company may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. The Company may also have risk associated with its concentration of investments in certain geographic regions and industries. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Accordingly, the degree of judgment exercised by the Adviser in determining fair value is greatest for securities categorized in Level 3. The determination of what constitutes “observable” requires significant judgment by the Adviser. The Adviser considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary. Such observable data may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy where the fair value measurement falls (in its entirety) is based on the lowest level input that is significant to the fair value measurement. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment, and observability of prices and inputs may be reduced for many investments. This condition could cause the investment to be reclassified to a lower level within the fair value hierarchy. |
Income Taxes | Income Taxes The Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for U.S. federal income tax purposes, for the tax years ended December 31, 2021 and December 31, 2022. The Company intends to elect to be treated as a RIC under Subchapter M of the Code for the tax year ending December 31, 2023, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. As a RIC, the Company would intend to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. The Company may be subject to regular federal and state corporate income tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that the Company elects to recognize upon RIC election or when recognized over the next five taxable years. The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) any income and gains recognized, but not distributed, from the previous years. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in |
Distributions | Distributions Distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company will authorize and declare ordinary cash distributions approved by the Board on a quarterly basis. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed to shareholders at least annually, although the Company can retain such capital gains for investment in its discretion. The Company has adopted a dividend reinvestment plan (the “DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 at any time after March 12, 2020 but no later than December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December, 2022, the FASB issued a new Accounting Standards Update ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” that extends the sunset (or expiration) date of Accounting Standards Codification (ASC) Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. The Company adopted ASU 2020-04 and 2021-01 as of June 30, 2023, and concluded that there was no impact of this guidance to the consolidated financial statements and disclosures as of December 31, 2023. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Schedule of Investments | The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of December 31, 2023 and December 31, 2022. December 31, 2023 Amortized Cost Fair Value First lien senior secured loans $ 263,118 96.9 % $ 265,287 97.0 % Equity 4,881 1.8 % 4,901 1.8 % Subordinated debt 1,872 0.7 % 1,753 0.6 % Preferred equity 1,652 0.6 % 1,652 0.6 % Warrants — — % — — % Total $ 271,523 100.0 % $ 273,593 100.0 % December 31, 2022 Amortized Cost Fair Value First lien senior secured loans $ 78,221 92.5 % $ 78,156 92.7 % Equity 4,631 5.5 % 4,631 5.5 % Subordinated debt 1,693 2.0 % 1,556 1.8 % Warrants — — % — — % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of December 31, 2023 and December 31, 2022. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business: December 31, 2023 Amortized Cost Fair Value Far West $ 70,645 26.0 % $ 71,013 26.0 % Gulf Coast 44,775 16.5 % 45,107 16.5 % Mid-Atlantic 39,607 14.6 % 39,697 14.5 % Southeast 35,256 13.0 % 35,642 13.0 % Four Corners 32,910 12.1 % 33,114 12.1 % Great Lakes 24,924 9.2 % 25,455 9.3 % Empire 15,566 5.7 % 15,625 5.7 % Cascade 7,840 2.9 % 7,940 2.9 % Total $ 271,523 100.0 % $ 273,593 100.0 % December 31, 2022 Amortized Cost Fair Value Mid-Atlantic $ 35,171 41.6 % $ 34,792 41.3 % Gulf Coast 28,667 33.9 % 28,844 34.1 % Southeast 20,707 24.5 % 20,707 24.6 % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of December 31, 2023 and December 31, 2022. December 31, 2023 Amortized Cost Fair Value Construction & Engineering $ 57,458 21.3 % $ 58,360 21.2 % Commercial Services & Supplies 45,747 16.8 % 45,828 16.8 % Professional Services 34,254 12.6 % 34,254 12.5 % Leisure Facilities 33,439 12.3 % 33,789 12.4 % Media 28,467 10.5 % 28,594 10.5 % Specialized Consumer Services 15,566 5.7 % 15,625 5.7 % Health Care Services 13,773 5.1 % 13,773 5.0 % Environmental & Facilities Services 9,795 3.6 % 9,922 3.6 % Restaurants 8,683 3.2 % 8,722 3.2 % Health Care Equipment & Services 8,175 3.0 % 8,391 3.1 % Health Care Providers & Services 7,840 2.9 % 7,940 2.9 % IT Services 3,380 1.2 % 3,425 1.3 % Real Estate Management & Development 2,952 1.1 % 2,970 1.1 % Hotels, Restaurants & Leisure 1,994 0.7 % 2,000 0.7 % Total $ 271,523 100.0 % $ 273,593 100.0 % December 31, 2022 Amortized Cost Fair Value Commercial Services & Supplies $ 39,024 46.2 % $ 38,647 45.8 % Media 25,509 30.2 % 25,684 30.5 % Construction & Engineering 20,012 23.6 % 20,012 23.7 % Total $ 84,545 100.0 % $ 84,343 100.0 % |
Fair Value Measurements of In_2
Fair Value Measurements of Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Investments, by Major Class | The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of December 31, 2023 and December 31, 2022. December 31, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 265,287 $ 265,287 Subordinated debt — — 1,753 1,753 Equity — — 4,901 4,901 Preferred equity — — 1,652 1,652 Warrants — — — — Total Investments $ — $ — $ 273,593 $ 273,593 December 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 78,156 $ 78,156 Subordinated debt — — 1,556 1,556 Equity — — 4,631 4,631 Warrants — — — — Total Investments $ — $ — $ 84,343 $ 84,343 |
Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended December 31, 2023 and December 31, 2022. There were no investments as of December 31, 2021. For the year ended Investments First Lien Senior Secured Loans Subordinated Equity Preferred Warrants Total Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ — $ 84,343 Purchases of investments and other adjustments to cost 187,988 178 250 1,652 — 190,068 Proceeds from sales and repayments of investments (3,496) — — — — (3,496) Net realized gain (loss) — — — — — — Net accretion of discount on investments 406 — — — 406 Net change in unrealized gain (loss) on investments 2,233 19 20 — — 2,272 Balance as of December 31, 2023 $ 265,287 $ 1,753 $ 4,901 $ 1,652 $ — $ 273,593 For the year ended Investments First Lien Senior Secured Loans Subordinated Equity Warrants Total Balance as of December 31, 2021 $ — $ — $ — $ — $ — Purchases of investments and other adjustments to cost 91,223 1,693 4,631 — 97,547 Proceeds from sales and repayments of investments (12,993) — — — (12,993) Net realized gain (loss) (111) — — — (111) Net accretion of discount on investments 102 — — — 102 Net change in unrealized gain (loss) on investments (65) (137) — — (202) Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ 84,343 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The tables below summarize the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2023 and December 31, 2022. Range Fair Value, as of December 31, 2023 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 169,630 Discounted Cash Flow Discount Rate 11.5% 9.9% 14.1% First lien senior secured loans 95,657 Amortized Cost Cost N/A N/A N/A Subordinated debt 1,753 Discounted Cash Flow Discount Rate 16.3% 15.8% 16.8% Equity 4,901 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Preferred equity 1,652 Comparable Multiples EV/EBITDA 6.3x 6.0x 6.5x Warrants — Comparable Multiples EV/EBITDA 8.5x 8.3x 8.8x Total Level 3 Assets $ 273,593 Range Fair Value, as of December 31, 2022 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 78,156 Discounted Cash Flow Discount Rate 12.8% 10.9% 14.7% Subordinated debt 1,556 Discounted Cash Flow Discount Rate 16.3% 16.0% 16.5% Equity 4,631 Comparable Multiples EV/EBITDA 8.0x 8.0x 8.0x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 84,343 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Company's total debt for the years ended December 31, 2023 and December 31, 2022 and for the period February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Interest expense $ 1,526 $ 494 $ — Non-usage fee (1) 82 41 — Amortization of financing costs 441 215 — Weighted average stated interest rate 7.08 % 5.08 % — % Weighted average outstanding balance (2) $ 21,548 $ 19,091 $ — (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. (2) The Company's initial borrowing occurred on June 29, 2022. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Subscription Facility for the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Interest expense $ 584 $ 494 $ — Non-usage fee (1) 82 41 — Amortization of financing costs 372 215 — Weighted average stated interest rate 7.19 % 5.08 % — % Weighted average outstanding balance (2) $ 8,121 $ 19,091 $ — (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. (2) The Company's initial borrowing occurred on June 29, 2022. The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Interest expense $ 566 $ — $ — Non-usage fee (1) — — — Amortization of financing costs 69 — — Weighted average stated interest rate 6.23 % — % — % Weighted average outstanding balance (2) $ 9,088 $ — $ — (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the SBA-guaranteed debentures. (2) The Company's initial borrowing occurred on September 15, 2023. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Repurchase Obligation for the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Interest expense $ 376 $ — $ — Non-usage fee — — — Amortization of financing costs — — — Weighted average stated interest rate 8.68 % — % — % Weighted average outstanding balance (1) $ 4,339 $ — $ — (1) The Company's initial borrowing occurred on March 15, 2023. |
Schedule of Line of Credit Facilities | The following table summarizes the Company’s SBA-guaranteed debentures as of December 31, 2023: Issuance Date Maturity Date Debenture Amount Interest Rate SBA Annual Charge September 15, 2023 March 1, 2034 $ 31,000 6.04% 0.047% The facilities of the Company consist of the following: December 31, 2023 December 31, 2022 Aggregate Principal Unused Aggregate Principal Unused Subscription Facility $ 38,400 $ 27,500 $ 10,900 $ 38,400 $ 31,500 $ 6,900 SBA-guaranteed debentures 36,960 31,000 5,960 — — — Total $ 75,360 $ 58,500 $ 16,860 $ 38,400 $ 31,500 $ 6,900 |
Related Party Agreements and _2
Related Party Agreements and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's inception: For the Period Ended Expense Payments by Adviser Reimbursement Payments to Adviser Unreimbursed Expense Payable June 30, 2022 $ 227 $ — $ 227 September 30, 2022 225 — 452 June 30, 2023 — (329) 123 September 30, 2023 — (123) — Total $ 452 $ (452) $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unfunded Commitments | The Company had the following unfunded commitments to fund investments as of the indicated dates: Par Value as of Par Value as of December 31, 2023 December 31, 2022 Unfunded delayed draw and revolving senior secured loans $ 73,977 $ 12,995 Total unfunded commitments $ 73,977 $ 12,995 |
Share Data and Distributions (T
Share Data and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2023 and December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Earnings (loss) per common share (basic and diluted): Net increase (decrease) in net assets resulting from operations $ 10,985 $ (476) $ (515) Weighted average common shares outstanding 10,910,180 1,481,583 700 Earnings (loss) per common share (basic and diluted): $ 1.01 $ (0.32) $ (735.91) |
Schedule of Share Issuances | Share Issuance Date Shares Issued Amount Average Offering Price per Share January 26, 2023 2,510,396 $ 37,129 $ 14.79 March 28, 2023 1,188,592 17,746 14.93 June 27, 2023 4,392,543 65,097 14.82 December 13, 2023 8,380,752 123,951 14.79 Total 16,472,283 $ 243,923 $ 14.81 Share Issuance Date Shares Issued Amount Average Offering Price per Share June 24, 2022 1,747,083 $ 26,206 $ 15.00 September 13, 2022 1,790,045 26,206 14.64 December 21, 2022 1,378,726 20,350 14.76 Total 4,915,854 $ 72,762 $ 14.80 |
Schedule of Dividends Declared | The following table summarizes the distributions declared on shares of the Company’s common stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP: Date Declared Record Date Payment Date Amount Amount Per Share DRIP Shares Issued April 21, 2023 April 21, 2023 May 15, 2023 $1,292 $0.15 30,168 June 23, 2023 June 23, 2023 August 14, 2023 $1,297 $0.15 29,859 September 29, 2023 September 29, 2023 November 13, 2023 $2,614 $0.20 53,904 December 13, 2023 December 12, 2023 January 04, 2024 $3,936 $0.30 81,573 |
Tax Matters (Tables)
Tax Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reclassification of Capital Accounts on Tax Basis | For the years ended December 31, 2023, December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021, the Company reclassified balances as follows. As of December 31, 2023 As of December 31, 2022 As of December 31, 2021 Distributable earnings $ 527 $ (158) $ — Paid-in capital in excess of par (527) 158 — |
Schedule of Tax Character Of Distributions Paid to Shareholders | The tax character of distributions paid for the years ended December 31, 2023, December 31, 2022, and for the period from February 19, 2021 (date of inception) to December 31, 2021, were as follows: For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Ordinary Income $ 9,139 $ — $ — Long-term Capital Gain $ — $ — $ — Return of Capital $ — $ — $ — |
Schedule of Accumulated Gains (Losses) as Calculated on Tax Basis | the tax cost and estimated gross unrealized appreciation/(depreciation) from investments for federal income tax purposes are as follows. As of December 31, 2023 As of December 31, 2022 As of December 31, 2021 Tax cost $ 271,522 $ 84,545 $ — Gross unrealized appreciation $ 2,217 $ 177 $ — Gross unrealized depreciation (147) (379) — Net unrealized investment appreciation / (depreciation) on investments $ 2,070 $ (202) $ — |
Schedule of Distributable Earnings on Tax Basis Table | At December 31, 2023, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Statements of Assets and Liabilities by temporary and other book/tax differences, primarily relating to the tax treatment of organizational costs, as follows: For the year ended Undistributed Ordinary Income $ 26 Capital Loss Carry Forwards (111) Other Accumulated Losses (445) Net unrealized appreciation/(depreciation) from investments 2,070 Accumulated earnings/(deficit) on a tax basis $ 1,540 |
Schedule of Net Capital Loss Carry Forward | The Fund has net capital loss carry forwards for federal income tax purposes as follows: Period Ended Amount Expiration Lafayette Square USA, Inc 12/31/2022 $111 12/31/2027 |
Schedule of Deferred Tax Assets and Liabilities | Components of the Company’s deferred tax assets and liabilities as of December 31, 2022 are as follows: For the year ended Deferred tax assets: Net operating loss carryforward 101 Capital loss carryforward 28 Net unrealized loss on investments 51 Organizational costs $ 31 Valuation allowance (211) Total deferred tax assets — Deferred tax liabilities: Total deferred tax liabilities $ — Net deferred tax assets and liabilities $ — |
Schedule of Components of Income Tax Provision | The Company’s income tax provision consists of the following as of December 31, 2022: For the year ended Current tax (expense)/benefit: Federal $ — State and Local — Total current tax (expense)/benefit — Deferred tax (expense)/benefit: Federal 175 State and Local 36 Valuation allowance (211) Total deferred tax (expense)/benefit $ — |
Schedule of Effective Income Tax Rate Reconciliation | Total income tax (expense) benefit for the Company differs from the amount computed by applying the federal statutory income tax rate of 21% to net increase (decrease) in net assets from operations for the years ended December 31, 2022: For the year ended Income tax benefit at federal statutory rate (21%) $ 100 State and local income tax benefit (net of federal detriment) 21 Prior year net operating loss carryforward 97 Organizational costs 33 Permanent differences (40) Valuation allowance (211) Total income tax (expense)/benefits $ — |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | Below is the schedule of financial highlights of the Company for the years ended December 31, 2023, December 31, 2022 and for the period from February 19, 2021 (date of inception) to December 31, 2021: Per Common Share Data: (1) For the year ended For the year ended For the period from February 19, 2021 (Date of Inception) through Net asset value, beginning of period $ 14.60 $ (720.91) $ — Net investment income (loss) 0.80 (0.11) (735.91) Net realized and unrealized gain (loss) 0.21 (0.21) — Net increase (decrease) in net assets resulting from operations 1.01 (0.32) (735.91) Initial issuance of Common Stock — — 15.00 Effect of offering price of subscriptions 0.04 735.83 — Distributions declared (0.80) — — Net asset value, end of period $ 14.85 $ 14.60 $ (720.91) Total return based on NAV (2) 7.32 % (102.03) % (4906.05) % Common shares outstanding, end of period 21,502,768 4,916,554 700 Weighted average shares outstanding 10,910,180 1,481,583 700 Net assets, end of period $ 319,239 $ 71,782 $ (504) Ratio/Supplemental data (3) : Ratio of net investment income (loss) to average net assets (4) 4.81 % (0.55) % (298.82) % Ratio of expenses to average net assets (4) 6.65 % 12.39 % (298.82) % Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets (4) 3.72 % 8.92 % (298.82) % Weighted average debt outstanding (5) $ 21,548 $ 19,091 $ — Total debt outstanding $ 58,500 $ 31,500 $ — Asset coverage ratio 645.7 % 327.9 % — % Portfolio turnover — % 37 % N/A (1) The per share data were derived by using the weighted average shares from the date of the first issuance of shares, through December 31, 2023, December 31, 2022 and December 31, 2021. (2) Total return is based upon the change in net asset value per share between the opening and ending net assets per share and the issuance of common stock in the period. Total return is not annualized. (3) Annualized, except for organizational expenses, which are non-recurring. (4) For the year ended December 31, 2022, prior to the effect of the Expense Support Agreement, the ratio of net investment income (loss) to average net assets, and expenses to average net assets is (2.08)% and 13.92%, respectively. (5) The Company's initial borrowing occurred on June 29, 2022. |
Organization (Details)
Organization (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) region | Jan. 27, 2023 USD ($) | |
Schedule of Investments [Line Items] | ||
Number of regions | region | 10 | |
SBA-guaranteed debentures | SBIC LP | ||
Schedule of Investments [Line Items] | ||
SBIC available long-term capital | $ 175 | $ 175 |
SBA Debenture Regulatory Capital | SBIC LP | ||
Schedule of Investments [Line Items] | ||
SBIC available long-term capital | $ 87.5 | |
Minimum | ||
Schedule of Investments [Line Items] | ||
Investment goal as a percentage of assets in each region | 5% | |
Minimum | Middle Market Companies | ||
Schedule of Investments [Line Items] | ||
Investments, annual revenues | $ 10 | |
Investment annual EBITDA | 10 | |
Maximum | Middle Market Companies | ||
Schedule of Investments [Line Items] | ||
Investments, annual revenues | 1,000 | |
Investment annual EBITDA | $ 100 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | 20 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 109,771,000 | $ 20,687,000 | $ 109,771,000 | |
Interest from cash and cash equivalents | 2,114,000 | 47,000 | $ 0 | |
Offering costs, threshold amount for reimbursement, value | 1,000,000 | 1,000,000 | ||
Deferred offering costs since inception | 804,000 | |||
Interest-Bearing Deposits | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 109,771,000 | $ 20,682,000 | $ 109,771,000 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 271,523 | [1],[2],[3],[4],[5] | $ 84,545 | [6],[7],[8],[9],[10],[11],[12],[13] |
Fair Value | 273,593 | [2],[14],[15],[16],[17] | 84,343 | [6],[8],[11],[12] |
Construction & Engineering | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 57,458 | 20,012 | ||
Fair Value | 58,360 | 20,012 | ||
Commercial Services & Supplies | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 45,747 | 39,024 | ||
Fair Value | 45,828 | 38,647 | ||
Professional Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 34,254 | |||
Fair Value | 34,254 | |||
Leisure Facilities | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 33,439 | |||
Fair Value | 33,789 | |||
Media | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 28,467 | 25,509 | ||
Fair Value | 28,594 | 25,684 | ||
Specialized Consumer Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 15,566 | |||
Fair Value | 15,625 | |||
Health Care Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 13,773 | |||
Fair Value | 13,773 | |||
Environmental & Facilities Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 9,795 | |||
Fair Value | 9,922 | |||
Restaurants | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 8,683 | |||
Fair Value | 8,722 | |||
Health Care Equipment & Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 8,175 | |||
Fair Value | 8,391 | |||
Health Care Providers & Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 7,840 | |||
Fair Value | 7,940 | |||
IT Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 3,380 | |||
Fair Value | 3,425 | |||
Real Estate Management & Development | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 2,952 | |||
Fair Value | 2,970 | |||
Hotels, Restaurants & Leisure | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 1,994 | |||
Fair Value | 2,000 | |||
Far West | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 70,645 | |||
Fair Value | 71,013 | |||
Gulf Coast | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 44,775 | 28,667 | ||
Fair Value | 45,107 | 28,844 | ||
Mid-Atlantic | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 39,607 | 35,171 | ||
Fair Value | 39,697 | 34,792 | ||
Southeast | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 35,256 | 20,707 | ||
Fair Value | 35,642 | $ 20,707 | ||
Great Lakes | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 24,924 | |||
Fair Value | 25,455 | |||
Four Corners | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 32,910 | |||
Fair Value | 33,114 | |||
Empire | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 15,566 | |||
Fair Value | 15,625 | |||
Cascade | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 7,840 | |||
Fair Value | $ 7,940 | |||
Amortized Cost | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Amortized Cost | Investment Type Concentration Risk | Construction & Engineering | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 21.30% | 23.60% | ||
Amortized Cost | Investment Type Concentration Risk | Commercial Services & Supplies | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 16.80% | 46.20% | ||
Amortized Cost | Investment Type Concentration Risk | Professional Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 12.60% | |||
Amortized Cost | Investment Type Concentration Risk | Leisure Facilities | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 12.30% | |||
Amortized Cost | Investment Type Concentration Risk | Media | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 10.50% | 30.20% | ||
Amortized Cost | Investment Type Concentration Risk | Specialized Consumer Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 5.70% | |||
Amortized Cost | Investment Type Concentration Risk | Health Care Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 5.10% | |||
Amortized Cost | Investment Type Concentration Risk | Environmental & Facilities Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 3.60% | |||
Amortized Cost | Investment Type Concentration Risk | Restaurants | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 3.20% | |||
Amortized Cost | Investment Type Concentration Risk | Health Care Equipment & Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 3% | |||
Amortized Cost | Investment Type Concentration Risk | Health Care Providers & Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.90% | |||
Amortized Cost | Investment Type Concentration Risk | IT Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.20% | |||
Amortized Cost | Investment Type Concentration Risk | Real Estate Management & Development | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.10% | |||
Amortized Cost | Investment Type Concentration Risk | Hotels, Restaurants & Leisure | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.70% | |||
Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Amortized Cost | Geographic Concentration Risk | Far West | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 26% | |||
Amortized Cost | Geographic Concentration Risk | Gulf Coast | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 16.50% | 33.90% | ||
Amortized Cost | Geographic Concentration Risk | Mid-Atlantic | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 14.60% | 41.60% | ||
Amortized Cost | Geographic Concentration Risk | Southeast | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 13% | 24.50% | ||
Amortized Cost | Geographic Concentration Risk | Great Lakes | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 9.20% | |||
Amortized Cost | Geographic Concentration Risk | Four Corners | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 12.10% | |||
Amortized Cost | Geographic Concentration Risk | Empire | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 5.70% | |||
Amortized Cost | Geographic Concentration Risk | Cascade | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.90% | |||
Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Fair Value | Investment Type Concentration Risk | Construction & Engineering | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 21.20% | 23.70% | ||
Fair Value | Investment Type Concentration Risk | Commercial Services & Supplies | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 16.80% | 45.80% | ||
Fair Value | Investment Type Concentration Risk | Professional Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 12.50% | |||
Fair Value | Investment Type Concentration Risk | Leisure Facilities | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 12.40% | |||
Fair Value | Investment Type Concentration Risk | Media | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 10.50% | 30.50% | ||
Fair Value | Investment Type Concentration Risk | Specialized Consumer Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 5.70% | |||
Fair Value | Investment Type Concentration Risk | Health Care Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 5% | |||
Fair Value | Investment Type Concentration Risk | Environmental & Facilities Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 3.60% | |||
Fair Value | Investment Type Concentration Risk | Restaurants | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 3.20% | |||
Fair Value | Investment Type Concentration Risk | Health Care Equipment & Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 3.10% | |||
Fair Value | Investment Type Concentration Risk | Health Care Providers & Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.90% | |||
Fair Value | Investment Type Concentration Risk | IT Services | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.30% | |||
Fair Value | Investment Type Concentration Risk | Real Estate Management & Development | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.10% | |||
Fair Value | Investment Type Concentration Risk | Hotels, Restaurants & Leisure | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.70% | |||
Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Fair Value | Geographic Concentration Risk | Far West | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 26% | |||
Fair Value | Geographic Concentration Risk | Gulf Coast | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 16.50% | 34.10% | ||
Fair Value | Geographic Concentration Risk | Mid-Atlantic | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 14.50% | 41.30% | ||
Fair Value | Geographic Concentration Risk | Southeast | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 13% | 24.60% | ||
Fair Value | Geographic Concentration Risk | Great Lakes | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 9.30% | |||
Fair Value | Geographic Concentration Risk | Four Corners | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 12.10% | |||
Fair Value | Geographic Concentration Risk | Empire | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 5.70% | |||
Fair Value | Geographic Concentration Risk | Cascade | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.90% | |||
First lien senior secured loans | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 263,118 | $ 78,221 | ||
Fair Value | $ 265,287 | $ 78,156 | ||
First lien senior secured loans | Amortized Cost | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 96.90% | 92.50% | ||
First lien senior secured loans | Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 97% | 92.70% | ||
Equity | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 4,881 | $ 4,631 | ||
Fair Value | $ 4,901 | $ 4,631 | ||
Equity | Amortized Cost | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.80% | 5.50% | ||
Equity | Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.80% | 5.50% | ||
Subordinated debt | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 1,872 | $ 1,693 | ||
Fair Value | $ 1,753 | $ 1,556 | ||
Subordinated debt | Amortized Cost | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.70% | 2% | ||
Subordinated debt | Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.60% | 1.80% | ||
Preferred equity | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 1,652 | |||
Fair Value | $ 1,652 | |||
Preferred equity | Amortized Cost | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.60% | |||
Preferred equity | Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.60% | |||
Warrants | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 0 | $ 0 | ||
Fair Value | $ 0 | $ 0 | ||
Warrants | Amortized Cost | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 0% | ||
Warrants | Fair Value | Investment Type Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 0% | ||
[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". |
Fair Value Measurements of In_3
Fair Value Measurements of Investments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 273,593 | [1],[2],[3],[4],[5] | $ 84,343 | [6],[7],[8],[9] |
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss, Statement Of Income, Extensible List, Not Disclosed Flag | Consolidated Statements of Operations | Consolidated Statements of Operations | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 273,593 | $ 84,343 | ||
Level 3 | Debt And Equity Securities Unrealized Gain (Loss) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net change in unrealized gain (loss) | $ 2,272 | $ (202) | ||
[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". |
Fair Value Measurements of In_4
Fair Value Measurements of Investments - Schedule of Fair Value Measurements of Investments, by Major Class (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 273,593 | [1],[2],[3],[4],[5] | $ 84,343 | [6],[7],[8],[9] |
First lien senior secured loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 265,287 | 78,156 | ||
Subordinated debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,753 | 1,556 | ||
Equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 4,901 | 4,631 | ||
Preferred equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,652 | |||
Warrants | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 1 | First lien senior secured loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 1 | Subordinated debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 1 | Equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 1 | Preferred equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | |||
Level 1 | Warrants | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 | First lien senior secured loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 | Subordinated debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 | Equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 | Preferred equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | |||
Level 2 | Warrants | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 273,593 | 84,343 | ||
Level 3 | First lien senior secured loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 265,287 | 78,156 | ||
Level 3 | Subordinated debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,753 | 1,556 | ||
Level 3 | Equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 4,901 | 4,631 | ||
Level 3 | Preferred equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,652 | |||
Level 3 | Warrants | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 0 | $ 0 | ||
[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". |
Fair Value Measurements of In_5
Fair Value Measurements of Investments - Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 84,343 | |
Purchases of investments and other adjustments to cost | 190,068 | $ 97,547 |
Proceeds from sales and repayments of investments | (3,496) | (12,993) |
Net accretion of discount on investments | 406 | 102 |
Ending balance | 273,593 | 84,343 |
Debt And Equity Securities Realized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 0 | (111) |
Debt And Equity Securities Unrealized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 2,272 | (202) |
First lien senior secured loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 78,156 | 0 |
Purchases of investments and other adjustments to cost | 187,988 | 91,223 |
Proceeds from sales and repayments of investments | (3,496) | (12,993) |
Net accretion of discount on investments | 406 | 102 |
Ending balance | 265,287 | 78,156 |
First lien senior secured loans | Debt And Equity Securities Realized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 0 | (111) |
First lien senior secured loans | Debt And Equity Securities Unrealized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 2,233 | (65) |
Subordinated debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,556 | 0 |
Purchases of investments and other adjustments to cost | 178 | 1,693 |
Proceeds from sales and repayments of investments | 0 | 0 |
Net accretion of discount on investments | 0 | 0 |
Ending balance | 1,753 | 1,556 |
Subordinated debt | Debt And Equity Securities Realized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 0 | 0 |
Subordinated debt | Debt And Equity Securities Unrealized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 19 | (137) |
Equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 4,631 | 0 |
Purchases of investments and other adjustments to cost | 250 | 4,631 |
Proceeds from sales and repayments of investments | 0 | 0 |
Net accretion of discount on investments | 0 | 0 |
Ending balance | 4,901 | 4,631 |
Equity | Debt And Equity Securities Realized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 0 | 0 |
Equity | Debt And Equity Securities Unrealized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 20 | 0 |
Preferred equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | 0 |
Purchases of investments and other adjustments to cost | 1,652 | |
Proceeds from sales and repayments of investments | 0 | |
Net accretion of discount on investments | 0 | |
Ending balance | 1,652 | 0 |
Preferred equity | Debt And Equity Securities Realized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 0 | |
Preferred equity | Debt And Equity Securities Unrealized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 0 | |
Warrants | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | 0 |
Purchases of investments and other adjustments to cost | 0 | 0 |
Proceeds from sales and repayments of investments | 0 | 0 |
Net accretion of discount on investments | 0 | |
Ending balance | 0 | 0 |
Warrants | Debt And Equity Securities Realized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | 0 | 0 |
Warrants | Debt And Equity Securities Unrealized Gain (Loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net realized gain (loss) and net change in unrealized gain (loss) on investments | $ 0 | $ 0 |
Fair Value Measurements of In_6
Fair Value Measurements of Investments - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 273,593 | [1],[2],[3],[4],[5] | $ 84,343 | [6],[7],[8],[9] |
First lien senior secured loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 265,287 | 78,156 | ||
Subordinated debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,753 | 1,556 | ||
Equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 4,901 | 4,631 | ||
Preferred equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,652 | |||
Warrants | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 273,593 | 84,343 | ||
Level 3 | First lien senior secured loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 265,287 | 78,156 | ||
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 169,630 | $ 78,156 | ||
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | Weighted Average Mean | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 0.115 | 0.128 | ||
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 0.099 | 0.109 | ||
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 0.141 | 0.147 | ||
Level 3 | First lien senior secured loans | Comparable Multiples | Amortized Cost | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 95,657 | |||
Level 3 | Subordinated debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,753 | $ 1,556 | ||
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 1,753 | $ 1,556 | ||
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | Weighted Average Mean | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 0.163 | 0.163 | ||
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 0.158 | 0.160 | ||
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 0.168 | 0.165 | ||
Level 3 | Equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 4,901 | $ 4,631 | ||
Level 3 | Equity | EV/EBITDA | Comparable Multiples | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 4,901 | $ 4,631 | ||
Level 3 | Equity | EV/EBITDA | Comparable Multiples | Weighted Average Mean | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 6.8 | 8 | ||
Level 3 | Equity | EV/EBITDA | Comparable Multiples | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 6.5 | 8 | ||
Level 3 | Equity | EV/EBITDA | Comparable Multiples | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 7 | 8 | ||
Level 3 | Preferred equity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 1,652 | |||
Level 3 | Preferred equity | EV/EBITDA | Comparable Multiples | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 1,652 | |||
Level 3 | Preferred equity | EV/EBITDA | Comparable Multiples | Weighted Average Mean | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 6.3 | |||
Level 3 | Preferred equity | EV/EBITDA | Comparable Multiples | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 6 | |||
Level 3 | Preferred equity | EV/EBITDA | Comparable Multiples | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 6.5 | |||
Level 3 | Warrants | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 0 | $ 0 | ||
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 0 | $ 0 | ||
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | Weighted Average Mean | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 8.5 | 8.8 | ||
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | Minimum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 8.3 | 8.5 | ||
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | Maximum | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment owned, fair value, measurement input | 8.8 | 9 | ||
[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 12 Months Ended | |||||||
Feb. 02, 2022 | Dec. 31, 2023 | May 02, 2024 | Jan. 27, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | |
Line of Credit Facility [Line Items] | ||||||||
Asset coverage ratio | 150% | 150% | 200% | |||||
Asset coverage ratio of 150% borrowing increase amount | $ 200 | |||||||
Asset coverage ratio of 200% borrowing increase amount | 100 | |||||||
Total debt outstanding | 58,500,000 | $ 31,500,000 | $ 0 | |||||
Secured borrowings (see Note 5) | 27,500,000 | 31,500,000 | ||||||
Lafayette Square | SBIC LP | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Committed capital | 82,500,000 | |||||||
SBA-guaranteed debentures | SBIC LP | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 175,000,000 | $ 175,000,000 | ||||||
Secured borrowings (see Note 5) | $ 31,000,000 | |||||||
Debt instrument, term | 10 years | |||||||
Commitment fee percentage | 1% | |||||||
Discount percentage | 2.435% | |||||||
Annual fee percentage | 0.047% | |||||||
Revolver | Line of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 75,360,000 | 38,400,000 | ||||||
Total debt outstanding | 58,500,000 | 31,500,000 | ||||||
Revolver | Subscription Facility | Line of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 38,400,000 | 38,400,000 | 38,400,000 | |||||
Total debt outstanding | 27,500,000 | 31,500,000 | ||||||
Revolver | Subscription Facility | Line of Credit | Margin Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 2.50% | |||||||
Revolver | Subscription Facility | Line of Credit | Federal Fund Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Revolver | Subscription Facility | Line of Credit | Forecast | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||||||
Revolver | SBA-guaranteed debentures | Line of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 36,960,000 | 0 | ||||||
Total debt outstanding | $ 31,000,000 | $ 0 | ||||||
Revolver | Repurchase Obligation | Line of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Reverse repurchase agreement, maximum period for repurchase | 90 days | |||||||
Debt | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, asset coverage ratio | 645.70% | 327.90% |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense and Amortization of Financing Costs (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||
Interest expense | $ 0 | $ 1,526 | $ 494 |
Non-usage fee | 0 | 82 | 41 |
Amortization of financing costs | $ 0 | $ 441 | $ 215 |
Weighted average stated interest rate | 0% | 7.08% | 5.08% |
Weighted average outstanding balance | $ 0 | $ 21,548 | $ 19,091 |
Subscription Facility | |||
Line of Credit Facility [Line Items] | |||
Interest expense | 0 | 584 | 494 |
Non-usage fee | 0 | 82 | 41 |
Amortization of financing costs | $ 0 | $ 372 | $ 215 |
Weighted average stated interest rate | 0% | 7.19% | 5.08% |
Weighted average outstanding balance | $ 0 | $ 8,121 | $ 19,091 |
SBA-guaranteed debentures | |||
Line of Credit Facility [Line Items] | |||
Interest expense | 0 | 566 | 0 |
Non-usage fee | 0 | 0 | 0 |
Amortization of financing costs | $ 0 | $ 69 | $ 0 |
Weighted average stated interest rate | 0% | 6.23% | 0% |
Weighted average outstanding balance | $ 0 | $ 9,088 | $ 0 |
Repurchase Obligation | |||
Line of Credit Facility [Line Items] | |||
Interest expense | 0 | 376 | 0 |
Non-usage fee | 0 | 0 | 0 |
Amortization of financing costs | $ 0 | $ 0 | $ 0 |
Weighted average stated interest rate | 0% | 8.68% | 0% |
Weighted average outstanding balance | $ 0 | $ 4,339 | $ 0 |
Debt - Guaranteed Debentures (D
Debt - Guaranteed Debentures (Details) - SBIC LP - SBA Debenture One | Sep. 15, 2023 USD ($) Rate |
Line of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ | $ 31,000,000 |
Interest rate | Rate | 6.04% |
SBA Annual Charge | 0.047% |
Debt - Schedule of Line of Cred
Debt - Schedule of Line of Credit Facilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 02, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||||
Principal Amount Outstanding | $ 58,500,000 | $ 31,500,000 | $ 0 | |
Revolver | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate Principal Amount Available | 75,360,000 | 38,400,000 | ||
Principal Amount Outstanding | 58,500,000 | 31,500,000 | ||
Unused Portion | 16,860,000 | 6,900,000 | ||
Revolver | Subscription Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate Principal Amount Available | 38,400,000 | 38,400,000 | $ 38,400,000 | |
Principal Amount Outstanding | 27,500,000 | 31,500,000 | ||
Unused Portion | 10,900,000 | 6,900,000 | ||
Revolver | SBA-guaranteed debentures | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate Principal Amount Available | 36,960,000 | 0 | ||
Principal Amount Outstanding | 31,000,000 | 0 | ||
Unused Portion | $ 5,960,000 | $ 0 |
Related Party Agreements and _3
Related Party Agreements and Transactions - Narrative (Details) | 1 Months Ended | 10 Months Ended | 12 Months Ended | 16 Months Ended | ||||
Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) component calendarQuarter | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | |
Related Party Transaction [Line Items] | ||||||||
Management fee | $ 0 | $ 1,640,000 | $ 277,000 | |||||
Management fee payable | 605,000 | 167,000 | ||||||
Incentive fee | 0 | 1,615,000 | 0 | |||||
Incentive fee payable | 565,000 | 0 | ||||||
Administrative fee | 0 | 1,485,000 | 708,000 | |||||
Due to affiliate | 123,000 | 120,000 | ||||||
Expense support reimbursement | $ 123,000 | $ 329,000 | $ 0 | $ 0 | 0 | 452,000 | (452,000) | $ 452,000 |
Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Incentive fee | 0 | 1,615,000 | 0 | |||||
Incentive fee payable | 565,000 | |||||||
Due to affiliate | 123,000 | 120,000 | ||||||
Expense support reimbursement | $ 452,000 | |||||||
Investment Advisory Agreement | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Adviser fees, number of components | component | 2 | |||||||
Base management fee annual rate, number of most recently completed calendar quarters | calendarQuarter | 2 | |||||||
Management fee | 0 | $ 1,640,000 | 277,000 | |||||
Management fee payable | $ 605,000 | 167,000 | ||||||
Advisor incentive fee, number of parts | component | 2 | |||||||
Investment Advisory Agreement | Related Party | Minimum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 0.75% | |||||||
Investment Advisory Agreement | Related Party | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 1% | |||||||
Pre-Incentive Fee Net Investment Income Quarterly Returns | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 1.25% | |||||||
Pre-Incentive Fee Net Investment Income Annual Returns | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 5% | |||||||
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Pre Incentive Fee Payment Percentage | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 100% | |||||||
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Quarterly Threshold Percentage | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 1.47% | |||||||
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Annualized Threshold Percentage | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 5.88% | |||||||
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Pre Incentive Fee Net Investment Income Exceeds Catch Up Threshold | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 15% | |||||||
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Pre Incentive Fee Net Investment Income Exceeds Catch Up Maximum Threshold | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 17.50% | |||||||
Investment Advisory Agreement Incentive Rate Pre Liquidity Event Incentive Fee Capital Gains | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 15% | |||||||
Investment Advisory Agreement Incentive Rate Pre Liquidity Event Incentive Fee Capital Gains | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 17.50% | |||||||
Administration Agreement | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of days written notice | 60 days | |||||||
Administrative fee | $ 0 | $ 1,485,000 | 708,000 | |||||
Administrative fee payable | $ 885,000 | $ 550,000 | ||||||
Expense Support And Conditional Reimbursement Agreement | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payment term, expense payments | 45 days | |||||||
Excess operating funds Payments, expense payments period | 3 years |
Related Party Disclosures - Exp
Related Party Disclosures - Expense Payments and Related Reimbursement Payments (Details) - USD ($) $ in Thousands | 1 Months Ended | 10 Months Ended | 12 Months Ended | 16 Months Ended | ||||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Related Party Transactions [Abstract] | ||||||||
Expense Payments by Adviser | $ 0 | $ 0 | $ 225 | $ 227 | $ 452 | |||
Reimbursement Payments to Adviser | (123) | (329) | 0 | 0 | $ 0 | $ (452) | $ 452 | (452) |
Unreimbursed Expense Payable | $ 0 | $ 123 | $ 452 | $ 227 | $ 0 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Other Commitments [Line Items] | ||||
Fair Value | $ 273,593 | [1],[2],[3],[4],[5] | $ 84,343 | [6],[7],[8],[9] |
Line of Credit | ||||
Other Commitments [Line Items] | ||||
Fair Value | $ (4) | $ (109) | ||
[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement". All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940. No restriction on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement". |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Total unfunded commitments | $ 73,977 | $ 12,995 |
Investment, Identifier [Axis]: Unfunded Delayed Draw and Revolving Senior Secured Loans | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | $ 73,977 | $ 12,995 |
Directors Fees (Details)
Directors Fees (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | |||
Directors' fees | $ 25 | $ 320 | $ 176 |
Independent Director | |||
Schedule of Investments [Line Items] | |||
Directors' fees authorized | 100 | ||
Audit Committee | |||
Schedule of Investments [Line Items] | |||
Directors' fees authorized | $ 20 |
Share Data and Distributions -
Share Data and Distributions - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings (loss) per common share (basic and diluted): | |||
Net increase (decrease) in net assets resulting from operations | $ (515) | $ 10,985 | $ (476) |
Weighted average common shares outstanding, basic (in shares) | 700 | 10,910,180 | 1,481,583 |
Weighted average common shares outstanding, diluted (in shares) | 700 | 10,910,180 | 1,481,583 |
Earnings (loss) per common share basic (in dollar per share) | $ (735.91) | $ 1.01 | $ (0.32) |
Earnings (loss) per common share diluted (in dollar per share) | $ (735.91) | $ 1.01 | $ (0.32) |
Share Data and Distributions _2
Share Data and Distributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||
Preferred stock shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock par value (in dollar per shares) | $ 0.001 | $ 0.001 |
Common stock shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common stock par value (in dollar per shares) | $ 0.001 | $ 0.001 |
Common Stock | Private Placement | ||
Subsidiary, Sale of Stock [Line Items] | ||
Committed capital | $ 377 | $ 146.5 |
Unfunded capital commitments | $ 60.3 | $ 73.9 |
Share Data and Distributions _3
Share Data and Distributions - Schedule of Share Issuance (Details) - USD ($) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | ||||||||
Dec. 13, 2023 | Jun. 27, 2023 | Mar. 28, 2023 | Jan. 26, 2023 | Dec. 21, 2022 | Sep. 13, 2022 | Jun. 24, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||||||||||
Shares issued (in shares) | 8,380,752 | 4,392,543 | 1,188,592 | 2,510,396 | 1,378,726 | 1,790,045 | 1,747,083 | 16,472,283 | 4,915,854 | |
Amount | $ 123,951 | $ 65,097 | $ 17,746 | $ 37,129 | $ 20,350 | $ 26,206 | $ 26,206 | $ 11 | $ 243,923 | $ 72,762 |
Average Offering Price per Share (in dollars per share) | $ 14.79 | $ 14.82 | $ 14.93 | $ 14.79 | $ 14.76 | $ 14.64 | $ 15 | $ 14.81 | $ 14.80 |
Share Data and Distributions _4
Share Data and Distributions - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | ||||||
Dec. 13, 2023 | Sep. 29, 2023 | Jun. 23, 2023 | Apr. 21, 2023 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 12, 2023 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Amount | $ 0 | $ 1,688 | $ 0 | |||||
Stockholders not opted out of DRIP | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Amount | $ 3,936 | $ 2,614 | $ 1,297 | $ 1,292 | ||||
Amount Per Share (in dollar per share) | $ 0.20 | $ 0.15 | $ 0.15 | $ 0.30 | ||||
Amount Per Share (in dollar per share) | $ 0.30 | $ 0.20 | $ 0.15 | $ 0.15 | ||||
DRIP Shares Issued (in shares) | 81,573 | 53,904 | 29,859 | 30,168 |
Tax Matters - Schedule of Recla
Tax Matters - Schedule of Reclassification of Capital Accounts on Tax Basis (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | |||
Distributable earnings | $ 9,139 | ||
Capital Account Tax-Basis Reclassification | |||
Operating Loss Carryforwards [Line Items] | |||
Distributable earnings | $ 0 | 527 | $ (158) |
Paid-in capital in excess of par | $ 0 | $ (527) | $ 158 |
Tax Matters - Schedule of Tax C
Tax Matters - Schedule of Tax Character Of Distributions Paid to Shareholders (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Ordinary Income | $ 0 | $ 9,139 | $ 0 |
Long-term Capital Gain | 0 | 0 | 0 |
Return of Capital | $ 0 | $ 0 | $ 0 |
Tax Matters - Schedule of Accum
Tax Matters - Schedule of Accumulated Gains (Losses) as Calculated on Tax Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | |||
Tax cost | $ 271,522 | $ 84,545 | $ 0 |
Gross unrealized appreciation | 2,217 | 177 | 0 |
Gross unrealized depreciation | (147) | (379) | 0 |
Net unrealized investment appreciation / (depreciation) on investments | $ 2,070 | $ (202) | $ 0 |
Tax Matters - Schedule of Distr
Tax Matters - Schedule of Distributable Earnings on Tax Basis Table (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Undistributed Ordinary Income | $ 26 | |
Capital Loss Carry Forwards | (111) | $ (111) |
Other Accumulated Losses | (445) | |
Net unrealized appreciation/(depreciation) from investments | 2,070 | |
Accumulated earnings/(deficit) on a tax basis | $ 1,540 | $ (833) |
Tax Matters - Schedule of Net C
Tax Matters - Schedule of Net Capital Loss Carry Forward (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Capital Loss Carry Forwards | $ 111 | $ 111 |
Tax Matters - Schedule of Defer
Tax Matters - Schedule of Deferred Tax Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Deferred tax assets: | |
Net operating loss carryforward | $ 101 |
Capital loss carryforward | 28 |
Net unrealized loss on investments | 51 |
Organizational costs | 31 |
Valuation allowance | (211) |
Total deferred tax assets | 0 |
Deferred tax liabilities: | |
Total deferred tax liabilities | 0 |
Net deferred tax assets and liabilities | $ 0 |
Tax Matters - Schedule of Compo
Tax Matters - Schedule of Components of Income Tax (Expense) Benefit (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Current tax (expense)/benefit: | |
Federal | $ 0 |
State and Local | 0 |
Total current tax (expense)/benefit | 0 |
Deferred tax (expense)/benefit: | |
Federal | 175 |
State and Local | 36 |
Valuation allowance | (211) |
Total deferred tax (expense)/benefit | $ 0 |
Tax Matters- Schedule of Effect
Tax Matters- Schedule of Effective Income Tax Rate Reconciliation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income Tax Disclosure [Abstract] | |
Income tax benefit at federal statutory rate (21%) | $ 100 |
State and local income tax benefit (net of federal detriment) | 21 |
Prior year net operating loss carryforward | 97 |
Organizational costs | 33 |
Permanent differences | (40) |
Valuation allowance | (211) |
Total income tax (expense)/benefit | $ 0 |
Tax Matters- Narrative (Details
Tax Matters- Narrative (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforward for federal income tax | $ 397 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 19, 2021 | |
Investment Company, Financial Highlights [Roll Forward] | ||||
Net asset value, beginning of period (in dollar per share) | $ 0 | $ 14.60 | $ (720.91) | |
Net investment income (loss) (in dollar per share) | (735.91) | 0.80 | (0.11) | |
Net realized and unrealized gain (loss) (in dollar per share) | 0 | 0.21 | (0.21) | |
Net increase (decrease) in net assets resulting from operations (in dollar per share) | (735.91) | 1.01 | (0.32) | |
Initial issuance of Common Stock (in dollar per share) | 15 | 0 | 0 | |
Effect of offering price of subscriptions (in dollar per share) | 0 | 0.04 | 735.83 | |
Distributions declared (in dollar per share) | 0 | (0.80) | 0 | |
Net asset value, end of period (in dollar per share) | $ (720.91) | $ 14.85 | $ 14.60 | |
Total return based on NAV | (4906.05%) | 7.32% | (102.03%) | |
Common shares outstanding, end of period (in shares) | 700 | 21,502,768 | 4,916,554 | |
Weighted average common shares outstanding, basic (in shares) | 700 | 10,910,180 | 1,481,583 | |
Weighted average common shares outstanding, diluted (in shares) | 700 | 10,910,180 | 1,481,583 | |
Net assets, end of period | $ (504) | $ 319,239 | $ 71,782 | $ 0 |
Ratio/Supplemental data: | ||||
Ratio of net investment income (loss) to average net assets | (298.82%) | 4.81% | (0.55%) | |
Ratio of expenses to average net assets | 6.65% | 12.39% | ||
Ratio of expenses to average net assets | (298.82%) | |||
Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets | 3.72% | 8.92% | ||
Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets | (298.82%) | |||
Weighted average debt outstanding | $ 0 | $ 21,548 | $ 19,091 | |
Total debt outstanding | $ 0 | $ 58,500 | $ 31,500 | |
Asset coverage ratio | 0% | 645.70% | 327.90% | |
Portfolio turnover | 0% | 37% | ||
Investment income (loss) to average net assets | (2.08%) | |||
Expenses to average net assets | 13.92% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 10 Months Ended | 12 Months Ended | |||||||
Mar. 15, 2024 | Feb. 02, 2024 | Feb. 01, 2024 | Jan. 31, 2024 | Feb. 02, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 19, 2024 | |
Subsequent Event [Line Items] | |||||||||
Proceeds from SBA-guaranteed debentures | $ 0 | $ 31,000,000 | $ 0 | ||||||
Revolver | Line of Credit | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | 75,360,000 | 38,400,000 | |||||||
Subscription Facility | Revolver | Line of Credit | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 38,400,000 | 38,400,000 | 38,400,000 | ||||||
Subscription Facility | Revolver | Line of Credit | Margin Rate | |||||||||
Subsequent Event [Line Items] | |||||||||
Basis spread on variable rate | 2.50% | ||||||||
SBA-guaranteed debentures | Revolver | Line of Credit | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 36,960,000 | $ 0 | |||||||
Subsequent Event | Subscription Facility | Revolver | Line of Credit | |||||||||
Subsequent Event [Line Items] | |||||||||
Repayments of line of credit | $ 27,500,000 | ||||||||
Subsequent Event | Subscription Facility | Revolver | Line of Credit | Margin Rate | |||||||||
Subsequent Event [Line Items] | |||||||||
Basis spread on variable rate | 2.50% | 1.80% | |||||||
Subsequent Event | SBA-guaranteed debentures | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from SBA-guaranteed debentures | $ 6,000,000 | ||||||||
Interest rate | 5.83% | ||||||||
SBA Annual Charge | 0.047% | ||||||||
Line of credit facility, increase to maximum borrowing capacity | $ 45,500,000 | ||||||||
Line of credit facility, maximum borrowing capacity | $ 82,500,000 |