Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 12, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | MSD Investment Corp. | |
No Trading Symbol Flag | true | |
Entity Central Index Key | 0001849894 | |
Current Fiscal Year End Date | --12-31 | |
Securities Act File Number | 814-01481 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 87-4195402 | |
Entity Address, Address Line One | One Vanderbilt Avenue | |
Entity Address, Address Line Two | 26th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | 212 | |
Local Phone Number | 303-4728 | |
Title of 12(b) Security | None | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,812,264 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
ASSETS | |||
Non-controlled/non-affiliated investments, at fair value | [1] | $ 1,187,235 | $ 981,738 |
Cash and cash equivalents | 42,360 | 36,616 | |
Restricted cash | 66,656 | 4,320 | |
Interest receivable | 8,581 | 6,803 | |
Principal receivable | 6,676 | 16,523 | |
Prepaid expenses and other assets | 82 | 1,077 | |
Total assets | 1,311,590 | 1,047,077 | |
LIABILITIES | |||
Credit facility | 685,000 | 537,000 | |
Deferred financing costs net of accumulated amortization | (4,510) | (4,911) | |
Total debt, net of financing costs | 680,490 | 532,089 | |
Payable for investments purchased | 42,807 | 24,729 | |
Interest payable | 12,596 | 6,157 | |
Financing costs payable | 1,195 | 1,194 | |
Distributions payable | 16,073 | ||
Accrued professional fees | 534 | 350 | |
Unrealized depreciation on forward contracts | 1,580 | 336 | |
Accrued expenses and other liabilities | 414 | 234 | |
Management fees payable | 2,109 | 83 | |
Income based incentive fee payable | 3,089 | 59 | |
Due to affiliates | 543 | ||
Total liabilities | 761,430 | 565,231 | |
Commitments and contingencies (Note 8) | |||
NET ASSETS | |||
Common stock, par value $0.001 (100,000,000 shares authorized, 24,728,043 and 22,126,135 shares issued and outstanding, respectively) | 25 | 22 | |
Paid-in capital in excess of par value | 595,297 | 535,300 | |
Distributable earnings (accumulated losses) | (45,162) | (53,476) | |
Total net assets | $ 550,160 | $ 481,846 | |
Net asset value per share | $ 22.25 | $ 21.78 | |
SPV I Facility | |||
LIABILITIES | |||
Credit facility | $ 485,000 | $ 392,000 | |
Subscription Facility | |||
LIABILITIES | |||
Credit facility | $ 200,000 | $ 145,000 | |
[1] Non-controlled/non-affiliated investments at amortized cost $ 1,227,449 and $ 1,031,067 as of March 31, 2023 and December 31, 2022 , respectively. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments at amortized cost | $ 1,227,449 | $ 1,031,067 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 24,728,043 | 22,126,135 |
Common stock, outstanding | 24,728,043 | 22,126,135 |
Non-Controlled/ Non-Affiliated Investments | ||
Investments at amortized cost | $ 1,227,449 | $ 1,031,067 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment income, From non-controlled/non-affiliated investments: | ||
Total investment income | $ 35,118 | $ 14,031 |
Expenses: | ||
Interest expense | 11,665 | 3,103 |
Income based incentive fee | 3,030 | 1,289 |
Management fees | 2,026 | 1,328 |
Administration expense | 677 | 491 |
Professional fees | 204 | 258 |
Board of directors' fee | 77 | 58 |
Custody expense | 61 | 21 |
Transfer agency fees | 52 | 13 |
General and other expenses | 45 | 42 |
Organization and offering costs | 18 | 120 |
Capital gains incentive fee | (256) | |
Total expenses | 17,855 | 6,467 |
Net investment income (loss) | 17,263 | 7,564 |
Realized and unrealized gain (loss): | ||
Foreign currency forward contracts | 606 | |
Foreign currency transactions | (220) | (3) |
Net realized gain (loss) | (742) | 3,320 |
Net change in unrealized appreciation (depreciation): | ||
Foreign currency transactions | (3) | |
Net change in unrealized appreciation (depreciation) | 7,866 | (6,294) |
Net realized and unrealized gain (loss) | 7,124 | (2,974) |
Net increase (decrease) in net assets resulting from operations | $ 24,387 | $ 4,590 |
Per share information - basic and diluted: | ||
Net investment income (loss) per share, basic | $ 0.76 | $ 0.63 |
Net investment income (loss) per share, diluted | 0.76 | 0.63 |
Earnings per share, basic | 1.07 | 0.38 |
Earnings per share, diluted | 1.07 | 0.38 |
Distributions declared per share | $ 0.65 | $ 0.60 |
Weighted average shares outstanding, basic | 22,812,352 | 12,000,000 |
Weighted average shares outstanding, diluted | 22,812,352 | 12,000,000 |
Non-controlled/Non-affiliated Investments | ||
Investment income, From non-controlled/non-affiliated investments: | ||
Interest income | $ 31,516 | $ 12,695 |
Payment-in-kind interest income | 2,228 | 463 |
Payment-in-kind dividend income | 931 | 829 |
Other income | 443 | 44 |
Realized and unrealized gain (loss): | ||
Net realized gains (losses) | (1,128) | 3,323 |
Net change in unrealized appreciation (depreciation): | ||
Net change in unrealized appreciation (depreciation) | 9,114 | $ (6,294) |
Foreign Currency Forward Contracts | ||
Realized and unrealized gain (loss): | ||
Foreign currency forward contracts | 606 | |
Net change in unrealized appreciation (depreciation): | ||
Foreign currency forward contracts | $ (1,245) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Beginning Balance, Shares | 22,126,135 | ||
Beginning Balance, Net assets | $ 481,846 | $ 301,998 | [1] |
Operations: | |||
Net investment income | 17,263 | 7,564 | |
Net realized gain (loss) | (742) | 3,320 | |
Net change in unrealized appreciation (depreciation) | 7,866 | (6,294) | |
Net increase (decrease) in net assets resulting from operations | 24,387 | 4,590 | |
Shareholder distributions: | |||
Distributions paid or accrued | (16,073) | (7,200) | |
Net increase (decrease) in net assets resulting from shareholder distributions | $ (16,073) | (7,200) | |
Capital Share Transactions: | |||
Issuance of shares, shares | 100,000,000 | ||
Issuance of shares | $ 60,000 | ||
Net increase (decrease) for the period | $ 68,314 | $ (2,610) | |
Ending Balance, Shares | 24,728,043 | 12,000,000 | |
Ending Balance, Net assets | $ 550,160 | $ 299,388 | |
Common Shares | |||
Beginning Balance, Shares | 22,126,135 | 12,000,000 | [1] |
Beginning Balance, Net assets | $ 22 | $ 12 | [1] |
Capital Share Transactions: | |||
Issuance of shares, shares | 2,601,908 | ||
Issuance of shares | $ 3 | ||
Net increase (decrease) for the period, shares | 2,601,908 | ||
Net increase (decrease) for the period | $ 3 | ||
Ending Balance, Shares | 24,728,043 | 12,000,000 | |
Ending Balance, Net assets | $ 25 | $ 12 | |
Paid-in-Capital in Excess of Par Value | |||
Beginning Balance, Net assets | 535,300 | 299,988 | [1] |
Capital Share Transactions: | |||
Issuance of shares | 59,997 | ||
Net increase (decrease) for the period | 59,997 | ||
Ending Balance, Net assets | 595,297 | 299,988 | |
Accumulated Earnings (Loss), Net of Distributions | |||
Beginning Balance, Net assets | (53,476) | 1,998 | [1] |
Operations: | |||
Net investment income | 17,263 | 7,564 | |
Net realized gain (loss) | (742) | 3,320 | |
Net change in unrealized appreciation (depreciation) | 7,866 | (6,294) | |
Net increase (decrease) in net assets resulting from operations | 24,387 | 4,590 | |
Shareholder distributions: | |||
Distributions paid or accrued | (16,073) | (7,200) | |
Net increase (decrease) in net assets resulting from shareholder distributions | (16,073) | (7,200) | |
Capital Share Transactions: | |||
Net increase (decrease) for the period | 8,314 | (2,610) | |
Ending Balance, Net assets | $ (45,162) | $ (612) | |
[1] The Company converted from MSD Investment, LLC to MSD Investment Corp. on January 1, 2022 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flow from operating activities | ||
Net increase (decrease) in net assets resulting from operations | $ 24,387 | $ 4,590 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||
Accrued interest and dividends received in-kind | (2,228) | (1,282) |
Net accretion of discount and amortization of premium | (1,877) | (910) |
Proceeds from sale of investments and principal repayments | 37,348 | 86,461 |
Purchases of investments | (230,754) | (106,080) |
Net realized (gains) losses on investments | 1,128 | (3,323) |
Net change in unrealized (appreciation) depreciation on investments | (9,114) | 6,294 |
Net receipt of settlement of derivatives | 606 | |
Net realized (gains) losses on derivatives | (606) | |
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | 1,245 | |
Amortization of deferred financing costs | 401 | 375 |
(Increase) decrease in operating assets: | ||
Interest receivable | (1,778) | (2,078) |
Principal receivable | 9,847 | 2,418 |
Prepaid expenses and other assets | 995 | (27) |
Increase (decrease) in operating liabilities: | ||
Due to affiliates | 543 | 141 |
Payable for investments purchased | 18,078 | |
Management fees payable | 2,026 | 1,173 |
Income based incentive fee payable | 3,030 | 1,233 |
Capital gains incentive fee payable | (256) | |
Interest payable | 6,439 | 781 |
Accrued professional fees | 184 | (6) |
Accrued expenses and other liabilities | 180 | 103 |
Net cash provided (used in) by operating activities | (139,920) | (10,393) |
Cash flow from financing activities | ||
Proceeds from issuance of shares | 60,000 | |
Debt borrowings | 228,000 | 114,000 |
Debt repayments | (80,000) | (95,000) |
Deferred financing costs paid | (171) | |
Net cash provided by (used in) financing activities | 208,000 | 18,829 |
Net increase in cash, cash equivalents, and restricted cash | 68,080 | 8,436 |
Cash, cash equivalents, and restricted cash, beginning of period | 40,936 | 12,203 |
Cash, cash equivalents, and restricted cash, end of period | 109,016 | 20,639 |
Reconciliation of cash, cash equivalents, and restricted cash | ||
Cash and cash equivalents | 42,360 | 20,639 |
Restricted cash | 66,656 | |
Total cash, cash equivalents, and restricted cash | 109,016 | 20,639 |
Supplemental disclosure of cash flow information and non-cash financing activities | ||
Cash paid for interest | 4,824 | 1,947 |
Change in distributions payable | $ 16,073 | 7,200 |
Financing cost payable | $ 54 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (Unaudited) $ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Mar. 31, 2023 CAD ($) shares | Dec. 31, 2022 CAD ($) shares | ||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 1,227,449 | $ 1,031,067 | |||||||
Fair Value | 1,187,235 | 981,738 | |||||||
Investment, Identifier [Axis]: Cash and Cash Equivalents | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | 99,625 | [1],[2],[3],[4],[5] | 36,616 | [6],[7],[8],[9] | |||||
Fair Value | $ 99,625 | [1],[2],[3],[5] | $ 36,616 | [6],[7],[8] | |||||
Percentage of Net Assets | 18.11% | [1],[2],[3],[5] | 7.60% | [6],[7],[8] | 18.11% | [1],[2],[3],[5] | 7.60% | [6],[7],[8] | |
Investment, Identifier [Axis]: Cash and Cash Equivalents Cash and Cash Equivalents | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [6],[7],[8],[9],[10] | $ 36,616 | |||||||
Fair Value | [6],[7],[8],[10] | $ 36,616 | |||||||
Percentage of Net Assets | [6],[7],[8],[10] | 7.60% | 7.60% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [6],[7],[8],[11] | $ 1,031,067 | |||||||
Fair Value | [6],[7],[8] | $ 981,738 | |||||||
Percentage of Net Assets | [6],[7],[8] | 203.74% | 203.74% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 969,594 | [1],[2],[4],[5] | $ 774,611 | [6],[7],[8],[11] | |||||
Fair Value | $ 951,303 | [1],[2],[5] | $ 748,545 | [6],[7],[8] | |||||
Percentage of Net Assets | 172.91% | [1],[2],[5] | 155.35% | [6],[7],[8] | 172.91% | [1],[2],[5] | 155.35% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [6],[7],[8],[11] | $ 70,877 | |||||||
Fair Value | [6],[7],[8] | $ 69,089 | |||||||
Percentage of Net Assets | [6],[7],[8] | 14.34% | 14.34% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1],[2],[4],[5] | $ 120,890 | |||||||
Fair Value | [1],[2],[5] | $ 118,913 | |||||||
Percentage of Net Assets | [1],[2],[5] | 21.61% | 21.61% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Chromalloy Holdings LLC - Revolving Credit Facility Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.32% Maturity Date 11/23/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[12],[13],[14] | S + 7.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[12],[13],[14] | 7% | 7% | ||||||
Interest Rate Floor | [6],[7],[8],[12],[13],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[9],[12],[13],[14] | 11.32% | 11.32% | ||||||
Maturity Date | [6],[7],[8],[12],[13],[14] | Nov. 23, 2027 | Nov. 23, 2027 | ||||||
Cost | [6],[7],[8],[11],[12],[13],[14] | $ 181 | |||||||
Fair Value | [6],[7],[8],[12],[13],[14] | $ (182) | |||||||
Percentage of Net Assets | [6],[7],[8],[12],[13],[14] | (0.04%) | (0.04%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Chromalloy Holdings LLC - Revolving Credit Facility Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.91% Maturity Date 11/23/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | S + 7.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 7% | 7% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 11.91% | 11.91% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Nov. 23, 2027 | Nov. 23, 2027 | ||||||
Cost | [1],[2],[4],[5],[15],[16] | $ 172 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ (174) | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | (0.03%) | (0.03%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Chromalloy Holdings LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.32% Maturity Date 11/23/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | S + 7.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 7% | 7% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[9],[14] | 11.32% | 11.32% | ||||||
Maturity Date | [6],[7],[8],[14] | Nov. 23, 2028 | Nov. 23, 2028 | ||||||
Par Amount / Shares | [6],[7],[8],[9],[14] | $ 50,000 | |||||||
Cost | [6],[7],[8],[11],[14] | 48,025 | |||||||
Fair Value | [6],[7],[8],[14] | $ 48,027 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 9.97% | 9.97% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Chromalloy Holdings LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.83% Maturity Date 11/23/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 7.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 7% | 7% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 11.83% | 11.83% | ||||||
Maturity Date | [1],[2],[5],[16] | Nov. 23, 2028 | Nov. 23, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 49,875 | |||||||
Cost | [1],[2],[4],[5],[16] | 47,965 | |||||||
Fair Value | [1],[2],[5],[16] | $ 47,989 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 8.72% | 8.72% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Frontgrade Technologies Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 11.66% Maturity Date 1/9/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17],[20] | S + 6.75% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17],[20] | 6.75% | 6.75% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16],[20] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18],[20] | 11.66% | 11.66% | ||||||
Maturity Date | [1],[2],[5],[15],[16],[20] | Jan. 09, 2028 | Jan. 09, 2028 | ||||||
Cost | [1],[2],[4],[5],[15],[16],[20] | $ 150 | |||||||
Fair Value | [1],[2],[5],[15],[16],[20] | $ (154) | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16],[20] | (0.03%) | (0.03%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Frontgrade Technologies Inc. Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 11.65% Maturity Date 1/9/2030 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17],[20] | S + 6.75% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17],[20] | 6.75% | 6.75% | ||||||
Interest Rate Floor | [1],[2],[5],[16],[20] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[16],[18],[20] | 11.65% | 11.65% | ||||||
Maturity Date | [1],[2],[5],[16],[20] | Jan. 09, 2030 | Jan. 09, 2030 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19],[20] | $ 50,750 | |||||||
Cost | [1],[2],[4],[5],[16],[20] | 49,278 | |||||||
Fair Value | [1],[2],[5],[16],[20] | $ 49,263 | |||||||
Percentage of Net Assets | [1],[2],[5],[16],[20] | 8.95% | 8.95% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Reference Rate Draw Spread S + 6.15% Interest Rate Floor 0.00% Interest Rate 10.94% Maturity Date 8/16/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[12],[13],[14],[21] | S + 6.15% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[12],[13],[14],[21] | 6.15% | 6.15% | ||||||
Interest Rate Floor | [6],[7],[8],[12],[13],[14],[21] | 0% | 0% | ||||||
Interest Rate | [6],[7],[8],[9],[12],[13],[14],[21] | 10.94% | 10.94% | ||||||
Maturity Date | [6],[7],[8],[12],[13],[14],[21] | Aug. 16, 2027 | Aug. 16, 2027 | ||||||
Par Amount / Shares | [6],[7],[8],[9],[12],[13],[14],[21] | $ 2,011 | |||||||
Cost | [6],[7],[8],[11],[12],[13],[14],[21] | 1,956 | |||||||
Fair Value | [6],[7],[8],[12],[13],[14],[21] | $ 1,805 | |||||||
Percentage of Net Assets | [6],[7],[8],[12],[13],[14],[21] | 0.37% | 0.37% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 5.90% Interest Rate Floor 0.00% Interest Rate 10.69% Maturity Date 8/16/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | S + 5.90% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 5.90% | 5.90% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 10.69% | 10.69% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Aug. 16, 2027 | Aug. 16, 2027 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[16],[19] | $ 2,006 | |||||||
Cost | [1],[2],[4],[5],[15],[16] | 1,955 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ 1,762 | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | 0.32% | 0.32% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Revolving Credit Facility Reference Rate and Spread S + 5.90% Interest Rate Floor 1.00% Interest Rate 11.10% Maturity Date 8/16/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | S + 5.90% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 5.90% | 5.90% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 11.10% | 11.10% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Aug. 16, 2027 | Aug. 16, 2027 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[16],[19] | $ 896 | |||||||
Cost | [1],[2],[4],[5],[15],[16] | 847 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ 766 | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | 0.14% | 0.14% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.15% Interest Rate Floor 1.00% Interest Rate 10.74% Maturity Date 8/16/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[12],[13],[14],[21] | S + 6.15% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[12],[13],[14],[21] | 6.15% | 6.15% | ||||||
Interest Rate Floor | [6],[7],[8],[12],[13],[14],[21] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[9],[12],[13],[14],[21] | 10.74% | 10.74% | ||||||
Maturity Date | [6],[7],[8],[12],[13],[14],[21] | Aug. 16, 2027 | Aug. 16, 2027 | ||||||
Cost | [6],[7],[8],[11],[12],[13],[14],[21] | $ 51 | |||||||
Fair Value | [6],[7],[8],[12],[13],[14],[21] | $ (113) | |||||||
Percentage of Net Assets | [6],[7],[8],[12],[13],[14],[21] | (0.02%) | (0.02%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. Reference Rate and Spread S + 5.90% Interest Rate Floor 1.00% Interest Rate 10.69% Maturity Date 8/16/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 5.90% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 5.90% | 5.90% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 10.69% | 10.69% | ||||||
Maturity Date | [1],[2],[5],[16] | Aug. 16, 2027 | Aug. 16, 2027 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 10,795 | |||||||
Cost | [1],[2],[4],[5],[16] | 10,621 | |||||||
Fair Value | [1],[2],[5],[16] | $ 10,348 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 1.88% | 1.88% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. Reference Rate and Spread S + 6.15% Interest Rate Floor 1.00% Interest Rate 10.94% Maturity Date 8/16/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14],[21] | S + 6.15% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14],[21] | 6.15% | 6.15% | ||||||
Interest Rate Floor | [6],[7],[8],[14],[21] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[9],[14],[21] | 10.94% | 10.94% | ||||||
Maturity Date | [6],[7],[8],[14],[21] | Aug. 16, 2027 | Aug. 16, 2027 | ||||||
Par Amount / Shares | [6],[7],[8],[9],[14],[21] | $ 10,823 | |||||||
Cost | [6],[7],[8],[11],[14],[21] | 10,637 | |||||||
Fair Value | [6],[7],[8],[14],[21] | $ 10,433 | |||||||
Percentage of Net Assets | [6],[7],[8],[14],[21] | 2.17% | 2.17% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense The Nordam Group Inc. Reference Rate Spread L + 5.50% Interest Rate Floor 0.00% Interest Rate 9.94% Maturity Date 4/9/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9] | L + 5.50% | |||||||
Reference Rate and Spread | [6],[7],[8],[9] | 5.50% | 5.50% | ||||||
Interest Rate Floor | [6],[7],[8] | 0% | 0% | ||||||
Interest Rate | [6],[7],[8],[9] | 9.94% | 9.94% | ||||||
Maturity Date | [6],[7],[8] | Apr. 09, 2026 | Apr. 09, 2026 | ||||||
Par Amount / Shares | [6],[7],[8],[9] | $ 11,767 | |||||||
Cost | [6],[7],[8],[11] | 10,491 | |||||||
Fair Value | [6],[7],[8] | $ 9,119 | |||||||
Percentage of Net Assets | [6],[7],[8] | 1.89% | 1.89% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense The Nordam Group Inc. Reference Rate and Spread S + 5.60% Interest Rate Floor 0.00% Interest Rate 10.41% Maturity Date 4/9/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17] | S + 5.60% | |||||||
Reference Rate and Spread | [1],[2],[5],[17] | 5.60% | 5.60% | ||||||
Interest Rate Floor | [1],[2],[5] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[18] | 10.41% | 10.41% | ||||||
Maturity Date | [1],[2],[5] | Apr. 09, 2026 | Apr. 09, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[19] | $ 11,736 | |||||||
Cost | [1],[2],[4],[5] | 10,546 | |||||||
Fair Value | [1],[2],[5] | $ 9,113 | |||||||
Percentage of Net Assets | [1],[2],[5] | 1.66% | 1.66% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Automobile McLaren Finance PLC Interest Rate 7.50% Maturity Date 8/1/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | [1],[2],[5],[18],[22],[23] | 7.50% | 7.50% | ||||||
Maturity Date | [1],[2],[5],[22],[23] | Aug. 01, 2026 | Aug. 01, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[19],[22],[23] | $ 2,689 | |||||||
Cost | [1],[2],[4],[5],[22],[23] | 2,716 | |||||||
Fair Value | [1],[2],[5],[22],[23] | $ 2,242 | |||||||
Percentage of Net Assets | [1],[2],[5],[22],[23] | 0.41% | 0.41% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Automobile McLaren Finance PLC Reference Rate and Spread N/A Interest Rate Floor N/A Interest Rate 7.50% Maturity Date 8/1/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | [6],[7],[8],[9],[24],[25] | 7.50% | 7.50% | ||||||
Maturity Date | [6],[7],[8],[24],[25] | Aug. 01, 2026 | Aug. 01, 2026 | ||||||
Par Amount / Shares | [6],[7],[8],[9],[24],[25] | $ 2,689 | |||||||
Cost | [6],[7],[8],[11],[24],[25] | 2,717 | |||||||
Fair Value | [6],[7],[8],[24],[25] | $ 1,984 | |||||||
Percentage of Net Assets | [6],[7],[8],[24],[25] | 0.41% | 0.41% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 19,106 | [1],[2],[4],[5] | $ 18,810 | [6],[7],[8],[11] | |||||
Fair Value | $ 19,125 | [1],[2],[5] | $ 18,826 | [6],[7],[8] | |||||
Percentage of Net Assets | 3.48% | [1],[2],[5] | 3.91% | [6],[7],[8] | 3.48% | [1],[2],[5] | 3.91% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc - Delayed Draw Term Loan Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 11.24% Maturity Date 10/31/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[12],[13],[14] | S + 6.65% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[12],[13],[14] | 6.65% | 6.65% | ||||||
Interest Rate Floor | [6],[7],[8],[12],[13],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[9],[12],[13],[14] | 11.24% | 11.24% | ||||||
Maturity Date | [6],[7],[8],[12],[13],[14] | Oct. 31, 2028 | Oct. 31, 2028 | ||||||
Cost | [6],[7],[8],[11],[12],[13],[14] | $ 78 | |||||||
Fair Value | [6],[7],[8],[12],[13],[14] | $ (76) | |||||||
Percentage of Net Assets | [6],[7],[8],[12],[13],[14] | (0.01%) | (0.01%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 11.54% Maturity Date 10/31/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | S + 6.65% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 6.65% | 6.65% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 11.54% | 11.54% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Oct. 31, 2028 | Oct. 31, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[16],[19] | $ 273 | |||||||
Cost | [1],[2],[4],[5],[15],[16] | 197 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ 199 | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | 0.04% | 0.04% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 11.33% Maturity Date 10/31/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 6.65% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 6.65% | 6.65% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 11.33% | 11.33% | ||||||
Maturity Date | [1],[2],[5],[16] | Oct. 31, 2028 | Oct. 31, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 19,462 | |||||||
Cost | [1],[2],[4],[5],[16] | 18,909 | |||||||
Fair Value | [1],[2],[5],[16] | $ 18,926 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 3.44% | 3.44% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. Reference Rate and Spread S + 6.65% Interest Rate Floor1.00% Interest Rate 10.74% Maturity Date 10/31/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | S + 6.65% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 6.65% | 6.65% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[9],[14] | 10.74% | 10.74% | ||||||
Maturity Date | [6],[7],[8],[14] | Oct. 31, 2028 | Oct. 31, 2028 | ||||||
Par Amount / Shares | [6],[7],[8],[9],[14] | $ 19,462 | |||||||
Cost | [6],[7],[8],[11],[14] | 18,888 | |||||||
Fair Value | [6],[7],[8],[14] | $ 18,902 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 3.92% | 3.92% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 51,542 | [1],[2],[4],[5] | $ 51,512 | [6],[7],[8],[11] | |||||
Fair Value | $ 50,941 | [1],[2],[5] | $ 50,691 | [6],[7],[8] | |||||
Percentage of Net Assets | 9.26% | [1],[2],[5] | 10.52% | [6],[7],[8] | 9.26% | [1],[2],[5] | 10.52% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer Faraday Buyer, LLC - Delayed Draw Term Loan Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.32% Maturity Date 10/11/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[12],[13],[14] | S + 7.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[12],[13],[14] | 7% | 7% | ||||||
Interest Rate Floor | [6],[7],[8],[12],[13],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[9],[12],[13],[14] | 11.32% | 11.32% | ||||||
Maturity Date | [6],[7],[8],[12],[13],[14] | Oct. 11, 2028 | Oct. 11, 2028 | ||||||
Cost | [6],[7],[8],[11],[12],[13],[14] | $ 44 | |||||||
Fair Value | [6],[7],[8],[12],[13],[14] | $ (45) | |||||||
Percentage of Net Assets | [6],[7],[8],[12],[13],[14] | (0.01%) | (0.01%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer, LLC - Delayed Draw Term Loan Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.80% Maturity Date 10/11/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | S + 7.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 7% | 7% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 11.80% | 11.80% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Oct. 11, 2028 | Oct. 11, 2028 | ||||||
Cost | [1],[2],[4],[5],[15],[16] | $ 40 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ (41) | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | (0.01%) | (0.01%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer, LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.32% Maturity Date 10/10/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | S + 7.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 7% | 7% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[9],[14] | 11.32% | 11.32% | ||||||
Maturity Date | [6],[7],[8],[14] | Oct. 10, 2028 | Oct. 10, 2028 | ||||||
Par Amount / Shares | [6],[7],[8],[9],[14] | $ 34,833 | |||||||
Cost | [6],[7],[8],[11],[14] | 33,812 | |||||||
Fair Value | [6],[7],[8],[14] | $ 33,817 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 7.02% | 7.02% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer, LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.86% Maturity Date 10/10/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 7.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 7% | 7% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 11.86% | 11.86% | ||||||
Maturity Date | [1],[2],[5],[16] | Oct. 10, 2028 | Oct. 10, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 34,833 | |||||||
Cost | [1],[2],[4],[5],[16] | 33,857 | |||||||
Fair Value | [1],[2],[5],[16] | $ 33,860 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 6.16% | 6.16% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Trillium FlowControl Reference Rate and Spread S + 5.61% Interest Rate Floor 1.00% Interest Rate 10.42% Maturity Date 6/28/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17],[22],[23] | S + 5.61% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17],[22],[23] | 5.61% | 5.61% | ||||||
Interest Rate Floor | [1],[2],[5],[16],[22],[23] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18],[22],[23] | 10.42% | 10.42% | ||||||
Maturity Date | [1],[2],[5],[16],[22],[23] | Jun. 28, 2026 | Jun. 28, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19],[22],[23] | $ 17,865 | |||||||
Cost | [1],[2],[4],[5],[16],[22],[23] | 17,725 | |||||||
Fair Value | [1],[2],[5],[16],[22],[23] | $ 17,122 | |||||||
Percentage of Net Assets | [1],[2],[5],[16],[22],[23] | 3.11% | 3.11% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Trillium, FlowControl Reference Rate and Spread S + 5.61% Interest Rate Floor 1.00% Interest Rate 9.94% Maturity Date 6/28/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14],[24],[25] | S + 5.61% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14],[24],[25] | 5.61% | 5.61% | ||||||
Interest Rate Floor | [6],[7],[8],[14],[24],[25] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[9],[14],[24],[25] | 9.94% | 9.94% | ||||||
Maturity Date | [6],[7],[8],[14],[24],[25] | Jun. 28, 2026 | Jun. 28, 2026 | ||||||
Par Amount / Shares | [6],[7],[8],[9],[14],[24],[25] | $ 17,910 | |||||||
Cost | [6],[7],[8],[11],[14],[24],[25] | 17,744 | |||||||
Fair Value | [6],[7],[8],[14],[24],[25] | $ 16,919 | |||||||
Percentage of Net Assets | [6],[7],[8],[14],[24],[25] | 3.51% | 3.51% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 11,963 | [1],[2],[4],[5] | $ 11,969 | [6],[7],[8],[11] | |||||
Fair Value | $ 11,509 | [1],[2],[5] | $ 11,105 | [6],[7],[8] | |||||
Percentage of Net Assets | 2.09% | [1],[2],[5] | 2.30% | [6],[7],[8] | 2.09% | [1],[2],[5] | 2.30% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber Dubois Chemicals Group Inc. Reference Rate and Spread S + 4.50% Interest Rate Floor 0.00% Interest Rate 8.92% Maturity Date 9/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | S + 4.50% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 4.50% | 4.50% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 0% | 0% | ||||||
Interest Rate | [6],[7],[8],[9],[14] | 8.92% | 8.92% | ||||||
Maturity Date | [6],[7],[8],[14] | Sep. 30, 2026 | Sep. 30, 2026 | ||||||
Par Amount / Shares | [6],[7],[8],[9],[14] | $ 2,754 | |||||||
Cost | [6],[7],[8],[11],[14] | 2,745 | |||||||
Fair Value | [6],[7],[8],[14] | $ 2,588 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 0.53% | 0.53% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber Dubois Chemicals Group Inc. Reference Rate and Spread S + 4.60% Interest Rate Floor 0.00% Interest Rate 9.41% Maturity Date 9/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 4.60% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 4.60% | 4.60% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 9.41% | 9.41% | ||||||
Maturity Date | [1],[2],[5],[16] | Sep. 30, 2026 | Sep. 30, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 2,747 | |||||||
Cost | [1],[2],[4],[5],[16] | 2,740 | |||||||
Fair Value | [1],[2],[5],[16] | $ 2,657 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 0.48% | 0.48% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 4.65% Interest Rate Floor 0.50% Interest Rate 8.93% Maturity Date 3/15/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9] | S + 4.65% | |||||||
Reference Rate and Spread | [6],[7],[8],[9] | 4.65% | 4.65% | ||||||
Interest Rate Floor | [6],[7],[8] | 0.50% | 0.50% | ||||||
Interest Rate | [6],[7],[8],[9] | 8.93% | 8.93% | ||||||
Maturity Date | [6],[7],[8] | Mar. 15, 2029 | Mar. 15, 2029 | ||||||
Par Amount / Shares | [6],[7],[8],[9] | $ 9,950 | |||||||
Cost | [6],[7],[8],[11] | 9,224 | |||||||
Fair Value | [6],[7],[8] | $ 8,517 | |||||||
Percentage of Net Assets | [6],[7],[8] | 1.77% | 1.77% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 4.65% Interest Rate Floor 0.50% Interest Rate 9.45% Maturity Date 3/15/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17] | S + 4.65% | |||||||
Reference Rate and Spread | [1],[2],[5],[17] | 4.65% | 4.65% | ||||||
Interest Rate Floor | [1],[2],[5] | 0.50% | 0.50% | ||||||
Interest Rate | [1],[2],[5],[18] | 9.45% | 9.45% | ||||||
Maturity Date | [1],[2],[5] | Mar. 15, 2029 | Mar. 15, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[19] | $ 9,925 | |||||||
Cost | [1],[2],[4],[5] | 9,223 | |||||||
Fair Value | [1],[2],[5] | $ 8,852 | |||||||
Percentage of Net Assets | [1],[2],[5] | 1.61% | 1.61% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Durable | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1],[2],[4],[5] | $ 7,900 | |||||||
Fair Value | [1],[2],[5] | $ 7,864 | |||||||
Percentage of Net Assets | [1],[2],[5] | 1.43% | 1.43% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Durable Mattress Firm, Inc. Reference Rate and Spread L + 4.25% Interest Rate Floor 0.75% Interest Rate 9.56% Maturity Date 9/25/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[17] | L + 4.25% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[17] | 4.25% | 4.25% | ||||||
Interest Rate Floor | [1],[2],[5],[15] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[15],[18] | 9.56% | 9.56% | ||||||
Maturity Date | [1],[2],[5],[15] | Sep. 25, 2028 | Sep. 25, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[19] | $ 1,329 | |||||||
Cost | [1],[2],[4],[5],[15] | 1,266 | |||||||
Fair Value | [1],[2],[5],[15] | $ 1,238 | |||||||
Percentage of Net Assets | [1],[2],[5],[15] | 0.22% | 0.22% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Durable Victra Finance Corp. - Corporate Bond Interest Rate 7.75% Maturity Date 2/15/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | [1],[2],[5],[15],[18] | 7.75% | 7.75% | ||||||
Maturity Date | [1],[2],[5],[15] | Feb. 15, 2026 | Feb. 15, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[19] | $ 100 | |||||||
Cost | [1],[2],[4],[5],[15] | 89 | |||||||
Fair Value | [1],[2],[5],[15] | $ 91 | |||||||
Percentage of Net Assets | [1],[2],[5],[15] | 0.02% | 0.02% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Durable Victra Finance Corp. Reference Rate and Spread S + 7.25% Interest Rate Floor 0.00% Interest Rate 12.16% Maturity Date 3/31/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[17] | S + 7.25% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[17] | 7.25% | 7.25% | ||||||
Interest Rate Floor | [1],[2],[5],[15] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[15],[18] | 12.16% | 12.16% | ||||||
Maturity Date | [1],[2],[5],[15] | Mar. 31, 2029 | Mar. 31, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[19] | $ 6,726 | |||||||
Cost | [1],[2],[4],[5],[15] | 6,545 | |||||||
Fair Value | [1],[2],[5],[15] | $ 6,535 | |||||||
Percentage of Net Assets | [1],[2],[5],[15] | 1.19% | 1.19% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 126,984 | [1],[2],[4],[5] | $ 71,282 | [6],[7],[8],[11] | |||||
Fair Value | $ 125,183 | [1],[2],[5] | $ 69,052 | [6],[7],[8] | |||||
Percentage of Net Assets | 22.75% | [1],[2],[5] | 14.33% | [6],[7],[8] | 22.75% | [1],[2],[5] | 14.33% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas CITGO Holdings Inc. Interest Rate 9.25% Maturity Date 8/1/2024 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | 9.25% | [1],[2],[5],[15],[18] | 9.25% | [6],[7],[8],[13],[26] | 9.25% | [1],[2],[5],[15],[18] | 9.25% | [6],[7],[8],[13],[26] | |
Maturity Date | Aug. 01, 2024 | [1],[2],[5],[15] | Aug. 01, 2024 | [6],[7],[8],[13] | Aug. 01, 2024 | [1],[2],[5],[15] | Aug. 01, 2024 | [6],[7],[8],[13] | |
Par Amount / Shares | $ 26,051 | [1],[2],[5],[15],[19] | $ 26,051 | [6],[7],[8],[13],[27] | |||||
Cost | 25,700 | [1],[2],[4],[5],[15] | 25,640 | [6],[7],[8],[11],[13] | |||||
Fair Value | $ 26,116 | [1],[2],[5],[15] | $ 26,155 | [6],[7],[8],[13] | |||||
Percentage of Net Assets | 4.74% | [1],[2],[5],[15] | 5.43% | [6],[7],[8],[13] | 4.74% | [1],[2],[5],[15] | 5.43% | [6],[7],[8],[13] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas CITGO Petroleum Corp. Interest Rate 6.38% Maturity Date 6/15/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | 6.38% | [1],[2],[5],[18] | 6.38% | [6],[7],[8],[26] | 6.38% | [1],[2],[5],[18] | 6.38% | [6],[7],[8],[26] | |
Maturity Date | Jun. 15, 2026 | [1],[2],[5] | Jun. 15, 2026 | [6],[7],[8] | Jun. 15, 2026 | [1],[2],[5] | Jun. 15, 2026 | [6],[7],[8] | |
Par Amount / Shares | $ 2,121 | [1],[2],[5],[19] | $ 2,121 | [6],[7],[8],[27] | |||||
Cost | 2,153 | [1],[2],[4],[5] | 2,156 | [6],[7],[8],[11] | |||||
Fair Value | $ 2,083 | [1],[2],[5] | $ 2,036 | [6],[7],[8] | |||||
Percentage of Net Assets | 0.38% | [1],[2],[5] | 0.42% | [6],[7],[8] | 0.38% | [1],[2],[5] | 0.42% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas Saturn Oil and Gas Inc. Reference Rate and Spread C + 11.50% Interest Rate Floor 1.00% Interest Rate 16.36% Maturity Date 7/6/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[13],[24],[25] | C + 11.50% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[13],[24],[25] | 11.50% | 11.50% | ||||||
Interest Rate Floor | [6],[7],[8],[13],[24],[25] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[13],[24],[25],[26] | 16.36% | 16.36% | ||||||
Maturity Date | [6],[7],[8],[13],[24],[25] | Jul. 06, 2025 | Jul. 06, 2025 | ||||||
Par Amount / Shares | [6],[7],[8],[13],[24],[25],[27] | $ 56,817 | |||||||
Cost | [6],[7],[8],[11],[13],[24],[25] | $ 43,486 | |||||||
Fair Value | [6],[7],[8],[13],[24],[25] | $ 40,861 | |||||||
Percentage of Net Assets | [6],[7],[8],[13],[24],[25] | 8.48% | 8.48% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas Saturn Oil and Gas Inc. Reference Rate and Spread C + 11.50% Interest Rate Floor 1.00% Interest Rate 16.52% Maturity Date 2/28/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17],[22],[23] | C + 11.50% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17],[22],[23] | 11.50% | 11.50% | ||||||
Interest Rate Floor | [1],[2],[5],[16],[22],[23] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18],[22],[23] | 16.52% | 16.52% | ||||||
Maturity Date | [1],[2],[5],[16],[22],[23] | Feb. 28, 2026 | Feb. 28, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19],[22],[23] | $ 135,434 | |||||||
Cost | [1],[2],[4],[5],[16],[22],[23] | $ 99,131 | |||||||
Fair Value | [1],[2],[5],[16],[22],[23] | $ 96,984 | |||||||
Percentage of Net Assets | [1],[2],[5],[16],[22],[23] | 17.63% | 17.63% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 90,881 | [1],[2],[4],[5] | $ 89,499 | [6],[7],[8],[11] | |||||
Fair Value | $ 91,343 | [1],[2],[5] | $ 88,491 | [6],[7],[8] | |||||
Percentage of Net Assets | 16.60% | [1],[2],[5] | 18.36% | [6],[7],[8] | 16.60% | [1],[2],[5] | 18.36% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Bayer Environmental Services Reference Rate and Spread S + 4.38% Interest Rate Floor 0.50% Interest Rate 7.97% Maturity Date 8/4/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9] | S + 4.38% | |||||||
Reference Rate and Spread | [6],[7],[8],[9] | 4.38% | 4.38% | ||||||
Interest Rate Floor | [6],[7],[8] | 0.50% | 0.50% | ||||||
Interest Rate | [6],[7],[8],[26] | 7.97% | 7.97% | ||||||
Maturity Date | [6],[7],[8] | Aug. 04, 2029 | Aug. 04, 2029 | ||||||
Par Amount / Shares | [6],[7],[8],[27] | $ 20,000 | |||||||
Cost | [6],[7],[8],[11] | 18,422 | |||||||
Fair Value | [6],[7],[8] | $ 18,185 | |||||||
Percentage of Net Assets | [6],[7],[8] | 3.77% | 3.77% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Bayer Environmental Services Reference Rate and Spread S + 4.38% Interest Rate Floor 0.50% Interest Rate 8.96% Maturity Date 8/4/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17] | S + 4.38% | |||||||
Reference Rate and Spread | [1],[2],[5],[17] | 4.38% | 4.38% | ||||||
Interest Rate Floor | [1],[2],[5] | 0.50% | 0.50% | ||||||
Interest Rate | [1],[2],[5],[18] | 8.96% | 8.96% | ||||||
Maturity Date | [1],[2],[5] | Aug. 04, 2029 | Aug. 04, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[19] | $ 19,950 | |||||||
Cost | [1],[2],[4],[5] | 18,423 | |||||||
Fair Value | [1],[2],[5] | $ 18,861 | |||||||
Percentage of Net Assets | [1],[2],[5] | 3.43% | 3.43% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Charlotte Buyer, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.00% Interest Rate 10.10% Maturity Date 2/11/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17] | S + 5.25% | |||||||
Reference Rate and Spread | [1],[2],[5],[17] | 5.25% | 5.25% | ||||||
Interest Rate Floor | [1],[2],[5] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[18] | 10.10% | 10.10% | ||||||
Maturity Date | [1],[2],[5] | Feb. 11, 2028 | Feb. 11, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[19] | $ 33,250 | |||||||
Cost | [1],[2],[4],[5] | 31,135 | |||||||
Fair Value | [1],[2],[5] | $ 31,692 | |||||||
Percentage of Net Assets | [1],[2],[5] | 5.76% | 5.76% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Charlotte Buyer, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.00% Interest Rate 9.35% Maturity Date 2/11/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9] | S + 5.25% | |||||||
Reference Rate and Spread | [6],[7],[8],[9] | 5.25% | 5.25% | ||||||
Interest Rate Floor | [6],[7],[8] | 0% | 0% | ||||||
Interest Rate | [6],[7],[8],[26] | 9.53% | 9.53% | ||||||
Maturity Date | [6],[7],[8] | Feb. 11, 2028 | Feb. 11, 2028 | ||||||
Par Amount / Shares | [6],[7],[8],[27] | $ 33,333 | |||||||
Cost | [6],[7],[8],[11] | 31,119 | |||||||
Fair Value | [6],[7],[8] | $ 31,514 | |||||||
Percentage of Net Assets | [6],[7],[8] | 6.54% | 6.54% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Mallinckrodt International Financing SA Reference Rate and Spread L + 5.25% Interest Rate Floor 0.75% Interest Rate 9.99% Maturity Date 9/30/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[24],[25] | L + 5.25% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[24],[25] | 5.25% | 5.25% | ||||||
Interest Rate Floor | [6],[7],[8],[24],[25] | 0.75% | 0.75% | ||||||
Interest Rate | [6],[7],[8],[24],[25],[26] | 9.99% | 9.99% | ||||||
Maturity Date | [6],[7],[8],[24],[25] | Sep. 30, 2027 | Sep. 30, 2027 | ||||||
Par Amount / Shares | [6],[7],[8],[24],[25],[27] | $ 2,676 | |||||||
Cost | [6],[7],[8],[11],[24],[25] | 2,525 | |||||||
Fair Value | [6],[7],[8],[24],[25] | $ 2,012 | |||||||
Percentage of Net Assets | [6],[7],[8],[24],[25] | 0.42% | 0.42% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. - Revolving Credit Facility Reference Rate and Spread L + 6.00% Interest Rate Floor 1.00% Interest Rate 11.14% Maturity Date 3/15/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[12],[13],[14] | L + 6.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[12],[13],[14] | 6% | 6% | ||||||
Interest Rate Floor | [6],[7],[8],[12],[13],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[12],[13],[14],[26] | 11.14% | 11.14% | ||||||
Maturity Date | [6],[7],[8],[12],[13],[14] | Mar. 15, 2028 | Mar. 15, 2028 | ||||||
Cost | [6],[7],[8],[11],[12],[13],[14] | $ 48 | |||||||
Fair Value | [6],[7],[8],[12],[13],[14] | $ (94) | |||||||
Percentage of Net Assets | [6],[7],[8],[12],[13],[14] | (0.02%) | (0.02%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.15% Interest Rate Floor 1.00% Interest Rate 11.06% Maturity Date 11/29/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | S + 6.15% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 6.15% | 6.15% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 11.06% | 11.06% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Nov. 29, 2027 | Nov. 29, 2027 | ||||||
Cost | [1],[2],[4],[5],[15],[16] | $ 46 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ (86) | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | (0.02%) | (0.02%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. Reference Rate and Spread L+ 6.00% Interest Rate Floor 1.00% Interest Rate 9.57% Maturity Date 3/15/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | L + 6.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 6% | 6% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 9.57% | 9.57% | ||||||
Maturity Date | [6],[7],[8],[14] | Mar. 15, 2028 | Mar. 15, 2028 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 38,149 | |||||||
Cost | [6],[7],[8],[11],[14] | 37,481 | |||||||
Fair Value | [6],[7],[8],[14] | $ 36,874 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 7.65% | 7.65% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. Reference Rate and Spread S + 6.15% Interest Rate Floor 1.00% Interest Rate 11.04% Maturity Date 11/29/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 6.15% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 6.15% | 6.15% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 11.04% | 11.04% | ||||||
Maturity Date | [1],[2],[5],[16] | Nov. 29, 2027 | Nov. 29, 2027 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 38,053 | |||||||
Cost | [1],[2],[4],[5],[16] | 37,429 | |||||||
Fair Value | [1],[2],[5],[16] | $ 36,886 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 6.70% | 6.70% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Press Ganey Holdings Reference Rate and Spread L + 3.50% Interest Rate Floor 0.00% Interest Rate 8.36% Maturity Date 7/24/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[17] | L + 3.50% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[17] | 3.50% | 3.50% | ||||||
Interest Rate Floor | [1],[2],[5],[15] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[15],[18] | 8.36% | 8.36% | ||||||
Maturity Date | [1],[2],[5],[15] | Jul. 24, 2026 | Jul. 24, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[19] | $ 4,281 | |||||||
Cost | [1],[2],[4],[5],[15] | 3,940 | |||||||
Fair Value | [1],[2],[5],[15] | $ 3,990 | |||||||
Percentage of Net Assets | [1],[2],[5],[15] | 0.73% | 0.73% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Watchguard Technologies, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 10.11% Maturity Date 7/2/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17] | S + 5.25% | |||||||
Reference Rate and Spread | [1],[2],[5],[17] | 5.25% | 5.25% | ||||||
Interest Rate Floor | [1],[2],[5] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[18] | 10.11% | 10.11% | ||||||
Maturity Date | [1],[2],[5] | Jul. 02, 2029 | Jul. 02, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[19] | $ 34,825 | |||||||
Cost | [1],[2],[4],[5] | 32,705 | |||||||
Fair Value | [1],[2],[5] | $ 33,127 | |||||||
Percentage of Net Assets | [1],[2],[5] | 6.02% | 6.02% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Watchguard Technologies, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.57% Maturity Date 7/2/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9] | S + 5.25% | |||||||
Reference Rate and Spread | [6],[7],[8],[9] | 5.25% | 5.25% | ||||||
Interest Rate Floor | [6],[7],[8] | 0.75% | 0.75% | ||||||
Interest Rate | [6],[7],[8],[26] | 9.57% | 9.57% | ||||||
Maturity Date | [6],[7],[8] | Jul. 02, 2029 | Jul. 02, 2029 | ||||||
Par Amount / Shares | [6],[7],[8],[27] | $ 34,913 | |||||||
Cost | [6],[7],[8],[11] | 32,717 | |||||||
Fair Value | [6],[7],[8] | $ 33,272 | |||||||
Percentage of Net Assets | [6],[7],[8] | 6.91% | 6.91% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 50,396 | [1],[2],[4],[5] | $ 50,388 | [6],[7],[8],[11] | |||||
Fair Value | $ 50,061 | [1],[2],[5] | $ 49,472 | [6],[7],[8] | |||||
Percentage of Net Assets | 9.10% | [1],[2],[5] | 10.27% | [6],[7],[8] | 9.10% | [1],[2],[5] | 10.27% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Chuck E. Cheese Interest Rate 6.75% Maturity Date 5/1/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | 6.75% | [1],[2],[5],[18] | 6.75% | [6],[7],[8],[26] | 6.75% | [1],[2],[5],[18] | 6.75% | [6],[7],[8],[26] | |
Maturity Date | May 01, 2026 | [1],[2],[5] | May 01, 2026 | [6],[7],[8] | May 01, 2026 | [1],[2],[5] | May 01, 2026 | [6],[7],[8] | |
Par Amount / Shares | $ 17,534 | [1],[2],[5],[19] | $ 17,534 | [6],[7],[8],[27] | |||||
Cost | 16,459 | [1],[2],[4],[5] | 16,385 | [6],[7],[8],[11] | |||||
Fair Value | $ 16,657 | [1],[2],[5] | $ 16,263 | [6],[7],[8] | |||||
Percentage of Net Assets | 3.03% | [1],[2],[5] | 3.38% | [6],[7],[8] | 3.03% | [1],[2],[5] | 3.38% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure TouchTunes Reference Rate and Spread S + 5.25% Interest Rate Floor 0.50% Interest Rate 8.98% Maturity Date 4/2/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | S + 5.25% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 5.25% | 5.25% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 0.50% | 0.50% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 8.98% | 8.98% | ||||||
Maturity Date | [6],[7],[8],[14] | Apr. 02, 2029 | Apr. 02, 2029 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 29,925 | |||||||
Cost | [6],[7],[8],[11],[14] | 29,644 | |||||||
Fair Value | [6],[7],[8],[14] | $ 29,102 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 6.04% | 6.04% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure TouchTunes Reference Rate and Spread S + 5.25% Interest Rate Floor 0.50% Interest Rate 9.90% Maturity Date 4/2/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 5.25% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 5.25% | 5.25% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 0.50% | 0.50% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 9.90% | 9.90% | ||||||
Maturity Date | [1],[2],[5],[16] | Apr. 02, 2029 | Apr. 02, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 29,850 | |||||||
Cost | [1],[2],[4],[5],[16] | 29,586 | |||||||
Fair Value | [1],[2],[5],[16] | $ 29,253 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 5.32% | 5.32% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Viad Corp. Reference Rate and Spread L + 5.00% Interest Rate Floor 0.50% Interest Rate 9.38% Maturity Date 7/30/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[24] | L + 5.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[24] | 5% | 5% | ||||||
Interest Rate Floor | [6],[7],[8],[24] | 0.50% | 0.50% | ||||||
Interest Rate | [6],[7],[8],[24],[26] | 9.38% | 9.38% | ||||||
Maturity Date | [6],[7],[8],[24] | Jul. 30, 2028 | Jul. 30, 2028 | ||||||
Par Amount / Shares | [6],[7],[8],[24],[27] | $ 4,369 | |||||||
Cost | [6],[7],[8],[11],[24] | 4,359 | |||||||
Fair Value | [6],[7],[8],[24] | $ 4,107 | |||||||
Percentage of Net Assets | [6],[7],[8],[24] | 0.85% | 0.85% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Viad Corp. Reference Rate and Spread L + 5.00% Interest Rate Floor 0.50% Interest Rate 9.92% Maturity Date 7/30/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17],[22] | L + 5.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[17],[22] | 5% | 5% | ||||||
Interest Rate Floor | [1],[2],[5],[22] | 0.50% | 0.50% | ||||||
Interest Rate | [1],[2],[5],[18],[22] | 9.92% | 9.92% | ||||||
Maturity Date | [1],[2],[5],[22] | Jul. 30, 2028 | Jul. 30, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[19],[22] | $ 4,358 | |||||||
Cost | [1],[2],[4],[5],[22] | 4,351 | |||||||
Fair Value | [1],[2],[5],[22] | $ 4,151 | |||||||
Percentage of Net Assets | [1],[2],[5],[22] | 0.75% | 0.75% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Patientpoint Network Solutions, LLC Reference Rate and Spread S + 7.26% Interest Rate Floor 1.00% Interest Rate 11.84% Maturity Date 3/7/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | S + 7.26% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 7.26% | 7.26% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 11.84% | 11.84% | ||||||
Maturity Date | [6],[7],[8],[14] | Mar. 07, 2025 | Mar. 07, 2025 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 31,931 | |||||||
Cost | [6],[7],[8],[11],[14] | 31,397 | |||||||
Fair Value | [6],[7],[8],[14] | $ 31,183 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 6.47% | 6.47% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Patientpoint Network Solutions, LLC Reference Rate and Spread S + 7.26% Interest Rate Floor 1.00% Interest Rate 12.16% Maturity Date 3/7/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 7.26% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 7.26% | 7.26% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 12.16% | 12.16% | ||||||
Maturity Date | [1],[2],[5],[16] | Mar. 07, 2025 | Mar. 07, 2025 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 31,728 | |||||||
Cost | [1],[2],[4],[5],[16] | 31,259 | |||||||
Fair Value | [1],[2],[5],[16] | $ 31,112 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 5.66% | 5.66% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Real Betis Balompie SAD - Participation Interest Interest Rate 7.00% Maturity Date 6/5/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | [6],[7],[8],[14],[24],[25],[26] | 7% | 7% | ||||||
Maturity Date | [6],[7],[8],[14],[24],[25] | Jun. 05, 2025 | Jun. 05, 2025 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[24],[25],[27] | $ 13,000 | |||||||
Cost | [6],[7],[8],[11],[14],[24],[25] | 14,764 | |||||||
Fair Value | [6],[7],[8],[14],[24],[25] | $ 13,917 | |||||||
Percentage of Net Assets | [6],[7],[8],[14],[24],[25] | 2.89% | 2.89% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 93,507 | [1],[2],[4],[5] | $ 92,927 | [6],[7],[8],[11] | |||||
Fair Value | $ 90,556 | [1],[2],[5] | $ 90,388 | [6],[7],[8] | |||||
Percentage of Net Assets | 16.46% | [1],[2],[5] | 18.76% | [6],[7],[8] | 16.46% | [1],[2],[5] | 18.76% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd - Delayed Draw Term Loan Reference Rate and Spread L + 6.00% Interest Rate Floor 0.75% Interest Rate 10.38% (Incl 4.00% PIK) Maturity Date 6/18/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[12],[13],[14] | L + 6.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[12],[13],[14] | 6% | 6% | ||||||
Interest Rate Floor | [6],[7],[8],[12],[13],[14] | 0.75% | 0.75% | ||||||
Interest Rate | [6],[7],[8],[12],[13],[14],[26] | 10.38% | 10.38% | ||||||
PIK | [6],[7],[8],[12],[13],[14],[26] | 4% | 4% | ||||||
Maturity Date | [6],[7],[8],[12],[13],[14] | Jun. 18, 2027 | Jun. 18, 2027 | ||||||
Par Amount / Shares | [6],[7],[8],[12],[13],[14],[27] | $ 15,239 | |||||||
Cost | [6],[7],[8],[11],[12],[13],[14] | 14,998 | |||||||
Fair Value | [6],[7],[8],[12],[13],[14] | $ 14,273 | |||||||
Percentage of Net Assets | [6],[7],[8],[12],[13],[14] | 2.96% | 2.96% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd - Delayed Draw Term Loan Reference Rate and Spread L + 6.00% Interest Rate Floor 0.75% Interest Rate 10.84% (Incl 4.00% PIK) Maturity Date 6/18/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | L + 6.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 6% | 6% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 10.84% | 10.84% | ||||||
PIK | [1],[2],[5],[15],[16],[18] | 4% | 4% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Jun. 18, 2027 | Jun. 18, 2027 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[16],[19] | $ 15,393 | |||||||
Cost | [1],[2],[4],[5],[15],[16] | 15,170 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ 14,489 | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | 2.63% | 2.63% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd Reference Rate and Spread L + 6.00% Interest Rate Floor 0.75% Interest Rate 10.38% (Incl 4.00% PIK) Maturity Date 6/18/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | L + 6.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 6% | 6% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 0.75% | 0.75% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 10.38% | 10.38% | ||||||
PIK | [6],[7],[8],[14],[26] | 4% | 4% | ||||||
Maturity Date | [6],[7],[8],[14] | Jun. 18, 2027 | Jun. 18, 2027 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 41,687 | |||||||
Cost | [6],[7],[8],[11],[14] | 40,994 | |||||||
Fair Value | [6],[7],[8],[14] | $ 39,217 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 8.14% | 8.14% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd Reference Rate and Spread L + 6.00% Interest Rate Floor 0.75% Interest Rate 10.84% (Incl 4.00% PIK) Maturity Date 6/18/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | L + 6.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 6% | 6% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 10.84% | 10.84% | ||||||
PIK | [1],[2],[5],[16],[18] | 4% | 4% | ||||||
Maturity Date | [1],[2],[5],[16] | Jun. 18, 2027 | Jun. 18, 2027 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 42,110 | |||||||
Cost | [1],[2],[4],[5],[16] | 41,462 | |||||||
Fair Value | [1],[2],[5],[16] | $ 39,795 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 7.23% | 7.23% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production FilmRise Acquisitions, LLC Interest Rate 13.50% Maturity Date 9/17/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | 13.50% | [1],[2],[5],[15],[16],[18] | 13.50% | [6],[7],[8],[13],[14],[26] | 13.50% | [1],[2],[5],[15],[16],[18] | 13.50% | [6],[7],[8],[13],[14],[26] | |
Maturity Date | Sep. 17, 2025 | [1],[2],[5],[15],[16] | Sep. 17, 2025 | [6],[7],[8],[13],[14] | Sep. 17, 2025 | [1],[2],[5],[15],[16] | Sep. 17, 2025 | [6],[7],[8],[13],[14] | |
Par Amount / Shares | $ 18,086 | [1],[2],[5],[15],[16],[19] | $ 18,086 | [6],[7],[8],[13],[14],[27] | |||||
Cost | 18,094 | [1],[2],[4],[5],[15],[16] | 18,094 | [6],[7],[8],[11],[13],[14] | |||||
Fair Value | $ 17,473 | [1],[2],[5],[15],[16] | $ 18,043 | [6],[7],[8],[13],[14] | |||||
Percentage of Net Assets | 3.18% | [1],[2],[5],[15],[16] | 3.75% | [6],[7],[8],[13],[14] | 3.18% | [1],[2],[5],[15],[16] | 3.75% | [6],[7],[8],[13],[14] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Getty Images Inc. Reference Rate and Spread L + 4.50% Interest Rate Floor 0.00% Interest Rate 8.94% Maturity Date 2/19/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | L + 4.50% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 4.50% | 4.50% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 0% | 0% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 8.94% | 8.94% | ||||||
Maturity Date | [6],[7],[8],[14] | Feb. 19, 2026 | Feb. 19, 2026 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 18,902 | |||||||
Cost | [6],[7],[8],[11],[14] | 18,841 | |||||||
Fair Value | [6],[7],[8],[14] | $ 18,855 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 3.91% | 3.91% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Getty Images Inc. Reference Rate and Spread S + 4.60% Interest Rate Floor 0.00% Interest Rate 9.50% Maturity Date 2/19/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17],[22] | S + 4.60% | |||||||
Reference Rate and Spread | [1],[2],[5],[17],[22] | 4.60% | 4.60% | ||||||
Interest Rate Floor | [1],[2],[5],[22] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[18],[22] | 9.50% | 9.50% | ||||||
Maturity Date | [1],[2],[5],[22] | Feb. 19, 2026 | Feb. 19, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[19],[22] | $ 18,831 | |||||||
Cost | [1],[2],[4],[5],[22] | 18,781 | |||||||
Fair Value | [1],[2],[5],[22] | $ 18,799 | |||||||
Percentage of Net Assets | [1],[2],[5],[22] | 3.42% | 3.42% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Metals & Mining Conuma Coal Resources LTD Interest Rate 10.00% Maturity Date 5/1/2023 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | 10% | [1],[2],[5],[15],[18],[22],[23] | 10% | [6],[7],[8],[13],[24],[25],[26] | 10% | [1],[2],[5],[15],[18],[22],[23] | 10% | [6],[7],[8],[13],[24],[25],[26] | |
Maturity Date | May 01, 2023 | [1],[2],[5],[15],[22],[23] | May 01, 2023 | [6],[7],[8],[13],[24],[25] | May 01, 2023 | [1],[2],[5],[15],[22],[23] | May 01, 2023 | [6],[7],[8],[13],[24],[25] | |
Par Amount / Shares | $ 3,181 | [1],[2],[5],[15],[19],[22],[23] | $ 3,181 | [6],[7],[8],[13],[24],[25],[27] | |||||
Cost | 3,181 | [1],[2],[4],[5],[15],[22],[23] | 3,180 | [6],[7],[8],[11],[13],[24],[25] | |||||
Fair Value | $ 3,170 | [1],[2],[5],[15],[22],[23] | $ 3,153 | [6],[7],[8],[13],[24],[25] | |||||
Percentage of Net Assets | 0.58% | [1],[2],[5],[15],[22],[23] | 0.65% | [6],[7],[8],[13],[24],[25] | 0.58% | [1],[2],[5],[15],[22],[23] | 0.65% | [6],[7],[8],[13],[24],[25] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Retail Xponential Fitness LLC Reference Rate and Spread L + 6.50% Interest Rate Floor 1.00% Interest Rate 10.67% Maturity Date 2/28/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14],[24] | L + 6.50% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14],[24] | 6.50% | 6.50% | ||||||
Interest Rate Floor | [6],[7],[8],[14],[24] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[14],[24],[26] | 10.67% | 10.67% | ||||||
Maturity Date | [6],[7],[8],[14],[24] | Feb. 28, 2025 | Feb. 28, 2025 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[24],[27] | $ 22,759 | |||||||
Cost | [6],[7],[8],[11],[14],[24] | 22,563 | |||||||
Fair Value | [6],[7],[8],[14],[24] | $ 22,873 | |||||||
Percentage of Net Assets | [6],[7],[8],[14],[24] | 4.75% | 4.75% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Retail Xponential Fitness LLC Reference Rate and Spread L + 6.50% Interest Rate Floor 1.00% Interest Rate 11.53% Maturity Date 2/28/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17],[22] | L + 6.50% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17],[22] | 6.50% | 6.50% | ||||||
Interest Rate Floor | [1],[2],[5],[16],[22] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18],[22] | 11.53% | 11.53% | ||||||
Maturity Date | [1],[2],[5],[16],[22] | Feb. 28, 2025 | Feb. 28, 2025 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19],[22] | $ 53,316 | |||||||
Cost | [1],[2],[4],[5],[16],[22] | 52,295 | |||||||
Fair Value | [1],[2],[5],[16],[22] | $ 53,582 | |||||||
Percentage of Net Assets | [1],[2],[5],[16],[22] | 9.74% | 9.74% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 116,344 | [1],[2],[4],[5] | $ 77,099 | [6],[7],[8],[11] | |||||
Fair Value | $ 117,736 | [1],[2],[5] | $ 77,650 | [6],[7],[8] | |||||
Percentage of Net Assets | 21.39% | [1],[2],[5] | 16.11% | [6],[7],[8] | 21.39% | [1],[2],[5] | 16.11% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Muine Gall, LLC Reference Rate and Spread L + 7.00% Interest Rate Floor 0.50% Interest Rate 12.15% PIK Maturity Date 9/21/2024 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | L + 7.00% | [1],[2],[5],[15],[16],[17],[22] | L + 7.00% | [6],[7],[8],[9],[13],[14],[24] | |||||
Reference Rate and Spread | 7% | [1],[2],[5],[15],[16],[17],[22] | 7% | [6],[7],[8],[9],[13],[14],[24] | 7% | [1],[2],[5],[15],[16],[17],[22] | 7% | [6],[7],[8],[9],[13],[14],[24] | |
Interest Rate Floor | 0.50% | [1],[2],[5],[15],[16],[22] | 0.50% | [6],[7],[8],[13],[14],[24] | 0.50% | [1],[2],[5],[15],[16],[22] | 0.50% | [6],[7],[8],[13],[14],[24] | |
PIK | 12.15% | [1],[2],[5],[15],[16],[18],[22] | 12.15% | [6],[7],[8],[13],[14],[24],[26] | 12.15% | [1],[2],[5],[15],[16],[18],[22] | 12.15% | [6],[7],[8],[13],[14],[24],[26] | |
Maturity Date | Sep. 21, 2024 | [1],[2],[5],[15],[16],[22] | Sep. 21, 2024 | [6],[7],[8],[13],[14],[24] | Sep. 21, 2024 | [1],[2],[5],[15],[16],[22] | Sep. 21, 2024 | [6],[7],[8],[13],[14],[24] | |
Par Amount / Shares | $ 46,047 | [1],[2],[5],[15],[16],[19],[22] | $ 46,047 | [6],[7],[8],[13],[14],[24],[27] | |||||
Cost | 46,063 | [1],[2],[4],[5],[15],[16],[22] | 46,063 | [6],[7],[8],[11],[13],[14],[24] | |||||
Fair Value | $ 46,396 | [1],[2],[5],[15],[16],[22] | $ 46,308 | [6],[7],[8],[13],[14],[24] | |||||
Percentage of Net Assets | 8.43% | [1],[2],[5],[15],[16],[22] | 9.61% | [6],[7],[8],[13],[14],[24] | 8.43% | [1],[2],[5],[15],[16],[22] | 9.61% | [6],[7],[8],[13],[14],[24] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Travelport Finance (Luxembourg) S.A.R.L Reference Rate and Spread S + 8.75% Interest Rate Floor 1.00% Interest Rate 13.48% (Incl 7.25% PIK) Maturity Date 2/28/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[24],[25] | S + 8.75% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[24],[25] | 8.75% | 8.75% | ||||||
Interest Rate Floor | [6],[7],[8],[24],[25] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[24],[25],[26] | 13.48% | 13.48% | ||||||
PIK | [6],[7],[8],[24],[25],[26] | 7.25% | 7.25% | ||||||
Maturity Date | [6],[7],[8],[24],[25] | Feb. 28, 2025 | Feb. 28, 2025 | ||||||
Par Amount / Shares | [6],[7],[8],[24],[25],[27] | $ 31,346 | |||||||
Cost | [6],[7],[8],[11],[24],[25] | 31,036 | |||||||
Fair Value | [6],[7],[8],[24],[25] | $ 31,342 | |||||||
Percentage of Net Assets | [6],[7],[8],[24],[25] | 6.50% | 6.50% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Travelport Finance (Luxembourg) S.A.R.L Reference Rate and Spread S + 8.75% Interest Rate Floor 1.00% Interest Rate 13.59% (Incl 7.25% PIK) Maturity Date 2/28/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17],[22],[23] | S + 8.75% | |||||||
Reference Rate and Spread | [1],[2],[5],[17],[22],[23] | 8.75% | 8.75% | ||||||
Interest Rate Floor | [1],[2],[5],[22],[23] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[18],[22],[23] | 13.59% | 13.59% | ||||||
PIK | [1],[2],[5],[18],[22],[23] | 7.25% | 7.25% | ||||||
Maturity Date | [1],[2],[5],[22],[23] | Feb. 28, 2025 | Feb. 28, 2025 | ||||||
Par Amount / Shares | [1],[2],[5],[19],[22],[23] | $ 34,687 | |||||||
Cost | [1],[2],[4],[5],[22],[23] | 34,407 | |||||||
Fair Value | [1],[2],[5],[22],[23] | $ 35,489 | |||||||
Percentage of Net Assets | [1],[2],[5],[22],[23] | 6.45% | 6.45% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Wood Mackenzie, Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 11.66% Maturity Date 2/1/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | S + 6.75% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 6.75% | 6.75% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 11.66% | 11.66% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Feb. 01, 2028 | Feb. 01, 2028 | ||||||
Cost | [1],[2],[4],[5],[15],[16] | $ 86 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ (88) | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | (0.02%) | (0.02%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Wood Mackenzie, Inc. Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 11.43% Maturity Date 2/1/2030 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 6.75% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 6.75% | 6.75% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 11.43% | 11.43% | ||||||
Maturity Date | [1],[2],[5],[16] | Feb. 01, 2030 | Feb. 01, 2030 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 37,037 | |||||||
Cost | [1],[2],[4],[5],[16] | 35,960 | |||||||
Fair Value | [1],[2],[5],[16] | $ 35,939 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 6.53% | 6.53% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 76,121 | [1],[2],[4],[5] | $ 76,105 | [6],[7],[8],[11] | |||||
Fair Value | $ 76,243 | [1],[2],[5] | $ 75,068 | [6],[7],[8] | |||||
Percentage of Net Assets | 13.86% | [1],[2],[5] | 15.58% | [6],[7],[8] | 13.86% | [1],[2],[5] | 15.58% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer CSC Serviceworks Reference Rate and Spread L + 4.00% Interest Rate Floor 0.75% Interest Rate 8.39% Maturity Date 3/4/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[13] | L + 4.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[13] | 4% | 4% | ||||||
Interest Rate Floor | [6],[7],[8],[13] | 0.75% | 0.75% | ||||||
Interest Rate | [6],[7],[8],[13],[26] | 8.39% | 8.39% | ||||||
Maturity Date | [6],[7],[8],[13] | Mar. 04, 2028 | Mar. 04, 2028 | ||||||
Par Amount / Shares | [6],[7],[8],[13],[27] | $ 222 | |||||||
Cost | [6],[7],[8],[11],[13] | 201 | |||||||
Fair Value | [6],[7],[8],[13] | $ 186 | |||||||
Percentage of Net Assets | [6],[7],[8],[13] | 0.04% | 0.04% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer CSC Serviceworks Reference Rate and Spread L + 4.00% Interest Rate Floor 0.75% Interest Rate 8.99% Maturity Date 3/4/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[17] | L + 4.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[17] | 4% | 4% | ||||||
Interest Rate Floor | [1],[2],[5],[15] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[15],[18] | 8.99% | 8.99% | ||||||
Maturity Date | [1],[2],[5],[15] | Mar. 04, 2028 | Mar. 04, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[19] | $ 221 | |||||||
Cost | [1],[2],[4],[5],[15] | 201 | |||||||
Fair Value | [1],[2],[5],[15] | $ 185 | |||||||
Percentage of Net Assets | [1],[2],[5],[15] | 0.03% | 0.03% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Spring Education Group Inc. Reference Rate and Spread L + 4.00% Interest Rate Floor 0.00% Interest Rate 8.73% Maturity Date 7/30/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9] | L + 4.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9] | 4% | 4% | ||||||
Interest Rate Floor | [6],[7],[8] | 0% | 0% | ||||||
Interest Rate | [6],[7],[8],[26] | 8.73% | 8.73% | ||||||
Maturity Date | [6],[7],[8] | Jul. 30, 2025 | Jul. 30, 2025 | ||||||
Par Amount / Shares | [6],[7],[8],[27] | $ 46,750 | |||||||
Cost | [6],[7],[8],[11] | 44,890 | |||||||
Fair Value | [6],[7],[8] | $ 45,540 | |||||||
Percentage of Net Assets | [6],[7],[8] | 9.45% | 9.45% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Spring Education Group Inc. Reference Rate and Spread S + 4.00% Interest Rate Floor 0.00% Interest Rate 8.90% Maturity Date 7/30/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17] | S + 4.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[17] | 4% | 4% | ||||||
Interest Rate Floor | [1],[2],[5] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[18] | 8.90% | 8.90% | ||||||
Maturity Date | [1],[2],[5] | Jul. 30, 2025 | Jul. 30, 2025 | ||||||
Par Amount / Shares | [1],[2],[5],[19] | $ 46,629 | |||||||
Cost | [1],[2],[4],[5] | 44,938 | |||||||
Fair Value | [1],[2],[5] | $ 46,112 | |||||||
Percentage of Net Assets | [1],[2],[5] | 8.38% | 8.38% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. - Incremental Term Loan Reference Rate and Spread S + 6.40% Interest Rate Floor 1.00% Interest Rate 10.98% Maturity Date 6/10/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | S + 6.40% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 6.40% | 6.40% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 10.98% | 10.98% | ||||||
Maturity Date | [6],[7],[8],[14] | Jun. 10, 2025 | Jun. 10, 2025 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 2,523 | |||||||
Cost | [6],[7],[8],[11],[14] | 2,484 | |||||||
Fair Value | [6],[7],[8],[14] | $ 2,353 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 0.49% | 0.49% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. - Incremental Term Loan Reference Rate and Spread S + 6.40% Interest Rate Floor 1.00% Interest Rate 11.30% Maturity Date 6/10/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 6.40% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 6.40% | 6.40% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 11.30% | 11.30% | ||||||
Maturity Date | [1],[2],[5],[16] | Jun. 10, 2025 | Jun. 10, 2025 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 2,517 | |||||||
Cost | [1],[2],[4],[5],[16] | 2,481 | |||||||
Fair Value | [1],[2],[5],[16] | $ 2,402 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 0.44% | 0.44% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. Reference Rate and Spread S + 6.40% Interest Rate Floor 1.00% Interest Rate 10.98% Maturity Date 6/10/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | S + 6.40% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 6.40% | 6.40% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 10.98% | 10.98% | ||||||
Maturity Date | [6],[7],[8],[14] | Jun. 10, 2025 | Jun. 10, 2025 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 28,946 | |||||||
Cost | [6],[7],[8],[11],[14] | 28,530 | |||||||
Fair Value | [6],[7],[8],[14] | $ 26,989 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 5.60% | 5.60% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. Reference Rate and Spread S + 6.40% Interest Rate Floor 1.00% Interest Rate 11.30% Maturity Date 6/10/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 6.40% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 6.40% | 6.40% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 11.30% | 11.30% | ||||||
Maturity Date | [1],[2],[5],[16] | Jun. 10, 2025 | Jun. 10, 2025 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 28,871 | |||||||
Cost | [1],[2],[4],[5],[16] | 28,501 | |||||||
Fair Value | [1],[2],[5],[16] | $ 27,544 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 5.01% | 5.01% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 38,716 | [1],[2],[4],[5] | $ 35,121 | [6],[7],[8],[11] | |||||
Fair Value | $ 25,700 | [1],[2],[5] | $ 21,001 | [6],[7],[8] | |||||
Percentage of Net Assets | 4.67% | [1],[2],[5] | 4.36% | [6],[7],[8] | 4.67% | [1],[2],[5] | 4.36% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Innovate Corp. Interest Rate 8.50% Maturity Date 2/1/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | 8.50% | [1],[2],[5],[18],[22] | 8.50% | [6],[7],[8],[24],[26] | 8.50% | [1],[2],[5],[18],[22] | 8.50% | [6],[7],[8],[24],[26] | |
Maturity Date | Feb. 01, 2026 | [1],[2],[5],[22] | Feb. 01, 2026 | [6],[7],[8],[24] | Feb. 01, 2026 | [1],[2],[5],[22] | Feb. 01, 2026 | [6],[7],[8],[24] | |
Par Amount / Shares | $ 24,000 | [1],[2],[5],[19],[22] | $ 24,000 | [6],[7],[8],[24],[27] | |||||
Cost | 24,046 | [1],[2],[4],[5],[22] | 24,050 | [6],[7],[8],[11],[24] | |||||
Fair Value | $ 18,615 | [1],[2],[5],[22] | $ 17,148 | [6],[7],[8],[24] | |||||
Percentage of Net Assets | 3.38% | [1],[2],[5],[22] | 3.56% | [6],[7],[8],[24] | 3.38% | [1],[2],[5],[22] | 3.56% | [6],[7],[8],[24] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Intelsat S.A. Reference Rate and Spread S + 4.35% Interest Rate Floor 0.50% Interest Rate 9.25% Maturity Date 2/1/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[17],[22],[23] | S + 4.35% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[17],[22],[23] | 4.35% | 4.35% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[22],[23] | 0.50% | 0.50% | ||||||
Interest Rate | [1],[2],[5],[15],[18],[22],[23] | 9.25% | 9.25% | ||||||
Maturity Date | [1],[2],[5],[15],[22],[23] | Feb. 01, 2029 | Feb. 01, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[19],[22],[23] | $ 3,490 | |||||||
Cost | [1],[2],[4],[5],[15],[22],[23] | 3,383 | |||||||
Fair Value | [1],[2],[5],[15],[22],[23] | $ 3,447 | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[22],[23] | 0.63% | 0.63% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Ligado Networks LLC Interest Rate 15.50% PIK Maturity Date 11/1/2023 | |||||||||
Schedule of Investments [Line Items] | |||||||||
PIK | 15.50% | [1],[2],[5],[15],[18],[28] | 15.50% | [6],[7],[8],[13],[26],[29] | 15.50% | [1],[2],[5],[15],[18],[28] | 15.50% | [6],[7],[8],[13],[26],[29] | |
Maturity Date | Nov. 01, 2023 | [1],[2],[5],[15],[28] | Nov. 01, 2023 | [6],[7],[8],[13],[29] | Nov. 01, 2023 | [1],[2],[5],[15],[28] | Nov. 01, 2023 | [6],[7],[8],[13],[29] | |
Par Amount / Shares | $ 11,928 | [1],[2],[5],[15],[19],[28] | $ 11,928 | [6],[7],[8],[13],[27],[29] | |||||
Cost | 11,287 | [1],[2],[4],[5],[15],[28] | 11,071 | [6],[7],[8],[11],[13],[29] | |||||
Fair Value | $ 3,638 | [1],[2],[5],[15],[28] | $ 3,853 | [6],[7],[8],[13],[29] | |||||
Percentage of Net Assets | 0.66% | [1],[2],[5],[15],[28] | 0.80% | [6],[7],[8],[13],[29] | 0.66% | [1],[2],[5],[15],[28] | 0.80% | [6],[7],[8],[13],[29] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 43,088 | [1],[2],[4],[5] | $ 21,684 | [6],[7],[8],[11] | |||||
Fair Value | $ 42,896 | [1],[2],[5] | $ 21,330 | [6],[7],[8] | |||||
Percentage of Net Assets | 7.80% | [1],[2],[5] | 4.43% | [6],[7],[8] | 7.80% | [1],[2],[5] | 4.43% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale DFS Holdings Company, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 7.10% Interest Rate Floor 0.75% Interest Rate 12.01% Maturity Date 1/31/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | S + 7.10% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 7.10% | 7.10% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 12.01% | 12.01% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Jan. 31, 2029 | Jan. 31, 2029 | ||||||
Cost | [1],[2],[4],[5],[15],[16] | $ 65 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ (65) | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | (0.01%) | (0.01%) | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale DFS Holdings Company, Inc. Reference Rate and Spread S + 7.10% Interest Rate Floor 0.75% Interest Rate 11.78% Maturity Date 1/31/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 7.10% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 7.10% | 7.10% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 11.78% | 11.78% | ||||||
Maturity Date | [1],[2],[5],[16] | Jan. 31, 2029 | Jan. 31, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 22,154 | |||||||
Cost | [1],[2],[4],[5],[16] | 21,514 | |||||||
Fair Value | [1],[2],[5],[16] | $ 21,507 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 3.91% | 3.91% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale FleetPride Inc. Reference Rate and Spread L + 4.50% Interest Rate Floor 0.00% Interest Rate 8.88% Maturity Date 2/4/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | L + 4.50% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 4.50% | 4.50% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 0% | 0% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 8.88% | 8.88% | ||||||
Maturity Date | [6],[7],[8],[14] | Feb. 04, 2026 | Feb. 04, 2026 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 21,710 | |||||||
Cost | [6],[7],[8],[11],[14] | 21,684 | |||||||
Fair Value | [6],[7],[8],[14] | $ 21,330 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 4.43% | 4.43% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale FleetPride Inc. Reference Rate and Spread L + 4.50% Interest Rate Floor 0.00% Interest Rate 9.34% Maturity Date 2/4/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[17] | L + 4.50% | |||||||
Reference Rate and Spread | [1],[2],[5],[17] | 4.50% | 4.50% | ||||||
Interest Rate Floor | [1],[2],[5] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[18] | 9.34% | 9.34% | ||||||
Maturity Date | [1],[2],[5] | Feb. 04, 2026 | Feb. 04, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[19] | $ 21,654 | |||||||
Cost | [1],[2],[4],[5] | 21,639 | |||||||
Fair Value | [1],[2],[5] | $ 21,454 | |||||||
Percentage of Net Assets | [1],[2],[5] | 3.90% | 3.90% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Preferred Equity | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [6],[7],[8],[11] | $ 28,519 | |||||||
Fair Value | [6],[7],[8] | $ 22,267 | |||||||
Percentage of Net Assets | [6],[7],[8] | 4.62% | 4.62% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Preferred Equity Consumer goods: Non-durable Protective Industrial Products Inc. - Series A Preferred Interest Rate 13.00% PIK | |||||||||
Schedule of Investments [Line Items] | |||||||||
PIK | 13% | [1],[2],[5],[15],[16],[18] | 13% | [6],[7],[8],[13],[14],[26] | 13% | [1],[2],[5],[15],[16],[18] | 13% | [6],[7],[8],[13],[14],[26] | |
Par Amount / Shares | shares | 30 | [1],[2],[5],[15],[16],[19] | 29 | [6],[7],[8],[13],[14],[27] | 30 | [1],[2],[5],[15],[16],[19] | 29 | [6],[7],[8],[13],[14],[27] | |
Cost | $ 29,461 | [1],[2],[4],[5],[15],[16] | $ 28,519 | [6],[7],[8],[11],[13],[14] | |||||
Fair Value | $ 22,761 | [1],[2],[5],[15],[16] | $ 22,267 | [6],[7],[8],[13],[14] | |||||
Percentage of Net Assets | 4.14% | [1],[2],[5],[15],[16] | 4.62% | [6],[7],[8],[13],[14] | 4.14% | [1],[2],[5],[15],[16] | 4.62% | [6],[7],[8],[13],[14] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Preferred Equity Retail Xponential Fitness LLC - Series A Preferred Stock Interest Rate 6.50% Maturity Date 7/27/2031 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | [1],[2],[5],[15],[16],[18],[22] | 6.50% | 6.50% | ||||||
Maturity Date | [1],[2],[5],[15],[16],[22] | Jul. 27, 2031 | Jul. 27, 2031 | ||||||
Cost | [1],[2],[4],[5],[15],[16],[22] | $ 284 | |||||||
Fair Value | [1],[2],[5],[15],[16],[22] | $ 395 | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16],[22] | 0.07% | 0.07% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 228,110 | [1],[2],[4],[5] | $ 227,937 | [6],[7],[8],[11] | |||||
Fair Value | $ 212,776 | [1],[2],[5] | $ 210,926 | [6],[7],[8] | |||||
Percentage of Net Assets | 38.68% | [1],[2],[5] | 43.77% | [6],[7],[8] | 38.68% | [1],[2],[5] | 43.77% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 7.54% Interest Rate Floor 0.50% Interest Rate 11.86% Maturity Date 3/15/2030 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[13],[14] | S + 7.54% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[13],[14] | 7.54% | 7.54% | ||||||
Interest Rate Floor | [6],[7],[8],[13],[14] | 0.50% | 0.50% | ||||||
Interest Rate | [6],[7],[8],[13],[14],[26] | 11.86% | 11.86% | ||||||
Maturity Date | [6],[7],[8],[13],[14] | Mar. 15, 2030 | Mar. 15, 2030 | ||||||
Par Amount / Shares | [6],[7],[8],[13],[14],[27] | $ 35,000 | |||||||
Cost | [6],[7],[8],[11],[13],[14] | 34,091 | |||||||
Fair Value | [6],[7],[8],[13],[14] | $ 27,300 | |||||||
Percentage of Net Assets | [6],[7],[8],[13],[14] | 5.67% | 5.67% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 7.54% Interest Rate Floor 0.50% Interest Rate 12.30% Maturity Date 3/15/2030 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[17] | S + 7.54% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[17] | 7.54% | 7.54% | ||||||
Interest Rate Floor | [1],[2],[5],[15] | 0.50% | 0.50% | ||||||
Interest Rate | [1],[2],[5],[15],[18] | 12.30% | 12.30% | ||||||
Maturity Date | [1],[2],[5],[15] | Mar. 15, 2030 | Mar. 15, 2030 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[19] | $ 35,000 | |||||||
Cost | [1],[2],[4],[5],[15] | 34,125 | |||||||
Fair Value | [1],[2],[5],[15] | $ 28,846 | |||||||
Percentage of Net Assets | [1],[2],[5],[15] | 5.24% | 5.24% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Consumer goods: Non-durable Protective Industrial Products Inc. Reference Rate and Spread L + 8.25% Interest Rate Floor 1.00% Interest Rate 12.63% Maturity Date 12/30/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | L + 8.25% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 8.25% | 8.25% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 12.63% | 12.63% | ||||||
Maturity Date | [6],[7],[8],[14] | Dec. 30, 2028 | Dec. 30, 2028 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 34,199 | |||||||
Cost | [6],[7],[8],[11],[14] | 33,415 | |||||||
Fair Value | [6],[7],[8],[14] | $ 31,471 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 6.53% | 6.53% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Consumer goods: Non-durable Protective Industrial Products Inc. Reference Rate and Spread L + 8.25% Interest Rate Floor 1.00% Interest Rate 13.09% Maturity Date 12/30/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | L + 8.25% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 8.25% | 8.25% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 13.09% | 13.09% | ||||||
Maturity Date | [1],[2],[5],[16] | Dec. 30, 2028 | Dec. 30, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 34,198 | |||||||
Cost | [1],[2],[4],[5],[16] | 33,464 | |||||||
Fair Value | [1],[2],[5],[16] | $ 31,687 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 5.76% | 5.76% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Hotel, Gaming & Leisure Mohegan Gaming & Entertainment Interest Rate 8.00% Maturity Date 2/1/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate | 8% | [1],[2],[5],[15],[18] | 8% | [6],[7],[8],[13],[26] | 8% | [1],[2],[5],[15],[18] | 8% | [6],[7],[8],[13],[26] | |
Maturity Date | Feb. 01, 2026 | [1],[2],[5],[15] | Feb. 01, 2026 | [6],[7],[8],[13] | Feb. 01, 2026 | [1],[2],[5],[15] | Feb. 01, 2026 | [6],[7],[8],[13] | |
Par Amount / Shares | $ 16,378 | [1],[2],[5],[15],[19] | $ 16,378 | [6],[7],[8],[13],[27] | |||||
Cost | 16,466 | [1],[2],[4],[5],[15] | 16,473 | [6],[7],[8],[11],[13] | |||||
Fair Value | $ 14,986 | [1],[2],[5],[15] | $ 15,150 | [6],[7],[8],[13] | |||||
Percentage of Net Assets | 2.72% | [1],[2],[5],[15] | 3.14% | [6],[7],[8],[13] | 2.72% | [1],[2],[5],[15] | 3.14% | [6],[7],[8],[13] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 49,836 | [1],[2],[4],[5] | $ 49,787 | [6],[7],[8],[11],[13],[14] | |||||
Fair Value | $ 49,045 | [1],[2],[5] | $ 48,939 | [6],[7],[8],[13],[14] | |||||
Percentage of Net Assets | 8.92% | [1],[2],[5] | 10.15% | [6],[7],[8],[13],[14] | 8.92% | [1],[2],[5] | 10.15% | [6],[7],[8],[13],[14] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 10.00% Interest Rate Floor 0.75% Interest Rate 14.22% Maturity Date 3/9/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[13],[14] | S + 10.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[13],[14] | 10% | 10% | ||||||
Interest Rate Floor | [6],[7],[8],[13],[14] | 0.75% | 0.75% | ||||||
Interest Rate | [6],[7],[8],[13],[14],[26] | 14.22% | 14.22% | ||||||
Maturity Date | [6],[7],[8],[13],[14] | Mar. 09, 2029 | Mar. 09, 2029 | ||||||
Par Amount / Shares | [6],[7],[8],[13],[14],[27] | $ 2,745 | |||||||
Cost | [6],[7],[8],[11],[13],[14] | 2,666 | |||||||
Fair Value | [6],[7],[8],[13],[14] | $ 2,664 | |||||||
Percentage of Net Assets | [6],[7],[8],[13],[14] | 0.55% | 0.55% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 10.00% Interest Rate Floor 0.75% Interest Rate 14.73% Maturity Date 3/9/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | S + 10.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 10% | 10% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 14.73% | 14.73% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Mar. 09, 2029 | Mar. 09, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[16],[19] | $ 2,745 | |||||||
Cost | [1],[2],[4],[5],[15],[16] | 2,669 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ 2,667 | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | 0.48% | 0.48% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. Reference Rate and Spread S + 10.00% Interest Rate Floor 0.75% Interest Rate 14.32% Maturity Date 3/9/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[14] | S + 10.00% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[14] | 10% | 10% | ||||||
Interest Rate Floor | [6],[7],[8],[14] | 0.75% | 0.75% | ||||||
Interest Rate | [6],[7],[8],[14],[26] | 14.32% | 14.32% | ||||||
Maturity Date | [6],[7],[8],[14] | Mar. 09, 2029 | Mar. 09, 2029 | ||||||
Par Amount / Shares | [6],[7],[8],[14],[27] | $ 14,641 | |||||||
Cost | [6],[7],[8],[11],[14] | 14,207 | |||||||
Fair Value | [6],[7],[8],[14] | $ 14,207 | |||||||
Percentage of Net Assets | [6],[7],[8],[14] | 2.95% | 2.95% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. Reference Rate and Spread S + 10.00% Interest Rate Floor 0.75% Interest Rate 14.73% Maturity Date 3/9/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[16],[17] | S + 10.00% | |||||||
Reference Rate and Spread | [1],[2],[5],[16],[17] | 10% | 10% | ||||||
Interest Rate Floor | [1],[2],[5],[16] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[16],[18] | 14.73% | 14.73% | ||||||
Maturity Date | [1],[2],[5],[16] | Mar. 09, 2029 | Mar. 09, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[16],[19] | $ 14,641 | |||||||
Cost | [1],[2],[4],[5],[16] | 14,222 | |||||||
Fair Value | [1],[2],[5],[16] | $ 14,224 | |||||||
Percentage of Net Assets | [1],[2],[5],[16] | 2.59% | 2.59% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business Trace3 Inc. Reference Rate and Spread L + 7.50% Interest Rate Floor 0.50% Interest Rate 10.56% Maturity Date 10/8/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[13],[14] | L + 7.50% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[13],[14] | 7.50% | 7.50% | ||||||
Interest Rate Floor | [6],[7],[8],[13],[14] | 0.50% | 0.50% | ||||||
Interest Rate | [6],[7],[8],[13],[14],[26] | 10.56% | 10.56% | ||||||
Maturity Date | [6],[7],[8],[13],[14] | Oct. 08, 2029 | Oct. 08, 2029 | ||||||
Par Amount / Shares | [6],[7],[8],[13],[14],[27] | $ 33,750 | |||||||
Cost | [6],[7],[8],[11],[13],[14] | 32,914 | |||||||
Fair Value | [6],[7],[8],[13],[14] | $ 32,068 | |||||||
Percentage of Net Assets | [6],[7],[8],[13],[14] | 6.65% | 6.65% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business Trace3 Inc. Reference Rate and Spread L + 7.50% Interest Rate Floor 0.50% Interest Rate 12.28% Maturity Date 10/8/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | L + 7.50% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 7.50% | 7.50% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 0.50% | 0.50% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 12.28% | 12.28% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Oct. 08, 2029 | Oct. 08, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[16],[19] | $ 33,750 | |||||||
Cost | [1],[2],[4],[5],[15],[16] | 32,945 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ 32,154 | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | 5.85% | 5.85% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | $ 94,219 | [1],[2],[4],[5] | $ 94,171 | [6],[7],[8],[11] | |||||
Fair Value | $ 88,212 | [1],[2],[5] | $ 88,066 | [6],[7],[8] | |||||
Percentage of Net Assets | 16.04% | [1],[2],[5] | 18.28% | [6],[7],[8] | 16.04% | [1],[2],[5] | 18.28% | [6],[7],[8] | |
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Midwest Veterinary Partners LLC Reference Rate and Spread L + 7.50% Interest Rate Floor 0.75% Interest Rate 11.88% Maturity Date 4/26/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[13],[14] | L + 7.50% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[13],[14] | 7.50% | 7.50% | ||||||
Interest Rate Floor | [6],[7],[8],[13],[14] | 0.75% | 0.75% | ||||||
Interest Rate | [6],[7],[8],[13],[14],[26] | 11.88% | 11.88% | ||||||
Maturity Date | [6],[7],[8],[13],[14] | Apr. 26, 2029 | Apr. 26, 2029 | ||||||
Par Amount / Shares | [6],[7],[8],[13],[14],[27] | $ 50,000 | |||||||
Cost | [6],[7],[8],[11],[13],[14] | 50,042 | |||||||
Fair Value | [6],[7],[8],[13],[14] | $ 47,027 | |||||||
Percentage of Net Assets | [6],[7],[8],[13],[14] | 9.76% | 9.76% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Midwest Veterinary Partners LLC Reference Rate and Spread L + 7.50% Interest Rate Floor 0.75% Interest Rate 12.34% Maturity Date 4/26/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[16],[17] | L + 7.50% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[16],[17] | 7.50% | 7.50% | ||||||
Interest Rate Floor | [1],[2],[5],[15],[16] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[2],[5],[15],[16],[18] | 12.34% | 12.34% | ||||||
Maturity Date | [1],[2],[5],[15],[16] | Apr. 26, 2029 | Apr. 26, 2029 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[16],[19] | $ 50,000 | |||||||
Cost | [1],[2],[4],[5],[15],[16] | 50,041 | |||||||
Fair Value | [1],[2],[5],[15],[16] | $ 46,945 | |||||||
Percentage of Net Assets | [1],[2],[5],[15],[16] | 8.53% | 8.53% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Southern Veterinary Partners LLC Reference Rate and Spread S + 7.85% Interest Rate Floor 1.00% Interest Rate 12.17% Maturity Date 10/5/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[13],[14] | S + 7.85% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[13],[14] | 7.85% | 7.85% | ||||||
Interest Rate Floor | [6],[7],[8],[13],[14] | 1% | 1% | ||||||
Interest Rate | [6],[7],[8],[13],[14],[26] | 12.17% | 12.17% | ||||||
Maturity Date | [6],[7],[8],[13],[14] | Oct. 05, 2028 | Oct. 05, 2028 | ||||||
Par Amount / Shares | [6],[7],[8],[13],[14],[27] | $ 45,000 | |||||||
Cost | [6],[7],[8],[11],[13],[14] | 44,038 | |||||||
Fair Value | [6],[7],[8],[13],[14] | $ 40,950 | |||||||
Percentage of Net Assets | [6],[7],[8],[13],[14] | 8.50% | 8.50% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Southern Veterinary Partners LLC Reference Rate and Spread S + 7.85% Interest Rate Floor 1.00% Interest Rate 12.61% Maturity Date 10/5/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[17] | S + 7.85% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[17] | 7.85% | 7.85% | ||||||
Interest Rate Floor | [1],[2],[5],[15] | 1% | 1% | ||||||
Interest Rate | [1],[2],[5],[15],[18] | 12.61% | 12.61% | ||||||
Maturity Date | [1],[2],[5],[15] | Oct. 05, 2028 | Oct. 05, 2028 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[19] | $ 45,000 | |||||||
Cost | [1],[2],[4],[5],[15] | 44,087 | |||||||
Fair Value | [1],[2],[5],[15] | $ 41,175 | |||||||
Percentage of Net Assets | [1],[2],[5],[15] | 7.49% | 7.49% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Spring Education Group Inc. Reference Rate and Spread L + 8.25% Interest Rate Floor 0.00% Interest Rate 13.02% Maturity Date 7/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [6],[7],[8],[9],[13] | L + 8.25% | |||||||
Reference Rate and Spread | [6],[7],[8],[9],[13] | 8.25% | 8.25% | ||||||
Interest Rate Floor | [6],[7],[8],[13] | 0% | 0% | ||||||
Interest Rate | [6],[7],[8],[13],[26] | 13.02% | 13.02% | ||||||
Maturity Date | [6],[7],[8],[13] | Jul. 30, 2026 | Jul. 30, 2026 | ||||||
Par Amount / Shares | [6],[7],[8],[13],[27] | $ 100 | |||||||
Cost | [6],[7],[8],[11],[13] | 91 | |||||||
Fair Value | [6],[7],[8],[13] | $ 89 | |||||||
Percentage of Net Assets | [6],[7],[8],[13] | 0.02% | 0.02% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Spring Education Group Inc. Reference Rate and Spread L + 8.25% Interest Rate Floor 0.00% Interest Rate 13.41% Maturity Date 7/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Interest Rate Terms | [1],[2],[5],[15],[17] | L + 8.25% | |||||||
Reference Rate and Spread | [1],[2],[5],[15],[17] | 8.25% | 8.25% | ||||||
Interest Rate Floor | [1],[2],[5],[15] | 0% | 0% | ||||||
Interest Rate | [1],[2],[5],[15],[18] | 13.41% | 13.41% | ||||||
Maturity Date | [1],[2],[5],[15] | Jul. 30, 2026 | Jul. 30, 2026 | ||||||
Par Amount / Shares | [1],[2],[5],[15],[19] | $ 100 | |||||||
Cost | [1],[2],[4],[5],[15] | 91 | |||||||
Fair Value | [1],[2],[5],[15] | $ 92 | |||||||
Percentage of Net Assets | [1],[2],[5],[15] | 0.02% | 0.02% | ||||||
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Total Preferred Equity | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1],[2],[4],[5] | $ 29,745 | |||||||
Fair Value | [1],[2],[5] | $ 23,156 | |||||||
Percentage of Net Assets | [1],[2],[5] | 4.21% | 4.21% | ||||||
Investment, Identifier [Axis]: Investments Investments Total Investments - non-controlled/non-affiliated | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1],[2],[4],[5] | $ 1,227,449 | |||||||
Fair Value | [1],[2],[5] | $ 1,187,235 | |||||||
Percentage of Net Assets | [1],[2],[5] | 215.80% | 215.80% | ||||||
Investment, Identifier [Axis]: Media: Advertising, Printing & Publishing | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [6],[7],[8],[11] | $ 46,161 | |||||||
Fair Value | [6],[7],[8] | $ 45,100 | |||||||
Percentage of Net Assets | [6],[7],[8] | 9.36% | 9.36% | ||||||
Investment, Identifier [Axis]: Portfolio Investments, Cash and Cash Equivalents | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [6],[7],[8],[9] | $ 1,067,683 | |||||||
Fair Value | [6],[7],[8] | $ 1,018,354 | |||||||
Percentage of Net Assets | [6],[7],[8] | 211.34% | 211.34% | ||||||
Investment, Identifier [Axis]: Total Cash and Cash Equivalents | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1],[2],[4],[5] | $ 99,625 | |||||||
Fair Value | [1],[2],[5] | $ 99,625 | |||||||
Percentage of Net Assets | [1],[2],[5] | 18.11% | 18.11% | ||||||
Investment, Identifier [Axis]: Total Portfolio Investments, Cash and Cash Equivalents | |||||||||
Schedule of Investments [Line Items] | |||||||||
Cost | [1],[2],[4],[5] | $ 1,327,074 | |||||||
Fair Value | [1],[2],[5] | $ 1,286,860 | |||||||
Percentage of Net Assets | [1],[2],[5] | 233.91% | 233.91% | ||||||
[1] All debt and equity investments are income producing unless otherwise noted. All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940 (the “ 1940 Act ”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25 % or less of the portfolio company’s voting securities and “controlled” when we own more than 25 % of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5 % of a portfolio company’s voting securities and “affiliated” when we own 5 % or more of a portfolio company’s voting securities. Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of March 31, 2023, $ 29,741 was held in FGTXX and had an average one year yield of 2.66 % . Cost represents amortized cost, inclusive of any capitalized paid-in-kind income (“ PIK ”), for debt securities, and cost plus capitalized PIK, if any, for preferred stock. Security may be an obligation of one or more entities affiliated with the named portfolio company. All debt and equity investments are income producing unless otherwise noted All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25 % or less of the portfolio company’s voting securities and “controlled” when we own more than 25 % of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5 % of a portfolio company’s voting securities and “affiliated” when we own 5 % or more of a portfolio company’s voting securities. Security may be an obligation of one or more entities affiliated with the named portfolio company. Variable rate loans to the portfolio companies are indexed to the London Interbank Offered Rate”("LIBOR", or "LIBOR Rate") (denoted as "L"), Canadian Dollar Offered Rate ("CDOR") (denoted as "C") or Secured Overnight Financing Rate ("SOFR") (denoted as "S") and generally reset periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of December 31, 2022, $ 26,891 was held in FGTXX and had an average one year yield of 1.59 %. Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted): Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair First and Second Lien Debt Candle Media Co Ltd Delayed Draw 6/18/2027 $ 1,280 $ ( 63 ) Chromalloy Holdings LLC Revolver 11/23/2027 4,615 ( 182 ) Faraday Buyer, LLC Delayed Draw 10/11/2028 3,167 ( 45 ) LJ Perimeter Buyer, Inc Delayed Draw 10/31/2028 5,538 ( 76 ) Natural Partners, Inc. Revolver 3/15/2028 2,813 ( 94 ) Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC) Delayed Draw 8/16/2027 4,704 ( 134 ) Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC) Revolver 8/16/2027 3,136 ( 113 ) Total Unfunded Commitments $ 25,253 $ ( 707 ) These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's, as defined below (see Note 7 ) , credit facilities, a single investment may be divided into parts that are individually pledged as collateral to our credit facilities. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board (see Note 2 and Note 6 ), pursuant to the Company’s valuation policy. These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's, as defined below (see Note 7 ), credit facilities, a single investment may be divided into parts that are individually pledged as collateral to our credit facilities. These investments were valued using unobservable inputs and are considered Level 3 inve stments. Fair value was determined in good faith by or under the supervision of the Board of Directors of the Company (the “ Board ”) (see Note 2 and Note 6 ), pursuant to the Company’s valuation policy. Variable rate loans to the portfolio companies are indexed to the London Interbank Offered Rate (“ LIBOR ” or “ LIBO Rate ”) (denoted as “L”), Canadian Dollar Offered Rate (“ CDOR ”) (denoted as “C”) or Secured Overnight Financing Rate (“ SOFR ”) (denoted as “S”) and generally reset periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2023 . For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at March 31, 2023 . Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned. Portfolio company formerly known as (fka) Cobham Holdings Inc. Portfolio company formerly known as (fka) Management Consulting Research, LLC. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of March 31, 2023, qualifying assets represented approximately 77.1 % of total assets as calculated in accordance with regulatory requirements. (12) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted): Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair First and Second Lien Debt Candle Media Co Ltd Delayed Draw 6/18/2027 $ 1,280 $ ( 58 ) Chromalloy Holdings LLC Revolver 11/23/2027 4,615 ( 174 ) Frontgrade Technologies Inc. Revolver 1/9/2028 5,250 ( 154 ) DFS Holding Company Delayed Draw 1/31/2029 4,615 ( 65 ) Faraday Buyer, LLC Delayed Draw 10/11/2028 3,167 ( 41 ) LJ Perimeter Buyer, Inc Delayed Draw 10/31/2028 5,265 ( 66 ) Natural Partners, Inc. Revolver 11/29/2027 2,813 ( 86 ) Wood Mackenzie, Inc. Revolver 2/1/2028 2,963 ( 88 ) Systems Planning and Analysis, Inc. Delayed Draw 8/16/2027 4,704 ( 160 ) Systems Planning and Analysis, Inc. Revolver 8/16/2027 2,240 ( 93 ) Total Unfunded Commitments $ 36,913 $ ( 985 ) The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. F oreign countries include Canada (denoted as “CN”), Luxembourg (denoted as “LU”), Spain (denoted as “ES”) and the United Kingdom (denoted as “UK”). The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of December 31, 2022, qualifying assets represented approximately 80.8 % of total assets as calculated in accordance with regulatory requirements. The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Canada (denoted as “CN”), Luxembourg (denoted as “LU”), Spain (denoted as “ES”) and the United Kingdom (denoted as “UK”). For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2022. Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned. Investment was on non-accrual status as of March 31, 2023, meaning that the Company has ceased recognizing interest income on these investments. As of March 31, 2023, debt investments on non-accrual status represented 0.9 % and 0.3 % of total investments on an amortized cost basis and fair value basis, respectively. Investment was on non-accrual status as of December 31, 2022, meaning that the Company has ceased recognizing interest income on these investments. As of December 31, 2022, debt investments on non-accrual status represented 1.1 % and 0.4 % of total investments on an amortized cost basis and fair value basis, respectively. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Unaudited) (Derivatives) € in Thousands, $ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 EUR (€) | |
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (1,580) | $ (336) | |||
Total derivative asset | $ (1,580) | ||||
% of Net Assets | (0.30%) | (0.10%) | (0.30%) | (0.10%) | (0.10%) |
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts - Derivative Counterparty Goldman Sachs International Settlement Date June 21, 2023 | |||||
Schedule of Investments [Line Items] | |||||
Settlement Date | Jun. 21, 2023 | ||||
Amount Purchased | $ 97,042 | ||||
Amount Sold | $ 133,162 | ||||
Fair Value | $ (1,580) | ||||
% of Net Assets | (0.30%) | (0.30%) | |||
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts One - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023 | |||||
Schedule of Investments [Line Items] | |||||
Settlement Date | Mar. 15, 2023 | ||||
Amount Purchased | $ 13,574 | ||||
Amount Sold | € | € 12,688 | ||||
Fair Value | $ (78) | ||||
% of Net Assets | 0% | 0% | 0% | ||
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Three - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023 | |||||
Schedule of Investments [Line Items] | |||||
Settlement Date | Mar. 15, 2023 | ||||
Amount Purchased | $ 3,151 | ||||
Amount Sold | $ 2,336 | ||||
Fair Value | $ (6) | ||||
% of Net Assets | 0% | 0% | 0% | ||
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Two - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023 | |||||
Schedule of Investments [Line Items] | |||||
Settlement Date | Mar. 15, 2023 | ||||
Amount Purchased | $ 43,460 | ||||
Amount Sold | $ 59,121 | ||||
Fair Value | $ (252) | ||||
% of Net Assets | (0.10%) | (0.10%) | (0.10%) |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Percentage of non-qualifying assets to total assets | 70% | 70% |
Percentage of qualifying assets to total assets | 77.10% | 80.80% |
Percentage of investments on an amortized cost basis | 0.90% | 1.10% |
Percentage of investments on fair value basis | 0.30% | 0.40% |
Money Market Fund | ||
Schedule of Investments [Line Items] | ||
Interest earning income | $ 29,741 | $ 26,891 |
Average yield | 2.66% | 1.59% |
Controlled | ||
Schedule of Investments [Line Items] | ||
Percentage of outstanding voting securities owned | 25% | 25% |
Non-controlled | ||
Schedule of Investments [Line Items] | ||
Percentage of outstanding voting securities owned | 25% | 25% |
Non-affiliated | ||
Schedule of Investments [Line Items] | ||
Percentage of outstanding voting securities owned | 5% | 5% |
Affiliated | ||
Schedule of Investments [Line Items] | ||
Percentage of outstanding voting securities owned | 5% | 5% |
Consolidated Schedule of Inve_4
Consolidated Schedule of Investments (Unaudited) ( Unfunded Commitments) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Unfunded Commitment | $ 36,913 | $ 25,253 |
Fair Value | $ (985) | $ (707) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Candle Media Co Ltd Commitment Type Delayed Draw Commitment Expiration Date 6/18/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Jun. 18, 2027 | Jun. 18, 2027 |
Unfunded Commitment | $ 1,280 | $ 1,280 |
Fair Value | $ (58) | $ (63) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Chromalloy Holdings LLC Commitment Type Revolver Commitment Expiration Date 11/23/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Nov. 23, 2027 | Nov. 23, 2027 |
Unfunded Commitment | $ 4,615 | $ 4,615 |
Fair Value | $ (174) | $ (182) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt DFS Holding Company Commitment Type Delayed Draw Commitment Expiration Date 1/31/2029 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Jan. 31, 2029 | |
Unfunded Commitment | $ 4,615 | |
Fair Value | $ (65) | |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Faraday Buyer, LLC Commitment Type Delayed Draw Commitment Expiration Date 10/11/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Oct. 11, 2028 | Oct. 11, 2028 |
Unfunded Commitment | $ 3,167 | $ 3,167 |
Fair Value | $ (41) | $ (45) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Frontgrade Technologies Inc. Commitment Type Revolver Commitment Expiration Date 1/9/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Jan. 09, 2028 | |
Unfunded Commitment | $ 5,250 | |
Fair Value | $ (154) | |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt LJ Perimeter Buyer, Inc Commitment Type Delayed Draw Commitment Expiration Date 10/31/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Oct. 31, 2028 | Oct. 31, 2028 |
Unfunded Commitment | $ 5,265 | $ 5,538 |
Fair Value | $ (66) | $ (76) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Nov. 29, 2027 | |
Unfunded Commitment | $ 2,813 | |
Fair Value | $ (86) | |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 3/15/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Mar. 15, 2028 | |
Unfunded Commitment | $ 2,813 | |
Fair Value | $ (94) | |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Systems Planning and Analysis, Inc. Commitment Type Delayed Draw Commitment Expiration Date 8/16/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Aug. 16, 2027 | Aug. 16, 2027 |
Unfunded Commitment | $ 4,704 | $ 4,704 |
Fair Value | $ (160) | $ (134) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Systems Planning and Analysis, Inc. Commitment Type Revolver Commitment Expiration Date 8/16/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Aug. 16, 2027 | Aug. 16, 2027 |
Unfunded Commitment | $ 2,240 | $ 3,136 |
Fair Value | (93) | (113) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Total Unfunded Commitments | ||
Schedule of Investments [Line Items] | ||
Unfunded Commitment | 36,913 | 25,253 |
Fair Value | $ (985) | $ (707) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Wood Mackenzie, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Feb. 01, 2028 | |
Unfunded Commitment | $ 2,963 | |
Fair Value | $ (88) |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization MSD Investment Corp. (together with its consolidated subsidiary, the “ Company ”), was originally established as a Delaware limited liability company on February 18, 2021, converted to a Maryland limited liability company named MSD Investment, LLC on October 22, 2021 and converted into a Maryland corporation (the “ Corporate Conversion ” ) effective January 1, 2022, pursuant to Articles of Conversion filed on December 28, 2021. In connection with the Corporate Conversion the Company changed its name from “MSD Investment, LLC” to “MSD Investment Corp.” As a result of the Corporate Conversion, the issued and outstanding equity interests of MSD Investment, LLC were converted into a corresponding number of shares of common stock, par value $ 0.001 per share, of the Company (“ Shares ,” and each a “ Share ”), and each holder of equity interests of MSD Investment, LLC became a shareholder of the Company (collectively “ Shareholders ”). The Company is structured as an externally managed, non-diversified closed-end investment company. On December 29, 2021, the Company elected to be regulated as a business development company (“ BDC ”) under the Investment Company Act of 1940, as amended (the “ 1940 Act ”). In addition, the Company intends to be treated for U.S. federal income tax purposes, as a regulated investment company (“ RIC ”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “ Code ”). On January 1, 2023, the Adviser completed the previously announced business combination with BDT & Company Holdings, L.P. (the “ Transaction ”), and its subsidiaries, which includes BDT Capital Partners, LLC (“ BDT Capital ”), a SEC-registered investment adviser, and BDT & MSD Partners, LLC, a SEC registered broker-dealer and member of the Financial Industry Regulatory Authority (“ FINRA ”). Upon the closing of the Transaction, BDT & Company Holdings, L.P. was renamed BDT & MSD Holdings, L.P. (“ BDT ”) and BDT, and its subsidiaries, became affiliates of the Adviser and the Company. The Company’s investment objective is to invest in a broad range of portfolio companies, primarily through senior secured loans and notes where we believe the probability of losses are limited and the opportunity to generate attractive risk adjusted returns is maximized. The Adviser (as defined below) expects to execute this strategy by continuing its long history of leveraging its network to source and diligence what it believes to be attractive opportunities across a broad range of industries. The strategy will be executed by a team of experienced investment professionals who have more than a 20-year history of successfully deploying capital in both liquid and illiquid investments. The Company has entered into an investment advisory agreement (the “ Original Advisory Agreement ”) with MSD Partners, L.P., a Delaware limited partnership (the “ Adviser ”) under which the Adviser provides certain investment advisory and management services to the Company. Additionally, the company has entered into an administrative services agreement (the “ Original Administration Agreement ”) with MSD Partners, L.P. (in this capacity the “ Administrator ” and, collectively in its role as the Adviser “ MSD ”) under which the Administrator provides certain administrative and other services necessary for the Company to operate. Effective January 1, 2023, MSD Investment Corp. (the “ Company ”) entered into a new investment advisory agreement (the “ Advisory Agreement ”), by and between the Company and the Adviser and a new administrative agreement (the “ Administration Agreement ” and together with the New Advisory Agreements, the “ New Agreements ”), by and between the Company and the Administrator. The terms of the New Agreements are substantially identical to those of the Original Advisory Agreement and Original Administrative Agreement, respectively, except that the reimbursement required to be made to the Administrator by the Company will be capped such that the amounts will not exceed an amount of 0.15 % of total gross assets of the Company in any one calendar year. MSD BDC SPV I, LLC (“ SPV I ”) is a Delaware limited liability company formed on June 14, 2021 and commenced operations on December 21, 2021, the date the first investment transaction closed. SPV I’s investment objectives are the same as the Company. MSD BDC SPV I, LLC (“ SPV II ” and together with SPV I, the “ SPVs ”) is a Delaware limited liability company formed on January 4, 2023 and commenced operations on March 31, 2023. The SPVs are wholly owned subsidiaries of the Company and are consolidated in these consolidated financial statements, in accordance with the Company’s consolidation policy discussed in Note 2 Significant Accounting Policies . The Company may from time to time conduct a private offering (each a “ Private Offering ”) of its common shares of beneficial interest (i) to accredited investors, as defined in Regulation D under the Securities Act of 1933, as amended (the “ 1933 Act ”), and (ii) in the case of Shares sold outside the United States, to persons that are not “U.S. persons,” as defined in Regulation S under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. At each closing of the Private Offering, each investor makes a capital commitment (“ Capital Commitments ”) to purchase Shares of the beneficial interest of the Company pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their Capital Commitments on an as-needed basis each time the Company delivers a notice to investors. The first closing date (the “ Initial Closing Date ”) took place on December 21, 2021. Additional closings are expected to occur from time to time as determined by the Company (each, a “ Subsequent Closing ”), and the final such closing (the “ Final Closing ”) will occur no later than the fifth anniversary of the Initial Closing Date, subject to a one-year extension at the discretion of the Board of Directors of the Company (the “ Board ”) (the “ Commitment Period ” ). The proceeds received at the Initial Closing Date of the sale of Shares hereunder were used to acquire the initial portfolio of the Company from several funds managed by the Adviser or its affiliates prior to the Corporate Conversion. Following the Initial Closing Date, proceeds from the sale of Shares were used to acquire investments in accordance with the Company’s investment guidelines and for other permitted purposes. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation Management has determined that the Company meets the definition of an investment company and adheres to the accounting and reporting guidance in Accounting Standards Codification (“ ASC ”) Topic 946, Financial Services – Investment Companies (“ ASC 946 ”) issued by the Financial Accounting Standards Board (“ FASB ”). Accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) for an investment company requires investments to be recorded at fair value. The accompanying consolidated financial statements and related financial information have been prepared in accordance U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the 1933 Act. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates under different assumptions and conditions. Basis of Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, these deposits may exceed the Federal Deposit Insurance Corporation insured limit. Restricted Cash Restricted cash consists of cash collateral that has been pledged to cover obligations of the Company according to its derivative contracts and demand deposits held at Goldman Sachs International, in addition to cash funded to escrow for prefunding deals. Management believes the credit risk related to its demand deposits is minimal. Investments Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received from a sale or paydown and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Valuation of Investments The Company measures the value of its investments in accordance with ASC Topic 820, F air Value Measurement and Disclosures (“ ASC 820 ”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 defines hierarchical levels of fair value that prioritize and rank the level of observability of inputs used in determination of fair value. These levels are summarized below: • Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives and money market/short-term investment funds are generally included in Level 1. • Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. Investments generally included in this category less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. • Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category include investments in privately-held entities, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall within different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Depending on the relative liquidity in the markets for certain investments, the Company may transfer investments to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are severely limited, or not available, or otherwise not reliable. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and the consideration of factors specific to the investment. Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. eastern time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value, subject to the oversight and approval of the Board. Such determination of fair values may involve subjective judgments and estimates, although the Company will also engage independent valuation providers to review the valuation of each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation at least once annually. With respect to unquoted securities, the Adviser, together with any independent valuation advisers, and subject to the oversight of the Board, will fair value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings. The Company intends to retain one or more independent providers of financial advisory services to assist the Adviser and the Board by performing certain third-party valuation services. The Company may appoint additional or different third-party valuation firms in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Board will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the board of directors using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material. On a quarterly basis, with respect to investments for which market quotations are not readily available, the Adviser will undertake a multi-step valuation process, as described below: • Securities for which no market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party’s estimate, of the fair value as of the date of determination, and provided to the Adviser’s valuation committee; • Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee; • Agreed upon valuation recommendations are presented to the audit committee of the Board (the “ Audit Committee ”); • At least once annually, the valuation for each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and • The Board will then discuss valuations and determine the fair value of each investment in the Company’s portfolio in good faith, based on the input of the Adviser, the respective independent valuation firms and the audit committee. The Company utilizes several valuation techniques that use unobservable pricing inputs and assumptions in determining the fair value of its Level 3 investments. The valuation techniques, as well as the key unobservable inputs that have a significant impact on the Company’s investments classified and valued as Level 3 in the valuation hierarchy, are described in Note 6. Fair Value Measurements . The unobservable inputs and assumptions may differ by asset and in the application of the Company's valuation methodologies. The reported fair value estimates could vary materially if the Company had chosen to incorporate different unobservable inputs and assumptions. All values assigned to investments by the procedures established by the Board will be binding on all Company investors. When pricing of the Company’s Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company's portfolio investments. The determination of fair value involves subjective judgements and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market value, the fair value of investments may differ materially from the values that would have been determined had a readily available market value existed for such investments. Further, such investments are generally less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment that does not have a readily available market value in a forced or liquidation sale, the Company could realize significantly less value than the value recorded by the Company. Securities and Exchange Commission (“SEC”) Disclosure Update and Simplification In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices. New Rule 2a-5 under the 1940 Act (“ Rule 2a-5 ”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit (but not require) boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“ Rule 31a-4 ”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our Board has not elected to designate the Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. Receivables/Payables From Investments Sold/Purchased Receivables/payables from investments sold/purchased consist of amounts receivable or payable by the Company for transactions that have not settled at the reporting date. Foreign Currency Transactions Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the consolidated statements of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. Derivative Instruments Derivative instruments solely consist of foreign currency forward contracts. All derivative instruments as assets or liabilities are recognized at fair value in the consolidated financial statements. Foreign currency forward contracts are not designated as hedging instruments, and as a result, changes in fair value through net change in unrealized appreciation (depreciation) on foreign currency forward contracts are presented in the consolidated statements of operations. Realized gains and losses that occur upon the cash settlement of the foreign currency forward contracts are included in net realized gains (losses) on foreign currency forward contracts on the consolidated statements of operations. Revenue Recognition Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums are recorded as interest income in the current period. The Company has investments in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the consolidated statement of operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized income is generally reversed through interest income. To maintain the Company’s status as a RIC after the Corporate Conversion, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. If the portfolio company's valuation indicates the value of the PIK security is not sufficient to cover the contractual PIK interest, the Company will not accrue additional PIK interest income and will record an allowance for any accrued PIK interest receivable as a reduction of interest income in the period the Company determines it is not collectible. Debt investments are generally placed on non-accrual status when interest payments are at least 90 days past due or there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Dividend Income Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. Organization Expenses and Offering Expenses Costs associated with the organization of the Company were expensed on the Company's consolidated statement of operations as incurred. These expenses consist primarily of legal fees and other costs of forming and organizing the Company. Costs associated with the offering of the Company’s Shares, and any additional expenses for other offerings, are capitalized and included in prepaid expenses and other assets on the consolidated statement of assets and liabilities and amortized over a twelve-month period beginning with the commencement of operations or the point in time when the cost was incurred if after the commencement of operations. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s Private Offering of its Shares. Deferred Financing Costs and Debt Issuance Costs Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs are presented in the consolidated statement of assets and liabilities as a direct deduction of the debt liability to which the costs pertain. Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. The Company intends to elect to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income. The Company is generally subject to a 4% nondeductible federal excise tax if it does not distribute to its shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. The Company follows ASC 740, Income Taxes (“ ASC 740 ”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the Company to evaluate tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company’s tax returns are subject to tax examination by major taxing authorities for a period of three years from when they are filed. The Company is additionally not awa re of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded on the accompanying consolidated financial statements as of both March 31, 2023 and December 31, 2022. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statement of operations. During the three months ended March 31, 2023 and 2022 , the Company did no t incur any interest or penalties. Prior to the Corporate Conversion, the Company was treated as a partnership for U.S. tax purposes and incurred no federal, state, city, or foreign income tax liability on income earned during that period. Instead, each partner reported his or her share of the Company's income, capital gain/(loss) and credit on his or her own tax return. Consequently, no provision for income taxes had been recorded in the consolidated financial statements. Distributions To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its Shareholders. Distributions to Shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Recent Accounting Pronouncements In January 2021, the FASB issued Accounting Standards Update 2021-01 (“ ASU 2021-01 ”), Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2021-01 is effective for all entities through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update 2022-06 (“ ASU 2022-06 “) to defer the sunset date of ASC 848 until December 31, 2024. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has evaluated and will continue to evaluate the adoption of ASU 2021-01 and determined it has no material impact on its consolidated financial statements at this time. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Note 3. Agreements and Related Party Transactions Initial Portfolio Acquisition Commencing on the Initial Closing Date and concluding prior to the Company's election to be regulated as a BDC, the Company completed its purchase of a portfolio of investments (the “ Initial Portfolio ”) pursuant to agreements entered into with several funds managed by the Adviser (the “ Initial Portfolio Acquisition ”). Subsequent to the Initial Portfolio Acquisition the Company elected to be regulated as a BDC. Investment Advisory Agreement On November 24, 2021, the Company entered into the Original Advisory Agreement with the Adviser, pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis. Effective January 1, 2023, the Company entered into the Advisory Agreement. The terms of the Advisory Agreement are substantially identical to those of the Original Advisory Agreement. Pursuant to the Advisory Agreement the Adviser is responsible for managing the investment and reinvestment of the assets of the Company, subject to the supervision of the Board, in accordance with the investment objective, policies and restrictions that are set forth in the Company’s registration statement on Form 10. For its services, the Adviser is entitled to receive a base management fee and an incentive fee as set forth in the New Advisory Agreement. The Advisory Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by the vote of a majority of the Board, in accordance with the requirements of the 1940 Act, or by the Adviser. Additionally, the Advisory Agreement will automatically terminate in event of an assignment. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the Board who are not “interested persons” according to section 2(a)(19) of the 1940 Act (each an “ Independent Director ”) and (ii) the Board or the holders of a majority of the Company's outstanding voting securities. From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods and services, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components: a management fee (the “ Management Fee ”) and an incentive fee (the “ Incentive Fee ”). The cost of both the Management Fee and the Incentive Fee will ultimately be borne by the Shareholders. Management Fee The Management Fee is payable quarterly in arrears and shall be calculated as follows: • Prior to an initial public offering of the Company’s common stock and/or listing on a nationally recognized stock exchange (an “ Exchange Listing ” ), the Management Fee shall be calculated at a rate of 0.1875 % per quarter ( 0.75 % per annum) of the Company’s average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters. • Following an Exchange Listing, the Management Fee will be calculated at a rate of 0.3125 % per quarter ( 1.25 % per annum) of the Company's average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters (or for the first quarter following an Exchange Listing, the average gross assets as of the date of the Exchange Listing and the end of such calendar quarter). For purposes of the Advisory Agreement, gross assets means the Company’s total assets determined on a consolidated basis in accordance with U.S. GAAP, including assets purchased with borrowed amounts. For avoidance of a doubt total assets does not include any undrawn Capital Commitments. For the first calendar quarter in which the Company had operations, gross assets were measured as the average of gross assets at the Initial Drawdown Date and at the end of such first calendar quarter. The Management Fee will be appropriately adjusted for any share issuances or repurchases during the applicable period. If an Exchange Listing occurs on a date other than the first day of a calendar quarter, the management fee will be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the Exchange Listing based on the number of days in such calendar quarter before and after the Exchange Listing. Incentive Fees The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income (the “ Income-Based Fee ”) and the other component is based on capital gains (the “ Capital Gains Fee ”) , each as described below: The Company pays the Income-Based Fee with respect to the pre-incentive fee net investment income in each calendar quarter as follows: • No income-based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of our net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5 %; • 100 % of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.77 % ( 7.06 % annualized) of the value of the Company’s net assets at the beginning of each applicable calendar quarter. This “catch-up” portion is meant to provide the Adviser with approximately 15 % of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch-up” is achieved; and • 15 % of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.77 % ( 7.06 % annualized). These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year in an amount equal to 15 % of realized capital gains, if any, on a cumulative basis from inception through the end of each 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 gain incentive fees as calculated in accordance with U.S. GAAP. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. Administration Agreement On November 24, 2021, the Company entered into the Original Administration Agreement with the Administrator. Under the terms of the Original Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to Shareholders and reports filed with the United States SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies. Effective January 1, 2023, the Company entered into the Administration Agreement (the “ Administration Agreement ”). The terms of the Administration Agreement are substantially similar to the prior administration agreement that was executed on November 24, 2021, except that the reimbursements required to be made to the Administrator by the Company will be capped such that the amounts will not exceed an amount of 0.15 % of the total gross assets of the Company in any one calendar year. Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping, recordkeeping and other administrative services at such facilities The Administration Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by a vote of the outstanding voting securities of the Company, by the vote of a majority of the Board, or by the Administrator. Unless earlier terminated, the Investment Advisory Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the Independent Directors and (ii) the Board or the holders of a majority of the Company's outstanding voting securities For providing these services, the Company will reimburse the Administrator for its costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, information technology, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of MSD or any of its affiliates, subject to the Administration Cap. Co-Investment Transactions Exemptive Relief The Company was granted an SEC exemptive order, which grants the Company exemptive relief permitting the Company subject to the satisfaction of specific conditions and requirements, to co-invest in privately negotiated investment transactions with certain affiliates of the Adviser. License Agreement The Company has entered into a license agreement (the “ License Agreement ”), pursuant to which the Adviser has granted the Company a non-exclusive license to use the name “MSD.” Under the License Agreement, the Company has a right to use the MSD name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “MSD” name or logo. The following table presents the related party fees, expenses and transactions for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, Related Party Source Agreement & Description 2023 2022 Consolidated statement of operations: Adviser Advisory Agreement - management fees $ 2,026 $ 1,328 Adviser Advisory Agreement - income based incentive fee 3,030 1,289 Adviser Advisory Agreement - board of directors' fees 77 58 Adviser Advisory Agreement - capital gains incentive fee — ( 256 ) Administrator Administration Agreement - administration expense 548 413 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4. Investments The composition of the Company’s investment portfolio at amortized cost and fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 December 31, 2022 Amortized Cost Fair Value % of Total Investments at Fair Value Amortized Cost Fair Value % of Total Investments at Fair Value First lien debt $ 969,594 $ 951,303 80.13 % $ 774,611 $ 748,545 76.25 % Second lien debt 228,110 212,776 17.92 227,937 210,926 21.48 Preferred equity 29,745 23,156 1.95 28,519 22,267 2.27 Total investments $ 1,227,449 $ 1,187,235 100.00 % $ 1,031,067 $ 981,738 100.00 % The industry composition of investments at fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 December 31, 2022 Aerospace & Defense 10.02 % 7.04 % Automobile 0.19 0.20 Beverage, Food & Tobacco 1.61 1.92 Capital Equipment 4.29 5.16 Chemicals, Plastics & Rubber 3.40 3.91 Consumer goods: Durable 0.66 — Consumer goods: Non-durable 4.59 5.47 Energy: Oil & Gas 10.54 7.03 Healthcare & Pharmaceuticals 7.69 9.01 High Tech Industries 2.79 3.39 Hotel, Gaming & Leisure 5.48 6.58 Media: Advertising, Printing & Publishing 2.62 4.60 Media: Diversified & Production 7.63 9.21 Metals & Mining 0.27 0.32 Retail 4.55 2.33 Services: Business 14.05 12.90 Services: Consumer 13.85 16.62 Telecommunications 2.16 2.14 Wholesale 3.61 2.17 Total 100.00 % 100.00 % The geographic composition of investments at cost and fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets United States $ 1,066,906 $ 1,028,781 86.65 % 187.00 % Canada 102,312 100,154 8.44 18.20 Luxembourg 55,515 56,058 4.72 10.19 United Kingdom 2,716 2,242 0.19 0.41 Total $ 1,227,449 $ 1,187,235 100.00 % 215.80 % December 31, 2022 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets United States $ 915,615 $ 871,550 88.78 % 180.88 % Canada 46,666 44,014 4.48 9.13 Luxembourg 51,305 50,273 5.12 10.43 Spain 14,764 13,917 1.42 2.89 United Kingdom 2,717 1,984 0.20 0.41 Total $ 1,031,067 $ 981,738 100.00 % 203.74 % As of both March 31, 2023 and December 31, 2022, one investment in the portfolio was on non-accrual status. As of March 31, 2023, on a fair value basis, approximately 91.0 % of our performing debt investments bore interest at a floating rate and approximately 9.0 % of our performing debt investments bore interest at a fixed rate. As of December 31, 2022 , on a fair value basis, approximately 87.7 % of our performing debt investments bore interest at a floating rate and approximately 12.3 % of our performing debt investments bore interest at a fixed rate. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 5. Derivative Instruments The Company may enter into foreign currency forward contracts from time to time to facilitate the settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts; we attempt to limit counterparty risk by only dealing with well-known counterparties and those that it believes have the financial resources to honor their obligations. The foreign currency forward contracts open at the end of the period are generally indicative of the volume of activity during the period. The following tables present the open foreign currency forward contracts as of March 31, 2023 and December 31, 2022: March 31, 2023 Foreign Currency Settlement Date Statement Location Counterparty Amount Transacted Notional Value at Settlement Notional Value at Period End Fair Value CAD June 21, 2023 Unrealized depreciation on foreign currency forward contracts Goldman Sachs International CAD 133,162 $ 97,042 $ 98,622 $ ( 1,580 ) Total $ 97,042 $ 98,622 $ ( 1,580 ) December 31, 2022 Foreign Currency Settlement Date Statement Location Counterparty Amount Transacted Notional Value at Settlement Notional Value at Period End Fair Value EUR March 15, 2023 Unrealized depreciation on foreign currency forward contracts Goldman Sachs International € 12,688 $ 13,574 $ 13,652 $ ( 78 ) CAD March 15, 2023 Unrealized depreciation on foreign currency forward contracts Goldman Sachs International CAD 59,121 43,460 43,712 ( 252 ) CAD March 15, 2023 Unrealized depreciation on foreign currency forward contracts Goldman Sachs International CAD ( 3,151 ) ( 2,336 ) ( 2,330 ) ( 6 ) Total $ 54,698 $ 55,034 $ ( 336 ) The following table presents the net realized and unrealized gains and losses on derivative instruments recorded for the three months ended March 31, 2023: Statement Location For the Three Months Ended March 31, 2023 Net realized gains (losses) Foreign currency forward contracts Net realized gains (losses) on foreign currency forward contracts $ 606 Net change in unrealized appreciation (depreciation) Foreign currency forward contracts Net change in unrealized appreciation (depreciation) on foreign currency forward contracts $ ( 1,245 ) Net realized and unrealized gains on foreign currency forward contracts $ ( 639 ) There was no activity for the three months ended March 31, 2022. For derivatives traded under an International Swaps and Derivatives Association Master Agreement (“ ISDA Master Agreement ”), the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Company or the counterparty. Cash collateral that has been pledged, if any, to cover obligations of the Company and cash collateral received from the counterparty, if any, is reported on the consolidated statements of assets and liabilities as collateral deposits (received) for foreign currency forward contracts. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required. To the extent amounts due to the Company from a counterparty are not fully collateralized, the Company bears the risk of loss from counterparty non-performance. The following table presents the derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received for assets or pledged for liabilities as of March 31, 2023 and December 31, 2022: As of Counterparty Gross Derivative Assets in Statement of Assets and Liabilities Gross Derivative Liabilities in Statement of Assets and Liabilities Collateral Pledged (1) Net position of Derivative Assets, Liabilities and Pledged Collateral March 31, 2023 Goldman Sachs International $ — $ ( 1,580 ) $ 1,580 $ — As of Counterparty Gross Derivative Assets in Statement of Assets and Liabilities Gross Derivative Liabilities in Statement of Assets and Liabilities Collateral Pledged (1) Net position of Derivative Assets, Liabilities and Pledged Collateral December 31, 2022 Goldman Sachs International $ — $ ( 336 ) $ 336 $ — (1) Lesser of the amount pledged and the amount needed to offset the liability. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6. Fair Value Measurements The following tables present the fair value hierarchy of financial instruments, as of March 31, 2023 and December 31, 2022, according to the fair value hierarchy as described in Note 2. Significant Accounting Policies : March 31, 2023 Level 1 Level 2 Level 3 Total First lien debt $ — $ 315,657 $ 635,646 $ 951,303 Second lien debt — 85,099 127,677 212,776 Preferred equity — — 23,156 23,156 Cash and cash equivalents 99,625 — — 99,625 Total Portfolio Investments, Cash and Cash Equivalents $ 99,625 $ 400,756 $ 786,479 $ 1,286,860 Percentage of total 7.74 % 31.14 % 61.12 % 100.00 % Foreign currency forward contracts $ — $ ( 1,580 ) $ — $ — December 31, 2022 Level 1 Level 2 Level 3 Total First lien debt $ — $ 254,386 $ 494,159 $ 748,545 Second lien debt — 15,239 195,687 210,926 Preferred equity — — 22,267 22,267 Cash and cash equivalents 36,616 — — 36,616 Total Portfolio Investments, Cash and Cash Equivalents $ 36,616 $ 269,625 $ 712,113 $ 1,018,354 Percentage of total 3.60 % 26.48 % 69.93 % 100.00 % Foreign currency forward contracts $ — $ ( 336 ) $ — $ — The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 First Lien Debt Second Lien Debt Preferred Equity Total Investments Fair value, beginning of period $ 494,159 $ 195,687 $ 22,267 $ 712,113 Purchase of investments (including PIK) 212,848 — 1,443 214,291 Proceeds from principal repayments and sales of investments ( 34,411 ) — ( 214 ) ( 34,625 ) Amortization of premium/accretion of discount, net 823 97 ( 3 ) 917 Net realized gain (loss) on investments ( 683 ) — ( 1 ) ( 684 ) Net change in unrealized appreciation (depreciation) on investments 3,095 143 ( 336 ) 2,902 Transfers out of Level 3 (1) ( 40,185 ) ( 68,250 ) — ( 108,435 ) Fair value, end of period $ 635,646 $ 127,677 $ 23,156 $ 786,479 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2023 $ 2,248 $ 143 $ ( 336 ) $ 2,055 For the Three Months Ended March 31, 2022 First Lien Debt Second Lien Debt Preferred Equity Total Investments Fair value, beginning of period $ 269,162 $ 133,447 $ 24,697 $ 427,306 Purchase of investments (including PIK) 57,628 — 818 58,446 Proceeds from principal repayments and sales of investments ( 7,694 ) ( 37,763 ) — ( 45,457 ) Amortization of premium/accretion of discount, net 461 36 11 508 Net realized gain (loss) on investments 85 2,630 — 2,715 Net change in unrealized appreciation (depreciation) on investments ( 961 ) ( 842 ) ( 410 ) ( 2,213 ) Transfers out of Level 3 (1) ( 2,775 ) — — ( 2,775 ) Fair value, end of period $ 315,906 $ 97,508 $ 25,116 $ 438,530 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2022 $ ( 961 ) $ ( 853 ) $ ( 410 ) $ ( 2,224 ) (1) Transfers are done at the value of the investment at the beginning of the period. For the three months ended March 31, 2023 and 2022 four and one investments, respectively, were transferred from Level 3 to Level 2, as valuation coverage was not reduced to one or less independent pricing service. The Company generally employs the Income Based Approach (as described below) to estimate the fair value of the investment. Additionally, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company or any applicable collateral, in order to evaluate coverage of the Company’s debt investment. Income Based Approach: The Company may use a discounted cash flow analysis to estimate the fair value of the investment, specifically the yield method. Projected cash flows represent the relevant investment’s contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment’s expected maturity date. These cash flows are discounted at a rate that is calibrated to the initial transaction and monitored over time to adjust for changes in observed market spreads and yields since the issuance of the investment as well as changes in company specific factors. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing cash flow (typically EBITDA or revenue, or the relevant industry metric) multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company multiples to the portfolio company’s latest twelve month EBITDA, revenue or other applicable metric to calculate the enterprise value of the portfolio company. The Company may also consider projected multiples in the assessment if applicable. The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2023 and December 31, 2022, respectively. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. March 31, 2023 Range Fair Value Valuation Technique Unobservable Input (1) Low High Weighted Average (2) First lien debt $ 603,736 Market Yield Analysis Market Yield Discount Rates 9.98 % 24.10 % 13.93 % Second lien debt 127,678 Market Yield Analysis Market Yield Discount Rates 12.74 % 16.30 % 14.27 % Preferred equity 22,761 Market Yield Analysis Market Yield Discount Rates 17.53 % 20.94 % 19.24 % Total $ 754,175 December 31, 2022 Range Fair Value Valuation Technique Unobservable Input (1) Low High Weighted Average (2) First lien debt $ 408,366 Market Yield Analysis Market Yield Discount Rates 10.48 % 24.98 % 14.09 % 13,917 Recent Transaction Transaction Price 100.00 100.00 100.00 422,283 Second lien debt 127,437 Market Yield Analysis Market Yield Discount Rates 13.24 % 15.87 % 14.49 % 127,437 Preferred equity 22,267 Market Yield Analysis Market Yield Discount Rates 17.11 % 20.52 % 18.81 % Total $ 571,987 (1) The Company generally uses prices provided by an independent pricing service, or directly from an independent broker, which are indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Adviser in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of March 31, 2023 and December 31, 2022, the Company had investments of this nature measured at fair value totaling $ 32.3 million and $ 140.1 million , respectively. (2) Weighted averages are calculated based on fair value of investments. Financial Instruments Disclosed, But Not Carried at Fair Value Debt The fair value of the Company’s credit facilities, which would be categorized as Level 3 within the fair value hierarchy, as of both March 31, 2023 and December 31, 2022, respectively, approximates their carrying value as the credit facilities have variable interest based on selected short-term rates. Other The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 7. Borrowings In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. The Company’s outstanding debt obligations as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Aggregate Outstanding Carrying (1) Unused (2) Maturity Date SPV I Facility $ 485,000 $ 485,000 $ 480,864 $ — 12/21/2026 Subscription Facility 200,000 200,000 199,626 — 12/21/2023 Total $ 685,000 $ 685,000 $ 680,490 $ — December 31, 2022 Aggregate Outstanding Carrying (1) Unused (2) Maturity Date SPV I Facility $ 485,000 $ 392,000 $ 387,590 $ 93,000 12/21/2026 Subscription Facility 200,000 145,000 144,499 55,000 12/21/2023 Total $ 685,000 $ 537,000 $ 532,089 $ 148,000 (1) Carrying value is equal to outstanding principal amount net of unamortized financing costs. (2) The unused portion is the amount upon which commitment fees are based, if any. The components of interest expense for the three months ended March 31, 2023 and 2022 were as follows: For the Three Months Ended March 31, 2023 2022 Stated interest expense $ 10,938 $ 2,220 Unused/undrawn fees 31 258 Administration fees 295 250 Amortization of deferred financing costs 401 375 Total interest expense $ 11,665 $ 3,103 Average borrowings $ 634,462 $ 378,200 Weighted average interest rate (1) 7.10 % 2.89 % Amortization of financing costs 0.25 % 0.40 % Total borrowing costs 7.35 % 3.29 % (1) Calculated as the amount of the sum of stated interest expense, unused/undrawn fees, and administration fees all divided by the average borrowings during the reporting period. This number represents an annualized amount. Description of the Company's Credit Facilities SPV I Facility On December 21, 2021, SPV I, the Company’s wholly-owned subsidiary, entered into a senior secured revolving credit facility with Deutsche Bank AG, New York Branch (“ DB ”) (the “ SPV I Facility ”), which was subsequently amended on November 21, 2022 and December 16, 2022. DB serves as facility agent, U.S. Bank National Association, serves as collateral agent and collateral custodian and the Company serves as servicer under the SPV I Facility. As of the November 21, 2022 amendment advances under the SPV I Facility bear interest at a per annum rate equal to the three-month SOFR in effect, plus the applicable margin of 2.41 % per annum, inclusive of a credit spread adjustment (“ CSA ”) of 0.26 %, with a SOFR floor of 0.25 %. SPV I pays a commitment fee of 0.25 % per annum (or 0.50% per annum if borrowings are less than 75% of the commitment amount ) on the average daily unused amount of the financing commitments until the third anniversary of the SPV I Facility. Additionally, SPV I pays DB an administrative agent fee 0.25 % of the total commitment amount for serving as facility agent. Prior to the November 21, 2022 amendment, Advances under the SPV I Facility bore interest at a per annum rate equal to the three-month LIBOR in effect, plus the applicable margin of 2.15 % per annum with a LIBOR floor of 0.25 %. The commitment fee and the administrative agent fee were unchanged. The maximum commitment amount of the SPV I Facility which was $ 400 million as of December 31, 2021 increased to $ 485 million as of December 16, 2022. Proceeds from borrowings under the SPV I Facility may be used to fund portfolio investments by SPV I. The period during which SPV I may make borrowings under the SPV I Facility expires on December 31, 2024 and the SPV I Facility is scheduled to mature on December 21, 2026 . Subscription Facility On December 21, 2021, the Company entered into a senior secured revolving credit facility (the “ Subscription Facility ”) with Bank of America, N.A. (“ BAML ”). BAML serves as administrative agent and lender. The Subscription Facility provides for secured borrowings of up to $ 200 million. The maximum principal amount is subject to availability under the Subscription Facility, which is based on certain of the Company’s unfunded investor equity capital commitments, and restrictions imposed on borrowings under the 1940 Act. The Subscription Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $ 40 million. Proceeds from the borrowings under the Subscription Facility may be used for general corporate purposes of the Company and its subsidiaries in the ordinary course of business. On December 21, 2022, the Subscription Facility’s maturity date was extended from December 21, 2022 to December 21, 2023 . Advances under the Subscription Facility generally bear interest at a per annum rate equal to the daily Bloomberg Short-Term Bank Yield Index (“ BSBY ” ) rate in effect, plus the applicable margin of 2.00 % per annum. The Company pays a commitment fee of 0.25 % per annum on the average daily unused amount of the financing commitments. As of both March 31, 2023 and December 31, 2022 , respectively, the Company is in compliance with all covenants associated with both of its credit facilities. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Portfolio Company Commitments The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated statement of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. As of March 31, 2023 and December 31, 2022, the Company’s unfunded commitments consisted of the following: March 31, 2023 Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair First and Second Lien Debt Candle Media Co Ltd Delayed Draw 6/18/2027 $ 1,280 $ ( 58 ) Chromalloy Holdings LLC Revolver 11/23/2027 4,615 ( 174 ) Frontgrade Technologies Inc. Revolver 1/9/2028 5,250 ( 154 ) DFS Holding Company Delayed Draw 1/31/2029 4,615 ( 65 ) Faraday Buyer, LLC Delayed Draw 10/11/2028 3,167 ( 41 ) LJ Perimeter Buyer, Inc Delayed Draw 10/31/2028 5,265 ( 66 ) Natural Partners, Inc. Revolver 11/29/2027 2,813 ( 86 ) Wood Mackenzie, Inc. Revolver 2/1/2028 2,963 ( 88 ) Systems Planning and Analysis, Inc. Delayed Draw 8/16/2027 4,704 ( 160 ) Systems Planning and Analysis, Inc. Revolver 8/16/2027 2,240 ( 93 ) Total Unfunded Commitments $ 36,913 $ ( 985 ) December 31, 2022 Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair First and Second Lien Debt Candle Media Co Ltd Delayed Draw 6/18/2027 $ 1,280 $ ( 63 ) Chromalloy Holdings LLC Revolver 11/23/2027 4,615 ( 182 ) Faraday Buyer, LLC Delayed Draw 10/11/2028 3,167 ( 45 ) LJ Perimeter Buyer, Inc Delayed Draw 10/31/2028 5,538 ( 76 ) Natural Partners, Inc. Revolver 3/15/2028 2,813 ( 94 ) Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC) Delayed Draw 8/16/2027 4,704 ( 134 ) Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC) Revolver 8/16/2027 3,136 ( 113 ) Total Unfunded Commitments $ 25,253 $ ( 707 ) Other Commitments and Contingencies From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At both March 31, 2023 and December 31, 2022 , management was not aware of any pending or threatened material litigation. |
Net Assets
Net Assets | 3 Months Ended |
Mar. 31, 2023 | |
Net Assets [Abstract] | |
Net Assets | Note 9. Net Assets Subscriptions and Drawdowns In connection with its formation, the Company has the authority to issue up to 100 million shares. Through its Private Offerings the Company will from time to time enter into subscription agreements (the “ Subscription Agreements ”) with investors. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice. As of March 31, 2023 , the Company had received Capital Commitments totaling $ 1.1 billion ($ 502.6 million remaining undrawn), all of which were from affiliates of the Adviser. The following table summarizes the total shares issued and proceeds received related to the Com pany’s capital drawdowns delivered pursuant to the Subscription Agreements as of March 31, 2023: Share Issuance Date Number of Aggregate December 21, 2021 12,000,000 $ 299,988 June 23, 2022 2,509,410 $ 60,000 September 21, 2022 2,787,307 $ 65,000 December 29, 2022 2,991,256 $ 65,000 March 8, 2023 2,601,909 $ 60,000 Total 22,889,882 $ 549,988 Distributions The Company had declared the following distributions for the three months ended March 31, 2023 and 2022: Regular Special Per Share Date Declared Record Date Payment Date Distribution Distribution Amount Total Amount For Calendar Year 2023 March 13, 2023 March 29, 2023 April 17, 2023 $ 0.65 $ — $ 0.65 $ 16,073 $ 0.65 $ 16,073 For Calendar Year 2022 March 30, 2022 March 31, 2022 April 15, 2022 $ 0.57 $ 0.03 $ 0.60 $ 7,200 $ 0.60 $ 7,200 Dividend Reinvestment The Company has adopted a dividend reinvestment plan (“ DRP ”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its Shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company’s DRP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. A participating Shareholder will receive an amount of shares equal to the amount of the distribution on that participant’s shares divided by the most recent net asset value (“ NAV ”) per share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those Shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan. Shares issued under the dividend reinvestment plan will not reduce outstanding Capital Commitments. The following table summarizes the DRP shares issued to shareholders who have “opted in” to the DRP as of March 31, 2023 and the value of such shares as of the payment dates: Payment Date DRP Shares Value DRP Shares Issued April 15, 2022 $ 7,200 286,055 July 15, 2022 $ 9,321 373,593 October 17, 2022 $ 8,646 377,076 December 30, 2022 $ 18,056 801,437 $ 43,223 1,838,161 The Company had no DRP shares issued to shareholders during the three months ended March 31, 2023 and 2022 . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share during the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Net increase in net assets resulting from operations $ 24,387 $ 4,590 Weighted average shares outstanding 22,812,352 12,000,000 Earnings per share $ 1.07 $ 0.38 |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 11. Financial Highlights The following are the financial highlights for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Per Share Data: Net assets, beginning of period $ 21.78 $ 25.17 Net investment income (1) 0.76 0.63 Net realized gain (loss) (1) ( 0.03 ) 0.28 Net change in unrealized appreciation (depreciation) (2) 0.39 ( 0.53 ) Net increase in net assets resulting from operations 1.12 0.38 Distributions declared from net investment income (3) ( 0.65 ) ( 0.60 ) Total increase (decrease) in net assets 0.47 ( 0.22 ) Net assets, end of period $ 22.25 $ 24.95 Shares outstanding, end of period 24,728,043 12,000,000 Total return based on NAV (4) 5.21 % 1.48 % Ratios: Expenses to average net assets (5) 13.83 % 8.74 % Net investment income to average net assets (5) 13.14 % 9.88 % Portfolio turnover rate (6) 3.44 % 12.32 % Supplemental Data: Net assets, end of period $ 550,161 $ 299,388 Total capital commitments, end of period $ 1,052,651 $ 800,000 Ratios of total contributed capital to total committed capital, end of period 52.25 % 37.50 % Average debt outstanding $ 634,462 $ 378,200 Asset coverage ratio (7) 180.3 % 169.8 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the three months ended March 31, 2023 and 2022 the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 9 ). (4) Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period. (5) Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains). (6) Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported. (7) In accordance with the 1940 Act, with certain, limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150 % after such borrowing. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events The Company’s management evaluated subsequent events through the date of May 12, 2023, the date that the consolidated financial statements were available to be issued. On April 7, 2023, the Company issued a capital drawdown of its shareholders resulting in the issuance of 4,446,421 Shares for aggregate proceeds of $ 100.0 million. The Shares were issued on April 21, 2023. On April 14, 2023, the Company held a Subsequent Closing, resulting in additional Capital Commitments of $ 113.9 million. As of May 12, 2023 the Company had total Capital Commitments of $ 1,166.6 million. Subsequent to March 31, 2023 , the Company invested in the senior secured loans of Boasso Global, and Maxar Technologies, Inc. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Management has determined that the Company meets the definition of an investment company and adheres to the accounting and reporting guidance in Accounting Standards Codification (“ ASC ”) Topic 946, Financial Services – Investment Companies (“ ASC 946 ”) issued by the Financial Accounting Standards Board (“ FASB ”). Accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) for an investment company requires investments to be recorded at fair value. The accompanying consolidated financial statements and related financial information have been prepared in accordance U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the 1933 Act. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates under different assumptions and conditions. |
Basis of Consolidation | Basis of Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, these deposits may exceed the Federal Deposit Insurance Corporation insured limit. |
Restricted Cash | Restricted Cash Restricted cash consists of cash collateral that has been pledged to cover obligations of the Company according to its derivative contracts and demand deposits held at Goldman Sachs International, in addition to cash funded to escrow for prefunding deals. Management believes the credit risk related to its demand deposits is minimal. |
Investments | Investments Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received from a sale or paydown and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Receivables/Payables From Investments Sold/Purchased Receivables/payables from investments sold/purchased consist of amounts receivable or payable by the Company for transactions that have not settled at the reporting date. |
Valuation of Investments | Valuation of Investments The Company measures the value of its investments in accordance with ASC Topic 820, F air Value Measurement and Disclosures (“ ASC 820 ”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 defines hierarchical levels of fair value that prioritize and rank the level of observability of inputs used in determination of fair value. These levels are summarized below: • Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives and money market/short-term investment funds are generally included in Level 1. • Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. Investments generally included in this category less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. • Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category include investments in privately-held entities, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall within different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Depending on the relative liquidity in the markets for certain investments, the Company may transfer investments to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are severely limited, or not available, or otherwise not reliable. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and the consideration of factors specific to the investment. Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. eastern time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value, subject to the oversight and approval of the Board. Such determination of fair values may involve subjective judgments and estimates, although the Company will also engage independent valuation providers to review the valuation of each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation at least once annually. With respect to unquoted securities, the Adviser, together with any independent valuation advisers, and subject to the oversight of the Board, will fair value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings. The Company intends to retain one or more independent providers of financial advisory services to assist the Adviser and the Board by performing certain third-party valuation services. The Company may appoint additional or different third-party valuation firms in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Board will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the board of directors using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material. On a quarterly basis, with respect to investments for which market quotations are not readily available, the Adviser will undertake a multi-step valuation process, as described below: • Securities for which no market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party’s estimate, of the fair value as of the date of determination, and provided to the Adviser’s valuation committee; • Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee; • Agreed upon valuation recommendations are presented to the audit committee of the Board (the “ Audit Committee ”); • At least once annually, the valuation for each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and • The Board will then discuss valuations and determine the fair value of each investment in the Company’s portfolio in good faith, based on the input of the Adviser, the respective independent valuation firms and the audit committee. The Company utilizes several valuation techniques that use unobservable pricing inputs and assumptions in determining the fair value of its Level 3 investments. The valuation techniques, as well as the key unobservable inputs that have a significant impact on the Company’s investments classified and valued as Level 3 in the valuation hierarchy, are described in Note 6. Fair Value Measurements . The unobservable inputs and assumptions may differ by asset and in the application of the Company's valuation methodologies. The reported fair value estimates could vary materially if the Company had chosen to incorporate different unobservable inputs and assumptions. All values assigned to investments by the procedures established by the Board will be binding on all Company investors. When pricing of the Company’s Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company's portfolio investments. The determination of fair value involves subjective judgements and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market value, the fair value of investments may differ materially from the values that would have been determined had a readily available market value existed for such investments. Further, such investments are generally less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment that does not have a readily available market value in a forced or liquidation sale, the Company could realize significantly less value than the value recorded by the Company. |
Securities and Exchange Commission Disclosure Update and Simplification | Securities and Exchange Commission (“SEC”) Disclosure Update and Simplification In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices. New Rule 2a-5 under the 1940 Act (“ Rule 2a-5 ”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit (but not require) boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“ Rule 31a-4 ”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our Board has not elected to designate the Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. |
Foreign Currency Transactions | Foreign Currency Transactions Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the consolidated statements of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. |
Derivative Instruments | Derivative Instruments Derivative instruments solely consist of foreign currency forward contracts. All derivative instruments as assets or liabilities are recognized at fair value in the consolidated financial statements. Foreign currency forward contracts are not designated as hedging instruments, and as a result, changes in fair value through net change in unrealized appreciation (depreciation) on foreign currency forward contracts are presented in the consolidated statements of operations. Realized gains and losses that occur upon the cash settlement of the foreign currency forward contracts are included in net realized gains (losses) on foreign currency forward contracts on the consolidated statements of operations. |
Revenue Recognition | Revenue Recognition Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums are recorded as interest income in the current period. The Company has investments in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the consolidated statement of operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized income is generally reversed through interest income. To maintain the Company’s status as a RIC after the Corporate Conversion, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. If the portfolio company's valuation indicates the value of the PIK security is not sufficient to cover the contractual PIK interest, the Company will not accrue additional PIK interest income and will record an allowance for any accrued PIK interest receivable as a reduction of interest income in the period the Company determines it is not collectible. Debt investments are generally placed on non-accrual status when interest payments are at least 90 days past due or there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Dividend Income Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Other Income The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. |
Organization Expenses and Offering Expenses | Organization Expenses and Offering Expenses Costs associated with the organization of the Company were expensed on the Company's consolidated statement of operations as incurred. These expenses consist primarily of legal fees and other costs of forming and organizing the Company. Costs associated with the offering of the Company’s Shares, and any additional expenses for other offerings, are capitalized and included in prepaid expenses and other assets on the consolidated statement of assets and liabilities and amortized over a twelve-month period beginning with the commencement of operations or the point in time when the cost was incurred if after the commencement of operations. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s Private Offering of its Shares. |
Deferred Financing Costs and Debt Issuance Costs | Deferred Financing Costs and Debt Issuance Costs Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs are presented in the consolidated statement of assets and liabilities as a direct deduction of the debt liability to which the costs pertain. |
Income Taxes | Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. The Company intends to elect to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income. The Company is generally subject to a 4% nondeductible federal excise tax if it does not distribute to its shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. The Company follows ASC 740, Income Taxes (“ ASC 740 ”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the Company to evaluate tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company’s tax returns are subject to tax examination by major taxing authorities for a period of three years from when they are filed. The Company is additionally not awa re of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded on the accompanying consolidated financial statements as of both March 31, 2023 and December 31, 2022. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statement of operations. During the three months ended March 31, 2023 and 2022 , the Company did no t incur any interest or penalties. Prior to the Corporate Conversion, the Company was treated as a partnership for U.S. tax purposes and incurred no federal, state, city, or foreign income tax liability on income earned during that period. Instead, each partner reported his or her share of the Company's income, capital gain/(loss) and credit on his or her own tax return. Consequently, no provision for income taxes had been recorded in the consolidated financial statements. |
Distributions | Distributions To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its Shareholders. Distributions to Shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2021, the FASB issued Accounting Standards Update 2021-01 (“ ASU 2021-01 ”), Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2021-01 is effective for all entities through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update 2022-06 (“ ASU 2022-06 “) to defer the sunset date of ASC 848 until December 31, 2024. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has evaluated and will continue to evaluate the adoption of ASU 2021-01 and determined it has no material impact on its consolidated financial statements at this time. |
Agreements and Related Party _2
Agreements and Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Related Party Fees, Expenses and Transactions | The following table presents the related party fees, expenses and transactions for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, Related Party Source Agreement & Description 2023 2022 Consolidated statement of operations: Adviser Advisory Agreement - management fees $ 2,026 $ 1,328 Adviser Advisory Agreement - income based incentive fee 3,030 1,289 Adviser Advisory Agreement - board of directors' fees 77 58 Adviser Advisory Agreement - capital gains incentive fee — ( 256 ) Administrator Administration Agreement - administration expense 548 413 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Portfolio at Amortized Cost and Fair Value | The composition of the Company’s investment portfolio at amortized cost and fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 December 31, 2022 Amortized Cost Fair Value % of Total Investments at Fair Value Amortized Cost Fair Value % of Total Investments at Fair Value First lien debt $ 969,594 $ 951,303 80.13 % $ 774,611 $ 748,545 76.25 % Second lien debt 228,110 212,776 17.92 227,937 210,926 21.48 Preferred equity 29,745 23,156 1.95 28,519 22,267 2.27 Total investments $ 1,227,449 $ 1,187,235 100.00 % $ 1,031,067 $ 981,738 100.00 % |
Schedule of Industry Composition of Investments at Fair Value | The industry composition of investments at fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 December 31, 2022 Aerospace & Defense 10.02 % 7.04 % Automobile 0.19 0.20 Beverage, Food & Tobacco 1.61 1.92 Capital Equipment 4.29 5.16 Chemicals, Plastics & Rubber 3.40 3.91 Consumer goods: Durable 0.66 — Consumer goods: Non-durable 4.59 5.47 Energy: Oil & Gas 10.54 7.03 Healthcare & Pharmaceuticals 7.69 9.01 High Tech Industries 2.79 3.39 Hotel, Gaming & Leisure 5.48 6.58 Media: Advertising, Printing & Publishing 2.62 4.60 Media: Diversified & Production 7.63 9.21 Metals & Mining 0.27 0.32 Retail 4.55 2.33 Services: Business 14.05 12.90 Services: Consumer 13.85 16.62 Telecommunications 2.16 2.14 Wholesale 3.61 2.17 Total 100.00 % 100.00 % |
Schedule of Geographic Composition of Investments at Cost and Fair Value | The geographic composition of investments at cost and fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets United States $ 1,066,906 $ 1,028,781 86.65 % 187.00 % Canada 102,312 100,154 8.44 18.20 Luxembourg 55,515 56,058 4.72 10.19 United Kingdom 2,716 2,242 0.19 0.41 Total $ 1,227,449 $ 1,187,235 100.00 % 215.80 % December 31, 2022 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets United States $ 915,615 $ 871,550 88.78 % 180.88 % Canada 46,666 44,014 4.48 9.13 Luxembourg 51,305 50,273 5.12 10.43 Spain 14,764 13,917 1.42 2.89 United Kingdom 2,717 1,984 0.20 0.41 Total $ 1,031,067 $ 981,738 100.00 % 203.74 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Open Foreign Currency Forward Contracts | The following tables present the open foreign currency forward contracts as of March 31, 2023 and December 31, 2022: March 31, 2023 Foreign Currency Settlement Date Statement Location Counterparty Amount Transacted Notional Value at Settlement Notional Value at Period End Fair Value CAD June 21, 2023 Unrealized depreciation on foreign currency forward contracts Goldman Sachs International CAD 133,162 $ 97,042 $ 98,622 $ ( 1,580 ) Total $ 97,042 $ 98,622 $ ( 1,580 ) December 31, 2022 Foreign Currency Settlement Date Statement Location Counterparty Amount Transacted Notional Value at Settlement Notional Value at Period End Fair Value EUR March 15, 2023 Unrealized depreciation on foreign currency forward contracts Goldman Sachs International € 12,688 $ 13,574 $ 13,652 $ ( 78 ) CAD March 15, 2023 Unrealized depreciation on foreign currency forward contracts Goldman Sachs International CAD 59,121 43,460 43,712 ( 252 ) CAD March 15, 2023 Unrealized depreciation on foreign currency forward contracts Goldman Sachs International CAD ( 3,151 ) ( 2,336 ) ( 2,330 ) ( 6 ) Total $ 54,698 $ 55,034 $ ( 336 ) |
Schedule of Net Realized and Unrealized Gains and Losses on Derivative Instruments | The following table presents the net realized and unrealized gains and losses on derivative instruments recorded for the three months ended March 31, 2023: Statement Location For the Three Months Ended March 31, 2023 Net realized gains (losses) Foreign currency forward contracts Net realized gains (losses) on foreign currency forward contracts $ 606 Net change in unrealized appreciation (depreciation) Foreign currency forward contracts Net change in unrealized appreciation (depreciation) on foreign currency forward contracts $ ( 1,245 ) Net realized and unrealized gains on foreign currency forward contracts $ ( 639 ) |
Derivative Assets and Liabilities by Counterparty, Net of Amounts Available for Offset Under Master Netting Agreement or Similar Arrangement, and Net of Related Collateral Received for Assets or Pledged for Liabilities | The following table presents the derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received for assets or pledged for liabilities as of March 31, 2023 and December 31, 2022: As of Counterparty Gross Derivative Assets in Statement of Assets and Liabilities Gross Derivative Liabilities in Statement of Assets and Liabilities Collateral Pledged (1) Net position of Derivative Assets, Liabilities and Pledged Collateral March 31, 2023 Goldman Sachs International $ — $ ( 1,580 ) $ 1,580 $ — As of Counterparty Gross Derivative Assets in Statement of Assets and Liabilities Gross Derivative Liabilities in Statement of Assets and Liabilities Collateral Pledged (1) Net position of Derivative Assets, Liabilities and Pledged Collateral December 31, 2022 Goldman Sachs International $ — $ ( 336 ) $ 336 $ — (1) Lesser of the amount pledged and the amount needed to offset the liability. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Hierarchy of Financial Instruments | The following tables present the fair value hierarchy of financial instruments, as of March 31, 2023 and December 31, 2022, according to the fair value hierarchy as described in Note 2. Significant Accounting Policies : March 31, 2023 Level 1 Level 2 Level 3 Total First lien debt $ — $ 315,657 $ 635,646 $ 951,303 Second lien debt — 85,099 127,677 212,776 Preferred equity — — 23,156 23,156 Cash and cash equivalents 99,625 — — 99,625 Total Portfolio Investments, Cash and Cash Equivalents $ 99,625 $ 400,756 $ 786,479 $ 1,286,860 Percentage of total 7.74 % 31.14 % 61.12 % 100.00 % Foreign currency forward contracts $ — $ ( 1,580 ) $ — $ — December 31, 2022 Level 1 Level 2 Level 3 Total First lien debt $ — $ 254,386 $ 494,159 $ 748,545 Second lien debt — 15,239 195,687 210,926 Preferred equity — — 22,267 22,267 Cash and cash equivalents 36,616 — — 36,616 Total Portfolio Investments, Cash and Cash Equivalents $ 36,616 $ 269,625 $ 712,113 $ 1,018,354 Percentage of total 3.60 % 26.48 % 69.93 % 100.00 % Foreign currency forward contracts $ — $ ( 336 ) $ — $ — |
Summary of Changes in Fair Value of Financial Instruments for which Level 3 Inputs were used to Determine Fair Value | The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 First Lien Debt Second Lien Debt Preferred Equity Total Investments Fair value, beginning of period $ 494,159 $ 195,687 $ 22,267 $ 712,113 Purchase of investments (including PIK) 212,848 — 1,443 214,291 Proceeds from principal repayments and sales of investments ( 34,411 ) — ( 214 ) ( 34,625 ) Amortization of premium/accretion of discount, net 823 97 ( 3 ) 917 Net realized gain (loss) on investments ( 683 ) — ( 1 ) ( 684 ) Net change in unrealized appreciation (depreciation) on investments 3,095 143 ( 336 ) 2,902 Transfers out of Level 3 (1) ( 40,185 ) ( 68,250 ) — ( 108,435 ) Fair value, end of period $ 635,646 $ 127,677 $ 23,156 $ 786,479 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2023 $ 2,248 $ 143 $ ( 336 ) $ 2,055 For the Three Months Ended March 31, 2022 First Lien Debt Second Lien Debt Preferred Equity Total Investments Fair value, beginning of period $ 269,162 $ 133,447 $ 24,697 $ 427,306 Purchase of investments (including PIK) 57,628 — 818 58,446 Proceeds from principal repayments and sales of investments ( 7,694 ) ( 37,763 ) — ( 45,457 ) Amortization of premium/accretion of discount, net 461 36 11 508 Net realized gain (loss) on investments 85 2,630 — 2,715 Net change in unrealized appreciation (depreciation) on investments ( 961 ) ( 842 ) ( 410 ) ( 2,213 ) Transfers out of Level 3 (1) ( 2,775 ) — — ( 2,775 ) Fair value, end of period $ 315,906 $ 97,508 $ 25,116 $ 438,530 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2022 $ ( 961 ) $ ( 853 ) $ ( 410 ) $ ( 2,224 ) (1) Transfers are done at the value of the investment at the beginning of the period. For the three months ended March 31, 2023 and 2022 four and one investments, respectively, were transferred from Level 3 to Level 2, as valuation coverage was not reduced to one or less independent pricing service. |
Summary of Quantitative Information about Significant Unobservable Inputs of Level 3 financial instruments | The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2023 and December 31, 2022, respectively. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. March 31, 2023 Range Fair Value Valuation Technique Unobservable Input (1) Low High Weighted Average (2) First lien debt $ 603,736 Market Yield Analysis Market Yield Discount Rates 9.98 % 24.10 % 13.93 % Second lien debt 127,678 Market Yield Analysis Market Yield Discount Rates 12.74 % 16.30 % 14.27 % Preferred equity 22,761 Market Yield Analysis Market Yield Discount Rates 17.53 % 20.94 % 19.24 % Total $ 754,175 December 31, 2022 Range Fair Value Valuation Technique Unobservable Input (1) Low High Weighted Average (2) First lien debt $ 408,366 Market Yield Analysis Market Yield Discount Rates 10.48 % 24.98 % 14.09 % 13,917 Recent Transaction Transaction Price 100.00 100.00 100.00 422,283 Second lien debt 127,437 Market Yield Analysis Market Yield Discount Rates 13.24 % 15.87 % 14.49 % 127,437 Preferred equity 22,267 Market Yield Analysis Market Yield Discount Rates 17.11 % 20.52 % 18.81 % Total $ 571,987 (1) The Company generally uses prices provided by an independent pricing service, or directly from an independent broker, which are indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Adviser in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of March 31, 2023 and December 31, 2022, the Company had investments of this nature measured at fair value totaling $ 32.3 million and $ 140.1 million , respectively. (2) Weighted averages are calculated based on fair value of investments. |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt Obligations | The Company’s outstanding debt obligations as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Aggregate Outstanding Carrying (1) Unused (2) Maturity Date SPV I Facility $ 485,000 $ 485,000 $ 480,864 $ — 12/21/2026 Subscription Facility 200,000 200,000 199,626 — 12/21/2023 Total $ 685,000 $ 685,000 $ 680,490 $ — December 31, 2022 Aggregate Outstanding Carrying (1) Unused (2) Maturity Date SPV I Facility $ 485,000 $ 392,000 $ 387,590 $ 93,000 12/21/2026 Subscription Facility 200,000 145,000 144,499 55,000 12/21/2023 Total $ 685,000 $ 537,000 $ 532,089 $ 148,000 (1) Carrying value is equal to outstanding principal amount net of unamortized financing costs. (2) The unused portion is the amount upon which commitment fees are based, if any. |
Schedule of Components of Interest Expense | The components of interest expense for the three months ended March 31, 2023 and 2022 were as follows: For the Three Months Ended March 31, 2023 2022 Stated interest expense $ 10,938 $ 2,220 Unused/undrawn fees 31 258 Administration fees 295 250 Amortization of deferred financing costs 401 375 Total interest expense $ 11,665 $ 3,103 Average borrowings $ 634,462 $ 378,200 Weighted average interest rate (1) 7.10 % 2.89 % Amortization of financing costs 0.25 % 0.40 % Total borrowing costs 7.35 % 3.29 % (1) Calculated as the amount of the sum of stated interest expense, unused/undrawn fees, and administration fees all divided by the average borrowings during the reporting period. This number represents an annualized amount. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Unfunded Commitments | As of March 31, 2023 and December 31, 2022, the Company’s unfunded commitments consisted of the following: March 31, 2023 Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair First and Second Lien Debt Candle Media Co Ltd Delayed Draw 6/18/2027 $ 1,280 $ ( 58 ) Chromalloy Holdings LLC Revolver 11/23/2027 4,615 ( 174 ) Frontgrade Technologies Inc. Revolver 1/9/2028 5,250 ( 154 ) DFS Holding Company Delayed Draw 1/31/2029 4,615 ( 65 ) Faraday Buyer, LLC Delayed Draw 10/11/2028 3,167 ( 41 ) LJ Perimeter Buyer, Inc Delayed Draw 10/31/2028 5,265 ( 66 ) Natural Partners, Inc. Revolver 11/29/2027 2,813 ( 86 ) Wood Mackenzie, Inc. Revolver 2/1/2028 2,963 ( 88 ) Systems Planning and Analysis, Inc. Delayed Draw 8/16/2027 4,704 ( 160 ) Systems Planning and Analysis, Inc. Revolver 8/16/2027 2,240 ( 93 ) Total Unfunded Commitments $ 36,913 $ ( 985 ) December 31, 2022 Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair First and Second Lien Debt Candle Media Co Ltd Delayed Draw 6/18/2027 $ 1,280 $ ( 63 ) Chromalloy Holdings LLC Revolver 11/23/2027 4,615 ( 182 ) Faraday Buyer, LLC Delayed Draw 10/11/2028 3,167 ( 45 ) LJ Perimeter Buyer, Inc Delayed Draw 10/31/2028 5,538 ( 76 ) Natural Partners, Inc. Revolver 3/15/2028 2,813 ( 94 ) Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC) Delayed Draw 8/16/2027 4,704 ( 134 ) Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC) Revolver 8/16/2027 3,136 ( 113 ) Total Unfunded Commitments $ 25,253 $ ( 707 ) |
Net Assets (Tables)
Net Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Net Assets [Abstract] | |
Summary of Total Shares Issued and Proceeds Received Related to Capital Drawdowns Delivered | The following table summarizes the total shares issued and proceeds received related to the Com pany’s capital drawdowns delivered pursuant to the Subscription Agreements as of March 31, 2023: Share Issuance Date Number of Aggregate December 21, 2021 12,000,000 $ 299,988 June 23, 2022 2,509,410 $ 60,000 September 21, 2022 2,787,307 $ 65,000 December 29, 2022 2,991,256 $ 65,000 March 8, 2023 2,601,909 $ 60,000 Total 22,889,882 $ 549,988 |
Summary of Distributions Declared | The Company had declared the following distributions for the three months ended March 31, 2023 and 2022: Regular Special Per Share Date Declared Record Date Payment Date Distribution Distribution Amount Total Amount For Calendar Year 2023 March 13, 2023 March 29, 2023 April 17, 2023 $ 0.65 $ — $ 0.65 $ 16,073 $ 0.65 $ 16,073 For Calendar Year 2022 March 30, 2022 March 31, 2022 April 15, 2022 $ 0.57 $ 0.03 $ 0.60 $ 7,200 $ 0.60 $ 7,200 |
Summary of Dividend Reinvestment Plan Shares Issued to Shareholders and Value of Such Shares | The following table summarizes the DRP shares issued to shareholders who have “opted in” to the DRP as of March 31, 2023 and the value of such shares as of the payment dates: Payment Date DRP Shares Value DRP Shares Issued April 15, 2022 $ 7,200 286,055 July 15, 2022 $ 9,321 373,593 October 17, 2022 $ 8,646 377,076 December 30, 2022 $ 18,056 801,437 $ 43,223 1,838,161 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [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 during the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Net increase in net assets resulting from operations $ 24,387 $ 4,590 Weighted average shares outstanding 22,812,352 12,000,000 Earnings per share $ 1.07 $ 0.38 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Summary of Financial Highlights | The following are the financial highlights for the three months ended March 31, 2023 and 2022: For the Three Months Ended March 31, 2023 2022 Per Share Data: Net assets, beginning of period $ 21.78 $ 25.17 Net investment income (1) 0.76 0.63 Net realized gain (loss) (1) ( 0.03 ) 0.28 Net change in unrealized appreciation (depreciation) (2) 0.39 ( 0.53 ) Net increase in net assets resulting from operations 1.12 0.38 Distributions declared from net investment income (3) ( 0.65 ) ( 0.60 ) Total increase (decrease) in net assets 0.47 ( 0.22 ) Net assets, end of period $ 22.25 $ 24.95 Shares outstanding, end of period 24,728,043 12,000,000 Total return based on NAV (4) 5.21 % 1.48 % Ratios: Expenses to average net assets (5) 13.83 % 8.74 % Net investment income to average net assets (5) 13.14 % 9.88 % Portfolio turnover rate (6) 3.44 % 12.32 % Supplemental Data: Net assets, end of period $ 550,161 $ 299,388 Total capital commitments, end of period $ 1,052,651 $ 800,000 Ratios of total contributed capital to total committed capital, end of period 52.25 % 37.50 % Average debt outstanding $ 634,462 $ 378,200 Asset coverage ratio (7) 180.3 % 169.8 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) For the three months ended March 31, 2023 and 2022 the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions. (3) The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 9 ). (4) Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period. (5) Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains). (6) Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported. (7) In accordance with the 1940 Act, with certain, limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150 % after such borrowing. |
Organization - Additional Infor
Organization - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Administration Agreement | ||
Class of Stock [Line Items] | ||
Percentage of gross assets maximum to be considered on reimbursements to administrator | 0.15% |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | |||
Income tax examination description | The Company is generally subject to a 4% nondeductible federal excise tax if it does not distribute to its shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years. | ||
Income tax liability or expense | $ 0 | $ 0 | |
Unrecognized tax benefits income tax penalties and interest accrued | $ 0 | $ 0 |
Agreements and Related Party _3
Agreements and Related Party Transactions - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Percentage of management fee | 0.1875% | |
Management fees, description | The Management Fee is payable quarterly in arrears and shall be calculated as follows:•Prior to an initial public offering of the Company’s common stock and/or listing on a nationally recognized stock exchange (an “Exchange Listing”), the Management Fee shall be calculated at a rate of 0.1875% per quarter (0.75% per annum) of the Company’s average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters. •Following an Exchange Listing, the Management Fee will be calculated at a rate of 0.3125% per quarter (1.25% per annum) of the Company's average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters (or for the first quarter following an Exchange Listing, the average gross assets as of the date of the Exchange Listing and the end of such calendar quarter). | |
Incentive fee, description | The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income (the “Income-Based Fee”) and the other component is based on capital gains (the “Capital Gains Fee”) | |
Management Fee Second | ||
Related Party Transaction [Line Items] | ||
Percentage of management fee | 0.3125% | |
Advisory Agreement | ||
Related Party Transaction [Line Items] | ||
Incentive fee, description | These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. | |
Percentage of pre-incentive fee net investment income to be paid based on hurdle rate and values of net assets | 100% | |
Percentage of value of net assets to be considered quarterly for pre-incentive fee net investment income | 1.77% | |
Percentage of value of net assets to be considered annually for pre-incentive fee net investment income | 7.06% | |
Percentage of pre-incentive fee net investment income payable upon catch up threshold | 15% | |
Percentage of pre-incentive fee net investment income to be paid if rate of return exceeds | 15% | |
Percentage of rate of return to be considered quarterly for pre-incentive fee net investment income | 1.77% | |
Percentage of rate of return to be considered annually for pre-incentive fee net investment income | 7.06% | |
Capital gains incentive fee percent payable annually | 15% | |
Advisory Agreement | Maximum | ||
Related Party Transaction [Line Items] | ||
Percentage of hurdle rate | 1.50% | |
Administration Agreement | ||
Related Party Transaction [Line Items] | ||
Administrative fees, description | On November 24, 2021, the Company entered into the Original Administration Agreement with the Administrator. Under the terms of the Original Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to Shareholders and reports filed with the United States SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies. | |
Percentage of gross assets maximum to be considered on reimbursements to administrator | 0.15% | |
Termination notice period | 60 days | |
Scenario Forecast | ||
Related Party Transaction [Line Items] | ||
Percentage of management fee | 0.75% | |
Scenario Forecast | Management Fee Second | ||
Related Party Transaction [Line Items] | ||
Percentage of management fee | 1.25% |
Agreements and Related Party _4
Agreements and Related Party Transactions - Schedule of Related Party Fees, Expenses and Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Management fees | $ 2,026 | $ 1,328 |
Income based incentive fee | 3,030 | 1,289 |
Board of directors' fees | 77 | 58 |
Capital gains incentive fee | (256) | |
Administration expense | 677 | 491 |
Adviser | Advisory Agreement | ||
Related Party Transaction [Line Items] | ||
Management fees | 2,026 | 1,328 |
Income based incentive fee | 3,030 | 1,289 |
Board of directors' fees | 77 | 58 |
Capital gains incentive fee | (256) | |
Administrator | Administration Agreement | ||
Related Party Transaction [Line Items] | ||
Administration expense | $ 548 | $ 413 |
Investments - Schedule of Inves
Investments - Schedule of Investment Portfolio at Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 1,227,449 | $ 1,031,067 |
Fair Value | $ 1,187,235 | $ 981,738 |
% of Total Investments at Fair Value | 100% | 100% |
First Lien Debt | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 969,594 | $ 774,611 |
Fair Value | $ 951,303 | $ 748,545 |
% of Total Investments at Fair Value | 80.13% | 76.25% |
Second Lien Debt | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 228,110 | $ 227,937 |
Fair Value | $ 212,776 | $ 210,926 |
% of Total Investments at Fair Value | 17.92% | 21.48% |
Preferred Equity | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 29,745 | $ 28,519 |
Fair Value | $ 23,156 | $ 22,267 |
% of Total Investments at Fair Value | 1.95% | 2.27% |
Investments - Schedule of Indus
Investments - Schedule of Industry Composition of Investments at Fair Value (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 100% | 100% |
Aerospace & Defense | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 10.02% | 7.04% |
Automobile | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 0.19% | 0.20% |
Beverage, Food & Tobacco | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 1.61% | 1.92% |
Capital Equipment | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 4.29% | 5.16% |
Chemicals, Plastics & Rubber | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 3.40% | 3.91% |
Consumer Goods: Durable | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 0.66% | |
Consumer Goods: Non-Durable | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 4.59% | 5.47% |
Energy: Oil & Gas | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 10.54% | 7.03% |
Healthcare & Pharmaceuticals | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 7.69% | 9.01% |
High Tech Industries | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 2.79% | 3.39% |
Hotel, Gaming & Leisure | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 5.48% | 6.58% |
Media: Advertising, Printing & Publishing | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 2.62% | 4.60% |
Media: Diversified & Production | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 7.63% | 9.21% |
Metals & Mining | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 0.27% | 0.32% |
Retail | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 4.55% | 2.33% |
Services: Business | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 14.05% | 12.90% |
Services: Consumer | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 13.85% | 16.62% |
Telecommunications | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 2.16% | 2.14% |
Wholesale | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of investments at fair value | 3.61% | 2.17% |
Investments - Schedule of Geogr
Investments - Schedule of Geographic Composition of Investments at Cost and Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 1,227,449 | $ 1,031,067 |
Fair Value | $ 1,187,235 | $ 981,738 |
% of Total Investments at Fair Value | 100% | 100% |
Fair Value as % of Net Assets | 215.80% | 203.74% |
UNITED STATES | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 1,066,906 | $ 915,615 |
Fair Value | $ 1,028,781 | $ 871,550 |
% of Total Investments at Fair Value | 86.65% | 88.78% |
Fair Value as % of Net Assets | 187% | 180.88% |
CANADA | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 102,312 | $ 46,666 |
Fair Value | $ 100,154 | $ 44,014 |
% of Total Investments at Fair Value | 8.44% | 4.48% |
Fair Value as % of Net Assets | 18.20% | 9.13% |
LUXEMBOURG | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 55,515 | $ 51,305 |
Fair Value | $ 56,058 | $ 50,273 |
% of Total Investments at Fair Value | 4.72% | 5.12% |
Fair Value as % of Net Assets | 10.19% | 10.43% |
SPAIN | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 14,764 | |
Fair Value | $ 13,917 | |
% of Total Investments at Fair Value | 1.42% | |
Fair Value as % of Net Assets | 2.89% | |
UNITED KINGDOM | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 2,716 | $ 2,717 |
Fair Value | $ 2,242 | $ 1,984 |
% of Total Investments at Fair Value | 0.19% | 0.20% |
Fair Value as % of Net Assets | 0.41% | 0.41% |
Investments - Additional Inform
Investments - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Floating Rate | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of performing debt investments | 91% | 87.70% |
Fixed Rate | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of performing debt investments | 9% | 12.30% |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Open Foreign Currency Forward Contracts (Details) € in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 EUR (€) | |
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts | |||||
Derivative [Line Items] | |||||
Notional Value at Settlement | $ 97,042,000 | $ 54,698,000 | |||
Notional Value at Period End | 98,622,000 | 55,034,000 | |||
Fair Value | $ (1,580,000) | $ (336,000) | |||
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts - Derivative Counterparty Goldman Sachs International Settlement Date June 21, 2023 | |||||
Derivative [Line Items] | |||||
Settlement Date | Jun. 21, 2023 | ||||
Amount Transacted | $ 133,162 | ||||
Notional Value at Settlement | $ 97,042,000 | ||||
Notional Value at Period End | 98,622,000 | ||||
Fair Value | $ (1,580,000) | ||||
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts One - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023 | |||||
Derivative [Line Items] | |||||
Settlement Date | Mar. 15, 2023 | ||||
Amount Transacted | € | € 12,688 | ||||
Notional Value at Settlement | $ 13,574,000 | ||||
Notional Value at Period End | 13,652,000 | ||||
Fair Value | $ (78,000) | ||||
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Three - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023 | |||||
Derivative [Line Items] | |||||
Settlement Date | Mar. 15, 2023 | ||||
Amount Transacted | $ (3,151) | ||||
Notional Value at Settlement | $ (2,336,000) | ||||
Notional Value at Period End | (2,330,000) | ||||
Fair Value | $ (6,000) | ||||
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Two - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023 | |||||
Derivative [Line Items] | |||||
Settlement Date | Mar. 15, 2023 | ||||
Amount Transacted | $ 59,121 | ||||
Notional Value at Settlement | $ 43,460,000 | ||||
Notional Value at Period End | 43,712,000 | ||||
Fair Value | $ (252,000) |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Net Realized and Unrealized Gains and Losses on Derivative Instruments (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Derivative [Line Items] | |
Net realized gains (losses) on foreign currency forward contracts | $ 606 |
Foreign Currency Forward Contracts | |
Derivative [Line Items] | |
Net realized gains (losses) on foreign currency forward contracts | 606 |
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | (1,245) |
Net realized and unrealized gains on foreign currency forward contracts | $ (639) |
Derivative Instruments - Deriva
Derivative Instruments - Derivative Assets and Liabilities by Counterparty, Net of Amounts Available for Offset Under Master Netting Agreement or Similar Arrangement, and Net of Related Collateral Received for Assets or Pledged for Liabilities (Details) - Goldman Sachs International - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Gross Derivative Liabilities in Statement of Assets and Liabilities | $ (1,580) | $ (336) |
Collateral Pledged | $ 1,580 | $ 336 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | $ 22,267 | |
Total Portfolio Investments, Cash and Cash Equivalents | $ 1,286,860 | $ 1,018,354 |
Percentage of total | 100% | 100% |
First Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | $ 951,303 | $ 748,545 |
Second Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | 212,776 | 210,926 |
Preferred Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | 23,156 | |
Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 99,625 | 36,616 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments, Cash and Cash Equivalents | $ 99,625 | $ 36,616 |
Percentage of total | 7.74% | 3.60% |
Level 1 | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 99,625 | $ 36,616 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | ||
Total Portfolio Investments, Cash and Cash Equivalents | $ 400,756 | $ 269,625 |
Percentage of total | 31.14% | 26.48% |
Foreign currency forward contracts | $ (1,580) | $ (336) |
Level 2 | First Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | 315,657 | 254,386 |
Level 2 | Second Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | 85,099 | 15,239 |
Level 2 | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | 22,267 | |
Total Portfolio Investments, Cash and Cash Equivalents | $ 786,479 | $ 712,113 |
Percentage of total | 61.12% | 69.93% |
Level 3 | First Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | $ 635,646 | $ 494,159 |
Level 3 | Second Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | 127,677 | 195,687 |
Level 3 | Preferred Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Portfolio Investments | $ 23,156 | |
Level 3 | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Value of Financial Instruments for which Level 3 Inputs were used to Determine Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, beginning of period | $ 712,113 | |
Purchase of investments (including PIK) | 214,291 | |
Proceeds from principal repayments and sales of investments | (34,625) | |
Amortization of premium/accretion of discount, net | 917 | |
Net realized gain (loss) on investments | (684) | |
Net change in unrealized appreciation (depreciation) on investments | 2,902 | |
Transfers out of Level 3 | (108,435) | |
Fair value, end of period | 786,479 | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | 2,055 | |
First Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, beginning of period | 494,159 | |
Purchase of investments (including PIK) | 212,848 | |
Proceeds from principal repayments and sales of investments | (34,411) | |
Amortization of premium/accretion of discount, net | 823 | |
Net realized gain (loss) on investments | (683) | |
Net change in unrealized appreciation (depreciation) on investments | 3,095 | |
Transfers out of Level 3 | (40,185) | |
Fair value, end of period | 635,646 | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | 2,248 | |
Second Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, beginning of period | 195,687 | |
Amortization of premium/accretion of discount, net | 97 | |
Net change in unrealized appreciation (depreciation) on investments | 143 | |
Transfers out of Level 3 | (68,250) | |
Fair value, end of period | 127,677 | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | 143 | |
Preferred Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, beginning of period | 22,267 | |
Purchase of investments (including PIK) | 1,443 | |
Proceeds from principal repayments and sales of investments | (214) | |
Amortization of premium/accretion of discount, net | (3) | |
Net realized gain (loss) on investments | (1) | |
Net change in unrealized appreciation (depreciation) on investments | (336) | |
Fair value, end of period | 23,156 | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | $ (336) | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, beginning of period | $ 427,306 | |
Purchase of investments (including PIK) | 58,446 | |
Proceeds from principal repayments and sales of investments | (45,457) | |
Amortization of premium/accretion of discount, net | 508 | |
Net realized gain (loss) on investments | 2,715 | |
Net change in unrealized appreciation (depreciation) on investments | (2,213) | |
Transfers out of Level 3 | (2,775) | |
Fair value, end of period | 438,530 | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | (2,224) | |
Level 3 | First Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, beginning of period | 269,162 | |
Purchase of investments (including PIK) | 57,628 | |
Proceeds from principal repayments and sales of investments | (7,694) | |
Amortization of premium/accretion of discount, net | 461 | |
Net realized gain (loss) on investments | 85 | |
Net change in unrealized appreciation (depreciation) on investments | (961) | |
Transfers out of Level 3 | (2,775) | |
Fair value, end of period | 315,906 | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | (961) | |
Level 3 | Second Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, beginning of period | 133,447 | |
Proceeds from principal repayments and sales of investments | (37,763) | |
Amortization of premium/accretion of discount, net | 36 | |
Net realized gain (loss) on investments | 2,630 | |
Net change in unrealized appreciation (depreciation) on investments | (842) | |
Fair value, end of period | 97,508 | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | (853) | |
Level 3 | Preferred Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, beginning of period | 24,697 | |
Purchase of investments (including PIK) | 818 | |
Amortization of premium/accretion of discount, net | 11 | |
Net change in unrealized appreciation (depreciation) on investments | (410) | |
Fair value, end of period | 25,116 | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | $ (410) |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Changes in Fair Value of Financial Instruments for which Level 3 Inputs were used to Determine Fair Value (Parenthetical) (Details) - Investment | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Number of investments transferred from level 3 to level 2 | 4 | 1 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Quantitative Information about Significant Unobservable Inputs of Level 3 financial instruments (Details) - Level 3 $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 754,175 | |
Market Yield Analysis | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 571,987 | |
First Lien Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 422,283 | |
First Lien Debt [Member] | Market Yield Analysis | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 603,736 | $ 408,366 |
First Lien Debt [Member] | Market Yield Analysis | Maximum | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 24.10 | 24.98 |
First Lien Debt [Member] | Market Yield Analysis | Minimum | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 9.98 | 10.48 |
First Lien Debt [Member] | Market Yield Analysis | Weighted Average | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 13.93 | 14.09 |
First Lien Debt [Member] | Recent Transaction | Transaction Price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 13,917 | |
First Lien Debt [Member] | Recent Transaction | Maximum | Transaction Price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 100 | |
First Lien Debt [Member] | Recent Transaction | Minimum | Transaction Price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 100 | |
First Lien Debt [Member] | Recent Transaction | Weighted Average | Transaction Price | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 100 | |
Second Lien Debt [Member] | Market Yield Analysis | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 127,678 | $ 127,437 |
Second Lien Debt [Member] | Market Yield Analysis | Maximum | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 16.30 | 15.87 |
Second Lien Debt [Member] | Market Yield Analysis | Minimum | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 12.74 | 13.24 |
Second Lien Debt [Member] | Market Yield Analysis | Weighted Average | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 14.27 | 14.49 |
Preferred Equity [Member] | Market Yield Analysis | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 22,761 | $ 22,267 |
Preferred Equity [Member] | Market Yield Analysis | Maximum | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 20.94 | 20.52 |
Preferred Equity [Member] | Market Yield Analysis | Minimum | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 17.53 | 17.11 |
Preferred Equity [Member] | Market Yield Analysis | Weighted Average | Market Yield Discount Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range | 19.24 | 18.81 |
Fair Value Measurements - Sum_5
Fair Value Measurements - Summary of Quantitative Information about Significant Unobservable Inputs of Level 3 financial instruments (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Independent Pricing Service, or Directly from Independent Broker | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments measured at fair value | $ 32.3 | $ 140.1 |
Borrowings - Schedule of Outsta
Borrowings - Schedule of Outstanding Debt Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Dec. 16, 2022 | Dec. 31, 2021 | Dec. 21, 2021 | |
Debt Instrument [Line Items] | |||||
Aggregate principal committed | $ 685,000 | $ 685,000 | |||
Outstanding principal | 685,000 | 537,000 | |||
Carrying value | 680,490 | 532,089 | |||
Unused portion | 148,000 | ||||
SPV I Facility | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal committed | 485,000 | 485,000 | $ 485,000 | $ 400,000 | |
Outstanding principal | 485,000 | 392,000 | |||
Carrying value | $ 480,864 | 387,590 | |||
Unused portion | $ 93,000 | ||||
Maturity date | Dec. 21, 2026 | Dec. 21, 2026 | |||
Subscription Facility | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal committed | $ 200,000 | $ 200,000 | $ 200,000 | ||
Outstanding principal | 200,000 | 145,000 | |||
Carrying value | $ 199,626 | 144,499 | |||
Unused portion | $ 55,000 | ||||
Maturity date | Dec. 21, 2023 | Dec. 21, 2023 |
Borrowings - Summary of Supplem
Borrowings - Summary of Supplemental Cash Flow Information Relating to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Stated interest expense | $ 10,938 | $ 2,220 |
Unused/undrawn fees | 31 | 258 |
Administration Fees | 295 | 250 |
Amortization of deferred financing costs | 401 | 375 |
Total interest expense | 11,665 | 3,103 |
Average borrowings | $ 634,462 | $ 378,200 |
Weighted average interest rate | 7.10% | 2.89% |
Amortization of financing costs | 0.25% | 0.40% |
Total borrowing costs | 7.35% | 3.29% |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Nov. 21, 2022 | Nov. 20, 2022 | Dec. 21, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 16, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||||
Maximum commitment amount | $ 685,000 | $ 685,000 | ||||||
Aggregate face amount | $ 634,462 | $ 378,200 | ||||||
SPV I Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee | 0.25% | |||||||
Commitment fee description | 0.50% per annum if borrowings are less than 75% of the commitment amount | |||||||
Percentage of administrative agent fee | 0.25% | |||||||
Maximum commitment amount | $ 485,000 | $ 485,000 | $ 485,000 | $ 400,000 | ||||
Maturity date | Dec. 21, 2026 | Dec. 21, 2026 | ||||||
Subscription Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum commitment amount | $ 200,000 | $ 200,000 | $ 200,000 | |||||
Maturity date | Dec. 21, 2023 | Dec. 21, 2023 | ||||||
Aggregate face amount | $ 40,000 | |||||||
SOFR | SPV I Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.41% | |||||||
Debt Investment Interest Rate Floor | 0.25% | |||||||
LIBOR | SPV I Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.15% | |||||||
Debt Investment Interest Rate Floor | 0.25% | |||||||
BSBY | Subscription Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2% | |||||||
Commitment fee | 0.25% | |||||||
Credit Spread Adjustment | SPV I Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.26% |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Unfunded Commitment | $ 36,913 | $ 25,253 |
Fair Value | $ (985) | $ (707) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Candle Media Co Ltd Commitment Type Delayed Draw Commitment Expiration Date 6/18/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Jun. 18, 2027 | Jun. 18, 2027 |
Unfunded Commitment | $ 1,280 | $ 1,280 |
Fair Value | $ (58) | $ (63) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Chromalloy Holdings LLC Commitment Type Revolver Commitment Expiration Date 11/23/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Nov. 23, 2027 | Nov. 23, 2027 |
Unfunded Commitment | $ 4,615 | $ 4,615 |
Fair Value | $ (174) | $ (182) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt DFS Holding Company Commitment Type Delayed Draw Commitment Expiration Date 1/31/2029 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Jan. 31, 2029 | |
Unfunded Commitment | $ 4,615 | |
Fair Value | $ (65) | |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Faraday Buyer, LLC Commitment Type Delayed Draw Commitment Expiration Date 10/11/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Oct. 11, 2028 | Oct. 11, 2028 |
Unfunded Commitment | $ 3,167 | $ 3,167 |
Fair Value | $ (41) | $ (45) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Frontgrade Technologies Inc. Commitment Type Revolver Commitment Expiration Date 1/9/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Jan. 09, 2028 | |
Unfunded Commitment | $ 5,250 | |
Fair Value | $ (154) | |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt LJ Perimeter Buyer, Inc Commitment Type Delayed Draw Commitment Expiration Date 10/31/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Oct. 31, 2028 | Oct. 31, 2028 |
Unfunded Commitment | $ 5,265 | $ 5,538 |
Fair Value | $ (66) | $ (76) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Nov. 29, 2027 | |
Unfunded Commitment | $ 2,813 | |
Fair Value | $ (86) | |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 3/15/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Mar. 15, 2028 | |
Unfunded Commitment | $ 2,813 | |
Fair Value | $ (94) | |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Systems Planning and Analysis, Inc. Commitment Type Delayed Draw Commitment Expiration Date 8/16/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Aug. 16, 2027 | Aug. 16, 2027 |
Unfunded Commitment | $ 4,704 | $ 4,704 |
Fair Value | $ (160) | $ (134) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Systems Planning and Analysis, Inc. Commitment Type Revolver Commitment Expiration Date 8/16/2027 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Aug. 16, 2027 | Aug. 16, 2027 |
Unfunded Commitment | $ 2,240 | $ 3,136 |
Fair Value | (93) | (113) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Total Unfunded Commitments | ||
Schedule of Investments [Line Items] | ||
Unfunded Commitment | 36,913 | 25,253 |
Fair Value | $ (985) | $ (707) |
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Wood Mackenzie, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/2028 | ||
Schedule of Investments [Line Items] | ||
Commitment Expiration Date | Feb. 01, 2028 | |
Unfunded Commitment | $ 2,963 | |
Fair Value | $ (88) |
Net Assets - Additional Informa
Net Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||
Shares issued | 100,000,000 | |
Capital commitments | $ 1,052,651 | $ 800,000 |
Dividend Reinvestment Plan | ||
Class of Stock [Line Items] | ||
Shares issued | 0 | 0 |
Subscription Agreements | ||
Class of Stock [Line Items] | ||
Capital commitments | $ 1,100,000 | |
Remaining undrawn capital commitments | $ 502,600 |
Net Assets - Summary of Total S
Net Assets - Summary of Total Shares Issued and Proceeds Received Related to Capital Drawdowns Delivered (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) shares | |
Debt Instrument [Line Items] | |
Aggregate Offering Proceeds | $ 60,000 |
Subscription Agreements | |
Debt Instrument [Line Items] | |
Number of Shares Issued | shares | 22,889,882 |
Aggregate Offering Proceeds | $ 549,988 |
Subscription Agreements | December 21, 2021 | |
Debt Instrument [Line Items] | |
Share Issuance Date | Dec. 21, 2021 |
Number of Shares Issued | shares | 12,000,000 |
Aggregate Offering Proceeds | $ 299,988 |
Subscription Agreements | June 23, 2022 | |
Debt Instrument [Line Items] | |
Share Issuance Date | Jun. 23, 2022 |
Number of Shares Issued | shares | 2,509,410 |
Aggregate Offering Proceeds | $ 60,000 |
Subscription Agreements | September 21, 2022 | |
Debt Instrument [Line Items] | |
Share Issuance Date | Sep. 21, 2022 |
Number of Shares Issued | shares | 2,787,307 |
Aggregate Offering Proceeds | $ 65,000 |
Subscription Agreements | December 29, 2022 | |
Debt Instrument [Line Items] | |
Share Issuance Date | Dec. 29, 2022 |
Number of Shares Issued | shares | 2,991,256 |
Aggregate Offering Proceeds | $ 65,000 |
Subscription Agreements | March 8, 2023 | |
Debt Instrument [Line Items] | |
Share Issuance Date | Mar. 08, 2023 |
Number of Shares Issued | shares | 2,601,909 |
Aggregate Offering Proceeds | $ 60,000 |
Net Assets - Summary of Distrib
Net Assets - Summary of Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Dividends Payable [Line Items] | ||
Per Share Amount | $ 0.65 | $ 0.60 |
Distributions payable | $ 16,073 | $ 7,200 |
March 13, 2023 | ||
Dividends Payable [Line Items] | ||
Date Declared | Mar. 13, 2023 | |
Record Date | Mar. 29, 2023 | |
Payment Date | Apr. 17, 2023 | |
Regular Distribution | $ 0.65 | |
Per Share Amount | $ 0.65 | |
Distributions payable | $ 16,073 | |
March 30, 2022 | ||
Dividends Payable [Line Items] | ||
Date Declared | Mar. 30, 2022 | |
Record Date | Mar. 31, 2022 | |
Payment Date | Apr. 15, 2022 | |
Regular Distribution | $ 0.57 | |
Special Distribution | 0.03 | |
Per Share Amount | $ 0.60 | |
Distributions payable | $ 7,200 |
Net Assets - Summary of Dividen
Net Assets - Summary of Dividend Reinvestment Plan Shares Issued to Shareholders and Value of Such Shares (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) shares | |
Dividends Payable [Line Items] | |
DRP Shares Value | $ | $ 43,223 |
DRP Shares Issued | shares | 1,838,161 |
April 15, 2022 | |
Dividends Payable [Line Items] | |
Payment Date | Apr. 15, 2022 |
DRP Shares Value | $ | $ 7,200 |
DRP Shares Issued | shares | 286,055 |
July 15, 2022 | |
Dividends Payable [Line Items] | |
Payment Date | Jul. 15, 2022 |
DRP Shares Value | $ | $ 9,321 |
DRP Shares Issued | shares | 373,593 |
October 17, 2022 | |
Dividends Payable [Line Items] | |
Payment Date | Oct. 17, 2022 |
DRP Shares Value | $ | $ 8,646 |
DRP Shares Issued | shares | 377,076 |
December 30, 2022 | |
Dividends Payable [Line Items] | |
Payment Date | Dec. 30, 2022 |
DRP Shares Value | $ | $ 18,056 |
DRP Shares Issued | shares | 801,437 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net increase in net assets resulting from operations | $ 24,387 | $ 4,590 |
Weighted average shares outstanding, basic | 22,812,352 | 12,000,000 |
Weighted average shares outstanding, diluted | 22,812,352 | 12,000,000 |
Earnings per share, basic | $ 1.07 | $ 0.38 |
Earnings per share, diluted | $ 1.07 | $ 0.38 |
Financial Highlights - Summary
Financial Highlights - Summary of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Investment Company, Financial Highlights [Roll Forward] | |||
Net assets, beginning of period | $ 21.78 | $ 25.17 | |
Net investment income | 0.76 | 0.63 | |
Net realized gain (loss) | (0.03) | 0.28 | |
Net change in unrealized appreciation (depreciation) | 0.39 | (0.53) | |
Net increase in net assets resulting from operations | 1.12 | 0.38 | |
Distributions declared from net investment income | (0.65) | (0.60) | |
Total increase (decrease) in net assets | 0.47 | (0.22) | |
Net assets, end of period | $ 22.25 | $ 24.95 | |
Shares outstanding, end of period | 24,728,043 | 12,000,000 | 22,126,135 |
Total return based on NAV | 5.21% | 1.48% | |
Ratios: | |||
Expenses to average net assets | 13.83% | 8.74% | |
Net investment income to average net assets | 13.14% | 9.88% | |
Portfolio turnover rate | 3.44% | 12.32% | |
Supplemental Data: | |||
Net assets, end of period | $ 550,161 | $ 299,388 | |
Total capital commitments, end of period | $ 1,052,651 | $ 800,000 | |
Ratios of total contributed capital to total committed capital, end of period | 52.25% | 37.50% | |
Average debt outstanding | $ 634,462 | $ 378,200 | |
Asset coverage ratio | 180.30% | 169.80% |
Financial Highlights - Summar_2
Financial Highlights - Summary of Financial Highlights (Parenthetical) (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment Company, Financial Highlights [Line Items] | ||
Asset coverage ratio | 180.30% | 169.80% |
Minimum | ||
Investment Company, Financial Highlights [Line Items] | ||
Asset coverage ratio | 150% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Apr. 07, 2023 | Mar. 31, 2023 | May 12, 2023 | Apr. 14, 2023 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | |||||
Shares issued | 100,000,000 | ||||
Capital commitments | $ 1,052,651 | $ 800,000 | |||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Shares issued | 4,446,421 | ||||
Proceeds for issuance of shares | $ 100,000 | ||||
Capital commitments | $ 1,166,600 | $ 113,900 |