Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Document Information [Line Items] | ||
Entity Registrant Name | Kayne DL 2021, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 15,751 | |
Amendment Flag | false | |
Entity Central Index Key | 0001850787 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Securities Act File Number | 814-01393 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-2440860 | |
Entity Address, Address Line One | 811 Main Street | |
Entity Address, Address Line Two | 14th Floor | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77002 | |
City Area Code | (713) | |
Local Phone Number | 493-2020 | |
Entity Interactive Data Current | Yes |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investments, at fair value: | ||
Long-term investments (amortized cost of $56,987 and $11,499) | $ 58,161 | $ 11,761 |
Short-term investments (amortized cost of $3,853 and $31,239) | 3,853 | 31,239 |
Cash and cash equivalents | 2,805 | 266 |
Deferred offering costs | 30 | 137 |
Receivable for principal payments on investments | 54 | |
Interest receivable | 363 | 12 |
Prepaid expenses and other assets | 50 | 112 |
Total Assets | 65,316 | 43,527 |
Liabilities: | ||
Subscription credit facility (Note 6) | 10,000 | |
Payable to affiliate | 471 | |
Management fee payable | 90 | 2 |
Accrued expenses and other liabilities | 397 | 175 |
Total Liabilities | 10,487 | 648 |
Commitments and contingencies (Note 8) | ||
Net Assets: | ||
Common Shares, $0.001 par value; 100,000 shares authorized; 10,668 as of September 30, 2022 and December 31, 2021 issued and outstanding | ||
Additional paid-in capital | 53,186 | 42,824 |
Total distributable earnings (deficit) | 1,643 | 55 |
Total Net Assets | 54,829 | 42,879 |
Total Liabilities and Net Assets | $ 65,316 | $ 43,527 |
Net Asset Value Per Common Share (in Dollars per share) | $ 5,140 | $ 4,986 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Long-term investments (amortized cost) (in Dollars) | $ 56,987 | $ 11,499 |
Short-term investments (amortized cost) (in Dollars) | $ 3,853 | $ 31,239 |
Common Shares, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common Shares, shares authorized | 100,000 | 100,000 |
Common Shares, shares issued | 10,668 | 8,600 |
Common Shares, shares outstanding | 10,668 | 8,600 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investment income from investments: | ||||
Interest income | $ 1,122 | $ 2,085 | ||
Total investment income from investments | 1,122 | 2,085 | ||
Total Investment Income | 1,122 | 2,085 | ||
Expenses: | ||||
Interest expense | 42 | 101 | ||
Management fees | 90 | 181 | ||
Professional fees | 97 | 311 | ||
Directors fees | 26 | 80 | ||
Offering costs | 36 | 107 | ||
Initial organization costs | 108 | 441 | ||
Other general and administrative expenses | 97 | 264 | ||
Total Expenses | 388 | 108 | 1,044 | 441 |
Net Investment Income (Loss) | 734 | (108) | 1,041 | (441) |
Net realized gains (losses): | ||||
Investments | 1 | 1 | ||
Total net realized gains (losses) | 1 | 1 | ||
Net change in unrealized gains (losses): | ||||
Investments | 465 | 912 | ||
Total net change in unrealized gains (losses) | 465 | 912 | ||
Total realized and unrealized gains (losses) | 466 | 913 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 1,200 | $ (108) | $ 1,954 | $ (441) |
Per Common Share Data: | ||||
Basic and diluted net investment income per common share (in Dollars per share) | $ 69 | $ 112 | ||
Basic and diluted net increase in net assets resulting from operations (in Dollars per share) | $ 113 | $ 210 | ||
Weighted Average Common Shares Outstanding - Basic and Diluted (in Shares) | 10,647 | 9,305 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||
Basic and diluted net increase in net assets resulting from operations (in Dollars per share) | $ 113 | $ 210 |
Weighted Average Common Shares Outstanding - Basic and Diluted (in Shares) | 10,647 | 9,305 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Increase (Decrease) in Net Assets Resulting from Operations: | ||||
Net investment income (loss) | $ 734 | $ (108) | $ 1,041 | $ (441) |
Net realized gains (losses) on investments | 1 | 1 | ||
Net change in unrealized gains (losses) on investments | 465 | 912 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,200 | (108) | 1,954 | (441) |
Decrease in Net Assets Resulting from Stockholder Distributions | ||||
Dividends and distributions to stockholders | (308) | (366) | ||
Net Decrease in Net Assets Resulting from Stockholder Distributions | (308) | (366) | ||
Increase in Net Assets Resulting from Capital Share Transactions | ||||
Issuance of common shares | 10,000 | |||
Reinvestment of distributions | 362 | 362 | ||
Net Increase in Net Assets Resulting from Capital Share Transactions | 362 | 10,362 | ||
Total Increase (Decrease) in Net Assets | 1,254 | (108) | 11,950 | (441) |
Net Assets, Beginning of Period | 53,575 | (323) | 42,879 | 10 |
Net Assets, End of Period | $ 54,829 | $ (431) | $ 54,829 | $ (431) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net increase (decrease) in net assets resulting from operations | $ 1,954 | $ (441) |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||
Net realized (gains)/losses on investments | (1) | |
Net change in unrealized (gains)/losses on investments | (912) | |
Net accretion of discount on investments | (114) | |
Sales of short-term investments, net | 27,387 | |
Purchases of portfolio investments | (47,057) | |
Proceeds from sales of investments and principal repayments | 1,683 | |
Amortization of deferred financing cost | 57 | |
Increase/(decrease) in operating assets and liabilities: | ||
(Increase)/decrease in interest and dividends receivable | (351) | |
(Increase)/decrease in deferred offering costs | 107 | (143) |
(Increase)/decrease in receivable for principal payments on investments | (54) | |
(Increase)/decrease in prepaid expenses and other assets | 100 | (17) |
Increase/(decrease) in management fees payable | 88 | |
Increase/(decrease) in payable to affiliate | 536 | |
Increase/(decrease) in accrued organizational and offering costs, net | (471) | 65 |
Increase/(decrease) in accrued other general and administrative expenses | 222 | |
Net cash used in operating activities | (17,362) | |
Cash Flows from Financing Activities: | ||
Borrowings on subscription credit facility, net | 10,000 | |
Payments of debt issuance costs | (95) | |
Distributions paid in cash | (4) | |
Proceeds from issuance of common shares | 10,000 | |
Net cash provided by financing activities | 19,901 | |
Net increase in cash and cash equivalents | 2,539 | |
Cash and cash equivalents, beginning of period | 266 | 10 |
Cash and cash equivalents, end of period | 2,805 | 10 |
Supplemental and Non-Cash Information: | ||
Interest paid during the period | 26 | |
Non-cash financing activities not included herein consisted of reinvestment of dividends | $ 362 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (Unaudited) - Debt Investments [Member] - Private Credit Investments [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Aerospace & defense [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 285 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 278 | |
Percentage of Net Assets | [1],[2] | 0.50% | |
Principal / Par (in Dollars) | [1],[2] | $ 285 | |
Percentage of Net Assets | [1],[2] | 0.50% | |
Net Assets | [1],[2] | 0.50% | |
Aerospace & defense [Member] | First lien senior secured loan [Member] | Precinmac (US) Holdings, Inc. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 285 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 278 | |
Percentage of Net Assets | [1],[2] | 0.50% | |
Investment Interest Rate | [1],[2] | 6% | |
Interest Rate | [1],[2] | 9.13% | |
Principal / Par (in Dollars) | [1],[2] | $ 285 | |
Maturity Date | [1],[2] | Aug. 31, 2027 | |
Percentage of Net Assets | [1],[2] | 0.50% | |
Net Assets | [1],[2] | 0.50% | |
Asset management & custody banks [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 214 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 182 | |
Percentage of Net Assets | [1],[2] | 0.40% | |
Principal / Par (in Dollars) | [1],[2] | $ 216 | |
Percentage of Net Assets | [1],[2] | 0.40% | |
Net Assets | [1],[2] | 0.40% | |
Asset management & custody banks [Member] | First lien senior secured delayed draw loan [Member] | Atria Wealth Solutions, Inc. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 214 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 182 | |
Percentage of Net Assets | [1],[2] | 0.40% | |
Investment Interest Rate | [1],[2] | 6% | |
Interest Rate | [1],[2] | 8.82% | |
Principal / Par (in Dollars) | [1],[2] | $ 216 | |
Maturity Date | [1],[2] | Feb. 29, 2024 | |
Percentage of Net Assets | [1],[2] | 0.40% | |
Net Assets | [1],[2] | 0.40% | |
Auto components [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 1,718 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 1,692 | |
Percentage of Net Assets | [1],[2] | 3.10% | |
Principal / Par (in Dollars) | [1],[2] | $ 1,718 | |
Percentage of Net Assets | [1],[2] | 3.10% | |
Net Assets | [1],[2] | 3.10% | |
Auto components [Member] | First lien senior secured loan [Member] | Vehicle Accessories, Inc. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 1,718 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 1,692 | |
Percentage of Net Assets | [1],[2] | 3.10% | |
Investment Interest Rate | [1],[2] | 5.75% | |
Interest Rate | [1],[2] | 9.56% | |
Principal / Par (in Dollars) | [1],[2] | $ 1,718 | |
Maturity Date | [1],[2] | Nov. 30, 2026 | |
Percentage of Net Assets | [1],[2] | 3.10% | |
Net Assets | [1],[2] | 3.10% | |
Building products [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 2,449 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 2,412 | |
Percentage of Net Assets | [1],[2] | 4.50% | |
Principal / Par (in Dollars) | [1],[2] | $ 2,449 | |
Percentage of Net Assets | [1],[2] | 4.50% | |
Net Assets | [1],[2] | 4.50% | |
Building products [Member] | First lien senior secured loan [Member] | BCI Burke Holding Corp. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 2,277 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 2,247 | |
Percentage of Net Assets | [1],[2] | 4.10% | |
Investment Interest Rate | [1],[2] | 5.50% | |
Interest Rate | [1],[2] | 9.17% | |
Principal / Par (in Dollars) | [1],[2] | $ 2,277 | |
Maturity Date | [1],[2] | Dec. 14, 2027 | |
Percentage of Net Assets | [1],[2] | 4.10% | |
Net Assets | [1],[2] | 4.10% | |
Building products [Member] | First lien senior secured delayed draw loan [Member] | BCI Burke Holding Corp. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 88 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 84 | |
Percentage of Net Assets | [1],[2] | 0.20% | |
Investment Interest Rate | [1],[2] | 5.50% | |
Interest Rate | [1],[2] | 9.70% | |
Principal / Par (in Dollars) | [1],[2] | $ 88 | |
Maturity Date | [1],[2] | Dec. 14, 2023 | |
Percentage of Net Assets | [1],[2] | 0.20% | |
Net Assets | [1],[2] | 0.20% | |
Building products [Member] | First lien senior secured revolving loan [Member] | BCI Burke Holding Corp. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 84 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 81 | |
Percentage of Net Assets | [1],[2] | 0.20% | |
Investment Interest Rate | [1],[2] | 4.50% | |
Interest Rate | [1],[2] | 10.75% | |
Principal / Par (in Dollars) | [1],[2] | $ 84 | |
Maturity Date | [1],[2] | Jun. 14, 2027 | |
Percentage of Net Assets | [1],[2] | 0.20% | |
Net Assets | [1],[2] | 0.20% | |
Chemicals [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 258 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 252 | |
Percentage of Net Assets | [1],[2] | 0.50% | |
Principal / Par (in Dollars) | [1],[2] | $ 258 | |
Percentage of Net Assets | [1],[2] | 0.50% | |
Net Assets | [1],[2] | 0.50% | |
Chemicals [Member] | First lien senior secured loan [Member] | Shrieve Chemical Company, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 258 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 252 | |
Percentage of Net Assets | [1],[2] | 0.50% | |
Investment Interest Rate | [1],[2] | 6% | |
Interest Rate | [1],[2] | 8.94% | |
Principal / Par (in Dollars) | [1],[2] | $ 258 | |
Maturity Date | [1],[2] | Dec. 02, 2024 | |
Percentage of Net Assets | [1],[2] | 0.50% | |
Net Assets | [1],[2] | 0.50% | |
Commercial services & supplies [Member] | First lien senior secured loan [Member] | Allentown, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 2,219 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 2,259 | |
Percentage of Net Assets | [1],[2] | 4% | |
Investment Interest Rate | [1],[2] | 6% | |
Interest Rate | [1],[2] | 9.13% | |
Principal / Par (in Dollars) | [1],[2] | $ 2,282 | |
Maturity Date | [1],[2] | Apr. 22, 2027 | |
Percentage of Net Assets | [1],[2] | 4% | |
Net Assets | [1],[2] | 4% | |
Commercial services & supplies [Member] | First lien senior secured delayed draw loan [Member] | Allentown, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | ||
Amortized Cost (in Dollars) | [1],[2],[3],[4] | ||
Percentage of Net Assets | [1],[2] | 0% | |
Investment Interest Rate | [1],[2] | 6% | |
Interest Rate | [1],[2] | 9.13% | |
Principal / Par (in Dollars) | [1],[2] | ||
Maturity Date | [1],[2] | Oct. 22, 2023 | |
Percentage of Net Assets | [1],[2] | 0% | |
Net Assets | [1],[2] | 0% | |
Commercial services & supplies [Member] | First lien senior secured revolving loan [Member] | Allentown, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 103 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 103 | |
Percentage of Net Assets | [1],[2] | 0.20% | |
Investment Interest Rate | [1],[2] | 5% | |
Interest Rate | [1],[2] | 11.25% | |
Principal / Par (in Dollars) | [1],[2] | $ 106 | |
Maturity Date | [1],[2] | Apr. 22, 2027 | |
Percentage of Net Assets | [1],[2] | 0.20% | |
Net Assets | [1],[2] | 0.20% | |
Bishop Lifting Products [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 5,149 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 5,137 | |
Percentage of Net Assets | [1],[2] | 9.40% | |
Principal / Par (in Dollars) | [1],[2] | $ 5,215 | |
Percentage of Net Assets | [1],[2] | 9.40% | |
Net Assets | [1],[2] | 9.40% | |
Bishop Lifting Products [Member] | First lien senior secured loan [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 2,736 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 2,688 | |
Percentage of Net Assets | [1],[2] | 5% | |
Investment Interest Rate | [1],[2] | 6.25% | |
Interest Rate | [1],[2] | 9.03% | |
Principal / Par (in Dollars) | [1],[2] | $ 2,736 | |
Maturity Date | [1],[2] | Feb. 01, 2027 | |
Percentage of Net Assets | [1],[2] | 5% | |
Net Assets | [1],[2] | 5% | |
Bishop Lifting Products [Member] | First lien senior secured revolving loan [Member] | BLP Buyer, Inc. (Bishop Lifting Products) [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 91 | |
Amortized Cost (in Dollars) | [1],[2],[3],[4] | $ 87 | |
Percentage of Net Assets | [1],[2] | 0.20% | |
Investment Interest Rate | [1],[2] | 6.25% | |
Interest Rate | [1],[2] | 8.93% | |
Principal / Par (in Dollars) | [1],[2] | $ 91 | |
Maturity Date | [1],[2] | Feb. 01, 2027 | |
Percentage of Net Assets | [1],[2] | 0.20% | |
Net Assets | [1],[2] | 0.20% | |
Containers & packaging [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 2,572 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,530 | |
Percentage of Net Assets | [1] | 4.70% | |
Principal / Par (in Dollars) | [1] | $ 2,572 | |
Percentage of Net Assets | [1] | 4.70% | |
Net Assets | [1] | 4.70% | |
Containers & packaging [Member] | First lien senior secured loan [Member] | FCA, LLC (FCA Packaging) [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 2,572 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,530 | |
Percentage of Net Assets | [1] | 4.70% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 9.46% | |
Principal / Par (in Dollars) | [1] | $ 2,572 | |
Maturity Date | [1] | Jul. 18, 2028 | |
Percentage of Net Assets | [1] | 4.70% | |
Net Assets | [1] | 4.70% | |
Containers & packaging [Member] | First lien senior secured revolving loan [Member] | FCA, LLC (FCA Packaging) [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | ||
Amortized Cost (in Dollars) | [1],[3],[4] | ||
Percentage of Net Assets | [1] | 0% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 9.46% | |
Principal / Par (in Dollars) | [1] | ||
Maturity Date | [1] | Jul. 18, 2028 | |
Percentage of Net Assets | [1] | 0% | |
Net Assets | [1] | 0% | |
Diversified telecommunication services [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,754 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,744 | |
Percentage of Net Assets | [1] | 3.20% | |
Principal / Par (in Dollars) | [1] | $ 1,776 | |
Percentage of Net Assets | [1] | 3.20% | |
Net Assets | [1] | 3.20% | |
Diversified telecommunication services [Member] | First lien senior secured loan [Member] | Corbett Technology Solutions, Inc. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 923 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 918 | |
Percentage of Net Assets | [1] | 1.70% | |
Investment Interest Rate | [1] | 5% | |
Interest Rate | [1] | 7.73% | |
Principal / Par (in Dollars) | [1] | $ 935 | |
Maturity Date | [1] | Oct. 29, 2027 | |
Percentage of Net Assets | [1] | 1.70% | |
Net Assets | [1] | 1.70% | |
Diversified telecommunication services [Member] | First lien senior secured loan One [Member] | Corbett Technology Solutions, Inc. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 831 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 826 | |
Percentage of Net Assets | [1] | 1.50% | |
Investment Interest Rate | [1] | 5% | |
Interest Rate | [1] | 8.17% | |
Principal / Par (in Dollars) | [1] | $ 841 | |
Maturity Date | [1] | Oct. 29, 2027 | |
Percentage of Net Assets | [1] | 1.50% | |
Net Assets | [1] | 1.50% | |
Electronic equipment, instruments & components [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,476 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,449 | |
Percentage of Net Assets | [1] | 2.70% | |
Principal / Par (in Dollars) | [1] | $ 1,476 | |
Percentage of Net Assets | [1] | 2.70% | |
Net Assets | [1] | 2.70% | |
Electronic equipment, instruments & components [Member] | First lien senior secured loan [Member] | Process Insights, Inc. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,476 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,449 | |
Percentage of Net Assets | [1] | 2.70% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 9.36% | |
Principal / Par (in Dollars) | [1] | $ 1,476 | |
Maturity Date | [1] | Oct. 30, 2025 | |
Percentage of Net Assets | [1] | 2.70% | |
Net Assets | [1] | 2.70% | |
Food products [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 4,477 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 4,375 | |
Percentage of Net Assets | [1] | 8.10% | |
Principal / Par (in Dollars) | [1] | $ 4,477 | |
Percentage of Net Assets | [1] | 8.10% | |
Net Assets | [1] | 8.10% | |
Food products [Member] | First lien senior secured loan [Member] | Gulf Pacific Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,752 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,699 | |
Percentage of Net Assets | [1] | 3.20% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 9.70% | |
Principal / Par (in Dollars) | [1] | $ 1,752 | |
Maturity Date | [1] | Sep. 30, 2028 | |
Percentage of Net Assets | [1] | 3.20% | |
Net Assets | [1] | 3.20% | |
Food products [Member] | First lien senior secured loan [Member] | Siegel Egg Co., LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1],[2] | $ 2,490 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,450 | |
Percentage of Net Assets | [1],[2] | 4.50% | |
Investment Interest Rate | [1] | 5.50% | |
Interest Rate | [1] | 7.78% | |
Principal / Par (in Dollars) | [1] | $ 2,490 | |
Maturity Date | [1] | Dec. 02, 2024 | |
Percentage of Net Assets | [1],[2] | 4.50% | |
Net Assets | [1],[2] | 4.50% | |
Food products [Member] | First lien senior secured delayed draw loan [Member] | Gulf Pacific Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | ||
Amortized Cost (in Dollars) | [1],[3],[4] | ||
Percentage of Net Assets | [1] | 0% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 9.70% | |
Principal / Par (in Dollars) | [1] | ||
Maturity Date | [1] | Sep. 30, 2028 | |
Percentage of Net Assets | [1] | 0% | |
Net Assets | [1] | 0% | |
Food products [Member] | First lien senior secured revolving loan [Member] | Gulf Pacific Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | ||
Amortized Cost (in Dollars) | [1],[3],[4] | ||
Percentage of Net Assets | [1] | 0% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 9.70% | |
Principal / Par (in Dollars) | [1] | ||
Maturity Date | [1] | Sep. 30, 2024 | |
Percentage of Net Assets | [1] | 0% | |
Net Assets | [1] | 0% | |
Food products [Member] | First lien senior secured revolving loan [Member] | Siegel Egg Co., LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 235 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 226 | |
Percentage of Net Assets | [1] | 0.40% | |
Investment Interest Rate | [1] | 5.50% | |
Interest Rate | [1] | 7.78% | |
Principal / Par (in Dollars) | [1] | $ 235 | |
Maturity Date | [1] | Dec. 02, 2024 | |
Percentage of Net Assets | [1] | 0.40% | |
Net Assets | [1] | 0.40% | |
Health care providers & services [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 13,216 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 13,032 | |
Percentage of Net Assets | [1] | 24.10% | |
Principal / Par (in Dollars) | [1] | $ 13,231 | |
Percentage of Net Assets | [1] | 24.10% | |
Net Assets | [1] | 24.10% | |
Health care providers & services [Member] | First lien senior secured loan [Member] | Brightview, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 2,195 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,180 | |
Percentage of Net Assets | [1] | 4% | |
Investment Interest Rate | [1] | 5.75% | |
Interest Rate | [1] | 8.63% | |
Principal / Par (in Dollars) | [1] | $ 2,195 | |
Maturity Date | [1] | Dec. 14, 2026 | |
Percentage of Net Assets | [1] | 4% | |
Net Assets | [1] | 4% | |
Health care providers & services [Member] | First lien senior secured loan [Member] | Guardian Dentistry Partners [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,015 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,001 | |
Percentage of Net Assets | [1] | 1.90% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 9.15% | |
Principal / Par (in Dollars) | [1] | $ 1,015 | |
Maturity Date | [1] | Aug. 20, 2026 | |
Percentage of Net Assets | [1] | 1.90% | |
Net Assets | [1] | 1.90% | |
Health care providers & services [Member] | First lien senior secured loan [Member] | Light Wave Dental Management LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 839 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 838 | |
Percentage of Net Assets | [1] | 1.50% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 10.31% | |
Principal / Par (in Dollars) | [1] | $ 845 | |
Maturity Date | [1] | Jan. 02, 2024 | |
Percentage of Net Assets | [1] | 1.50% | |
Net Assets | [1] | 1.50% | |
Health care providers & services [Member] | First lien senior secured loan [Member] | OMH-HealthEdge Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 2,985 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,928 | |
Percentage of Net Assets | [1] | 5.50% | |
Investment Interest Rate | [1] | 5.25% | |
Interest Rate | [1] | 8.92% | |
Principal / Par (in Dollars) | [1] | $ 2,985 | |
Maturity Date | [1] | Oct. 24, 2025 | |
Percentage of Net Assets | [1] | 5.50% | |
Net Assets | [1] | 5.50% | |
Health care providers & services [Member] | First lien senior secured loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,437 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,409 | |
Percentage of Net Assets | [1] | 2.60% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 8.37% | |
Principal / Par (in Dollars) | [1] | $ 1,437 | |
Maturity Date | [1] | Dec. 30, 2026 | |
Percentage of Net Assets | [1] | 2.60% | |
Net Assets | [1] | 2.60% | |
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Brightview, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 137 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 132 | |
Percentage of Net Assets | [1] | 0.20% | |
Investment Interest Rate | [1] | 5.75% | |
Interest Rate | [1] | 8.76% | |
Principal / Par (in Dollars) | [1] | $ 137 | |
Maturity Date | [1] | Dec. 14, 2026 | |
Percentage of Net Assets | [1] | 0.20% | |
Net Assets | [1] | 0.20% | |
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Guardian Dentistry Partners [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,975 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,945 | |
Percentage of Net Assets | [1] | 3.60% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 9.15% | |
Principal / Par (in Dollars) | [1] | $ 1,975 | |
Maturity Date | [1] | Aug. 20, 2026 | |
Percentage of Net Assets | [1] | 3.60% | |
Net Assets | [1] | 3.60% | |
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | Light Wave Dental Management LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 149 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 142 | |
Percentage of Net Assets | [1] | 0.30% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 10.31% | |
Principal / Par (in Dollars) | [1] | $ 150 | |
Maturity Date | [1] | Jan. 02, 2024 | |
Percentage of Net Assets | [1] | 0.30% | |
Net Assets | [1] | 0.30% | |
Health care providers & services [Member] | First lien senior secured delayed draw loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,340 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,316 | |
Percentage of Net Assets | [1] | 2.50% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 8.37% | |
Principal / Par (in Dollars) | [1] | $ 1,340 | |
Maturity Date | [1] | Dec. 30, 2026 | |
Percentage of Net Assets | [1] | 2.50% | |
Net Assets | [1] | 2.50% | |
Health care providers & services [Member] | First lien senior secured revolving loan [Member] | Brightview, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | ||
Amortized Cost (in Dollars) | [1],[3],[4] | ||
Percentage of Net Assets | [1] | 0% | |
Investment Interest Rate | [1] | 5.75% | |
Interest Rate | [1] | 8.63% | |
Principal / Par (in Dollars) | [1] | ||
Maturity Date | [1] | Dec. 14, 2026 | |
Percentage of Net Assets | [1] | 0% | |
Net Assets | [1] | 0% | |
Health care providers & services [Member] | First lien senior secured revolving loan [Member] | Light Wave Dental Management LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | ||
Amortized Cost (in Dollars) | [1],[3],[4] | ||
Percentage of Net Assets | [1] | 0% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 10.31% | |
Principal / Par (in Dollars) | [1] | ||
Maturity Date | [1] | Jan. 02, 2024 | |
Percentage of Net Assets | [1] | 0% | |
Net Assets | [1] | 0% | |
Health care providers & services [Member] | First lien senior secured revolving loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | ||
Amortized Cost (in Dollars) | [1],[3],[4] | ||
Percentage of Net Assets | [1] | 0% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 8.37% | |
Principal / Par (in Dollars) | [1] | ||
Maturity Date | [1] | Dec. 30, 2026 | |
Percentage of Net Assets | [1] | 0% | |
Net Assets | [1] | 0% | |
Health care providers & services [Member] | First lien senior secured loan One [Member] | Light Wave Dental Management LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 449 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 448 | |
Percentage of Net Assets | [1] | 0.80% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 10.31% | |
Principal / Par (in Dollars) | [1] | $ 452 | |
Maturity Date | [1] | Jan. 02, 2024 | |
Percentage of Net Assets | [1] | 0.80% | |
Net Assets | [1] | 0.80% | |
Health care providers & services [Member] | First lien senior secured delayed draw loan one [Member] | Light Wave Dental Management LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 408 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 407 | |
Percentage of Net Assets | [1] | 0.70% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 10.31% | |
Principal / Par (in Dollars) | [1] | $ 411 | |
Maturity Date | [1] | Jan. 02, 2024 | |
Percentage of Net Assets | [1] | 0.70% | |
Net Assets | [1] | 0.70% | |
Health care providers & services [Member] | First lien senior secured delayed draw loan two [Member] | Light Wave Dental Management LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 287 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 286 | |
Percentage of Net Assets | [1] | 0.50% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 10.31% | |
Principal / Par (in Dollars) | [1] | $ 289 | |
Maturity Date | [1] | Jan. 02, 2024 | |
Percentage of Net Assets | [1] | 0.50% | |
Net Assets | [1] | 0.50% | |
Insurance [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,134 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,090 | |
Percentage of Net Assets | [1] | 2.10% | |
Principal / Par (in Dollars) | [1] | $ 1,134 | |
Percentage of Net Assets | [1] | 2.10% | |
Net Assets | [1] | 2.10% | |
Insurance [Member] | First lien senior secured loan [Member] | Allcat Claims Service, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 670 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 651 | |
Percentage of Net Assets | [1] | 1.20% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 8.75% | |
Principal / Par (in Dollars) | [1] | $ 670 | |
Maturity Date | [1] | Jul. 07, 2027 | |
Percentage of Net Assets | [1] | 1.20% | |
Net Assets | [1] | 1.20% | |
Insurance [Member] | First lien senior secured delayed draw loan [Member] | Allcat Claims Service, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 464 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 439 | |
Percentage of Net Assets | [1] | 0.90% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 9.13% | |
Principal / Par (in Dollars) | [1] | $ 464 | |
Maturity Date | [1] | Jul. 07, 2027 | |
Percentage of Net Assets | [1] | 0.90% | |
Net Assets | [1] | 0.90% | |
Insurance [Member] | First lien senior secured revolving loan [Member] | Allcat Claims Service, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | ||
Amortized Cost (in Dollars) | [1],[3],[4] | ||
Percentage of Net Assets | [1] | 0% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 9.13% | |
Principal / Par (in Dollars) | [1] | ||
Maturity Date | [1] | Jul. 07, 2027 | |
Percentage of Net Assets | [1] | 0% | |
Net Assets | [1] | 0% | |
IT services [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 4,160 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 4,070 | |
Percentage of Net Assets | [1] | 7.60% | |
Principal / Par (in Dollars) | [1] | $ 4,160 | |
Percentage of Net Assets | [1] | 7.60% | |
Net Assets | [1] | 7.60% | |
IT services [Member] | First lien senior secured loan [Member] | Improving Acquisition LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 4,160 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 4,070 | |
Percentage of Net Assets | [1] | 7.60% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 10.23% | |
Principal / Par (in Dollars) | [1] | $ 4,160 | |
Maturity Date | [1] | Jul. 26, 2027 | |
Percentage of Net Assets | [1] | 7.60% | |
Net Assets | [1] | 7.60% | |
IT services [Member] | First lien senior secured revolving loan [Member] | Improving Acquisition LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | ||
Amortized Cost (in Dollars) | [1],[3],[4] | ||
Percentage of Net Assets | [1] | 0% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 10.23% | |
Principal / Par (in Dollars) | [1] | ||
Maturity Date | [1] | Jul. 26, 2027 | |
Percentage of Net Assets | [1] | 0% | |
Net Assets | [1] | 0% | |
Leisure products [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,435 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,407 | |
Percentage of Net Assets | [1] | 2.60% | |
Principal / Par (in Dollars) | [1] | $ 1,435 | |
Percentage of Net Assets | [1] | 2.60% | |
Net Assets | [1] | 2.60% | |
Leisure products [Member] | First lien senior secured delayed draw loan [Member] | MacNeill Pride Group [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,236 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,212 | |
Percentage of Net Assets | [1] | 2.20% | |
Investment Interest Rate | [1] | 6.25% | |
Interest Rate | [1] | 10.06% | |
Principal / Par (in Dollars) | [1] | $ 1,236 | |
Maturity Date | [1] | Apr. 30, 2024 | |
Percentage of Net Assets | [1] | 2.20% | |
Net Assets | [1] | 2.20% | |
Leisure products [Member] | First lien senior secured revolving loan [Member] | MacNeill Pride Group [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 199 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 195 | |
Percentage of Net Assets | [1] | 0.40% | |
Investment Interest Rate | [1] | 6.25% | |
Interest Rate | [1] | 10.06% | |
Principal / Par (in Dollars) | [1] | $ 199 | |
Maturity Date | [1] | Apr. 22, 2026 | |
Percentage of Net Assets | [1] | 0.40% | |
Net Assets | [1] | 0.40% | |
Machinery [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 3,045 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 3,003 | |
Percentage of Net Assets | [1] | 5.60% | |
Principal / Par (in Dollars) | [1] | $ 3,045 | |
Percentage of Net Assets | [1] | 5.60% | |
Net Assets | [1] | 5.60% | |
Machinery [Member] | First lien senior secured loan [Member] | Pennsylvania Machine Works, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 971 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 961 | |
Percentage of Net Assets | [1] | 1.80% | |
Investment Interest Rate | [1] | 6.25% | |
Interest Rate | [1] | 10.06% | |
Principal / Par (in Dollars) | [1] | $ 971 | |
Maturity Date | [1] | Mar. 06, 2025 | |
Percentage of Net Assets | [1] | 1.80% | |
Net Assets | [1] | 1.80% | |
Machinery [Member] | First lien senior secured loan [Member] | PVI Holdings, Inc [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 2,074 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,042 | |
Percentage of Net Assets | [1] | 3.80% | |
Investment Interest Rate | [1] | 6.38% | |
Interest Rate | [1] | 9.26% | |
Principal / Par (in Dollars) | [1] | $ 2,074 | |
Maturity Date | [1] | Jul. 18, 2027 | |
Percentage of Net Assets | [1] | 3.80% | |
Net Assets | [1] | 3.80% | |
Software [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 2,997 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,874 | |
Percentage of Net Assets | [1] | 5.50% | |
Principal / Par (in Dollars) | [1] | $ 2,997 | |
Percentage of Net Assets | [1] | 5.50% | |
Net Assets | [1] | 5.50% | |
Software [Member] | First lien senior secured loan [Member] | AIDC Intermediate Co 2, LLC (Peak Technologies) [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 2,997 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,874 | |
Percentage of Net Assets | [1] | 5.50% | |
Investment Interest Rate | [1] | 6.40% | |
Interest Rate | [1] | 8.91% | |
Principal / Par (in Dollars) | [1] | $ 2,997 | |
Maturity Date | [1] | Jul. 22, 2027 | |
Percentage of Net Assets | [1] | 5.50% | |
Net Assets | [1] | 5.50% | |
Textiles, Apparel & Luxury Goods [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 2,649 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,583 | |
Percentage of Net Assets | [1] | 4.80% | |
Principal / Par (in Dollars) | [1] | $ 2,649 | |
Percentage of Net Assets | [1] | 4.80% | |
Net Assets | [1] | 4.80% | |
Textiles, Apparel & Luxury Goods [Member] | First lien senior secured loan [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 2,588 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 2,531 | |
Percentage of Net Assets | [1] | 4.70% | |
Investment Interest Rate | [1] | 7.25% | |
Interest Rate | [1] | 10.95% | |
Principal / Par (in Dollars) | [1] | $ 2,588 | |
Maturity Date | [1] | Jul. 20, 2027 | |
Percentage of Net Assets | [1] | 4.70% | |
Net Assets | [1] | 4.70% | |
Textiles, Apparel & Luxury Goods [Member] | First lien senior secured revolving loan [Member] | American Soccer Company, Incorporated (SCORE) [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 61 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 52 | |
Percentage of Net Assets | [1] | 0.10% | |
Investment Interest Rate | [1] | 7.25% | |
Interest Rate | [1] | 10.95% | |
Principal / Par (in Dollars) | [1] | $ 61 | |
Maturity Date | [1] | Jul. 20, 2027 | |
Percentage of Net Assets | [1] | 0.10% | |
Net Assets | [1] | 0.10% | |
Trading companies & distributors [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 8,500 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 8,231 | |
Percentage of Net Assets | [1] | 15.50% | |
Principal / Par (in Dollars) | [1] | $ 8,500 | |
Percentage of Net Assets | [1] | 15.50% | |
Net Assets | [1] | 15.50% | |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,527 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,478 | |
Percentage of Net Assets | [1] | 2.80% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 10.31% | |
Principal / Par (in Dollars) | [1] | $ 1,527 | |
Maturity Date | [1] | Dec. 17, 2026 | |
Percentage of Net Assets | [1] | 2.80% | |
Net Assets | [1] | 2.80% | |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | Genuine Cable Group, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 5,000 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 4,828 | |
Percentage of Net Assets | [1] | 9.10% | |
Investment Interest Rate | [1] | 5.75% | |
Interest Rate | [1] | 8.88% | |
Principal / Par (in Dollars) | [1] | $ 5,000 | |
Maturity Date | [1] | Nov. 01, 2026 | |
Percentage of Net Assets | [1] | 9.10% | |
Net Assets | [1] | 9.10% | |
Trading companies & distributors [Member] | First lien senior secured loan [Member] | I.D. Images Acquisition, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 698 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 687 | |
Percentage of Net Assets | [1] | 1.30% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 9.67% | |
Principal / Par (in Dollars) | [1] | $ 698 | |
Maturity Date | [1] | Jul. 30, 2026 | |
Percentage of Net Assets | [1] | 1.30% | |
Net Assets | [1] | 1.30% | |
Trading companies & distributors [Member] | First lien senior secured delayed draw loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 1,275 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 1,238 | |
Percentage of Net Assets | [1] | 2.30% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 10.31% | |
Principal / Par (in Dollars) | [1] | $ 1,275 | |
Maturity Date | [1] | Dec. 17, 2026 | |
Percentage of Net Assets | [1] | 2.30% | |
Net Assets | [1] | 2.30% | |
Trading companies & distributors [Member] | First lien senior secured revolving loan [Member] | CGI Automated Manufacturing, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | ||
Amortized Cost (in Dollars) | [1],[3],[4] | ||
Percentage of Net Assets | [1] | 0% | |
Investment Interest Rate | [1] | 6.50% | |
Interest Rate | [1] | 10.31% | |
Principal / Par (in Dollars) | [1] | ||
Maturity Date | [1] | Dec. 17, 2026 | |
Percentage of Net Assets | [1] | 0% | |
Net Assets | [1] | 0% | |
Wireless telecommunication services [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 673 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 646 | |
Percentage of Net Assets | [1] | 1.20% | |
Principal / Par (in Dollars) | [1] | $ 673 | |
Percentage of Net Assets | [1] | 1.20% | |
Net Assets | [1] | 1.20% | |
Wireless telecommunication services [Member] | First lien senior secured delayed draw loan [Member] | Centerline Communications, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 673 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 646 | |
Percentage of Net Assets | [1] | 1.20% | |
Investment Interest Rate | [1] | 6% | |
Interest Rate | [1] | 9.12% | |
Principal / Par (in Dollars) | [1] | $ 673 | |
Maturity Date | [1] | Aug. 10, 2023 | |
Percentage of Net Assets | [1] | 1.20% | |
Net Assets | [1] | 1.20% | |
Total Private Credit Investments [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 58,161 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 56,987 | |
Percentage of Net Assets | [1] | 106.10% | |
Principal / Par (in Dollars) | [1] | $ 58,266 | |
Percentage of Net Assets | [1] | 106.10% | |
Net Assets | [1] | 106.10% | |
Total Debt Investments [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [1] | $ 58,161 | |
Amortized Cost (in Dollars) | [1],[3],[4] | $ 56,987 | |
Percentage of Net Assets | [1] | 106.10% | |
Principal / Par (in Dollars) | [1] | $ 58,266 | |
Percentage of Net Assets | [1] | 106.10% | |
Net Assets | [1] | 106.10% | |
Short-term investments [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | $ 3,853 | ||
Amortized Cost (in Dollars) | $ 3,853 | ||
Number of Shares (in Shares) | 3,853 | ||
Percentage of Net Assets | 7% | ||
Percentage of Net Assets | 7% | ||
Net Assets | 7% | ||
Short-term investments [Member] | First American Treasury Obligations Fund - Institutional Class Z, 2.83% [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [5] | $ 3,853 | |
Amortized Cost (in Dollars) | [5] | $ 3,853 | |
Number of Shares (in Shares) | [5] | 3,853 | |
Percentage of Net Assets | [5] | 7% | |
Percentage of Net Assets | [5] | 7% | |
Net Assets | [5] | 7% | |
Short-term investments [Member] | First American Treasury Obligations Fund - Institutional Class Z, 0.01% [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [6] | $ 31,239 | |
Amortized Cost (in Dollars) | [6] | $ 31,239 | |
Number of Shares (in Shares) | [6] | 31,239 | |
Percentage of Net Assets | [6] | 72.90% | |
Percentage of Net Assets | [6] | 72.90% | |
Net Assets | [6] | 72.90% | |
Total Investments [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | $ 62,014 | $ 43,000 | |
Amortized Cost (in Dollars) | $ 60,840 | $ 42,738 | |
Percentage of Net Assets | 113.10% | 100.30% | |
Percentage of Net Assets | 113.10% | 100.30% | |
Net Assets | 113.10% | 100.30% | |
Liabilities in Excess of Other Assets [Member] | |||
Aerospace & defense | |||
Percentage of Net Assets | (13.10%) | (0.30%) | |
Liabilities in Excess of Other Assets, Fair Value (in Dollars) | $ (7,185) | $ (121) | |
Percentage of Net Assets | (13.10%) | (0.30%) | |
Net Assets | (13.10%) | (0.30%) | |
Net Assets [Member] | |||
Aerospace & defense | |||
Percentage of Net Assets | 100% | 100% | |
Percentage of Net Assets | 100% | 100% | |
Net Assets (in Dollars) | $ 54,829 | $ 42,879 | |
Net Assets | 100% | 100% | |
Capital goods [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 703 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 691 | |
Percentage of Net Assets | [7],[8] | 1.60% | |
Principal / Par (in Dollars) | [7],[8] | $ 703 | |
Percentage of Net Assets | [7],[8] | 1.60% | |
Net Assets | [7],[8] | 1.60% | |
Capital goods [Member] | First lien senior secured loan [Member] | I.D. Images Acquisition, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 703 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 691 | |
Percentage of Net Assets | [7],[8] | 1.60% | |
Investment Interest Rate | [7],[8] | 6.25% | |
Interest Rate | [7],[8] | 7.25% | |
Principal / Par (in Dollars) | [7],[8] | $ 703 | |
Maturity Date | [7],[8] | Jul. 30, 2026 | |
Percentage of Net Assets | [7],[8] | 1.60% | |
Net Assets | [7],[8] | 1.60% | |
Consumer durables & apparel [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 2,346 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 2,301 | |
Percentage of Net Assets | [7],[8] | 5.50% | |
Principal / Par (in Dollars) | [7],[8] | $ 2,346 | |
Percentage of Net Assets | [7],[8] | 5.50% | |
Net Assets | [7],[8] | 5.50% | |
Consumer durables & apparel [Member] | First lien senior secured revolving loan [Member] | BCI Burke Holding Corp. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | ||
Amortized Cost (in Dollars) | [3],[7],[8],[9] | ||
Percentage of Net Assets | [7],[8] | 0% | |
Investment Interest Rate | [7],[8] | 5.75% | |
Interest Rate | [7],[8] | 6.75% | |
Principal / Par (in Dollars) | [7],[8] | ||
Maturity Date | [7],[8] | Dec. 14, 2023 | |
Percentage of Net Assets | [7],[8] | 0% | |
Net Assets | [7],[8] | 0% | |
Consumer durables & apparel [Member] | First lien senior secured loan [Member] | BCI Burke Holding Corp. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 2,294 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 2,253 | |
Percentage of Net Assets | [7],[8] | 5.40% | |
Investment Interest Rate | [7],[8] | 5.75% | |
Interest Rate | [7],[8] | 6.75% | |
Principal / Par (in Dollars) | [7],[8] | $ 2,294 | |
Maturity Date | [7],[8] | Dec. 14, 2027 | |
Percentage of Net Assets | [7],[8] | 5.40% | |
Net Assets | [7],[8] | 5.40% | |
Consumer durables & apparel [Member] | First lien senior secured revolving loan [Member] | BCI Burke Holding Corp. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 52 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 48 | |
Percentage of Net Assets | [7],[8] | 0.10% | |
Investment Interest Rate | [7],[8] | 5.75% | |
Interest Rate | [7],[8] | 6.75% | |
Principal / Par (in Dollars) | [7],[8] | $ 52 | |
Maturity Date | [7],[8] | Jun. 14, 2027 | |
Percentage of Net Assets | [7],[8] | 0.10% | |
Net Assets | [7],[8] | 0.10% | |
Food & beverage [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 2,666 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 2,609 | |
Percentage of Net Assets | [7],[8] | 6.20% | |
Principal / Par (in Dollars) | [7],[8] | $ 2,666 | |
Percentage of Net Assets | [7],[8] | 6.20% | |
Net Assets | [7],[8] | 6.20% | |
Food & beverage [Member] | First lien senior secured loan [Member] | Siegel Egg Co., LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 2,502 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 2,456 | |
Percentage of Net Assets | [7],[8] | 5.80% | |
Investment Interest Rate | [7],[8] | 6% | |
Interest Rate | [7],[8] | 7% | |
Principal / Par (in Dollars) | [7],[8] | $ 2,502 | |
Maturity Date | [7],[8] | Dec. 29, 2026 | |
Percentage of Net Assets | [7],[8] | 5.80% | |
Net Assets | [7],[8] | 5.80% | |
Food & beverage [Member] | First lien senior secured revolving loan [Member] | Siegel Egg Co., LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 164 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 153 | |
Percentage of Net Assets | [7],[8] | 0.40% | |
Investment Interest Rate | [7],[8] | 6% | |
Interest Rate | [7],[8] | 7% | |
Principal / Par (in Dollars) | [7],[8] | $ 164 | |
Maturity Date | [7],[8] | Dec. 29, 2026 | |
Percentage of Net Assets | [7],[8] | 0.40% | |
Net Assets | [7],[8] | 0.40% | |
Health care equipment & services [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 4,683 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 4,562 | |
Percentage of Net Assets | [7],[8] | 10.90% | |
Principal / Par (in Dollars) | [7],[8] | $ 4,683 | |
Percentage of Net Assets | [7],[8] | 10.90% | |
Net Assets | [7],[8] | 10.90% | |
Health care equipment & services [Member] | First lien senior secured loan [Member] | Brightview, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 2,212 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 2,182 | |
Percentage of Net Assets | [7],[8] | 5.10% | |
Investment Interest Rate | [7],[8] | 5.75% | |
Interest Rate | [7],[8] | 6.75% | |
Principal / Par (in Dollars) | [7],[8] | $ 2,212 | |
Maturity Date | [7],[8] | Apr. 12, 2024 | |
Percentage of Net Assets | [7],[8] | 5.10% | |
Net Assets | [7],[8] | 5.10% | |
Health care equipment & services [Member] | First lien senior secured loan [Member] | Guardian Dentistry Partners [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 1,023 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 978 | |
Percentage of Net Assets | [7],[8] | 2.40% | |
Investment Interest Rate | [7],[8] | 5.75% | |
Interest Rate | [7],[8] | 6.75% | |
Principal / Par (in Dollars) | [7],[8] | $ 1,023 | |
Maturity Date | [7],[8] | Aug. 20, 2026 | |
Percentage of Net Assets | [7],[8] | 2.40% | |
Net Assets | [7],[8] | 2.40% | |
Health care equipment & services [Member] | First lien senior secured loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 1,448 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 1,402 | |
Percentage of Net Assets | [7],[8] | 3.40% | |
Investment Interest Rate | [7],[8] | 5.50% | |
Interest Rate | [7],[8] | 6.50% | |
Principal / Par (in Dollars) | [7],[8] | $ 1,448 | |
Maturity Date | [7],[8] | Dec. 30, 2026 | |
Percentage of Net Assets | [7],[8] | 3.40% | |
Net Assets | [7],[8] | 3.40% | |
Health care equipment & services [Member] | First lien senior secured delayed draw loan [Member] | Brightview, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | ||
Amortized Cost (in Dollars) | [3],[7],[8],[9] | ||
Percentage of Net Assets | [7],[8] | 0% | |
Investment Interest Rate | [7],[8] | 5.75% | |
Interest Rate | [7],[8] | 6.75% | |
Principal / Par (in Dollars) | [7],[8] | ||
Maturity Date | [7],[8] | Apr. 12, 2024 | |
Percentage of Net Assets | [7],[8] | 0% | |
Net Assets | [7],[8] | 0% | |
Health care equipment & services [Member] | First lien senior secured delayed draw loan [Member] | Guardian Dentistry Partners [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | ||
Amortized Cost (in Dollars) | [3],[7],[8],[9] | ||
Percentage of Net Assets | [7],[8] | 0% | |
Investment Interest Rate | [7],[8] | 5.75% | |
Interest Rate | [7],[8] | 6.75% | |
Principal / Par (in Dollars) | [7],[8] | ||
Maturity Date | [7],[8] | Aug. 20, 2026 | |
Percentage of Net Assets | [7],[8] | 0% | |
Net Assets | [7],[8] | 0% | |
Health care equipment & services [Member] | First lien senior secured delayed draw loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | ||
Amortized Cost (in Dollars) | [3],[7],[8],[9] | ||
Percentage of Net Assets | [7],[8] | 0% | |
Investment Interest Rate | [7],[8] | 5.50% | |
Interest Rate | [7],[8] | 6.50% | |
Principal / Par (in Dollars) | [7],[8] | ||
Maturity Date | [7],[8] | Dec. 30, 2026 | |
Percentage of Net Assets | [7],[8] | 0% | |
Net Assets | [7],[8] | 0% | |
Health care equipment & services [Member] | First lien senior secured revolving loan [Member] | Brightview, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | ||
Amortized Cost (in Dollars) | [3],[7],[8],[9] | ||
Percentage of Net Assets | [7],[8] | 0% | |
Investment Interest Rate | [7],[8] | 5.75% | |
Interest Rate | [7],[8] | 6.75% | |
Principal / Par (in Dollars) | [7],[8] | ||
Maturity Date | [7],[8] | Apr. 12, 2024 | |
Percentage of Net Assets | [7],[8] | 0% | |
Net Assets | [7],[8] | 0% | |
Health care equipment & services [Member] | First lien senior secured revolving loan [Member] | SGA Dental Partners Holdings, LLC [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | ||
Amortized Cost (in Dollars) | [3],[7],[8],[9] | ||
Percentage of Net Assets | [7],[8] | 0% | |
Investment Interest Rate | [7],[8] | 5.50% | |
Interest Rate | [7],[8] | 6.50% | |
Principal / Par (in Dollars) | [7],[8] | ||
Maturity Date | [7],[8] | Dec. 30, 2026 | |
Percentage of Net Assets | [7],[8] | 0% | |
Net Assets | [7],[8] | 0% | |
Software & services [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 421 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 413 | |
Percentage of Net Assets | [7],[8] | 1% | |
Principal / Par (in Dollars) | [7],[8] | $ 421 | |
Percentage of Net Assets | [7],[8] | 1% | |
Net Assets | [7],[8] | 1% | |
Software & services [Member] | First lien senior secured loan [Member] | Peak Technologies [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 421 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 413 | |
Percentage of Net Assets | [7],[8] | 1% | |
Investment Interest Rate | [7],[8] | 6.50% | |
Interest Rate | [7],[8] | 7.50% | |
Principal / Par (in Dollars) | [7],[8] | $ 421 | |
Maturity Date | [7],[8] | Apr. 01, 2026 | |
Percentage of Net Assets | [7],[8] | 1% | |
Net Assets | [7],[8] | 1% | |
Telecommunication services [Member] | First lien senior secured loan [Member] | Corbett Technology Solutions, Inc. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 942 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 923 | |
Percentage of Net Assets | [7],[8] | 2.20% | |
Investment Interest Rate | [7],[8] | 5% | |
Interest Rate | [7],[8] | 6% | |
Principal / Par (in Dollars) | [7],[8] | $ 942 | |
Maturity Date | [7],[8] | Oct. 27, 2027 | |
Percentage of Net Assets | [7],[8] | 2.20% | |
Net Assets | [7],[8] | 2.20% | |
Vehicle Accessories, Inc. [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 942 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 923 | |
Percentage of Net Assets | [7],[8] | 2.20% | |
Principal / Par (in Dollars) | [7],[8] | $ 942 | |
Percentage of Net Assets | [7],[8] | 2.20% | |
Net Assets | [7],[8] | 2.20% | |
Total Private Credit Investments [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 11,761 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 11,499 | |
Percentage of Net Assets | [7],[8] | 27.40% | |
Principal / Par (in Dollars) | [7],[8] | $ 11,761 | |
Percentage of Net Assets | [7],[8] | 27.40% | |
Net Assets | [7],[8] | 27.40% | |
Total Debt Investments [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | [7],[8] | $ 11,761 | |
Amortized Cost (in Dollars) | [3],[7],[8],[9] | $ 11,499 | |
Percentage of Net Assets | [7],[8] | 27.40% | |
Principal / Par (in Dollars) | [7],[8] | $ 11,761 | |
Percentage of Net Assets | [7],[8] | 27.40% | |
Net Assets | [7],[8] | 27.40% | |
Total Short-Term Investments [Member] | |||
Aerospace & defense | |||
Fair Value (in Dollars) | $ 31,239 | ||
Amortized Cost (in Dollars) | $ 31,239 | ||
Number of Shares (in Shares) | 31,239 | ||
Percentage of Net Assets | 72.90% | ||
Percentage of Net Assets | 72.90% | ||
Net Assets | 72.90% | ||
[1]As of September 30, 2022, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.[2]Loan contains a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), the Secured Overnight Funding Rate (“SOFR” or “S”) (which can include one-, three- or six-month SOFR), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate).[3] The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. The indicated rate is the yield as of December 31, 2021. As of December 31, 2021, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. Loan contains a variable rate structure, that may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate). As of December 31, 2021, the tax cost of the Company’s investments approximates their amortized cost. |
N-2
N-2 | 9 Months Ended |
Sep. 30, 2022 | |
Cover [Abstract] | |
Entity Central Index Key | 0001850787 |
Amendment Flag | false |
Securities Act File Number | 814-01393 |
Document Type | 10-Q |
Entity Registrant Name | Kayne DL 2021, Inc. |
Entity Address, Address Line One | 811 Main Street |
Entity Address, Address Line Two | 14th Floor |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77002 |
City Area Code | (713) |
Local Phone Number | 493-2020 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Organization
Organization | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization | Note 1. Organization Organization Kayne DL 2021, Inc. (the “Company”) is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company intends to continue to be treated as and to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed as a Delaware corporation to make investments in middle-market companies and commenced operations on December 16, 2021. As of September 30, 2022, the Company has entered into subscription agreements with investors for an aggregate capital commitment of $353,535 to purchase shares of the Company’s common stock. See Note 11 – Subsequent Events. KA Credit Advisors II, LLC (the “Advisor”) serves as the Company’s investment advisor. The Advisor is an indirect subsidiary of Kayne Anderson Capital Advisors, L.P. (“KACALP” or “Kayne Anderson”). The Advisor is registered with the Securities and Exchange Commission (“SEC”) as an investment advisor under the Investment Advisers Act of 1940, as amended. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring investments and monitoring its investments and portfolio companies on an ongoing basis. The Board consists of five directors, four of whom are independent (including the Board’s chairperson). See Note 11 – Subsequent Events. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through debt investments in middle-market companies. The Company conducts private offerings of its Common Stock to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any private offering, each investor will make a capital commitment (a “Capital Commitment”) to purchase shares of its Common Stock (“Shares”) pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. The Company commenced its loan origination and investment activities on December 16, 2021 contemporaneously with the initial drawdown from investors in the private offering. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies A. Basis of Presentation B. Consolidation C. Use of Estimates D. Cash and Cash Equivalents E. Investment Valuation, Fair Value Fair Value Measurement and Disclosures In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5 and effective September 1, 2022, the Board of Directors designated the Advisor as the “valuation designee” to perform fair value determinations of the Company’s portfolio holdings, subject to oversight by and periodic reporting to the Board. The valuation designee will perform fair valuation of the Company’s portfolio holdings in accordance with the Company’s Valuation Program, as adopted by the Board. The Advisor’s internal valuation process did not materially change as a result of Rule 2a-5. Traded Investments (Level 1 or Level 2) Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of the Company’s Advisor, fair market value will be determined using the Advisor’s valuation process for investments that are privately issued or otherwise restricted as to resale. Infrequently, the Company may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While the Company anticipates these equity securities to be issued by privately held companies, the Company may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. (“NASDAQ”) are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices. Non-Traded Investments (Level 3) Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of the Company’s Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of the Company’s Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. The Company expects that a significant majority of its investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for the Company’s Level 3 investments: ● Valuation Designee ● Valuation Firm ● Oversight Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our financial statements will express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our financial statements. F. Interest Income Recognition Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, principal and interest are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection. G. Debt Issuance Costs Costs incurred by the Company related to the issuance of its debt (credit facility) are capitalized and amortized over the period the debt is outstanding. For the purpose of calculating the Company’s asset coverage ratios pursuant to the 1940 Act, deferred issuance costs are not deducted from the carrying value of debt. H. Dividends to Common Stockholders I. Organizational Costs organizational expenses include costs and expenses relating to the formation and organization of the Company. The Company has reimbursed the Advisor for these costs which are expensed as incurred. J. Offering Costs K. Income Taxes The Company must pay distributions equal to 90% of its investment company taxable income (ordinary income and short-term capital gains) to qualify as a RIC and it must distribute all of its taxable income (ordinary income, short-term capital gains and long-term capital gains) to avoid federal income taxes. The Company will be subject to federal income tax on any undistributed portion of income. For purposes of the distribution test, the Company may elect to treat as paid on the last day of its taxable year all or part of any distributions that are declared after the end of its taxable year if such distributions are declared before the due date of its tax return, including any extensions. All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax. A distribution will be treated as paid during the calendar year if it is paid during the calendar year or declared by the Company in October, November or December of such year, payable to stockholders of record on a date during such months and paid by the Company no later than January of the following year. Any such distributions paid during January of the following year will be deemed to be received by stockholders on December 31 of the year the distributions are declared, rather than when the distributions are actually received. The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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. L. LIBOR Transition M. Commitments and Contingencies |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Note 3. Agreements and Related Party Transactions A. Administration Agreement The Company will reimburse the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement. As the Company reimburses the Administrator for its expenses, the Company will indirectly bear such cost. The Administration Agreement may be terminated by either party with 60 days’ written notice. B. Investment Advisory Agreement The Company has agreed to reimburse the Advisor and its affiliates for the third-party costs incurred on its behalf in connection with the formation and the offering of shares of the Company’s common stock. Amounts shown as payables to affiliates on the Statement of Assets and Liabilities represent organizational expenses and offering costs of the Company that were paid by the Advisor and its affiliates on behalf of the Company. Management Fee The management fee will be calculated at an annual rate of 0.75% of the fair market value of the Company’s investments including, in each case, assets purchased with borrowed funds or other forms of leverage, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase. The management fee will be payable quarterly in arrears and calculated based on the average value, at the end of the two most recently completed calendar quarters, of our fair market value of investments, including, in each case, assets purchased with borrowed funds or other forms of leverage, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase. Management fees for any partial quarter will be appropriately pro-rated. For the three and nine months ended September 30, 2022, the Company incurred management fees of $90 and $181, respectively. C. Other |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments [Abstract] | |
Investments | Note 4. Investments The following table presents the composition of the Company’s investment portfolio at amortized cost and fair value as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Amortized Fair Amortized Fair Cost Value Cost Value First-lien senior secured debt investments $ 56,987 $ 58,161 $ 11,499 $ 11,761 Short-term investments 3,853 3,853 31,239 31,239 Total Investments $ 60,840 $ 62,014 $ 42,738 $ 43,000 As of September 30, 2022 and December 31, 2021, all of the Company’s investments were qualifying assets as defined by Section 55(a) of the 1940 Act. Beginning with the three months ended March 31, 2022, the Company uses Global Industry Classification Standards (GICS), Level 3 – Industry, for classifying the industry groupings of its portfolio companies. As of December 31, 2021, the Company used GICS, Level 2 – Industry Group. The industry composition of long-term investments based on fair value as of September 30, 2022 and December 31, 2021 was as follows: September 30, 2022 Health care providers & services 22.7 % Trading companies & distributors 14.6 % Commercial services & supplies 8.9 % Food products 7.7 % IT services 7.1 % Machinery 5.2 % Software 5.2 % Textiles, apparel & luxury goods 4.6 % Containers & packaging 4.4 % Building products 4.2 % Diversified telecommunication services 3.0 % Auto components 3.0 % Electronic equipment, instruments & components 2.5 % Leisure products 2.5 % Insurance 1.9 % Wireless telecommunication services 1.2 % Aerospace & defense 0.5 % Chemicals 0.4 % Asset management & custody banks 0.4 % Total 100.0 % December 31, Health care equipment & services 39.8 % Food & beverage 22.7 % Consumer durables & apparel 19.9 % Telecommunication services 8.0 % Capital goods 6.0 % Software & services 3.6 % Total 100.0 % |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 5. Fair Value The Fair Value Measurement Topic of the FASB Accounting Standards Codification (ASC 820) defines fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants under current market conditions at the measurement date. As required by ASC 820, the Company has performed an analysis of all investments measured at fair value to determine the significance and character of all inputs to their fair value determination. Inputs are the assumptions, along with considerations of risk, that a market participant would use to value an asset or a liability. In general, observable inputs are based on market data that is readily available, regularly distributed and verifiable that the Company obtains from independent, third-party sources. Unobservable inputs are developed by the Company based on its own assumptions of how market participants would value an asset or a liability. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories. Level 1 — Valuations based on quoted unadjusted prices for identical instruments in active markets traded on a national exchange to which the Company has access at the date of measurement. Level 2 — Valuations based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The following table presents the fair value hierarchy of investments as of September 30, 2022 and December 31, 2021. Note that the valuation levels below are not necessarily an indication of the risk or liquidity associated with the underlying investment. Fair Value Hierarchy as of September 30, 2022 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 58,161 $ 58,161 Short-term investments 3,853 - - 3,853 Total Investments $ 3,853 $ - $ 58,161 $ 62,014 Fair Value Hierarchy as of December 31, 2021 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 11,761 $ 11,761 Short-term investments 31,239 - - 31,239 Total Investments $ 31,239 $ - $ 11,761 $ 43,000 The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and nine months ended September 30, 2022. There were no investments in the Company for the three and nine months ended September 30, 2021. For the three months September 30, Fair value, beginning of period $ 36,904 Purchases of investments 22,021 Proceeds from sales of investments and principal repayments (1,281 ) Net change in unrealized gain (loss) 464 Net accretion of discount on investments 53 Transfers into (out of) Level 3 - Fair value, end of period $ 58,161 For the nine months September 30, Fair value, beginning of period $ 11,761 Purchases of investments 47,057 Proceeds from principal payments and sales of investments (1,683 ) Net change in unrealized gain (loss) 912 Net accretion of discount on investments 114 Transfers into (out of) Level 3 - Fair value, end of period $ 58,161 For the three and nine months ended September 30, 2022, the Company did not recognize any transfers to or from Level 3. The increase in unrealized gain (loss) relates to investments that were held during the period. The Company includes these unrealized gains and losses on the Statement of Operations – Net Change in Unrealized Gains (Losses). Valuation Techniques and Unobservable Inputs Non-traded debt investments are typically valued using either a market yield analysis or an enterprise value analysis. For debt investments that are not considered to be credit impaired, the Company uses a market yield analysis to determine fair value. If the debt investment is considered to be credit impaired (which is determined by performing an enterprise value analysis), the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. As of September 30, 2022, none of the Company’s non-traded debt investments were considered to be credit impaired, and the Company used a market yield analysis to determine fair value on these investments. To determine the estimated market yield for our debt investments, the Company analyzes changes in the risk/reward (measured by yields and leverage) of middle market indices as compared to changes in risk/reward for the underlying investment (the “Market Approach”) and estimates the appropriate credit spread for such debt investment. In this context, the fair market value of the investment is impacted by the structure and pricing of the security relative to current market yields and credit spreads for similar investments in similar businesses as well as the financial performance of such business. In performing this analysis, the Company considers data sources including, but not limited to: (i) industry publications, such as S&P Global’s High-End Middle Market Lending Review; Thomson Reuter’s Refinitiv Middle Market Monthly Stats; CapitalIQ; Pitchbook News; The Lead Left, and other data sources; (ii) comparable investments reviewed or completed by affiliates of the Advisor, and (iii) information obtained and provided by the Advisor’s independent valuation managers. To determine if a debt investment is credit impaired, the Company estimates the enterprise value of the business and compares such estimate to the outstanding indebtedness of such business. The Company utilizes the following valuation methodologies to determine the estimated enterprise value of the company: (i) analysis of valuations of publicly traded companies in a similar line of business (“public company analysis”), (ii) analysis of valuations of M&A transaction valuations for companies in a similar line of business (“precedent transaction analysis”), (iii) discounted cash flows (“DCF analysis”) and (iv) other valuation methodologies. In determining the non-traded debt investment valuations, the following factors are considered, where relevant: the nature and realizable value of any collateral; the company’s ability to make interest payments, amortization payments (if any) and other fixed charges; call features, put features and other relevant terms of the debt security; the company’s historical and projected financial results; the markets in which the company does business; changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be valued; and other relevant factors. Equity investments in private companies are typically valued using one of or a combination of the following valuation techniques: (i) public company analysis, (ii) precedent transaction analysis and (iii) DCF analysis. Under all of these valuation techniques, the Advisor estimates operating results of the companies in which it invests, including earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) and free cash flow. These estimates utilize unobservable inputs such as historical operating results, which may be unaudited, and projected operating results, which will be based on operating assumptions for such company. Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information. These estimates will be sensitive to changes in assumptions specific to such company as well as general assumptions for the industry. Other unobservable inputs utilized in the valuation techniques outlined above include: discounts for lack of marketability, selection of publicly traded companies, selection of similar precedent transactions, selected ranges for valuation multiples and expected required rates of return (discount rates). Quantitative Table for Valuation Techniques The following tables presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2022 and December 31, 2021. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value. As of September 30, 2022 Fair Valuation Unobservable Weighted Value Technique Input Range Average First-lien senior secured debt investments $ 58,161 Market Approach - Yield Analysis Credit Spreads 5.00% - 7.50% 6.05 % As of December 31, 2021 Fair Valuation Unobservable Weighted Value Technique Input Range Average First-lien senior secured debt investments $ 11,761 Market Approach - Yield Analysis Credit Spreads 5.00% - 6.50% 5.77 % |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 6. Debt On February 25, 2022, the Company entered into a senior secured revolving credit facility (the “Subscription Credit Facility”), that has a total commitment of $25,000 and a maturity date of February 25, 2023. The Subscription Credit Facility permits the Company to borrow up to $25,000, subject to availability under the borrowing base which is calculated based on the unused capital commitments of the investors meeting various eligibility requirements. The interest rate on the Subscription Credit Facility is equal to SOFR plus an applicable spread of 1.975% with no floor. The Company is also required to pay a commitment fee of 0.25% per annum on any unused portion of the Subscription Credit Facility. For the nine months ended September 30, 2022, the Company had $5,000 borrowed under its Subscription Credit Facility on each day from March 23, 2022 to April 5, 2022 at an interest rate of 2.29% and $10,000 borrowed under its Subscription Credit Facility on each day from September 29, 2022 to September 30, 2022 at an interest rate of 5.04%. Debt obligations consisted of the following as of September 30, 2022: September 30, 2022 Aggregate Outstanding Principal Amount Available (1) Subscription Credit Facility $ 25,000 $ 10,000 $ 15,000 Total debt $ 25,000 $ 10,000 $ 15,000 (1) The amount available reflects any limitations related to the Subscription Credit Facility's borrowing base as of September 30, 2022. For the three and nine months ended September 30, 2022, the components of interest expense were as follows. There was no Subscription Credit Facility in place at September 30, 2021 as the Company had not yet commenced investment operations. For the three months September 30, Interest expense $ 18 Amortization of debt issuance costs 24 Total interest expense $ 42 For the nine months September 30, Interest expense $ 44 Amortization of debt issuance costs 57 Total interest expense $ 101 |
Share Transactions
Share Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Share Transactions [Abstract] | |
Share Transactions | Note 7. Share Transactions Common Stock Issuances The following table summarizes the number of common stock shares issued and aggregate proceeds received from such issuances related to the Company’s capital call notices pursuant to subscription agreements with investors for the nine months ended September 30, 2022. See Note 11 – Subsequent Events. Offering price Common stock Aggregate Common stock issue date per share shares issued offering amount June 29, 2022 $ 5,011 1,996 $ 10,000 Total common stock issued 1,996 $ 10,000 As of September 30, 2022, the Company had subscription agreements with investors for an aggregate capital commitment of $353,535 to purchase shares of common stock. Of this amount, the Company had $300,535 of undrawn commitments at September 30, 2022. Dividends and Dividend Reinvestment The following table summarizes the dividends declared and payable by the Company for the nine months ended September 30, 2022. See Note 11 – Subsequent Events. Dividend Dividend Dividend Dividend declaration date record date payment date per share April 19, 2022 April 20, 2022 July 27, 2022 $ 6.80 July 19, 2022 July 20, 2022 July 27, 2022 29.00 $ 35.80 The following table summarizes the amounts received and shares of common stock issued to shareholders pursuant to the Company’s dividend reinvestment plan for the nine months ended September 30, 2022. See Note 11 – Subsequent Events. Dividend DRIP payment shares DRIP Dividend record date date issued value April 20, 2022 July 27, 2022 12 $ 58 July 20, 2022 July 27, 2022 60 304 72 $ 362 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies The Company had an aggregate of $13,610 and $5,300, respectively, of unfunded commitments to provide debt financing to its portfolio companies as of September 30, 2022 and December 31, 2021. Such commitments are generally subject to the satisfaction of certain financial and nonfinancial covenants and certain operational metrics. The commitment period for these amounts may be shorter than the maturity date if drawn or funded. These commitments are not reflected in the Company’s consolidated statement of assets and liabilities. Consequently, such commitments result in an element of credit risk in excess of the amount recognized in the Company’s consolidated statement of assets and liabilities. A summary of the composition of the unfunded commitments as of September 30, 2022 and December 31, 2021 is shown in the table below: As of As of September 30, 2022 December 31, Allcat Claims Service, LLC $ 1,865 $ - Allentown, LLC 606 - American Soccer Company, Incorporated (SCORE) 345 - Atria Wealth Solutions, Inc. 2,783 - BCI Burke Holding Corp. 534 654 BLP Buyer, Inc. (Bishop Lifting Products) 159 - Brightview, LLC 646 783 Centerline Communications, LLC 2,325 - CGI Automated Manufacturing, LLC 160 - FCA, LLC (FCA Packaging) 288 - Guardian Dentistry Partners - 1,977 Gulf Pacific Holdings, LLC 1,248 - Improving Acquisition LLC 354 - Light Wave Dental Management LLC 842 - MacNeill Pride Group 985 - SGA Dental Partners Holdings, LLC 207 1,552 Siegel Egg Co., LLC 263 334 Total unfunded commitments $ 13,610 $ 5,300 From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2022 and December 31, 2021, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9. Earnings Per Share In accordance with the provisions of ASC Topic 260, Earnings per Share The following table sets forth the computation of basic and diluted earnings per share of common stock for the three and nine months ended September 30, 2022. The Company commenced investment operations on December 16, 2021. For the three months For the nine months September 30, 2022 September 30, 2022 Net increase (decrease) in net assets resulting from operations $ 1,200 $ 1,954 Weighted average shares of common stock outstanding - basic and diluted 10,647 9,305 Earnings (loss) per share of common stock - basic and diluted $ 113 $ 210 |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2022 | |
Financial Highlights [Abstract] | |
Financial Highlights | Note 10. Financial Highlights The following per share of common stock data has been derived from information provided in the unaudited financial statements. The following is a schedule of financial highlights for the nine months ended September 30, 2022. The Company commenced investment operations on December 16, 2021. For the nine September 30, 2022 Per Common Share Operating Performance (1) Net Asset Value, Beginning of Period $ 4,986 Results of Operations: Net Investment Income 112 Net Realized and Unrealized Gain (Loss) on Investments (2) 78 Net Increase (Decrease) in Net Assets Resulting from Operations 190 Distributions to Common Stockholders Distributions from Net Investment Income (36 ) Net Decrease in Net Assets Resulting from Distributions (36 ) Net Asset Value, End of Period $ 5,140 Shares Outstanding, End of Period 10,668 Ratio/Supplemental Data Net assets, end of period $ 54,829 Weighted-average shares outstanding 9,305 Total Return (3) 3.8 % Portfolio turnover 5.1 % Ratio of operating expenses to average net assets 2.9 % Ratio of net investment income (loss) to average net assets 2.9 % (1) The per common share data was derived by using weighted average shares outstanding. (2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period. (3) Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events The Company’s management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except as described below. On October 14, 2022, the Company sold 4,933 shares of its common stock for a total aggregate offering price of $25,000. KACALP, an affiliate of the Advisor, made an equity contribution of $250 associated with its 1% commitment for this October 14, 2022 share issuance. The Company has subscription agreements with investors for an aggregate capital commitment of $353,535 to purchase shares of common stock ($275,535 is undrawn). On October 25, 2022, the Company paid a distribution of $72.00 per share to each common stockholder of record as of October 13, 2022. The total distribution was $768 and $760 was reinvested into the Company through the purchase of 150 shares of common stock. On November 8, 2022, the Board of Directors (the “Board”) of the Company elected Rhonda Smith as a member of the Board. Ms. Smith will serve as an independent director of the Company until she stands for re-election at the 2024 Annual Meeting of Stockholders of the Company. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
A. Basis of Presentation | A. Basis of Presentation |
B. Consolidation | B. Consolidation |
C. Use of Estimates | C. Use of Estimates |
D. Cash and Cash Equivalents | D. Cash and Cash Equivalents |
E. Investment Valuation, Fair Value | E. Investment Valuation, Fair Value Fair Value Measurement and Disclosures In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5 and effective September 1, 2022, the Board of Directors designated the Advisor as the “valuation designee” to perform fair value determinations of the Company’s portfolio holdings, subject to oversight by and periodic reporting to the Board. The valuation designee will perform fair valuation of the Company’s portfolio holdings in accordance with the Company’s Valuation Program, as adopted by the Board. The Advisor’s internal valuation process did not materially change as a result of Rule 2a-5. Traded Investments (Level 1 or Level 2) Investments for which market quotations are readily available will typically be valued at those market quotations. Traded investments such as corporate bonds, preferred stock, bank notes, loans or loan participations are valued by using the bid price provided by an independent pricing service, by an independent broker, the agent bank, syndicate bank or principal market maker. When price quotes for investments are not available, or such prices are stale or do not represent fair value in the judgment of the Company’s Advisor, fair market value will be determined using the Advisor’s valuation process for investments that are privately issued or otherwise restricted as to resale. Infrequently, the Company may also invest, to a lesser extent, in equity securities purchased in conjunction with debt investments. While the Company anticipates these equity securities to be issued by privately held companies, the Company may hold equity securities that are publicly traded. Equity securities listed on any exchange other than the NASDAQ Stock Market, Inc. (“NASDAQ”) are valued, except as indicated below, at the last sale price on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and ask prices on such day. Securities admitted to trade on the NASDAQ are valued at the NASDAQ official closing price. Equity securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities. Equity securities traded in the over-the-counter market, but excluding securities admitted to trading on the NASDAQ, are valued at the closing bid prices. Non-Traded Investments (Level 3) Investments that are privately issued or otherwise restricted as to resale, as well as any security for which (a) reliable market quotations are not available in the judgment of the Company’s Advisor, or (b) the independent pricing service or independent broker does not provide prices or provides a price that in the judgment of the Company’s Advisor is stale or does not represent fair value, shall each be valued in a manner that most fairly reflects fair value of the security on the valuation date. The Company expects that a significant majority of its investments will be Level 3 investments. Unless otherwise determined by the Advisor, the following valuation process is used for the Company’s Level 3 investments: ● Valuation Designee ● Valuation Firm ● Oversight Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our financial statements will express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our financial statements. |
F. Interest Income Recognition | F. Interest Income Recognition Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, principal and interest are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection. |
G. Debt Issuance Costs | G. Debt Issuance Costs Costs incurred by the Company related to the issuance of its debt (credit facility) are capitalized and amortized over the period the debt is outstanding. For the purpose of calculating the Company’s asset coverage ratios pursuant to the 1940 Act, deferred issuance costs are not deducted from the carrying value of debt. |
H. Dividends to Common Stockholders | H. Dividends to Common Stockholders |
I. Organizational Costs | I. Organizational Costs organizational expenses include costs and expenses relating to the formation and organization of the Company. The Company has reimbursed the Advisor for these costs which are expensed as incurred. |
J. Offering Costs | J. Offering Costs |
L. LIBOR Transition | L. LIBOR Transition |
M. Commitments and Contingencies | M. Commitments and Contingencies |
K. Income Taxes | K. Income Taxes The Company must pay distributions equal to 90% of its investment company taxable income (ordinary income and short-term capital gains) to qualify as a RIC and it must distribute all of its taxable income (ordinary income, short-term capital gains and long-term capital gains) to avoid federal income taxes. The Company will be subject to federal income tax on any undistributed portion of income. For purposes of the distribution test, the Company may elect to treat as paid on the last day of its taxable year all or part of any distributions that are declared after the end of its taxable year if such distributions are declared before the due date of its tax return, including any extensions. All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax. A distribution will be treated as paid during the calendar year if it is paid during the calendar year or declared by the Company in October, November or December of such year, payable to stockholders of record on a date during such months and paid by the Company no later than January of the following year. Any such distributions paid during January of the following year will be deemed to be received by stockholders on December 31 of the year the distributions are declared, rather than when the distributions are actually received. The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments [Abstract] | |
Schedule of investment portfolio at amortized cost and fair value | September 30, 2022 December 31, 2021 Amortized Fair Amortized Fair Cost Value Cost Value First-lien senior secured debt investments $ 56,987 $ 58,161 $ 11,499 $ 11,761 Short-term investments 3,853 3,853 31,239 31,239 Total Investments $ 60,840 $ 62,014 $ 42,738 $ 43,000 |
Schedule of industry composition of long-term investments based on fair value | September 30, 2022 Health care providers & services 22.7 % Trading companies & distributors 14.6 % Commercial services & supplies 8.9 % Food products 7.7 % IT services 7.1 % Machinery 5.2 % Software 5.2 % Textiles, apparel & luxury goods 4.6 % Containers & packaging 4.4 % Building products 4.2 % Diversified telecommunication services 3.0 % Auto components 3.0 % Electronic equipment, instruments & components 2.5 % Leisure products 2.5 % Insurance 1.9 % Wireless telecommunication services 1.2 % Aerospace & defense 0.5 % Chemicals 0.4 % Asset management & custody banks 0.4 % Total 100.0 % December 31, Health care equipment & services 39.8 % Food & beverage 22.7 % Consumer durables & apparel 19.9 % Telecommunication services 8.0 % Capital goods 6.0 % Software & services 3.6 % Total 100.0 % |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value hierarchy of investments | Fair Value Hierarchy as of September 30, 2022 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 58,161 $ 58,161 Short-term investments 3,853 - - 3,853 Total Investments $ 3,853 $ - $ 58,161 $ 62,014 Fair Value Hierarchy as of December 31, 2021 Investments: Level 1 Level 2 Level 3 Total First-lien senior secured debt investments $ - $ - $ 11,761 $ 11,761 Short-term investments 31,239 - - 31,239 Total Investments $ 31,239 $ - $ 11,761 $ 43,000 |
Schedule of fair value of investments for which Level 3 inputs | For the three months September 30, Fair value, beginning of period $ 36,904 Purchases of investments 22,021 Proceeds from sales of investments and principal repayments (1,281 ) Net change in unrealized gain (loss) 464 Net accretion of discount on investments 53 Transfers into (out of) Level 3 - Fair value, end of period $ 58,161 For the nine months September 30, Fair value, beginning of period $ 11,761 Purchases of investments 47,057 Proceeds from principal payments and sales of investments (1,683 ) Net change in unrealized gain (loss) 912 Net accretion of discount on investments 114 Transfers into (out of) Level 3 - Fair value, end of period $ 58,161 |
Schedule of significant unobservable inputs of Level 3 investments | As of September 30, 2022 Fair Valuation Unobservable Weighted Value Technique Input Range Average First-lien senior secured debt investments $ 58,161 Market Approach - Yield Analysis Credit Spreads 5.00% - 7.50% 6.05 % As of December 31, 2021 Fair Valuation Unobservable Weighted Value Technique Input Range Average First-lien senior secured debt investments $ 11,761 Market Approach - Yield Analysis Credit Spreads 5.00% - 6.50% 5.77 % |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of debt obligations | September 30, 2022 Aggregate Outstanding Principal Amount Available (1) Subscription Credit Facility $ 25,000 $ 10,000 $ 15,000 Total debt $ 25,000 $ 10,000 $ 15,000 |
Schedule of the components of interest expense | For the three months September 30, Interest expense $ 18 Amortization of debt issuance costs 24 Total interest expense $ 42 For the nine months September 30, Interest expense $ 44 Amortization of debt issuance costs 57 Total interest expense $ 101 |
Share Transactions (Tables)
Share Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share Transactions [Abstract] | |
Schedule of common stock shares issued and aggregate proceeds | Offering price Common stock Aggregate Common stock issue date per share shares issued offering amount June 29, 2022 $ 5,011 1,996 $ 10,000 Total common stock issued 1,996 $ 10,000 |
Schedule of dividends declared and payable by the Company | Dividend Dividend Dividend Dividend declaration date record date payment date per share April 19, 2022 April 20, 2022 July 27, 2022 $ 6.80 July 19, 2022 July 20, 2022 July 27, 2022 29.00 $ 35.80 |
Schedule of dividend reinvestment plan | Dividend DRIP payment shares DRIP Dividend record date date issued value April 20, 2022 July 27, 2022 12 $ 58 July 20, 2022 July 27, 2022 60 304 72 $ 362 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of summary of composition of the unfunded commitments | As of As of September 30, 2022 December 31, Allcat Claims Service, LLC $ 1,865 $ - Allentown, LLC 606 - American Soccer Company, Incorporated (SCORE) 345 - Atria Wealth Solutions, Inc. 2,783 - BCI Burke Holding Corp. 534 654 BLP Buyer, Inc. (Bishop Lifting Products) 159 - Brightview, LLC 646 783 Centerline Communications, LLC 2,325 - CGI Automated Manufacturing, LLC 160 - FCA, LLC (FCA Packaging) 288 - Guardian Dentistry Partners - 1,977 Gulf Pacific Holdings, LLC 1,248 - Improving Acquisition LLC 354 - Light Wave Dental Management LLC 842 - MacNeill Pride Group 985 - SGA Dental Partners Holdings, LLC 207 1,552 Siegel Egg Co., LLC 263 334 Total unfunded commitments $ 13,610 $ 5,300 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share of common stock | For the three months For the nine months September 30, 2022 September 30, 2022 Net increase (decrease) in net assets resulting from operations $ 1,200 $ 1,954 Weighted average shares of common stock outstanding - basic and diluted 10,647 9,305 Earnings (loss) per share of common stock - basic and diluted $ 113 $ 210 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of financial highlights | For the nine September 30, 2022 Per Common Share Operating Performance (1) Net Asset Value, Beginning of Period $ 4,986 Results of Operations: Net Investment Income 112 Net Realized and Unrealized Gain (Loss) on Investments (2) 78 Net Increase (Decrease) in Net Assets Resulting from Operations 190 Distributions to Common Stockholders Distributions from Net Investment Income (36 ) Net Decrease in Net Assets Resulting from Distributions (36 ) Net Asset Value, End of Period $ 5,140 Shares Outstanding, End of Period 10,668 Ratio/Supplemental Data Net assets, end of period $ 54,829 Weighted-average shares outstanding 9,305 Total Return (3) 3.8 % Portfolio turnover 5.1 % Ratio of operating expenses to average net assets 2.9 % Ratio of net investment income (loss) to average net assets 2.9 % (1) The per common share data was derived by using weighted average shares outstanding. (2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period. (3) Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized. |
Organization (Details)
Organization (Details) | Sep. 30, 2022 USD ($) |
Accounting Policies [Abstract] | |
Purchase of common stock shares value | $ 353,535 |
Significant Accounting Polici_2
Significant Accounting Policies (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Accounting Policies [Abstract] | |
Investments percentage | 25% |
Reimbursement to the advisor (in Dollars) | $ 350 |
Distributions percentage | 90% |
Non-deductible excise tax | All RICs are subject to a non-deductible 4% excise tax on income that is not distributed on a timely basis in accordance with the calendar year distribution requirements. To avoid the tax, the Company must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gains for the one-year period ending on December 31, the last day of our taxable year, and (iii) undistributed amounts from previous years on which the Company paid no U.S. federal income tax. |
Agreements and Related Party _2
Agreements and Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transactions [Abstract] | ||||
Management fee, description | The management fee will be calculated at an annual rate of 0.75% of the fair market value of the Company’s investments including, in each case, assets purchased with borrowed funds or other forms of leverage, but excluding cash, U.S. government securities and commercial paper instruments maturing within one year of purchase. | |||
Management fee | $ 90 | $ 181 | ||
Equity contributions | $ 100 |
Investments (Details) - Schedul
Investments (Details) - Schedule of investment portfolio at amortized cost and fair value - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Investments (Details) - Schedule of investment portfolio at amortized cost and fair value [Line Items] | ||
Amortized Cost | $ 60,840 | $ 42,738 |
Fair Value | 62,014 | 43,000 |
First-lien senior secured debt investments [Member] | ||
Investments (Details) - Schedule of investment portfolio at amortized cost and fair value [Line Items] | ||
Amortized Cost | 56,987 | 11,499 |
Fair Value | 58,161 | 11,761 |
Short-term investments [Member] | ||
Investments (Details) - Schedule of investment portfolio at amortized cost and fair value [Line Items] | ||
Amortized Cost | 3,853 | 31,239 |
Fair Value | $ 3,853 | $ 31,239 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of industry composition of long-term investments based on fair value | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 100% | 100% |
Health care providers & services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 22.70% | 39.80% |
Trading companies & distributors [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 14.60% | |
Commercial services & supplies [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 8.90% | |
Food products [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 7.70% | |
IT services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 7.10% | |
Machinery [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 5.20% | |
Software [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 5.20% | |
Textiles, Apparel & Luxury Goods [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 4.60% | |
Containers & packaging [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 4.40% | |
Building products [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 4.20% | |
Diversified telecommunication services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 3% | |
Auto components [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 3% | |
Electronic equipment, instruments & components [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 2.50% | |
Leisure products [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 2.50% | |
Insurance [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 1.90% | |
Wireless telecommunication services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 1.20% | |
Aerospace & defense [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 0.50% | |
Chemicals [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 0.40% | |
Asset management & custody banks [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 0.40% | |
Food & beverage [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 22.70% | |
Consumer durables & apparel [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 19.90% | |
Telecommunication services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 8% | |
Capital goods [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 6% | |
Software & services [Member] | ||
Schedule of Investments [Line Items] | ||
Long-term investments fair value percentage | 3.60% |
Fair Value (Details) - Schedule
Fair Value (Details) - Schedule of fair value hierarchy of investments - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | $ 62,014 | $ 43,000 |
First-lien senior secured debt investments [Member] | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | 58,161 | 11,761 |
Short-term investments [Member] | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | 3,853 | 31,239 |
Fair Value Hierarchy, Level 1 | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | 3,853 | 31,239 |
Fair Value Hierarchy, Level 1 | First-lien senior secured debt investments [Member] | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | ||
Fair Value Hierarchy, Level 1 | Short-term investments [Member] | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | 3,853 | 31,239 |
Fair Value Hierarchy, Level 2 | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | ||
Fair Value Hierarchy, Level 2 | First-lien senior secured debt investments [Member] | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | ||
Fair Value Hierarchy, Level 2 | Short-term investments [Member] | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | ||
Fair Value Hierarchy, Level 3 | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | 58,161 | 11,761 |
Fair Value Hierarchy, Level 3 | First-lien senior secured debt investments [Member] | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments | 58,161 | 11,761 |
Fair Value Hierarchy, Level 3 | Short-term investments [Member] | ||
Fair Value (Details) - Schedule of fair value hierarchy of investments [Line Items] | ||
Total Investments |
Fair Value (Details) - Schedu_2
Fair Value (Details) - Schedule of fair value of investments for which Level 3 inputs - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Schedule Of Fair Value Of Investments For Which Level3 Inputs Abstract | ||
Fair value, beginning of period | $ 36,904 | $ 11,761 |
Purchases of investments | 22,021 | 47,057 |
Proceeds from sales of investments and principal repayments | (1,281) | (1,683) |
Net change in unrealized gain (loss) | 464 | 912 |
Net accretion of discount on investments | 53 | 114 |
Transfers into (out of) Level 3 | ||
Fair value, end of period | $ 58,161 | $ 58,161 |
Fair Value (Details) - Schedu_3
Fair Value (Details) - Schedule of significant unobservable inputs of Level 3 investments - First-lien senior secured debt investments [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value (in Dollars) | $ 58,161 | $ 11,761 |
Valuation Technique | Market Approach - Yield Analysis | Market Approach - Yield Analysis |
Unobservable Input | Credit Spreads | Credit Spreads |
Weighted Average | 6.05% | 5.77% |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 5% | 5% |
Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 7.50% | 6.50% |
Debt (Details)
Debt (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2022 | Apr. 05, 2022 | Feb. 25, 2022 | Sep. 30, 2022 | |
Debt Disclosure [Abstract] | ||||
Maturity date | Feb. 25, 2022 | |||
Total commitment | $ 25,000 | |||
Subscription credit facility borrowed | $ 10,000 | $ 25,000 | $ 5,000 | |
Interest rate, percentage | 5.04% | 2.29% | 1.975% | |
Commitment fee, percentage | 0.25% |
Debt (Details) - Schedule of de
Debt (Details) - Schedule of debt obligations $ in Thousands | Sep. 30, 2022 USD ($) | |
Debt (Details) - Schedule of debt obligations [Line Items] | ||
Aggregate principal committed | $ 25,000 | |
Outstanding Principal | 10,000 | |
Amount available | 15,000 | [1] |
Subscription Credit Facility [Member] | ||
Debt (Details) - Schedule of debt obligations [Line Items] | ||
Aggregate principal committed | 25,000 | |
Outstanding Principal | 10,000 | |
Amount available | $ 15,000 | [1] |
[1]The amount available reflects any limitations related to the Subscription Credit Facility's borrowing base as of September 30, 2022. |
Debt (Details) - Schedule of th
Debt (Details) - Schedule of the components of interest expense - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Schedule Of The Components Of Interest Expense Abstract | ||
Interest expense | $ 18 | $ 44 |
Amortization of debt issuance costs | 24 | 57 |
Total interest expense | $ 42 | $ 101 |
Share Transactions (Details)
Share Transactions (Details) | Sep. 30, 2022 USD ($) |
Share Transactions [Abstract] | |
Purchase of common stock shares value | $ 353,535 |
Undrawn commitments | $ 300,535 |
Share Transactions (Details) -
Share Transactions (Details) - Schedule of common stock shares issued and aggregate proceeds - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share Transactions (Details) - Schedule of common stock shares issued and aggregate proceeds [Line Items] | ||
Common stock shares issued | 1,996 | |
Aggregate offering amount | $ 10,000 | |
June 29, 2022 [Member] | ||
Share Transactions (Details) - Schedule of common stock shares issued and aggregate proceeds [Line Items] | ||
Offering price per share | $ 5,011 | |
Common stock shares issued | 1,996 | |
Aggregate offering amount | $ 10,000 |
Share Transactions (Details) _2
Share Transactions (Details) - Schedule of dividends declared and payable by the Company | 9 Months Ended |
Sep. 30, 2022 $ / shares | |
Share Transactions (Details) - Schedule of dividends declared and payable by the Company [Line Items] | |
Dividend per share | $ 35.8 |
April 19, 2022 [Member] | |
Share Transactions (Details) - Schedule of dividends declared and payable by the Company [Line Items] | |
Dividend record date | Apr. 20, 2022 |
Dividend per share | $ 6.8 |
Dividend payment date | Jul. 27, 2022 |
July 19, 2022 [Member] | |
Share Transactions (Details) - Schedule of dividends declared and payable by the Company [Line Items] | |
Dividend record date | Jul. 20, 2022 |
Dividend per share | $ 29 |
Dividend payment date | Jul. 27, 2022 |
Share Transactions (Details) _3
Share Transactions (Details) - Schedule of dividend reinvestment plan - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Share Transactions (Details) - Schedule of dividend reinvestment plan [Line Items] | ||
DRIP shares issued | 72 | |
DRIP value | $ 362 | $ 362 |
April 20, 2022 [Member] | ||
Share Transactions (Details) - Schedule of dividend reinvestment plan [Line Items] | ||
Dividend payment date | Jul. 27, 2022 | |
DRIP shares issued | 12 | |
DRIP value | $ 58 | |
July 20, 2022 [Member] | ||
Share Transactions (Details) - Schedule of dividend reinvestment plan [Line Items] | ||
Dividend payment date | Jul. 27, 2022 | |
DRIP shares issued | 60 | |
DRIP value | $ 304 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Unfunded Commitments [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Unfunded commitments | $ 13,610 | $ 5,300 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of summary of composition of the unfunded commitments - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Total unfunded commitments | $ 13,610 | $ 5,300 |
Allcat Claims Service, LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 1,865 | |
Allentown, LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 606 | |
American Soccer Company, Incorporated (SCORE) [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 345 | |
Atria Wealth Solutions, Inc. [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 2,783 | |
BCI Burke Holding Corp. [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 534 | 654 |
BLP Buyer, Inc. (Bishop Lifting Products) [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 159 | |
Brightview, LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 646 | 783 |
Centerline Communications, LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 2,325 | |
CGI Automated Manufacturing, LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 160 | |
FCA, LLC (FCA Packaging) [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 288 | |
Guardian Dentistry Partners [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 1,977 | |
Gulf Pacific Holdings, LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 1,248 | |
Improving Acquisition LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 354 | |
Light Wave Dental Management LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 842 | |
MacNeill Pride Group [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 985 | |
SGA Dental Partners Holdings, LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | 207 | 1,552 |
Siegel Egg Co., LLC [Member] | ||
Other Commitments [Line Items] | ||
Total unfunded commitments | $ 263 | $ 334 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of computation of basic and diluted earnings per share of common stock - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Schedule Of Computation Of Basic And Diluted Earnings Per Share Of Common Stock Abstract | ||
Net increase (decrease) in net assets resulting from operations | $ 1,200 | $ 1,954 |
Weighted average shares of common stock outstanding - basic and diluted | 10,647 | 9,305 |
Earnings (loss) per share of common stock - basic and diluted | $ 113 | $ 210 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of computation of basic and diluted earnings per share of common stock (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Schedule Of Computation Of Basic And Diluted Earnings Per Share Of Common Stock Abstract | ||
Weighted average shares of common stock outstanding - diluted | 10,647 | 9,305 |
Earnings (loss) per share of common stock - diluted | $ 113 | $ 210 |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of financial highlights $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) shares | ||
Per Common Share Operating Performance (1) | ||
Net Asset Value, Beginning of Period | $ 4,986 | [1] |
Results of Operations: | ||
Net Investment Income | 112 | |
Net Realized and Unrealized Gain (Loss) on Investments | 78 | [2] |
Net Increase (Decrease) in Net Assets Resulting from Operations | 190 | |
Distributions to Common Stockholders | ||
Distributions from Net Investment Income | (36) | |
Net Decrease in Net Assets Resulting from Distributions | (36) | |
Net Asset Value, End of Period | $ 5,140 | |
Shares Outstanding, End of Period (in Shares) | shares | 10,668 | |
Ratio/Supplemental Data | ||
Net assets, end of period | $ 54,829 | |
Weighted-average shares outstanding (in Shares) | shares | 9,305 | |
Total Return | 3.80% | [3] |
Portfolio turnover | 5.10% | |
Ratio of operating expenses to average net assets | 2.90% | |
Ratio of net investment income (loss) to average net assets | 2.90% | |
[1] The per common share data was derived by using weighted average shares outstanding. Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period. Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. The calculation also assumes reinvestment of dividends at actual prices pursuant to the Company’s dividend reinvestment plan. Total return is not annualized. |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |
Oct. 14, 2022 | Oct. 25, 2022 | |
Subsequent Events (Details) [Line Items] | ||
Sale of shares of common stock (in Shares) | 4,933 | |
Offering of stock | $ 25,000 | |
Equity contribution | $ 250 | |
Equity contribution commitment percentage | 1% | |
Aggregate capital commitment | $ 353,535 | |
Undrawn commitments | $ 275,535 | |
Distribution per share (in Dollars per share) | $ 72 | |
Total distribution | $ 768 | |
Reinvested amount | $ 760 | |
Purchase of common stock shares (in Shares) | 150 |