COVER
COVER - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 814-01410 | |
Entity Registrant Name | Carlyle Secured Lending III | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-6498423 | |
Entity Address, Address Line One | One Vanderbilt Avenue | |
Entity Address, Address Line Two | Suite 3400, | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | 212 | |
Local Phone Number | 813-4900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,056,412 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001851277 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | ||
ASSETS | ||||
Investments, at fair value | $ 262,332 | [1],[2] | $ 200,081 | [3],[4] |
Cash, cash equivalents and restricted cash | 11,783 | 6,761 | ||
Deferred offering costs | 29 | 72 | ||
Receivable for investments sold | 94 | 181 | ||
Due from Investment Adviser | 1,308 | 1,490 | ||
Interest and other income receivable from investments | 3,148 | 1,977 | ||
Receivable for issuance of common shares of beneficial interest | 39 | 138 | ||
Prepaid expenses and other assets | 2,311 | 2,477 | ||
Total assets | 281,044 | 213,177 | ||
LIABILITIES | ||||
Secured borrowings (Note 5) | 132,414 | 98,631 | ||
Interest and credit facility fees payable (Note 5) | 1,624 | 727 | ||
Dividend payable (Note 7) | 3,561 | 1,947 | ||
Incentive fees payable (Note 4) | 993 | 507 | ||
Administrative service fees payable (Note 4) | 503 | 396 | ||
Deferred financing costs payable | 0 | 548 | ||
Deferred offering costs payable | 0 | 260 | ||
Accrued organizational expenses | 0 | 157 | ||
Deferred income | 0 | 81 | ||
Other accrued expenses and liabilities | 480 | 251 | ||
Total liabilities | 139,575 | 103,505 | ||
Commitments and contingencies (Notes 4, 6 and 9) | ||||
NET ASSETS | ||||
Common shares of beneficial interest | 7 | 6 | ||
Paid-in capital in excess of par value | 138,894 | 110,873 | ||
Total distributable earnings (loss) | 2,568 | (1,207) | ||
Total net assets | $ 141,469 | $ 109,672 | ||
NET ASSETS PER SHARE (in dollars per share) | $ 20.28 | $ 19.69 | ||
[1]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[2]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.[3]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[4]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | ||
Statement of Financial Position [Abstract] | |||||
Amortized cost | $ 262,021 | [1] | $ 202,115 | [2] | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Common stock, issued (in shares) | 6,974,983 | 5,568,950 | |||
Common stock, outstanding (in shares) | 6,974,983 | 5,568,950 | 2,294,820 | ||
[1]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.[2]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investment income: | ||||
Interest income | $ 7,699,000 | $ 461,000 | $ 14,201,000 | $ 468,000 |
PIK income | 71,000 | 0 | 210,000 | 0 |
Other income | 569,000 | 127,000 | 795,000 | 166,000 |
Total investment income | 8,339,000 | 588,000 | 15,206,000 | 634,000 |
Expenses: | ||||
Organizational expenses (Note 2) | 2,000 | 34,000 | 12,000 | 36,000 |
Offering cost expense (Note 2) | 33,000 | 25,000 | 66,000 | 60,000 |
Net investment income incentive fees (Note 4) | 993,000 | 0 | 1,762,000 | 0 |
Professional fees | 268,000 | 133,000 | 513,000 | 284,000 |
Administrative service fees (Note 4) | 421,000 | 37,000 | 561,000 | 37,000 |
Interest expense and credit facility fees (Note 5) | 2,667,000 | 193,000 | 5,072,000 | 193,000 |
Trustees’ fees and expenses (Note 4) | 63,000 | 85,000 | 130,000 | 183,000 |
Other general and administrative | 303,000 | 99,000 | 463,000 | 223,000 |
Total expenses | 4,750,000 | 606,000 | 8,579,000 | 1,016,000 |
Less waivers and reimbursements of expenses (Note 4) | (1,080,000) | (484,000) | (1,654,000) | (1,679,000) |
Expenses after waivers and reimbursements of expenses | 3,670,000 | 122,000 | 6,925,000 | (663,000) |
Net investment income (loss) before taxes | 4,669,000 | 466,000 | 8,281,000 | 1,297,000 |
Excise tax expense | 8,000 | 0 | 17,000 | 0 |
Net investment income (loss) | 4,661,000 | 466,000 | 8,264,000 | 1,297,000 |
Net realized gain (loss) and net change in unrealized appreciation (depreciation) | ||||
Net realized gain (loss) on investments | 1,000 | 0 | 10,000 | 0 |
Net realized currency gain (loss) on non-investment assets and liabilities | 2,000 | 0 | (1,000) | 0 |
Net change in unrealized appreciation (depreciation) on investments | 1,317,000 | (386,000) | 2,345,000 | (387,000) |
Net change in unrealized currency gains (losses) on non-investment assets and liabilities | (309,000) | 0 | (467,000) | 0 |
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | 1,011,000 | (386,000) | 1,887,000 | (387,000) |
Net increase (decrease) in net assets resulting from operations | $ 5,672,000 | $ 80,000 | $ 10,151,000 | $ 910,000 |
Basic earnings per common share (in dollars per share) | $ 0.81 | $ 0.10 | $ 1.61 | $ 2.30 |
Diluted earnings per common share (in dollars per share) | $ 0.81 | $ 0.10 | $ 1.61 | $ 2.30 |
Weighted-average common shares of beneficial interest outstanding—basic (in shares) | 6,960,645 | 774,422 | 6,316,443 | 395,713 |
Weighted-average common shares of beneficial interest outstanding—diluted (in shares) | 6,960,645 | 774,422 | 6,316,443 | 395,713 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net increase (decrease) in net assets resulting from operations: | ||
Net investment income (loss) | $ 8,264 | $ 1,297 |
Net realized gain (loss) on investments and non-investment assets and liabilities | 9 | 0 |
Net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities | 1,878 | (387) |
Net increase (decrease) in net assets resulting from operations | 10,151 | 910 |
Capital share transactions: | ||
Common shares of beneficial interest issued | 25,319 | 45,766 |
Dividend reinvestment | 2,703 | 0 |
Dividends declared (Note 7) | (6,376) | (391) |
Net increase (decrease) in net assets resulting from capital share transactions | 21,646 | 45,375 |
Net increase (decrease) in net assets | 31,797 | 46,285 |
Net assets at beginning of period | 109,672 | (629) |
Net assets at end of period | $ 141,469 | $ 45,656 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net increase (decrease) in net assets resulting from operations | $ 10,151 | $ 910 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||
Amortization of deferred financing costs | 409 | 69 |
Amortization of deferred offering costs | 66 | 60 |
Net accretion of discount on investments | (540) | (28) |
Paid-in-kind interest | (182) | 0 |
Net realized (gain) loss on investments and non-investment assets and liabilities | (9) | 0 |
Net change in unrealized (appreciation) depreciation on investments | (2,345) | 387 |
Net change in unrealized currency (gains) losses on non-investment assets and liabilities | 467 | 0 |
Cost of investments purchased | (62,337) | (33,417) |
Proceeds from sales and repayments of investments and change in receivable for investments sold | 3,245 | 349 |
Changes in operating assets: | ||
Interest and other income receivable from investments | (1,171) | (314) |
Due from Investment Adviser | 182 | (1,679) |
Changes in operating liabilities: | ||
Interest and credit facility fees payable | 897 | 35 |
Incentive fees payable | 486 | 0 |
Administrative service fees payable | 107 | 37 |
Accrued organizational expenses | (157) | 36 |
Deferred income | (81) | 17 |
Trustees' fees and expenses payable | 0 | (21) |
Other accrued expenses and liabilities | 229 | 507 |
Net cash provided by (used in) operating activities | (50,583) | (33,052) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares of beneficial interest, net of change in receivable for issuance of common shares of beneficial interest | 25,418 | 44,868 |
Borrowings on the Credit Facilities | 57,720 | 19,650 |
Repayments of the Credit Facilities | (24,400) | 0 |
Dividends paid in cash | (2,059) | 0 |
Debt issuance costs paid | (243) | (589) |
Deferred financing cost payable | (548) | 0 |
Deferred offering cost payable | (283) | 0 |
Net cash provided by (used in) financing activities | 55,605 | 63,929 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 5,022 | 30,877 |
Cash, cash equivalents and restricted cash, beginning of period | 6,761 | 185 |
Cash, cash equivalents and restricted cash, end of period | 11,783 | 31,062 |
Supplemental disclosures: | ||
Interest and credit facility fees paid during the period | 3,876 | 84 |
Dividends reinvested during the period | 2,703 | 0 |
Dividends declared during the period | 6,376 | 391 |
Taxes, including excise tax, paid during the period | $ 33 | $ 0 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS € in Thousands, £ in Thousands, shares in Thousands, $ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Jun. 30, 2023 EUR (€) shares | Jun. 30, 2023 GBP (£) shares | Jun. 30, 2023 CAD ($) shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2022 CAD ($) shares | |||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Amortized cost | $ 262,021 | [1] | $ 202,115 | [2] | |||||||||||
Fair value | $ 262,332 | [1],[3] | $ 200,081 | [2],[4] | |||||||||||
Percent of net assets | 185.40% | [1] | 182.38% | [2] | 185.40% | [1] | 185.40% | [1] | 185.40% | [1] | 182.38% | [2] | 182.38% | [2] | |
Investments at fair value | Investment type concentration | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Concentration risk percentage | 100% | 100% | |||||||||||||
First Lien Debt | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Amortized cost | $ 258,851 | [5] | $ 199,120 | [6] | |||||||||||
Fair value | $ 259,096 | [3] | $ 197,068 | [4] | |||||||||||
Percent of net assets | 183.12% | 179.64% | 183.12% | 183.12% | 183.12% | 179.64% | 179.64% | ||||||||
First Lien Debt | Investments at fair value | Investment type concentration | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Concentration risk percentage | 98.80% | 98.50% | |||||||||||||
Second Lien Debt | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Amortized cost | $ 16 | [5] | $ 16 | [6] | |||||||||||
Fair value | $ 16 | [3] | $ 15 | [4] | |||||||||||
Percent of net assets | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | ||||||||
Second Lien Debt | Investments at fair value | Investment type concentration | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Concentration risk percentage | 0% | 0% | |||||||||||||
Equity Investments | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Amortized cost | $ 3,154 | $ 2,979 | |||||||||||||
Fair value | $ 3,220 | [3] | $ 2,998 | [4] | |||||||||||
Percent of net assets | 2.27% | 2.73% | 2.27% | 2.27% | 2.27% | 2.73% | 2.73% | ||||||||
Equity Investments | Investments at fair value | Investment type concentration | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Concentration risk percentage | 1.20% | 1.50% | |||||||||||||
Investment, Identifier [Axis]: Equity Investments, Blackbird Holdco, Inc., Capital Equipment | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | 0 | [7],[8] | 0 | [9],[10] | 0 | [7],[8] | 0 | [7],[8] | 0 | [7],[8] | 0 | [9],[10] | 0 | [9],[10] | |
Amortized cost | $ 2 | [7],[8] | $ 2 | [9],[10] | |||||||||||
Fair value | $ 2 | [3],[7],[8] | $ 2 | [4],[9],[10] | |||||||||||
Percent of net assets | 0% | [7],[8] | 0% | [9],[10] | 0% | [7],[8] | 0% | [7],[8] | 0% | [7],[8] | 0% | [9],[10] | 0% | [9],[10] | |
Investment, Identifier [Axis]: Equity Investments, Buckeye Parent, LLC, Automotive | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | 0 | [7],[8] | 0 | [9],[10] | 0 | [7],[8] | 0 | [7],[8] | 0 | [7],[8] | 0 | [9],[10] | 0 | [9],[10] | |
Amortized cost | $ 0 | [7],[8] | $ 0 | [9],[10] | |||||||||||
Fair value | $ 0 | [3],[7],[8] | $ 0 | [4],[9],[10] | |||||||||||
Percent of net assets | 0% | [7],[8] | 0% | [9],[10] | 0% | [7],[8] | 0% | [7],[8] | 0% | [7],[8] | 0% | [9],[10] | 0% | [9],[10] | |
Investment, Identifier [Axis]: Equity Investments, GB Vino Parent, L.P., Beverage & Food | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | 0 | [7],[8] | 0 | [9],[10] | 0 | [7],[8] | 0 | [7],[8] | 0 | [7],[8] | 0 | [9],[10] | 0 | [9],[10] | |
Amortized cost | $ 0 | [7],[8] | $ 0 | [9],[10] | |||||||||||
Fair value | $ 0 | [3],[7],[8] | $ 0 | [4],[9],[10] | |||||||||||
Percent of net assets | 0% | [7],[8] | 0% | [9],[10] | 0% | [7],[8] | 0% | [7],[8] | 0% | [7],[8] | 0% | [9],[10] | 0% | [9],[10] | |
Investment, Identifier [Axis]: Equity Investments, NEFCO Holding Company LLC, Construction & Building | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | 0 | [7],[8] | 0 | [9],[10] | 0 | [7],[8] | 0 | [7],[8] | 0 | [7],[8] | 0 | [9],[10] | 0 | [9],[10] | |
Amortized cost | $ 152 | [7],[8] | $ 157 | [9],[10] | |||||||||||
Fair value | $ 152 | [3],[7],[8] | $ 157 | [4],[9],[10] | |||||||||||
Percent of net assets | 0.11% | [7],[8] | 0.14% | [9],[10] | 0.11% | [7],[8] | 0.11% | [7],[8] | 0.11% | [7],[8] | 0.14% | [9],[10] | 0.14% | [9],[10] | |
Investment, Identifier [Axis]: Equity Investments, NearU Holdings LLC, Consumer Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | 5 | [7],[8] | 5 | [9],[10] | 5 | [7],[8] | 5 | [7],[8] | 5 | [7],[8] | 5 | [9],[10] | 5 | [9],[10] | |
Amortized cost | $ 494 | [7],[8] | $ 494 | [9],[10] | |||||||||||
Fair value | $ 499 | [3],[7],[8] | $ 494 | [4],[9],[10] | |||||||||||
Percent of net assets | 0.35% | [7],[8] | 0.45% | [9],[10] | 0.35% | [7],[8] | 0.35% | [7],[8] | 0.35% | [7],[8] | 0.45% | [9],[10] | 0.45% | [9],[10] | |
Investment, Identifier [Axis]: Equity Investments, Pascal Ultimate Holdings, L.P, Capital Equipment | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | 0 | [7],[8] | 0 | [9],[10] | 0 | [7],[8] | 0 | [7],[8] | 0 | [7],[8] | 0 | [9],[10] | 0 | [9],[10] | |
Amortized cost | $ 0 | [7],[8] | $ 0 | [9],[10] | |||||||||||
Fair value | $ 0 | [3],[7],[8] | $ 0 | [4],[9],[10] | |||||||||||
Percent of net assets | 0% | [7],[8] | 0% | [9],[10] | 0% | [7],[8] | 0% | [7],[8] | 0% | [7],[8] | 0% | [9],[10] | 0% | [9],[10] | |
Investment, Identifier [Axis]: Equity Investments, Picard Parent, Inc., High Tech Industries | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | 2 | [7],[8] | 3 | [9],[10] | 2 | [7],[8] | 2 | [7],[8] | 2 | [7],[8] | 3 | [9],[10] | 3 | [9],[10] | |
Amortized cost | $ 2,221 | [7],[8] | $ 2,132 | [9],[10] | |||||||||||
Fair value | $ 2,247 | [3],[7],[8] | $ 2,130 | [4],[9],[10] | |||||||||||
Percent of net assets | 1.59% | [7],[8] | 1.94% | [9],[10] | 1.59% | [7],[8] | 1.59% | [7],[8] | 1.59% | [7],[8] | 1.94% | [9],[10] | 1.94% | [9],[10] | |
Investment, Identifier [Axis]: Equity Investments, Profile Holdings I, LP, Chemicals, Plastics & Rubber | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | 0 | [7],[8] | 0 | [9],[10] | 0 | [7],[8] | 0 | [7],[8] | 0 | [7],[8] | 0 | [9],[10] | 0 | [9],[10] | |
Amortized cost | $ 0 | [7],[8] | $ 0 | [9],[10] | |||||||||||
Fair value | $ 0 | [3],[7],[8] | $ 0 | [4],[9],[10] | |||||||||||
Percent of net assets | 0% | [7],[8] | 0% | [9],[10] | 0% | [7],[8] | 0% | [7],[8] | 0% | [7],[8] | 0% | [9],[10] | 0% | [9],[10] | |
Investment, Identifier [Axis]: Equity Investments, Summit K2 Midco, Inc., Diversified Financial Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | [7],[8] | 91 | 91 | 91 | 91 | ||||||||||
Amortized cost | [7],[8] | $ 91 | |||||||||||||
Fair value | [3],[7],[8] | $ 91 | |||||||||||||
Percent of net assets | [7],[8] | 0.06% | 0.06% | 0.06% | 0.06% | ||||||||||
Investment, Identifier [Axis]: Equity Investments, Talon MidCo 1 Limited, Software | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Investment balance (shares) | shares | 19,416 | [7],[8] | 19,417 | [9],[10] | 19,416 | [7],[8] | 19,416 | [7],[8] | 19,416 | [7],[8] | 19,417 | [9],[10] | 19,417 | [9],[10] | |
Amortized cost | $ 194 | [7],[8] | $ 194 | [9],[10] | |||||||||||
Fair value | $ 229 | [3],[7],[8] | $ 215 | [4],[9],[10] | |||||||||||
Percent of net assets | 0.16% | [7],[8] | 0.20% | [9],[10] | 0.16% | [7],[8] | 0.16% | [7],[8] | 0.16% | [7],[8] | 0.20% | [9],[10] | 0.20% | [9],[10] | |
Investment, Identifier [Axis]: First Lien Debt, ADPD Holdings, LLC, Consumer Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6% | [7],[11],[12],[13],[14],[15] | 6% | [9],[16],[17],[18],[19],[20] | 6% | [7],[11],[12],[13],[14],[15] | 6% | [7],[11],[12],[13],[14],[15] | 6% | [7],[11],[12],[13],[14],[15] | 6% | [9],[16],[17],[18],[19],[20] | 6% | [9],[16],[17],[18],[19],[20] | |
Interest rate | 11.24% | [7],[11],[12],[13],[14],[15] | 10.37% | [9],[16],[17],[18],[19],[20] | 11.24% | [7],[11],[12],[13],[14],[15] | 11.24% | [7],[11],[12],[13],[14],[15] | 11.24% | [7],[11],[12],[13],[14],[15] | 10.37% | [9],[16],[17],[18],[19],[20] | 10.37% | [9],[16],[17],[18],[19],[20] | |
Par/principal amount | $ 7,168 | [7],[11],[12],[13],[14],[15],[21] | $ 7,108 | [9],[16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 6,917 | [5],[7],[11],[12],[13],[14],[15] | 6,833 | [6],[9],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 6,840 | [3],[7],[11],[12],[13],[14],[15] | $ 6,750 | [4],[9],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 4.84% | [7],[11],[12],[13],[14],[15] | 6.15% | [9],[16],[17],[18],[19],[20] | 4.84% | [7],[11],[12],[13],[14],[15] | 4.84% | [7],[11],[12],[13],[14],[15] | 4.84% | [7],[11],[12],[13],[14],[15] | 6.15% | [9],[16],[17],[18],[19],[20] | 6.15% | [9],[16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Alpine Acquisition Corp II, Transportation: Cargo | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.75% | [7],[11],[12],[13],[14],[15] | 5.50% | [16],[17],[18],[19],[20] | 5.75% | [7],[11],[12],[13],[14],[15] | 5.75% | [7],[11],[12],[13],[14],[15] | 5.75% | [7],[11],[12],[13],[14],[15] | 5.50% | [16],[17],[18],[19],[20] | 5.50% | [16],[17],[18],[19],[20] | |
Interest rate | 11.01% | [7],[11],[12],[13],[14],[15] | 9.76% | [16],[17],[18],[19],[20] | 11.01% | [7],[11],[12],[13],[14],[15] | 11.01% | [7],[11],[12],[13],[14],[15] | 11.01% | [7],[11],[12],[13],[14],[15] | 9.76% | [16],[17],[18],[19],[20] | 9.76% | [16],[17],[18],[19],[20] | |
Par/principal amount | $ 8,836 | [7],[11],[12],[13],[14],[15],[21] | $ 8,534 | [16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 8,678 | [5],[7],[11],[12],[13],[14],[15] | 8,356 | [6],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 8,561 | [3],[7],[11],[12],[13],[14],[15] | $ 8,154 | [4],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 6.05% | [7],[11],[12],[13],[14],[15] | 7.44% | [16],[17],[18],[19],[20] | 6.05% | [7],[11],[12],[13],[14],[15] | 6.05% | [7],[11],[12],[13],[14],[15] | 6.05% | [7],[11],[12],[13],[14],[15] | 7.44% | [16],[17],[18],[19],[20] | 7.44% | [16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Apex Companies Holdings, LLC, Environmental Industries | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [7],[11],[12],[13],[15] | 6.25% | 6.25% | 6.25% | 6.25% | ||||||||||
Interest rate | [7],[11],[12],[13],[15] | 11.30% | 11.30% | 11.30% | 11.30% | ||||||||||
Par/principal amount | [7],[11],[12],[13],[15],[21] | $ 10,014 | |||||||||||||
Amortized cost | [5],[7],[11],[12],[13],[15] | 9,698 | |||||||||||||
Fair value | [3],[7],[11],[12],[13],[15] | $ 9,714 | |||||||||||||
Percent of net assets | [7],[11],[12],[13],[15] | 6.87% | 6.87% | 6.87% | 6.87% | ||||||||||
Investment, Identifier [Axis]: First Lien Debt, Ascend Buyer, LLC, Containers, Packaging & Glass | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.40% | [7],[11],[12],[13],[14],[15] | 6.25% | [9],[16],[17],[18],[19],[20] | 6.40% | [7],[11],[12],[13],[14],[15] | 6.40% | [7],[11],[12],[13],[14],[15] | 6.40% | [7],[11],[12],[13],[14],[15] | 6.25% | [9],[16],[17],[18],[19],[20] | 6.25% | [9],[16],[17],[18],[19],[20] | |
Interest rate | 11.79% | [7],[11],[12],[13],[14],[15] | 10.67% | [9],[16],[17],[18],[19],[20] | 11.79% | [7],[11],[12],[13],[14],[15] | 11.79% | [7],[11],[12],[13],[14],[15] | 11.79% | [7],[11],[12],[13],[14],[15] | 10.67% | [9],[16],[17],[18],[19],[20] | 10.67% | [9],[16],[17],[18],[19],[20] | |
Par/principal amount | $ 14,823 | [7],[11],[12],[13],[14],[15],[21] | $ 14,898 | [9],[16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 14,418 | [5],[7],[11],[12],[13],[14],[15] | 14,463 | [6],[9],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 14,429 | [3],[7],[11],[12],[13],[14],[15] | $ 14,636 | [4],[9],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 10.20% | [7],[11],[12],[13],[14],[15] | 13.35% | [9],[16],[17],[18],[19],[20] | 10.20% | [7],[11],[12],[13],[14],[15] | 10.20% | [7],[11],[12],[13],[14],[15] | 10.20% | [7],[11],[12],[13],[14],[15] | 13.35% | [9],[16],[17],[18],[19],[20] | 13.35% | [9],[16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Associations, Inc., Construction & Building | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 4% | [7],[11],[13],[14],[15] | 4% | [9],[16],[18],[20] | 4% | [7],[11],[13],[14],[15] | 4% | [7],[11],[13],[14],[15] | 4% | [7],[11],[13],[14],[15] | 4% | [9],[16],[18],[20] | 4% | [9],[16],[18],[20] | |
Interest, PIK | 2.50% | [7],[11],[13],[14],[15] | 2.50% | [9],[16],[18],[20] | 2.50% | [7],[11],[13],[14],[15] | 2.50% | [7],[11],[13],[14],[15] | 2.50% | [7],[11],[13],[14],[15] | 2.50% | [9],[16],[18],[20] | 2.50% | [9],[16],[18],[20] | |
Interest rate | 11.76% | [7],[11],[13],[14],[15] | 11.04% | [9],[16],[18],[20] | 11.76% | [7],[11],[13],[14],[15] | 11.76% | [7],[11],[13],[14],[15] | 11.76% | [7],[11],[13],[14],[15] | 11.04% | [9],[16],[18],[20] | 11.04% | [9],[16],[18],[20] | |
Par/principal amount | $ 3,780 | [7],[11],[13],[14],[15],[21] | $ 443 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 3,733 | [5],[7],[11],[13],[14],[15] | 391 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 3,673 | [3],[7],[11],[13],[14],[15] | $ 271 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 2.60% | [7],[11],[13],[14],[15] | 0.24% | [9],[16],[18],[20] | 2.60% | [7],[11],[13],[14],[15] | 2.60% | [7],[11],[13],[14],[15] | 2.60% | [7],[11],[13],[14],[15] | 0.24% | [9],[16],[18],[20] | 0.24% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Atlas AU Bidco Pty Ltd (Australia), High Tech Industries | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 7.25% | [7],[11],[13],[15],[23] | 7.25% | [9],[16],[18],[20],[24] | 7.25% | [7],[11],[13],[15],[23] | 7.25% | [7],[11],[13],[15],[23] | 7.25% | [7],[11],[13],[15],[23] | 7.25% | [9],[16],[18],[20],[24] | 7.25% | [9],[16],[18],[20],[24] | |
Interest rate | 12.40% | [7],[11],[13],[15],[23] | 11.48% | [9],[16],[18],[20],[24] | 12.40% | [7],[11],[13],[15],[23] | 12.40% | [7],[11],[13],[15],[23] | 12.40% | [7],[11],[13],[15],[23] | 11.48% | [9],[16],[18],[20],[24] | 11.48% | [9],[16],[18],[20],[24] | |
Par/principal amount | $ 723 | [7],[11],[13],[15],[21],[23] | $ 723 | [9],[16],[18],[20],[22],[24] | |||||||||||
Amortized cost | 700 | [5],[7],[11],[13],[15],[23] | 699 | [6],[9],[16],[18],[20],[24] | |||||||||||
Fair value | $ 714 | [3],[7],[11],[13],[15],[23] | $ 699 | [4],[9],[16],[18],[20],[24] | |||||||||||
Percent of net assets | 0.50% | [7],[11],[13],[15],[23] | 0.64% | [9],[16],[18],[20],[24] | 0.50% | [7],[11],[13],[15],[23] | 0.50% | [7],[11],[13],[15],[23] | 0.50% | [7],[11],[13],[15],[23] | 0.64% | [9],[16],[18],[20],[24] | 0.64% | [9],[16],[18],[20],[24] | |
Investment, Identifier [Axis]: First Lien Debt, Avalara, Inc., Diversified Financial Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 7.25% | [7],[11],[12],[13],[15] | 7.25% | [16],[17],[18],[20] | 7.25% | [7],[11],[12],[13],[15] | 7.25% | [7],[11],[12],[13],[15] | 7.25% | [7],[11],[12],[13],[15] | 7.25% | [16],[17],[18],[20] | 7.25% | [16],[17],[18],[20] | |
Interest rate | 12.49% | [7],[11],[12],[13],[15] | 11.83% | [16],[17],[18],[20] | 12.49% | [7],[11],[12],[13],[15] | 12.49% | [7],[11],[12],[13],[15] | 12.49% | [7],[11],[12],[13],[15] | 11.83% | [16],[17],[18],[20] | 11.83% | [16],[17],[18],[20] | |
Par/principal amount | $ 13,500 | [7],[11],[12],[13],[15],[21] | $ 13,500 | [16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 13,161 | [5],[7],[11],[12],[13],[15] | 13,138 | [6],[16],[17],[18],[20] | |||||||||||
Fair value | $ 13,567 | [3],[7],[11],[12],[13],[15] | $ 13,051 | [4],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 9.59% | [7],[11],[12],[13],[15] | 11.90% | [16],[17],[18],[20] | 9.59% | [7],[11],[12],[13],[15] | 9.59% | [7],[11],[12],[13],[15] | 9.59% | [7],[11],[12],[13],[15] | 11.90% | [16],[17],[18],[20] | 11.90% | [16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, BlueCat Networks, Inc. (Canada), High Tech Industries | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 4% | [7],[11],[12],[13],[15],[23] | 4% | [9],[16],[18],[20],[24] | 4% | [7],[11],[12],[13],[15],[23] | 4% | [7],[11],[12],[13],[15],[23] | 4% | [7],[11],[12],[13],[15],[23] | 4% | [9],[16],[18],[20],[24] | 4% | [9],[16],[18],[20],[24] | |
Interest, PIK | 2% | [7],[11],[12],[13],[15],[23] | 2% | [9],[16],[18],[20],[24] | 2% | [7],[11],[12],[13],[15],[23] | 2% | [7],[11],[12],[13],[15],[23] | 2% | [7],[11],[12],[13],[15],[23] | 2% | [9],[16],[18],[20],[24] | 2% | [9],[16],[18],[20],[24] | |
Interest rate | 11.23% | [7],[11],[12],[13],[15],[23] | 10.46% | [9],[16],[18],[20],[24] | 11.23% | [7],[11],[12],[13],[15],[23] | 11.23% | [7],[11],[12],[13],[15],[23] | 11.23% | [7],[11],[12],[13],[15],[23] | 10.46% | [9],[16],[18],[20],[24] | 10.46% | [9],[16],[18],[20],[24] | |
Par/principal amount | $ 6,482 | [7],[11],[12],[13],[15],[21],[23] | $ 6,413 | [9],[16],[18],[20],[22],[24] | |||||||||||
Amortized cost | 6,290 | [5],[7],[11],[12],[13],[15],[23] | 6,205 | [6],[9],[16],[18],[20],[24] | |||||||||||
Fair value | $ 6,336 | [3],[7],[11],[12],[13],[15],[23] | $ 6,106 | [4],[9],[16],[18],[20],[24] | |||||||||||
Percent of net assets | 4.48% | [7],[11],[12],[13],[15],[23] | 5.57% | [9],[16],[18],[20],[24] | 4.48% | [7],[11],[12],[13],[15],[23] | 4.48% | [7],[11],[12],[13],[15],[23] | 4.48% | [7],[11],[12],[13],[15],[23] | 5.57% | [9],[16],[18],[20],[24] | 5.57% | [9],[16],[18],[20],[24] | |
Investment, Identifier [Axis]: First Lien Debt, Bradyifs Holdings, LLC, Wholesale 1 | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.25% | [7],[13],[14],[15] | 6.25% | [9],[18],[19],[20] | 6.25% | [7],[13],[14],[15] | 6.25% | [7],[13],[14],[15] | 6.25% | [7],[13],[14],[15] | 6.25% | [9],[18],[19],[20] | 6.25% | [9],[18],[19],[20] | |
Interest rate | 11.56% | [7],[13],[14],[15] | 10.83% | [9],[18],[19],[20] | 11.56% | [7],[13],[14],[15] | 11.56% | [7],[13],[14],[15] | 11.56% | [7],[13],[14],[15] | 10.83% | [9],[18],[19],[20] | 10.83% | [9],[18],[19],[20] | |
Par/principal amount | $ 5 | [7],[13],[14],[15],[21] | $ 5 | [9],[18],[19],[20],[22] | |||||||||||
Amortized cost | 5 | [5],[7],[13],[14],[15] | 5 | [6],[9],[18],[19],[20] | |||||||||||
Fair value | $ 5 | [3],[7],[13],[14],[15] | $ 5 | [4],[9],[18],[19],[20] | |||||||||||
Percent of net assets | 0% | [7],[13],[14],[15] | 0% | [9],[18],[19],[20] | 0% | [7],[13],[14],[15] | 0% | [7],[13],[14],[15] | 0% | [7],[13],[14],[15] | 0% | [9],[18],[19],[20] | 0% | [9],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Bradyifs Holdings, LLC, Wholesale 2 | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.75% | [12],[13],[14],[15] | 6.75% | [17],[18],[19],[20] | 6.75% | [12],[13],[14],[15] | 6.75% | [12],[13],[14],[15] | 6.75% | [12],[13],[14],[15] | 6.75% | [17],[18],[19],[20] | 6.75% | [17],[18],[19],[20] | |
Interest rate | 11.99% | [12],[13],[14],[15] | 11.41% | [17],[18],[19],[20] | 11.99% | [12],[13],[14],[15] | 11.99% | [12],[13],[14],[15] | 11.99% | [12],[13],[14],[15] | 11.41% | [17],[18],[19],[20] | 11.41% | [17],[18],[19],[20] | |
Par/principal amount | $ 2,866 | [12],[13],[14],[15],[21] | $ 2,880 | [17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 2,808 | [5],[12],[13],[14],[15] | 2,822 | [6],[17],[18],[19],[20] | |||||||||||
Fair value | $ 2,838 | [3],[12],[13],[14],[15] | $ 2,822 | [4],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 2.01% | [12],[13],[14],[15] | 2.57% | [17],[18],[19],[20] | 2.01% | [12],[13],[14],[15] | 2.01% | [12],[13],[14],[15] | 2.01% | [12],[13],[14],[15] | 2.57% | [17],[18],[19],[20] | 2.57% | [17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services 1 | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [12],[15],[23] | 8% | 8% | 8% | 8% | ||||||||||
Interest rate | [12],[15],[23] | 11.46% | 11.46% | 11.46% | 11.46% | ||||||||||
Par/principal amount | € | [12],[15],[21],[23] | € 1,206 | |||||||||||||
Amortized cost | [5],[12],[15],[23] | $ 1,239 | |||||||||||||
Fair value | [3],[12],[15],[23] | $ 1,276 | |||||||||||||
Percent of net assets | [12],[15],[23] | 0.90% | 0.90% | 0.90% | 0.90% | ||||||||||
Investment, Identifier [Axis]: First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services 2 | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [7],[11],[12],[15],[23] | 8.50% | 8.50% | 8.50% | 8.50% | ||||||||||
Interest rate | [7],[11],[12],[15],[23] | 12.93% | 12.93% | 12.93% | 12.93% | ||||||||||
Par/principal amount | £ | [7],[11],[12],[15],[21],[23] | £ 2,446 | |||||||||||||
Amortized cost | [5],[7],[11],[12],[15],[23] | $ 2,835 | |||||||||||||
Fair value | [3],[7],[11],[12],[15],[23] | $ 3,001 | |||||||||||||
Percent of net assets | [7],[11],[12],[15],[23] | 2.12% | 2.12% | 2.12% | 2.12% | ||||||||||
Investment, Identifier [Axis]: First Lien Debt, CPI Intermediate Holdings, Inc., Telecommunications | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [11],[12],[13],[15] | 5.50% | [16],[17],[18],[20] | 5.50% | [11],[12],[13],[15] | 5.50% | [11],[12],[13],[15] | 5.50% | [11],[12],[13],[15] | 5.50% | [16],[17],[18],[20] | 5.50% | [16],[17],[18],[20] | |
Interest rate | 10.57% | [11],[12],[13],[15] | 9.68% | [16],[17],[18],[20] | 10.57% | [11],[12],[13],[15] | 10.57% | [11],[12],[13],[15] | 10.57% | [11],[12],[13],[15] | 9.68% | [16],[17],[18],[20] | 9.68% | [16],[17],[18],[20] | |
Par/principal amount | $ 11,588 | [11],[12],[13],[15],[21] | $ 11,617 | [16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 11,357 | [5],[11],[12],[13],[15] | 11,371 | [6],[16],[17],[18],[20] | |||||||||||
Fair value | $ 11,010 | [3],[11],[12],[13],[15] | $ 11,328 | [4],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 7.78% | [11],[12],[13],[15] | 10.33% | [16],[17],[18],[20] | 7.78% | [11],[12],[13],[15] | 7.78% | [11],[12],[13],[15] | 7.78% | [11],[12],[13],[15] | 10.33% | [16],[17],[18],[20] | 10.33% | [16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, CST Holding Company, Consumer Goods: Non-Durable | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.75% | [11],[12],[13],[14],[15] | 6.75% | [16],[17],[18],[19],[20] | 6.75% | [11],[12],[13],[14],[15] | 6.75% | [11],[12],[13],[14],[15] | 6.75% | [11],[12],[13],[14],[15] | 6.75% | [16],[17],[18],[19],[20] | 6.75% | [16],[17],[18],[19],[20] | |
Interest rate | 11.95% | [11],[12],[13],[14],[15] | 10.97% | [16],[17],[18],[19],[20] | 11.95% | [11],[12],[13],[14],[15] | 11.95% | [11],[12],[13],[14],[15] | 11.95% | [11],[12],[13],[14],[15] | 10.97% | [16],[17],[18],[19],[20] | 10.97% | [16],[17],[18],[19],[20] | |
Par/principal amount | $ 4,959 | [11],[12],[13],[14],[15],[21] | $ 5,031 | [16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 4,810 | [5],[11],[12],[13],[14],[15] | 4,871 | [6],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 4,862 | [3],[11],[12],[13],[14],[15] | $ 4,868 | [4],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 3.44% | [11],[12],[13],[14],[15] | 4.44% | [16],[17],[18],[19],[20] | 3.44% | [11],[12],[13],[14],[15] | 3.44% | [11],[12],[13],[14],[15] | 3.44% | [11],[12],[13],[14],[15] | 4.44% | [16],[17],[18],[19],[20] | 4.44% | [16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Celerion Buyer, Inc., Healthcare & Pharmaceuticals | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.50% | [11],[12],[13],[15] | 6.50% | [16],[17],[18],[20] | 6.50% | [11],[12],[13],[15] | 6.50% | [11],[12],[13],[15] | 6.50% | [11],[12],[13],[15] | 6.50% | [16],[17],[18],[20] | 6.50% | [16],[17],[18],[20] | |
Interest rate | 11.59% | [11],[12],[13],[15] | 10.64% | [16],[17],[18],[20] | 11.59% | [11],[12],[13],[15] | 11.59% | [11],[12],[13],[15] | 11.59% | [11],[12],[13],[15] | 10.64% | [16],[17],[18],[20] | 10.64% | [16],[17],[18],[20] | |
Par/principal amount | $ 3,136 | [11],[12],[13],[15],[21] | $ 3,152 | [16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 3,046 | [5],[11],[12],[13],[15] | 3,056 | [6],[16],[17],[18],[20] | |||||||||||
Fair value | $ 3,093 | [3],[11],[12],[13],[15] | $ 3,054 | [4],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 2.19% | [11],[12],[13],[15] | 2.79% | [16],[17],[18],[20] | 2.19% | [11],[12],[13],[15] | 2.19% | [11],[12],[13],[15] | 2.19% | [11],[12],[13],[15] | 2.79% | [16],[17],[18],[20] | 2.79% | [16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Coupa Holdings, LLC, Software | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [7],[11],[13],[15] | 7.50% | 7.50% | 7.50% | 7.50% | ||||||||||
Interest rate | [7],[11],[13],[15] | 12.60% | 12.60% | 12.60% | 12.60% | ||||||||||
Par/principal amount | [7],[11],[13],[15],[21] | $ 2,160 | |||||||||||||
Amortized cost | [5],[7],[11],[13],[15] | 2,099 | |||||||||||||
Fair value | [3],[7],[11],[13],[15] | $ 2,137 | |||||||||||||
Percent of net assets | [7],[11],[13],[15] | 1.51% | 1.51% | 1.51% | 1.51% | ||||||||||
Investment, Identifier [Axis]: First Lien Debt, DCA Investment Holding LLC, Healthcare & Pharmaceuticals | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.41% | [7],[13],[15] | 6.41% | [9],[16],[18],[20] | 6.41% | [7],[13],[15] | 6.41% | [7],[13],[15] | 6.41% | [7],[13],[15] | 6.41% | [9],[16],[18],[20] | 6.41% | [9],[16],[18],[20] | |
Interest rate | 11.64% | [7],[13],[15] | 10.46% | [9],[16],[18],[20] | 11.64% | [7],[13],[15] | 11.64% | [7],[13],[15] | 11.64% | [7],[13],[15] | 10.46% | [9],[16],[18],[20] | 10.46% | [9],[16],[18],[20] | |
Par/principal amount | $ 2 | [7],[13],[15],[21] | $ 2 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 2 | [5],[7],[13],[15] | 2 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 2 | [3],[7],[13],[15] | $ 2 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[13],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[13],[15] | 0% | [7],[13],[15] | 0% | [7],[13],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Denali Midco 2, LLC, Consumer Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [9],[16],[17],[18],[19],[20] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [9],[16],[17],[18],[19],[20] | 6.50% | [9],[16],[17],[18],[19],[20] | |
Interest rate | 11.70% | [7],[11],[12],[13],[14],[15] | 10.92% | [9],[16],[17],[18],[19],[20] | 11.70% | [7],[11],[12],[13],[14],[15] | 11.70% | [7],[11],[12],[13],[14],[15] | 11.70% | [7],[11],[12],[13],[14],[15] | 10.92% | [9],[16],[17],[18],[19],[20] | 10.92% | [9],[16],[17],[18],[19],[20] | |
Par/principal amount | $ 5,670 | [7],[11],[12],[13],[14],[15],[21] | $ 3,994 | [9],[16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 5,410 | [5],[7],[11],[12],[13],[14],[15] | 3,709 | [6],[9],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 5,272 | [3],[7],[11],[12],[13],[14],[15] | $ 3,613 | [4],[9],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 3.73% | [7],[11],[12],[13],[14],[15] | 3.29% | [9],[16],[17],[18],[19],[20] | 3.73% | [7],[11],[12],[13],[14],[15] | 3.73% | [7],[11],[12],[13],[14],[15] | 3.73% | [7],[11],[12],[13],[14],[15] | 3.29% | [9],[16],[17],[18],[19],[20] | 3.29% | [9],[16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Dwyer Instruments, Inc., Capital Equipment | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.75% | [7],[11],[12],[13],[14],[15] | 6% | [9],[16],[17],[18],[20] | 5.75% | [7],[11],[12],[13],[14],[15] | 5.75% | [7],[11],[12],[13],[14],[15] | 5.75% | [7],[11],[12],[13],[14],[15] | 6% | [9],[16],[17],[18],[20] | 6% | [9],[16],[17],[18],[20] | |
Interest rate | 11.09% | [7],[11],[12],[13],[14],[15] | 10.74% | [9],[16],[17],[18],[20] | 11.09% | [7],[11],[12],[13],[14],[15] | 11.09% | [7],[11],[12],[13],[14],[15] | 11.09% | [7],[11],[12],[13],[14],[15] | 10.74% | [9],[16],[17],[18],[20] | 10.74% | [9],[16],[17],[18],[20] | |
Par/principal amount | $ 8,137 | [7],[11],[12],[13],[14],[15],[21] | $ 8,090 | [9],[16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 7,906 | [5],[7],[11],[12],[13],[14],[15] | 7,833 | [6],[9],[16],[17],[18],[20] | |||||||||||
Fair value | $ 7,982 | [3],[7],[11],[12],[13],[14],[15] | $ 7,863 | [4],[9],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 5.64% | [7],[11],[12],[13],[14],[15] | 7.17% | [9],[16],[17],[18],[20] | 5.64% | [7],[11],[12],[13],[14],[15] | 5.64% | [7],[11],[12],[13],[14],[15] | 5.64% | [7],[11],[12],[13],[14],[15] | 7.17% | [9],[16],[17],[18],[20] | 7.17% | [9],[16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Eliassen Group, LLC, Business Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [7],[11],[12],[13],[15] | 5.50% | [9],[16],[17],[18],[20] | 5.50% | [7],[11],[12],[13],[15] | 5.50% | [7],[11],[12],[13],[15] | 5.50% | [7],[11],[12],[13],[15] | 5.50% | [9],[16],[17],[18],[20] | 5.50% | [9],[16],[17],[18],[20] | |
Interest rate | 10.83% | [7],[11],[12],[13],[15] | 10.07% | [9],[16],[17],[18],[20] | 10.83% | [7],[11],[12],[13],[15] | 10.83% | [7],[11],[12],[13],[15] | 10.83% | [7],[11],[12],[13],[15] | 10.07% | [9],[16],[17],[18],[20] | 10.07% | [9],[16],[17],[18],[20] | |
Par/principal amount | $ 8,044 | [7],[11],[12],[13],[15],[21] | $ 8,085 | [9],[16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 7,898 | [5],[7],[11],[12],[13],[15] | 7,926 | [6],[9],[16],[17],[18],[20] | |||||||||||
Fair value | $ 7,904 | [3],[7],[11],[12],[13],[15] | $ 7,947 | [4],[9],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 5.59% | [7],[11],[12],[13],[15] | 7.25% | [9],[16],[17],[18],[20] | 5.59% | [7],[11],[12],[13],[15] | 5.59% | [7],[11],[12],[13],[15] | 5.59% | [7],[11],[12],[13],[15] | 7.25% | [9],[16],[17],[18],[20] | 7.25% | [9],[16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Ellkay, LLC, Healthcare & Pharmaceuticals | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.25% | [7],[11],[13],[15] | 6.25% | [9],[16],[18],[20] | 6.25% | [7],[11],[13],[15] | 6.25% | [7],[11],[13],[15] | 6.25% | [7],[11],[13],[15] | 6.25% | [9],[16],[18],[20] | 6.25% | [9],[16],[18],[20] | |
Interest rate | 11.47% | [7],[11],[13],[15] | 11% | [9],[16],[18],[20] | 11.47% | [7],[11],[13],[15] | 11.47% | [7],[11],[13],[15] | 11.47% | [7],[11],[13],[15] | 11% | [9],[16],[18],[20] | 11% | [9],[16],[18],[20] | |
Par/principal amount | $ 4 | [7],[11],[13],[15],[21] | $ 3 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 3 | [5],[7],[11],[13],[15] | 3 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 3 | [3],[7],[11],[13],[15] | $ 3 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[11],[13],[15] | 0% | [7],[11],[13],[15] | 0% | [7],[11],[13],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Excel Fitness Holdings, Inc., Leisure Products & Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.25% | [11],[12],[13],[14],[15] | 5.25% | [16],[17],[18],[19],[20] | 5.25% | [11],[12],[13],[14],[15] | 5.25% | [11],[12],[13],[14],[15] | 5.25% | [11],[12],[13],[14],[15] | 5.25% | [16],[17],[18],[19],[20] | 5.25% | [16],[17],[18],[19],[20] | |
Interest rate | 10.63% | [11],[12],[13],[14],[15] | 10.25% | [16],[17],[18],[19],[20] | 10.63% | [11],[12],[13],[14],[15] | 10.63% | [11],[12],[13],[14],[15] | 10.63% | [11],[12],[13],[14],[15] | 10.25% | [16],[17],[18],[19],[20] | 10.25% | [16],[17],[18],[19],[20] | |
Par/principal amount | $ 4,521 | [11],[12],[13],[14],[15],[21] | $ 4,447 | [16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 4,440 | [5],[11],[12],[13],[14],[15] | 4,360 | [6],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 4,292 | [3],[11],[12],[13],[14],[15] | $ 4,229 | [4],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 3.03% | [11],[12],[13],[14],[15] | 3.86% | [16],[17],[18],[19],[20] | 3.03% | [11],[12],[13],[14],[15] | 3.03% | [11],[12],[13],[14],[15] | 3.03% | [11],[12],[13],[14],[15] | 3.86% | [16],[17],[18],[19],[20] | 3.86% | [16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Excelitas Technologies Corp., Capital Equipment 1 | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.75% | [11],[12],[13],[14],[15] | 5.75% | [9],[16],[18],[19],[20] | 5.75% | [11],[12],[13],[14],[15] | 5.75% | [11],[12],[13],[14],[15] | 5.75% | [11],[12],[13],[14],[15] | 5.75% | [9],[16],[18],[19],[20] | 5.75% | [9],[16],[18],[19],[20] | |
Interest rate | 10.94% | [11],[12],[13],[14],[15] | 10.12% | [9],[16],[18],[19],[20] | 10.94% | [11],[12],[13],[14],[15] | 10.94% | [11],[12],[13],[14],[15] | 10.94% | [11],[12],[13],[14],[15] | 10.12% | [9],[16],[18],[19],[20] | 10.12% | [9],[16],[18],[19],[20] | |
Par/principal amount | $ 4,169 | [11],[12],[13],[14],[15],[21] | $ 3,414 | [9],[16],[18],[19],[20],[22] | |||||||||||
Amortized cost | 4,058 | [5],[11],[12],[13],[14],[15] | 3,296 | [6],[9],[16],[18],[19],[20] | |||||||||||
Fair value | $ 4,054 | [3],[11],[12],[13],[14],[15] | $ 3,186 | [4],[9],[16],[18],[19],[20] | |||||||||||
Percent of net assets | 2.87% | [11],[12],[13],[14],[15] | 2.90% | [9],[16],[18],[19],[20] | 2.87% | [11],[12],[13],[14],[15] | 2.87% | [11],[12],[13],[14],[15] | 2.87% | [11],[12],[13],[14],[15] | 2.90% | [9],[16],[18],[19],[20] | 2.90% | [9],[16],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Excelitas Technologies Corp., Capital Equipment 2 | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.75% | [12],[15] | 5.75% | [20] | 5.75% | [12],[15] | 5.75% | [12],[15] | 5.75% | [12],[15] | 5.75% | [20] | 5.75% | [20] | |
Interest rate | 9.05% | [12],[15] | 7.55% | [20] | 9.05% | [12],[15] | 9.05% | [12],[15] | 9.05% | [12],[15] | 7.55% | [20] | 7.55% | [20] | |
Par/principal amount | € | € 1,184 | [12],[15],[21] | € 1,190 | [20],[22] | |||||||||||
Amortized cost | $ 1,194 | [5],[12],[15] | $ 1,198 | [6],[20] | |||||||||||
Fair value | $ 1,271 | [3],[12],[15] | $ 1,229 | [4],[20] | |||||||||||
Percent of net assets | 0.90% | [12],[15] | 1.11% | [20] | 0.90% | [12],[15] | 0.90% | [12],[15] | 0.90% | [12],[15] | 1.11% | [20] | 1.11% | [20] | |
Investment, Identifier [Axis]: First Lien Debt, FPG Intermediate Holdco, LLC, Consumer Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.50% | [7],[11],[13],[14],[15] | 6.50% | [16],[18],[19],[20] | 6.50% | [7],[11],[13],[14],[15] | 6.50% | [7],[11],[13],[14],[15] | 6.50% | [7],[11],[13],[14],[15] | 6.50% | [16],[18],[19],[20] | 6.50% | [16],[18],[19],[20] | |
Interest rate | 11.91% | [7],[11],[13],[14],[15] | 10.92% | [16],[18],[19],[20] | 11.91% | [7],[11],[13],[14],[15] | 11.91% | [7],[11],[13],[14],[15] | 11.91% | [7],[11],[13],[14],[15] | 10.92% | [16],[18],[19],[20] | 10.92% | [16],[18],[19],[20] | |
Par/principal amount | $ 36 | [7],[11],[13],[14],[15],[21] | $ 43 | [16],[18],[19],[20],[22] | |||||||||||
Amortized cost | (163) | [5],[7],[11],[13],[14],[15] | (183) | [6],[16],[18],[19],[20] | |||||||||||
Fair value | $ (315) | [3],[7],[11],[13],[14],[15] | $ (498) | [4],[16],[18],[19],[20] | |||||||||||
Percent of net assets | (0.22%) | [7],[11],[13],[14],[15] | (0.45%) | [16],[18],[19],[20] | (0.22%) | [7],[11],[13],[14],[15] | (0.22%) | [7],[11],[13],[14],[15] | (0.22%) | [7],[11],[13],[14],[15] | (0.45%) | [16],[18],[19],[20] | (0.45%) | [16],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Guidehouse LLP, Sovereign & Public Finance | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.25% | [7],[13],[14],[15] | 6.25% | [9],[18],[20] | 6.25% | [7],[13],[14],[15] | 6.25% | [7],[13],[14],[15] | 6.25% | [7],[13],[14],[15] | 6.25% | [9],[18],[20] | 6.25% | [9],[18],[20] | |
Interest rate | 11.45% | [7],[13],[14],[15] | 10.63% | [9],[18],[20] | 11.45% | [7],[13],[14],[15] | 11.45% | [7],[13],[14],[15] | 11.45% | [7],[13],[14],[15] | 10.63% | [9],[18],[20] | 10.63% | [9],[18],[20] | |
Par/principal amount | $ 79 | [7],[13],[14],[15],[21] | $ 79 | [9],[18],[20],[22] | |||||||||||
Amortized cost | 78 | [5],[7],[13],[14],[15] | 78 | [6],[9],[18],[20] | |||||||||||
Fair value | $ 78 | [3],[7],[13],[14],[15] | $ 78 | [4],[9],[18],[20] | |||||||||||
Percent of net assets | 0.06% | [7],[13],[14],[15] | 0.07% | [9],[18],[20] | 0.06% | [7],[13],[14],[15] | 0.06% | [7],[13],[14],[15] | 0.06% | [7],[13],[14],[15] | 0.07% | [9],[18],[20] | 0.07% | [9],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, HS Spa Holdings Inc., Consumer Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.75% | [11],[12],[13],[15] | 5.75% | [16],[17],[18],[20] | 5.75% | [11],[12],[13],[15] | 5.75% | [11],[12],[13],[15] | 5.75% | [11],[12],[13],[15] | 5.75% | [16],[17],[18],[20] | 5.75% | [16],[17],[18],[20] | |
Interest rate | 11.06% | [11],[12],[13],[15] | 10.45% | [16],[17],[18],[20] | 11.06% | [11],[12],[13],[15] | 11.06% | [11],[12],[13],[15] | 11.06% | [11],[12],[13],[15] | 10.45% | [16],[17],[18],[20] | 10.45% | [16],[17],[18],[20] | |
Par/principal amount | $ 875 | [11],[12],[13],[15],[21] | $ 860 | [16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 858 | [5],[11],[12],[13],[15] | 842 | [6],[16],[17],[18],[20] | |||||||||||
Fair value | $ 856 | [3],[11],[12],[13],[15] | $ 834 | [4],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 0.61% | [11],[12],[13],[15] | 0.76% | [16],[17],[18],[20] | 0.61% | [11],[12],[13],[15] | 0.61% | [11],[12],[13],[15] | 0.61% | [11],[12],[13],[15] | 0.76% | [16],[17],[18],[20] | 0.76% | [16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Hercules Borrower LLC, Environmental Industries | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[20] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[20] | 5.50% | [9],[16],[18],[20] | |
Interest rate | 10.84% | [7],[11],[13],[14],[15] | 9.75% | [9],[16],[18],[20] | 10.84% | [7],[11],[13],[14],[15] | 10.84% | [7],[11],[13],[14],[15] | 10.84% | [7],[11],[13],[14],[15] | 9.75% | [9],[16],[18],[20] | 9.75% | [9],[16],[18],[20] | |
Par/principal amount | $ 1 | [7],[11],[13],[14],[15],[21] | $ 1 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 1 | [5],[7],[11],[13],[14],[15] | 1 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 1 | [3],[7],[11],[13],[14],[15] | $ 1 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Hoosier Intermediate, LLC, Healthcare & Pharmaceuticals | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [7],[11],[13],[15] | 5.50% | [9],[16],[18],[20] | 5.50% | [7],[11],[13],[15] | 5.50% | [7],[11],[13],[15] | 5.50% | [7],[11],[13],[15] | 5.50% | [9],[16],[18],[20] | 5.50% | [9],[16],[18],[20] | |
Interest rate | 10.82% | [7],[11],[13],[15] | 10.11% | [9],[16],[18],[20] | 10.82% | [7],[11],[13],[15] | 10.82% | [7],[11],[13],[15] | 10.82% | [7],[11],[13],[15] | 10.11% | [9],[16],[18],[20] | 10.11% | [9],[16],[18],[20] | |
Par/principal amount | $ 4 | [7],[11],[13],[15],[21] | $ 4 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 4 | [5],[7],[11],[13],[15] | 4 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 4 | [3],[7],[11],[13],[15] | $ 4 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[11],[13],[15] | 0% | [7],[11],[13],[15] | 0% | [7],[11],[13],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, IQN Holding Corp., Business Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.25% | [11],[12],[13],[15] | 5.25% | [16],[17],[18],[20] | 5.25% | [11],[12],[13],[15] | 5.25% | [11],[12],[13],[15] | 5.25% | [11],[12],[13],[15] | 5.25% | [16],[17],[18],[20] | 5.25% | [16],[17],[18],[20] | |
Interest rate | 10.38% | [11],[12],[13],[15] | 9.64% | [16],[17],[18],[20] | 10.38% | [11],[12],[13],[15] | 10.38% | [11],[12],[13],[15] | 10.38% | [11],[12],[13],[15] | 9.64% | [16],[17],[18],[20] | 9.64% | [16],[17],[18],[20] | |
Par/principal amount | $ 2,494 | [11],[12],[13],[15],[21] | $ 2,424 | [16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 2,449 | [5],[11],[12],[13],[15] | 2,370 | [6],[16],[17],[18],[20] | |||||||||||
Fair value | $ 2,446 | [3],[11],[12],[13],[15] | $ 2,332 | [4],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 1.73% | [11],[12],[13],[15] | 2.13% | [16],[17],[18],[20] | 1.73% | [11],[12],[13],[15] | 1.73% | [11],[12],[13],[15] | 1.73% | [11],[12],[13],[15] | 2.13% | [16],[17],[18],[20] | 2.13% | [16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Jeg's Automotive, LLC, Automotive | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6% | [7],[11],[13],[14],[15] | 6% | [9],[16],[18],[20] | 6% | [7],[11],[13],[14],[15] | 6% | [7],[11],[13],[14],[15] | 6% | [7],[11],[13],[14],[15] | 6% | [9],[16],[18],[20] | 6% | [9],[16],[18],[20] | |
Interest rate | 11.37% | [7],[11],[13],[14],[15] | 10.75% | [9],[16],[18],[20] | 11.37% | [7],[11],[13],[14],[15] | 11.37% | [7],[11],[13],[14],[15] | 11.37% | [7],[11],[13],[14],[15] | 10.75% | [9],[16],[18],[20] | 10.75% | [9],[16],[18],[20] | |
Par/principal amount | $ 4 | [7],[11],[13],[14],[15],[21] | $ 4 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 3 | [3],[7],[11],[13],[14],[15] | $ 4 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Kaseya, Inc., High Tech Industries | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 3.75% | [7],[11],[13],[15] | 5.75% | [9],[16],[18],[20] | 3.75% | [7],[11],[13],[15] | 3.75% | [7],[11],[13],[15] | 3.75% | [7],[11],[13],[15] | 5.75% | [9],[16],[18],[20] | 5.75% | [9],[16],[18],[20] | |
Interest, PIK | [7],[11],[13],[15] | 2.50% | 2.50% | 2.50% | 2.50% | ||||||||||
Interest rate | 11.35% | [7],[11],[13],[15] | 10.33% | [9],[16],[18],[20] | 11.35% | [7],[11],[13],[15] | 11.35% | [7],[11],[13],[15] | 11.35% | [7],[11],[13],[15] | 10.33% | [9],[16],[18],[20] | 10.33% | [9],[16],[18],[20] | |
Par/principal amount | $ 1,396 | [7],[11],[13],[15],[21] | $ 994 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 1,292 | [5],[7],[11],[13],[15] | 882 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 1,293 | [3],[7],[11],[13],[15] | $ 819 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0.91% | [7],[11],[13],[15] | 0.75% | [9],[16],[18],[20] | 0.91% | [7],[11],[13],[15] | 0.91% | [7],[11],[13],[15] | 0.91% | [7],[11],[13],[15] | 0.75% | [9],[16],[18],[20] | 0.75% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, LVF Holdings, Inc., Beverage & Food | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.25% | [7],[11],[13],[14],[15] | 6.25% | [9],[16],[18],[20] | 6.25% | [7],[11],[13],[14],[15] | 6.25% | [7],[11],[13],[14],[15] | 6.25% | [7],[11],[13],[14],[15] | 6.25% | [9],[16],[18],[20] | 6.25% | [9],[16],[18],[20] | |
Interest rate | 11.64% | [7],[11],[13],[14],[15] | 10.98% | [9],[16],[18],[20] | 11.64% | [7],[11],[13],[14],[15] | 11.64% | [7],[11],[13],[14],[15] | 11.64% | [7],[11],[13],[14],[15] | 10.98% | [9],[16],[18],[20] | 10.98% | [9],[16],[18],[20] | |
Par/principal amount | $ 20 | [7],[11],[13],[14],[15],[21] | $ 21 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 20 | [5],[7],[11],[13],[14],[15] | 20 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 20 | [3],[7],[11],[13],[14],[15] | $ 19 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0.01% | [7],[11],[13],[14],[15] | 0.02% | [9],[16],[18],[20] | 0.01% | [7],[11],[13],[14],[15] | 0.01% | [7],[11],[13],[14],[15] | 0.01% | [7],[11],[13],[14],[15] | 0.02% | [9],[16],[18],[20] | 0.02% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, LinQuest Corporation, Aerospace & Defense | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [9],[16],[18],[20] | 5.75% | 5.75% | 5.75% | |||||||||||
Interest rate | [9],[16],[18],[20] | 9.10% | 9.10% | 9.10% | |||||||||||
Par/principal amount | [9],[16],[18],[20],[22] | $ 0 | |||||||||||||
Amortized cost | [6],[9],[16],[18],[20] | 0 | |||||||||||||
Fair value | [4],[9],[16],[18],[20] | $ 0 | |||||||||||||
Percent of net assets | [9],[16],[18],[20] | 0% | 0% | 0% | |||||||||||
Investment, Identifier [Axis]: First Lien Debt, Material Holdings, LLC, Business Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6% | [7],[11],[13],[14],[15] | 6% | [9],[16],[18],[20] | 6% | [7],[11],[13],[14],[15] | 6% | [7],[11],[13],[14],[15] | 6% | [7],[11],[13],[14],[15] | 6% | [9],[16],[18],[20] | 6% | [9],[16],[18],[20] | |
Interest rate | 11.34% | [7],[11],[13],[14],[15] | 10.67% | [9],[16],[18],[20] | 11.34% | [7],[11],[13],[14],[15] | 11.34% | [7],[11],[13],[14],[15] | 11.34% | [7],[11],[13],[14],[15] | 10.67% | [9],[16],[18],[20] | 10.67% | [9],[16],[18],[20] | |
Par/principal amount | $ 5 | [7],[11],[13],[14],[15],[21] | $ 4 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 5 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 4 | [3],[7],[11],[13],[14],[15] | $ 4 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Maverick Acquisition, Inc., Aerospace & Defense | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.25% | [7],[13],[15] | 6.25% | [9],[18],[20] | 6.25% | [7],[13],[15] | 6.25% | [7],[13],[15] | 6.25% | [7],[13],[15] | 6.25% | [9],[18],[20] | 6.25% | [9],[18],[20] | |
Interest rate | 11.44% | [7],[13],[15] | 10.98% | [9],[18],[20] | 11.44% | [7],[13],[15] | 11.44% | [7],[13],[15] | 11.44% | [7],[13],[15] | 10.98% | [9],[18],[20] | 10.98% | [9],[18],[20] | |
Par/principal amount | $ 22 | [7],[13],[15],[21] | $ 22 | [9],[18],[20],[22] | |||||||||||
Amortized cost | 21 | [5],[7],[13],[15] | 21 | [6],[9],[18],[20] | |||||||||||
Fair value | $ 18 | [3],[7],[13],[15] | $ 18 | [4],[9],[18],[20] | |||||||||||
Percent of net assets | 0.01% | [7],[13],[15] | 0.01% | [9],[18],[20] | 0.01% | [7],[13],[15] | 0.01% | [7],[13],[15] | 0.01% | [7],[13],[15] | 0.01% | [9],[18],[20] | 0.01% | [9],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Medical Manufacturing Technologies, LLC, Healthcare & Pharmaceuticals | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[19],[20] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[19],[20] | 5.50% | [9],[16],[18],[19],[20] | |
Interest rate | 10.44% | [7],[11],[13],[14],[15] | 10.18% | [9],[16],[18],[19],[20] | 10.44% | [7],[11],[13],[14],[15] | 10.44% | [7],[11],[13],[14],[15] | 10.44% | [7],[11],[13],[14],[15] | 10.18% | [9],[16],[18],[19],[20] | 10.18% | [9],[16],[18],[19],[20] | |
Par/principal amount | $ 4 | [7],[11],[13],[14],[15],[21] | $ 4 | [9],[16],[18],[19],[20],[22] | |||||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[19],[20] | |||||||||||
Fair value | $ 4 | [3],[7],[11],[13],[14],[15] | $ 4 | [4],[9],[16],[18],[19],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[19],[20] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[19],[20] | 0% | [9],[16],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, NEFCO Holding Company LLC, Construction & Building | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [9],[16],[17],[18],[19],[20] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [9],[16],[17],[18],[19],[20] | 6.50% | [9],[16],[17],[18],[19],[20] | |
Interest rate | 11.80% | [7],[11],[12],[13],[14],[15] | 10.95% | [9],[16],[17],[18],[19],[20] | 11.80% | [7],[11],[12],[13],[14],[15] | 11.80% | [7],[11],[12],[13],[14],[15] | 11.80% | [7],[11],[12],[13],[14],[15] | 10.95% | [9],[16],[17],[18],[19],[20] | 10.95% | [9],[16],[17],[18],[19],[20] | |
Par/principal amount | $ 4,252 | [7],[11],[12],[13],[14],[15],[21] | $ 3,611 | [9],[16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 4,119 | [5],[7],[11],[12],[13],[14],[15] | 3,467 | [6],[9],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 4,172 | [3],[7],[11],[12],[13],[14],[15] | $ 3,462 | [4],[9],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 2.95% | [7],[11],[12],[13],[14],[15] | 3.16% | [9],[16],[17],[18],[19],[20] | 2.95% | [7],[11],[12],[13],[14],[15] | 2.95% | [7],[11],[12],[13],[14],[15] | 2.95% | [7],[11],[12],[13],[14],[15] | 3.16% | [9],[16],[17],[18],[19],[20] | 3.16% | [9],[16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, North Haven Fairway Buyer, LLC, Consumer Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.50% | [7],[11],[12],[13],[15] | 6.50% | [9],[16],[17],[18],[20] | 6.50% | [7],[11],[12],[13],[15] | 6.50% | [7],[11],[12],[13],[15] | 6.50% | [7],[11],[12],[13],[15] | 6.50% | [9],[16],[17],[18],[20] | 6.50% | [9],[16],[17],[18],[20] | |
Interest rate | 11.73% | [7],[11],[12],[13],[15] | 11.08% | [9],[16],[17],[18],[20] | 11.73% | [7],[11],[12],[13],[15] | 11.73% | [7],[11],[12],[13],[15] | 11.73% | [7],[11],[12],[13],[15] | 11.08% | [9],[16],[17],[18],[20] | 11.08% | [9],[16],[17],[18],[20] | |
Par/principal amount | $ 15,035 | [7],[11],[12],[13],[15],[21] | $ 15,132 | [9],[16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 14,766 | [5],[7],[11],[12],[13],[15] | 14,840 | [6],[9],[16],[17],[18],[20] | |||||||||||
Fair value | $ 14,620 | [3],[7],[11],[12],[13],[15] | $ 14,844 | [4],[9],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 10.33% | [7],[11],[12],[13],[15] | 13.53% | [9],[16],[17],[18],[20] | 10.33% | [7],[11],[12],[13],[15] | 10.33% | [7],[11],[12],[13],[15] | 10.33% | [7],[11],[12],[13],[15] | 13.53% | [9],[16],[17],[18],[20] | 13.53% | [9],[16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, North Haven Stallone Buyer, LLC, Consumer Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.75% | [7],[11],[13],[15] | 5.75% | [9],[16],[18],[20] | 5.75% | [7],[11],[13],[15] | 5.75% | [7],[11],[13],[15] | 5.75% | [7],[11],[13],[15] | 5.75% | [9],[16],[18],[20] | 5.75% | [9],[16],[18],[20] | |
Interest rate | 11.28% | [7],[11],[13],[15] | 10.34% | [9],[16],[18],[20] | 11.28% | [7],[11],[13],[15] | 11.28% | [7],[11],[13],[15] | 11.28% | [7],[11],[13],[15] | 10.34% | [9],[16],[18],[20] | 10.34% | [9],[16],[18],[20] | |
Par/principal amount | $ 49 | [7],[11],[13],[15],[21] | $ 0 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 46 | [5],[7],[11],[13],[15] | (4) | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 46 | [3],[7],[11],[13],[15] | $ (4) | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0.03% | [7],[11],[13],[15] | 0% | [9],[16],[18],[20] | 0.03% | [7],[11],[13],[15] | 0.03% | [7],[11],[13],[15] | 0.03% | [7],[11],[13],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Oak Purchaser, Inc., Business Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [7],[11],[12],[13],[15] | 5.50% | [9],[16],[17],[18],[20] | 5.50% | [7],[11],[12],[13],[15] | 5.50% | [7],[11],[12],[13],[15] | 5.50% | [7],[11],[12],[13],[15] | 5.50% | [9],[16],[17],[18],[20] | 5.50% | [9],[16],[17],[18],[20] | |
Interest rate | 10.37% | [7],[11],[12],[13],[15] | 9.48% | [9],[16],[17],[18],[20] | 10.37% | [7],[11],[12],[13],[15] | 10.37% | [7],[11],[12],[13],[15] | 10.37% | [7],[11],[12],[13],[15] | 9.48% | [9],[16],[17],[18],[20] | 9.48% | [9],[16],[17],[18],[20] | |
Par/principal amount | $ 4,057 | [7],[11],[12],[13],[15],[21] | $ 3,763 | [9],[16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 3,997 | [5],[7],[11],[12],[13],[15] | 3,697 | [6],[9],[16],[17],[18],[20] | |||||||||||
Fair value | $ 3,843 | [3],[7],[11],[12],[13],[15] | $ 3,592 | [4],[9],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 2.72% | [7],[11],[12],[13],[15] | 3.27% | [9],[16],[17],[18],[20] | 2.72% | [7],[11],[12],[13],[15] | 2.72% | [7],[11],[12],[13],[15] | 2.72% | [7],[11],[12],[13],[15] | 3.27% | [9],[16],[17],[18],[20] | 3.27% | [9],[16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Oranje Holdco, Inc., Business Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [7],[11],[12],[13],[15] | 7.75% | 7.75% | 7.75% | 7.75% | ||||||||||
Interest rate | [7],[11],[12],[13],[15] | 12.79% | 12.79% | 12.79% | 12.79% | ||||||||||
Par/principal amount | [7],[11],[12],[13],[15],[21] | $ 8,052 | |||||||||||||
Amortized cost | [5],[7],[11],[12],[13],[15] | 7,837 | |||||||||||||
Fair value | [3],[7],[11],[12],[13],[15] | $ 7,927 | |||||||||||||
Percent of net assets | [7],[11],[12],[13],[15] | 5.60% | 5.60% | 5.60% | 5.60% | ||||||||||
Investment, Identifier [Axis]: First Lien Debt, PF Atlantic Holdco 2, LLC, Leisure Products & Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[20] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[20] | 5.50% | [9],[16],[18],[20] | |
Interest rate | 10.89% | [7],[11],[13],[14],[15] | 10.25% | [9],[16],[18],[20] | 10.89% | [7],[11],[13],[14],[15] | 10.89% | [7],[11],[13],[14],[15] | 10.89% | [7],[11],[13],[14],[15] | 10.25% | [9],[16],[18],[20] | 10.25% | [9],[16],[18],[20] | |
Par/principal amount | $ 4 | [7],[11],[13],[14],[15],[21] | $ 4 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 4 | [3],[7],[11],[13],[14],[15] | $ 4 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, PXO Holdings I Corp., Chemicals, Plastics & Rubber | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[19],[20] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[19],[20] | 5.50% | [9],[16],[18],[19],[20] | |
Interest rate | 10.85% | [7],[11],[13],[14],[15] | 9.05% | [9],[16],[18],[19],[20] | 10.85% | [7],[11],[13],[14],[15] | 10.85% | [7],[11],[13],[14],[15] | 10.85% | [7],[11],[13],[14],[15] | 9.05% | [9],[16],[18],[19],[20] | 9.05% | [9],[16],[18],[19],[20] | |
Par/principal amount | $ 4 | [7],[11],[13],[14],[15],[21] | $ 4 | [9],[16],[18],[19],[20],[22] | |||||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[19],[20] | |||||||||||
Fair value | $ 4 | [3],[7],[11],[13],[14],[15] | $ 4 | [4],[9],[16],[18],[19],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[19],[20] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[19],[20] | 0% | [9],[16],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Pestco Intermediate, LLC, Environmental Industries | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [11],[12],[13],[14],[15] | 6.75% | 6.75% | 6.75% | 6.75% | ||||||||||
Interest rate | [11],[12],[13],[14],[15] | 12.14% | 12.14% | 12.14% | 12.14% | ||||||||||
Par/principal amount | [11],[12],[13],[14],[15],[21] | $ 5,546 | |||||||||||||
Amortized cost | [5],[11],[12],[13],[14],[15] | 5,320 | |||||||||||||
Fair value | [3],[11],[12],[13],[14],[15] | $ 5,289 | |||||||||||||
Percent of net assets | [11],[12],[13],[14],[15] | 3.74% | 3.74% | 3.74% | 3.74% | ||||||||||
Investment, Identifier [Axis]: First Lien Debt, Project Castle, Inc., Capital Equipment | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [12],[13],[15] | 5.50% | [17],[18],[20] | 5.50% | [12],[13],[15] | 5.50% | [12],[13],[15] | 5.50% | [12],[13],[15] | 5.50% | [17],[18],[20] | 5.50% | [17],[18],[20] | |
Interest rate | 10.41% | [12],[13],[15] | 10.08% | [17],[18],[20] | 10.41% | [12],[13],[15] | 10.41% | [12],[13],[15] | 10.41% | [12],[13],[15] | 10.08% | [17],[18],[20] | 10.08% | [17],[18],[20] | |
Par/principal amount | $ 993 | [12],[13],[15],[21] | $ 997 | [17],[18],[20],[22] | |||||||||||
Amortized cost | 899 | [5],[12],[13],[15] | 898 | [6],[17],[18],[20] | |||||||||||
Fair value | $ 834 | [3],[12],[13],[15] | $ 802 | [4],[17],[18],[20] | |||||||||||
Percent of net assets | 0.59% | [12],[13],[15] | 0.73% | [17],[18],[20] | 0.59% | [12],[13],[15] | 0.59% | [12],[13],[15] | 0.59% | [12],[13],[15] | 0.73% | [17],[18],[20] | 0.73% | [17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Pushpay USA Inc., Diversified Financial Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [7],[11],[12],[13],[14],[15] | 6.75% | 6.75% | 6.75% | 6.75% | ||||||||||
Interest rate | [7],[11],[12],[13],[14],[15] | 11.97% | 11.97% | 11.97% | 11.97% | ||||||||||
Par/principal amount | [7],[11],[12],[13],[14],[15],[21] | $ 12,037 | |||||||||||||
Amortized cost | [5],[7],[11],[12],[13],[14],[15] | 11,654 | |||||||||||||
Fair value | [3],[7],[11],[12],[13],[14],[15] | $ 11,648 | |||||||||||||
Percent of net assets | [7],[11],[12],[13],[14],[15] | 8.23% | 8.23% | 8.23% | 8.23% | ||||||||||
Investment, Identifier [Axis]: First Lien Debt, QNNECT, LLC, Aerospace & Defense | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 7% | [11],[12],[13],[15] | 7% | [16],[17],[18],[20] | 7% | [11],[12],[13],[15] | 7% | [11],[12],[13],[15] | 7% | [11],[12],[13],[15] | 7% | [16],[17],[18],[20] | 7% | [16],[17],[18],[20] | |
Interest rate | 12.08% | [11],[12],[13],[15] | 11.11% | [16],[17],[18],[20] | 12.08% | [11],[12],[13],[15] | 12.08% | [11],[12],[13],[15] | 12.08% | [11],[12],[13],[15] | 11.11% | [16],[17],[18],[20] | 11.11% | [16],[17],[18],[20] | |
Par/principal amount | $ 5,329 | [11],[12],[13],[15],[21] | $ 5,281 | [16],[17],[18],[20],[22] | |||||||||||
Amortized cost | 5,143 | [5],[11],[12],[13],[15] | 5,085 | [6],[16],[17],[18],[20] | |||||||||||
Fair value | $ 5,279 | [3],[11],[12],[13],[15] | $ 5,081 | [4],[16],[17],[18],[20] | |||||||||||
Percent of net assets | 3.73% | [11],[12],[13],[15] | 4.63% | [16],[17],[18],[20] | 3.73% | [11],[12],[13],[15] | 3.73% | [11],[12],[13],[15] | 3.73% | [11],[12],[13],[15] | 4.63% | [16],[17],[18],[20] | 4.63% | [16],[17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Quantic Electronics, LLC, Aerospace & Defense | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.25% | [7],[11],[13],[14],[15] | 6.25% | [9],[16],[18],[20] | 6.25% | [7],[11],[13],[14],[15] | 6.25% | [7],[11],[13],[14],[15] | 6.25% | [7],[11],[13],[14],[15] | 6.25% | [9],[16],[18],[20] | 6.25% | [9],[16],[18],[20] | |
Interest rate | 11.62% | [7],[11],[13],[14],[15] | 10.95% | [9],[16],[18],[20] | 11.62% | [7],[11],[13],[14],[15] | 11.62% | [7],[11],[13],[14],[15] | 11.62% | [7],[11],[13],[14],[15] | 10.95% | [9],[16],[18],[20] | 10.95% | [9],[16],[18],[20] | |
Par/principal amount | $ 7 | [7],[11],[13],[14],[15],[21] | $ 7 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 7 | [5],[7],[11],[13],[14],[15] | 7 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 7 | [3],[7],[11],[13],[14],[15] | $ 7 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[14],[15] | 0.01% | [9],[16],[18],[20] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0.01% | [9],[16],[18],[20] | 0.01% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, RSC Acquisition, Inc., Diversified Financial Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[19],[20] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [7],[11],[13],[14],[15] | 5.50% | [9],[16],[18],[19],[20] | 5.50% | [9],[16],[18],[19],[20] | |
Interest rate | 10.76% | [7],[11],[13],[14],[15] | 9.83% | [9],[16],[18],[19],[20] | 10.76% | [7],[11],[13],[14],[15] | 10.76% | [7],[11],[13],[14],[15] | 10.76% | [7],[11],[13],[14],[15] | 9.83% | [9],[16],[18],[19],[20] | 9.83% | [9],[16],[18],[19],[20] | |
Par/principal amount | $ 9,278 | [7],[11],[13],[14],[15],[21] | $ 3,018 | [9],[16],[18],[19],[20],[22] | |||||||||||
Amortized cost | 9,199 | [5],[7],[11],[13],[14],[15] | 2,928 | [6],[9],[16],[18],[19],[20] | |||||||||||
Fair value | $ 9,060 | [3],[7],[11],[13],[14],[15] | $ 2,551 | [4],[9],[16],[18],[19],[20] | |||||||||||
Percent of net assets | 6.40% | [7],[11],[13],[14],[15] | 2.33% | [9],[16],[18],[19],[20] | 6.40% | [7],[11],[13],[14],[15] | 6.40% | [7],[11],[13],[14],[15] | 6.40% | [7],[11],[13],[14],[15] | 2.33% | [9],[16],[18],[19],[20] | 2.33% | [9],[16],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Radwell Parent, LLC, Wholesale | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.75% | [7],[11],[12],[13],[15] | 6.75% | [9],[16],[17],[18],[19],[20] | 6.75% | [7],[11],[12],[13],[15] | 6.75% | [7],[11],[12],[13],[15] | 6.75% | [7],[11],[12],[13],[15] | 6.75% | [9],[16],[17],[18],[19],[20] | 6.75% | [9],[16],[17],[18],[19],[20] | |
Interest rate | 11.99% | [7],[11],[12],[13],[15] | 11.33% | [9],[16],[17],[18],[19],[20] | 11.99% | [7],[11],[12],[13],[15] | 11.99% | [7],[11],[12],[13],[15] | 11.99% | [7],[11],[12],[13],[15] | 11.33% | [9],[16],[17],[18],[19],[20] | 11.33% | [9],[16],[17],[18],[19],[20] | |
Par/principal amount | $ 14,093 | [7],[11],[12],[13],[15],[21] | $ 13,953 | [9],[16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 13,676 | [5],[7],[11],[12],[13],[15] | 13,508 | [6],[9],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 13,840 | [3],[7],[11],[12],[13],[15] | $ 13,503 | [4],[9],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 9.78% | [7],[11],[12],[13],[15] | 12.31% | [9],[16],[17],[18],[19],[20] | 9.78% | [7],[11],[12],[13],[15] | 9.78% | [7],[11],[12],[13],[15] | 9.78% | [7],[11],[12],[13],[15] | 12.31% | [9],[16],[17],[18],[19],[20] | 12.31% | [9],[16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, SCP Eye Care HoldCo, LLC, Healthcare & Pharmaceuticals | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.75% | [7],[11],[12],[13],[14],[15] | 5.75% | [9],[16],[17],[18],[19],[20] | 5.75% | [7],[11],[12],[13],[14],[15] | 5.75% | [7],[11],[12],[13],[14],[15] | 5.75% | [7],[11],[12],[13],[14],[15] | 5.75% | [9],[16],[17],[18],[19],[20] | 5.75% | [9],[16],[17],[18],[19],[20] | |
Interest rate | 10.99% | [7],[11],[12],[13],[14],[15] | 9.47% | [9],[16],[17],[18],[19],[20] | 10.99% | [7],[11],[12],[13],[14],[15] | 10.99% | [7],[11],[12],[13],[14],[15] | 10.99% | [7],[11],[12],[13],[14],[15] | 9.47% | [9],[16],[17],[18],[19],[20] | 9.47% | [9],[16],[17],[18],[19],[20] | |
Par/principal amount | $ 8,175 | [7],[11],[12],[13],[14],[15],[21] | $ 7,337 | [9],[16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 7,880 | [5],[7],[11],[12],[13],[14],[15] | 7,024 | [6],[9],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 7,938 | [3],[7],[11],[12],[13],[14],[15] | $ 7,075 | [4],[9],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 5.61% | [7],[11],[12],[13],[14],[15] | 6.45% | [9],[16],[17],[18],[19],[20] | 5.61% | [7],[11],[12],[13],[14],[15] | 5.61% | [7],[11],[12],[13],[14],[15] | 5.61% | [7],[11],[12],[13],[14],[15] | 6.45% | [9],[16],[17],[18],[19],[20] | 6.45% | [9],[16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Smarsh Inc., Software | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.50% | [7],[11],[13],[15] | 6.50% | [9],[16],[18],[20] | 6.50% | [7],[11],[13],[15] | 6.50% | [7],[11],[13],[15] | 6.50% | [7],[11],[13],[15] | 6.50% | [9],[16],[18],[20] | 6.50% | [9],[16],[18],[20] | |
Interest rate | 11.84% | [7],[11],[13],[15] | 11.29% | [9],[16],[18],[20] | 11.84% | [7],[11],[13],[15] | 11.84% | [7],[11],[13],[15] | 11.84% | [7],[11],[13],[15] | 11.29% | [9],[16],[18],[20] | 11.29% | [9],[16],[18],[20] | |
Par/principal amount | $ 1 | [7],[11],[13],[15],[21] | $ 1 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 1 | [5],[7],[11],[13],[15] | 1 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 1 | [3],[7],[11],[13],[15] | $ 1 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[11],[13],[15] | 0% | [7],[11],[13],[15] | 0% | [7],[11],[13],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Spotless Brands, LLC, Consumer Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [9],[16],[17],[18],[19],[20] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [9],[16],[17],[18],[19],[20] | 6.50% | [9],[16],[17],[18],[19],[20] | |
Interest rate | 11.71% | [7],[11],[12],[13],[14],[15] | 10.80% | [9],[16],[17],[18],[19],[20] | 11.71% | [7],[11],[12],[13],[14],[15] | 11.71% | [7],[11],[12],[13],[14],[15] | 11.71% | [7],[11],[12],[13],[14],[15] | 10.80% | [9],[16],[17],[18],[19],[20] | 10.80% | [9],[16],[17],[18],[19],[20] | |
Par/principal amount | $ 14,031 | [7],[11],[12],[13],[14],[15],[21] | $ 14,119 | [9],[16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 13,776 | [5],[7],[11],[12],[13],[14],[15] | 13,846 | [6],[9],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 13,719 | [3],[7],[11],[12],[13],[14],[15] | $ 13,680 | [4],[9],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 9.70% | [7],[11],[12],[13],[14],[15] | 12.47% | [9],[16],[17],[18],[19],[20] | 9.70% | [7],[11],[12],[13],[14],[15] | 9.70% | [7],[11],[12],[13],[14],[15] | 9.70% | [7],[11],[12],[13],[14],[15] | 12.47% | [9],[16],[17],[18],[19],[20] | 12.47% | [9],[16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Summit Acquisition, Inc., Diversified Financial Services | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [11],[12],[13],[15] | 6.75% | 6.75% | 6.75% | 6.75% | ||||||||||
Interest rate | [11],[12],[13],[15] | 11.99% | 11.99% | 11.99% | 11.99% | ||||||||||
Par/principal amount | [11],[12],[13],[15],[21] | $ 4,466 | |||||||||||||
Amortized cost | [5],[11],[12],[13],[15] | 4,289 | |||||||||||||
Fair value | [3],[11],[12],[13],[15] | $ 4,286 | |||||||||||||
Percent of net assets | [11],[12],[13],[15] | 3.03% | 3.03% | 3.03% | 3.03% | ||||||||||
Investment, Identifier [Axis]: First Lien Debt, TIBCO Software Inc., High Tech Industries | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 4.50% | [7],[13],[15] | 4.50% | [9],[18],[20] | 4.50% | [7],[13],[15] | 4.50% | [7],[13],[15] | 4.50% | [7],[13],[15] | 4.50% | [9],[18],[20] | 4.50% | [9],[18],[20] | |
Interest rate | 9.84% | [7],[13],[15] | 9.18% | [9],[18],[20] | 9.84% | [7],[13],[15] | 9.84% | [7],[13],[15] | 9.84% | [7],[13],[15] | 9.18% | [9],[18],[20] | 9.18% | [9],[18],[20] | |
Par/principal amount | $ 2,494 | [7],[13],[15],[21] | $ 2,500 | [9],[18],[20],[22] | |||||||||||
Amortized cost | 2,285 | [5],[7],[13],[15] | 2,278 | [6],[9],[18],[20] | |||||||||||
Fair value | $ 2,329 | [3],[7],[13],[15] | $ 2,228 | [4],[9],[18],[20] | |||||||||||
Percent of net assets | 1.65% | [7],[13],[15] | 2.03% | [9],[18],[20] | 1.65% | [7],[13],[15] | 1.65% | [7],[13],[15] | 1.65% | [7],[13],[15] | 2.03% | [9],[18],[20] | 2.03% | [9],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, The Carlstar Group LLC, Automotive | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [9],[16],[17],[18],[19],[20] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [7],[11],[12],[13],[14],[15] | 6.50% | [9],[16],[17],[18],[19],[20] | 6.50% | [9],[16],[17],[18],[19],[20] | |
Interest rate | 11.69% | [7],[11],[12],[13],[14],[15] | 10.92% | [9],[16],[17],[18],[19],[20] | 11.69% | [7],[11],[12],[13],[14],[15] | 11.69% | [7],[11],[12],[13],[14],[15] | 11.69% | [7],[11],[12],[13],[14],[15] | 10.92% | [9],[16],[17],[18],[19],[20] | 10.92% | [9],[16],[17],[18],[19],[20] | |
Par/principal amount | $ 7,040 | [7],[11],[12],[13],[14],[15],[21] | $ 7,223 | [9],[16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 6,882 | [5],[7],[11],[12],[13],[14],[15] | 7,045 | [6],[9],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 6,992 | [3],[7],[11],[12],[13],[14],[15] | $ 7,105 | [4],[9],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 4.94% | [7],[11],[12],[13],[14],[15] | 6.48% | [9],[16],[17],[18],[19],[20] | 4.94% | [7],[11],[12],[13],[14],[15] | 4.94% | [7],[11],[12],[13],[14],[15] | 4.94% | [7],[11],[12],[13],[14],[15] | 6.48% | [9],[16],[17],[18],[19],[20] | 6.48% | [9],[16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Trader Corporation (Canada), Automotive | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6.75% | [7],[11],[12],[13],[15],[23] | 6.75% | [9],[16],[17],[18],[20],[24] | 6.75% | [7],[11],[12],[13],[15],[23] | 6.75% | [7],[11],[12],[13],[15],[23] | 6.75% | [7],[11],[12],[13],[15],[23] | 6.75% | [9],[16],[17],[18],[20],[24] | 6.75% | [9],[16],[17],[18],[20],[24] | |
Interest rate | 11.96% | [7],[11],[12],[13],[15],[23] | 11.61% | [9],[16],[17],[18],[20],[24] | 11.96% | [7],[11],[12],[13],[15],[23] | 11.96% | [7],[11],[12],[13],[15],[23] | 11.96% | [7],[11],[12],[13],[15],[23] | 11.61% | [9],[16],[17],[18],[20],[24] | 11.61% | [9],[16],[17],[18],[20],[24] | |
Par/principal amount | $ 12,051 | [7],[11],[12],[13],[15],[21],[23] | $ 12,081 | [9],[16],[17],[18],[20],[22],[24] | |||||||||||
Amortized cost | $ 8,633 | [5],[7],[11],[12],[13],[15],[23] | $ 8,643 | [6],[9],[16],[17],[18],[20],[24] | |||||||||||
Fair value | $ 8,963 | [3],[7],[11],[12],[13],[15],[23] | $ 8,683 | [4],[9],[16],[17],[18],[20],[24] | |||||||||||
Percent of net assets | 6.34% | [7],[11],[12],[13],[15],[23] | 7.92% | [9],[16],[17],[18],[20],[24] | 6.34% | [7],[11],[12],[13],[15],[23] | 6.34% | [7],[11],[12],[13],[15],[23] | 6.34% | [7],[11],[12],[13],[15],[23] | 7.92% | [9],[16],[17],[18],[20],[24] | 7.92% | [9],[16],[17],[18],[20],[24] | |
Investment, Identifier [Axis]: First Lien Debt, Trafigura Trading LLC, Metals & Mining | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | [9],[16],[18],[19],[20],[25] | 8.35% | 8.35% | 8.35% | |||||||||||
Interest rate | [9],[16],[18],[19],[20],[25] | 12.89% | 12.89% | 12.89% | |||||||||||
Par/principal amount | [9],[16],[18],[19],[20],[22],[25] | $ 3 | |||||||||||||
Amortized cost | [6],[9],[16],[18],[19],[20],[25] | 2 | |||||||||||||
Fair value | [4],[9],[16],[18],[19],[20],[25] | $ 3 | |||||||||||||
Percent of net assets | [9],[16],[18],[19],[20],[25] | 0% | 0% | 0% | |||||||||||
Investment, Identifier [Axis]: First Lien Debt, Tufin Software North America, Inc., Software | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 7.69% | [11],[12],[13],[14],[15] | 7.69% | [16],[17],[18],[19],[20] | 7.69% | [11],[12],[13],[14],[15] | 7.69% | [11],[12],[13],[14],[15] | 7.69% | [11],[12],[13],[14],[15] | 7.69% | [16],[17],[18],[19],[20] | 7.69% | [16],[17],[18],[19],[20] | |
Interest rate | 13.07% | [11],[12],[13],[14],[15] | 12.01% | [16],[17],[18],[19],[20] | 13.07% | [11],[12],[13],[14],[15] | 13.07% | [11],[12],[13],[14],[15] | 13.07% | [11],[12],[13],[14],[15] | 12.01% | [16],[17],[18],[19],[20] | 12.01% | [16],[17],[18],[19],[20] | |
Par/principal amount | $ 7,311 | [11],[12],[13],[14],[15],[21] | $ 7,211 | [16],[17],[18],[19],[20],[22] | |||||||||||
Amortized cost | 7,177 | [5],[11],[12],[13],[14],[15] | 7,067 | [6],[16],[17],[18],[19],[20] | |||||||||||
Fair value | $ 7,139 | [3],[11],[12],[13],[14],[15] | $ 6,977 | [4],[16],[17],[18],[19],[20] | |||||||||||
Percent of net assets | 5.05% | [11],[12],[13],[14],[15] | 6.36% | [16],[17],[18],[19],[20] | 5.05% | [11],[12],[13],[14],[15] | 5.05% | [11],[12],[13],[14],[15] | 5.05% | [11],[12],[13],[14],[15] | 6.36% | [16],[17],[18],[19],[20] | 6.36% | [16],[17],[18],[19],[20] | |
Investment, Identifier [Axis]: First Lien Debt, USALCO, LLC, Chemicals, Plastics & Rubber | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 6% | [7],[13],[14],[15] | 6% | [9],[18],[20] | 6% | [7],[13],[14],[15] | 6% | [7],[13],[14],[15] | 6% | [7],[13],[14],[15] | 6% | [9],[18],[20] | 6% | [9],[18],[20] | |
Interest rate | 11.22% | [7],[13],[14],[15] | 10.73% | [9],[18],[20] | 11.22% | [7],[13],[14],[15] | 11.22% | [7],[13],[14],[15] | 11.22% | [7],[13],[14],[15] | 10.73% | [9],[18],[20] | 10.73% | [9],[18],[20] | |
Par/principal amount | $ 5 | [7],[13],[14],[15],[21] | $ 5 | [9],[18],[20],[22] | |||||||||||
Amortized cost | 5 | [5],[7],[13],[14],[15] | 5 | [6],[9],[18],[20] | |||||||||||
Fair value | $ 5 | [3],[7],[13],[14],[15] | $ 5 | [4],[9],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[13],[14],[15] | 0% | [9],[18],[20] | 0% | [7],[13],[14],[15] | 0% | [7],[13],[14],[15] | 0% | [7],[13],[14],[15] | 0% | [9],[18],[20] | 0% | [9],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, USR Parent Inc., Retail | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 7.60% | [12],[13],[15],[26] | 7.60% | [17],[18],[20] | 7.60% | [12],[13],[15],[26] | 7.60% | [12],[13],[15],[26] | 7.60% | [12],[13],[15],[26] | 7.60% | [17],[18],[20] | 7.60% | [17],[18],[20] | |
Interest rate | 12.76% | [12],[13],[15],[26] | 11.72% | [17],[18],[20] | 12.76% | [12],[13],[15],[26] | 12.76% | [12],[13],[15],[26] | 12.76% | [12],[13],[15],[26] | 11.72% | [17],[18],[20] | 11.72% | [17],[18],[20] | |
Par/principal amount | $ 4,000 | [12],[13],[15],[21],[26] | $ 4,222 | [17],[18],[20],[22] | |||||||||||
Amortized cost | 3,968 | [5],[12],[13],[15],[26] | 4,185 | [6],[17],[18],[20] | |||||||||||
Fair value | $ 3,897 | [3],[12],[13],[15],[26] | $ 4,025 | [4],[17],[18],[20] | |||||||||||
Percent of net assets | 2.75% | [12],[13],[15],[26] | 3.67% | [17],[18],[20] | 2.75% | [12],[13],[15],[26] | 2.75% | [12],[13],[15],[26] | 2.75% | [12],[13],[15],[26] | 3.67% | [17],[18],[20] | 3.67% | [17],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Wineshipping.com LLC, Beverage & Food | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.75% | [7],[11],[13],[14],[15] | 5.75% | [9],[16],[18],[20] | 5.75% | [7],[11],[13],[14],[15] | 5.75% | [7],[11],[13],[14],[15] | 5.75% | [7],[11],[13],[14],[15] | 5.75% | [9],[16],[18],[20] | 5.75% | [9],[16],[18],[20] | |
Interest rate | 11.15% | [7],[11],[13],[14],[15] | 10.15% | [9],[16],[18],[20] | 11.15% | [7],[11],[13],[14],[15] | 11.15% | [7],[11],[13],[14],[15] | 11.15% | [7],[11],[13],[14],[15] | 10.15% | [9],[16],[18],[20] | 10.15% | [9],[16],[18],[20] | |
Par/principal amount | $ 4 | [7],[11],[13],[14],[15],[21] | $ 4 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 4 | [3],[7],[11],[13],[14],[15] | $ 3 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [7],[11],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
Investment, Identifier [Axis]: First Lien Debt, Yellowstone Buyer Acquisition, LLC, Consumer Goods: Durable | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 5.75% | [7],[13],[15] | 5.75% | [9],[18],[20] | 5.75% | [7],[13],[15] | 5.75% | [7],[13],[15] | 5.75% | [7],[13],[15] | 5.75% | [9],[18],[20] | 5.75% | [9],[18],[20] | |
Interest rate | 11.02% | [7],[13],[15] | 10.07% | [9],[18],[20] | 11.02% | [7],[13],[15] | 11.02% | [7],[13],[15] | 11.02% | [7],[13],[15] | 10.07% | [9],[18],[20] | 10.07% | [9],[18],[20] | |
Par/principal amount | $ 2 | [7],[13],[15],[21] | $ 2 | [9],[18],[20],[22] | |||||||||||
Amortized cost | 2 | [5],[7],[13],[15] | 2 | [6],[9],[18],[20] | |||||||||||
Fair value | $ 2 | [3],[7],[13],[15] | $ 2 | [4],[9],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[13],[15] | 0% | [9],[18],[20] | 0% | [7],[13],[15] | 0% | [7],[13],[15] | 0% | [7],[13],[15] | 0% | [9],[18],[20] | 0% | [9],[18],[20] | |
Investment, Identifier [Axis]: Second Lien Debt, 11852604 Canada Inc. (Canada), Healthcare & Pharmaceuticals | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 9.50% | [7],[13],[14],[15],[23] | 9.50% | [9],[18],[20],[24] | 9.50% | [7],[13],[14],[15],[23] | 9.50% | [7],[13],[14],[15],[23] | 9.50% | [7],[13],[14],[15],[23] | 9.50% | [9],[18],[20],[24] | 9.50% | [9],[18],[20],[24] | |
Interest, PIK | 100% | [7],[13],[14],[15],[23] | 100% | [9],[18],[20],[24] | 100% | [7],[13],[14],[15],[23] | 100% | [7],[13],[14],[15],[23] | 100% | [7],[13],[14],[15],[23] | 100% | [9],[18],[20],[24] | 100% | [9],[18],[20],[24] | |
Interest rate | 14.89% | [7],[13],[14],[15],[23] | 13.70% | [9],[18],[20],[24] | 14.89% | [7],[13],[14],[15],[23] | 14.89% | [7],[13],[14],[15],[23] | 14.89% | [7],[13],[14],[15],[23] | 13.70% | [9],[18],[20],[24] | 13.70% | [9],[18],[20],[24] | |
Par/principal amount | $ 4 | [7],[13],[14],[15],[21],[23] | $ 4 | [9],[18],[20],[22],[24] | |||||||||||
Amortized cost | 4 | [5],[7],[13],[14],[15],[23] | 4 | [6],[9],[18],[20],[24] | |||||||||||
Fair value | $ 4 | [3],[7],[13],[14],[15],[23] | $ 4 | [4],[9],[18],[20],[24] | |||||||||||
Percent of net assets | 0% | [7],[13],[14],[15],[23] | 0% | [9],[18],[20],[24] | 0% | [7],[13],[14],[15],[23] | 0% | [7],[13],[14],[15],[23] | 0% | [7],[13],[14],[15],[23] | 0% | [9],[18],[20],[24] | 0% | [9],[18],[20],[24] | |
Investment, Identifier [Axis]: Second Lien Debt, AP Plastics Acquisition Holdings, LLC, Chemicals, Plastics & Rubber | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 7.50% | [7],[13],[14],[15] | 7.50% | [9],[18],[20] | 7.50% | [7],[13],[14],[15] | 7.50% | [7],[13],[14],[15] | 7.50% | [7],[13],[14],[15] | 7.50% | [9],[18],[20] | 7.50% | [9],[18],[20] | |
Interest rate | 12.69% | [7],[13],[14],[15] | 11.85% | [9],[18],[20] | 12.69% | [7],[13],[14],[15] | 12.69% | [7],[13],[14],[15] | 12.69% | [7],[13],[14],[15] | 11.85% | [9],[18],[20] | 11.85% | [9],[18],[20] | |
Par/principal amount | $ 10 | [7],[13],[14],[15],[21] | $ 10 | [9],[18],[20],[22] | |||||||||||
Amortized cost | 10 | [5],[7],[13],[14],[15] | 10 | [6],[9],[18],[20] | |||||||||||
Fair value | $ 10 | [3],[7],[13],[14],[15] | $ 9 | [4],[9],[18],[20] | |||||||||||
Percent of net assets | 0.01% | [7],[13],[14],[15] | 0.01% | [9],[18],[20] | 0.01% | [7],[13],[14],[15] | 0.01% | [7],[13],[14],[15] | 0.01% | [7],[13],[14],[15] | 0.01% | [9],[18],[20] | 0.01% | [9],[18],[20] | |
Investment, Identifier [Axis]: Second Lien Debt, Blackbird Purchaser, Inc., Capital Equipment | |||||||||||||||
Schedule of Investments [Line Items] | |||||||||||||||
Interest, spread | 7.50% | [7],[13],[14],[15] | 7.50% | [9],[16],[18],[20] | 7.50% | [7],[13],[14],[15] | 7.50% | [7],[13],[14],[15] | 7.50% | [7],[13],[14],[15] | 7.50% | [9],[16],[18],[20] | 7.50% | [9],[16],[18],[20] | |
Interest rate | 12.70% | [7],[13],[14],[15] | 11.88% | [9],[16],[18],[20] | 12.70% | [7],[13],[14],[15] | 12.70% | [7],[13],[14],[15] | 12.70% | [7],[13],[14],[15] | 11.88% | [9],[16],[18],[20] | 11.88% | [9],[16],[18],[20] | |
Par/principal amount | $ 2 | [7],[13],[14],[15],[21] | $ 2 | [9],[16],[18],[20],[22] | |||||||||||
Amortized cost | 2 | [5],[7],[13],[14],[15] | 2 | [6],[9],[16],[18],[20] | |||||||||||
Fair value | $ 2 | [3],[7],[13],[14],[15] | $ 2 | [4],[9],[16],[18],[20] | |||||||||||
Percent of net assets | 0% | [7],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [7],[13],[14],[15] | 0% | [7],[13],[14],[15] | 0% | [7],[13],[14],[15] | 0% | [9],[16],[18],[20] | 0% | [9],[16],[18],[20] | |
[1]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.[2]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.[3]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[4]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[5]Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.[6]Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.[7]Denotes that all or a portion of the assets are owned by Carlyle Secured Lending III (together with its consolidated subsidiary, "we," "us," "our," "CSL III," or the "Company"). The Company has entered into a senior secured revolving credit facility (the "Subscription Facility"). The lenders of the Subscription Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 5, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company's wholly owned subsidiary, Carlyle Secured Lending III SPV, L.L.C. (the "SPV").[8]Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of June 30, 2023, the aggregate fair value of these securities is $3,220, or 2.27% of the Company's net assets.[9]Denotes that all or a portion of the assets are owned by Carlyle Secured Lending III (together with its consolidated subsidiary, "we," "us," "our," "CSL III," or the "Company"). The Company has entered into a senior secured revolving credit facility (the "Subscription Facility"). The lenders of the Subscription Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 5, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company's wholly owned subsidiary, Carlyle Secured Lending III SPV, L.L.C. (the "SPV"). Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount** Fair Value First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments ADPD Holdings, LLC Delayed Draw 1.00 % $ 90 $ (2) ADPD Holdings, LLC Delayed Draw 1.00 6,264 (143) ADPD Holdings, LLC Revolver 0.50 828 (19) Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount** Fair Value Alpine Acquisition Corp II Revolver 0.50 % $ 1,379 $ (37) Apex Companies Holdings, LLC Delayed Draw 1.00 2,305 (56) Ascend Buyer, LLC Revolver 0.50 0 0 Associations, Inc. Delayed Draw 1.00 2,032 (37) Associations, Inc. Revolver 0.50 1 0 Atlas AU Bidco Pty Ltd (Australia) Revolver 0.50 67 (1) Avalara, Inc. Revolver 0.50 1,350 6 BlueCat Networks, Inc. (Canada) Delayed Draw 0.50 26 0 BlueCat Networks, Inc. (Canada) Delayed Draw 0.50 4,556 (60) CD&R Madison Parent Ltd (United Kingdom) Delayed Draw 1.50 £ 542 (13) Celerion Buyer, Inc. Delayed Draw 1.00 499 (6) Celerion Buyer, Inc. Revolver 0.50 249 (3) Coupa Holdings, LLC Delayed Draw 1.00 193 (2) Coupa Holdings, LLC Revolver 0.50 148 (1) CPI Intermediate Holdings, Inc. Delayed Draw 1.00 2,782 (112) CST Holding Company Revolver 0.50 470 (8) Denali Midco 2, LLC Delayed Draw 1.00 4,300 (171) Dwyer Instruments, Inc. Delayed Draw 1.00 5,946 (63) Dwyer Instruments, Inc. Revolver 0.50 627 (7) Eliassen Group, LLC Delayed Draw 1.00 3,741 (44) Ellkay, LLC Revolver 0.50 0 0 Excel Fitness Holdings, Inc. Revolver 0.50 198 (10) Excelitas Technologies Corp. Delayed Draw 0.50 1,517 (28) Excelitas Technologies Corp. Revolver 0.50 525 (10) FPG Intermediate Holdco, LLC Delayed Draw 1.00 12,317 (350) Hercules Borrower LLC Delayed Draw 1.00 1 0 Hoosier Intermediate, LLC Revolver 0.50 1 0 HS Spa Holdings Inc. Revolver 0.50 105 (2) IQN Holding Corp. Delayed Draw 1.00 2,332 (21) IQN Holding Corp. Revolver 0.50 407 (4) Jeg's Automotive, LLC Delayed Draw 1.00 1 0 Kaseya, Inc. Delayed Draw 1.00 4,211 (72) Kaseya, Inc. Revolver 0.50 385 (7) LVF Holdings, Inc. Revolver 0.50 1 0 Material Holdings, LLC Delayed Draw — 4 0 Medical Manufacturing Technologies, LLC Revolver 0.50 0 0 Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount** Fair Value NEFCO Holding Company LLC Delayed Draw 1.00 % $ 2,903 $ (30) NEFCO Holding Company LLC Revolver 0.50 475 (5) North Haven Fairway Buyer, LLC Revolver 0.50 923 (24) North Haven Stallone Buyer, LLC Delayed Draw 1.00 151 (3) Oak Purchaser, Inc. Delayed Draw 0.50 2,668 (78) Oak Purchaser, Inc. Revolver 0.50 584 (17) Oranje Holdco, Inc. Revolver 0.50 1,006 (14) Pestco Intermediate, LLC Delayed Draw 2.00 2,081 (67) Pestco Intermediate, LLC Revolver 0.50 357 (12) PF Atlantic Holdco 2, LLC Delayed Draw 1.00 1 0 PF Atlantic Holdco 2, LLC Revolver 0.50 0 0 Pushpay USA Inc. Revolver 0.50 926 (28) PXO Holdings I Corp. Delayed Draw 1.00 0 0 PXO Holdings I Corp. Revolver 0.50 0 0 QNNECT, LLC Delayed Draw 1.00 1,325 (10) Quantic Electronics, LLC Delayed Draw 1.00 3 0 Radwell Parent, LLC Revolver 0.38 837 (14) RSC Acquisition, Inc. Delayed Draw 1.00 1,002 (21) SCP Eye Care HoldCo, LLC Delayed Draw 1.00 1,966 (43) SCP Eye Care HoldCo, LLC Revolver 0.50 546 (12) Smarsh Inc. Delayed Draw 1.00 0 0 Smarsh Inc. Revolver 0.50 0 0 Spotless Brands, LLC Revolver 0.50 457 (10) Summit Acquisition, Inc. Delayed Draw 1.00 1,031 (31) Summit Acquisition, Inc. Revolver 0.50 515 (15) The Carlstar Group LLC Revolver 0.50 1,829 (10) Trader Corporation (Canada) Revolver 0.50 C$ 906 (15) Tufin Software North America, Inc. Revolver 0.50 357 (8) Wineshipping.com LLC Delayed Draw 1.00 0 0 Wineshipping.com LLC Revolver 0.50 0 0 Total unfunded commitments $ 83,166 $ (1,750) Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount Fair Value First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments ADPD Holdings, LLC Delayed Draw 0.50 % $ 209 $ (5) ADPD Holdings, LLC Delayed Draw 0.50 98 (2) ADPD Holdings, LLC Delayed Draw 0.50 6,264 (155) ADPD Holdings, LLC Revolver 0.50 828 (20) Alpine Acquisition Corp II Revolver 0.50 1,724 (64) Ascend Buyer, LLC Revolver 0.50 0 (0) Associations, Inc. Delayed Draw 1.00 5,356 (159) Associations, Inc. Revolver 0.50 1 (0) Atlas AU Bidco Pty Ltd (Australia) Revolver 0.50 67 (2) Avalara, Inc. Revolver 0.50 1,350 (41) Blackbird Purchaser, Inc. Delayed Draw 1.00 1 (0) BlueCat Networks, Inc. (Canada) Delayed Draw 0.50 62 (2) BlueCat Networks, Inc. (Canada) Delayed Draw 0.50 4,556 (127) Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount Fair Value Celerion Buyer, Inc. Delayed Draw 1.00 % $ 499 $ (12) Celerion Buyer, Inc. Revolver 0.50 249 (6) CPI Intermediate Holdings, Inc. Delayed Draw — 2,782 (56) CST Holding Company Revolver 0.50 423 (13) DCA Investment Holding LLC Delayed Draw 1.00 0 (0) Denali Midco 2, LLC Delayed Draw 1.00 6,000 (228) Dwyer Instruments, Inc. Delayed Draw 1.00 5,946 (91) Dwyer Instruments, Inc. Revolver 0.50 715 (11) Eliassen Group, LLC Delayed Draw 1.00 3,741 (43) Ellkay, LLC Revolver 0.50 0 (0) Excel Fitness Holdings, Inc. Revolver 0.50 292 (13) Excelitas Technologies Corp. Delayed Draw 0.50 2,334 (86) Excelitas Technologies Corp. Revolver 0.50 480 (18) FPG Intermediate Holdco, LLC Delayed Draw 1.00 12,317 (539) Hercules Borrower LLC Delayed Draw 1.00 1 (0) Hoosier Intermediate, LLC Revolver 0.50 1 (0) HS Spa Holdings Inc. Revolver 0.50 124 (3) IQN Holding Corp. Delayed Draw 1.00 2,976 (46) IQN Holding Corp. Revolver 0.50 489 (8) Jeg's Automotive, LLC Delayed Draw 1.00 1 (0) Kaseya, Inc. Delayed Draw 0.50 4,485 (131) Kaseya, Inc. Revolver 0.50 514 (15) LinQuest Corporation Delayed Draw 1.00 10,000 — LVF Holdings, Inc. Delayed Draw 1.00 2 (0) LVF Holdings, Inc. Revolver 0.50 0 (0) Material Holdings, LLC Delayed Draw — 4 (0) Medical Manufacturing Technologies, LLC Delayed Draw 1.00 0 (0) Medical Manufacturing Technologies, LLC Revolver 0.50 0 (0) NEFCO Holding Company LLC Delayed Draw 1.00 2,988 (58) NEFCO Holding Company LLC Delayed Draw 1.00 41 (1) NEFCO Holding Company LLC Revolver 0.50 1,018 (20) North Haven Fairway Buyer, LLC Revolver 0.50 923 (17) North Haven Stallone Buyer, LLC Delayed Draw 1.00 200 (4) Oak Purchaser, Inc. Delayed Draw 0.50 2,963 (69) Oak Purchaser, Inc. Revolver 0.50 584 (14) PF Atlantic Holdco 2, LLC Delayed Draw 1.00 1 (0) PF Atlantic Holdco 2, LLC Revolver 0.50 0 (0) Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount Fair Value PXO Holdings I Corp. Delayed Draw 1.00 % $ 0 $ (0) PXO Holdings I Corp. Revolver 0.50 0 (0) QNNECT, LLC Delayed Draw 1.00 1,386 (42) Quantic Electronics, LLC Delayed Draw 1.00 3 (0) Radwell Parent, LLC Revolver 0.38 1,047 (31) RSC Acquisition, Inc. Delayed Draw 1.00 7,293 (331) SCP Eye Care HoldCo, LLC Delayed Draw 1.00 2,352 (57) SCP Eye Care HoldCo, LLC Revolver 0.50 1,035 (25) Smarsh Inc. Delayed Draw 1.00 0 (0) Smarsh Inc. Revolver 0.50 0 (0) Spotless Brands, LLC Revolver 0.50 457 (14) The Carlstar Group LLC Revolver 0.50 1,829 (24) Trader Corporation (Canada) Revolver 0.50 C$ 906 (31) Trafigura Trading LLC Revolver 0.50 0 (0) Tufin Software North America, Inc. Delayed Draw — 31 (1) Tufin Software North America, Inc. Revolver 0.50 357 (11) Wineshipping.com LLC Delayed Draw 1.00 0 (0) Wineshipping.com LLC Revolver 0.50 0 (0) Total unfunded commitments $ 100,069 $ (2,646) |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) £ in Thousands, $ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2023 GBP (£) | Jun. 30, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | ||||
Schedule of Investments [Line Items] | ||||||||
Interest rate floor | 1% | 1% | ||||||
Restricted investments, fair value | $ 2,998 | |||||||
Restricted investments, percent of net assets | 2.73% | 2.73% | ||||||
Implied discount rate | 12.89% | 12.89% | ||||||
Unfunded commitments, principal amount | $ 83,166 | $ 100,069 | ||||||
Unfunded commitments, fair value | (1,750) | (2,646) | ||||||
Amortized cost | 262,021 | [1] | 202,115 | [2] | ||||
Investments, at fair value | $ 262,332 | [1],[3] | $ 200,081 | [2],[4] | ||||
Investments at fair value | Investment type concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 100% | 100% | ||||||
Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 100% | 100% | ||||||
Investments at fair value | Geographic concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 100% | 100% | ||||||
30-day LIBOR | ||||||||
Schedule of Investments [Line Items] | ||||||||
Reference rate | 5.22% | 4.39% | 5.22% | 5.22% | 4.39% | |||
90-day LIBOR | ||||||||
Schedule of Investments [Line Items] | ||||||||
Reference rate | 5.55% | 4.77% | 5.55% | 5.55% | 4.77% | |||
180-day LIBOR | ||||||||
Schedule of Investments [Line Items] | ||||||||
Reference rate | 5.76% | 5.14% | 5.76% | 5.76% | 5.14% | |||
30-day SOFR | ||||||||
Schedule of Investments [Line Items] | ||||||||
Reference rate | 5.14% | 4.36% | 5.14% | 5.14% | 4.36% | |||
90-day SOFR | ||||||||
Schedule of Investments [Line Items] | ||||||||
Reference rate | 5.27% | 4.59% | 5.27% | 5.27% | 4.59% | |||
180-day SOFR | ||||||||
Schedule of Investments [Line Items] | ||||||||
Reference rate | 5.39% | 5.39% | 5.39% | |||||
Daily SONIA | ||||||||
Schedule of Investments [Line Items] | ||||||||
Reference rate | 4.93% | 4.93% | 4.93% | |||||
90-day EURIBOR | ||||||||
Schedule of Investments [Line Items] | ||||||||
Reference rate | 3.58% | 3.58% | 3.58% | |||||
30-day CDOR | ||||||||
Schedule of Investments [Line Items] | ||||||||
Reference rate | 5.40% | 5.40% | 5.40% | |||||
Minimum | ||||||||
Schedule of Investments [Line Items] | ||||||||
Interest rate floor | 0.50% | 0.50% | 0.50% | |||||
Minimum | Measurement Input, Credit Spread | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment, measurement input | 0.0010 | 0.0010 | 0.0010 | 0.0010 | 0.0010 | |||
Maximum | ||||||||
Schedule of Investments [Line Items] | ||||||||
Interest rate floor | 1% | 1% | 1% | |||||
Maximum | Measurement Input, Credit Spread | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment, measurement input | 0.0043 | 0.0026 | 0.0043 | 0.0043 | 0.0026 | |||
Australia | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 700 | $ 699 | ||||||
Investments, at fair value | $ 714 | $ 699 | ||||||
Australia | Investments at fair value | Geographic concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 0.30% | 0.30% | ||||||
Canada | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 14,927 | $ 14,851 | ||||||
Investments, at fair value | $ 15,303 | $ 14,793 | ||||||
Canada | Investments at fair value | Geographic concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 5.80% | 7.40% | ||||||
United Kingdom | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 4,074 | |||||||
Investments, at fair value | $ 4,277 | |||||||
United Kingdom | Investments at fair value | Geographic concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 1.60% | |||||||
United States | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 242,320 | $ 186,565 | ||||||
Investments, at fair value | $ 242,038 | $ 184,589 | ||||||
United States | Investments at fair value | Geographic concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 92.30% | 92.30% | ||||||
Debt Securities | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 258,867 | $ 199,136 | ||||||
Investments, at fair value | $ 259,112 | $ 197,083 | ||||||
Debt Securities | Investments at fair value | Interest rate type concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 100% | 100% | ||||||
First Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 258,851 | [5] | $ 199,120 | [6] | ||||
Investments, at fair value | $ 259,096 | [3] | $ 197,068 | [4] | ||||
First Lien Debt | Investments at fair value | Investment type concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 98.80% | 98.50% | ||||||
Second Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 16 | [5] | $ 16 | [6] | ||||
Investments, at fair value | $ 16 | [3] | $ 15 | [4] | ||||
Second Lien Debt | Investments at fair value | Investment type concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 0% | 0% | ||||||
Equity Investments | ||||||||
Schedule of Investments [Line Items] | ||||||||
Restricted investments, fair value | $ 3,220 | |||||||
Restricted investments, percent of net assets | 2.27% | 2.27% | 2.27% | |||||
Amortized cost | $ 3,154 | $ 2,979 | ||||||
Investments, at fair value | $ 3,220 | [3] | $ 2,998 | [4] | ||||
Equity Investments | Investments at fair value | Investment type concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 1.20% | 1.50% | ||||||
Floating Rate | Debt Securities | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 258,867 | $ 199,136 | ||||||
Investments, at fair value | $ 259,112 | $ 197,083 | ||||||
Floating Rate | Debt Securities | Investments at fair value | Interest rate type concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 100% | 100% | ||||||
Fixed Rate | Debt Securities | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 0 | $ 0 | ||||||
Investments, at fair value | $ 0 | $ 0 | ||||||
Fixed Rate | Debt Securities | Investments at fair value | Interest rate type concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 0% | 0% | ||||||
Aerospace & Defense | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 5,171 | $ 5,113 | ||||||
Investments, at fair value | $ 5,304 | $ 5,106 | ||||||
Aerospace & Defense | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 2% | 2.60% | ||||||
Automotive | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 15,519 | $ 15,692 | ||||||
Investments, at fair value | $ 15,958 | $ 15,792 | ||||||
Automotive | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 6.10% | 7.90% | ||||||
Beverage & Food | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 24 | $ 24 | ||||||
Investments, at fair value | $ 24 | $ 23 | ||||||
Beverage & Food | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 0% | 0% | ||||||
Business Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 26,260 | $ 13,997 | ||||||
Investments, at fair value | $ 26,401 | $ 13,875 | ||||||
Business Services | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 10.10% | 6.90% | ||||||
Capital Equipment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 14,061 | $ 13,229 | ||||||
Investments, at fair value | $ 14,145 | $ 13,083 | ||||||
Capital Equipment | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 5.40% | 6.60% | ||||||
Chemicals, Plastics & Rubber | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 19 | $ 19 | ||||||
Investments, at fair value | $ 19 | $ 19 | ||||||
Chemicals, Plastics & Rubber | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 0% | 0% | ||||||
Construction & Building | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 8,004 | $ 4,014 | ||||||
Investments, at fair value | $ 7,997 | $ 3,890 | ||||||
Construction & Building | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 3% | 1.90% | ||||||
Consumer Goods: Durable | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 2 | $ 2 | ||||||
Investments, at fair value | $ 2 | $ 2 | ||||||
Consumer Goods: Durable | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 0% | 0% | ||||||
Consumer Goods: Non-Durable | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 4,810 | $ 4,871 | ||||||
Investments, at fair value | $ 4,862 | $ 4,868 | ||||||
Consumer Goods: Non-Durable | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 1.90% | 2.40% | ||||||
Consumer Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 42,104 | $ 40,378 | ||||||
Investments, at fair value | $ 41,537 | $ 39,712 | ||||||
Consumer Services | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 15.80% | 19.80% | ||||||
Containers, Packaging & Glass | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 14,418 | $ 14,463 | ||||||
Investments, at fair value | $ 14,429 | $ 14,636 | ||||||
Containers, Packaging & Glass | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 5.50% | 7.30% | ||||||
Diversified Financial Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 38,394 | $ 16,067 | ||||||
Investments, at fair value | $ 38,652 | $ 15,602 | ||||||
Diversified Financial Services | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 14.80% | 7.80% | ||||||
Environmental Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 15,019 | $ 1 | ||||||
Investments, at fair value | $ 15,004 | $ 1 | ||||||
Environmental Industries | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 5.70% | 0% | ||||||
Healthcare & Pharmaceuticals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 10,943 | $ 10,097 | ||||||
Investments, at fair value | $ 11,048 | $ 10,146 | ||||||
Healthcare & Pharmaceuticals | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 4.20% | 5.10% | ||||||
High Tech Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 12,788 | $ 12,195 | ||||||
Investments, at fair value | $ 12,919 | $ 11,982 | ||||||
High Tech Industries | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 4.90% | 6% | ||||||
Leisure Products & Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 4,444 | $ 4,364 | ||||||
Investments, at fair value | $ 4,296 | $ 4,233 | ||||||
Leisure Products & Services | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 1.60% | 2.10% | ||||||
Metals & Mining | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 2 | |||||||
Investments, at fair value | $ 3 | |||||||
Metals & Mining | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 0% | |||||||
Retail | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 3,968 | $ 4,185 | ||||||
Investments, at fair value | $ 3,897 | $ 4,025 | ||||||
Retail | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 1.50% | 2% | ||||||
Software | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 9,471 | $ 7,262 | ||||||
Investments, at fair value | $ 9,506 | $ 7,192 | ||||||
Software | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 3.60% | 3.60% | ||||||
Sovereign & Public Finance | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 78 | $ 78 | ||||||
Investments, at fair value | $ 78 | $ 78 | ||||||
Sovereign & Public Finance | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 0% | 0% | ||||||
Telecommunications | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 11,357 | $ 11,371 | ||||||
Investments, at fair value | $ 11,010 | $ 11,328 | ||||||
Telecommunications | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 4.20% | 5.70% | ||||||
Transportation: Cargo | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 8,678 | $ 8,356 | ||||||
Investments, at fair value | $ 8,561 | $ 8,154 | ||||||
Transportation: Cargo | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 3.30% | 4.10% | ||||||
Wholesale | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | $ 16,489 | $ 16,335 | ||||||
Investments, at fair value | $ 16,683 | $ 16,331 | ||||||
Wholesale | Investments at fair value | Industry concentration | ||||||||
Schedule of Investments [Line Items] | ||||||||
Concentration risk percentage | 6.40% | 8.20% | ||||||
Investment, Identifier [Axis]: ADPD Holdings, LLC, Delayed Draw 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 90 | |||||||
Unfunded commitments, fair value | $ (2) | |||||||
Investment, Identifier [Axis]: ADPD Holdings, LLC, Delayed Draw 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 6,264 | |||||||
Unfunded commitments, fair value | $ (143) | |||||||
Investment, Identifier [Axis]: ADPD Holdings, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 828 | |||||||
Unfunded commitments, fair value | $ (19) | |||||||
Investment, Identifier [Axis]: Alpine Acquisition Corp II, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 1,379 | |||||||
Unfunded commitments, fair value | $ (37) | |||||||
Investment, Identifier [Axis]: Apex Companies Holdings, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 2,305 | |||||||
Unfunded commitments, fair value | $ (56) | |||||||
Investment, Identifier [Axis]: Ascend Buyer, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Associations, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 2,032 | |||||||
Unfunded commitments, fair value | $ (37) | |||||||
Investment, Identifier [Axis]: Associations, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Atlas AU Bidco Pty Ltd (Australia), Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 67 | |||||||
Unfunded commitments, fair value | $ (1) | |||||||
Investment, Identifier [Axis]: Avalara, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 1,350 | |||||||
Unfunded commitments, fair value | $ 6 | |||||||
Investment, Identifier [Axis]: BlueCat Networks, Inc. (Canada), Delayed Draw 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 26 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: BlueCat Networks, Inc. (Canada), Delayed Draw 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 4,556 | |||||||
Unfunded commitments, fair value | $ (60) | |||||||
Investment, Identifier [Axis]: CD&R Madison Parent Ltd (United Kingdom), Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1.50% | 1.50% | 1.50% | |||||
Unfunded commitments, principal amount | £ | £ 542 | |||||||
Unfunded commitments, fair value | $ (13) | |||||||
Investment, Identifier [Axis]: CPI Intermediate Holdings, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 2,782 | |||||||
Unfunded commitments, fair value | $ (112) | |||||||
Investment, Identifier [Axis]: CST Holding Company, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 470 | |||||||
Unfunded commitments, fair value | $ (8) | |||||||
Investment, Identifier [Axis]: Celerion Buyer, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 499 | |||||||
Unfunded commitments, fair value | $ (6) | |||||||
Investment, Identifier [Axis]: Celerion Buyer, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 249 | |||||||
Unfunded commitments, fair value | $ (3) | |||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 193 | |||||||
Unfunded commitments, fair value | $ (2) | |||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 148 | |||||||
Unfunded commitments, fair value | $ (1) | |||||||
Investment, Identifier [Axis]: Denali Midco 2, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 4,300 | |||||||
Unfunded commitments, fair value | $ (171) | |||||||
Investment, Identifier [Axis]: Dwyer Instruments, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 5,946 | |||||||
Unfunded commitments, fair value | $ (63) | |||||||
Investment, Identifier [Axis]: Dwyer Instruments, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 627 | |||||||
Unfunded commitments, fair value | $ (7) | |||||||
Investment, Identifier [Axis]: Eliassen Group, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 3,741 | |||||||
Unfunded commitments, fair value | $ (44) | |||||||
Investment, Identifier [Axis]: Ellkay, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | 0 | |||||||
Investment, Identifier [Axis]: Equity Investments, Blackbird Holdco, Inc., Capital Equipment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 2 | [7],[8] | $ 2 | [9],[10] | ||||
Investments, at fair value | 2 | [3],[7],[8] | 2 | [4],[9],[10] | ||||
Investment, Identifier [Axis]: Equity Investments, Buckeye Parent, LLC, Automotive | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 0 | [7],[8] | 0 | [9],[10] | ||||
Investments, at fair value | 0 | [3],[7],[8] | 0 | [4],[9],[10] | ||||
Investment, Identifier [Axis]: Equity Investments, GB Vino Parent, L.P., Beverage & Food | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 0 | [7],[8] | 0 | [9],[10] | ||||
Investments, at fair value | 0 | [3],[7],[8] | 0 | [4],[9],[10] | ||||
Investment, Identifier [Axis]: Equity Investments, NEFCO Holding Company LLC, Construction & Building | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 152 | [7],[8] | 157 | [9],[10] | ||||
Investments, at fair value | 152 | [3],[7],[8] | 157 | [4],[9],[10] | ||||
Investment, Identifier [Axis]: Equity Investments, NearU Holdings LLC, Consumer Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 494 | [7],[8] | 494 | [9],[10] | ||||
Investments, at fair value | 499 | [3],[7],[8] | 494 | [4],[9],[10] | ||||
Investment, Identifier [Axis]: Equity Investments, Pascal Ultimate Holdings, L.P, Capital Equipment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 0 | [7],[8] | 0 | [9],[10] | ||||
Investments, at fair value | 0 | [3],[7],[8] | 0 | [4],[9],[10] | ||||
Investment, Identifier [Axis]: Equity Investments, Picard Parent, Inc., High Tech Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 2,221 | [7],[8] | 2,132 | [9],[10] | ||||
Investments, at fair value | 2,247 | [3],[7],[8] | 2,130 | [4],[9],[10] | ||||
Investment, Identifier [Axis]: Equity Investments, Profile Holdings I, LP, Chemicals, Plastics & Rubber | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 0 | [7],[8] | 0 | [9],[10] | ||||
Investments, at fair value | 0 | [3],[7],[8] | 0 | [4],[9],[10] | ||||
Investment, Identifier [Axis]: Equity Investments, Summit K2 Midco, Inc., Diversified Financial Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [7],[8] | 91 | ||||||
Investments, at fair value | [3],[7],[8] | 91 | ||||||
Investment, Identifier [Axis]: Equity Investments, Talon MidCo 1 Limited, Software | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 194 | [7],[8] | 194 | [9],[10] | ||||
Investments, at fair value | $ 229 | [3],[7],[8] | 215 | [4],[9],[10] | ||||
Investment, Identifier [Axis]: Excel Fitness Holdings, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 198 | |||||||
Unfunded commitments, fair value | $ (10) | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 1,517 | |||||||
Unfunded commitments, fair value | $ (28) | |||||||
Investment, Identifier [Axis]: Excelitas Technologies Corp., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 525 | |||||||
Unfunded commitments, fair value | $ (10) | |||||||
Investment, Identifier [Axis]: FPG Intermediate Holdco, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 12,317 | |||||||
Unfunded commitments, fair value | (350) | |||||||
Investment, Identifier [Axis]: First Lien Debt, ADPD Holdings, LLC, Consumer Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 6,917 | [5],[7],[11],[12],[13],[14],[15] | 6,833 | [6],[9],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 6,840 | [3],[7],[11],[12],[13],[14],[15] | 6,750 | [4],[9],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Alpine Acquisition Corp II, Transportation: Cargo | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 8,678 | [5],[7],[11],[12],[13],[14],[15] | 8,356 | [6],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 8,561 | [3],[7],[11],[12],[13],[14],[15] | 8,154 | [4],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Apex Companies Holdings, LLC, Environmental Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [5],[7],[11],[12],[13],[15] | 9,698 | ||||||
Investments, at fair value | [3],[7],[11],[12],[13],[15] | 9,714 | ||||||
Investment, Identifier [Axis]: First Lien Debt, Ascend Buyer, LLC, Containers, Packaging & Glass | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 14,418 | [5],[7],[11],[12],[13],[14],[15] | 14,463 | [6],[9],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 14,429 | [3],[7],[11],[12],[13],[14],[15] | 14,636 | [4],[9],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Associations, Inc., Construction & Building | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 3,733 | [5],[7],[11],[13],[14],[15] | 391 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 3,673 | [3],[7],[11],[13],[14],[15] | 271 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Atlas AU Bidco Pty Ltd (Australia), High Tech Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 700 | [5],[7],[11],[13],[15],[21] | 699 | [6],[9],[16],[18],[20],[22] | ||||
Investments, at fair value | 714 | [3],[7],[11],[13],[15],[21] | 699 | [4],[9],[16],[18],[20],[22] | ||||
Investment, Identifier [Axis]: First Lien Debt, Avalara, Inc., Diversified Financial Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 13,161 | [5],[7],[11],[12],[13],[15] | 13,138 | [6],[16],[17],[18],[20] | ||||
Investments, at fair value | 13,567 | [3],[7],[11],[12],[13],[15] | 13,051 | [4],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, BlueCat Networks, Inc. (Canada), High Tech Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 6,290 | [5],[7],[11],[12],[13],[15],[21] | 6,205 | [6],[9],[16],[18],[20],[22] | ||||
Investments, at fair value | 6,336 | [3],[7],[11],[12],[13],[15],[21] | 6,106 | [4],[9],[16],[18],[20],[22] | ||||
Investment, Identifier [Axis]: First Lien Debt, Bradyifs Holdings, LLC, Wholesale 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 5 | [5],[7],[13],[14],[15] | 5 | [6],[9],[18],[19],[20] | ||||
Investments, at fair value | 5 | [3],[7],[13],[14],[15] | 5 | [4],[9],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Bradyifs Holdings, LLC, Wholesale 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 2,808 | [5],[12],[13],[14],[15] | 2,822 | [6],[17],[18],[19],[20] | ||||
Investments, at fair value | 2,838 | [3],[12],[13],[14],[15] | 2,822 | [4],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [5],[12],[15],[21] | 1,239 | ||||||
Investments, at fair value | [3],[12],[15],[21] | 1,276 | ||||||
Investment, Identifier [Axis]: First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [5],[7],[11],[12],[15],[21] | 2,835 | ||||||
Investments, at fair value | [3],[7],[11],[12],[15],[21] | 3,001 | ||||||
Investment, Identifier [Axis]: First Lien Debt, CPI Intermediate Holdings, Inc., Telecommunications | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 11,357 | [5],[11],[12],[13],[15] | 11,371 | [6],[16],[17],[18],[20] | ||||
Investments, at fair value | 11,010 | [3],[11],[12],[13],[15] | 11,328 | [4],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, CST Holding Company, Consumer Goods: Non-Durable | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4,810 | [5],[11],[12],[13],[14],[15] | 4,871 | [6],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 4,862 | [3],[11],[12],[13],[14],[15] | 4,868 | [4],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Celerion Buyer, Inc., Healthcare & Pharmaceuticals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 3,046 | [5],[11],[12],[13],[15] | 3,056 | [6],[16],[17],[18],[20] | ||||
Investments, at fair value | 3,093 | [3],[11],[12],[13],[15] | 3,054 | [4],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Coupa Holdings, LLC, Software | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [5],[7],[11],[13],[15] | 2,099 | ||||||
Investments, at fair value | [3],[7],[11],[13],[15] | 2,137 | ||||||
Investment, Identifier [Axis]: First Lien Debt, DCA Investment Holding LLC, Healthcare & Pharmaceuticals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 2 | [5],[7],[13],[15] | 2 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 2 | [3],[7],[13],[15] | 2 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Denali Midco 2, LLC, Consumer Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 5,410 | [5],[7],[11],[12],[13],[14],[15] | 3,709 | [6],[9],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 5,272 | [3],[7],[11],[12],[13],[14],[15] | 3,613 | [4],[9],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Dwyer Instruments, Inc., Capital Equipment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 7,906 | [5],[7],[11],[12],[13],[14],[15] | 7,833 | [6],[9],[16],[17],[18],[20] | ||||
Investments, at fair value | 7,982 | [3],[7],[11],[12],[13],[14],[15] | 7,863 | [4],[9],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Eliassen Group, LLC, Business Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 7,898 | [5],[7],[11],[12],[13],[15] | 7,926 | [6],[9],[16],[17],[18],[20] | ||||
Investments, at fair value | 7,904 | [3],[7],[11],[12],[13],[15] | 7,947 | [4],[9],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Ellkay, LLC, Healthcare & Pharmaceuticals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 3 | [5],[7],[11],[13],[15] | 3 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 3 | [3],[7],[11],[13],[15] | 3 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Excel Fitness Holdings, Inc., Leisure Products & Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4,440 | [5],[11],[12],[13],[14],[15] | 4,360 | [6],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 4,292 | [3],[11],[12],[13],[14],[15] | 4,229 | [4],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Excelitas Technologies Corp., Capital Equipment 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4,058 | [5],[11],[12],[13],[14],[15] | 3,296 | [6],[9],[16],[18],[19],[20] | ||||
Investments, at fair value | 4,054 | [3],[11],[12],[13],[14],[15] | 3,186 | [4],[9],[16],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Excelitas Technologies Corp., Capital Equipment 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 1,194 | [5],[12],[15] | 1,198 | [6],[20] | ||||
Investments, at fair value | 1,271 | [3],[12],[15] | 1,229 | [4],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, FPG Intermediate Holdco, LLC, Consumer Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | (163) | [5],[7],[11],[13],[14],[15] | (183) | [6],[16],[18],[19],[20] | ||||
Investments, at fair value | (315) | [3],[7],[11],[13],[14],[15] | (498) | [4],[16],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Guidehouse LLP, Sovereign & Public Finance | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 78 | [5],[7],[13],[14],[15] | 78 | [6],[9],[18],[20] | ||||
Investments, at fair value | 78 | [3],[7],[13],[14],[15] | 78 | [4],[9],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, HS Spa Holdings Inc., Consumer Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 858 | [5],[11],[12],[13],[15] | 842 | [6],[16],[17],[18],[20] | ||||
Investments, at fair value | 856 | [3],[11],[12],[13],[15] | 834 | [4],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Hercules Borrower LLC, Environmental Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 1 | [5],[7],[11],[13],[14],[15] | 1 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 1 | [3],[7],[11],[13],[14],[15] | 1 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Hoosier Intermediate, LLC, Healthcare & Pharmaceuticals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4 | [5],[7],[11],[13],[15] | 4 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 4 | [3],[7],[11],[13],[15] | 4 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, IQN Holding Corp., Business Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 2,449 | [5],[11],[12],[13],[15] | 2,370 | [6],[16],[17],[18],[20] | ||||
Investments, at fair value | 2,446 | [3],[11],[12],[13],[15] | 2,332 | [4],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Jeg's Automotive, LLC, Automotive | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 3 | [3],[7],[11],[13],[14],[15] | 4 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Kaseya, Inc., High Tech Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 1,292 | [5],[7],[11],[13],[15] | 882 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 1,293 | [3],[7],[11],[13],[15] | 819 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, LVF Holdings, Inc., Beverage & Food | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 20 | [5],[7],[11],[13],[14],[15] | 20 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 20 | [3],[7],[11],[13],[14],[15] | 19 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, LinQuest Corporation, Aerospace & Defense | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [6],[9],[16],[18],[20] | 0 | ||||||
Investments, at fair value | [4],[9],[16],[18],[20] | 0 | ||||||
Investment, Identifier [Axis]: First Lien Debt, Material Holdings, LLC, Business Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 5 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 4 | [3],[7],[11],[13],[14],[15] | 4 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Maverick Acquisition, Inc., Aerospace & Defense | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 21 | [5],[7],[13],[15] | 21 | [6],[9],[18],[20] | ||||
Investments, at fair value | 18 | [3],[7],[13],[15] | 18 | [4],[9],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Medical Manufacturing Technologies, LLC, Healthcare & Pharmaceuticals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[19],[20] | ||||
Investments, at fair value | 4 | [3],[7],[11],[13],[14],[15] | 4 | [4],[9],[16],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, NEFCO Holding Company LLC, Construction & Building | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4,119 | [5],[7],[11],[12],[13],[14],[15] | 3,467 | [6],[9],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 4,172 | [3],[7],[11],[12],[13],[14],[15] | 3,462 | [4],[9],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, North Haven Fairway Buyer, LLC, Consumer Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 14,766 | [5],[7],[11],[12],[13],[15] | 14,840 | [6],[9],[16],[17],[18],[20] | ||||
Investments, at fair value | 14,620 | [3],[7],[11],[12],[13],[15] | 14,844 | [4],[9],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, North Haven Stallone Buyer, LLC, Consumer Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 46 | [5],[7],[11],[13],[15] | (4) | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 46 | [3],[7],[11],[13],[15] | (4) | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Oak Purchaser, Inc., Business Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 3,997 | [5],[7],[11],[12],[13],[15] | 3,697 | [6],[9],[16],[17],[18],[20] | ||||
Investments, at fair value | 3,843 | [3],[7],[11],[12],[13],[15] | 3,592 | [4],[9],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Oranje Holdco, Inc., Business Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [5],[7],[11],[12],[13],[15] | 7,837 | ||||||
Investments, at fair value | [3],[7],[11],[12],[13],[15] | 7,927 | ||||||
Investment, Identifier [Axis]: First Lien Debt, PF Atlantic Holdco 2, LLC, Leisure Products & Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 4 | [3],[7],[11],[13],[14],[15] | 4 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, PXO Holdings I Corp., Chemicals, Plastics & Rubber | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[19],[20] | ||||
Investments, at fair value | 4 | [3],[7],[11],[13],[14],[15] | 4 | [4],[9],[16],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Pestco Intermediate, LLC, Environmental Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [5],[11],[12],[13],[14],[15] | 5,320 | ||||||
Investments, at fair value | [3],[11],[12],[13],[14],[15] | 5,289 | ||||||
Investment, Identifier [Axis]: First Lien Debt, Project Castle, Inc., Capital Equipment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 899 | [5],[12],[13],[15] | 898 | [6],[17],[18],[20] | ||||
Investments, at fair value | 834 | [3],[12],[13],[15] | 802 | [4],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Pushpay USA Inc., Diversified Financial Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [5],[7],[11],[12],[13],[14],[15] | 11,654 | ||||||
Investments, at fair value | [3],[7],[11],[12],[13],[14],[15] | 11,648 | ||||||
Investment, Identifier [Axis]: First Lien Debt, QNNECT, LLC, Aerospace & Defense | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 5,143 | [5],[11],[12],[13],[15] | 5,085 | [6],[16],[17],[18],[20] | ||||
Investments, at fair value | 5,279 | [3],[11],[12],[13],[15] | 5,081 | [4],[16],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Quantic Electronics, LLC, Aerospace & Defense | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 7 | [5],[7],[11],[13],[14],[15] | 7 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 7 | [3],[7],[11],[13],[14],[15] | 7 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, RSC Acquisition, Inc., Diversified Financial Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 9,199 | [5],[7],[11],[13],[14],[15] | 2,928 | [6],[9],[16],[18],[19],[20] | ||||
Investments, at fair value | 9,060 | [3],[7],[11],[13],[14],[15] | 2,551 | [4],[9],[16],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Radwell Parent, LLC, Wholesale | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 13,676 | [5],[7],[11],[12],[13],[15] | 13,508 | [6],[9],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 13,840 | [3],[7],[11],[12],[13],[15] | 13,503 | [4],[9],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, SCP Eye Care HoldCo, LLC, Healthcare & Pharmaceuticals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 7,880 | [5],[7],[11],[12],[13],[14],[15] | 7,024 | [6],[9],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 7,938 | [3],[7],[11],[12],[13],[14],[15] | 7,075 | [4],[9],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Smarsh Inc., Software | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 1 | [5],[7],[11],[13],[15] | 1 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 1 | [3],[7],[11],[13],[15] | 1 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Spotless Brands, LLC, Consumer Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 13,776 | [5],[7],[11],[12],[13],[14],[15] | 13,846 | [6],[9],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 13,719 | [3],[7],[11],[12],[13],[14],[15] | 13,680 | [4],[9],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Summit Acquisition, Inc., Diversified Financial Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [5],[11],[12],[13],[15] | 4,289 | ||||||
Investments, at fair value | [3],[11],[12],[13],[15] | 4,286 | ||||||
Investment, Identifier [Axis]: First Lien Debt, TIBCO Software Inc., High Tech Industries | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 2,285 | [5],[7],[13],[15] | 2,278 | [6],[9],[18],[20] | ||||
Investments, at fair value | 2,329 | [3],[7],[13],[15] | 2,228 | [4],[9],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, The Carlstar Group LLC, Automotive | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 6,882 | [5],[7],[11],[12],[13],[14],[15] | 7,045 | [6],[9],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 6,992 | [3],[7],[11],[12],[13],[14],[15] | 7,105 | [4],[9],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Trader Corporation (Canada), Automotive | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 8,633 | [5],[7],[11],[12],[13],[15],[21] | 8,643 | [6],[9],[16],[17],[18],[20],[22] | ||||
Investments, at fair value | 8,963 | [3],[7],[11],[12],[13],[15],[21] | 8,683 | [4],[9],[16],[17],[18],[20],[22] | ||||
Investment, Identifier [Axis]: First Lien Debt, Trafigura Trading LLC, Metals & Mining | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | [6],[9],[16],[18],[19],[20],[23] | 2 | ||||||
Investments, at fair value | [4],[9],[16],[18],[19],[20],[23] | 3 | ||||||
Investment, Identifier [Axis]: First Lien Debt, Tufin Software North America, Inc., Software | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 7,177 | [5],[11],[12],[13],[14],[15] | 7,067 | [6],[16],[17],[18],[19],[20] | ||||
Investments, at fair value | 7,139 | [3],[11],[12],[13],[14],[15] | 6,977 | [4],[16],[17],[18],[19],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, USALCO, LLC, Chemicals, Plastics & Rubber | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 5 | [5],[7],[13],[14],[15] | 5 | [6],[9],[18],[20] | ||||
Investments, at fair value | 5 | [3],[7],[13],[14],[15] | 5 | [4],[9],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, USR Parent Inc., Retail | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 3,968 | [5],[12],[13],[15],[24] | 4,185 | [6],[17],[18],[20] | ||||
Investments, at fair value | 3,897 | [3],[12],[13],[15],[24] | 4,025 | [4],[17],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Wineshipping.com LLC, Beverage & Food | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4 | [5],[7],[11],[13],[14],[15] | 4 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | 4 | [3],[7],[11],[13],[14],[15] | 3 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: First Lien Debt, Yellowstone Buyer Acquisition, LLC, Consumer Goods: Durable | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 2 | [5],[7],[13],[15] | 2 | [6],[9],[18],[20] | ||||
Investments, at fair value | $ 2 | [3],[7],[13],[15] | $ 2 | [4],[9],[18],[20] | ||||
Investment, Identifier [Axis]: First and Second Lien, ADPD Holdings, LLC, Delayed Draw 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 209 | |||||||
Unfunded commitments, fair value | $ (5) | |||||||
Investment, Identifier [Axis]: First and Second Lien, ADPD Holdings, LLC, Delayed Draw 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 98 | |||||||
Unfunded commitments, fair value | $ (2) | |||||||
Investment, Identifier [Axis]: First and Second Lien, ADPD Holdings, LLC, Delayed Draw 3 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 6,264 | |||||||
Unfunded commitments, fair value | $ (155) | |||||||
Investment, Identifier [Axis]: First and Second Lien, ADPD Holdings, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 828 | |||||||
Unfunded commitments, fair value | $ (20) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Alpine Acquisition Corp II, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 1,724 | |||||||
Unfunded commitments, fair value | $ (64) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Ascend Buyer, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Associations, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 5,356 | |||||||
Unfunded commitments, fair value | $ (159) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Associations, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Atlas AU Bidco Pty Ltd (Australia), Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 67 | |||||||
Unfunded commitments, fair value | $ (2) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Avalara, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 1,350 | |||||||
Unfunded commitments, fair value | $ (41) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Blackbird Purchaser, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, BlueCat Networks, Inc. (Canada), Delayed Draw 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 62 | |||||||
Unfunded commitments, fair value | $ (2) | |||||||
Investment, Identifier [Axis]: First and Second Lien, BlueCat Networks, Inc. (Canada), Delayed Draw 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 4,556 | |||||||
Unfunded commitments, fair value | $ (127) | |||||||
Investment, Identifier [Axis]: First and Second Lien, CPI Intermediate Holdings, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0% | 0% | ||||||
Unfunded commitments, principal amount | $ 2,782 | |||||||
Unfunded commitments, fair value | $ (56) | |||||||
Investment, Identifier [Axis]: First and Second Lien, CST Holding Company, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 423 | |||||||
Unfunded commitments, fair value | $ (13) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Celerion Buyer, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 499 | |||||||
Unfunded commitments, fair value | $ (12) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Celerion Buyer, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 249 | |||||||
Unfunded commitments, fair value | $ (6) | |||||||
Investment, Identifier [Axis]: First and Second Lien, DCA Investment Holding LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Denali Midco 2, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 6,000 | |||||||
Unfunded commitments, fair value | $ (228) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Dwyer Instruments, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 5,946 | |||||||
Unfunded commitments, fair value | $ (91) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Dwyer Instruments, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 715 | |||||||
Unfunded commitments, fair value | $ (11) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Eliassen Group, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 3,741 | |||||||
Unfunded commitments, fair value | $ (43) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Ellkay, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Excel Fitness Holdings, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 292 | |||||||
Unfunded commitments, fair value | $ (13) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Excelitas Technologies Corp., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 2,334 | |||||||
Unfunded commitments, fair value | $ (86) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Excelitas Technologies Corp., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 480 | |||||||
Unfunded commitments, fair value | $ (18) | |||||||
Investment, Identifier [Axis]: First and Second Lien, FPG Intermediate Holdco, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 12,317 | |||||||
Unfunded commitments, fair value | $ (539) | |||||||
Investment, Identifier [Axis]: First and Second Lien, HS Spa Holdings Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 124 | |||||||
Unfunded commitments, fair value | $ (3) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Hercules Borrower LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Hoosier Intermediate, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, IQN Holding Corp., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 2,976 | |||||||
Unfunded commitments, fair value | $ (46) | |||||||
Investment, Identifier [Axis]: First and Second Lien, IQN Holding Corp., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 489 | |||||||
Unfunded commitments, fair value | $ (8) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Jeg's Automotive, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Kaseya, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 4,485 | |||||||
Unfunded commitments, fair value | $ (131) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Kaseya, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 514 | |||||||
Unfunded commitments, fair value | $ (15) | |||||||
Investment, Identifier [Axis]: First and Second Lien, LVF Holdings, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 2 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, LVF Holdings, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, LinQuest Corporation, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 10,000 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Material Holdings, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0% | 0% | ||||||
Unfunded commitments, principal amount | $ 4 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Medical Manufacturing Technologies, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Medical Manufacturing Technologies, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, NEFCO Holding Company LLC, Delayed Draw 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 2,988 | |||||||
Unfunded commitments, fair value | $ (58) | |||||||
Investment, Identifier [Axis]: First and Second Lien, NEFCO Holding Company LLC, Delayed Draw 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 41 | |||||||
Unfunded commitments, fair value | $ (1) | |||||||
Investment, Identifier [Axis]: First and Second Lien, NEFCO Holding Company LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 1,018 | |||||||
Unfunded commitments, fair value | $ (20) | |||||||
Investment, Identifier [Axis]: First and Second Lien, North Haven Fairway Buyer, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 923 | |||||||
Unfunded commitments, fair value | $ (17) | |||||||
Investment, Identifier [Axis]: First and Second Lien, North Haven Stallone Buyer, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 200 | |||||||
Unfunded commitments, fair value | $ (4) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Oak Purchaser, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 2,963 | |||||||
Unfunded commitments, fair value | $ (69) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Oak Purchaser, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 584 | |||||||
Unfunded commitments, fair value | $ (14) | |||||||
Investment, Identifier [Axis]: First and Second Lien, PF Atlantic Holdco 2, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, PF Atlantic Holdco 2, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, PXO Holdings I Corp., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, PXO Holdings I Corp., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, QNNECT, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 1,386 | |||||||
Unfunded commitments, fair value | $ (42) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Quantic Electronics, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 3 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, RSC Acquisition, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 7,293 | |||||||
Unfunded commitments, fair value | $ (331) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Radwell Parent, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.38% | 0.38% | ||||||
Unfunded commitments, principal amount | $ 1,047 | |||||||
Unfunded commitments, fair value | $ (31) | |||||||
Investment, Identifier [Axis]: First and Second Lien, SCP Eye Care HoldCo, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 2,352 | |||||||
Unfunded commitments, fair value | $ (57) | |||||||
Investment, Identifier [Axis]: First and Second Lien, SCP Eye Care HoldCo, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 1,035 | |||||||
Unfunded commitments, fair value | $ (25) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Smarsh Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Smarsh Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Spotless Brands, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 457 | |||||||
Unfunded commitments, fair value | $ (14) | |||||||
Investment, Identifier [Axis]: First and Second Lien, The Carlstar Group LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 1,829 | |||||||
Unfunded commitments, fair value | $ (24) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Trader Corporation (Canada), Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 906 | |||||||
Unfunded commitments, fair value | $ (31) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Trafigura Trading LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Tufin Software North America, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0% | 0% | ||||||
Unfunded commitments, principal amount | $ 31 | |||||||
Unfunded commitments, fair value | $ (1) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Tufin Software North America, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 357 | |||||||
Unfunded commitments, fair value | $ (11) | |||||||
Investment, Identifier [Axis]: First and Second Lien, Wineshipping.com LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: First and Second Lien, Wineshipping.com LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | ||||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | 0 | |||||||
Investment, Identifier [Axis]: HS Spa Holdings Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 105 | |||||||
Unfunded commitments, fair value | $ (2) | |||||||
Investment, Identifier [Axis]: Hercules Borrower LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Hoosier Intermediate, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: IQN Holding Corp., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 2,332 | |||||||
Unfunded commitments, fair value | $ (21) | |||||||
Investment, Identifier [Axis]: IQN Holding Corp., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 407 | |||||||
Unfunded commitments, fair value | $ (4) | |||||||
Investment, Identifier [Axis]: Jeg's Automotive, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Kaseya, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 4,211 | |||||||
Unfunded commitments, fair value | $ (72) | |||||||
Investment, Identifier [Axis]: Kaseya, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 385 | |||||||
Unfunded commitments, fair value | $ (7) | |||||||
Investment, Identifier [Axis]: LVF Holdings, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Material Holdings, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0% | 0% | 0% | |||||
Unfunded commitments, principal amount | $ 4 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Medical Manufacturing Technologies, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: NEFCO Holding Company LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 2,903 | |||||||
Unfunded commitments, fair value | $ (30) | |||||||
Investment, Identifier [Axis]: NEFCO Holding Company LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 475 | |||||||
Unfunded commitments, fair value | $ (5) | |||||||
Investment, Identifier [Axis]: North Haven Fairway Buyer, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 923 | |||||||
Unfunded commitments, fair value | $ (24) | |||||||
Investment, Identifier [Axis]: North Haven Stallone Buyer, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 151 | |||||||
Unfunded commitments, fair value | $ (3) | |||||||
Investment, Identifier [Axis]: Oak Purchaser, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 2,668 | |||||||
Unfunded commitments, fair value | $ (78) | |||||||
Investment, Identifier [Axis]: Oak Purchaser, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 584 | |||||||
Unfunded commitments, fair value | $ (17) | |||||||
Investment, Identifier [Axis]: Oranje Holdco, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 1,006 | |||||||
Unfunded commitments, fair value | $ (14) | |||||||
Investment, Identifier [Axis]: PF Atlantic Holdco 2, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 1 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: PF Atlantic Holdco 2, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: PXO Holdings I Corp., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: PXO Holdings I Corp., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Pestco Intermediate, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 2% | 2% | 2% | |||||
Unfunded commitments, principal amount | $ 2,081 | |||||||
Unfunded commitments, fair value | $ (67) | |||||||
Investment, Identifier [Axis]: Pestco Intermediate, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 357 | |||||||
Unfunded commitments, fair value | $ (12) | |||||||
Investment, Identifier [Axis]: Pushpay USA Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 926 | |||||||
Unfunded commitments, fair value | $ (28) | |||||||
Investment, Identifier [Axis]: QNNECT, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 1,325 | |||||||
Unfunded commitments, fair value | $ (10) | |||||||
Investment, Identifier [Axis]: Quantic Electronics, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 3 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: RSC Acquisition, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 1,002 | |||||||
Unfunded commitments, fair value | $ (21) | |||||||
Investment, Identifier [Axis]: Radwell Parent, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.38% | 0.38% | 0.38% | |||||
Unfunded commitments, principal amount | $ 837 | |||||||
Unfunded commitments, fair value | $ (14) | |||||||
Investment, Identifier [Axis]: SCP Eye Care HoldCo, LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 1,966 | |||||||
Unfunded commitments, fair value | $ (43) | |||||||
Investment, Identifier [Axis]: SCP Eye Care HoldCo, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 546 | |||||||
Unfunded commitments, fair value | (12) | |||||||
Investment, Identifier [Axis]: Second Lien Debt, 11852604 Canada Inc. (Canada), Healthcare & Pharmaceuticals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 4 | [5],[7],[13],[14],[15],[21] | 4 | [6],[9],[18],[20],[22] | ||||
Investments, at fair value | 4 | [3],[7],[13],[14],[15],[21] | 4 | [4],[9],[18],[20],[22] | ||||
Investment, Identifier [Axis]: Second Lien Debt, AP Plastics Acquisition Holdings, LLC, Chemicals, Plastics & Rubber | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 10 | [5],[7],[13],[14],[15] | 10 | [6],[9],[18],[20] | ||||
Investments, at fair value | 10 | [3],[7],[13],[14],[15] | 9 | [4],[9],[18],[20] | ||||
Investment, Identifier [Axis]: Second Lien Debt, Blackbird Purchaser, Inc., Capital Equipment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Amortized cost | 2 | [5],[7],[13],[14],[15] | 2 | [6],[9],[16],[18],[20] | ||||
Investments, at fair value | $ 2 | [3],[7],[13],[14],[15] | $ 2 | [4],[9],[16],[18],[20] | ||||
Investment, Identifier [Axis]: Smarsh Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Smarsh Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Spotless Brands, LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 457 | |||||||
Unfunded commitments, fair value | $ (10) | |||||||
Investment, Identifier [Axis]: Summit Acquisition, Inc., Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 1,031 | |||||||
Unfunded commitments, fair value | $ (31) | |||||||
Investment, Identifier [Axis]: Summit Acquisition, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 515 | |||||||
Unfunded commitments, fair value | $ (15) | |||||||
Investment, Identifier [Axis]: The Carlstar Group LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 1,829 | |||||||
Unfunded commitments, fair value | $ (10) | |||||||
Investment, Identifier [Axis]: Trader Corporation (Canada), Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 906 | |||||||
Unfunded commitments, fair value | $ (15) | |||||||
Investment, Identifier [Axis]: Tufin Software North America, Inc., Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 357 | |||||||
Unfunded commitments, fair value | $ (8) | |||||||
Investment, Identifier [Axis]: Wineshipping.com LLC, Delayed Draw | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 1% | 1% | 1% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
Investment, Identifier [Axis]: Wineshipping.com LLC, Revolver | ||||||||
Schedule of Investments [Line Items] | ||||||||
Unfunded commitments, unused fee | 0.50% | 0.50% | 0.50% | |||||
Unfunded commitments, principal amount | $ 0 | |||||||
Unfunded commitments, fair value | $ 0 | |||||||
[1]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.[2]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.[3]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[4]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[5]Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.[6]Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.[7]Denotes that all or a portion of the assets are owned by Carlyle Secured Lending III (together with its consolidated subsidiary, "we," "us," "our," "CSL III," or the "Company"). The Company has entered into a senior secured revolving credit facility (the "Subscription Facility"). The lenders of the Subscription Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 5, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company's wholly owned subsidiary, Carlyle Secured Lending III SPV, L.L.C. (the "SPV").[8]Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of June 30, 2023, the aggregate fair value of these securities is $3,220, or 2.27% of the Company's net assets.[9]Denotes that all or a portion of the assets are owned by Carlyle Secured Lending III (together with its consolidated subsidiary, "we," "us," "our," "CSL III," or the "Company"). The Company has entered into a senior secured revolving credit facility (the "Subscription Facility"). The lenders of the Subscription Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 5, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company's wholly owned subsidiary, Carlyle Secured Lending III SPV, L.L.C. (the "SPV"). Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount** Fair Value First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments ADPD Holdings, LLC Delayed Draw 1.00 % $ 90 $ (2) ADPD Holdings, LLC Delayed Draw 1.00 6,264 (143) ADPD Holdings, LLC Revolver 0.50 828 (19) Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount** Fair Value Alpine Acquisition Corp II Revolver 0.50 % $ 1,379 $ (37) Apex Companies Holdings, LLC Delayed Draw 1.00 2,305 (56) Ascend Buyer, LLC Revolver 0.50 0 0 Associations, Inc. Delayed Draw 1.00 2,032 (37) Associations, Inc. Revolver 0.50 1 0 Atlas AU Bidco Pty Ltd (Australia) Revolver 0.50 67 (1) Avalara, Inc. Revolver 0.50 1,350 6 BlueCat Networks, Inc. (Canada) Delayed Draw 0.50 26 0 BlueCat Networks, Inc. (Canada) Delayed Draw 0.50 4,556 (60) CD&R Madison Parent Ltd (United Kingdom) Delayed Draw 1.50 £ 542 (13) Celerion Buyer, Inc. Delayed Draw 1.00 499 (6) Celerion Buyer, Inc. Revolver 0.50 249 (3) Coupa Holdings, LLC Delayed Draw 1.00 193 (2) Coupa Holdings, LLC Revolver 0.50 148 (1) CPI Intermediate Holdings, Inc. Delayed Draw 1.00 2,782 (112) CST Holding Company Revolver 0.50 470 (8) Denali Midco 2, LLC Delayed Draw 1.00 4,300 (171) Dwyer Instruments, Inc. Delayed Draw 1.00 5,946 (63) Dwyer Instruments, Inc. Revolver 0.50 627 (7) Eliassen Group, LLC Delayed Draw 1.00 3,741 (44) Ellkay, LLC Revolver 0.50 0 0 Excel Fitness Holdings, Inc. Revolver 0.50 198 (10) Excelitas Technologies Corp. Delayed Draw 0.50 1,517 (28) Excelitas Technologies Corp. Revolver 0.50 525 (10) FPG Intermediate Holdco, LLC Delayed Draw 1.00 12,317 (350) Hercules Borrower LLC Delayed Draw 1.00 1 0 Hoosier Intermediate, LLC Revolver 0.50 1 0 HS Spa Holdings Inc. Revolver 0.50 105 (2) IQN Holding Corp. Delayed Draw 1.00 2,332 (21) IQN Holding Corp. Revolver 0.50 407 (4) Jeg's Automotive, LLC Delayed Draw 1.00 1 0 Kaseya, Inc. Delayed Draw 1.00 4,211 (72) Kaseya, Inc. Revolver 0.50 385 (7) LVF Holdings, Inc. Revolver 0.50 1 0 Material Holdings, LLC Delayed Draw — 4 0 Medical Manufacturing Technologies, LLC Revolver 0.50 0 0 Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount** Fair Value NEFCO Holding Company LLC Delayed Draw 1.00 % $ 2,903 $ (30) NEFCO Holding Company LLC Revolver 0.50 475 (5) North Haven Fairway Buyer, LLC Revolver 0.50 923 (24) North Haven Stallone Buyer, LLC Delayed Draw 1.00 151 (3) Oak Purchaser, Inc. Delayed Draw 0.50 2,668 (78) Oak Purchaser, Inc. Revolver 0.50 584 (17) Oranje Holdco, Inc. Revolver 0.50 1,006 (14) Pestco Intermediate, LLC Delayed Draw 2.00 2,081 (67) Pestco Intermediate, LLC Revolver 0.50 357 (12) PF Atlantic Holdco 2, LLC Delayed Draw 1.00 1 0 PF Atlantic Holdco 2, LLC Revolver 0.50 0 0 Pushpay USA Inc. Revolver 0.50 926 (28) PXO Holdings I Corp. Delayed Draw 1.00 0 0 PXO Holdings I Corp. Revolver 0.50 0 0 QNNECT, LLC Delayed Draw 1.00 1,325 (10) Quantic Electronics, LLC Delayed Draw 1.00 3 0 Radwell Parent, LLC Revolver 0.38 837 (14) RSC Acquisition, Inc. Delayed Draw 1.00 1,002 (21) SCP Eye Care HoldCo, LLC Delayed Draw 1.00 1,966 (43) SCP Eye Care HoldCo, LLC Revolver 0.50 546 (12) Smarsh Inc. Delayed Draw 1.00 0 0 Smarsh Inc. Revolver 0.50 0 0 Spotless Brands, LLC Revolver 0.50 457 (10) Summit Acquisition, Inc. Delayed Draw 1.00 1,031 (31) Summit Acquisition, Inc. Revolver 0.50 515 (15) The Carlstar Group LLC Revolver 0.50 1,829 (10) Trader Corporation (Canada) Revolver 0.50 C$ 906 (15) Tufin Software North America, Inc. Revolver 0.50 357 (8) Wineshipping.com LLC Delayed Draw 1.00 0 0 Wineshipping.com LLC Revolver 0.50 0 0 Total unfunded commitments $ 83,166 $ (1,750) Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount Fair Value First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments ADPD Holdings, LLC Delayed Draw 0.50 % $ 209 $ (5) ADPD Holdings, LLC Delayed Draw 0.50 98 (2) ADPD Holdings, LLC Delayed Draw 0.50 6,264 (155) ADPD Holdings, LLC Revolver 0.50 828 (20) Alpine Acquisition Corp II Revolver 0.50 1,724 (64) Ascend Buyer, LLC Revolver 0.50 0 (0) Associations, Inc. Delayed Draw 1.00 5,356 (159) Associations, Inc. Revolver 0.50 1 (0) Atlas AU Bidco Pty Ltd (Australia) Revolver 0.50 67 (2) Avalara, Inc. Revolver 0.50 1,350 (41) Blackbird Purchaser, Inc. Delayed Draw 1.00 1 (0) BlueCat Networks, Inc. (Canada) Delayed Draw 0.50 62 (2) BlueCat Networks, Inc. (Canada) Delayed Draw 0.50 4,556 (127) Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount Fair Value Celerion Buyer, Inc. Delayed Draw 1.00 % $ 499 $ (12) Celerion Buyer, Inc. Revolver 0.50 249 (6) CPI Intermediate Holdings, Inc. Delayed Draw — 2,782 (56) CST Holding Company Revolver 0.50 423 (13) DCA Investment Holding LLC Delayed Draw 1.00 0 (0) Denali Midco 2, LLC Delayed Draw 1.00 6,000 (228) Dwyer Instruments, Inc. Delayed Draw 1.00 5,946 (91) Dwyer Instruments, Inc. Revolver 0.50 715 (11) Eliassen Group, LLC Delayed Draw 1.00 3,741 (43) Ellkay, LLC Revolver 0.50 0 (0) Excel Fitness Holdings, Inc. Revolver 0.50 292 (13) Excelitas Technologies Corp. Delayed Draw 0.50 2,334 (86) Excelitas Technologies Corp. Revolver 0.50 480 (18) FPG Intermediate Holdco, LLC Delayed Draw 1.00 12,317 (539) Hercules Borrower LLC Delayed Draw 1.00 1 (0) Hoosier Intermediate, LLC Revolver 0.50 1 (0) HS Spa Holdings Inc. Revolver 0.50 124 (3) IQN Holding Corp. Delayed Draw 1.00 2,976 (46) IQN Holding Corp. Revolver 0.50 489 (8) Jeg's Automotive, LLC Delayed Draw 1.00 1 (0) Kaseya, Inc. Delayed Draw 0.50 4,485 (131) Kaseya, Inc. Revolver 0.50 514 (15) LinQuest Corporation Delayed Draw 1.00 10,000 — LVF Holdings, Inc. Delayed Draw 1.00 2 (0) LVF Holdings, Inc. Revolver 0.50 0 (0) Material Holdings, LLC Delayed Draw — 4 (0) Medical Manufacturing Technologies, LLC Delayed Draw 1.00 0 (0) Medical Manufacturing Technologies, LLC Revolver 0.50 0 (0) NEFCO Holding Company LLC Delayed Draw 1.00 2,988 (58) NEFCO Holding Company LLC Delayed Draw 1.00 41 (1) NEFCO Holding Company LLC Revolver 0.50 1,018 (20) North Haven Fairway Buyer, LLC Revolver 0.50 923 (17) North Haven Stallone Buyer, LLC Delayed Draw 1.00 200 (4) Oak Purchaser, Inc. Delayed Draw 0.50 2,963 (69) Oak Purchaser, Inc. Revolver 0.50 584 (14) PF Atlantic Holdco 2, LLC Delayed Draw 1.00 1 (0) PF Atlantic Holdco 2, LLC Revolver 0.50 0 (0) Investments—non-controlled/non-affiliated Type Unused Fee Par/ Principal Amount Fair Value PXO Holdings I Corp. Delayed Draw 1.00 % $ 0 $ (0) PXO Holdings I Corp. Revolver 0.50 0 (0) QNNECT, LLC Delayed Draw 1.00 1,386 (42) Quantic Electronics, LLC Delayed Draw 1.00 3 (0) Radwell Parent, LLC Revolver 0.38 1,047 (31) RSC Acquisition, Inc. Delayed Draw 1.00 7,293 (331) SCP Eye Care HoldCo, LLC Delayed Draw 1.00 2,352 (57) SCP Eye Care HoldCo, LLC Revolver 0.50 1,035 (25) Smarsh Inc. Delayed Draw 1.00 0 (0) Smarsh Inc. Revolver 0.50 0 (0) Spotless Brands, LLC Revolver 0.50 457 (14) The Carlstar Group LLC Revolver 0.50 1,829 (24) Trader Corporation (Canada) Revolver 0.50 C$ 906 (31) Trafigura Trading LLC Revolver 0.50 0 (0) Tufin Software North America, Inc. Delayed Draw — 31 (1) Tufin Software North America, Inc. Revolver 0.50 357 (11) Wineshipping.com LLC Delayed Draw 1.00 0 (0) Wineshipping.com LLC Revolver 0.50 0 (0) Total unfunded commitments $ 100,069 $ (2,646) |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Carlyle Secured Lending III (together with its consolidated subsidiary, the “Company” or “CSL III”) is a Delaware statutory trust formed on February 8, 2021 and structured as an externally managed, non-diversified closed-end investment company. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). In addition, the Company intends to elect to be treated, and to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”) beginning with the year ending December 31, 2022 as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. For the initial tax year ended December 31, 2021, the Company was taxed as a regular C Corporation. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments with favorable risk-adjusted returns. The Company’s investment strategy seeks to extract enhanced yield from a directly originated, and defensively constructed, portfolio of credit investments. The strategy’s core focus is U.S. middle market cash flow finance, principally in companies supported by financial sponsors. This core strategy is opportunistically supplemented with differentiated and complementary lending and investing strategies, which take advantage of the broad capabilities of Carlyle’s Global Credit platform while offering risk diversifying portfolio benefits. In describing the Company’s business, the Company uses the term “middle market” to refer generally to companies with approximately $25 million to $100 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company seeks to achieve its investment objective primarily through a portfolio weighted towards first lien loans or unitranche loans (including last out portions of such loans), while a minority of our portfolio may also include, but not be limited to, assets such as second lien loans, unsecured debt, subordinated debt and select investments in preferred and common equities with loans that typically have a contractual maturity of six The Company invests primarily in loans to middle market companies whose debt has been rated below investment grade, or would likely be rated below investment grade if it was rated. These securities, which are often referred to as “junk,” have predominately speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. On February 24, 2022, the Company completed its initial closing of capital commitments from unaffiliated investors in the Company’s private offering (the “Initial Closing Date”). The Company has held and intends to hold additional closings subsequent to the Initial Closing Date. The Company commenced operations on May 28, 2021 (“Commencement”). The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012. The Company is externally managed by CSL III Advisor, LLC (together with its successors, the “Investment Adviser”), an investment adviser registered under the Investment Advisers Act of 1940, as amended. Carlyle Global Credit Administration L.L.C. (the “Administrator”) provides the administrative services necessary for the Company to operate. Both the Investment Adviser and the Administrator are consolidated subsidiaries of Carlyle Investment Management L.L.C., a subsidiary of The Carlyle Group Inc. “Carlyle” refers to The Carlyle Group Inc. and its affiliates and its consolidated subsidiaries (other than portfolio companies of its affiliated funds), a global investment firm publicly traded on the Nasdaq Global Select Market under the symbol “CG”. Refer to the sec.gov website for further information on Carlyle. Carlyle Secured Lending III SPV, L.L.C. (the “SPV”) is a Delaware limited liability company that was formed on August 31, 2022. The SPV, which invests in first and second lien senior secured loans, is a wholly owned subsidiary of the Company and is consolidated in these consolidated financial statements commencing from the date of its formation. As a BDC, the Company is required to comply with certain regulatory requirements. As part of these requirements, the Company must not acquire any assets other than “qualifying assets” specified in the Investment Company Act unless, at the time the acquisition is made, at least 70% of its total assets are qualifying assets (with certain limited exceptions). |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the SPV. All significant intercompany balances and transactions have been eliminated. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value. The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of consolidated financial statements for the interim periods presented have been included. These adjustments are of a normal, recurring nature. This Form 10-Q should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results to be expected for the full year. The dollar amounts on the consolidated financial statements are presented in thousands. Prior periods have been conformed to the current presentation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on management and incentive fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Actual results could differ from these estimates and such differences could be material. Investments Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment at the time of exit using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. See Note 3, Fair Value Measurements, for further information about fair value measurements. Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. treasury notes) with original maturities of three months or less. Cash equivalents are carried at amortized cost, which approximates fair value. The Company’s cash, cash equivalents and restricted cash are held with two large financial institutions and cash held in such financial institutions may, at times, exceed the Federal Deposit Insurance Corporation insured limit. As of June 30, 2023 and December 31, 2022, the Company held restricted cash balances of $6,345 and $726, respectively, which represent amounts that are collected and held by trustees appointed by the Company for payment of interest expense and principal on the outstanding borrowings, or reinvestment into new assets, and as custodians of the assets securing certain of the Company’s financing transactions. As of June 30, 2023 approximately $322 of the restricted cash balances were denominated in a foreign currency. There was no restricted cash balances denominated in a foreign currency as of December 31, 2022. Revenue Recognition Interest from Investments Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. The Company may have delayed draw loans in its portfolio with original issue discount (“OID”) interest received at origination. OID received prior to funding on delayed draw loans is included in deferred income in the Consolidated Statements of Assets and Liabilities. This amount is recorded and accreted into interest income over the life of the respective security using the effective interest method. The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK income represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. As of June 30, 2023 and December 31, 2022, the fair value of the loans in the portfolio with PIK provisions was $11,306 and $6,381 respectively, which represented approximately 4.3% and 3.2%, respectively, of total investments at fair value. For the three and six months ended June 30, 2023, the Company earned $71 and $210, respectively, in PIK income. For the three and six months ended June 30, 2022, the Company earned less than $1 and $1, respectively, in PIK income. In 2022, the Company began presenting PIK income as a separate financial statement line item in the accompanying Consolidated Statements of Operations, which had previously been included in interest income. Prior periods have been conformed to the current presentation. Other Income Other income may include income such as consent, waiver, amendment, commitment, underwriting and prepayment fees associated with the Company’s investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee. The unamortized amount, if any, is included in other assets in the accompanying Consolidated Statements of Assets and Liabilities. For the three and six months ended June 30, 2023, the Company earned $569 and $795, respectively, in other income, primarily from commitment fees. For the three and six months ended June 30, 2022, the Company earned $127 and $166, respectively, in other income, primarily from commitment fees. Non-Accrual Income Loans are generally placed on non-accrual status when principal or interest payments are past due or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are current or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in management’s judgment, are likely to remain current. Management may determine not to place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2023 and June 30, 2022, there were no first or second lien debt investments on non-accrual status. Organizational Expenses and Offering Costs The Company will bear, among other expenses and costs, organizational expenses and offering costs relating to the offering of the common shares of beneficial interest of the Company incurred on or prior to the final closing date (collectively, the “Organizational and Offering Costs”) up to a maximum aggregate amount of 0.15% of the Company’s total capital commitments. The Company’s final closing date was extended on February 21, 2023 by the Board of Trustees to permit the Company to accept shares up to and on August 24, 2023 (such date, as extended and as it may be further extended, the “Final Closing Date”). In order to more fairly allocate the organizational expenses in connection with the Company’s formation among all shareholders, investors subscribing after the initial capital drawdown from investors in the Company’s private offering (the “Initial Drawdown” and the date on which the Initial Drawdown occurs, the “Initial Drawdown Date”) will be required to bear a pro rata portion of such expenses at the time of their first investment in the Company. To the extent the Company’s total capital commitments later increase, the Investment Adviser or its affiliates may be reimbursed by the Company for past payments of excess Organizational and Offering Costs made on the Company’s behalf; provided, that the total Organizational and Offering Costs borne by the Company do not exceed 0.15% of total capital commitments; provided, further, that the Investment Adviser or its affiliates may not be reimbursed for payment of excess Organizational and Offering Costs that were incurred more than three years prior to the proposed reimbursement. The Company’s offering costs will be amortized over the twelve months beginning on the closing date for all closings occurring after the Initial Closing Date. As of June 30, 2023 and December 31, 2022, the Investment Advisor has incurred $2,235 and $2,199, respectively, of Organizational and Offering Costs, of which $452 and $417, respectively, would be reimbursable by the Company, subject to the Reimbursement Agreement (as defined below) and included in accrued organizational expenses and deferred offering costs payable in the accompanying Consolidated Statements of Assets and Liabilities. For the three months ended June 30, 2023, organizational expense and offering cost expense amounted to $2 and $33, respectively. For the six months ended June 30, 2023, organizational expense and offering cost expense amounted to $12 and $66, respectively. For the three months ended June 30, 2022, organizational expense and offering cost expense amounted to $34 and $25, respectively. For the six months ended June 30, 2022, organizational expense and offering cost expense amounted to $36 and $60, respectively. Credit Facilities – Related Costs, Expenses and Deferred Financing Costs The Company and the SPV have each entered into a senior secured revolving credit facility (the “Subscription Facility” and, as amended, the “SPV Credit Facility,” respectively, and together, the “Credit Facilities”). Interest expense and unused commitment fees on the Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. The Credit Facilities are recorded at carrying value, which approximates fair value. Deferred financing costs include capitalized expenses related to the closing or amendments of the Credit Facilities. Amortization of deferred financing costs for each credit facility is computed on the straight-line basis over the respective term of each credit facility. The unamortized balance of such costs is included in prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. In 2022, the Company began presenting interest expense and credit facility fees together in the accompanying Consolidated Statements of Operations, which had previously been presented as separate financial statement line items. Prior periods have been conformed to the current presentation. Income Taxes The Company was taxed as a regular C Corporation for the initial tax year ended December 31, 2021. Beginning with the year ending December 31, 2022, for federal income tax purposes, the Company intends to elect to be treated as a RIC under the Code, and intends to make the required distributions to its shareholders as specified therein. In order to qualify as a RIC, the Company must, among other things, meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its shareholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements as reasonable. For the three and six months ended June 30, 2023, the Company incurred $8 and $17 in excise tax, respectively. For the three and six months ended June 30, 2022, the Company did not incur excise tax. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. The SPV is a disregarded entity for tax purposes and is consolidated with the tax return of the Company. All penalties and interest associated with income taxes, if any, are included in income tax expense. Dividends and Distributions to Shareholders To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its shareholders. Dividends and distributions to shareholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board of Trustees each quarter. Any dividends to the Company’s shareholders will be declared out of assets legally available for distribution. The Company has adopted a dividend reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board of Trustees on behalf of the Company’s shareholders unless the investors opts out of the dividend reinvestment plan. Functional Currency The functional currency of the Company is the U.S. Dollar. Investments are generally made in the local currency of the country in which the investments are domiciled and are translated into U.S. Dollars with foreign currency translation gains or losses recorded within net change in unrealized appreciation (depreciation) on investments in the accompanying Consolidated Statements of Operations. Foreign currency translation gains and losses on non-investment assets and liabilities are separately reflected in the accompanying Consolidated Statements of Operations. Earnings Per Common Share The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities. Recent Accounting Standards Updates |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company applies fair value accounting in accordance with the terms of FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the amount that would be exchanged to sell an asset or transfer a liability in an orderly transfer between market participants at the measurement date. Effective September 8, 2022, the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act, determines in good faith the fair value of the Company’s investment portfolio for which market quotations are not readily available. The Investment Adviser values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Investment Adviser may also obtain quotes with respect to certain of its investments, such as its securities/instruments traded in active markets and its liquid securities/instruments that are not traded in active markets, from pricing services, brokers, or counterparties (i.e., “consensus pricing”). When doing so, the Investment Adviser determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. The Investment Adviser may use the quote obtained or alternative pricing sources may be utilized including valuation techniques typically utilized for illiquid securities/instruments. Securities/instruments that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Investment Adviser, does not represent fair value shall each be valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment and include comparable public market valuations, comparable precedent transaction valuations and/or discounted cash flow analyses. The process generally used to determine the applicable value is as follows: (i) the value of each portfolio company or investment is initially reviewed by the investment professionals responsible for such portfolio company or investment and, for non-traded investments (i.e., illiquid securities/instruments), a standardized template designed to approximate fair market value based on observable market inputs, updated credit statistics and unobservable inputs is used to determine a preliminary value, which is also reviewed alongside consensus pricing, where available; (ii) preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of personnel of the Investment Adviser; (iii) the Board of Trustees engages a third-party valuation firm to provide positive assurance on portions of first lien senior secured loans, “unitranche” loans and second lien senior secured loans each quarter (such that each non-traded investment is reviewed by a third-party valuation firm at least once on a rolling twelve month basis) including a review of management’s preliminary valuation and conclusion on fair value; (iv) if applicable, prior to September 8, 2022, the Audit Committee of the Board of Trustees (the “Audit Committee”) reviewed the assessments of the Investment Adviser and the third-party valuation firm; and (v) if applicable, prior to September 8, 2022, the Board of Trustees discussed the valuation recommendations of the Audit Committee and determined the fair value of each investment in the portfolio in good faith based on the input of the Investment Adviser and, where applicable, the third-party valuation firm. All factors that might materially impact the value of an investment are considered, including, but not limited to the assessment of the following factors, as relevant: • the nature and realizable value of any collateral; • call features, put features and other relevant terms of debt; • the portfolio company’s leverage and ability to make payments; • the portfolio company’s public or private credit rating; • the portfolio company’s actual and expected earnings and discounted cash flow; • prevailing interest rates and spreads for similar securities and expected volatility in future interest rates; • the markets in which the portfolio company does business and recent economic and/or market events; and • comparisons to comparable transactions and publicly traded securities. Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date which in many cases may reflect a lag in information. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation currently reflected in the consolidated financial statements as of June 30, 2023 and December 31, 2022. U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. Investments measured and reported at fair value are classified and disclosed based on the observability of inputs used in determination of fair values, as follows: • Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. Financial instruments in this category generally include unrestricted securities, including equities and derivatives, listed in active markets. The Investment Adviser does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. • Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. Financial instruments in this category generally include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. • Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments in this category generally include investments in privately-held entities, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Investment Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three and six months ended June 30, 2023 and 2022, there were no transfers between levels. The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2023 and December 31, 2022: June 30, 2023 Level 1 Level 2 Level 3 Total Assets First Lien Debt $ — $ — $ 259,096 $ 259,096 Second Lien Debt — — 16 16 Equity Investments — — 3,220 3,220 Total $ — $ — $ 262,332 $ 262,332 December 31, 2022 Level 1 Level 2 Level 3 Total Assets First Lien Debt $ — $ — $ 197,068 $ 197,068 Second Lien Debt — — 15 15 Equity Investments — — 2,998 2,998 Total $ — $ — $ 200,081 $ 200,081 The changes in the Company’s investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments still held are as follows: Financial Assets For the three months ended June 30, 2023 First Lien Debt Second Lien Debt Equity Investments Total Balance, beginning of period $ 234,348 $ 16 $ 3,108 $ 237,472 Purchases 24,705 — 91 24,796 Sales — — — — Paydowns (1,548) — — (1,548) Accretion of discount 292 — 2 294 Net realized gains (losses) 1 — — 1 Net change in unrealized appreciation (depreciation) 1,298 — 19 1,317 Balance, end of period $ 259,096 $ 16 $ 3,220 $ 262,332 Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations $ 1,298 $ — $ 19 $ 1,317 Financial Assets For the six months ended June 30, 2023 First Lien Debt Second Lien Debt Equity Investments Total Balance, beginning of period $ 197,068 $ 15 $ 2,998 $ 200,081 Purchases 62,342 — 172 62,514 Sales 25 — — 25 Paydowns (3,183) — — (3,183) Accretion of discount 536 1 3 540 Net realized gains (losses) 10 — — 10 Net change in unrealized appreciation (depreciation) 2,298 — 47 2,345 Balance, end of period $ 259,096 $ 16 $ 3,220 $ 262,332 Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations $ 2,298 $ — $ 47 $ 2,345 Financial Assets For the three months ended June 30, 2022 First Lien Debt Second Lien Debt Equity Investments Total Balance, beginning of period $ 112 $ 15 $ 2 $ 129 Purchases 34,297 0 0 34,297 Sales — — — — Paydowns (347) — — (347) Accretion of discount 28 0 — 28 Net realized gains (losses) — — — — Net change in unrealized appreciation (depreciation) (386) (0) 0 (386) Balance, end of period $ 33,704 $ 15 $ 2 $ 33,721 Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations $ (386) $ (0) $ 0 $ (386) Financial Assets For the six months ended June 30, 2022 First Lien Debt Second Lien Debt Equity Investments Total Balance, beginning of period $ 99 $ 16 $ 2 $ 117 Purchases 34,312 0 0 34,312 Paydowns (349) — — (349) Accretion of discount 28 0 — 28 Net change in unrealized appreciation (depreciation) (386) (1) 0 (387) Balance, end of period $ 33,704 $ 15 $ 2 $ 33,721 Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations $ (386) $ (1) $ 0 $ (387) The Company generally uses the following framework when determining the fair value of investments that are categorized as Level 3: Investments in debt securities are initially evaluated to determine whether the enterprise value of the portfolio company is greater than the applicable debt. The enterprise value of the portfolio company is estimated using a market approach and an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Investment Adviser carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. The income approach typically uses a discounted cash flow analysis of the portfolio company. Investments in debt securities that do not have sufficient coverage through the enterprise value analysis are valued based on an expected probability of default and discount recovery analysis. Investments in debt securities with sufficient coverage through the enterprise value analysis are generally valued using a discounted cash flow analysis of the underlying security. Projected cash flows in the discounted cash flow typically represent the relevant security’s contractual interest, fees and principal payments plus the assumption of full principal recovery at the security’s expected maturity date. The discount rate to be used is determined using an average of two market-based methodologies. Investments in debt securities may also be valued using consensus pricing. Investments in equities are generally valued using a market approach and/or an income approach. The market approach utilizes EBITDA multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The income approach typically uses a discounted cash flow analysis of the portfolio company. The following tables summarize the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of June 30, 2023 and December 31, 2022: Fair Value as of June 30, 2023 Valuation Techniques Significant Unobservable Inputs Range Low High Weighted Average Investments in First Lien Debt $ 243,162 Discounted Cash Flow Discount Rate 6.51 % 15.01 % 7.87 % 15,934 Consensus Pricing Indicative Quotes 97.00 % 97.00 % 97.00 % Total First Lien Debt 259,096 Investments in Second Lien Debt 16 Discounted Cash Flow Discount Rate 8.25 % 13.51 % 10.46 % Total Second Lien Debt 16 Investments in Equity 3,220 Income Approach Discount Rate 17.37 % 18.36 % 18.36 % Total Equity Investments 3,220 Total Level 3 Investments $ 262,332 Fair Value as of December 31, 2022 Valuation Techniques Significant Unobservable Inputs Range Low High Weighted Average Investments in First Lien Debt $ 158,355 Discounted Cash Flow Discount Rate 6.82 % 13.13 % 8.03 % 38,713 Consensus Pricing Indicative Quotes 97.00 % 99.25 % 97.22 % Total First Lien Debt 197,068 Investments in Second Lien Debt 15 Discounted Cash Flow Discount Rate 9.61 % 12.91 % 10.46 % Total Second Lien Debt 15 Investments in Equity 2,998 Income Approach Discount Rate 13.70 % 18.67 % 18.66 % Total Equity Investments 2,998 Total Level 3 Investments $ 200,081 The significant unobservable inputs used in the fair value measurement of the Company’s investments in first and second lien debt securities are discount rates and indicative quotes. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in indicative quotes in isolation would result in a significantly lower fair value measurement. The significant unobservable inputs used in the fair value measurement of the Company’s investments in equities are discount rates. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Financial instruments disclosed but not carried at fair value The carrying values of the secured borrowings generally approximate their respective fair values due to their variable interest rates. Secured borrowings are categorized as Level 3 within the hierarchy. The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Investment Advisory Agreement On June 21, 2021, the Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) with Carlyle Global Credit Investment Management L.L.C. (the “Initial Investment Adviser”). On November 2, 2021, the Board of Trustees approved a novation agreement, which was executed by the Company, the Investment Adviser and the Initial Investment Adviser, on November 11, 2021, pursuant to which a novation of the Investment Advisory Agreement was effected so that the Investment Adviser was substituted for the Initial Investment Adviser and the Initial Investment Adviser was released from its obligations under the Investment Advisory Agreement. In connection therewith, the Board of Trustees approved an amended and restated investment advisory agreement, which was executed by the Company and the Investment Adviser on November 11, 2021, the terms of which are substantially identical to the terms of the Investment Advisory Agreement, except for (1) the substitution of the Investment Adviser for the Initial Investment Adviser as a party thereto, (2) associated changes relating to the legal forms of such parties, and (3) a limited number of non-material changes to the existing Investment Advisory Agreement. The initial term of the Investment Advisory Agreement is two years from June 21, 2021 and, unless terminated earlier, the Investment Advisory Agreement will renew automatically for successive annual periods, provided such continuance is specifically approved at least annually by the vote of the Board of Trustees and by the vote of a majority of the trustees of the Company who are not “interested persons” of the Company as defined in Section 2(a)(19) of the Investment Company Act (“Independent Trustees”). The Investment Advisory Agreement will automatically terminate in the event of an assignment and may be terminated by either party without penalty upon at least 60 days’ written notice to the other party. On May 4, 2023, the Company’s Board of Trustees, including a majority of the Independent Trustees approved at an in-person meeting the continuance of the Company’s Investment Advisory Agreement with the Investment Adviser for an additional one year term. Pursuant to the Investment Advisory Agreement and subject to the overall supervision of the Board of Trustees, the Investment Adviser provides investment advisory services to the Company. For providing these services, the Investment Adviser receives fees from the Company consisting of two components—a base management fee and an incentive fee. The base management fee is calculated and payable quarterly in arrears at an annual rate of 1.50% of the average value of the Company's gross assets at the end of the two most recently completed fiscal quarters; provided, however, that the annual rate shall be 1.00% with respect to the amount of such average value of the gross assets as of the end of the two most recently completed calendar quarters that exceeds the product of (A) 200% and (B) the average of the Company’s net asset value (“NAV”) at the end of the two most recently completed calendar quarters. The base management fee will be appropriately adjusted for any share issuances or repurchases during such fiscal quarter and the base management fees for any partial month or quarter will be pro-rated. The Company’s gross assets exclude any cash, cash equivalents and restricted cash and include assets acquired through the incurrence of debt from the use of leverage. The Investment Adviser has irrevocably agreed to waive its rights to receive any base management fee for quarterly periods ending on or prior to the date of the closing of a Liquidity Event, which means (i) a quotation or listing of the Company’s securities on a stock exchange, including through an initial public offering (an “Exchange Listing”), (ii) a transaction or series of transactions, including, but not limited to, by way of merger, division, consolidation, share exchange (including by way of an optional exchange of the Company’s shares for shares of a publicly traded BDC), recapitalization, reorganization, or sale of shares, in each case for consideration of either cash and/or publicly listed securities, or (iii) the sale of all or substantially all of the Company’s assets to, or other liquidity event with, another entity. Potential transactions for purposes of clauses (ii) and (iii) of the definition of “Liquidity Event” could include counterparties, including but not limited to other BDCs, that are advised by the Investment Adviser or its affiliates. The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 17.5% of pre-incentive fee net investment income for the immediately preceding calendar quarter, subject to a preferred return of 1.5% per quarter (6% annualized), or “hurdle rate,” and a “catch-up” feature. The second part is determined and payable in arrears as of the end of each calendar year in an amount equal to 17.5% of cumulative realized capital gains, if any, from inception through the end of each calendar year, computed net of all cumulative realized capital losses and unrealized capital depreciation less the aggregate amount of any previously paid capital gain incentive fees; provided , that the incentive fee determined at the end of the first calendar year of operations may be calculated for a period of shorter than twelve calendar months to take into account any realized capital gains computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation. The Investment Adviser irrevocably agreed to waive its rights to receive any incentive fee for quarterly periods ending on or prior to the date on which the value of the Company’s gross assets first exceeds $150 million, which occurred in 2022. Accrued capital gains incentive fees are based upon the cumulative net realized and unrealized appreciation (depreciation) from inception. Accordingly, the accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. On June 21, 2021, the Investment Adviser entered into a personnel agreement with The Carlyle Group Employee Co., L.L.C. (“Carlyle Employee Co.”), an affiliate of the Investment Adviser and a wholly-owned subsidiary of Carlyle, pursuant to which Carlyle Employee Co. provides the Investment Adviser with access to investment professionals. Expense Support and Conditional Reimbursement Agreement On May 13, 2022, the Company entered into an Expense Support and Conditional Reimbursement Agreement (the “Reimbursement Agreement”) with the Investment Adviser. Under the Reimbursement Agreement, the Investment Adviser shall pay other operating expenses of the Company on the Company’s behalf (the “Required Expense Payment”) such that other operating expenses of the Company do not exceed 0.125% (0.50% on annualized basis) (the “Expense Limitation”) (i) of the Company’s total investments at amortized cost, excluding cash, cash equivalents and restricted cash, as of the end of the applicable calendar quarter with respect to any such quarter after the first calendar quarter for which the total investments at amortized cost exceeds $150 million, and (ii) of the average of the Company’s total investments at amortized cost, excluding cash, cash equivalents and restricted cash, as of the beginning of the applicable calendar quarter and as of the end of such calendar quarter with respect to any calendar quarter up to and including the first calendar quarter for which the total investments at amortized cost exceeds $150 million. For any calendar quarter prior to March 31, 2022 (the “Effective Date” and any such quarter, a “Prior Quarter”), the Investment Adviser shall make a Required Expense Payment as if the Expense Limitation had been in effect for such quarter. The Investment Adviser’s obligation to make a Required Expense Payment with respect to a Prior Quarter shall become a liability of the Investment Adviser and the Company’s right to receive a Required Expense Payment shall be an asset of the Company commencing only on and as of the Effective Date. Other operating expenses means the Company’s organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses, all as determined in accordance with U.S. GAAP, and shall include the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement (as defined below). Other operating expenses shall include disbursements made by the Investment Adviser that if made by the Company would constitute an other operating expense and does not include management fees, incentive fees and interest expense. The Company has agreed to reimburse the Investment Adviser in the amount of all Required Expense Payments made by the Investment Adviser subject to the limitation that a reimbursement will be made by the Company only if and to the extent that (i) it is made not more than three years from the date on which the applicable Required Expense Payment became an obligation of the Investment Adviser; and (ii) the Investment Adviser reimbursement does not cause the Company’s total other operating expenses during the applicable quarter to exceed the Expense Limitation. For the three months ended June 30, 2023 and 2022, $1,080 and $484 of other operating expenses were reimbursable by the Investment Adviser under the agreement relating to other operating expenses incurred during the respective periods. For the six months ended June 30, 2023 and 2022, $1,654 and $1,679 of other operating expenses were reimbursable by the Investment Adviser under the agreement relating to other operating expenses incurred during the respective periods. As of June 30, 2023 and December 31, 2022, the Company has incurred other operating expenses of $4,724 and $3,070 respectively, that are subject to reimbursement by the Investment Adviser under the agreement, of which $1,308 and $1,490, respectively, are included in Due from Investment Adviser on the Consolidated Statements of Assets and Liabilities. All amounts eligible for recovery by the Investment Adviser from the Company at June 30, 2023 will expire three years after the first Required Expense Payment. Administration Agreement On June 21, 2021, the Company entered into an administration agreement (the “Administration Agreement”) with the Administrator. Pursuant to the Administration Agreement, the Administrator furnishes the Company with office facilities, equipment and clerical, bookkeeping and record keeping services at such facilities. Under the Administration Agreement, the Administrator also performs, or oversees the performance of, our required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, and being responsible for the financial records that the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the SEC. Payments under the Administration Agreement are equal to an amount that reimburses the Administrator for its costs and expenses and the Company’s allocable portion of overhead incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to or compensatory distributions received by the Company’s officers (including the Chief Compliance Officer, Chief Financial Officer and Treasurer) and their respective staff who provide services to the Company, operations staff who provide services to the Company, and internal audit staff in their role of performing the internal control assessment under the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”). Reimbursement under the Administration Agreement occurs quarterly in arrears. The initial term of the Administration Agreement is two years from June 21, 2021, and, unless terminated earlier, the Administration Agreement will renew automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Trustees or by a majority vote of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company’s Independent Trustees. On May 4, 2023, the Company’s Board of Trustees, including a majority of the Independent Trustees, approved the continuance of the Administration Agreement for a one year period. The Administration Agreement may not be assigned by a party without the consent of the other party and may be terminated by either party without penalty upon 60 days’ written notice to the other party. For the three and six months ended June 30, 2023, the Company incurred $421 and $561, respectively, in fees under the Administration Agreement. For the three and six months ended June 30, 2022, the Company incurred $37 and $37, respectively, in fees under the Administration Agreement. Fees incurred under the Administration Agreement are included in administrative service fees in the accompanying unaudited Consolidated Statements of Operations. As of June 30, 2023 and December 31, 2022, $503 and $396, respectively, was unpaid and included in administrative service fees payable in the accompanying unaudited Consolidated Statements of Assets and Liabilities. Sub-Administration Agreements On June 21, 2021 , the Administrator entered into a sub-administration agreement with Carlyle Employee Co. (the “Carlyle Sub-Administration Agreement”). Pursuant to the Carlyle Sub-Administration Agreement, Carlyle Employee Co. provides the Administrator with access to personnel. The Company will ultimately bear the costs of the Carlyle Sub-Administration Agreement and any additional sub-administration agreements that the Administrator enters into. On March 17, 2021, the Administrator entered into a sub-administration agreement with DST Asset Manager Solutions, Inc. (“DST” and, such agreement, the “DST Sub-Administration Agreement”). On June 30, 2021, the Administrator entered into a sub-administration agreement with State Street Bank and Trust Company (“State Street” and, such agreement, the “State Street Sub-Administration Agreement” and, together with the Carlyle Sub-Administration Agreements and the DST Sub-Administration Agreement, the “Sub-Administration Agreements”). On May 4, 2023, the Company’s Board of Trustees, including a majority of the Independent Trustees, approved the continuance of the Sub-Administration Agreements for a one year period. For the three and six months ended June 30, 2023, fees incurred in connection with the State Street Sub-Administration Agreement and the DST Sub-Administration Agreement amounted to $199 and $276, respectively. For the three and six months ended June 30, 2022, fees incurred in connection with the State Street Sub-Administration Agreement and the DST Sub-Administration Agreement amounted to $50 and $161, respectively. These fees are included in other general and administrative expenses in the accompanying unaudited Consolidated Statements of Operations. As of June 30, 2023 and December 31, 2022, $287 and $47, respectively, was unpaid and included in other accrued expenses and liabilities in the accompanying unaudited Consolidated Statements of Assets and Liabilities. Placement Fees On June 21, 2021, the Company entered into a placement fee arrangement with TCG Capital Markets L.L.C. (“TCG”), a licensed broker dealer and an affiliate of the Investment Adviser, which may require shareholders to pay a placement fee to TCG for TCG’s services. For the three and six months ended June 30, 2023 and 2022, TCG did not earn placement fees from the Company’s shareholder in connection with the issuance or sale of common shares of beneficial interest of the Company, par value $0.001 per share. Board of Trustees The Company’s Board of Trustees currently consists of seven members, four of whom are Independent Trustees. The Board of Trustees has established an audit committee and a pricing committee of the Board of Trustees, and may establish additional committees in the future. For the three and six months ended June 30, 2023 the Company incurred $63 and $130, respectively, in fees and expenses associated with its Independent Trustees’ services on the Company's Board of Trustees and its committees. For the three and six months ended June 30, 2022, the Company incurred $85 and $183, respectively, in fees and expenses associated with its Independent Trustees’ services on the Company's Board of Trustees and its committees. These fees are included in trustees’ fees and expenses in the accompanying Consolidated Statements of Operations. As of June 30, 2023 and December 31, 2022, no fees or expenses associated with the Board of Trustees were payable. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS The Company and the SPV are party to the Credit Facilities as described below. In accordance with the Investment Company Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act, is at least 150% after such borrowing. As of June 30, 2023, asset coverage was 206.84%, and the Company and the SPV were in compliance with all covenants and other requirements under the Credit Facilities as of June 30, 2023. Below is a summary of the borrowings and repayments under the Credit Facilities for the three and six months ended June 30, 2023 and 2022. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Outstanding borrowing, beginning of period $ 127,104 $ — $ 98,631 $ — Borrowings 13,000 19,650 57,720 19,650 Repayments (8,000) — (24,400) — Foreign currency translation 310 — 463 — Outstanding borrowing, end of period $ 132,414 $ 19,650 $ 132,414 $ 19,650 Subscription Facility The Company entered into the Subscription Facility on April 22, 2022. The Subscription Facility provides for secured borrowings of $45 million. The maximum principal amount is subject to availability under the Subscription Facility, which is based on certain of the Company’s investor equity capital commitments and a percentage determined in the lender’s reasonable discretion to account for foreign exchange volatility. The Subscription Facility has a maturity date of April 22, 2024. The Company may borrow amounts in U.S. Dollars or certain other permitted currencies. Borrowings under the Subscription Facility bear interest at a spread to the applicable benchmark rate of 2.30% to 2.55%. The Company also pays a fee of 0.30% per year on undrawn amounts under the Subscription Facility. Subject to certain exceptions, the Subscription Facility is secured by a first lien security interest in the Company’s unfunded investor equity capital commitments. The Subscription Facility includes customary covenants, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature. SPV Credit Facility The SPV entered into the SPV Credit Facility with a lender on September 30, 2022, which was subsequently amended May 11, 2023. The SPV Credit Facility provides for secured borrowings of $150 million, subject to availability under the SPV Credit Facility and restrictions imposed on borrowings under the Investment Company Act. The SPV Credit Facility has a revolving period through September 30, 2025 and a maturity date of September 30, 2030, with one one-year extension option, at the SPV’s election. The SPV may borrow amounts in U.S. Dollars. Borrowings under the SPV Credit Facility bear interest initially at the annual rate of three month SOFR (or, if applicable, a rate based on the prime rate or federal funds rate plus 0.50%) plus 2.85%. The SPV also pays a fee of 0.30% per year on undrawn amounts under the SPV Credit Facility. Payments under the SPV Credit Facility are made quarterly. The SPV Credit Facility is secured by a first lien security interest on substantially all of the assets of the SPV. The SPV Credit Facility includes customary covenants, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature. Summary of the Credit Facilities The Credit Facilities consisted of the following as of June 30, 2023 and December 31, 2022: June 30, 2023 Total Facility Borrowings Outstanding Unused Portion (1) Amount Available (2) Subscription Facility $ 45,000 $ 44,714 $ 286 $ 286 SPV Credit Facility 150,000 87,700 62,300 43,679 Total $ 195,000 $ 132,414 $ 62,586 $ 43,965 December 31, 2022 Total Facility Borrowings Outstanding Unused Portion (1) Amount Available (2) Subscription Facility $ 45,000 $ 43,931 $ 1,069 $ 1,069 SPV Credit Facility 150,000 54,700 95,300 43,729 Total $ 195,000 $ 98,631 $ 96,369 $ 44,798 (1) The unused portion is the amount upon which commitment fees are based. (2) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. For the three and six months ended June 30, 2023 and 2022, the components of interest expense and credit facility fees were as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Interest expense $ 2,369 $ 101 $ 4,553 $ 101 Facility unused commitment fee 54 23 110 23 Amortization of deferred financing costs 244 69 409 69 Total interest expense and credit facility fees $ 2,667 $ 193 $ 5,072 $ 193 Cash paid for interest expense and credit facility fees $ 2,100 $ 84 $ 3,876 $ 84 Weighted average principal debt outstanding $ 124,305 $ 11,846 $ 122,667 $ 5,956 Weighted average interest rate (1) 7.55 % 3.35 % 7.39 % 3.35 % (1) Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs. As of June 30, 2023 and December 31, 2022, the components of interest and credit facility fees payable were as follows: As of June 30, 2023 December 31, 2022 Interest expense payable $ 1,572 $ 652 Unused commitment fees payable 52 75 Total interest expense and credit facility fees payable $ 1,624 $ 727 Weighted average interest rate (based on floating benchmark rates) 7.64 % 6.41 % |
COMMMITMENTS AND CONTINGENCIES
COMMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES A summary of significant contractual payment obligations was as follows as of June 30, 2023 and December 31, 2022: Par Value as of Payment Due by Period June 30, 2023 December 31, 2022 Less than 1 year $ 44,714 $ — 1-3 years — 43,931 3-5 years — — More than 5 years 87,700 54,700 Total $ 132,414 $ 98,631 In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the unaudited consolidated financial statements as of June 30, 2023 and December 31, 2022 for any such exposure. As of June 30, 2023 and December 31, 2022, the Company had $301,511 and $277,898, respectively, in total capital commitments from shareholders, of which $166,531 and $168,237, respectively, was unfunded. As of June 30, 2023 and December 31, 2022, current officers had $250 and $275, respectively, in unfunded capital commitments to the Company. The Company currently is and may in the future become obligated to fund commitments such as revolving credit facilities, bridge financing commitments, or delayed draw commitments. The Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of the indicated dates: Par/ Principal Amount as of June 30, 2023 December 31, 2022 Unfunded delayed draw commitments $ 66,934 $ 84,892 Unfunded revolving loan commitments 16,232 15,177 Total unfunded commitments $ 83,166 $ 100,069 |
NET ASSETS
NET ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
NET ASSETS | NET ASSETS In connection with its formation, the Company has the authority to issue an unlimited number of common shares of beneficial interest of the Company, par value $0.001 per share (“Shares”). The following table summarizes capital activity for the three and six months ended June 30, 2023: Common Shares of Capital in Excess of Par Value Accumulated Net Investment Income (Loss) Accumulated Net Realized Gain (Loss) Accumulated Net Unrealized Appreciation (Depreciation) Total Net Assets Shares Amount Balance, April 1, 2023 6,906,313 $ 7 $ 137,542 $ 1,739 $ 6 $ (1,292) $ 138,002 Dividend reinvestment 68,670 — 1,352 — — — 1,352 Net investment income (loss) — — — 4,661 — — 4,661 Net realized gain (loss) — — — — 3 — 3 Net change in unrealized appreciation (depreciation) on investments — — — — — 1,317 1,317 Net change in unrealized currency gains (losses) on non-investment assets and liabilities — — — — — (309) (309) Dividends declared — — — (3,557) — — (3,557) Balance, June 30, 2023 6,974,983 $ 7 $ 138,894 $ 2,843 $ 9 $ (284) $ 141,469 Common Shares of Capital in Excess of Par Value Accumulated Net Investment Income (Loss) Accumulated Net Realized Gain (Loss) Accumulated Net Unrealized Appreciation (Depreciation) Total Net Assets Shares Amount Balance, January 1, 2023 5,568,950 $ 6 $ 110,873 $ 955 $ — $ (2,162) $ 109,672 Common shares of beneficial interest issued 1,269,130 1 25,318 — — — 25,319 Dividend reinvestment 136,903 — 2,703 — — — 2,703 Net investment income (loss) — — — 8,264 — — 8,264 Net realized gain (loss) — — — — 9 — 9 Net change in unrealized appreciation (depreciation) on investments — — — — — 2,345 2,345 Net change in unrealized currency gains (losses) on non-investment assets and liabilities — — — — — (467) (467) Dividends declared — — — (6,376) — — (6,376) Balance, June 30, 2023 6,974,983 $ 7 $ 138,894 $ 2,843 $ 9 $ (284) $ 141,469 The following table summarizes capital activity during the three and six months ended June 30, 2022: Common Shares of Capital in Excess of Par Value Accumulated Net Investment Income (Loss) Accumulated Net Unrealized Appreciation (Depreciation) Total Net Assets Shares Amount Balance, April 1, 2022 766,040 $ 1 $ 15,320 $ 102 $ (1) $ 15,422 Common shares of beneficial interest issued 1,528,780 1 30,544 — — 30,545 Net investment income (loss) — — — 466 — 466 Net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities — — — — (386) (386) Dividends declared — — — (391) — (391) Balance, June 30, 2022 2,294,820 $ 2 $ 45,864 $ 177 $ (387) $ 45,656 Common Shares of Capital in Excess of Par Value Accumulated Net Investment Income (Loss) Accumulated Net Unrealized Appreciation (Depreciation) Total Net Assets Shares Amount Balance, January 1, 2022 5,000 $ 0 $ 100 $ (729) $ 0 $ (629) Common Shares of Beneficial Interest issued 2,289,820 2 45,764 — — 45,766 Net investment income (loss) — — — 1,297 — 1,297 Net realized gain (loss) — — — — — — Net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities — — — — (387) (387) Dividends declared — — — (391) — (391) Balance, June 30, 2022 2,294,820 $ 2 $ 45,864 $ 177 $ (387) $ 45,656 The following table summarizes total Shares issued and proceeds related to capital activity during the six months ended June 30, 2023: Shares Issued Proceeds March 29, 2023 1,269,130 $ 25,319 Total 1,269,130 $ 25,319 The following table summarizes total Shares issued and proceeds related to capital activity for the six months ended June 30, 2022: Shares Issued Proceeds March 31, 2022 761,040 $ 15,221 June 30, 2022 1,528,780 30,545 Total 2,289,820 $ 45,766 The Company has adopted a dividend reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board of Trustees on behalf of the Company’s shareholders who do not elect to receive their dividends in cash. The following table summarizes the Shares issued under the dividend reinvestment plan during the six months ended June 30, 2023: Shares Issued Share Value January 20, 2023 68,233 $ 1,351 April 20, 2023 68,670 $ 1,352 Total 136,903 $ 2,703 There were no dividends reinvested during the period during the three months ended June 30, 2022. Capital transactions for June 30, 2023 were executed at an offering price at a premium to net asset value in order to effect a reallocation of previously incurred expenses to investors. There was no increase to net asset value per share resulting from such transactions. Earnings Per Share The Company computes earnings per Share in accordance with ASC 260, Earnings Per Share. Basic earnings per Share was calculated by dividing net increase (decrease) in net assets resulting from operations attributable to the Company by the weighted-average number of Shares outstanding for the period. Basic and diluted earnings per Share were as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Net increase (decrease) in net assets resulting from operations $ 5,672 $ 80 $ 10,151 $ 910 Weighted-average Shares outstanding 6,960,645 774,422 6,316,443 395,713 Basic and diluted earnings per common Share $ 0.81 $ 0.10 $ 1.61 $ 2.30 The following table summarizes the Company’s dividends declared since Commencement: Date Declared Record Date Payment Date Per Share Amount 2022 June 15, 2022 June 15, 2022 July 15, 2022 $ 0.51 September 14, 2022 September 14, 2022 October 19, 2022 0.51 December 23, 2022 December 23, 2022 January 20, 2023 0.35 Total $ 1.37 2023 March 15, 2023 March 15, 2023 April 20, 2023 $ 0.50 June 30, 2023 June 30, 2023 July 21, 2023 0.51 Total $ 1.01 |
CONSOLIDATED FINANCIAL HIGHLIGH
CONSOLIDATED FINANCIAL HIGHLIGHTS | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | CONSOLIDATED FINANCIAL HIGHLIGHTS The following is a schedule of unaudited consolidated financial highlights for the six months ended June 30, 2023 and 2022: Six months ended June 30, 2023 2022 Per Share Data: Net asset value per Share, beginning of period $ 19.69 $ (125.70) Net investment income (loss) (1) 1.31 3.28 Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities 0.30 (0.98) Net increase (decrease) in net assets resulting from operations 1.61 2.30 Dividends declared (2) (1.01) (0.51) Effect of offering price of subscriptions (3) (0.01) 143.28 Net asset value per Share, end of period $ 20.28 $ 19.90 Number of Shares outstanding, end of period 6,974,983 2,294,820 Total return based on net asset value (4) 7.46 % (116.24) % Net assets, end of period $ 141,469 $ 45,656 Ratio to average net assets (5) : Expenses before incentive fees and waivers and reimbursements of expenses 5.27 % 5.04 % Expenses before incentive fees, after waivers and reimbursements of expenses 3.99 % 5.04 % Expenses after incentive fees, before waivers and reimbursements of expenses 6.63 % 5.04 % Expenses after incentive fees and waivers and reimbursements of expenses 5.35 % (3.29) % Net investment income (loss) 6.37 % 6.44 % Interest expense and credit facility fees 3.91 % 0.96 % Ratios/Supplemental Data: Asset coverage, end of period 206.84 % 332.35 % Portfolio turnover 1.32 % 7.08 % Total committed capital, end of period $ 301,511 $ 215,765 Ratio of total contributed capital to total committed capital, end of period 44.77 % 21.26 % Weighted-average Shares outstanding 6,316,443 395,713 (1) Net investment income (loss) per Share was calculated as net investment income (loss) for the period divided by the weighted average number of Shares outstanding for the period. (2) Dividends declared per Share was calculated as the sum of dividends declared during the period divided by the number of Shares outstanding at the date of the relevant transactions (refer to Note 7, Net Assets). (3) Decrease is due to the offering price of subscriptions during the period (See Note 7, Net Assets). (4) Total return is based on the change in net asset value per Share during the year plus the declared dividends on Shares, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year. (5) These ratios to average net assets have not been annualized. |
LITIGATION
LITIGATION | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION The Company may become party to certain lawsuits in the ordinary course of business. The Company does not believe that the outcome of current matters, if any, will materially impact the Company or its unaudited consolidated financial statements. As of June 30, 2023 and December 31, 2022, the Company was not subject to any material legal proceedings, nor, to the Company’s knowledge, is any material legal proceeding threatened against the Company. In addition, portfolio investments of the Company could be the subject of litigation or regulatory investigations in the ordinary course of business. The Company does not believe that the outcome of any current contingent liabilities of its portfolio investments, if any, will materially affect the Company or these unaudited consolidated financial statements. |
TAX
TAX | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
TAX | TAX The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of June 30, 2023 and December 31, 2022. In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. As of June 30, 2023 and December 31, 2022, the Company has not yet filed any tax returns and therefore is not yet subject to examination. The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. The estimated tax character of dividends declared on Shares for the six months ended June 30, 2023 was as follows: Six months ended June 30, 2023 Ordinary income $ 6,376 Tax return of capital $ — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSSubsequent events have been evaluated through the date the unaudited consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the unaudited consolidated financial statements were issued, except as disclosed below and elsewhere in these unaudited consolidated financial statements.On July 20, 2023, the Company closed on $5,150 of capital commitments. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net increase (decrease) in net assets resulting from operations | $ 5,672 | $ 80 | $ 10,151 | $ 910 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the SPV. All significant intercompany balances and transactions have been eliminated. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value. The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of consolidated financial statements for the interim periods presented have been included. These adjustments are of a normal, recurring nature. This Form 10-Q should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the operating results to be expected for the full year. |
Reclassifications | The dollar amounts on the consolidated financial statements are presented in thousands. Prior periods have been conformed to the current presentation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on management and incentive fees involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements. Actual results could differ from these estimates and such differences could be material. |
Investments | InvestmentsInvestment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment at the time of exit using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. |
Cash and Cash Equivalents | Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. treasury notes) with original maturities of three months or less. Cash equivalents are carried at amortized cost, which approximates fair value. The Company’s cash, cash equivalents and restricted cash are held with two large financial institutions and cash held in such financial institutions may, at times, exceed the Federal Deposit Insurance Corporation insured limit. As of June 30, 2023 and December 31, 2022, the Company held restricted cash balances of $6,345 and $726, respectively, which represent amounts that are collected and held by trustees appointed by the Company for payment of interest |
Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. treasury notes) with original maturities of three months or less. Cash equivalents are carried at amortized cost, which approximates fair value. The Company’s cash, cash equivalents and restricted cash are held with two large financial institutions and cash held in such financial institutions may, at times, exceed the Federal Deposit Insurance Corporation insured limit. As of June 30, 2023 and December 31, 2022, the Company held restricted cash balances of $6,345 and $726, respectively, which represent amounts that are collected and held by trustees appointed by the Company for payment of interest |
Revenue Recognition | Revenue Recognition Interest from Investments Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. The Company may have delayed draw loans in its portfolio with original issue discount (“OID”) interest received at origination. OID received prior to funding on delayed draw loans is included in deferred income in the Consolidated Statements of Assets and Liabilities. This amount is recorded and accreted into interest income over the life of the respective security using the effective interest method. The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK income represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. As of June 30, 2023 and December 31, 2022, the fair value of the loans in the portfolio with PIK provisions was $11,306 and $6,381 respectively, which represented approximately 4.3% and 3.2%, respectively, of total investments at fair value. For the three and six months ended June 30, 2023, the Company earned $71 and $210, respectively, in PIK income. For the three and six months ended June 30, 2022, the Company earned less than $1 and $1, respectively, in PIK income. In 2022, the Company began presenting PIK income as a separate financial statement line item in the accompanying Consolidated Statements of Operations, which had previously been included in interest income. Prior periods have been conformed to the current presentation. Other Income Other income may include income such as consent, waiver, amendment, commitment, underwriting and prepayment fees associated with the Company’s investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee. The unamortized amount, if any, is included in other assets in the accompanying Consolidated Statements of Assets and Liabilities. For the three and six months ended June 30, 2023, the Company earned $569 and $795, respectively, in other income, primarily from commitment fees. For the three and six months ended June 30, 2022, the Company earned $127 and $166, respectively, in other income, primarily from commitment fees. Non-Accrual Income Loans are generally placed on non-accrual status when principal or interest payments are past due or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are current or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in management’s judgment, are likely to remain current. Management may determine not to place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2023 and June 30, 2022, there were no first or second lien debt investments on non-accrual status. Organizational Expenses and Offering Costs The Company will bear, among other expenses and costs, organizational expenses and offering costs relating to the offering of the common shares of beneficial interest of the Company incurred on or prior to the final closing date (collectively, the “Organizational and Offering Costs”) up to a maximum aggregate amount of 0.15% of the Company’s total capital commitments. The Company’s final closing date was extended on February 21, 2023 by the Board of Trustees to permit the Company to accept shares up to and on August 24, 2023 (such date, as extended and as it may be further extended, the “Final Closing Date”). In order to more fairly allocate the organizational expenses in connection with the Company’s formation among all shareholders, investors subscribing after the initial capital drawdown from investors in the Company’s private offering (the “Initial Drawdown” and the date on which the Initial Drawdown occurs, the “Initial Drawdown Date”) will be required to bear a pro rata portion of such expenses at the time of their first investment in the Company. To the extent the Company’s total capital commitments later increase, the Investment Adviser or its affiliates may be reimbursed by the Company for past payments of excess Organizational and Offering Costs made on the Company’s behalf; provided, that the total Organizational and Offering Costs borne by the Company do not exceed 0.15% of total capital commitments; provided, further, that the Investment Adviser or its affiliates may not be reimbursed for payment of excess Organizational and Offering Costs that were incurred more than three years prior to the proposed reimbursement. |
Credit Facilities – Related Costs, Expenses and Deferred Financing Costs | Credit Facilities – Related Costs, Expenses and Deferred Financing Costs The Company and the SPV have each entered into a senior secured revolving credit facility (the “Subscription Facility” and, as amended, the “SPV Credit Facility,” respectively, and together, the “Credit Facilities”). Interest expense and unused commitment fees on the Credit Facilities are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. The Credit Facilities are recorded at carrying value, which approximates fair value. Deferred financing costs include capitalized expenses related to the closing or amendments of the Credit Facilities. Amortization of deferred financing costs for each credit facility is computed on the straight-line basis over the respective term of each credit facility. The unamortized balance of such costs is included in prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. In 2022, the Company began presenting interest expense and credit facility fees together in the accompanying Consolidated Statements of Operations, which had previously been presented as separate financial statement line items. Prior periods have been conformed to the current presentation. |
Income Taxes | Income Taxes The Company was taxed as a regular C Corporation for the initial tax year ended December 31, 2021. Beginning with the year ending December 31, 2022, for federal income tax purposes, the Company intends to elect to be treated as a RIC under the Code, and intends to make the required distributions to its shareholders as specified therein. In order to qualify as a RIC, the Company must, among other things, meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute. The minimum distribution requirements applicable to RICs require the Company to distribute to its shareholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company intends to make sufficient distributions each taxable year to satisfy the excise distribution requirements as reasonable. For the three and six months ended June 30, 2023, the Company |
Dividends and Distributions to Stockholders | Dividends and Distributions to Shareholders To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its shareholders. Dividends and distributions to shareholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board of Trustees each quarter. Any dividends to the Company’s shareholders will be declared out of assets legally available for distribution. |
Functional Currency | Functional CurrencyThe functional currency of the Company is the U.S. Dollar. Investments are generally made in the local currency of the country in which the investments are domiciled and are translated into U.S. Dollars with foreign currency translation gains or losses recorded within net change in unrealized appreciation (depreciation) on investments in the accompanying Consolidated Statements of Operations. Foreign currency translation gains and losses on non-investment assets and liabilities are separately reflected in the accompanying Consolidated Statements of Operations. |
Earnings Per Common Share | Earnings Per Common Share The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities. |
Recent Accounting Standards Updates | Recent Accounting Standards UpdatesIn December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848), which defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company does not expect this guidance to impact its consolidated financial statements. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Investments Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2023 and December 31, 2022: June 30, 2023 Level 1 Level 2 Level 3 Total Assets First Lien Debt $ — $ — $ 259,096 $ 259,096 Second Lien Debt — — 16 16 Equity Investments — — 3,220 3,220 Total $ — $ — $ 262,332 $ 262,332 December 31, 2022 Level 1 Level 2 Level 3 Total Assets First Lien Debt $ — $ — $ 197,068 $ 197,068 Second Lien Debt — — 15 15 Equity Investments — — 2,998 2,998 Total $ — $ — $ 200,081 $ 200,081 |
Schedule of Level 3 Input Reconciliation | The changes in the Company’s investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments still held are as follows: Financial Assets For the three months ended June 30, 2023 First Lien Debt Second Lien Debt Equity Investments Total Balance, beginning of period $ 234,348 $ 16 $ 3,108 $ 237,472 Purchases 24,705 — 91 24,796 Sales — — — — Paydowns (1,548) — — (1,548) Accretion of discount 292 — 2 294 Net realized gains (losses) 1 — — 1 Net change in unrealized appreciation (depreciation) 1,298 — 19 1,317 Balance, end of period $ 259,096 $ 16 $ 3,220 $ 262,332 Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations $ 1,298 $ — $ 19 $ 1,317 Financial Assets For the six months ended June 30, 2023 First Lien Debt Second Lien Debt Equity Investments Total Balance, beginning of period $ 197,068 $ 15 $ 2,998 $ 200,081 Purchases 62,342 — 172 62,514 Sales 25 — — 25 Paydowns (3,183) — — (3,183) Accretion of discount 536 1 3 540 Net realized gains (losses) 10 — — 10 Net change in unrealized appreciation (depreciation) 2,298 — 47 2,345 Balance, end of period $ 259,096 $ 16 $ 3,220 $ 262,332 Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations $ 2,298 $ — $ 47 $ 2,345 Financial Assets For the three months ended June 30, 2022 First Lien Debt Second Lien Debt Equity Investments Total Balance, beginning of period $ 112 $ 15 $ 2 $ 129 Purchases 34,297 0 0 34,297 Sales — — — — Paydowns (347) — — (347) Accretion of discount 28 0 — 28 Net realized gains (losses) — — — — Net change in unrealized appreciation (depreciation) (386) (0) 0 (386) Balance, end of period $ 33,704 $ 15 $ 2 $ 33,721 Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations $ (386) $ (0) $ 0 $ (386) Financial Assets For the six months ended June 30, 2022 First Lien Debt Second Lien Debt Equity Investments Total Balance, beginning of period $ 99 $ 16 $ 2 $ 117 Purchases 34,312 0 0 34,312 Paydowns (349) — — (349) Accretion of discount 28 0 — 28 Net change in unrealized appreciation (depreciation) (386) (1) 0 (387) Balance, end of period $ 33,704 $ 15 $ 2 $ 33,721 Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations $ (386) $ (1) $ 0 $ (387) |
Schedule of Fair Value Inputs and Valuation Techniques | The following tables summarize the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of June 30, 2023 and December 31, 2022: Fair Value as of June 30, 2023 Valuation Techniques Significant Unobservable Inputs Range Low High Weighted Average Investments in First Lien Debt $ 243,162 Discounted Cash Flow Discount Rate 6.51 % 15.01 % 7.87 % 15,934 Consensus Pricing Indicative Quotes 97.00 % 97.00 % 97.00 % Total First Lien Debt 259,096 Investments in Second Lien Debt 16 Discounted Cash Flow Discount Rate 8.25 % 13.51 % 10.46 % Total Second Lien Debt 16 Investments in Equity 3,220 Income Approach Discount Rate 17.37 % 18.36 % 18.36 % Total Equity Investments 3,220 Total Level 3 Investments $ 262,332 Fair Value as of December 31, 2022 Valuation Techniques Significant Unobservable Inputs Range Low High Weighted Average Investments in First Lien Debt $ 158,355 Discounted Cash Flow Discount Rate 6.82 % 13.13 % 8.03 % 38,713 Consensus Pricing Indicative Quotes 97.00 % 99.25 % 97.22 % Total First Lien Debt 197,068 Investments in Second Lien Debt 15 Discounted Cash Flow Discount Rate 9.61 % 12.91 % 10.46 % Total Second Lien Debt 15 Investments in Equity 2,998 Income Approach Discount Rate 13.70 % 18.67 % 18.66 % Total Equity Investments 2,998 Total Level 3 Investments $ 200,081 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Credit Facilities | Below is a summary of the borrowings and repayments under the Credit Facilities for the three and six months ended June 30, 2023 and 2022. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Outstanding borrowing, beginning of period $ 127,104 $ — $ 98,631 $ — Borrowings 13,000 19,650 57,720 19,650 Repayments (8,000) — (24,400) — Foreign currency translation 310 — 463 — Outstanding borrowing, end of period $ 132,414 $ 19,650 $ 132,414 $ 19,650 The Credit Facilities consisted of the following as of June 30, 2023 and December 31, 2022: June 30, 2023 Total Facility Borrowings Outstanding Unused Portion (1) Amount Available (2) Subscription Facility $ 45,000 $ 44,714 $ 286 $ 286 SPV Credit Facility 150,000 87,700 62,300 43,679 Total $ 195,000 $ 132,414 $ 62,586 $ 43,965 December 31, 2022 Total Facility Borrowings Outstanding Unused Portion (1) Amount Available (2) Subscription Facility $ 45,000 $ 43,931 $ 1,069 $ 1,069 SPV Credit Facility 150,000 54,700 95,300 43,729 Total $ 195,000 $ 98,631 $ 96,369 $ 44,798 (1) The unused portion is the amount upon which commitment fees are based. (2) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. For the three and six months ended June 30, 2023 and 2022, the components of interest expense and credit facility fees were as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Interest expense $ 2,369 $ 101 $ 4,553 $ 101 Facility unused commitment fee 54 23 110 23 Amortization of deferred financing costs 244 69 409 69 Total interest expense and credit facility fees $ 2,667 $ 193 $ 5,072 $ 193 Cash paid for interest expense and credit facility fees $ 2,100 $ 84 $ 3,876 $ 84 Weighted average principal debt outstanding $ 124,305 $ 11,846 $ 122,667 $ 5,956 Weighted average interest rate (1) 7.55 % 3.35 % 7.39 % 3.35 % (1) Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs. |
Components of Interest and Credit Facilities Payable | As of June 30, 2023 and December 31, 2022, the components of interest and credit facility fees payable were as follows: As of June 30, 2023 December 31, 2022 Interest expense payable $ 1,572 $ 652 Unused commitment fees payable 52 75 Total interest expense and credit facility fees payable $ 1,624 $ 727 Weighted average interest rate (based on floating benchmark rates) 7.64 % 6.41 % |
COMMMITMENTS AND CONTINGENCIES
COMMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Payment Obligations | A summary of significant contractual payment obligations was as follows as of June 30, 2023 and December 31, 2022: Par Value as of Payment Due by Period June 30, 2023 December 31, 2022 Less than 1 year $ 44,714 $ — 1-3 years — 43,931 3-5 years — — More than 5 years 87,700 54,700 Total $ 132,414 $ 98,631 |
Schedule of Unfunded Commitments | The Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of the indicated dates: Par/ Principal Amount as of June 30, 2023 December 31, 2022 Unfunded delayed draw commitments $ 66,934 $ 84,892 Unfunded revolving loan commitments 16,232 15,177 Total unfunded commitments $ 83,166 $ 100,069 |
NET ASSETS (Tables)
NET ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Summary of Changes in Net Assets | The following table summarizes capital activity for the three and six months ended June 30, 2023: Common Shares of Capital in Excess of Par Value Accumulated Net Investment Income (Loss) Accumulated Net Realized Gain (Loss) Accumulated Net Unrealized Appreciation (Depreciation) Total Net Assets Shares Amount Balance, April 1, 2023 6,906,313 $ 7 $ 137,542 $ 1,739 $ 6 $ (1,292) $ 138,002 Dividend reinvestment 68,670 — 1,352 — — — 1,352 Net investment income (loss) — — — 4,661 — — 4,661 Net realized gain (loss) — — — — 3 — 3 Net change in unrealized appreciation (depreciation) on investments — — — — — 1,317 1,317 Net change in unrealized currency gains (losses) on non-investment assets and liabilities — — — — — (309) (309) Dividends declared — — — (3,557) — — (3,557) Balance, June 30, 2023 6,974,983 $ 7 $ 138,894 $ 2,843 $ 9 $ (284) $ 141,469 Common Shares of Capital in Excess of Par Value Accumulated Net Investment Income (Loss) Accumulated Net Realized Gain (Loss) Accumulated Net Unrealized Appreciation (Depreciation) Total Net Assets Shares Amount Balance, January 1, 2023 5,568,950 $ 6 $ 110,873 $ 955 $ — $ (2,162) $ 109,672 Common shares of beneficial interest issued 1,269,130 1 25,318 — — — 25,319 Dividend reinvestment 136,903 — 2,703 — — — 2,703 Net investment income (loss) — — — 8,264 — — 8,264 Net realized gain (loss) — — — — 9 — 9 Net change in unrealized appreciation (depreciation) on investments — — — — — 2,345 2,345 Net change in unrealized currency gains (losses) on non-investment assets and liabilities — — — — — (467) (467) Dividends declared — — — (6,376) — — (6,376) Balance, June 30, 2023 6,974,983 $ 7 $ 138,894 $ 2,843 $ 9 $ (284) $ 141,469 The following table summarizes capital activity during the three and six months ended June 30, 2022: Common Shares of Capital in Excess of Par Value Accumulated Net Investment Income (Loss) Accumulated Net Unrealized Appreciation (Depreciation) Total Net Assets Shares Amount Balance, April 1, 2022 766,040 $ 1 $ 15,320 $ 102 $ (1) $ 15,422 Common shares of beneficial interest issued 1,528,780 1 30,544 — — 30,545 Net investment income (loss) — — — 466 — 466 Net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities — — — — (386) (386) Dividends declared — — — (391) — (391) Balance, June 30, 2022 2,294,820 $ 2 $ 45,864 $ 177 $ (387) $ 45,656 Common Shares of Capital in Excess of Par Value Accumulated Net Investment Income (Loss) Accumulated Net Unrealized Appreciation (Depreciation) Total Net Assets Shares Amount Balance, January 1, 2022 5,000 $ 0 $ 100 $ (729) $ 0 $ (629) Common Shares of Beneficial Interest issued 2,289,820 2 45,764 — — 45,766 Net investment income (loss) — — — 1,297 — 1,297 Net realized gain (loss) — — — — — — Net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities — — — — (387) (387) Dividends declared — — — (391) — (391) Balance, June 30, 2022 2,294,820 $ 2 $ 45,864 $ 177 $ (387) $ 45,656 |
Schedule of Stock Issued | The following table summarizes total Shares issued and proceeds related to capital activity during the six months ended June 30, 2023: Shares Issued Proceeds March 29, 2023 1,269,130 $ 25,319 Total 1,269,130 $ 25,319 The following table summarizes total Shares issued and proceeds related to capital activity for the six months ended June 30, 2022: Shares Issued Proceeds March 31, 2022 761,040 $ 15,221 June 30, 2022 1,528,780 30,545 Total 2,289,820 $ 45,766 Shares Issued Share Value January 20, 2023 68,233 $ 1,351 April 20, 2023 68,670 $ 1,352 Total 136,903 $ 2,703 |
Schedule of Basic and Diluted Earnings Per Share | Basic and diluted earnings per Share were as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Net increase (decrease) in net assets resulting from operations $ 5,672 $ 80 $ 10,151 $ 910 Weighted-average Shares outstanding 6,960,645 774,422 6,316,443 395,713 Basic and diluted earnings per common Share $ 0.81 $ 0.10 $ 1.61 $ 2.30 |
Summary of Dividends Declared | The following table summarizes the Company’s dividends declared since Commencement: Date Declared Record Date Payment Date Per Share Amount 2022 June 15, 2022 June 15, 2022 July 15, 2022 $ 0.51 September 14, 2022 September 14, 2022 October 19, 2022 0.51 December 23, 2022 December 23, 2022 January 20, 2023 0.35 Total $ 1.37 2023 March 15, 2023 March 15, 2023 April 20, 2023 $ 0.50 June 30, 2023 June 30, 2023 July 21, 2023 0.51 Total $ 1.01 |
CONSOLIDATED FINANCIAL HIGHLI_2
CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Schedule of Consolidated Financial Highlights | The following is a schedule of unaudited consolidated financial highlights for the six months ended June 30, 2023 and 2022: Six months ended June 30, 2023 2022 Per Share Data: Net asset value per Share, beginning of period $ 19.69 $ (125.70) Net investment income (loss) (1) 1.31 3.28 Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities 0.30 (0.98) Net increase (decrease) in net assets resulting from operations 1.61 2.30 Dividends declared (2) (1.01) (0.51) Effect of offering price of subscriptions (3) (0.01) 143.28 Net asset value per Share, end of period $ 20.28 $ 19.90 Number of Shares outstanding, end of period 6,974,983 2,294,820 Total return based on net asset value (4) 7.46 % (116.24) % Net assets, end of period $ 141,469 $ 45,656 Ratio to average net assets (5) : Expenses before incentive fees and waivers and reimbursements of expenses 5.27 % 5.04 % Expenses before incentive fees, after waivers and reimbursements of expenses 3.99 % 5.04 % Expenses after incentive fees, before waivers and reimbursements of expenses 6.63 % 5.04 % Expenses after incentive fees and waivers and reimbursements of expenses 5.35 % (3.29) % Net investment income (loss) 6.37 % 6.44 % Interest expense and credit facility fees 3.91 % 0.96 % Ratios/Supplemental Data: Asset coverage, end of period 206.84 % 332.35 % Portfolio turnover 1.32 % 7.08 % Total committed capital, end of period $ 301,511 $ 215,765 Ratio of total contributed capital to total committed capital, end of period 44.77 % 21.26 % Weighted-average Shares outstanding 6,316,443 395,713 (1) Net investment income (loss) per Share was calculated as net investment income (loss) for the period divided by the weighted average number of Shares outstanding for the period. (2) Dividends declared per Share was calculated as the sum of dividends declared during the period divided by the number of Shares outstanding at the date of the relevant transactions (refer to Note 7, Net Assets). (3) Decrease is due to the offering price of subscriptions during the period (See Note 7, Net Assets). (4) Total return is based on the change in net asset value per Share during the year plus the declared dividends on Shares, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year. (5) These ratios to average net assets have not been annualized. |
TAX (Tables)
TAX (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of tax character of distributions paid | The estimated tax character of dividends declared on Shares for the six months ended June 30, 2023 was as follows: Six months ended June 30, 2023 Ordinary income $ 6,376 Tax return of capital $ — |
ORGANIZATION (Details)
ORGANIZATION (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Minimum | |
Investment Company, Nonconsolidated Subsidiary [Line Items] | |
Loan contractual term | 6 years |
Maximum | |
Investment Company, Nonconsolidated Subsidiary [Line Items] | |
Loan contractual term | 7 years |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) financial_institution | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) financial_institution | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||||
Number of financial institutions | financial_institution | 2 | 2 | |||
Restricted cash | $ 6,345,000 | $ 6,345,000 | $ 726,000 | ||
Cash denominated in a foreign currency | 322,000 | 322,000 | 0 | ||
Fair value of loans with PIK provisions | 11,306,000 | 11,306,000 | 6,381,000 | ||
PIK income | 71,000 | $ 0 | 210,000 | $ 0 | |
Other income | 569,000 | 127,000 | $ 795,000 | 166,000 | |
Percent of total capital commitments | 0.15% | ||||
Organizational and offering costs incurred | 2,235,000 | $ 2,235,000 | 2,199,000 | ||
Organizational and offering costs incurred, reimbursable | 452,000 | 452,000 | $ 417,000 | ||
Organizational expenses | 2,000 | 34,000 | 12,000 | 36,000 | |
Offering cost expense | 33,000 | 25,000 | 66,000 | 60,000 | |
Excise tax expense | $ 8,000 | $ 0 | $ 17,000 | $ 0 | |
Investments at fair value | Investment type concentration | |||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||||
Concentration risk percentage | 100% | 100% | |||
Investments at fair value | Investment type concentration | PIK loan | |||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||||
Concentration risk percentage | 4.30% | 3.20% |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | $ 262,332 | [1],[2] | $ 200,081 | [3],[4] |
First Lien Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 259,096 | 197,068 | ||
Second Lien Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 16 | 15 | ||
Equity Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 3,220 | 2,998 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 1 | First Lien Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 1 | Second Lien Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 1 | Equity Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 2 | First Lien Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 2 | Second Lien Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 2 | Equity Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 262,332 | 200,081 | ||
Level 3 | First Lien Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 259,096 | 197,068 | ||
Level 3 | Second Lien Debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | 16 | 15 | ||
Level 3 | Equity Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments, at fair value | $ 3,220 | $ 2,998 | ||
[1]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[2]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.[3]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[4]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales. |
FAIR VALUE MEASUREMENTS - Sch_2
FAIR VALUE MEASUREMENTS - Schedule of Level 3 Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 237,472 | $ 129 | $ 200,081 | $ 117 |
Purchases | 24,796 | 34,297 | 62,514 | 34,312 |
Sales | 0 | 0 | 25 | |
Paydowns | (1,548) | (347) | (3,183) | (349) |
Accretion of discount | 294 | 28 | 540 | 28 |
Net gain (loss) included in earnings | (387) | |||
Balance, end of period | 262,332 | 33,721 | 262,332 | 33,721 |
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations | 1,317 | (386) | 2,345 | (387) |
Net realized gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net gain (loss) included in earnings | 1 | 0 | 10 | |
Net change in unrealized appreciation (depreciation) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net gain (loss) included in earnings | 1,317 | (386) | 2,345 | |
First Lien Debt | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 234,348 | 112 | 197,068 | 99 |
Purchases | 24,705 | 34,297 | 62,342 | 34,312 |
Sales | 0 | 0 | 25 | |
Paydowns | (1,548) | (347) | (3,183) | (349) |
Accretion of discount | 292 | 28 | 536 | 28 |
Net gain (loss) included in earnings | (386) | |||
Balance, end of period | 259,096 | 33,704 | 259,096 | 33,704 |
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations | 1,298 | (386) | 2,298 | (386) |
First Lien Debt | Net realized gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net gain (loss) included in earnings | 1 | 0 | 10 | |
First Lien Debt | Net change in unrealized appreciation (depreciation) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net gain (loss) included in earnings | 1,298 | (386) | 2,298 | |
Second Lien Debt | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 16 | 15 | 15 | 16 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | |
Paydowns | 0 | 0 | 0 | 0 |
Accretion of discount | 0 | 0 | 1 | 0 |
Net gain (loss) included in earnings | (1) | |||
Balance, end of period | 16 | 15 | 16 | 15 |
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations | 0 | 0 | 0 | (1) |
Second Lien Debt | Net realized gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net gain (loss) included in earnings | 0 | 0 | 0 | |
Second Lien Debt | Net change in unrealized appreciation (depreciation) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net gain (loss) included in earnings | 0 | 0 | 0 | |
Equity Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 3,108 | 2 | 2,998 | 2 |
Purchases | 91 | 0 | 172 | 0 |
Sales | 0 | 0 | 0 | |
Paydowns | 0 | 0 | 0 | 0 |
Accretion of discount | 2 | 0 | 3 | 0 |
Net gain (loss) included in earnings | 0 | |||
Balance, end of period | 3,220 | 2 | 3,220 | 2 |
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date included on the Consolidated Statements of Operations | 19 | 0 | 47 | $ 0 |
Equity Investments | Net realized gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net gain (loss) included in earnings | 0 | 0 | 0 | |
Equity Investments | Net change in unrealized appreciation (depreciation) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net gain (loss) included in earnings | $ 19 | $ 0 | $ 47 |
FAIR VALUE MEASUREMENTS - Sch_3
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Inputs and Valuation Techniques (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 262,332 | [1],[2] | $ 200,081 | [3],[4] |
First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 259,096 | 197,068 | ||
Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 16 | 15 | ||
Equity Investments | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 3,220 | 2,998 | ||
Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 262,332 | 200,081 | ||
Level 3 | First Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | 259,096 | 197,068 | ||
Level 3 | First Lien Debt | Discounted Cash Flow | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 243,162 | $ 158,355 | ||
Level 3 | First Lien Debt | Discounted Cash Flow | Discount Rate | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.0651 | 0.0682 | ||
Level 3 | First Lien Debt | Discounted Cash Flow | Discount Rate | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.1501 | 0.1313 | ||
Level 3 | First Lien Debt | Discounted Cash Flow | Discount Rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.0787 | 0.0803 | ||
Level 3 | First Lien Debt | Consensus Pricing | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 15,934 | $ 38,713 | ||
Level 3 | First Lien Debt | Consensus Pricing | Indicative Quotes | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.9700 | 0.9700 | ||
Level 3 | First Lien Debt | Consensus Pricing | Indicative Quotes | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.9700 | 0.9925 | ||
Level 3 | First Lien Debt | Consensus Pricing | Indicative Quotes | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.9700 | 0.9722 | ||
Level 3 | Second Lien Debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 16 | $ 15 | ||
Level 3 | Second Lien Debt | Discounted Cash Flow | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 16 | $ 15 | ||
Level 3 | Second Lien Debt | Discounted Cash Flow | Discount Rate | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.0825 | 0.0961 | ||
Level 3 | Second Lien Debt | Discounted Cash Flow | Discount Rate | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.1351 | 0.1291 | ||
Level 3 | Second Lien Debt | Discounted Cash Flow | Discount Rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.1046 | 0.1046 | ||
Level 3 | Equity Investments | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 3,220 | $ 2,998 | ||
Level 3 | Equity Investments | Income Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments, at fair value | $ 3,220 | $ 2,998 | ||
Level 3 | Equity Investments | Income Approach | Discount Rate | Low | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.1737 | 0.1370 | ||
Level 3 | Equity Investments | Income Approach | Discount Rate | High | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.1836 | 0.1867 | ||
Level 3 | Equity Investments | Income Approach | Discount Rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment, measurement input | 0.1836 | 0.1866 | ||
[1]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[2]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.[3]Fair value is determined in good faith by CSL III Advisor, LLC, the Company’s investment adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments and equity investments was determined using significant unobservable inputs.[4]Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2022, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 3 Months Ended | 6 Months Ended | ||||||
May 04, 2023 | May 13, 2022 USD ($) | Jun. 21, 2021 USD ($) day component | Jun. 30, 2023 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2023 USD ($) member $ / shares | Jun. 30, 2022 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | |
Related Party Transaction [Line Items] | ||||||||
Expense reimbursements | $ 1,080,000 | $ 484,000 | $ 1,654,000 | $ 1,679,000 | ||||
Assets | (281,044,000) | (281,044,000) | $ (213,177,000) | |||||
Due from Investment Adviser | 1,308,000 | 1,308,000 | 1,490,000 | |||||
Administrative service fees | 421,000 | 37,000 | 561,000 | 37,000 | ||||
Administrative service fees payable | 503,000 | 503,000 | 396,000 | |||||
Other general and administrative | 303,000 | $ 99,000 | 463,000 | $ 223,000 | ||||
Other accrued expenses and liabilities | $ 480,000 | $ 480,000 | $ 251,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
Trustees’ fees and expenses | $ 63,000 | $ 85,000 | $ 130,000 | $ 183,000 | ||||
Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Administrative service fees | 421,000 | 37,000 | 561,000 | 37,000 | ||||
Administrative service fees payable | 503,000 | $ 503,000 | $ 396,000 | |||||
Number of members, board of trustees | member | 7 | |||||||
Number of members, independent trustees | member | 4 | |||||||
Investment Advisory Agreement | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Agreement period | 2 years | |||||||
Termination notice, number of written days notice threshold | day | 60 | |||||||
Agreement period, additional period | 1 year | |||||||
Number of components | component | 2 | |||||||
Net asset value multiplier | 200% | |||||||
Fee waiver, gross assets threshold | $ 150,000,000 | |||||||
Quarterly base management fee rate | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Base management fee rate | 1.50% | |||||||
Annualized base management fee rate | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Base management fee rate | 1% | |||||||
Incentive fee on pre-incentive fee net investment income | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Incentive rate | 17.50% | |||||||
Quarterly hurdle rate | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Incentive rate | 1.50% | |||||||
Annualized hurdle rate | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Incentive rate | 6% | |||||||
Realized capital gains incentive fees | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Incentive rate | 17.50% | |||||||
Expense Support and Conditional Reimbursement Agreement | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Agreement period | 3 years | |||||||
Fee reimbursement, operating expense limitation | 0.125% | |||||||
Fee reimbursement, operating expense limitation, annualized basis | 0.50% | |||||||
Fee reimbursement, investment amortized cost threshold | $ 150,000,000 | |||||||
Expense reimbursements | 1,080,000 | 484,000 | $ 1,654,000 | 1,679,000 | ||||
Assets | (4,724,000) | (4,724,000) | (3,070,000) | |||||
Due from Investment Adviser | 1,308,000 | 1,308,000 | 1,490,000 | |||||
Administration Agreement | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Agreement period | 2 years | |||||||
Termination notice, number of written days notice threshold | day | 60 | |||||||
State Street Sub-Administration Agreement | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other general and administrative | 199,000 | 50,000 | 276,000 | 161,000 | ||||
Other accrued expenses and liabilities | 287,000 | 287,000 | 47,000 | |||||
Placement fees | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Transaction amount | 0 | 0 | 0 | 0 | ||||
Independent Trustees' services | Related party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Other accrued expenses and liabilities | 0 | 0 | $ 0 | |||||
Trustees’ fees and expenses | $ 63,000 | $ 85,000 | $ 130,000 | $ 183,000 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) $ in Thousands | Sep. 30, 2022 USD ($) extension | Apr. 22, 2022 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 |
Line of Credit Facility [Line Items] | |||||
Asset coverage ratio | 206.84% | 332.35% | |||
Line of credit | Secured debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 195,000 | $ 195,000 | |||
Line of credit | Subscription Facility | Secured debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 45,000 | 45,000 | 45,000 | ||
Unused capacity commitment fee | 0.30% | ||||
Line of credit | Subscription Facility | Base rate | Minimum | Secured debt | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.30% | ||||
Line of credit | Subscription Facility | Base rate | Maximum | Secured debt | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.55% | ||||
Line of credit | SPV Credit Facility | Secured debt | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 150,000 | $ 150,000 | $ 150,000 | ||
Unused capacity commitment fee | 0.30% | ||||
Number of extensions | extension | 1 | ||||
Extension term | 1 year | ||||
Line of credit | SPV Credit Facility | SOFR | Minimum | Secured debt | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
Line of credit | SPV Credit Facility | SOFR | Maximum | Secured debt | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.85% |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings and Repayments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Line of Credit Facility, Increase (Decrease) [Roll Forward] | ||||
Outstanding borrowing, beginning of period | $ 127,104 | $ 0 | $ 98,631 | $ 0 |
Borrowings | 13,000 | 19,650 | 57,720 | 19,650 |
Repayments | (8,000) | 0 | (24,400) | 0 |
Foreign currency translation | 310 | 0 | 463 | 0 |
Outstanding borrowing, end of period | $ 132,414 | $ 19,650 | $ 132,414 | $ 19,650 |
BORROWINGS - Summary of Credit
BORROWINGS - Summary of Credit Facility (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Apr. 22, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||||||||
Borrowings Outstanding | $ 132,414 | $ 127,104 | $ 98,631 | $ 19,650 | $ 0 | $ 0 | ||
Line of credit | Secured debt | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Facility | 195,000 | 195,000 | ||||||
Borrowings Outstanding | 132,414 | 98,631 | ||||||
Unused Portion | 62,586 | 96,369 | ||||||
Amount Available | 43,965 | 44,798 | ||||||
Subscription Facility | Line of credit | Secured debt | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Facility | 45,000 | 45,000 | $ 45,000 | |||||
Borrowings Outstanding | 44,714 | 43,931 | ||||||
Unused Portion | 286 | 1,069 | ||||||
Amount Available | 286 | 1,069 | ||||||
SPV Credit Facility | Line of credit | Secured debt | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Facility | 150,000 | 150,000 | $ 150,000 | |||||
Borrowings Outstanding | 87,700 | 54,700 | ||||||
Unused Portion | 62,300 | 95,300 | ||||||
Amount Available | $ 43,679 | $ 43,729 |
BORROWINGS - Components of Inte
BORROWINGS - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Disclosure [Abstract] | ||||
Interest expense | $ 2,369 | $ 101 | $ 4,553 | $ 101 |
Facility unused commitment fee | 54 | 23 | 110 | 23 |
Amortization of deferred financing costs | 244 | 69 | 409 | 69 |
Total interest expense and credit facility fees | 2,667 | 193 | 5,072 | 193 |
Cash paid for interest expense and credit facility fees | 2,100 | 84 | 3,876 | 84 |
Weighted average principal debt outstanding | $ 124,305 | $ 11,846 | $ 122,667 | $ 5,956 |
Weighted average interest rate | 7.55% | 3.35% | 7.39% | 3.35% |
BORROWINGS - Components of In_2
BORROWINGS - Components of Interest and Credit Facilities Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Interest expense payable | $ 1,572 | $ 652 |
Unused commitment fees payable | 52 | 75 |
Total interest expense and credit facility fees payable | $ 1,624 | $ 727 |
Weighted average interest rate (based on floating benchmark rates) | 7.64% | 6.41% |
COMMMITMENTS AND CONTINGENCIE_2
COMMMITMENTS AND CONTINGENCIES - Summary of Payment Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payment Due by Period | ||
Less than 1 year | $ 44,714 | $ 0 |
1-3 years | 0 | 43,931 |
3-5 years | 0 | 0 |
More than 5 years | 87,700 | 54,700 |
Total | $ 132,414 | $ 98,631 |
COMMMITMENTS AND CONTINGENCIE_3
COMMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Committed capital | $ 301,511 | $ 215,765 | |
Stockholders | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Committed capital | 301,511 | $ 277,898 | |
Committed capital, unfunded | 166,531 | 168,237 | |
Officers | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Committed capital, unfunded | $ 250 | $ 275 |
COMMMITMENTS AND CONTINGENCIE_4
COMMMITMENTS AND CONTINGENCIES - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Total unfunded commitments | $ 83,166 | $ 100,069 |
Unfunded delayed draw commitments | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Total unfunded commitments | 66,934 | 84,892 |
Unfunded revolving loan commitments | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Total unfunded commitments | $ 16,232 | $ 15,177 |
NET ASSETS - Narrative (Details
NET ASSETS - Narrative (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Apr. 20, 2023 | Jan. 20, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | |||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Shares issued, dividend reinvestment (in shares) | 68,670 | 68,233 | 0 | 136,903 |
NET ASSETS - Summary of Changes
NET ASSETS - Summary of Changes in Net Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Apr. 20, 2023 | Jan. 20, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investment Company, Net Assets [Roll Forward] | ||||||
Balance, beginning of period (in shares) | 5,568,950 | |||||
Net assets at beginning of period | $ 138,002 | $ 15,422 | $ 109,672 | $ (629) | ||
Common shares of beneficial interest issued | $ 30,545 | $ 25,319 | 45,766 | |||
Dividend reinvestment (in shares) | 68,670 | 68,233 | 0 | 136,903 | ||
Dividend reinvestment | $ 1,352 | $ 1,351 | 1,352 | $ 2,703 | 0 | |
Net investment income (loss) | 4,661 | $ 466 | 8,264 | 1,297 | ||
Net realized gain (loss) on investments and non-investment assets and liabilities | 3 | 0 | 9 | |||
Net change in unrealized appreciation (depreciation) on investments | 1,317 | (386) | 2,345 | (387) | ||
Net change in unrealized currency gains (losses) on non-investment assets and liabilities | (309) | (467) | ||||
Dividends declared | $ (3,557) | (391) | $ (6,376) | (391) | ||
Balance, end of period (in shares) | 6,974,983 | 6,974,983 | ||||
Net assets at end of period | $ 141,469 | $ 45,656 | $ 141,469 | $ 45,656 | ||
Common Shares of Beneficial Interest | ||||||
Investment Company, Net Assets [Roll Forward] | ||||||
Balance, beginning of period (in shares) | 6,906,313 | 766,040 | 5,568,950 | 5,000 | ||
Net assets at beginning of period | $ 7 | $ 1 | $ 6 | $ 0 | ||
Common shares of beneficial interest issued (in shares) | 1,528,780 | 1,269,130 | 2,289,820 | |||
Common shares of beneficial interest issued | $ 1 | $ 1 | $ 2 | |||
Dividend reinvestment (in shares) | 68,670 | 136,903 | ||||
Balance, end of period (in shares) | 6,974,983 | 2,294,820 | 6,974,983 | 2,294,820 | ||
Net assets at end of period | $ 7 | $ 2 | $ 7 | $ 2 | ||
Capital in Excess of Par Value | ||||||
Investment Company, Net Assets [Roll Forward] | ||||||
Net assets at beginning of period | 137,542 | 15,320 | 110,873 | 100 | ||
Common shares of beneficial interest issued | 30,544 | 25,318 | 45,764 | |||
Dividend reinvestment | 1,352 | 2,703 | ||||
Net assets at end of period | 138,894 | 45,864 | 138,894 | 45,864 | ||
Accumulated Net Investment Income (Loss) | ||||||
Investment Company, Net Assets [Roll Forward] | ||||||
Net assets at beginning of period | 1,739 | 102 | 955 | (729) | ||
Net investment income (loss) | 4,661 | 466 | 8,264 | 1,297 | ||
Dividends declared | (3,557) | (391) | (6,376) | (391) | ||
Net assets at end of period | 2,843 | 177 | 2,843 | 177 | ||
Accumulated Net Realized Gain (Loss) | ||||||
Investment Company, Net Assets [Roll Forward] | ||||||
Net assets at beginning of period | 6 | 0 | ||||
Net realized gain (loss) on investments and non-investment assets and liabilities | 3 | 9 | ||||
Net assets at end of period | 9 | 9 | ||||
Accumulated Net Unrealized Appreciation (Depreciation) | ||||||
Investment Company, Net Assets [Roll Forward] | ||||||
Net assets at beginning of period | (1,292) | (1) | (2,162) | 0 | ||
Net change in unrealized appreciation (depreciation) on investments | 1,317 | (386) | 2,345 | (387) | ||
Net change in unrealized currency gains (losses) on non-investment assets and liabilities | (309) | (467) | ||||
Net assets at end of period | $ (284) | $ (387) | $ (284) | $ (387) |
NET ASSETS - Schedule of Stock
NET ASSETS - Schedule of Stock Issued (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Apr. 20, 2023 | Mar. 29, 2023 | Jan. 20, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | |||||||||
Shares issued (in shares) | 1,269,130 | 1,528,780 | 761,040 | 1,269,130 | 2,289,820 | ||||
Sale of stock, proceeds | $ 25,319 | $ 30,545 | $ 15,221 | $ 25,319 | $ 45,766 | ||||
Shares issued, dividend reinvestment (in shares) | 68,670 | 68,233 | 0 | 136,903 | |||||
Share value, dividend reinvestment | $ 1,352 | $ 1,351 | $ 1,352 | $ 2,703 | $ 0 |
NET ASSETS - Schedule of Basic
NET ASSETS - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||||
Net increase (decrease) in net assets resulting from operations | $ 5,672 | $ 80 | $ 10,151 | $ 910 |
Weighted-average common shares outstanding | ||||
Basic (in shares) | 6,960,645 | 774,422 | 6,316,443 | 395,713 |
Diluted (in shares) | 6,960,645 | 774,422 | 6,316,443 | 395,713 |
Basic and diluted earnings per common share | ||||
Basic (in dollars per share) | $ 0.81 | $ 0.10 | $ 1.61 | $ 2.30 |
Diluted (in dollars per share) | $ 0.81 | $ 0.10 | $ 1.61 | $ 2.30 |
NET ASSETS - Summary of Dividen
NET ASSETS - Summary of Dividends Declared (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2023 | Mar. 15, 2023 | Dec. 23, 2022 | Sep. 14, 2022 | Jun. 15, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Equity [Abstract] | ||||||||
Dividend declared (in dollars per share) | $ 0.51 | $ 0.50 | $ 0.35 | $ 0.51 | $ 0.51 | $ 1.01 | $ 0.51 | $ 1.37 |
CONSOLIDATED FINANCIAL HIGHLI_3
CONSOLIDATED FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2023 | Mar. 15, 2023 | Dec. 23, 2022 | Sep. 14, 2022 | Jun. 15, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Per Common Share Data: | ||||||||||
Net asset value per share, beginning of period (in dollars per share) | $ 19.69 | $ (125.70) | $ (125.70) | |||||||
Net investment income (loss) (in dollars per share) | 1.31 | 3.28 | ||||||||
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities (in dollars per share) | 0.30 | (0.98) | ||||||||
Net increase (decrease) in net assets resulting from operations (in dollars per share) | 1.61 | 2.30 | ||||||||
Dividends declared (in dollars per share) | $ (0.51) | $ (0.50) | $ (0.35) | $ (0.51) | $ (0.51) | (1.01) | (0.51) | (1.37) | ||
Effect of offering price of subscriptions (in dollars per share) | (0.01) | 143.28 | ||||||||
Net asset value per share, end of period (in dollars per share) | $ 20.28 | $ 20.28 | $ 19.90 | $ 20.28 | $ 19.90 | $ 19.69 | ||||
Number of Shares outstanding, end of period | 6,974,983 | 6,974,983 | 2,294,820 | 6,974,983 | 2,294,820 | 5,568,950 | ||||
Total return based on net asset value | 7.46% | (116.24%) | ||||||||
Net assets, end of period | $ 141,469 | $ 141,469 | $ 45,656 | $ 141,469 | $ 45,656 | |||||
Ratio to average net assets: | ||||||||||
Expenses before incentive fees and waivers and reimbursements of expenses | 5.27% | 5.04% | ||||||||
Expenses before incentive fees, after waivers and reimbursements of expenses | 3.99% | 5.04% | ||||||||
Expenses after incentive fees, before waivers and reimbursements of expenses | 6.63% | 5.04% | ||||||||
Expenses after incentive fees and waivers and reimbursements of expenses | 5.35% | (3.29%) | ||||||||
Net investment income (loss) | 6.37% | 6.44% | ||||||||
Interest expense and credit facility fees | 3.91% | 0.96% | ||||||||
Ratios/Supplemental Data: | ||||||||||
Asset coverage, end of period | 206.84% | 206.84% | 332.35% | 206.84% | 332.35% | |||||
Portfolio turnover | 1.32% | 7.08% | ||||||||
Total committed capital, end of period | $ 301,511 | $ 215,765 | ||||||||
Ratio of total contributed capital to total committed capital, end of period | 44.77% | 21.26% | ||||||||
Weighted-average Shares outstanding (in shares) | 6,960,645 | 774,422 | 6,316,443 | 395,713 |
TAX (Details)
TAX (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Income Tax Disclosure [Abstract] | |
Ordinary income | $ 6,376 |
Tax return of capital | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 20, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Subsequent Event [Line Items] | |||
Committed capital | $ 301,511 | $ 215,765 | |
Subsequent event | |||
Subsequent Event [Line Items] | |||
Committed capital | $ 5,150 |