Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | Onex Falcon Direct Lending BDC Fund | |
Trading Symbol | None | |
Entity Central Index Key | 0001860424 | |
Current Fiscal Year End Date | --12-31 | |
Securities Act File Number | 814-01405 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | 21 Custom House Street | |
Entity Address, Address Line Two | 10th Floor | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02110 | |
City Area Code | 617 | |
Local Phone Number | 412-2700 | |
Title of 12(b) Security | None | |
Entity Current Reporting Status | No | |
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 | 11,255,595 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Non-controlled/non-affiliated investments, at fair value (amortized cost of $531,846,449 and $510,803,850, respectively) | $ 523,092,809 | $ 504,942,593 |
Cash and cash equivalents | 13,568,370 | 6,395,756 |
Restricted cash | 1,630,061 | 35,323 |
Interest and other receivables | 3,761,417 | 10,168,492 |
Deferred financing costs (net of $1,762,214 and $928,463 in amortized expenses, respectively) | 1,120,931 | 1,954,681 |
Prepaid expenses | 292,490 | 175,075 |
Total Assets | 543,466,078 | 523,671,920 |
Liabilities: | ||
Credit facility (Note 5) | 261,000,000 | 211,000,000 |
Management fee payable (Note 3) | 872,983 | 1,629,663 |
Incentive fee payable (Note 3) | 1,188,664 | 1,725,588 |
Administration fee payable (Note 3) | 1,006,840 | 1,300,016 |
Interest payable | 3,425,555 | 1,666,977 |
Accrued expenses and other liabilities | 956,625 | 436,897 |
Total Liabilities | 268,450,667 | 217,759,141 |
Commitments and Contingencies (Note 10) | ||
Total Net Assets | 275,015,411 | 305,912,779 |
Net Assets: | ||
Common shares, $0.001 par value (unlimited shares authorized, 11,216,852 and 12,455,723 shares issued and outstanding, respectively) | 11,218 | 12,456 |
Additional paid-in capital | 281,190,260 | 311,618,675 |
Accumulated distributable earnings (losses) | (6,186,067) | (5,718,352) |
Net Assets | $ 275,015,411 | $ 305,912,779 |
Net Asset Value Per Share | $ 24.52 | $ 24.56 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | ||
Amortized cost non-controlled/non-affiliated investments, at fair value | $ 531,846,449 | $ 510,803,850 |
Amortized expenses of deferred financing costs | $ 1,762,214 | $ 928,463 |
Common shares, par value | $ 0.001 | $ 0.001 |
Common shares, shares authorized | unlimited | unlimited |
Common shares, shares issued | 11,216,852 | 12,455,723 |
Common shares, shares outstanding | 11,216,852 | 12,455,723 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Non-controlled, non-affiliated investments: | ||||
Interest income | $ 16,416,023 | $ 8,838,471 | $ 47,442,329 | $ 22,538,008 |
Payment-in-kind interest income | 503,022 | 1,237,215 | 1,215,187 | 1,237,215 |
Other income | 108,232 | 1,383,932 | 841,055 | 1,417,596 |
Total Investment Income | 17,027,277 | 11,459,618 | 49,498,571 | 25,192,819 |
Expenses: | ||||
Management fee | 872,983 | 1,394,452 | 4,172,297 | 3,753,530 |
Incentive fee | 1,188,664 | 0 | 5,049,887 | 0 |
Administration fee | 278,000 | 390,200 | 834,000 | 861,325 |
Organizational and offering costs (Note 2) | 31,697 | 95,093 | ||
Professional fees | 283,190 | 315,803 | 1,041,728 | 829,403 |
Trustees' fees | 43,000 | 44,000 | 132,167 | 132,000 |
Interest and credit facility expense | 5,393,067 | 2,028,494 | 14,947,786 | 3,646,001 |
Other general and administrative expense | 341,088 | 124,129 | 790,739 | 605,158 |
Total Expenses | 8,399,992 | 4,328,775 | 26,968,604 | 9,922,510 |
Incentive fee waiver | (900,000) | |||
Net Expenses | 8,399,992 | 4,328,775 | 26,068,604 | 9,922,510 |
Net Investment Income (Loss) | 8,627,285 | 7,130,843 | 23,429,967 | 15,270,309 |
Net realized gains (losses) on investments: | ||||
Non-controlled, non-affiliated investments | 142,905 | 509,057 | 757,228 | 740,816 |
Net change in unrealized appreciation (depreciation) on investments: | ||||
Non-controlled, non-affiliated investments | (2,034,430) | (2,812,869) | (2,892,383) | (7,343,580) |
Net realized and unrealized gain (loss) | (1,891,525) | (2,303,812) | (2,135,155) | (6,602,764) |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 6,735,760 | $ 4,827,031 | $ 21,294,812 | $ 8,667,545 |
Net investment income (loss) per common share - Basic and Diluted | $ 0.74 | $ 0.6 | $ 1.95 | $ 1.38 |
Net increase (decrease) in net assets resulting from operations per common share - Basic and Diluted | $ 0.58 | $ 0.41 | $ 1.77 | $ 0.79 |
Weighted Average Common Shares Outstanding - Basic | 11,710,833 | 11,820,852 | 12,000,077 | 11,027,810 |
Weighted Average Common Shares Outstanding - Diluted | 11,710,833 | 11,820,852 | 12,000,077 | 11,027,810 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Beginning balance | $ 293,035,250 | $ 305,912,779 | $ 279,959,896 | $ 194,631,542 | $ 305,912,779 | $ 194,631,542 | ||
Net investment income (loss) | 8,627,285 | 7,130,843 | 23,429,967 | 15,270,309 | ||||
Net realized gain (loss) on investments | 142,905 | 509,057 | 757,228 | 740,816 | ||||
Net changes in unrealized appreciation depreciation on investments | $ (2,034,430) | $ (2,812,869) | $ (2,892,383) | $ (7,343,580) | ||||
Issuance of common shares, shares | 637,710 | 18,186 | 44,339 | 519,027 | 864,352 | 2,514,909 | 700,235 | 3,898,288 |
Issuance of common shares | $ 15,694,043 | $ 445,000 | $ 1,088,965 | $ 12,809,581 | $ 21,600,168 | $ 62,973,318 | $ 17,228,008 | $ 97,383,067 |
Redemption of common shares | (37,291,959) | (61,005,437) | ||||||
Distributions to shareholders | (7,717,295) | (6,642,777) | (21,762,527) | (14,520,865) | ||||
Shares issued in connection with distribution reinvestment plan | $ 4,559,612 | $ 4,141,904 | $ 13,347,776 | $ 8,934,346 | ||||
Ending balance, shares | 11,216,852 | 12,029,925 | 11,216,852 | 12,029,925 | ||||
Ending balance | $ 275,015,411 | $ 293,035,250 | $ 295,095,635 | $ 279,959,896 | $ 275,015,411 | $ 295,095,635 | ||
Common Shares | ||||||||
Beginning balance, shares | 11,909,184 | 12,455,723 | 11,343,074 | 7,772,200 | 12,455,723 | 7,772,200 | ||
Beginning balance | $ 11,910 | $ 12,456 | $ 11,343 | $ 7,772 | $ 12,456 | $ 7,772 | ||
Issuance of common shares, shares | 637,710 | 519,027 | 700,235 | 3,898,288 | ||||
Issuance of common shares | $ 638 | $ 519 | $ 700 | $ 3,898 | ||||
Redemption of common shares, shares | (1,515,317) | (2,482,863) | ||||||
Redemption of common shares | $ (1,515) | $ (2,482) | ||||||
Shares issued in connection with distribution reinvestment plan, shares | 185,275 | 167,824 | 543,757 | 359,437 | ||||
Shares issued in connection with distribution reinvestment plan | $ 185 | $ 167 | $ 544 | $ 359 | ||||
Ending balance, shares | 11,216,852 | 11,909,184 | 12,029,925 | 11,343,074 | 11,216,852 | 12,029,925 | ||
Ending balance | $ 11,218 | $ 11,910 | $ 12,029 | $ 11,343 | $ 11,218 | $ 12,029 | ||
Capital in Excess of Par | ||||||||
Beginning balance | 298,227,872 | 311,618,675 | 284,223,500 | 194,861,143 | 311,618,675 | 194,861,143 | ||
Issuance of common shares | 15,693,405 | 12,809,062 | 17,227,308 | 97,379,169 | ||||
Redemption of common shares | (37,290,444) | (61,002,955) | ||||||
Shares issued in connection with distribution reinvestment plan | 4,559,427 | 4,141,737 | 13,347,232 | 8,933,987 | ||||
Ending balance | 281,190,260 | 298,227,872 | 301,174,299 | 284,223,500 | 281,190,260 | 301,174,299 | ||
Total Distributable Earnings (Losses) | ||||||||
Beginning balance | (5,204,532) | $ (5,718,352) | (4,274,947) | $ (237,373) | (5,718,352) | (237,373) | ||
Net investment income (loss) | 8,627,285 | 7,130,843 | 23,429,967 | 15,270,309 | ||||
Net realized gain (loss) on investments | 142,905 | 509,057 | 757,228 | 740,816 | ||||
Net changes in unrealized appreciation depreciation on investments | (2,034,430) | (2,812,869) | (2,892,383) | (7,343,580) | ||||
Distributions to shareholders | (7,717,295) | (6,642,777) | (21,762,527) | (14,520,865) | ||||
Ending balance | $ (6,186,067) | $ (5,204,532) | $ (6,090,693) | $ (4,274,947) | $ (6,186,067) | $ (6,090,693) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities: | ||||
Net increase (decrease) in net assets resulting from operations | $ 21,294,812 | $ 8,667,545 | ||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
Net realized (gains)/losses on investments | $ (142,905) | $ (509,057) | (757,228) | (740,816) |
Net change in unrealized (appreciation) depreciation on investments | 2,034,430 | 2,812,869 | 2,892,383 | 7,343,580 |
Net accretion of discount on investments | (1,502,409) | (1,008,200) | ||
Amortization of deferred financing costs | 833,750 | (556,765) | ||
Payment-in-kind interest income | (503,022) | (1,237,215) | (1,215,187) | (1,237,215) |
Purchases and drawdowns of investments | (57,541,768) | (260,091,641) | ||
Sales and repayments of investments | 39,973,993 | 62,557,506 | ||
(Increase) decrease in operating assets: | ||||
Interest and other receivables | 6,407,075 | (4,283,598) | ||
Deferred offering costs | 95,093 | |||
Prepaid expenses | (117,415) | (78,392) | ||
Increase (decrease) in operating liabilities: | ||||
Management fee payable | (756,680) | 1,889,041 | ||
Incentive fee payable | (536,924) | |||
Administration fee payable | (293,176) | (1,482,990) | ||
Interest payable | 1,758,578 | 796,479 | ||
Payable for investments purchased | (14,893,750) | |||
Accrued expenses and other liabilities | 519,728 | 878,731 | ||
Net cash provided by (used in) operating activities | 10,959,532 | (201,031,862) | ||
Cash Flows from Financing Activities: | ||||
Proceeds from issuance of common shares | 17,228,008 | 97,383,067 | ||
Redemption of common shares | (61,005,437) | |||
Distributions to shareholders | (8,414,751) | (5,586,519) | ||
Borrowings on credit facility | 50,000,000 | 243,000,000 | ||
Payments on credit facility | (210,000,000) | |||
Financing costs paid | (1,576,980) | |||
Net cash provided by (used in) financing activities | (2,192,180) | 123,219,568 | ||
Net increase (decrease) in cash and cash equivalents | 8,767,352 | (77,812,294) | ||
Cash and cash equivalents and restricted cash, beginning of period | 6,431,079 | 85,376,644 | ||
Cash and cash equivalents and restricted cash, end of period | 15,198,431 | 7,564,350 | 15,198,431 | 7,564,350 |
Supplemental and Non-Cash Information | ||||
Cash paid for interest | 12,355,458 | 2,294,373 | ||
Reinvestments of distributions | 13,347,776 | 8,934,346 | ||
Reconciliation of Cash and Cash Equivalents and Restricted Cash | ||||
Cash and cash equivalents | 13,568,370 | 4,602,723 | 13,568,370 | 4,602,723 |
Restricted cash | 1,630,061 | 2,961,627 | 1,630,061 | 2,961,627 |
Total cash and cash equivalents and restricted cash | $ 15,198,431 | $ 7,564,350 | $ 15,198,431 | $ 7,564,350 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Sep. 30, 2023 CAD ($) shares | Dec. 31, 2022 CAD ($) shares | ||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 531,846,449 | $ 510,803,850 | |||||||
Fair Value | 523,092,809 | 504,942,593 | |||||||
Total Net Assets | 275,015,411 | 305,912,779 | |||||||
Unfunded Commitment | 19,760,146 | 46,529,239 | |||||||
Investment, Identifier [Axis]: APT Opco, LLC Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 4,761,905 | 4,761,905 | |||||||
Funded Commitment | 1,539,881 | ||||||||
Expired Commitment | 3,222,024 | ||||||||
Unfunded Commitment | 4,761,905 | ||||||||
Investment, Identifier [Axis]: Amplity Parent, Inc. Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 2,227,032 | 2,227,032 | |||||||
Funded Commitment | 1,190,823 | 1,410,454 | |||||||
Unfunded Commitment | 1,036,209 | 816,578 | |||||||
Investment, Identifier [Axis]: Apryse Software Corp (fka PDFTron US Acquisition Corp.) Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 1,625,000 | ||||||||
Unfunded Commitment | 1,625,000 | ||||||||
Investment, Identifier [Axis]: Celerion Buyer Inc Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 2,301,790 | ||||||||
Unfunded Commitment | 2,301,790 | ||||||||
Investment, Identifier [Axis]: Celerion Buyer Inc. Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 2,301,790 | ||||||||
Unfunded Commitment | 2,301,790 | ||||||||
Investment, Identifier [Axis]: Celerion Buyer Inc. Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 1,150,895 | 1,150,895 | |||||||
Unfunded Commitment | 1,150,895 | 1,150,895 | |||||||
Investment, Identifier [Axis]: Crash Champions Intermediate, LLC Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 2,713,178 | ||||||||
Funded Commitment | 2,713,178 | ||||||||
Investment, Identifier [Axis]: Crash Champions Intermediate, LLC Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 930,233 | 930,233 | |||||||
Unfunded Commitment | 930,233 | 930,233 | |||||||
Investment, Identifier [Axis]: Expired Commitment | |||||||||
Schedule of Investments [Line Items] | |||||||||
Expired Commitment | 24,095,762 | 1,612,903 | |||||||
Investment, Identifier [Axis]: Foundation Risk Partners, Corp. Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 9,306,818 | ||||||||
Funded Commitment | 9,306,818 | ||||||||
Investment, Identifier [Axis]: Funded Commitment | |||||||||
Schedule of Investments [Line Items] | |||||||||
Funded Commitment | 32,577,209 | 11,900,217 | |||||||
Investment, Identifier [Axis]: IMB Midco LLC (formerly, WSP Midco LLC) Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 3,401,460 | ||||||||
Expired Commitment | 3,401,460 | ||||||||
Investment, Identifier [Axis]: IMB Midco LLC (formerly, WSP Midco LLC) Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 850,365 | ||||||||
Unfunded Commitment | 850,365 | ||||||||
Investment, Identifier [Axis]: Jackson Paper Manufacturing Company Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 1,333,333 | 1,333,333 | |||||||
Unfunded Commitment | 1,333,333 | 1,333,333 | |||||||
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets | |||||||||
Schedule of Investments [Line Items] | |||||||||
Liabilities in Excess of Other Assets | $ 248,077,398 | [1],[2] | $ 199,029,814 | [3],[4] | |||||
Liabilities in Excess of Other Assets, percentage | 90.20% | [1] | 65.10% | [3] | 90.20% | [1] | 65.10% | [3] | |
Investment, Identifier [Axis]: Milestone Technologies, Inc. Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | $ 1,551,724 | $ 1,551,724 | |||||||
Funded Commitment | 206,897 | 724,138 | |||||||
Unfunded Commitment | 1,344,827 | 827,586 | |||||||
Investment, Identifier [Axis]: Montana Buyer Inc. Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 2,450,000 | 2,450,000 | |||||||
Unfunded Commitment | 2,450,000 | 2,450,000 | |||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | 531,846,449 | [1],[5] | 510,803,850 | [3],[6],[7] | |||||
Fair Value | $ 523,092,809 | [1],[2] | $ 504,942,593 | [3],[4],[6] | |||||
% of Net Assets | 190.20% | [1] | 165.10% | [3],[6] | 190.20% | [1] | 165.10% | [3],[6] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 522,290,304 | [1],[5] | $ 501,621,705 | [3],[7] | |||||
Fair Value | $ 515,740,142 | [1],[2] | $ 496,354,293 | [3],[4] | |||||
% of Net Assets | 187.50% | [1] | 162.30% | [3] | 187.50% | [1] | 162.30% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 18,412,645 | [1],[5] | $ 18,480,784 | [3],[7] | |||||
Fair Value | $ 18,842,394 | [1],[2] | $ 18,641,767 | [3],[4] | |||||
% of Net Assets | 6.90% | [1] | 6.10% | [3] | 6.90% | [1] | 6.10% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC 2022 Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 0.75% Interest Rate 11.32% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 1M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [3],[8] | 7% | 7% | ||||||
Floor | [3] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8] | 11.32% | 11.32% | ||||||
Initial Acquisition Date | [3] | Aug. 08, 2022 | |||||||
Maturity Date | [3] | Aug. 01, 2029 | Aug. 01, 2029 | ||||||
Par/Shares | [3] | $ 10,000,000 | |||||||
Amortized Cost | [3],[7] | 9,603,648 | |||||||
Fair Value | [3],[4] | $ 9,786,000 | |||||||
% of Net Assets | [3] | 3.20% | 3.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC 2022 Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 0.75% Interest Rate 12.32% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 1M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7% | 7% | ||||||
Floor | [1],[10] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10] | 12.32% | 12.32% | ||||||
Initial Acquisition Date | [1],[10] | Aug. 08, 2022 | |||||||
Maturity Date | [1],[10] | Aug. 01, 2029 | Aug. 01, 2029 | ||||||
Par/Shares | [1],[10] | $ 9,950,000 | |||||||
Amortized Cost | [1],[5],[10] | 9,585,853 | |||||||
Fair Value | [1],[2],[10] | $ 9,895,275 | |||||||
% of Net Assets | [1],[10] | 3.60% | 3.60% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 0.75% Interest Rate 11.32% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 1M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [3],[8] | 7% | 7% | ||||||
Floor | [3] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8] | 11.32% | 11.32% | ||||||
Initial Acquisition Date | [3] | Aug. 08, 2022 | |||||||
Maturity Date | [3] | Aug. 01, 2029 | Aug. 01, 2029 | ||||||
Par/Shares | [3] | $ 2,713,178 | |||||||
Amortized Cost | [3],[7] | 2,660,848 | |||||||
Fair Value | [3],[4] | $ 2,655,116 | |||||||
% of Net Assets | [3] | 0.90% | 0.90% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 0.75% Interest Rate 12.32% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[11] | 1M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [1],[9],[10],[11] | 7% | 7% | ||||||
Floor | [1],[10],[11] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10],[11] | 12.32% | 12.32% | ||||||
Initial Acquisition Date | [1],[10],[11] | Aug. 08, 2022 | |||||||
Maturity Date | [1],[10],[11] | Aug. 01, 2029 | Aug. 01, 2029 | ||||||
Par/Shares | [1],[10],[11] | $ 2,692,829 | |||||||
Amortized Cost | [1],[5],[10],[11] | 2,645,097 | |||||||
Fair Value | [1],[2],[10],[11] | $ 2,678,019 | |||||||
% of Net Assets | [1],[10],[11] | 1% | 1% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC Initial Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 0.75% Interest Rate 11.32% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 1M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [3],[8] | 7% | 7% | ||||||
Floor | [3] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8] | 11.32% | 11.32% | ||||||
Initial Acquisition Date | [3] | Aug. 08, 2022 | |||||||
Maturity Date | [3] | Aug. 01, 2029 | Aug. 01, 2029 | ||||||
Par/Shares | [3] | $ 6,356,589 | |||||||
Amortized Cost | [3],[7] | 6,233,650 | |||||||
Fair Value | [3],[4] | $ 6,220,558 | |||||||
% of Net Assets | [3] | 2% | 2% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC Initial Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 0.75% Interest Rate 12.32% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 1M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7% | 7% | ||||||
Floor | [1],[10] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10] | 12.32% | 12.32% | ||||||
Initial Acquisition Date | [1],[10] | Aug. 08, 2022 | |||||||
Maturity Date | [1],[10] | Aug. 01, 2029 | Aug. 01, 2029 | ||||||
Par/Shares | [1],[10] | $ 6,308,915 | |||||||
Amortized Cost | [1],[5],[10] | 6,196,732 | |||||||
Fair Value | [1],[2],[10] | $ 6,274,216 | |||||||
% of Net Assets | [1],[10] | 2.30% | 2.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC Revolving Credit Loan Reference Rate and Spread PRIME + 5.25% Floor 0.75% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | PRIME + 5.25% | [1],[9],[11],[12],[13],[14] | PRIME + 5.25% | [3],[8],[15],[16],[17],[18] | |||||
Reference Rate and Spread % | 5.25% | [1],[9],[11],[12],[13],[14] | 5.25% | [3],[8],[15],[16],[17],[18] | 5.25% | [1],[9],[11],[12],[13],[14] | 5.25% | [3],[8],[15],[16],[17],[18] | |
Floor | 0.75% | [1],[11],[12],[13],[14] | 0.75% | [3],[15],[16],[17],[18] | 0.75% | [1],[11],[12],[13],[14] | 0.75% | [3],[15],[16],[17],[18] | |
Initial Acquisition Date | Aug. 08, 2022 | [1],[11],[12],[13],[14] | Aug. 08, 2022 | [3],[15],[16],[17],[18] | |||||
Maturity Date | Aug. 01, 2028 | [1],[11],[12],[13],[14] | Aug. 01, 2028 | [3],[15],[16],[17],[18] | Aug. 01, 2028 | [1],[11],[12],[13],[14] | Aug. 01, 2028 | [3],[15],[16],[17],[18] | |
Amortized Cost | $ 15,037 | [1],[5],[11],[12],[13],[14] | $ (17,362) | [3],[7],[15],[16],[17],[18] | |||||
Fair Value | $ (5,116) | [1],[2],[11],[12],[13],[14] | $ (19,907) | [3],[4],[15],[16],[17],[18] | |||||
% of Net Assets | 0% | [1],[11],[12],[13],[14] | 0% | [3],[15],[16],[17],[18] | 0% | [1],[11],[12],[13],[14] | 0% | [3],[15],[16],[17],[18] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | [1],[5] | $ 17,321,796 | |||||||
Fair Value | [1],[2] | $ 17,344,498 | |||||||
% of Net Assets | [1] | 6.30% | 6.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Project Cloud Holdings, LLC Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 11.92% Initial Acquisition Date 6/5/2023 Maturity Date 9/27/2023 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[11] | 6.50% | 6.50% | ||||||
Floor | [1],[11] | 1% | 1% | ||||||
Interest Rate | [1],[9],[11] | 11.92% | 11.92% | ||||||
Initial Acquisition Date | [1],[11] | Jun. 05, 2023 | |||||||
Maturity Date | [1],[11] | Mar. 31, 2029 | Mar. 31, 2029 | ||||||
Par/Shares | [1],[11] | $ 1,525,424 | |||||||
Amortized Cost | [1],[5],[11] | 1,504,334 | |||||||
Fair Value | [1],[2],[11] | $ 1,485,610 | |||||||
% of Net Assets | [1],[11] | 0.50% | 0.50% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Project Cloud Holdings, LLC Revolving Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 11.92% Initial Acquisition Date 6/5/2023 Maturity Date 3/31/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[19] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[11],[19] | 6.50% | 6.50% | ||||||
Floor | [1],[11],[19] | 1% | 1% | ||||||
Interest Rate | [1],[9],[11],[19] | 11.92% | 11.92% | ||||||
Initial Acquisition Date | [1],[11],[19] | Jun. 05, 2023 | |||||||
Maturity Date | [1],[11],[19] | Mar. 31, 2028 | Mar. 31, 2028 | ||||||
Par/Shares | [1],[11],[19] | $ 1,220,339 | |||||||
Amortized Cost | [1],[5],[11],[19] | 1,186,648 | |||||||
Fair Value | [1],[2],[11],[19] | $ 1,188,488 | |||||||
% of Net Assets | [1],[11],[19] | 0.40% | 0.40% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Project Cloud Holdings, LLC Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 11.92% Initial Acquisition Date 6/5/2023 Maturity Date 3/31/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 6.50% | 6.50% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 11.92% | 11.92% | ||||||
Initial Acquisition Date | [1],[10] | Jun. 05, 2023 | |||||||
Maturity Date | [1],[10] | Mar. 31, 2029 | Mar. 31, 2029 | ||||||
Par/Shares | [1],[10] | $ 15,063,559 | |||||||
Amortized Cost | [1],[5],[10] | 14,630,814 | |||||||
Fair Value | [1],[2],[10] | $ 14,670,400 | |||||||
% of Net Assets | [1],[10] | 5.30% | 5.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 67,399,241 | [1],[5] | $ 70,062,299 | [3],[7] | |||||
Fair Value | $ 67,490,616 | [1],[2] | $ 69,421,906 | [3],[4] | |||||
% of Net Assets | 24.50% | [1] | 22.70% | [3] | 24.50% | [1] | 22.70% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services BCP V Everise Acquisition LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 6.25% Floor 0.75% Interest Rate 10.83% Initial Acquisition Date 5/12/2022 Maturity Date 5/3/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 3M SOFR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 6.25% | 6.25% | ||||||
Floor | [3],[20] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8],[20] | 10.83% | 10.83% | ||||||
Initial Acquisition Date | [3],[20] | May 12, 2022 | |||||||
Maturity Date | [3],[20] | May 03, 2027 | May 03, 2027 | ||||||
Par/Shares | [3],[20] | $ 24,687,500 | |||||||
Amortized Cost | [3],[7],[20] | 24,126,447 | |||||||
Fair Value | [3],[4],[20] | $ 24,132,031 | |||||||
% of Net Assets | [3],[20] | 7.90% | 7.90% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services BCP V Everise Acquisition LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 6.25% Floor 0.75% Interest Rate 11.64% Initial Acquisition Date 5/12/2022 Maturity Date 5/3/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[21] | 3M SOFR + 6.25% | |||||||
Reference Rate and Spread % | [1],[9],[10],[21] | 6.25% | 6.25% | ||||||
Floor | [1],[10],[21] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10],[21] | 11.64% | 11.64% | ||||||
Initial Acquisition Date | [1],[10],[21] | May 12, 2022 | |||||||
Maturity Date | [1],[10],[21] | May 03, 2027 | May 03, 2027 | ||||||
Par/Shares | [1],[10],[21] | $ 23,154,762 | |||||||
Amortized Cost | [1],[5],[10],[21] | 22,704,048 | |||||||
Fair Value | [1],[2],[10],[21] | $ 22,923,214 | |||||||
% of Net Assets | [1],[10],[21] | 8.30% | 8.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services KeyData Associates Inc. Closing Date Term Loan Reference Rate and Spread 3M CDOR + 7.00% Floor 1.00% Interest Rate 11.94% Initial Acquisition Date 10/1/2021 Maturity Date 7/16/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20],[22] | 3M CDOR + 7.00% | |||||||
Reference Rate and Spread % | [3],[8],[20],[22] | 7% | 7% | ||||||
Floor | [3],[20],[22] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20],[22] | 11.94% | 11.94% | ||||||
Initial Acquisition Date | [3],[20],[22] | Oct. 01, 2021 | |||||||
Maturity Date | [3],[20],[22] | Jul. 16, 2026 | Jul. 16, 2026 | ||||||
Par/Shares | [3],[20],[22] | $ 14,036,250 | |||||||
Amortized Cost | [3],[7],[20],[22] | $ 10,826,798 | |||||||
Fair Value | [3],[4],[20],[22] | $ 10,200,462 | |||||||
% of Net Assets | [3],[20],[22] | 3.30% | 3.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services KeyData Associates Inc. Closing Date Term Loan Reference Rate and Spread 3M CDOR + 7.00% Floor 1.00% Interest Rate 12.52% Initial Acquisition Date 10/1/2021 Maturity Date 7/16/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[23] | 3M CDOR + 7.00% | |||||||
Reference Rate and Spread % | [1],[9],[10],[23] | 7% | 7% | ||||||
Floor | [1],[10],[23] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10],[23] | 12.52% | 12.52% | ||||||
Initial Acquisition Date | [1],[10],[23] | Oct. 01, 2021 | |||||||
Maturity Date | [1],[10],[23] | Jul. 16, 2026 | Jul. 16, 2026 | ||||||
Par/Shares | [1],[10],[23] | $ 13,261,059 | |||||||
Amortized Cost | [1],[5],[10],[23] | $ 10,288,760 | |||||||
Fair Value | [1],[2],[10],[23] | $ 9,767,297 | |||||||
% of Net Assets | [1],[10],[23] | 3.60% | 3.60% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 11.10% Initial Acquisition Date 12/7/2022 Maturity Date 12/8/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[24] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [3],[8],[15],[24] | 6.50% | 6.50% | ||||||
Floor | [3],[15],[24] | 1% | 1% | ||||||
Interest Rate | [3],[8],[15],[24] | 11.12% | 11.12% | ||||||
Initial Acquisition Date | [3],[15],[24] | Dec. 07, 2022 | |||||||
Maturity Date | [3],[15],[24] | Dec. 08, 2028 | Dec. 08, 2028 | ||||||
Par/Shares | [3],[15],[24] | $ 724,138 | |||||||
Amortized Cost | [3],[7],[15],[24] | 693,457 | |||||||
Fair Value | [3],[4],[15],[24] | $ 693,103 | |||||||
% of Net Assets | [3],[15],[24] | 0.20% | 0.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.04% Initial Acquisition Date 12/7/2022 Maturity Date 12/8/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[11] | 6.50% | 6.50% | ||||||
Floor | [1],[11] | 1% | 1% | ||||||
Interest Rate | [1],[9],[11] | 12.04% | 12.04% | ||||||
Initial Acquisition Date | [1],[11] | Dec. 07, 2022 | |||||||
Maturity Date | [1],[11] | Dec. 08, 2028 | Dec. 08, 2028 | ||||||
Par/Shares | [1],[11] | $ 206,897 | |||||||
Amortized Cost | [1],[5],[11] | 180,081 | |||||||
Fair Value | [1],[2],[11] | $ 187,034 | |||||||
% of Net Assets | [1],[11] | 0.10% | 0.10% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 11.10% Initial Acquisition Date 12/7/2022 Maturity Date 12/7/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [3],[8] | 6.50% | 6.50% | ||||||
Floor | [3] | 1% | 1% | ||||||
Interest Rate | [3],[8] | 11.10% | 11.10% | ||||||
Initial Acquisition Date | [3] | Dec. 07, 2022 | |||||||
Maturity Date | [3] | Dec. 07, 2028 | Dec. 07, 2028 | ||||||
Par/Shares | [3] | $ 13,448,276 | |||||||
Amortized Cost | [3],[7] | 13,182,843 | |||||||
Fair Value | [3],[4] | $ 13,179,310 | |||||||
% of Net Assets | [3] | 4.30% | 4.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.04% Initial Acquisition Date 12/7/2022 Maturity Date 12/7/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 6.50% | 6.50% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 12.04% | 12.04% | ||||||
Initial Acquisition Date | [1],[10] | Dec. 07, 2022 | |||||||
Maturity Date | [1],[10] | Dec. 07, 2028 | Dec. 07, 2028 | ||||||
Par/Shares | [1],[10] | $ 13,347,414 | |||||||
Amortized Cost | [1],[5],[10] | 13,108,478 | |||||||
Fair Value | [1],[2],[10] | $ 13,176,567 | |||||||
% of Net Assets | [1],[10] | 4.80% | 4.80% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Initial Term Loan Reference Rate and Spread 6M SOFR + 5.75% Floor 0.75% Interest Rate 11.07% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 6M SOFR + 5.75% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 5.75% | 5.75% | ||||||
Floor | [1],[10] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10] | 11.07% | 11.07% | ||||||
Initial Acquisition Date | [1],[10] | Jul. 22, 2022 | |||||||
Maturity Date | [1],[10] | Jul. 22, 2029 | Jul. 22, 2029 | ||||||
Par/Shares | [1],[10] | $ 21,537,250 | |||||||
Amortized Cost | [1],[5],[10] | 21,157,123 | |||||||
Fair Value | [1],[2],[10] | $ 21,446,794 | |||||||
% of Net Assets | [1],[10] | 7.80% | 7.80% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Initial Term Loan Reference Rate and Spread 6M SOFR + 5.75% Floor 0.75% Interest Rate 8.69% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 6M SOFR + 5.75% | |||||||
Reference Rate and Spread % | [3],[8] | 5.75% | 5.75% | ||||||
Floor | [3] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8] | 8.69% | 8.69% | ||||||
Initial Acquisition Date | [3] | Jul. 22, 2022 | |||||||
Maturity Date | [3] | Jul. 22, 2029 | Jul. 22, 2029 | ||||||
Par/Shares | [3] | $ 21,700,000 | |||||||
Amortized Cost | [3],[7] | 21,278,109 | |||||||
Fair Value | [3],[4] | $ 21,266,000 | |||||||
% of Net Assets | [3] | 7% | 7% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Revolving Loan Reference Rate and Spread 6M SOFR + 5.75% Floor 0.75% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | 6M SOFR + 5.75% | [1],[9],[11],[12],[13],[14] | 6M SOFR + 5.75% | [3],[8],[15],[16],[17],[18] | |||||
Reference Rate and Spread % | 5.75% | [1],[9],[11],[12],[13],[14] | 5.75% | [3],[8],[15],[16],[17],[18] | 5.75% | [1],[9],[11],[12],[13],[14] | 5.75% | [3],[8],[15],[16],[17],[18] | |
Floor | 0.75% | [1],[11],[12],[13],[14] | 0.75% | [3],[15],[16],[17],[18] | 0.75% | [1],[11],[12],[13],[14] | 0.75% | [3],[15],[16],[17],[18] | |
Initial Acquisition Date | Jul. 22, 2022 | [1],[11],[12],[13],[14] | Jul. 22, 2022 | [3],[15],[16],[17],[18] | |||||
Maturity Date | Jul. 22, 2028 | [1],[11],[12],[13],[14] | Jul. 22, 2028 | [3],[15],[16],[17],[18] | Jul. 22, 2028 | [1],[11],[12],[13],[14] | Jul. 22, 2028 | [3],[15],[16],[17],[18] | |
Amortized Cost | $ 39,249 | [1],[5],[11],[12],[13],[14] | $ (45,355) | [3],[7],[15],[16],[17],[18] | |||||
Fair Value | $ (10,290) | [1],[2],[11],[12],[13],[14] | $ (49,000) | [3],[4],[15],[16],[17],[18] | |||||
% of Net Assets | 0% | [1],[11],[12],[13],[14] | 0% | [3],[15],[16],[17],[18] | 0% | [1],[11],[12],[13],[14] | 0% | [3],[15],[16],[17],[18] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Chemicals, Plastics & Rubber | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | [1],[5] | $ 6,411,340 | |||||||
Fair Value | [1],[2] | $ 6,219,947 | |||||||
% of Net Assets | [1] | 2.30% | 2.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Chemicals, Plastics & Rubber Atlas Intermediate III, L.L.C | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | [3],[7] | $ 6,429,265 | |||||||
Fair Value | [3],[4] | $ 6,299,949 | |||||||
% of Net Assets | [3] | 2.10% | 2.10% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Chemicals, Plastics & Rubber Atlas Intermediate III, L.L.C 2022 Incremental Term Loan Reference Rate and Spread 3M LIBOR + 5.75% Floor 1.00% Interest Rate 10.48% Initial Acquisition Date 3/1/2022 Maturity Date 4/29/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 3M LIBOR + 5.75% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 5.75% | 5.75% | ||||||
Floor | [3],[20] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20] | 10.48% | 10.48% | ||||||
Initial Acquisition Date | [3],[20] | Mar. 01, 2022 | |||||||
Maturity Date | [3],[20] | Apr. 29, 2025 | Apr. 29, 2025 | ||||||
Par/Shares | [3],[20] | $ 6,528,444 | |||||||
Amortized Cost | [3],[7],[20] | 6,429,265 | |||||||
Fair Value | [3],[4],[20] | $ 6,299,949 | |||||||
% of Net Assets | [3],[20] | 2.10% | 2.10% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Chemicals, Plastics & Rubber Atlas Intermediate III, L.L.C. 2022 Incremental Term Loan Reference Rate and Spread 3M SOFR + 5.75% Floor 1.00% Interest Rate 11.27% Initial Acquisition Date 3/1/2022 Maturity Date 4/29/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR + 5.75% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 5.75% | 5.75% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 11.27% | 11.27% | ||||||
Initial Acquisition Date | [1],[10] | Mar. 01, 2022 | |||||||
Maturity Date | [1],[10] | Apr. 29, 2025 | Apr. 29, 2025 | ||||||
Par/Shares | [1],[10] | $ 6,479,111 | |||||||
Amortized Cost | [1],[5],[10] | 6,411,340 | |||||||
Fair Value | [1],[2],[10] | $ 6,219,947 | |||||||
% of Net Assets | [1],[10] | 2.30% | 2.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 13,667,726 | [1],[5] | $ 13,728,928 | [3],[7] | |||||
Fair Value | $ 13,349,467 | [1],[2] | $ 13,891,279 | [3],[4] | |||||
% of Net Assets | 4.90% | [1] | 4.50% | [3] | 4.90% | [1] | 4.50% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building Steele Solutions, Inc. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 0.50% Initial Acquisition Date 3/18/2022 Maturity Date 3/18/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[12],[13],[14] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[11],[12],[13],[14] | 6.50% | 6.50% | ||||||
Floor | [1],[11],[12],[13],[14] | 0.50% | 0.50% | ||||||
Initial Acquisition Date | [1],[11],[12],[13],[14] | Mar. 18, 2022 | |||||||
Maturity Date | [1],[11],[12],[13],[14] | Mar. 18, 2027 | Mar. 18, 2027 | ||||||
Amortized Cost | [1],[5],[11],[12],[13],[14] | $ 11,338 | |||||||
Fair Value | [1],[2],[11],[12],[13],[14] | $ (52,420) | |||||||
% of Net Assets | [1],[11],[12],[13],[14] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building Steele Solutions, Inc. Delayed Drawn Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 0.50% Initial Acquisition Date 3/18/2022 Maturity Date 3/18/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[16],[17],[18] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [3],[8],[15],[16],[17],[18] | 6.50% | 6.50% | ||||||
Floor | [3],[15],[16],[17],[18] | 0.50% | 0.50% | ||||||
Initial Acquisition Date | [3],[15],[16],[17],[18] | Mar. 18, 2022 | |||||||
Maturity Date | [3],[15],[16],[17],[18] | Mar. 18, 2027 | Mar. 18, 2027 | ||||||
Amortized Cost | [3],[7],[15],[16],[17],[18] | $ (13,693) | |||||||
Fair Value | [3],[4],[15],[16],[17],[18] | $ (12,097) | |||||||
% of Net Assets | [3],[15],[16],[17],[18] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building Steele Solutions, Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 0.50% Interest Rate 10.32% Initial Acquisition Date 3/18/2022 Maturity Date 3/18/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 6.50% | 6.50% | ||||||
Floor | [3],[20] | 0.50% | 0.50% | ||||||
Interest Rate | [3],[8],[20] | 10.32% | 10.32% | ||||||
Initial Acquisition Date | [20] | Mar. 18, 2022 | |||||||
Maturity Date | [3],[20] | Mar. 18, 2027 | Mar. 18, 2027 | ||||||
Par/Shares | [3],[20] | $ 14,023,065 | |||||||
Amortized Cost | [3],[7],[20] | 13,775,204 | |||||||
Fair Value | [3],[4],[20] | $ 13,917,892 | |||||||
% of Net Assets | [3],[20] | 4.50% | 4.50% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building Steele Solutions, Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 0.50% Interest Rate 12.01% Initial Acquisition Date 3/18/2022 Maturity Date 3/18/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 6.50% | 6.50% | ||||||
Floor | [1],[10] | 0.50% | 0.50% | ||||||
Interest Rate | [1],[9],[10] | 12.01% | 12.01% | ||||||
Initial Acquisition Date | [1],[10] | Mar. 18, 2022 | |||||||
Maturity Date | [1],[10] | Mar. 18, 2027 | Mar. 18, 2027 | ||||||
Par/Shares | [1],[10] | $ 13,917,097 | |||||||
Amortized Cost | [1],[5],[10] | 13,705,860 | |||||||
Fair Value | [1],[2],[10] | $ 13,464,791 | |||||||
% of Net Assets | [1],[10] | 4.90% | 4.90% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building Steele Solutions, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 0.50% Initial Acquisition Date 3/18/2022 Maturity Date 3/18/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | 3M SOFR + 6.50% | [1],[9],[11],[12],[13],[14] | 3M SOFR + 6.50% | [3],[8],[15],[16],[17],[18] | |||||
Reference Rate and Spread % | 6.50% | [1],[9],[11],[12],[13],[14] | 6.50% | [3],[8],[15],[16],[17],[18] | 6.50% | [1],[9],[11],[12],[13],[14] | 6.50% | [3],[8],[15],[16],[17],[18] | |
Floor | 0.50% | [1],[11],[12],[13],[14] | 0.50% | [3],[15],[16],[17],[18] | 0.50% | [1],[11],[12],[13],[14] | 0.50% | [3],[15],[16],[17],[18] | |
Initial Acquisition Date | Mar. 18, 2022 | [1],[11],[12],[13],[14] | Mar. 18, 2022 | [3],[15],[16],[17],[18] | |||||
Maturity Date | Mar. 18, 2027 | [1],[11],[12],[13],[14] | Mar. 18, 2027 | [3],[15],[16],[17],[18] | Mar. 18, 2027 | [1],[11],[12],[13],[14] | Mar. 18, 2027 | [3],[15],[16],[17],[18] | |
Amortized Cost | $ 26,796 | [1],[5],[11],[12],[13],[14] | $ (32,583) | [3],[7],[15],[16],[17],[18] | |||||
Fair Value | $ (62,904) | [1],[2],[11],[12],[13],[14] | $ (14,516) | [3],[4],[15],[16],[17],[18] | |||||
% of Net Assets | 0% | [1],[11],[12],[13],[14] | 0% | [3],[15],[16],[17],[18] | 0% | [1],[11],[12],[13],[14] | 0% | [3],[15],[16],[17],[18] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments ConsuNon-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | [1],[5] | $ 40,817,669 | |||||||
Fair Value | [1],[2] | $ 38,142,703 | |||||||
% of Net Assets | [1] | 13.90% | 13.90% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | [1],[5] | $ 50,727,906 | |||||||
Fair Value | [1],[2] | $ 51,524,042 | |||||||
% of Net Assets | [1] | 18.70% | 18.70% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | [3],[7] | $ 52,448,720 | |||||||
Fair Value | [3],[4] | $ 52,528,261 | |||||||
% of Net Assets | [3] | 17.20% | 17.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable BCDI Meteor Acquisition, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Interest Rate 11.66% Initial Acquisition Date 12/29/2022 Maturity Date 10/29/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 3M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [3],[8] | 7% | 7% | ||||||
Floor | [3] | 1% | 1% | ||||||
Interest Rate | [3],[8] | 11.66% | 11.66% | ||||||
Initial Acquisition Date | [3] | Dec. 29, 2022 | |||||||
Maturity Date | [3] | Oct. 29, 2028 | Oct. 29, 2028 | ||||||
Par/Shares | [3] | $ 25,000,000 | |||||||
Amortized Cost | [3],[7] | 24,376,008 | |||||||
Fair Value | [3],[4] | $ 24,437,500 | |||||||
% of Net Assets | [3] | 8% | 8% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable BCDI Meteor Acquisition, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Interest Rate 12.49% Initial Acquisition Date 12/29/2022 Maturity Date 10/29/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7% | 7% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 12.49% | 12.49% | ||||||
Initial Acquisition Date | [1],[10] | Dec. 29, 2022 | |||||||
Maturity Date | [1],[10] | Oct. 29, 2028 | Oct. 29, 2028 | ||||||
Par/Shares | [1],[10] | $ 24,875,000 | |||||||
Amortized Cost | [1],[5],[10] | 24,316,414 | |||||||
Fair Value | [1],[2],[10] | $ 24,576,500 | |||||||
% of Net Assets | [1],[10] | 8.90% | 8.90% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable BCDI Meteor Acquisition, LLC Term Loan Reference Rate and Spread 3M LIBOR + 8.00% Floor 1.50% Interest Rate 12.49% Initial Acquisition Date 11/12/2021 Maturity Date 11/12/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 3M LIBOR + 8.00% | |||||||
Reference Rate and Spread % | [3],[8] | 8% | 8% | ||||||
Floor | [3],[20] | 1.50% | 1.50% | ||||||
Interest Rate | [3],[8],[20] | 12.49% | 12.49% | ||||||
Initial Acquisition Date | [3],[20] | Nov. 12, 2021 | |||||||
Maturity Date | [3],[20] | Nov. 12, 2026 | Nov. 12, 2026 | ||||||
Par/Shares | [3],[20] | $ 28,772,673 | |||||||
Amortized Cost | [3],[7],[20] | 28,072,712 | |||||||
Fair Value | [3],[4],[20] | $ 28,090,761 | |||||||
% of Net Assets | [3],[20] | 9.20% | 9.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable Hy Cite Enterprises, LLC Term Loan Reference Rate and Spread 3M SOFR + 8.00% Floor 1.50% Interest Rate 13.63% Initial Acquisition Date 11/12/2021 Maturity Date 11/12/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR + 8.00% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 8% | 8% | ||||||
Floor | [1],[10] | 1.50% | 1.50% | ||||||
Interest Rate | [1],[9],[10] | 13.63% | 13.63% | ||||||
Initial Acquisition Date | [1],[10] | Nov. 12, 2021 | |||||||
Maturity Date | [1],[10] | Nov. 12, 2026 | Nov. 12, 2026 | ||||||
Par/Shares | [1],[10] | $ 26,947,542 | |||||||
Amortized Cost | [1],[5],[10] | 26,411,492 | |||||||
Fair Value | [1],[2],[10] | $ 26,947,542 | |||||||
% of Net Assets | [1],[10] | 9.80% | 9.80% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | [3],[7] | $ 41,255,715 | |||||||
Fair Value | [3],[4] | $ 39,457,205 | |||||||
% of Net Assets | [3] | 12.90% | 12.90% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Incremental Term Facility Reference Rate and Spread 6M SOFR + 7.00% Floor 1.00% Interest Rate 11.23% Initial Acquisition Date 4/6/2022 Maturity Date 6/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 6M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 7% | 7% | ||||||
Floor | [3],[20] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20] | 11.23% | 11.23% | ||||||
Initial Acquisition Date | [3],[20] | Apr. 06, 2022 | |||||||
Maturity Date | [3],[20] | Jun. 30, 2026 | Jun. 30, 2026 | ||||||
Par/Shares | [3],[20] | $ 1,246,292 | |||||||
Amortized Cost | [3],[7],[20] | 1,214,662 | |||||||
Fair Value | [3],[4],[20] | $ 1,212,019 | |||||||
% of Net Assets | [3],[20] | 0.40% | 0.40% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Incremental Term Facility Reference Rate and Spread 6M SOFR + 7.00% Floor 1.00% Interest Rate 12.19% Initial Acquisition Date 4/6/2022 Maturity Date 6/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 6M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7% | 7% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 12.19% | 12.19% | ||||||
Initial Acquisition Date | [1],[10] | Apr. 06, 2022 | |||||||
Maturity Date | [1],[10] | Jun. 30, 2026 | Jun. 30, 2026 | ||||||
Par/Shares | [1],[10] | $ 1,237,408 | |||||||
Amortized Cost | [1],[5],[10] | 1,211,883 | |||||||
Fair Value | [1],[2],[10] | $ 1,215,753 | |||||||
% of Net Assets | [1],[10] | 0.40% | 0.40% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Term Facility Reference Rate and Spread 6M SOFR + 7.00% Floor 1.00% Interest Rate 12.04% Initial Acquisition Date 10/1/2021 Maturity Date 6/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 6M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 7% | 7% | ||||||
Floor | [3],[20] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20] | 12.04% | 12.04% | ||||||
Initial Acquisition Date | [3],[20] | Oct. 01, 2021 | |||||||
Maturity Date | [3],[20] | Jun. 30, 2026 | Jun. 30, 2026 | ||||||
Par/Shares | [3],[20] | $ 21,091,913 | |||||||
Amortized Cost | [3],[7],[20] | 20,763,795 | |||||||
Fair Value | [3],[4],[20] | $ 20,511,886 | |||||||
% of Net Assets | [3],[20] | 6.70% | 6.70% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Term Facility Reference Rate and Spread 6M SOFR + 7.00% Floor 1.00% Interest Rate 12.59% Initial Acquisition Date 10/1/2021 Maturity Date 6/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 6M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7% | 7% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 12.59% | 12.59% | ||||||
Initial Acquisition Date | [1],[10] | Oct. 01, 2021 | |||||||
Maturity Date | [1],[10] | Jun. 30, 2026 | Jun. 30, 2026 | ||||||
Par/Shares | [1],[10] | $ 20,941,552 | |||||||
Amortized Cost | [1],[5],[10] | 20,676,369 | |||||||
Fair Value | [1],[2],[10] | $ 20,575,075 | |||||||
% of Net Assets | [1],[10] | 7.50% | 7.50% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Amendment No. 1 Incremental Term Loan Reference Rate and Spread 3M SOFR + 6.25% Floor 0.75% Interest Rate 10.50% Initial Acquisition Date11/16/2021 Maturity Date 4/21/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20],[25] | 3M SOFR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8],[20],[25] | 6.25% | 6.25% | ||||||
Floor | [3],[20],[25] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8],[20],[25] | 10.50% | 10.50% | ||||||
Initial Acquisition Date | [3],[20],[25] | Nov. 16, 2021 | |||||||
Maturity Date | [3],[20],[25] | Apr. 21, 2027 | Apr. 21, 2027 | ||||||
Par/Shares | [3],[20],[25] | $ 4,968,750 | |||||||
Amortized Cost | [3],[7],[20],[25] | 4,756,000 | |||||||
Fair Value | [3],[4],[20],[25] | $ 4,518,581 | |||||||
% of Net Assets | [3],[20],[25] | 1.50% | 1.50% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Amendment No. 1 Incremental Term Loan Reference Rate and Spread 3M SOFR + 6.25% Floor 0.75% Interest Rate 11.68% Initial Acquisition Date 11/16/2021 Maturity Date 4/21/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[21] | 3M SOFR + 6.25% | |||||||
Reference Rate and Spread % | [1],[9],[10],[21] | 6.25% | 6.25% | ||||||
Floor | [1],[10],[21] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10],[21] | 11.68% | 11.68% | ||||||
Initial Acquisition Date | [1],[10],[21] | Nov. 16, 2021 | |||||||
Maturity Date | [1],[10],[21] | Apr. 21, 2027 | Apr. 21, 2027 | ||||||
Par/Shares | [1],[10],[21] | $ 4,875,000 | |||||||
Amortized Cost | [1],[5],[10],[21] | 4,687,306 | |||||||
Fair Value | [1],[2],[10],[21] | $ 4,168,125 | |||||||
% of Net Assets | [1],[10],[21] | 1.50% | 1.50% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Initial Term Loan (First Lien) Reference Rate and Spread 6M LIBOR + 6.25% Floor 0.75% Interest Rate 10.42% Initial Acquisition Date11/16/2021 Maturity Date 11/16/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20],[25] | 6M LIBOR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8],[20],[25] | 6.25% | 6.25% | ||||||
Floor | [3],[20],[25] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8],[20],[25] | 10.42% | 10.42% | ||||||
Initial Acquisition Date | [3],[20],[25] | Nov. 16, 2021 | |||||||
Maturity Date | [3],[20],[25] | Apr. 21, 2027 | Apr. 21, 2027 | ||||||
Par/Shares | [3],[20],[25] | $ 14,531,250 | |||||||
Amortized Cost | [3],[7],[20],[25] | 14,521,258 | |||||||
Fair Value | [3],[4],[20],[25] | $ 13,214,719 | |||||||
% of Net Assets | [3],[20],[25] | 4.30% | 4.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Initial Term Loan (First Lien) Reference Rate and Spread 6M SOFR + 6.25% Floor 0.75% Interest Rate 11.68% Initial Acquisition Date 11/16/2021 Maturity Date 4/21/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[21] | 6M SOFR + 6.25% | |||||||
Reference Rate and Spread % | [1],[9],[10],[21] | 6.25% | 6.25% | ||||||
Floor | [1],[10],[21] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10],[21] | 11.68% | 11.68% | ||||||
Initial Acquisition Date | [1],[10],[21] | Nov. 16, 2021 | |||||||
Maturity Date | [1],[10],[21] | Apr. 21, 2027 | Apr. 21, 2027 | ||||||
Par/Shares | [1],[10],[21] | $ 14,250,000 | |||||||
Amortized Cost | [1],[5],[10],[21] | 14,242,111 | |||||||
Fair Value | [1],[2],[10],[21] | $ 12,183,750 | |||||||
% of Net Assets | [1],[10],[21] | 4.40% | 4.40% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 9,624,385 | [1],[5] | $ 9,592,303 | [3],[7] | |||||
Fair Value | $ 9,168,423 | [1],[2] | $ 9,694,347 | [3],[4] | |||||
% of Net Assets | 3.30% | [1] | 3.20% | [3] | 3.30% | [1] | 3.20% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Services Zips Car Wash, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 7.25% Floor 1.00% Interest Rate 11.58% Initial Acquisition Date 7/13/2022 Maturity Date 3/1/2024 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[18],[24] | 1M SOFR + 7.25% | |||||||
Reference Rate and Spread % | [3],[8],[15],[18],[24] | 7.25% | 7.25% | ||||||
Floor | [3],[15],[18],[24] | 1% | 1% | ||||||
Interest Rate | [3],[8],[15],[18],[24] | 11.58% | 11.58% | ||||||
Initial Acquisition Date | [3],[6],[18],[24] | Jul. 13, 2022 | |||||||
Maturity Date | [3],[15],[18],[24] | Mar. 01, 2024 | Mar. 01, 2024 | ||||||
Par/Shares | [15],[18],[20],[24] | $ 9,754,320 | |||||||
Amortized Cost | [3],[7],[15],[18],[24] | 9,592,303 | |||||||
Fair Value | [3],[4],[15],[18],[24] | $ 9,694,347 | |||||||
% of Net Assets | [3],[15],[18],[24] | 3.20% | 3.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Services Zips Car Wash, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 7.25% Floor 1.00% Interest Rate 12.68% Initial Acquisition Date 7/13/2022 Maturity Date 3/1/2024 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[11],[14],[19] | 1M SOFR + 7.25% | |||||||
Reference Rate and Spread % | [1],[9],[10],[11],[14],[19] | 7.25% | 7.25% | ||||||
Floor | [1],[10],[11],[14],[19] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10],[11],[14],[19] | 12.68% | 12.68% | ||||||
Initial Acquisition Date | [1],[10],[11],[14],[19] | Jul. 13, 2022 | |||||||
Maturity Date | [1],[10],[11],[14],[19] | Mar. 01, 2024 | Mar. 01, 2024 | ||||||
Par/Shares | [1],[10],[11],[14],[19] | $ 9,648,940 | |||||||
Amortized Cost | [1],[5],[10],[11],[14],[19] | 9,624,385 | |||||||
Fair Value | [1],[2],[10],[11],[14],[19] | $ 9,168,423 | |||||||
% of Net Assets | [1],[10],[11],[14],[19] | 3.30% | 3.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 11,187,171 | [1],[5] | $ 11,888,761 | [3],[7] | |||||
Fair Value | $ 11,139,870 | [1],[2] | $ 11,681,141 | [3],[4] | |||||
% of Net Assets | 4.10% | [1] | 3.80% | [3] | 4.10% | [1] | 3.80% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Initial Term Loan Reference Rate and Spread 3M LIBOR + 7.00% Floor 1.00% Interest Rate 10.75% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 3M LIBOR + 7.00% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 7% | 7% | ||||||
Floor | [3],[20] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20] | 10.75% | 10.75% | ||||||
Initial Acquisition Date | [3],[20] | Oct. 01, 2021 | |||||||
Maturity Date | [3],[20] | Aug. 26, 2026 | Aug. 26, 2026 | ||||||
Par/Shares | [3],[20] | $ 12,126,667 | |||||||
Amortized Cost | [3],[7],[20] | 11,911,102 | |||||||
Fair Value | [3],[4],[20] | $ 11,725,274 | |||||||
% of Net Assets | [3],[20] | 3.80% | 3.80% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Initial Term Loan Reference Rate and Spread 3M SOFR + 7.25% Floor 1.00% Interest Rate 12.65% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR + 7.25% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7.25% | 7.25% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 12.65% | 12.65% | ||||||
Initial Acquisition Date | [1],[10] | Oct. 01, 2021 | |||||||
Maturity Date | [1],[10] | Aug. 26, 2026 | Aug. 26, 2026 | ||||||
Par/Shares | [1],[10] | $ 11,372,385 | |||||||
Amortized Cost | [1],[5],[10] | 11,204,936 | |||||||
Fair Value | [1],[2],[10] | $ 11,164,270 | |||||||
% of Net Assets | [1],[10] | 4.10% | 4.10% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Revolving Loan Reference Rate and Spread 3M LIBOR + 7.00% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[16],[17],[18] | 3M LIBOR + 7.00% | |||||||
Reference Rate and Spread % | [3],[8],[15],[16],[17],[18] | 7% | 7% | ||||||
Floor | [3],[15],[16],[17],[18] | 1% | 1% | ||||||
Initial Acquisition Date | [3],[15],[16],[17],[18] | Oct. 01, 2021 | |||||||
Maturity Date | [3],[15],[16],[17],[18] | Aug. 26, 2026 | Aug. 26, 2026 | ||||||
Amortized Cost | [3],[7],[15],[16],[17],[18] | $ (22,341) | |||||||
Fair Value | [3],[4],[15],[16],[17],[18] | $ (44,133) | |||||||
% of Net Assets | [3],[15],[16],[17],[18] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Revolving Loan Reference Rate and Spread 3M SOFR + 7.25% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[12],[13],[14] | 3M SOFR + 7.25% | |||||||
Reference Rate and Spread % | [1],[9],[11],[12],[13],[14] | 7.25% | 7.25% | ||||||
Floor | [1],[11],[12],[13],[14] | 1% | 1% | ||||||
Initial Acquisition Date | [1],[11],[12],[13],[14] | Oct. 01, 2021 | |||||||
Maturity Date | [1],[11],[12],[13],[14] | Aug. 26, 2026 | Aug. 26, 2026 | ||||||
Amortized Cost | [1],[5],[11],[12],[13],[14] | $ 17,765 | |||||||
Fair Value | [1],[2],[11],[12],[13],[14] | $ (24,400) | |||||||
% of Net Assets | [1],[11],[12],[13],[14] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 97,166,741 | [1],[5] | $ 98,132,260 | [3],[7] | |||||
Fair Value | $ 94,396,890 | [1],[2] | $ 97,294,977 | [3],[4] | |||||
% of Net Assets | 34.30% | [1] | 31.80% | [3] | 34.30% | [1] | 31.80% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals APT Opco, LLC Delayed Draw Term Loan Reference Rate and Spread 3M LIBOR + 6.25% Floor 1.00% Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[16],[17],[18] | 3M LIBOR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8],[15],[16],[17],[18] | 6.25% | 6.25% | ||||||
Floor | [3],[15],[16],[17],[18] | 1% | 1% | ||||||
Initial Acquisition Date | [3],[15],[16],[17],[18] | Dec. 28, 2021 | |||||||
Maturity Date | [3],[15],[16],[17],[18] | Dec. 28, 2026 | Dec. 28, 2026 | ||||||
Amortized Cost | [3],[7],[15],[16],[17],[18] | $ (37,996) | |||||||
Fair Value | [3],[4],[15],[16],[17],[18] | $ (153,333) | |||||||
% of Net Assets | [3],[15],[16],[17],[18] | (0.10%) | (0.10%) | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals APT Opco, LLC Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.17% Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[11] | 6.50% | 6.50% | ||||||
Floor | [1],[11] | 1% | 1% | ||||||
Interest Rate | [1],[9],[11] | 12.17% | 12.17% | ||||||
Initial Acquisition Date | [1],[11] | Dec. 28, 2021 | |||||||
Maturity Date | [1],[11] | Dec. 28, 2026 | Dec. 28, 2026 | ||||||
Par/Shares | [1],[11] | $ 1,539,881 | |||||||
Amortized Cost | [1],[5],[11] | 1,525,664 | |||||||
Fair Value | [1],[2],[11] | $ 1,518,323 | |||||||
% of Net Assets | [1],[11] | 0.60% | 0.60% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals APT Opco, LLC Senior Secured Term Loan Reference Rate and Spread 3M LIBOR + 6.25% Floor 1.00% Interest Rate 10.97% Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 3M LIBOR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 6.25% | 6.25% | ||||||
Floor | [3],[20] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20] | 10.97% | 10.97% | ||||||
Initial Acquisition Date | [3],[20] | Dec. 28, 2021 | |||||||
Maturity Date | [3],[20] | Dec. 28, 2026 | Dec. 28, 2026 | ||||||
Par/Shares | [3],[20] | $ 20,035,714 | |||||||
Amortized Cost | [3],[7],[20] | 19,703,269 | |||||||
Fair Value | [3],[4],[20] | $ 19,390,564 | |||||||
% of Net Assets | [3],[20] | 6.30% | 6.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals APT Opco, LLC Senior Secured Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.15% Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 6.50% | 6.50% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 12.15% | 12.15% | ||||||
Initial Acquisition Date | [1],[10] | Dec. 28, 2021 | |||||||
Maturity Date | [1],[10] | Dec. 28, 2026 | Dec. 28, 2026 | ||||||
Par/Shares | [1],[10] | $ 19,883,929 | |||||||
Amortized Cost | [1],[5],[10] | 19,601,272 | |||||||
Fair Value | [1],[2],[10] | $ 19,605,554 | |||||||
% of Net Assets | [1],[10] | 7.10% | 7.10% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Restatement Date Term Loan (First Lien) Reference Rate and Spread 1M LIBOR + 6.00% Floor 1.00% Interest Rate 10.38% Initial Acquisition Date 2/4/2022 Maturity Date 1/31/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 1M LIBOR + 6.00% | |||||||
Reference Rate and Spread % | [3],[8] | 6% | 6% | ||||||
Floor | [3] | 1% | 1% | ||||||
Interest Rate | [3],[8] | 10.38% | 10.38% | ||||||
Initial Acquisition Date | [3] | Feb. 04, 2022 | |||||||
Maturity Date | [3] | Jan. 31, 2027 | Jan. 31, 2027 | ||||||
Par/Shares | [3] | $ 22,545,238 | |||||||
Amortized Cost | [3],[7] | 22,218,926 | |||||||
Fair Value | [3],[4] | $ 21,844,081 | |||||||
% of Net Assets | [3] | 7.10% | 7.10% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Restatement Date Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 7.50% Floor 1.00% Interest Rate 12.92% (1.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 1M SOFR + 7.50% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7.50% | 7.50% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [3],[9],[20] | 12.92% | 12.92% | ||||||
Interest Rate, PIK | [3],[9],[20] | 1.50% | 1.50% | ||||||
Initial Acquisition Date | [1],[10] | Feb. 04, 2022 | |||||||
Maturity Date | [1],[10] | Jan. 31, 2027 | Jan. 31, 2027 | ||||||
Par/Shares | [1],[10] | $ 21,715,339 | |||||||
Amortized Cost | [1],[5],[10] | 21,448,914 | |||||||
Fair Value | [1],[2],[10] | $ 18,583,987 | |||||||
% of Net Assets | [1],[10] | 6.80% | 6.80% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Revolving Credit Facility Reference Rate and Spread 1M LIBOR + 6.00% Floor 1.00% Interest Rate 10.39% Initial Acquisition Date 2/4/2022 Maturity Date 1/31/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[18],[24] | 1M LIBOR + 6.00% | |||||||
Reference Rate and Spread % | [3],[8],[15],[18],[24] | 6% | 6% | ||||||
Floor | [3],[15],[18],[24] | 1% | 1% | ||||||
Interest Rate | [3],[8],[15],[18],[24] | 10.39% | 10.39% | ||||||
Initial Acquisition Date | [3],[15],[18],[24] | Feb. 04, 2022 | |||||||
Maturity Date | [3],[15],[18],[24] | Jan. 31, 2027 | Jan. 31, 2027 | ||||||
Par/Shares | [3],[15],[18],[24] | $ 1,410,454 | |||||||
Amortized Cost | [3],[7],[15],[18],[24] | 1,378,699 | |||||||
Fair Value | [3],[4],[15],[18],[24] | $ 1,341,193 | |||||||
% of Net Assets | [3],[15],[18],[24] | 0.40% | 0.40% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Revolving Credit Facility Reference Rate and Spread 1M SOFR + 7.50% Floor 1.00% Interest Rate 12.92% (1.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[14] | 1M SOFR + 7.50% | |||||||
Reference Rate and Spread % | [1],[9],[11],[14] | 7.50% | 7.50% | ||||||
Floor | [1],[11],[14] | 1% | 1% | ||||||
Interest Rate | [3],[9],[11],[14] | 12.92% | 12.92% | ||||||
Interest Rate, PIK | [3],[8],[11],[14] | 1.50% | 1.50% | ||||||
Initial Acquisition Date | [1],[11],[14] | Feb. 04, 2022 | |||||||
Maturity Date | [1],[11],[14] | Jan. 31, 2027 | Jan. 31, 2027 | ||||||
Par/Shares | [1],[11],[14] | $ 1,190,823 | |||||||
Amortized Cost | [1],[5],[11],[14] | 1,165,022 | |||||||
Fair Value | [1],[2],[11],[14] | $ 869,685 | |||||||
% of Net Assets | [1],[11],[14] | 0.30% | 0.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 0.75% Initial Acquisition Date 10/7/2022 Maturity Date 11/3/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[16],[17],[18] | 3M SOFR +6.50% | |||||||
Reference Rate and Spread % | [3],[15],[16],[17],[18] | 6.50% | 6.50% | ||||||
Floor | [3],[15],[16],[17],[18] | 0.75% | 0.75% | ||||||
Initial Acquisition Date | [3],[15],[16],[17],[18] | Nov. 07, 2022 | |||||||
Maturity Date | [3],[15],[16],[17],[18] | Nov. 03, 2029 | Nov. 03, 2029 | ||||||
Amortized Cost | [3],[7],[15],[16],[17],[18] | $ (56,126) | |||||||
Fair Value | [3],[4],[15],[16],[17],[18] | $ (57,545) | |||||||
% of Net Assets | [3],[15],[16],[17],[18] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR +6.50% Floor 0.75% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[12],[13],[14] | 3M SOFR +6.50% | |||||||
Reference Rate and Spread % | [1],[9],[11],[12],[13],[14] | 6.50% | 6.50% | ||||||
Floor | [1],[11],[12],[13],[14] | 0.75% | 0.75% | ||||||
Initial Acquisition Date | [1],[11],[12],[13],[14] | Nov. 07, 2022 | |||||||
Maturity Date | [1],[11],[12],[13],[14] | Nov. 03, 2029 | Nov. 03, 2029 | ||||||
Amortized Cost | [1],[5],[11],[12],[13],[14] | $ 49,210 | |||||||
Fair Value | [1],[2],[11],[12],[13],[14] | $ (23,018) | |||||||
% of Net Assets | [1],[11],[12],[13],[14] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 0.75% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[16],[17],[18] | 3M SOFR +6.50% | |||||||
Reference Rate and Spread % | [3],[15],[16],[17],[18] | 6.50% | 6.50% | ||||||
Floor | [3],[15],[16],[17],[18] | 0.75% | 0.75% | ||||||
Initial Acquisition Date | [3],[15],[16],[17],[18] | Nov. 07, 2022 | |||||||
Maturity Date | [3],[15],[16],[17],[18] | Nov. 03, 2028 | Nov. 03, 2028 | ||||||
Amortized Cost | [3],[7],[15],[16],[17],[18] | $ (28,049) | |||||||
Fair Value | [3],[4],[15],[16],[17],[18] | $ (28,772) | |||||||
% of Net Assets | [3],[15],[16],[17],[18] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Revolving Loan Reference Rate and Spread 3M SOFR +6.50% Floor 0.75% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[12],[13],[14] | 3M SOFR +6.50% | |||||||
Reference Rate and Spread % | [1],[9],[11],[12],[13],[14] | 6.50% | 6.50% | ||||||
Floor | [1],[11],[12],[13],[14] | 0.75% | 0.75% | ||||||
Initial Acquisition Date | [1],[11],[12],[13],[14] | Nov. 07, 2022 | |||||||
Maturity Date | [1],[11],[12],[13],[14] | Nov. 03, 2028 | Nov. 03, 2028 | ||||||
Amortized Cost | [1],[5],[11],[12],[13],[14] | $ 24,459 | |||||||
Fair Value | [1],[2],[11],[12],[13],[14] | $ (11,509) | |||||||
% of Net Assets | [1],[11],[12],[13],[14] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.50% Floor 0.75% Interest Rate 10.64% Initial Acquisition Date 10/7/2022 Maturity Date 11/3/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 3M SOFR +6.50% | |||||||
Reference Rate and Spread % | [3] | 6.50% | 6.50% | ||||||
Floor | [3] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8] | 10.64% | 10.64% | ||||||
Initial Acquisition Date | [3] | Nov. 07, 2022 | |||||||
Maturity Date | [3] | Nov. 03, 2029 | Nov. 03, 2029 | ||||||
Par/Shares | [3] | $ 14,547,315 | |||||||
Amortized Cost | [3],[7] | 14,188,364 | |||||||
Fair Value | [3],[4] | $ 14,183,632 | |||||||
% of Net Assets | [3] | 4.60% | 4.60% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR +6.50% Floor 0.75% Interest Rate 11.93% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR +6.50% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 6.50% | 6.50% | ||||||
Floor | [1],[10] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10] | 11.93% | 11.93% | ||||||
Initial Acquisition Date | [1],[10] | Nov. 07, 2022 | |||||||
Maturity Date | [1],[10] | Nov. 03, 2029 | Nov. 03, 2029 | ||||||
Par/Shares | [1],[10] | $ 14,438,210 | |||||||
Amortized Cost | [1],[5],[10] | 14,121,166 | |||||||
Fair Value | [1],[2],[10] | $ 14,293,828 | |||||||
% of Net Assets | [1],[10] | 5.20% | 5.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals MMS Bidco LLC Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 11.20% Initial Acquisition Date 60/30/2022 Maturity Date 6/30/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [3],[8] | 6.50% | 6.50% | ||||||
Floor | [3] | 1% | 1% | ||||||
Interest Rate | [3],[8] | 11.20% | 11.20% | ||||||
Initial Acquisition Date | [3] | Jun. 30, 2022 | |||||||
Maturity Date | [3] | Jun. 30, 2027 | Jun. 30, 2027 | ||||||
Par/Shares | [3] | $ 24,937,500 | |||||||
Amortized Cost | [3],[7] | 24,469,446 | |||||||
Fair Value | [3],[4] | $ 24,555,956 | |||||||
% of Net Assets | [3] | 8% | 8% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals MMS Bidco LLC Term Loan (First Lien) Reference Rate and Spread 3M SOFR +6.50% Floor 1.00% Interest Rate 11.78% Initial Acquisition Date 6/30/2022 Maturity Date 6/30/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 3M SOFR + 6.50% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 6.50% | 6.50% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 11.78% | 11.78% | ||||||
Initial Acquisition Date | [1],[10] | Jun. 30, 2022 | |||||||
Maturity Date | [1],[10] | Jun. 30, 2027 | Jun. 30, 2027 | ||||||
Par/Shares | [1],[10] | $ 24,750,000 | |||||||
Amortized Cost | [1],[5],[10] | 24,353,026 | |||||||
Fair Value | [1],[2],[10] | $ 24,601,500 | |||||||
% of Net Assets | [1],[10] | 8.90% | 8.90% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Spark DSO, LLC First Lien Term Loan Reference Rate and Spread 1M LIBOR + 6.25% Floor 1.00% Interest Rate 9.99% Initial Acquisition Date 2/9/2022 Maturity Date 4/19/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 1M LIBOR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8] | 6.25% | 6.25% | ||||||
Floor | [3] | 1% | 1% | ||||||
Interest Rate | [3],[8] | 9.99% | 9.99% | ||||||
Initial Acquisition Date | [3] | Feb. 09, 2022 | |||||||
Maturity Date | [3] | Apr. 19, 2026 | Apr. 19, 2026 | ||||||
Par/Shares | [3] | $ 16,446,560 | |||||||
Amortized Cost | [3],[7] | 16,315,383 | |||||||
Fair Value | [3],[4] | $ 16,249,201 | |||||||
% of Net Assets | [3] | 5.30% | 5.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Spark DSO, LLC First Lien Term Loan Reference Rate and Spread 1M SOFR + 7.75% Floor 1.00% Interest Rate 13.15%(5.75% PIK) Initial Acquisition Date 2/9/2022 Maturity Date 4/19/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 1M SOFR + 7.75% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7.75% | 7.75% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [3],[9],[20] | 13.15% | 13.15% | ||||||
Interest Rate, PIK | [3],[8],[20] | 5.75% | 5.75% | ||||||
Initial Acquisition Date | [1],[10] | Feb. 09, 2022 | |||||||
Maturity Date | [1],[10] | Apr. 19, 2026 | Apr. 19, 2026 | ||||||
Par/Shares | [1],[10] | $ 14,566,764 | |||||||
Amortized Cost | [1],[5],[10] | 14,473,962 | |||||||
Fair Value | [1],[2],[10] | $ 14,415,270 | |||||||
% of Net Assets | [1],[10] | 5.20% | 5.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Spark DSO, LLC Revolver Reference Rate and Spread 1M SOFR + 7.75% Floor 1.00% Interest Rate 13.15% (5.75% PIK) Initial Acquisition Date 2/9/2022 Maturity Date 4/19/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[12],[14] | 1M SOFR + 7.75% | |||||||
Reference Rate and Spread % | [1],[9],[11],[12],[14] | 7.75% | 7.75% | ||||||
Floor | [1],[11],[12],[14] | 1% | 1% | ||||||
Interest Rate | [3],[9],[11],[12],[14] | 13.15% | 13.15% | ||||||
Interest Rate, PIK | [3],[8],[11],[12],[14] | 5.75% | 5.75% | ||||||
Initial Acquisition Date | [1],[11],[12],[14] | Feb. 09, 2022 | |||||||
Maturity Date | [1],[11],[12],[14] | Apr. 19, 2026 | Apr. 19, 2026 | ||||||
Par/Shares | [1],[11],[12],[14] | $ 562,770 | |||||||
Amortized Cost | [1],[5],[11],[12],[14] | 551,384 | |||||||
Fair Value | [1],[2],[11],[12],[14] | $ 543,270 | |||||||
% of Net Assets | [1],[11],[12],[14] | 0.20% | 0.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Spark DSO, LLC Rosolver Reference Rate and Spread 1M LIBOR + 6.25% Floor 1.00% Initial Acquisition Date 2/9/2022 Maturity Date 4/19/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[16],[17],[18] | 1M LIBOR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8],[15],[16],[17],[18] | 6.25% | 6.25% | ||||||
Floor | [3],[15],[16],[17],[18] | 1% | 1% | ||||||
Initial Acquisition Date | [3],[15],[16],[17],[18] | Feb. 09, 2022 | |||||||
Maturity Date | [3],[15],[16],[17],[18] | Apr. 19, 2026 | Apr. 19, 2026 | ||||||
Amortized Cost | [3],[7],[15],[16],[17],[18] | $ (19,656) | |||||||
Fair Value | [3],[4],[15],[16],[17],[18] | $ (30,000) | |||||||
% of Net Assets | [3],[15],[16],[17],[18] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 90,689,811 | [1],[5] | $ 86,530,720 | [3],[7] | |||||
Fair Value | $ 90,651,221 | [1],[2] | $ 85,401,792 | [3],[4] | |||||
% of Net Assets | 33% | [1] | 27.90% | [3] | 33% | [1] | 27.90% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp (fka PDFTron US Acquisition Corp.) 2022-1 Incremental Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 1.00% Interest Rate 10.82% Initial Acquisition Date 3/23/2022 Maturity Date 7/15/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[23] | 1M SOFR + 5.50% | |||||||
Reference Rate and Spread % | [1],[9],[10],[23] | 5.50% | 5.50% | ||||||
Floor | [1],[10],[23] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10],[23] | 10.82% | 10.82% | ||||||
Initial Acquisition Date | [1],[10],[23] | Mar. 23, 2022 | |||||||
Maturity Date | [1],[10],[23] | Jul. 15, 2027 | Jul. 15, 2027 | ||||||
Par/Shares | [1],[10],[23] | $ 12,846,625 | |||||||
Amortized Cost | [1],[5],[10],[23] | 12,649,942 | |||||||
Fair Value | [1],[2],[10],[23] | $ 12,751,560 | |||||||
% of Net Assets | [1],[10],[23] | 4.60% | 4.60% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp (fka PDFTron US Acquisition Corp.) 2023-1 Incremental Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Initial Acquisition Date 3/21/2023 Maturity Date 3/21/2025 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[12],[13],[14],[23] | 1M SOFR + 6.00% | |||||||
Reference Rate and Spread % | [1],[9],[11],[12],[13],[14],[23] | 6% | 6% | ||||||
Floor | [1],[11],[12],[13],[14],[23] | 1% | 1% | ||||||
Initial Acquisition Date | [1],[11],[12],[13],[14],[23] | Mar. 21, 2023 | |||||||
Maturity Date | [1],[11],[12],[13],[14],[23] | Mar. 21, 2025 | Mar. 21, 2025 | ||||||
Amortized Cost | [1],[5],[11],[12],[13],[14],[23] | $ 14,284 | |||||||
Fair Value | [1],[2],[11],[12],[13],[14],[23] | $ (12,025) | |||||||
% of Net Assets | [1],[11],[12],[13],[14],[23] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp (fka PDFTron US Acquisition Corp.) 2023-1 Incremental Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 11.32% Initial Acquisition Date 3/21/2023 Maturity Date 7/15/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[23] | 1M SOFR + 6.00% | |||||||
Reference Rate and Spread % | [1],[9],[23] | 6% | 6% | ||||||
Floor | [1],[23] | 1% | 1% | ||||||
Interest Rate | [1],[9],[23] | 11.32% | 11.32% | ||||||
Initial Acquisition Date | [1],[23] | Mar. 21, 2023 | |||||||
Maturity Date | [1],[23] | Jul. 15, 2027 | Jul. 15, 2027 | ||||||
Par/Shares | [1],[23] | $ 3,358,125 | |||||||
Amortized Cost | [1],[5],[23] | 3,296,290 | |||||||
Fair Value | [1],[2],[23] | $ 3,333,275 | |||||||
% of Net Assets | [1],[23] | 1.20% | 1.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Bullhorn, Inc. Amendment No. 1 Term Loan Reference Rate and Spread 3M LIBOR + 5.75% Floor 1.00% Interest Rate 10.48%Initial Acquisition Date 11/10/2022 Maturity Date 9/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20],[22] | 3M LIBOR + 5.75% | |||||||
Reference Rate and Spread % | [3],[8],[20],[22] | 5.75% | 5.75% | ||||||
Floor | [3],[20],[22] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20],[22] | 10.48% | 10.48% | ||||||
Initial Acquisition Date | [3],[20],[22] | Nov. 10, 2021 | |||||||
Maturity Date | [3],[20],[22] | Sep. 30, 2026 | Sep. 30, 2026 | ||||||
Par/Shares | [3],[20],[22] | $ 14,868,303 | |||||||
Amortized Cost | [3],[7],[20],[22] | 14,827,375 | |||||||
Fair Value | [3],[4],[20],[22] | $ 14,573,910 | |||||||
% of Net Assets | [3],[20],[22] | 4.80% | 4.80% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Bullhorn, Inc. Amendment No. 1 Term Loan Reference Rate and Spread 3M SOFR + 5.75% Floor 1.00% Interest Rate 11.24% Initial Acquisition Date 11/10/2021 Maturity Date 9/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[23] | 3M SOFR + 5.75% | |||||||
Reference Rate and Spread % | [1],[9],[10],[23] | 5.75% | 5.75% | ||||||
Floor | [1],[10],[23] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10],[23] | 11.24% | 11.24% | ||||||
Initial Acquisition Date | [1],[10],[23] | Nov. 10, 2021 | |||||||
Maturity Date | [1],[10],[23] | Sep. 30, 2026 | Sep. 30, 2026 | ||||||
Par/Shares | [1],[10],[23] | $ 14,753,984 | |||||||
Amortized Cost | [1],[5],[10],[23] | 14,724,672 | |||||||
Fair Value | [1],[2],[10],[23] | $ 14,597,591 | |||||||
% of Net Assets | [1],[10],[23] | 5.30% | 5.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries GS AcquisitionCo, Inc. Initial Term Loan Reference Rate and Spread 3M LIBOR + 5.75% Floor 1.00% Interest Rate 9.92% Initial Acquisition Date 11/3/2021 Maturity Date 5/25/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[18],[20],[24] | 3M LIBOR + 5.75% | |||||||
Reference Rate and Spread % | [3],[8],[18],[20],[24] | 5.75% | 5.75% | ||||||
Floor | [3],[18],[20],[24] | 1% | 1% | ||||||
Interest Rate | [3],[8],[18],[20],[24] | 9.92% | 9.92% | ||||||
Initial Acquisition Date | [3],[18],[20],[24] | Nov. 03, 2021 | |||||||
Maturity Date | [3],[18],[20],[24] | May 25, 2026 | May 25, 2026 | ||||||
Par/Shares | [3],[18],[20],[24] | $ 12,376,985 | |||||||
Amortized Cost | [3],[7],[18],[20],[24] | 12,346,485 | |||||||
Fair Value | [3],[4],[18],[20],[24] | $ 11,897,996 | |||||||
% of Net Assets | [3],[18],[20],[24] | 3.90% | 3.90% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries GS AcquisitionCo, Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 5.75% Floor 1.00% Interest Rate 11.29% Initial Acquisition Date 11/3/2021 Maturity Date 5/25/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[14] | 3M SOFR + 5.75% | |||||||
Reference Rate and Spread % | [1],[9],[10],[14] | 5.75% | 5.75% | ||||||
Floor | [1],[10],[14] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10],[14] | 11.29% | 11.29% | ||||||
Initial Acquisition Date | [1],[10],[14] | Nov. 03, 2021 | |||||||
Maturity Date | [1],[10],[14] | May 25, 2026 | May 25, 2026 | ||||||
Par/Shares | [1],[10],[14] | $ 12,281,505 | |||||||
Amortized Cost | [1],[5],[10],[14] | 12,258,524 | |||||||
Fair Value | [1],[2],[10],[14] | $ 12,055,526 | |||||||
% of Net Assets | [1],[10],[14] | 4.40% | 4.40% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Medallia, Inc. Initial Term Loan Reference Rate and Spread 1M LIBOR + 6.50% Floor 0.75% Interest Rate 10.46% (50% PIK) Initial Acquisition Date 10/29/2021 Maturity Date 10/29/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20],[24] | 1M LIBOR + 6.50% | |||||||
Reference Rate and Spread % | [3],[8],[20],[24] | 6.50% | 6.50% | ||||||
Floor | [3],[20],[24] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8],[20],[24] | 10.46% | 10.46% | ||||||
Interest Rate, PIK | [3],[8],[20],[24] | 50% | 50% | ||||||
Initial Acquisition Date | [3],[20],[24] | Oct. 29, 2021 | |||||||
Maturity Date | [3],[20],[24] | Oct. 29, 2028 | Oct. 29, 2028 | ||||||
Par/Shares | [3],[20],[24] | $ 24,331,673 | |||||||
Amortized Cost | [3],[7],[20],[24] | 23,967,363 | |||||||
Fair Value | [3],[4],[20],[24] | $ 23,845,040 | |||||||
% of Net Assets | [3],[20],[24] | 7.80% | 7.80% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Medallia, Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 0.75% Interest Rate 11.42% (50/50 Cash/PIK) Initial Acquisition Date 10/29/2021 Maturity Date 10/29/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[19] | 1M SOFR + 6.00% | |||||||
Reference Rate and Spread % | [1],[9],[10],[19] | 6% | 6% | ||||||
Floor | [1],[10],[19] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10],[19] | 11.42% | 11.42% | ||||||
Interest Rate, Cash | [1],[9],[10],[19] | 50% | 50% | ||||||
Interest Rate, PIK | [1],[9],[10],[19] | 50% | 50% | ||||||
Initial Acquisition Date | [1],[10],[19] | Oct. 29, 2021 | |||||||
Maturity Date | [1],[10],[19] | Oct. 29, 2028 | Oct. 29, 2028 | ||||||
Par/Shares | [1],[10],[19] | $ 25,409,669 | |||||||
Amortized Cost | [1],[5],[10],[19] | 25,079,179 | |||||||
Fair Value | [1],[2],[10],[19] | $ 25,254,670 | |||||||
% of Net Assets | [1],[10],[19] | 9.20% | 9.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries PDFTron US Acquisition Corp. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 1.00% Interest Rate 9.82% Initial Acquisition Date 8/16/2022 Maturity Date 8/16/2029Date 9/30/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20],[22] | 1M SOFR + 5.50% | |||||||
Reference Rate and Spread % | [3],[8],[20],[22] | 5.50% | 5.50% | ||||||
Floor | [3],[20],[22] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20],[22] | 9.82% | 9.82% | ||||||
Initial Acquisition Date | [3],[20],[22] | Mar. 23, 2022 | |||||||
Maturity Date | [3],[20],[22] | Jul. 15, 2027 | Jul. 15, 2027 | ||||||
Par/Shares | [3],[20],[22] | $ 12,977,047 | |||||||
Amortized Cost | [3],[7],[20],[22] | 12,745,286 | |||||||
Fair Value | [3],[4],[20],[22] | $ 12,934,223 | |||||||
% of Net Assets | [3],[20],[22] | 4.20% | 4.20% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries SailPoint Technologies Holdings Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 6.25% Floor 0.75% Interest Rate 10.58% Initial Acquisition Date 8/16/2022 Maturity Date 8/16/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8] | 1M SOFR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8] | 6.25% | 6.25% | ||||||
Floor | [3] | 0.75% | 0.75% | ||||||
Interest Rate | [3],[8] | 10.58% | 10.58% | ||||||
Initial Acquisition Date | [3] | Aug. 16, 2022 | |||||||
Maturity Date | [3] | Aug. 16, 2029 | Aug. 16, 2029 | ||||||
Par/Shares | [3] | $ 23,123,123 | |||||||
Amortized Cost | [3],[7] | 22,679,369 | |||||||
Fair Value | [3],[4] | $ 22,223,634 | |||||||
% of Net Assets | [3] | 7.30% | 7.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries SailPoint Technologies Holdings Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 6.25% Floor 0.75% Interest Rate 11.58% Initial Acquisition Date 8/16/2022 Maturity Date 8/16/2029 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 1M SOFR + 6.25% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 6.25% | 6.25% | ||||||
Floor | [1],[10] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10] | 11.58% | 11.58% | ||||||
Initial Acquisition Date | [1],[10] | Aug. 16, 2022 | |||||||
Maturity Date | [1],[10] | Aug. 16, 2029 | Aug. 16, 2029 | ||||||
Par/Shares | [1],[10] | $ 23,123,123 | |||||||
Amortized Cost | [1],[5],[10] | 22,725,973 | |||||||
Fair Value | [1],[2],[10] | $ 22,704,595 | |||||||
% of Net Assets | [1],[10] | 8.30% | 8.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries SailPoint Technologies Holdings Inc. Revolving Loan Reference Rate and Spread 1M SOFR + 6.25% Floor 0.75% Initial Acquisition Date 8/16/2022 Maturity Date 8/16/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | 1M SOFR + 6.25% | [1],[9],[11],[12],[13],[14] | 1M SOFR + 6.25% | [3],[8],[15],[16],[17],[18] | |||||
Reference Rate and Spread % | 6.25% | [1],[9],[11],[12],[13],[14] | 6.25% | [3],[8],[15],[16],[17],[18] | 6.25% | [1],[9],[11],[12],[13],[14] | 6.25% | [3],[8],[15],[16],[17],[18] | |
Floor | 0.75% | [1],[11],[12],[13],[14] | 0.75% | [3],[15],[16],[17],[18] | 0.75% | [1],[11],[12],[13],[14] | 0.75% | [3],[15],[16],[17],[18] | |
Initial Acquisition Date | Aug. 16, 2022 | [1],[11],[12],[13],[14] | Aug. 16, 2022 | [3],[15],[16],[17],[18] | |||||
Maturity Date | Aug. 16, 2028 | [1],[11],[12],[13],[14] | Aug. 16, 2028 | [3],[15],[16],[17],[18] | Aug. 16, 2028 | [1],[11],[12],[13],[14] | Aug. 16, 2028 | [3],[15],[16],[17],[18] | |
Amortized Cost | $ 30,485 | [1],[5],[11],[12],[13],[14] | $ (35,158) | [3],[7],[15],[16],[17],[18] | |||||
Fair Value | $ (33,971) | [1],[2],[11],[12],[13],[14] | $ (73,011) | [3],[4],[15],[16],[17],[18] | |||||
% of Net Assets | 0% | [1],[11],[12],[13],[14] | 0% | [3],[15],[16],[17],[18] | 0% | [1],[11],[12],[13],[14] | 0% | [3],[15],[16],[17],[18] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Insurance | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | [1],[5] | $ 28,570,129 | |||||||
Fair Value | [1],[2] | $ 28,413,711 | |||||||
% of Net Assets | [1] | 10.30% | 10.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 6.75% Floor 0.75% Interest Rate 12.24% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[26] | 3M SOFR + 6.75% | |||||||
Reference Rate and Spread % | [1],[9],[11],[26] | 6.75% | 6.75% | ||||||
Floor | [1],[11],[26] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[11],[26] | 12.24% | 12.24% | ||||||
Initial Acquisition Date | [1],[11],[26] | Mar. 08, 2023 | |||||||
Maturity Date | [1],[11],[26] | Oct. 29, 2028 | Oct. 29, 2028 | ||||||
Par/Shares | [1],[11],[26] | $ 9,296,847 | |||||||
Amortized Cost | [1],[5],[11],[26] | 9,234,240 | |||||||
Fair Value | [1],[2],[11],[26] | $ 9,049,550 | |||||||
% of Net Assets | [1],[11],[26] | 3.30% | 3.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Term Loan Reference Rate and Spread 3M SOFR + 6.75% Floor 0.75% Interest Rate 12.24% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/2028 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[26] | 3M SOFR + 6.75% | |||||||
Reference Rate and Spread % | [1],[9],[10],[26] | 6.75% | 6.75% | ||||||
Floor | [1],[10],[26] | 0.75% | 0.75% | ||||||
Interest Rate | [1],[9],[10],[26] | 12.24% | 12.24% | ||||||
Initial Acquisition Date | [1],[10],[26] | Mar. 08, 2023 | |||||||
Maturity Date | [1],[10],[26] | Oct. 29, 2028 | Oct. 29, 2028 | ||||||
Par/Shares | [1],[10],[26] | $ 19,893,324 | |||||||
Amortized Cost | [1],[5],[10],[26] | 19,335,889 | |||||||
Fair Value | [1],[2],[10],[26] | $ 19,364,161 | |||||||
% of Net Assets | [1],[10],[26] | 7% | 7% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Keystone Purchaser, LLC Term Loan Reference Rate and Spread 3M LIBOR/SOFR + 5.75% Floor 1.00% Interest Rate 11.56% Initial Acquisition Date 2/1/2022 Maturity Date 5/7/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10],[19] | 3M LIBOR/SOFR + 5.75% | |||||||
Reference Rate and Spread % | [1],[9],[10],[19] | 5.75% | 5.75% | ||||||
Floor | [1],[10],[19] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10],[19] | 11.56% | 11.56% | ||||||
Initial Acquisition Date | [1],[10],[19] | Feb. 01, 2022 | |||||||
Maturity Date | [1],[10],[19] | May 07, 2027 | May 07, 2027 | ||||||
Par/Shares | [1],[10],[19] | $ 21,138,458 | |||||||
Amortized Cost | [1],[5],[10],[19] | 20,833,991 | |||||||
Fair Value | [1],[2],[10],[19] | $ 20,605,769 | |||||||
% of Net Assets | [1],[10],[19] | 7.50% | 7.50% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 32,441,959 | [1],[5] | $ 53,680,098 | [3],[7] | |||||
Fair Value | $ 32,718,227 | [1],[2] | $ 53,706,865 | [3],[4] | |||||
% of Net Assets | 11.90% | [1] | 17.60% | [3] | 11.90% | [1] | 17.60% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance IEC Corporation Term Loan Reference Rate and Spread 3M LIBOR + 7.50% Floor 1.00% Interest Rate 12.23% Initial Acquisition Date 12/17/2021 Maturity Date 12/26/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 3M LIBOR + 7.50% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 7.50% | 7.50% | ||||||
Floor | [3],[20] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20] | 12.23% | 12.23% | ||||||
Initial Acquisition Date | [3],[20] | Dec. 17, 2021 | |||||||
Maturity Date | [3],[20] | Dec. 26, 2026 | Dec. 26, 2026 | ||||||
Par/Shares | [3],[20] | $ 26,317,069 | |||||||
Amortized Cost | [3],[7],[20] | 25,765,089 | |||||||
Fair Value | [3],[4],[20] | $ 25,593,350 | |||||||
% of Net Assets | [3],[20] | 8.40% | 8.40% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance Pansophic Learning Ltd. Senior Secured Term Loan Reference Rate and Spread 1M LIBOR + 7.25% Floor 1.00% Interest Rate 11.42% Initial Acquisition Date 3/25/2022 Maturity Date 3/25/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 1M LIBOR + 7.25% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 7.25% | 7.25% | ||||||
Floor | [3],[20] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20] | 11.42% | 11.42% | ||||||
Initial Acquisition Date | [3],[20] | Mar. 25, 2022 | |||||||
Maturity Date | [3],[20] | Mar. 25, 2027 | Mar. 25, 2027 | ||||||
Par/Shares | [3],[20] | $ 13,000,000 | |||||||
Amortized Cost | [3],[7],[20] | 12,862,785 | |||||||
Fair Value | [3],[4],[20] | $ 13,033,800 | |||||||
% of Net Assets | [3],[20] | 4.30% | 4.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance Pansophic Learning Ltd. Senior Secured Term Loan Reference Rate and Spread 1M SOFR + 7.25% Floor 1.00% Interest Rate 12.78% Initial Acquisition Date 3/25/2022 Maturity Date 3/25/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 1M SOFR + 7.25% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7.25% | 7.25% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 12.78% | 12.78% | ||||||
Initial Acquisition Date | [1],[10] | Mar. 25, 2022 | |||||||
Maturity Date | [1],[10] | Mar. 25, 2027 | Mar. 25, 2027 | ||||||
Par/Shares | [1],[10] | $ 13,000,000 | |||||||
Amortized Cost | [1],[5],[10] | 12,933,714 | |||||||
Fair Value | [1],[2],[10] | $ 13,000,000 | |||||||
% of Net Assets | [1],[10] | 4.70% | 4.70% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Initial Acquisition Date 12/27/2021 Maturity Date 12/27/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[16],[17],[18] | 1M SOFR + 6.00% | |||||||
Reference Rate and Spread % | [3],[8],[15],[16],[17],[18] | 6% | 6% | ||||||
Floor | [3],[15],[16],[17],[18] | 1% | 1% | ||||||
Initial Acquisition Date | [3],[15],[16],[17],[18] | Dec. 27, 2021 | |||||||
Maturity Date | [3],[15],[16],[17],[18] | Dec. 27, 2026 | Dec. 27, 2026 | ||||||
Amortized Cost | [3],[7],[15],[16],[17],[18] | $ (27,187) | |||||||
Fair Value | [3],[4],[15],[16],[17],[18] | $ (50,455) | |||||||
% of Net Assets | [3],[15],[16],[17],[18] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 11.43% Initial Acquisition Date 12/27/2021 Maturity Date 12/27/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11] | 1M SOFR + 6.00% | |||||||
Reference Rate and Spread % | [1],[9],[11] | 6% | 6% | ||||||
Floor | [1],[11] | 1% | 1% | ||||||
Interest Rate | [1],[9],[11] | 11.43% | 11.43% | ||||||
Initial Acquisition Date | [1],[11] | Dec. 27, 2021 | |||||||
Maturity Date | [1],[11] | Dec. 27, 2026 | Dec. 27, 2026 | ||||||
Par/Shares | [1],[11] | $ 4,534,136 | |||||||
Amortized Cost | [1],[5],[11] | 4,510,985 | |||||||
Fair Value | [1],[2],[11] | $ 4,534,136 | |||||||
% of Net Assets | [1],[11] | 1.60% | 1.60% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 10.44% Initial Acquisition Date 12/27/2021 Maturity Date 12/27/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 1M SOFR + 6.00% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 6% | 6% | ||||||
Floor | [3],[20] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20] | 10.44% | 10.44% | ||||||
Initial Acquisition Date | [3],[20] | Dec. 27, 2021 | |||||||
Maturity Date | [3],[20] | Dec. 27, 2026 | Dec. 27, 2026 | ||||||
Par/Shares | [3],[20] | $ 15,300,000 | |||||||
Amortized Cost | [3],[7],[20] | 15,079,411 | |||||||
Fair Value | [3],[4],[20] | $ 15,130,170 | |||||||
% of Net Assets | [3],[20] | 4.90% | 4.90% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 11.43% Initial Acquisition Date 12/27/2021 Maturity Date 12/27/2026 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 1M SOFR + 6.00% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 6% | 6% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [1],[9],[10] | 11.43% | 11.43% | ||||||
Initial Acquisition Date | [1],[10] | Dec. 27, 2021 | |||||||
Maturity Date | [1],[10] | Dec. 27, 2026 | Dec. 27, 2026 | ||||||
Par/Shares | [1],[10] | $ 15,184,091 | |||||||
Amortized Cost | [1],[5],[10] | 14,997,260 | |||||||
Fair Value | [1],[2],[10] | $ 15,184,091 | |||||||
% of Net Assets | [1],[10] | 5.50% | 5.50% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 20,833,991 | [1],[5] | $ 20,963,123 | [3],[7] | |||||
Fair Value | $ 20,605,769 | [1],[2] | $ 20,953,208 | [3],[4] | |||||
% of Net Assets | 7.50% | [1] | 6.80% | [3] | 7.50% | [1] | 6.80% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Keystone Purchaser, LLC Term Loan Reference Rate and Spread 3M LIBOR + 5.50% Floor 1.00% Interest Rate 9.70% Initial Acquisition Date 2/1/2022 Maturity Date 5/7/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20],[24] | 3M LIBOR + 5.50% | |||||||
Reference Rate and Spread % | [3],[8],[20],[24] | 5.50% | 5.50% | ||||||
Floor | [3],[20],[24] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20],[24] | 9.70% | 9.70% | ||||||
Initial Acquisition Date | [3],[20],[24] | Feb. 01, 2022 | |||||||
Maturity Date | [3],[20],[24] | May 07, 2027 | May 07, 2027 | ||||||
Par/Shares | [3],[20],[24] | $ 21,300,404 | |||||||
Amortized Cost | [3],[7],[20],[24] | 20,963,123 | |||||||
Fair Value | [3],[4],[20],[24] | $ 20,953,208 | |||||||
% of Net Assets | [3],[20],[24] | 6.80% | 6.80% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 17,017,794 | [1],[5] | $ 18,428,729 | [3],[7] | |||||
Fair Value | $ 15,732,364 | [1],[2] | $ 17,381,596 | [3],[4] | |||||
% of Net Assets | 5.70% | [1] | 5.70% | [3] | 5.70% | [1] | 5.70% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC (formerly, WSP Midco LLC) Initial Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 1.00% Interest Rate 12.42% (0.75% PIK) Initial Acquisition Date 10/1/2021 Maturity Date 4/27/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[10] | 1M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [1],[9],[10] | 7% | 7% | ||||||
Floor | [1],[10] | 1% | 1% | ||||||
Interest Rate | [3],[9],[20] | 12.42% | 12.42% | ||||||
Interest Rate, PIK | [3],[8],[20] | 0.75% | 0.75% | ||||||
Initial Acquisition Date | [1],[10] | Oct. 01, 2021 | |||||||
Maturity Date | [1],[10] | Apr. 27, 2027 | Apr. 27, 2027 | ||||||
Par/Shares | [1],[10] | $ 17,272,836 | |||||||
Amortized Cost | [1],[5],[10] | 17,028,696 | |||||||
Fair Value | [1],[2],[10] | $ 15,804,645 | |||||||
% of Net Assets | [1],[10] | 5.70% | 5.70% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC (formerly, WSP Midco LLC) Revolving Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [1],[9],[11],[12],[13],[14] | 1M SOFR + 7.00% | |||||||
Reference Rate and Spread % | [1],[9],[11],[12],[13],[14] | 7% | 7% | ||||||
Floor | [1],[11],[12],[13],[14] | 1% | 1% | ||||||
Initial Acquisition Date | [1],[11],[12],[13],[14] | Oct. 01, 2021 | |||||||
Maturity Date | [1],[11],[12],[13],[14] | Apr. 27, 2027 | Apr. 27, 2027 | ||||||
Amortized Cost | [1],[5],[11],[12],[13],[14] | $ 10,902 | |||||||
Fair Value | [1],[2],[11],[12],[13],[14] | $ (72,281) | |||||||
% of Net Assets | [1],[11],[12],[13],[14] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale WSP Midco LLC Delayed Draw Term Loan Reference Rate and Spread 1M LIBOR + 6.25% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[16],[17],[18] | 1M LIBOR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8],[15],[16],[17],[18] | 6.25% | 6.25% | ||||||
Floor | [3],[15],[16],[17],[18] | 1% | 1% | ||||||
Initial Acquisition Date | [3],[15],[16],[17],[18] | Oct. 01, 2021 | |||||||
Maturity Date | [3],[15],[16],[17],[18] | Apr. 27, 2027 | Apr. 27, 2027 | ||||||
Amortized Cost | [3],[7],[15],[16],[17],[18] | $ (13,925) | |||||||
Fair Value | [3],[4],[15],[16],[17],[18] | $ (204,088) | |||||||
% of Net Assets | [3],[15],[16],[17],[18] | (0.10%) | (0.10%) | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale WSP Midco LLC Initial Term Loan Reference Rate and Spread 1M LIBOR + 6.25% Floor 1.00% Interest Rate 10.63% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[20] | 1M LIBOR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8],[20] | 6.25% | 6.25% | ||||||
Floor | [3],[20] | 1% | 1% | ||||||
Interest Rate | [3],[8],[20] | 10.63% | 10.63% | ||||||
Initial Acquisition Date | [3],[20] | Oct. 01, 2021 | |||||||
Maturity Date | [3],[20] | Apr. 27, 2027 | Apr. 27, 2027 | ||||||
Par/Shares | [3],[20] | $ 18,762,453 | |||||||
Amortized Cost | [3],[7],[20] | 18,455,841 | |||||||
Fair Value | [3],[4],[20] | $ 17,636,705 | |||||||
% of Net Assets | [3],[20] | 5.80% | 5.80% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale WSP Midco LLC Revolving Loan Reference Rate and Spread 1M LIBOR + 6.25% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/2027 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Reference Rate and Spread | [3],[8],[15],[16],[17],[18] | 1M LIBOR + 6.25% | |||||||
Reference Rate and Spread % | [3],[8],[15],[16],[17],[18] | 6.25% | 6.25% | ||||||
Floor | [3],[15],[16],[17],[18] | 1% | 1% | ||||||
Initial Acquisition Date | [3],[15],[16],[17],[18] | Oct. 01, 2021 | |||||||
Maturity Date | [3],[15],[16],[17],[18] | Apr. 27, 2027 | Apr. 27, 2027 | ||||||
Amortized Cost | [3],[7],[15],[16],[17],[18] | $ (13,187) | |||||||
Fair Value | [3],[4],[15],[16],[17],[18] | $ (51,021) | |||||||
% of Net Assets | [3],[15],[16],[17],[18] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 9,556,145 | [1],[5] | $ 9,182,145 | [3],[7] | |||||
Fair Value | $ 7,352,667 | [1],[2] | $ 8,588,300 | [3],[4] | |||||
% of Net Assets | 2.70% | [1] | 2.80% | [3] | 2.70% | [1] | 2.80% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Business Services | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 2,479,662 | [1],[5] | $ 2,479,662 | [3],[7] | |||||
Fair Value | $ 2,760,526 | [1],[2] | $ 2,442,799 | [3],[4] | |||||
% of Net Assets | 1% | [1] | 0.80% | [3] | 1% | [1] | 0.80% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Business Services KeyData Associates Inc. Common Equity Initial Acquisition Date 10/1/2021 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Initial Acquisition Date | Oct. 01, 2021 | [1],[23] | Oct. 01, 2021 | [3],[22] | |||||
Par/Shares | shares | 1,250,000 | [23] | 1,250,000 | [3],[22] | 1,250,000 | [23] | 1,250,000 | [3],[22] | |
Amortized Cost | $ 979,662 | [1],[5],[23] | $ 979,662 | [3],[7],[22] | |||||
Fair Value | $ 1,200,376 | [1],[2],[23] | $ 942,799 | [3],[4],[22] | |||||
% of Net Assets | 0.40% | [1],[23] | 0.30% | [3],[22] | 0.40% | [1],[23] | 0.30% | [3],[22] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Business Services Milestone Technologies, Inc. (Maverick Acquisition Holdings, LP) Common Equity Initial Acquisition Date 12/7/2022 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Initial Acquisition Date | Dec. 07, 2022 | [1] | Dec. 07, 2022 | [3] | |||||
Par/Shares | shares | 1,500,000 | 1,500,000 | [3] | 1,500,000 | 1,500,000 | [3] | |||
Amortized Cost | $ 1,500,000 | [1],[5] | $ 1,500,000 | [3],[7] | |||||
Fair Value | $ 1,560,150 | [1],[2] | $ 1,500,000 | [3],[4] | |||||
% of Net Assets | 0.60% | [1] | 0.50% | [3] | 0.60% | [1] | 0.50% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Consumer Goods: Non-durable | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 3,102,483 | [1],[5] | $ 3,102,483 | [3],[7] | |||||
Fair Value | $ 3,292,585 | [1],[2] | $ 2,929,515 | [3],[4] | |||||
% of Net Assets | 1.20% | [1] | 1% | [3] | 1.20% | [1] | 1% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Consumer Goods: Non-durable Connect America.com, LLC Common Equity Initial Acquisition Date 12/15/2022 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Initial Acquisition Date | Dec. 15, 2022 | [1],[27] | Dec. 15, 2022 | [3],[28] | |||||
Par/Shares | shares | 23,825 | [27] | 23,825 | [3],[28] | 23,825 | [27] | 23,825 | [3],[28] | |
Amortized Cost | $ 3,102,483 | [1],[5],[27] | $ 3,102,483 | [3],[7],[28] | |||||
Fair Value | $ 3,292,585 | [1],[2],[27] | $ 2,929,515 | [3],[4],[28] | |||||
% of Net Assets | 1.20% | [1],[27] | 1% | [3],[28] | 1.20% | [1],[27] | 1% | [3],[28] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Sovereign & Public Finance | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 200,000 | [1],[5] | $ 200,000 | [3],[7] | |||||
Fair Value | $ 334,806 | [1],[2] | $ 241,836 | [3],[4] | |||||
% of Net Assets | 0.10% | [1] | 0.10% | [3] | 0.10% | [1] | 0.10% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Sovereign & Public Finance S4T Holdings Corp. (Vistria ESS Holdings, LLC) Equity Units Initial Acquisition Date 12/27/2021 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Initial Acquisition Date | Dec. 27, 2021 | [1] | Dec. 27, 2021 | [3] | |||||
Par/Shares | shares | 200 | 200 | [3] | 200 | 200 | [3] | |||
Amortized Cost | $ 200,000 | [1],[5] | $ 200,000 | [3],[7] | |||||
Fair Value | $ 334,806 | [1],[2] | $ 241,836 | [3],[4] | |||||
% of Net Assets | 0.10% | [1] | 0.10% | [3] | 0.10% | [1] | 0.10% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Wholesale | |||||||||
Schedule of Investments [Line Items] | |||||||||
Amortized Cost | $ 3,774,000 | [1],[5] | $ 3,400,000 | [3],[7] | |||||
Fair Value | $ 964,750 | [1],[2] | $ 2,974,150 | [3],[4] | |||||
% of Net Assets | 0.40% | [1] | 1% | [3] | 0.40% | [1] | 1% | [3] | |
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC (formerly, WSP Holdco LLC) Class A Common Units Initial Acquisition Date 10/1/2021 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Initial Acquisition Date | [1],[29] | Oct. 01, 2021 | |||||||
Par/Shares | shares | [29] | 3,400 | 3,400 | ||||||
Amortized Cost | [1],[5],[29] | $ 3,400,000 | |||||||
Fair Value | [1],[2],[29] | $ 29,750 | |||||||
% of Net Assets | [1],[29] | 0% | 0% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC (formerly, WSP Holdco LLC) Series P Units Initial Acquisition Date 5/15/2023 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Initial Acquisition Date | [1] | May 15, 2023 | |||||||
Par/Shares | shares | 374 | 374 | |||||||
Amortized Cost | [1],[5] | $ 374,000 | |||||||
Fair Value | [1],[2] | $ 935,000 | |||||||
% of Net Assets | [1] | 0.30% | 0.30% | ||||||
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Wholesale Wholesale Supplies Plus Holdings, LLC Class A Common Units Initial Acquisition Date 10/1/2021 | |||||||||
Schedule of Investments [Line Items] | |||||||||
Initial Acquisition Date | [3],[30] | Oct. 01, 2021 | |||||||
Par/Shares | shares | [3],[30] | 3,400 | 3,400 | ||||||
Amortized Cost | [3],[7],[30] | $ 3,400,000 | |||||||
Fair Value | [3],[4],[30] | $ 2,974,150 | |||||||
% of Net Assets | [3],[30] | 1% | 1% | ||||||
Investment, Identifier [Axis]: Project Cloud Holdings, LLC Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | $ 1,525,424 | ||||||||
Funded Commitment | 1,525,424 | ||||||||
Investment, Identifier [Axis]: Project Cloud Holdings, LLC Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 1,220,338 | ||||||||
Funded Commitment | 1,220,338 | ||||||||
Investment, Identifier [Axis]: S4T Holdings Corp. Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 4,545,455 | $ 4,545,455 | |||||||
Funded Commitment | 4,545,455 | ||||||||
Unfunded Commitment | 4,545,455 | ||||||||
Investment, Identifier [Axis]: SailPoint Technologies Holdings Inc. Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 1,876,877 | 1,876,877 | |||||||
Unfunded Commitment | 1,876,877 | 1,876,877 | |||||||
Investment, Identifier [Axis]: Spark DSO, LLC Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 2,500,000 | 2,500,000 | |||||||
Funded Commitment | 562,770 | ||||||||
Expired Commitment | 625,000 | ||||||||
Unfunded Commitment | 1,312,230 | 2,500,000 | |||||||
Investment, Identifier [Axis]: Steele Solutions, Inc Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 1,935,484 | ||||||||
Unfunded Commitment | 1,935,484 | ||||||||
Investment, Identifier [Axis]: Steele Solutions, Inc. Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 3,225,806 | 3,225,806 | |||||||
Expired Commitment | 1,612,903 | 1,612,903 | |||||||
Unfunded Commitment | 1,612,903 | 1,612,903 | |||||||
Investment, Identifier [Axis]: Steele Solutions, Inc. Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 1,935,484 | ||||||||
Unfunded Commitment | 1,935,484 | ||||||||
Investment, Identifier [Axis]: Total Commitment | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 76,433,117 | 60,042,359 | |||||||
Investment, Identifier [Axis]: Total Net Assets | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Net Assets | $ 275,015,411 | [1],[2] | $ 305,912,779 | [3],[4] | |||||
Net assets, Percentage | 100% | [1] | 100% | [3] | 100% | [1] | 100% | [3] | |
Investment, Identifier [Axis]: Unfunded Commitment | |||||||||
Schedule of Investments [Line Items] | |||||||||
Unfunded Commitment | $ 19,760,146 | $ 46,529,239 | |||||||
Investment, Identifier [Axis]: WSP Midco LLC Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 3,401,460 | ||||||||
Unfunded Commitment | 3,401,460 | ||||||||
Investment, Identifier [Axis]: WSP Midco LLC Type Revolver | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 850,365 | ||||||||
Unfunded Commitment | 850,365 | ||||||||
Investment, Identifier [Axis]: Zips Car Wash, LLC Type Delayed Draw Term Loan | |||||||||
Schedule of Investments [Line Items] | |||||||||
Total Commitment | 25,000,000 | 25,000,000 | |||||||
Funded Commitment | 9,765,625 | 9,765,625 | |||||||
Expired Commitment | $ 15,234,375 | ||||||||
Unfunded Commitment | $ 15,234,375 | ||||||||
[1] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted as Canadian dollar ("CAD"). Unless otherwise noted, the fair value of the Company’s investments is determined using significant unobservable inputs (classified as Level 3 within the fair value hierarchy) by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company's board of trustees (the "Board"). Although the Board designated the Adviser as "valuation designee," the Board ultimately is responsible for fair value determinations under the 1940 Act. (See Note 2 to the consolidated financial statements). All of the Company’s investments are issued by eligible portfolio companies, as defined in the 1940 Act, unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted as Canadian dollar ("CAD"). Unless otherwise noted, the fair value of the Company’s investments is determined using significant unobservable inputs (classified as Level 3 within the fair value hierarchy) by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as "valuation designee," the Board ultimately is responsible for fair value determinations under the 1940 Act. (See Note 2 to the consolidated financial statements). The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, using the effective interest method. As of December 31, 2022, the estimated cost basis of investments for U.S. federal tax purposes was $ 510,803,850 , resulting in gross unrealized appreciation and depreciation of $ 1,070,929 and $ 6,932,186 , respectively. The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, using the effective interest method. Represents the interest rate in effect as of the reporting date and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to LIBOR or SOFR or CDOR or alternative base rate (commonly known as Prime, unless otherwise noted), which reset periodically based on the terms of the loan agreement. As of December 31, 2022, the 1-Month LIBOR or “1M LIBOR” was 4.39 %, the 3-Month LIBOR or “3M LIBOR” was 4.77 %, the 6-Month LIBOR or “6M LIBOR” was 5.14 %, the 1-Month SOFR or “1M SOFR” was 4.36 %, the 3-Month SOFR or “3M SOFR” was 4.59 %, the 6-Month SOFR or “6M SOFR” was 4.78 %, the 1-Month CDOR or "1M CDOR" was 4.74 % and the Prime was 7.50 %. Represents the interest rate in effect as of the reporting date and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or Canadian Dollar Offered Rate (“CDOR” or “C”) or alternative base rate (commonly known as the U.S. Prime Rate (“Prime” or “P”), unless otherwise noted), which reset periodically based on the terms of the loan agreement. As of September 30, 2023 , the 1-Month LIBOR or “1M LIBOR” was 5.43%, the 3-Month LIBOR or “3M LIBOR” was 5.66%, the 6-Month LIBOR or “6M LIBOR” was 5.90%, the 1-Month SOFR or “1M SOFR” was 5.32 %, the 3-Month SOFR or “3M SOFR” was 5.40 %, the 6-Month SOFR or “6M SOFR” was 5.47 %, the 1-Month CDOR or "1M CDOR" was 5.39 % and the Prime was 8.50 %. Security, or a portion thereof, is held through Onex Falcon Direct Lending BDC SPV LLC, a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the Société Générale debt facility. As of September 30, 2023 , the Company had the following commitments to fund various revolving and delayed draw term loans. Such commitments are subject to certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. The maturity date disclosed represents the commitment period of the unfunded term loan or revolver. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and/or unused fee rate. As of December 31, 2022, the Company had the following commitments to fund various revolving and delayed draw term loans. Such commitments are subject to certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. The maturity date disclosed represents the commitment period of the unfunded term loan or revolver. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and/or unused fee rate. The stated interest rate represents the weighted average interest rate of all contracts. Security, or a portion thereof, is held through Onex Falcon Direct Lending BDC SPV LLC, a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the Société Générale debt facility. Level 2 investment. This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70 % of total assets. Non-qualifying assets represented 7.4 % of total assets as of December 31, 2022. This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70 % of total assets. Non-qualifying assets represented 7.7 % of total assets as of September 30, 2023 . The stated interest rate represents the weighted average interest rate of all contracts. Level 2 investment. Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. See “Note 3. Related Party Transactions.” Security is held through Connect America OFDL BDC Holdings, LLC, a wholly-owned subsidiary. Security is held through Connect America OFDL BDC Holdings, LLC, a wholly-owned subsidiary. Security is held through Onex Falcon Direct Lending BDC Blocker LLC, a wholly-owned blocker subsidiary. Security is held through Onex Falcon Direct Lending BDC Blocker LLC, a wholly-owned blocker subsidiary. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Qualifying assets minimum percentage of total assets | 70% | 70% |
Non-qualifying Assets Percentage of Assets | 7.70% | 7.40% |
Estimated cost basis of investments for U.S. federal tax purposes | $ 510,803,850 | |
Gross unrealized appreciation | 1,070,929 | |
Gross unrealized depreciation | $ 6,932,186 | |
1-Month LIBOR | ||
Schedule of Investments [Line Items] | ||
Reference Rate and Spread % | 4.39% | |
3-Month LIBOR | ||
Schedule of Investments [Line Items] | ||
Reference Rate and Spread % | 4.77% | |
6-Month LIBOR | ||
Schedule of Investments [Line Items] | ||
Reference Rate and Spread % | 5.14% | |
1-Month SOFR | ||
Schedule of Investments [Line Items] | ||
Reference Rate and Spread % | 5.32% | 4.36% |
3-Month SOFR | ||
Schedule of Investments [Line Items] | ||
Reference Rate and Spread % | 5.40% | 4.59% |
6-Month SOFR | ||
Schedule of Investments [Line Items] | ||
Reference Rate and Spread % | 5.47% | 4.78% |
1-Month CDOR | ||
Schedule of Investments [Line Items] | ||
Reference Rate and Spread % | 5.39% | 4.74% |
Prime | ||
Schedule of Investments [Line Items] | ||
Reference Rate and Spread % | 8.50% | 7.50% |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 6,735,760 | $ 4,827,031 | $ 21,294,812 | $ 8,667,545 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 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 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization Onex Falcon Direct Lending BDC Fund (the “Company”, “we”, “us”, or “our”), a Delaware statutory trust formed on April 27, 2021, is a non-diversified, closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the 1940 Act. The Company also elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company commenced operations on October 1, 2021. On August 25, 2021, the Company formed a wholly-owned blocker entity, Onex Falcon Direct Lending BDC Blocker LLC (the “OFDL Blocker”), which holds certain of the Company’s portfolio equity investments. On September 21, 2021, the Company formed a wholly-owned, special-purpose, bankruptcy-remote subsidiary, Onex Falcon Direct Lending BDC SPV, LLC (the “OFDL SPV”), which holds certain of the Company’s portfolio loan investments that are used as collateral for the debt financing facility provided by Société Générale. On December 13, 2022, the Company formed a wholly-owned entity, Connect America OFDL BDC Holdings, LLC (the “OFDL Holdings”), which holds certain of the Company's portfolio equity investments. The Company is managed by Onex Falcon Investment Advisors, LLC, (the “Adviser”). The Adviser, subject to the overall supervision of the Board provides investment advisory services to the Company. The Adviser also provides administrative services necessary for the Company to operate. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company invests primarily in senior and subordinated debt and, to a lesser extent, equity including warrants, options, and convertible instruments, of middle market companies. The Company’s fiscal year ends on December 31. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These unaudited consolidated financial statements (“consolidated financial statements”) reflect adjustments that in the opinion of the Company are necessary for the fair presentation of the financial position and results of operations as of and for the periods presented herein and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Form 10-K for the year ended December 31, 2022, as filed with the SEC. The Company is considered an investment company under U.S. GAAP and therefore applies the accounting and reporting guidance applicable to investment companies. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material. Consolidation In accordance with U.S. GAAP guidance on consolidation, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, OFDL SPV, OFDL Blocker and OFDL Holdings, in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Segments In accordance with U.S. GAAP guidance on segment reporting, the Company has determined that its operations comprise a single reporting segment. Cash and Cash Equivalents and Restricted Cash Cash consists of deposits held at a custodian bank. Cash equivalents consists of money market investments. Restricted cash consists of deposits pledged as collateral. Cash, cash equivalents and restricted cash are held at major financial institutions and, at times, may exceed the insured limits under applicable law. Investments Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized. Valuation Procedures The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as “valuation designee,” the Board ultimately is responsible for fair value determinations under the 1940 Act. Investments for which market quotations are readily available are valued at such market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities for which market quotations are not readily available or are deemed not to represent fair value, are valued at fair value as determined in good faith by the Adviser, in accordance with a valuation policy approved by the Board and a consistently applied valuation process. Accordingly, such investments go through the Company’s multi-step valuation process as described below. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of the Adviser, does not represent fair value. The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the Adviser's investment professionals that are responsible for the portfolio investment; • Preliminary valuation conclusions are then documented and discussed with the Adviser's senior investment team; • At least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm. In each case, the Company’s independent third party valuation firm considers observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments; and • The Adviser then reviews the valuations and determines the fair value of each investment. As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not limited to (i) market quotations for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisals, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in any liquidation or restructuring. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences 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 gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Financial Accounting Standards Board Accounting Standards Codification Topic 820: Fair Value Measurements and Disclosures (“ASC 820”) specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. The Company classifies the inputs used to measure fair values into the following hierarchy: • Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible to the Company at the measurement date. • Level 2—Valuations are based on similar assets or liabilities in active markets, or quoted prices identical or similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable. • Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuation techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation. 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 observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position. 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. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Revenue Recognition 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. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. Accrued interest is generally reversed when a loan is placed on non-accrual status. Payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the outstanding principal and interest. Non-accrual loans may be restored to accrual status when past due principal and interest is paid current and are likely to remain current based on management’s judgment. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Loan origination fees, original issue discount and market discount are capitalized, and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Payment-in-Kind Interest Payment-in-kind (“PIK”) interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income and generally becomes due at maturity. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected the cash. Deferred Financing Costs Origination and other expenses related to the Company’s revolving credit facility are recorded as deferred financing costs and amortized as part of interest expense using the straight-line method over the stated life of the debt instrument. Organization and Offering Costs Organization costs include, among other things, the cost of incorporating, including the cost of legal services, printing, consulting services and other fees pertaining to the Company’s organization. Costs associated with the organization of the Company are expensed as incurred. Offering costs include legal expenses related to the preparation of the Company’s private placement memorandum in connection with the Company's offering of common shares. Offering costs are capitalized as deferred offering expenses and are amortized over twelve months from incurrence. Earnings per Share Basic earnings per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in the same manner, with further adjustments to reflect the dilutive effect of common share equivalents outstanding. Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as distributions. Rather, any tax liability related to income earned and distributed would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90 % of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. In addition, based on the excise tax distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gains in excess of capital losses (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. For this purpose, however, any net ordinary income or capital gains retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4 % nondeductible U.S. federal excise tax on this income. The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s consolidated financial statements. The Company’s major tax jurisdictions are U.S. federal, New York State, and foreign jurisdictions where the Company makes significant investments. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. Distributions to Common Shareholders Distributions to the Company’s shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and is generally based upon earnings estimated by the Adviser. Net realized capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains. The Company has adopted an “opt out” distribution reinvestment plan (“DRP”) for its shareholders. As a result, if the Company makes a cash distribution, its shareholders will have their cash distributions reinvested in additional shares of the Company including fractional shares as necessary, unless they specifically “opt out” of the DRP to receive the distribution in cash. Under the DRP, cash distributions to participating shareholders will be reinvested in additional shares of the Company at a purchase price equal to the net asset value per share as of the last day of the calendar quarter immediately preceding the date such distribution was declared. The Company may distribute taxable distributions that are payable in cash or shares at the election of each shareholder. Under certain applicable provisions of the Code and the U.S. Treasury regulations, distributions payable in cash or in common shares at the election of shareholders are treated as taxable distributions. As a result, a U.S. shareholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. shareholder sells the shares it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of the Company’s shares at the time of the sale. Furthermore, with respect to non-U.S. shareholders, the Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in shares. Foreign Currency Translation Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) all assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments, borrowings and repayments of such borrowings, and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments. Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3. Related Party Transactions Administration Agreement Pursuant to an agreement between the Company and the Adviser effective September 16, 2021 (the “Administration Agreement”), the Adviser performs, oversees, or arranges for, the performance of administrative and compliance services necessary for the operations of the Company, which includes office facilities, equipment, bookkeeping and recordkeeping services and such other services as the Adviser, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Under the Administration Agreement, the Adviser also provides managerial assistance on the Company’s behalf to those companies that have accepted the Company’s offer to provide such assistance. In addition, pursuant to the Administration Agreement, the Adviser may pay third-party providers of goods or services and the Company will pay or reimburse the Adviser for certain expenses incurred by any such third parties for work done on its behalf. The Company reimburses the Adviser for the allocable portion of the Adviser’s overhead and other expenses incurred by the Adviser and requested to be reimbursed by the Adviser in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staffs. In addition, if requested to provide significant managerial assistance to our portfolio companies, the Adviser is paid an additional amount based on the services provided, which shall not exceed the amount the Company receives from such companies for providing this assistance. No person who is an officer, trustee or employee of the Adviser or its affiliates and who serves as a trustee of the Company receives any compensation from the Company for his or her services as a trustee. For the three months ended September 30, 2023 and 2022, the Company incurred administrative fees of $ 0.3 million and $ 0.4 million , respectively. For the nine months ended September 30, 2023 and 2022, the Company incurred administrative fees of $ 0.8 million and $ 0.9 million , respectively. Investment Advisory Agreement The Adviser serves as the Company’s investment adviser pursuant to an investment advisory agreement between the Company and the Adviser effective September 16, 2021, as amended and restated on August 9, 2023 (the “Investment Advisory Agreement”). Pursuant to the Investment Advisory Agreement, the Adviser provides overall investment advisory services for the Company and in accordance with the terms of the Investment Advisory Agreement and the Company’s investment objective, policies and restrictions as in effect from time to time: determines the composition of the Company’s portfolio, the nature and timing of the changes to, the portfolio and the manner of implementing such changes; identifies investment opportunities and makes investment decisions for the Company; monitors investments; performs due diligence on prospective portfolio companies; exercises voting rights in respect of portfolio securities and other investments; serve on, and exercise observer rights for, boards of directors and similar committees of the Company’s portfolio companies; negotiates, obtains and manages financing facilities and other forms of leverage; and provides the Company with such other investment advisory and related services as the Company may, from time to time, reasonably require for the investment of capital. The Investment Advisory Agreement was in effect for a period of two years from its effective date and will remain in effect from year-to-year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company’s Board who are not parties to the Investment Advisory Agreement or “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice and, in certain circumstances, upon 120 days’ written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Adviser. Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and a performance-based incentive fee. Prior to July 1, 2023, the base management fee was payable quarterly in arrears at an annual rate of 1.25 % of the Company’s total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. Beginning on July 1, 2023, the base management fee is payable quarterly in arrears at an annual rate of 1.25 % of the Company’s net assets as of the end of the most recently completed calendar quarter; provided that the base management fee shall not be greater than 1.25 % of the Company’s total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. For the three months ended September 30, 2023 and 2022, management fees were $ 0.9 million and $ 1.4 million , respectively. For the nine months ended September 30, 2023 and 2022, management fees were $ 4.2 million and $ 3.8 million , respectively. The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on the Company’s income (such fee referred to herein as the “Subordinated Incentive Fee on Income”) and a portion is based on the Company’s capital gains (such fee referred to herein as the “Incentive Fee on Capital Gains”) , each as described below. (1) Subordinated Incentive Fee on Income The Subordinated Incentive Fee on Income will be determined and paid quarterly in arrears based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Preferred Return Amount (as defined below) in respect of the Trailing Twelve Quarters. For the purposes of the Subordinated Incentive Fee on Income calculations, each calendar quarter comprising the relevant Trailing Twelve Quarters that commenced prior to October 1, 2023 shall be known as a “Legacy Fee Quarter” while a calendar quarter that commenced on or after October 1, 2023 shall be known as a “Current Fee Quarter.” The Preferred Return Amount will be determined on a quarterly basis, and will be calculated by multiplying 1.75% by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Preferred Return Amount will be calculated after making appropriate adjustments to the Company’s NAV at the beginning of each applicable calendar quarter for Company subscriptions and distributions during the applicable calendar quarter. The amount of the Subordinated Incentive Fee on Income that will be paid to the Adviser for a particular quarter will equal the excess of the Subordinated Incentive Fee on Income so calculated less the aggregate Subordinated Incentive Fees on Income that were paid to the Adviser and/or earned, but waived, by the Adviser, in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) (the “Ordinary Income”) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Management Fee, administration expenses and any interest expense and distributions paid on any issued and outstanding preferred shares, but excluding the Subordinated Incentive Fee on Income and the Incentive Fee on Capital Gains). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. “Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period. Prior to October 1, 2023, the calculation of the Subordinated Incentive Fee on Income for each quarter is as follows: (A) No Subordinated Incentive Fee on Income shall be payable to the Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Preferred Return Amount; (B) 100 % of the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.0588% by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 15.0 % on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.0588% per quarter (8.24% annualized) during the Trailing Twelve Quarters; and (C) For any quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Subordinated Incentive Fee on Income shall equal 15.0 % of the amount of the Company’s Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Preferred Return Amount and Catch-Up Amount will have been achieved. Beginning on October 1, 2023, the calculation of the Subordinated Incentive Fee on Income for each quarter is as follows: (A) No Subordinated Incentive Fee on Income shall be payable to the Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Preferred Return Amount; (B) 100 % of the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying (i) 2.0588% by the Company’s NAV at the beginning of each applicable Legacy Fee Quarter comprising the relevant Trailing Twelve Quarters, or (ii) 2.0% by the Company’s NAV at the beginning of each applicable Current Fee Quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 15.0 %, with respect to each Legacy Fee Quarter, and 12.5%, with respect to each Current Fee Quarter, on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.0588% or 2.0% (8.24% or 8.0% annualized, respectively), as applicable, during the Trailing Twelve Quarters; and (C) For any quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Subordinated Incentive Fee on Income shall equal 15.0 % for each Legacy Fee Quarter and 12.5 % for each Current Fee Quarter of the amount of the Company’s Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Preferred Return Amount and Catch-Up Amount will have been achieved, provided, however, that the Subordinated Incentive Fee on Income for any quarter shall not be greater than 15.0 % or 12.5 %, as applicable, of the amount of the Company’s current quarter’s Pre-Incentive Fee Net Investment Income. The Subordinated Incentive Fee on Income is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 15.0 % of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Legacy Fee Quarters included in the relevant Trailing Twelve Quarters and 12.5 % of the cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Current Fee Quarters included in the relevant Trailing Twelve Quarters less (b) the aggregate Subordinated Incentive Fees on Income that were paid to the Adviser and/or earned, but waived, by the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company shall pay no Subordinated Incentive Fee on Income to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Subordinated Incentive Fee on Income calculated in accordance with the above, the Company shall pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Subordinated Incentive Fee on Income calculated in accordance with the above, the Company shall pay the Adviser the Subordinated Incentive Fee on Income for such quarter. (2) Incentive Fee on Capital Gains The Incentive Fee on Capital Gains shall be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). This fee shall equal 15.0 % prior to October 1, 2023 and 12.5 % beginning October 1, 2023 of the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Adviser. The aggregate unrealized capital depreciation of the Company shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment. For accounting purposes only, the Company accrues, but does not pay, a capital gains incentive fee with respect to unrealized capital appreciation. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital appreciation is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the Investment Advisory Agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Adviser will be consistent with the Advisers Act and formula reflected in the Investment Advisory Agreement which specifically excludes consideration of unrealized capital gain. For the three months ended September 30, 2023 and 2022, incentive fees were $ 1.2 million and $ 0.0 , respectively. For the nine months ended September 30, 2023 and 2022, incentive fees were $ 5.0 million and $ 0.0 , respectively, of which the Adviser voluntarily waived $ 0.9 million for the nine months ended September 30, 2023. Revolving Loan Agreement On September 8, 2022, the Company entered into an unsecured revolving loan agreement (the “Revolving Onex Loan”) with Onex Credit Finance Corporation, a subsidiary of the ultimate parent entity of the Adviser (the “Onex Entity”), whereby the Onex Entity could advance amounts to the Company (each such amount, an “Onex Loan”) with a maximum outstanding principal amount of $ 80.0 million and a maturity date with respect to each Onex Loan of the day falling two years after the funding of such Onex Loan. The Company was required to meet certain criteria, including a leverage ratio threshold, before the Onex Entity was obligated to make a loan to the Company. The Revolving Onex Loan was intended to provide the Company with the ability to fund investments, pay related costs and expenses, and general corporate purposes. Amounts drawn under an Onex Loan bore interest at SOFR plus a spread of 2.60 % . On May 5, 2023, the Company terminated the Revolving Onex Loan and entered into an unsecured revolving loan agreement with Onex Credit Finance II Corporation (“OCF II”) (the “Revolving OCF II Loan”), a subsidiary of the ultimate parent entity of the Adviser, whereby OCF II may advance amounts to the Company (each such amount, an “Onex Loan II”) with a maximum outstanding principal amount of $ 80.0 million and a maturity date with respect to each Onex Loan II of the day falling two years after the funding of such Onex Loan II. The Company is required to meet certain criteria, including a leverage ratio threshold, before OCF II is obligated to make a loan to the Company. The Revolving OCF II Loan is intended to provide the Company with the ability to fund investments, pay related costs and expenses, and general corporate purposes. Amounts drawn under an Onex Loan II will bear interest at SOFR plus a spread of 2.60 % . Co-investment Exemptive Relief As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. On March 29, 2022, the SEC issued an order, which as amended on September 23, 2023 (the “Order”) granting the Company's application for exemptive relief to co-invest in portfolio companies with certain other funds managed by the Adviser or its affiliates (“Affiliated Funds”) and, subject to satisfaction of certain conditions, proprietary accounts of the Adviser or its affiliates (“Proprietary Accounts”) in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with certain conditions. Pursuant to the Order, the Company is permitted to co-invest with Affiliated Funds and/or Proprietary Accounts if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of its independent trustees make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies. Organization and Offering Costs Under the Investment Advisory Agreement and the Administrative Agreement, the Company, either directly or through reimbursements to the Adviser or its affiliates, is responsible for its organization and offering costs. Prior to the Company’s commencement of operations, the Adviser funded the Company’s organization and offering costs in the amount of $ 0.8 million, which has been reimbursed by the Company or offset against the Expense Payment due from the Adviser in connection with the Expense Support Agreement (described below). Expense Support Agreement On September 15, 2021, the Company entered into the Expense Support Agreement with the Adviser. Commencing with the fourth quarter of 2021 and on a quarterly basis thereafter, the Adviser may elect to pay certain expenses of the Company from time to time, which the Company will be obligated to reimburse to the Adviser at a later date if certain conditions are met. Any payment so required to be made by the Adviser is referred to herein as an “Expense Payment.” The Adviser’s obligation to make an Expense Payment becomes a liability of the Adviser, and the right to such Expense Payment becomes an asset of the Company, no later than the last business day of the applicable calendar quarter. The Expense Payment for any calendar quarter shall, as promptly as possible, be: (i) paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or (ii) offset against amounts due from the Company to the Adviser. Pursuant to the Expense Support Agreement, “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses), and (iii) dividends and other distributions paid to or otherwise earned by the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above.) Following any calendar quarter in which Available Operating Funds exceed the cumulative distributions paid to the Company’s shareholders in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating funds”), the Company shall pay such Excess Operating Funds, or a portion thereof in accordance with the stipulation below, as applicable, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter have been reimbursed or waived. Any payments required to be made by the Company pursuant to the preceding sentence are referred to herein as a “Reimbursement Payment.” The amount of the Reimbursement Payment for any calendar quarter will be equal to the lesser of (i) the Excess Operating Funds in such calendar quarter, and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to the Adviser. No Reimbursement Payment shall be made if: (1) the Effective Rate of Distributions Per Share (defined below) declared by the Company at the time of such proposed Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company’s Operating Expense Ratio at the time of such proposed Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets. The Company’s obligation to make a Reimbursement Payment becomes a liability to the Company, and the right to such Reimbursement Payment becomes an asset of the Adviser, no later than the last business day of the applicable calendar quarter. The Reimbursement Payment for any calendar quarter shall, as promptly as possible, be paid by the Company to the Adviser in any combination of cash or other immediately available funds. Any Reimbursement Payments shall be deemed to have reimbursed the Adviser for Expense Payments in chronological order beginning with the oldest Expense Payment eligible for reimbursement. The Expense Support Agreement may be terminated at any time, without penalty, by the Company or the Adviser, with or without notice. The Expense Support Agreement automatically terminates in the event of (a) the termination by the Company of the Investment Advisory Agreement, or (b) the Board determines to dissolve or liquidate the Company. The Company may or may not reimburse remaining expense support in the future. Management believes that the Reimbursement Payments by the Company to the Adviser are not probable under the terms of the Expense Support Agreement as of September 30, 2023 . The following table summarizes the Expense Payments that may be subject to reimbursement pursuant to the Expense Support Agreement: Quarter Ended Expense Reimbursement Unreimbursed Eligible for December 31, 2021 $ 2,858,000 $ 1,459,766 $ 1,398,234 December 31, 2024 Shares held by Affiliated Accounts As of September 30, 2023 , certain entities affiliated with the Company held shares of the Company. The Adviser and its affiliate held an aggregate of 609,579 shares, approximately 5.4 % of the Company’s outstanding shares. Potential Conflicts of Interest The members of the senior management and investment teams of the Adviser serve or may serve as officers, trustees or principals of entities that operate in the same, related or an unrelated line of business as the Company does. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may or may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments and Fair Value Measurements | Note 4. Investments and Fair Value Measurements The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Senior Secured Loans $ 522,290,304 $ 515,740,142 $ 501,621,705 $ 496,354,293 Equity 9,556,145 7,352,667 9,182,145 8,588,300 Total Investments $ 531,846,449 $ 523,092,809 $ 510,803,850 $ 504,942,593 Generally, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities. As of September 30, 2023 and December 31, 2022, the Company did not “control” and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act. The following tables summarize the industry and geographic composition of the Company’s investment portfolio based on fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Fair Value Percentage Fair Value Percentage Automotive $ 18,842,394 3.6 % $ 18,641,767 3.7 % Beverage, Food & Tobacco 17,344,498 3.3 % — — % Business Services 70,251,142 13.4 % 71,864,705 14.2 % Chemicals, Plastics & Rubber 6,219,947 1.2 % 6,299,949 1.2 % Construction & Building 13,349,467 2.6 % 13,891,279 2.8 % Consumer Goods: Durable 51,524,042 9.8 % 52,528,261 10.4 % Consumer Goods: Non-durable 41,435,288 7.9 % 42,386,720 8.4 % Consumer Services 9,168,423 1.8 % 9,694,347 1.9 % Forest Products & Paper 11,139,870 2.1 % 11,681,141 2.3 % Healthcare & Pharmaceuticals 94,396,890 18.1 % 97,294,977 19.4 % High Tech Industries 90,651,221 17.4 % 85,401,792 16.9 % Insurance 28,413,711 5.4 % — — % Sovereign & Public Finance 33,053,033 6.3 % 53,948,701 10.7 % Transportation: Cargo 20,605,769 3.9 % 20,953,208 4.1 % Wholesale 16,697,114 3.2 % 20,355,746 4.0 % Total Investments $ 523,092,809 100.0 % $ 504,942,593 100.0 % September 30, 2023 December 31, 2022 Fair Value Percentage Fair Value Percentage United States $ 512,125,136 97.9 % $ 493,799,332 97.8 % Canada 10,967,673 2.1 % 11,143,261 2.2 % Total Investments $ 523,092,809 100.0 % $ 504,942,593 100.0 % The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of September 30, 2023: Level 1 Level 2 Level 3 Total Senior Secured Loans $ — $ 39,275,089 $ 476,465,053 $ 515,740,142 Equity — — 7,352,667 7,352,667 Total Investments $ — $ 39,275,089 $ 483,817,720 $ 523,092,809 The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of December 31, 2022: Level 1 Level 2 Level 3 Total Senior Secured Loans $ — $ 17,733,300 $ 478,620,993 $ 496,354,293 Equity — — 8,588,300 8,588,300 Total Investments $ — $ 17,733,300 $ 487,209,293 $ 504,942,593 The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2023: Senior Secured Loans Equity Total Balance as of January 1, 2023 $ 478,620,993 $ 8,588,300 $ 487,209,293 Purchases and drawdowns of investments 57,167,768 374,000 57,541,768 Proceeds from principal pre-payments and sales of investments ( 38,066,255 ) — ( 38,066,255 ) Payment-in-kind 1,215,187 — 1,215,187 Net accretion of discount on investments 1,408,452 — 1,408,452 Net change in unrealized appreciation (depreciation) on investments ( 462,748 ) ( 1,609,633 ) ( 2,072,381 ) Net realized gain (loss) on investments 713,687 — 713,687 Transfers into Level 3 (1) — — — Transfers out of Level 3 (1) ( 24,132,031 ) — ( 24,132,031 ) Balance as of September 30, 2023 $ 476,465,053 $ 7,352,667 $ 483,817,720 Net change in unrealized appreciation (depreciation) on Level 3 investments still held $ ( 537,635 ) $ ( 1,609,633 ) $ ( 2,147,268 ) (1) Transfers into Level 3, if any, are due to a decrease in the quantity and reliability of broker quotes obtained and transfers out of Level 3, if any, are due to an increase in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2022: Senior Secured Loans Equity Total Balance as of January 1, 2022 $ 221,562,845 $ 4,585,750 $ 226,148,595 Purchases of investments 255,316,641 — 255,316,641 Proceeds from principal pre-payments and sales of investments ( 62,276,256 ) — ( 62,276,256 ) Payment-in-kind 1,237,215 — 1,237,215 Net accretion of discount on investments 1,008,200 — 1,008,200 Net change in unrealized appreciation (depreciation) on investments ( 5,557,541 ) ( 1,043,844 ) ( 6,601,385 ) Net realized gain (loss) on investments 733,735 — 733,735 Transfers into Level 3 — — — Transfers out of Level 3 — — — Balance as of September 30, 2022 $ 412,024,839 $ 3,541,906 $ 415,566,745 Net change in unrealized appreciation (depreciation) on Level 3 investments still held $ ( 5,593,797 ) $ ( 1,043,844 ) $ ( 6,637,641 ) The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of September 30, 2023 were as follows: Investment type Fair Value Valuation Technique Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input Senior Secured Loans $ 392,424,902 Discounted cash flow Discount rate 6.4 % - 26.6 % ( 10.7 %) Decrease 84,040,151 Yield analysis Market yield 11.3 % - 14.7 % ( 12.7 %) Decrease Equity 6,417,667 Enterprise value waterfall EBITDA multiple 9.1 x - 15.0 x ( 13.2 x) Increase 935,000 Recent transactions Transaction price N/A N/A $ 483,817,720 The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of December 31, 2022 were as follows: Investment type Fair Value Valuation Technique Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input Senior Secured Loans $ 280,648,742 Discounted cash flow Discount rate 6.9 % - 12.0 % ( 9.5 %) Decrease 145,565,023 Yield analysis Market yield 10.2 % - 12.3 % ( 11.4 %) Decrease 52,407,228 Recent transactions Transaction price 97.5 - 98.0 ( 97.75 ) N/A Equity 7,088,300 Enterprise value waterfall EBITDA multiple 13.5 x - 16.2 x ( 15.3 x) Increase 1,500,000 Recent transactions Transaction price 100.0 ( 100.0 ) N/A $ 487,209,293 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instruments [Abstract] | |
Borrowings | Note 5. Borrowings On October 4, 2021, the OFDL SPV, as borrower, and the Company, solely in its capacities as equity holder and collateral manager, entered into a Loan and Servicing Agreement with Société Générale, as initial lender and agent, and certain financial institutions (the “Lenders”), and U.S. Bank National Association as collateral agent and collateral custodian (the “SPV Facility”), as amended on December 27, 2021, as further amended on March 31, 2022, July 14, 2022 and on April 4, 2023, pursuant to which the amount made available to OFDL SPV was increased from $ 100.0 million to $ 340.0 million. Borrowings under the SPV Facility will bear interest at SOFR plus a spread of 1.75 % or 2.40 % based on certain conditions (or an alternative rate of interest for certain loans denominated in Canadian Dollars, Euros or Sterling). OFDL SPV will also pay an unused commitment fee at rate of (1) 1.00 % if the amount drawn under the SPV Facility is less than the minimum commitment usage (the “Minimum Commitment Usage”) and (2) 0.40 % if the amount drawn under the SPV Facility is greater than or equal to the Minimum Commitment Usage. The Minimum Commitment Usage is equal to (1) 0.0 % for the first six months ended April 4, 2022; (2) 37.5 % for the period from April 5, 2022 through June 27, 2022; (3) 75 % for the period from June 28, 2022 through July 13, 2022; (4) $ 150.0 million for the period from July 14, 2022 through January 13, 2023; and (5) $ 255.0 million thereafter. The Company also pays a fee of 0.20 % per annum on the outstanding balance under the SPV Facility beginning on July 14, 2022. The SPV Facility terminates on October 2, 2026. In connection with the SPV Facility, on October 4, 2021, the Company entered into a sale and contribution agreement with the OFDL SPV, which provides for the sale and contribution of certain loans to the OFDL SPV and for future sales from the Company to the OFDL SPV on an ongoing basis. Such loans sold and contributed to OFDL SPV constitute part of the initial portfolio of assets securing the SPV Facility. The SPV Facility includes customary covenants, including certain financial maintenance covenants, limitation on the activities of OFDL SPV, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility is secured by a lien on assets held by the OFDL SPV and on any payments received by OFDL SPV in respect of those assets. Further, as discussed in Note 3 above, on September 8, 2022, the Company entered into the Revolving Onex Loan with the Onex Entity. On May 5, 2023, the Company terminated the Revolving Onex Loan and entered into the Revolving OCF II Loan with OCF II. Debt obligations consisted of the following as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Total Borrowing Capacity Principal Outstanding Total Borrowing Capacity Principal Outstanding SPV Facility $ 340,000,000 $ 261,000,000 $ 340,000,000 $ 211,000,000 Revolving Onex Loan — — 80,000,000 — Revolving OCF II Loan 80,000,000 — — — $ 420,000,000 $ 261,000,000 $ 420,000,000 $ 211,000,000 Due to the short-term nature of the SPV Facility, the outstanding principal balance approximates fair value. The fair value of the credit facility would be categorized as Level 3. For the three and nine months ended September 30, 2023 and 2022, the components of interest expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest expense $ 5,115,150 $ 1,730,171 $ 14,114,036 $ 3,089,236 Amortization of deferred financing costs 277,917 298,323 833,750 556,765 Total interest and credit facility expense $ 5,393,067 $ 2,028,494 $ 14,947,786 $ 3,646,001 Average debt outstanding $ 255,516,129 $ 153,096,774 $ 243,850,365 $ 100,054,745 Weighted average interest rate 7.3 % 4.0 % 6.9 % 3.2 % |
Share Transactions
Share Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Share Transactions | Note 6. Share Transactions The Company is authorized to issue an unlimited number of common shares at $ 0.001 par value per share. The following table summarizes the total shares issued and proceeds received during the nine months ended September 30, 2023: Period Ended Shares Issued Proceeds Received March 31, 2023 44,339 $ 1,088,965 June 30, 2023 18,186 445,000 September 30, 2023 637,710 15,694,043 700,235 $ 17,228,008 The following table summarizes the total shares issued and proceeds received during the nine months ended September 30, 2022: Period Ended Shares Issued Proceeds Received March 31, 2022 2,514,909 $ 62,973,318 June 30, 2022 864,352 21,600,168 September 30, 2022 519,027 12,809,581 3,898,288 $ 97,383,067 Distributions The Company may fund its cash distributions to shareholders from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies and fee and expense reimbursement waivers from the Adviser or the Administrator, if any. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its taxable earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. With respect to distributions, the Company has adopted an “opt out” distribution reinvestment plan (“DRP”) for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the DRP will have their distributions automatically reinvested in additional common shares rather than receiving cash distributions. Shareholders who receive distributions in the form of common shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions. The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the nine months ended September 30, 2023: Date Declared Record Date Payment Date Amount Per Share Distribution Declared DRP Shares Issued March 2, 2023 March 2, 2023 March 23, 2023 $ 0.58 $ 7,007,486 178,875 May 11, 2023 May 16, 2023 June 22, 2023 0.60 7,037,746 179,607 August 9, 2023 August 15, 2023 September 21, 2023 0.70 7,717,295 185,275 $ 1.88 $ 21,762,527 543,757 The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the nine months ended September 30, 2022: Date Declared Record Date Payment Date Amount Per Share Distribution Declared DRP Shares Issued March 29, 2022 March 29, 2022 April 29, 2022 $ 0.34 $ 3,497,617 — May 12, 2022 May 12, 2022 June 24, 2022 0.39 4,380,471 191,613 August 11, 2022 August 15, 2022 September 28, 2022 0.56 6,642,777 167,824 $ 1.29 $ 14,520,865 359,437 Share Repurchase Program In the first quarter of 2023, the Company began offering, and on a quarterly basis, intends to continue offering, to repurchase up to 5 % of the Company’s outstanding shares as of the close of the previous calendar quarter. The Board has complete discretion to determine whether we will offer to repurchase any of our Common Shares, and if so, the terms of such repurchase. At the discretion of the Board, we may use cash on hand, cash available from borrowings, and cash from the sale of investments as of the end of the applicable period to repurchase shares. All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we intend to continue to conduct quarterly tender offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time. The following table presents the share repurchases completed during the nine months ended September 30, 2023: Tender Offer Tender Offer Expiration Tender Offer Price Paid per Share Total Number of Shares Repurchased Maximum Number of Shares that may yet be purchased under the repurchase plan (1) January 13, 2023 February 10, 2023 622,786 $ 24.56 418,189 — April 17, 2023 May 12, 2023 613,037 $ 24.47 549,357 — July 17, 2023 August 11, 2023 1,786,378 $ 24.61 1,515,317 — (1) All repurchase requests were satisfied in full. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net increase in net assets resulting from operations $ 6,735,760 $ 4,827,031 $ 21,294,812 $ 8,667,545 Weighted average common shares outstanding—basic and diluted 11,710,833 11,820,852 12,000,077 11,027,810 Net increase in net assets resulting from operations per common share—basic and diluted $ 0.58 $ 0.41 $ 1.77 $ 0.79 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8. Income Taxes The Company has elected to be treated as a RIC under the Code, and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. As a RIC, the Company is not subject to federal income tax on the portion of its taxable income and gains distributed currently to its shareholders as a distribution. The Company’s quarterly distributions, if any, are determined by the Board. The Company anticipates distributing substantially all of its taxable income and gains, within the Subchapter M rules, and thus the Company anticipates that it will not incur any federal or state income tax at the RIC level. As a RIC, the Company is also subject to a federal excise tax based on distributive requirements of its taxable income on a calendar year basis. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4 % excise tax on such income, to the extent required. Taxable Subsidiaries Certain of the Company's subsidiaries are subject to U.S. federal and state corporate-level income taxes. As of September 30, 2023 , there was deferred tax assets of $ 0.6 million, offset by valuation allowances of $ 0.6 million, for taxable subsidiaries. The cumulative deferred tax asset has been fully offset by a valuation allowance due to uncertainty about the Company's ability to utilize these net operating losses in future years. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 9. Financial Highlights The following is a schedule of financial highlights for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Per share data: Net asset value, beginning of period $ 24.56 $ 25.04 Results of operations: Net investment income (loss) (1) 1.95 1.38 Net realized and unrealized gain (loss) (6) ( 0.11 ) ( 0.60 ) Net increase (decrease) in net assets resulting from operations (1) 1.84 0.78 Shareholder distributions: (2) Distributions from net investment income ( 1.88 ) ( 1.29 ) Net decrease in net assets resulting from shareholder distributions ( 1.88 ) ( 1.29 ) Net asset value, end of period $ 24.52 $ 24.53 Shares outstanding, end of period 11,216,852 12,029,925 Total return based on net asset value (3) 7.68 % 3.13 % Ratio/Supplemental Data: Net assets, end of period $ 275,015,411 $ 295,095,635 Ratio of net investment income (loss) to average net assets (4) 11.01 % 8.21 % Ratio of total expenses to average net assets (4) 11.56 % 5.31 % Ratio of net expenses to average net assets (4) 11.26 % 5.31 % Average debt outstanding $ 243,850,365 $ 100,054,745 Portfolio turnover 8 % 18 % Total amount of senior securities outstanding $ 261,000,000 $ 150,000,000 Asset coverage per unit (5) $ 2,054 $ 2,967 (1) The per share data was derived using weighted average shares outstanding during the period. (2) The per share data for distributions reflects the actual amount of distributions paid during the period. (3) Total return based on net asset value is calculated as the change in net asset value per share during the period, and reflects reinvestment of any distributions to common shareholders. Total return is not annualized. (4) The computation of average net assets during the period is based on averaging net assets for the period reported. Ratio, excluding incentive fees, and nonrecurring expenses, such as organization and offering costs, is annualized. (5) Asset coverage per unit is the ratio of the carrying value of the Company’s consolidated total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness and is calculated on a consolidated basis. (6) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption is derived from total change in net asset value during the period and differs from the amount calculated using average shares because of the timing of issuances of the Company’s shares in relation to changes in net asset value during the period. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies In the normal course of its business, the Company may enter into contracts that require it to make certain representations and warranties and which provide for general indemnifications. Given that these would involve future claims against the Company that have not yet been made, the Company’s potential exposure under these arrangements is unknown. Based upon past experience, management expects the risk of loss under these indemnification provisions to be remote. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. As of September 30, 2023, the Company is not aware of any pending or threatened litigation. See Note 3 for a discussion of the Company's conditional reimbursement to the Adviser under the Expense Support Agreement. The Company may, from time to time, enter into commitments to fund investments. As of September 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies: September 30, 2023 December 31, 2022 Unfunded delayed draw term loan commitments $ 5,539,693 $ 31,857,888 Unfunded revolver obligations 14,220,453 14,671,351 $ 19,760,146 $ 46,529,239 The Company maintains sufficient capacity to cover outstanding unfunded portfolio company commitments that the Company may be required to fund. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements other than those disclosed below. On October 2, 2023, the Company issued, in connection with its private placement of its common shares, 38,744 common shares for an aggregate amount of $ 1.0 million. On October 5, 2023, the Company’s only non-USD denominated loan was repaid in full. On November 8, 2023 , the Board declared a quarterly dividend of $ 0.77 per share for the Company’s shareholders of record as of November 14, 2023 , payable on December 21, 2023 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These unaudited consolidated financial statements (“consolidated financial statements”) reflect adjustments that in the opinion of the Company are necessary for the fair presentation of the financial position and results of operations as of and for the periods presented herein and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Form 10-K for the year ended December 31, 2022, as filed with the SEC. The Company is considered an investment company under U.S. GAAP and therefore applies the accounting and reporting guidance applicable to investment companies. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material. |
Consolidation | Consolidation In accordance with U.S. GAAP guidance on consolidation, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, OFDL SPV, OFDL Blocker and OFDL Holdings, in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. |
Segments | Segments In accordance with U.S. GAAP guidance on segment reporting, the Company has determined that its operations comprise a single reporting segment. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash consists of deposits held at a custodian bank. Cash equivalents consists of money market investments. Restricted cash consists of deposits pledged as collateral. Cash, cash equivalents and restricted cash are held at major financial institutions and, at times, may exceed the insured limits under applicable law. |
Investments | Investments Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized. |
Valuation Procedures | Valuation Procedures The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as “valuation designee,” the Board ultimately is responsible for fair value determinations under the 1940 Act. Investments for which market quotations are readily available are valued at such market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities for which market quotations are not readily available or are deemed not to represent fair value, are valued at fair value as determined in good faith by the Adviser, in accordance with a valuation policy approved by the Board and a consistently applied valuation process. Accordingly, such investments go through the Company’s multi-step valuation process as described below. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of the Adviser, does not represent fair value. The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the Adviser's investment professionals that are responsible for the portfolio investment; • Preliminary valuation conclusions are then documented and discussed with the Adviser's senior investment team; • At least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm. In each case, the Company’s independent third party valuation firm considers observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments; and • The Adviser then reviews the valuations and determines the fair value of each investment. As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not limited to (i) market quotations for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisals, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in any liquidation or restructuring. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences 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 gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Financial Accounting Standards Board Accounting Standards Codification Topic 820: Fair Value Measurements and Disclosures (“ASC 820”) specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. The Company classifies the inputs used to measure fair values into the following hierarchy: • Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible to the Company at the measurement date. • Level 2—Valuations are based on similar assets or liabilities in active markets, or quoted prices identical or similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable. • Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuation techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation. 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 observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position. 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. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. |
Revenue Recognition | Revenue Recognition 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. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. Accrued interest is generally reversed when a loan is placed on non-accrual status. Payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the outstanding principal and interest. Non-accrual loans may be restored to accrual status when past due principal and interest is paid current and are likely to remain current based on management’s judgment. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Loan origination fees, original issue discount and market discount are capitalized, and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. |
Payment-in-Kind Interest | Payment-in-Kind Interest Payment-in-kind (“PIK”) interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income and generally becomes due at maturity. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected the cash. |
Deferred Financing Costs | Deferred Financing Costs Origination and other expenses related to the Company’s revolving credit facility are recorded as deferred financing costs and amortized as part of interest expense using the straight-line method over the stated life of the debt instrument. |
Organization and Offering Costs | Organization and Offering Costs Organization costs include, among other things, the cost of incorporating, including the cost of legal services, printing, consulting services and other fees pertaining to the Company’s organization. Costs associated with the organization of the Company are expensed as incurred. Offering costs include legal expenses related to the preparation of the Company’s private placement memorandum in connection with the Company's offering of common shares. Offering costs are capitalized as deferred offering expenses and are amortized over twelve months from incurrence. |
Earnings per Share | Earnings per Share Basic earnings per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in the same manner, with further adjustments to reflect the dilutive effect of common share equivalents outstanding. |
Income Taxes | Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as distributions. Rather, any tax liability related to income earned and distributed would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90 % of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. In addition, based on the excise tax distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gains in excess of capital losses (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. For this purpose, however, any net ordinary income or capital gains retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4 % nondeductible U.S. federal excise tax on this income. The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s consolidated financial statements. The Company’s major tax jurisdictions are U.S. federal, New York State, and foreign jurisdictions where the Company makes significant investments. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. |
Distributions to Common Shareholders | Distributions to Common Shareholders Distributions to the Company’s shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and is generally based upon earnings estimated by the Adviser. Net realized capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains. The Company has adopted an “opt out” distribution reinvestment plan (“DRP”) for its shareholders. As a result, if the Company makes a cash distribution, its shareholders will have their cash distributions reinvested in additional shares of the Company including fractional shares as necessary, unless they specifically “opt out” of the DRP to receive the distribution in cash. Under the DRP, cash distributions to participating shareholders will be reinvested in additional shares of the Company at a purchase price equal to the net asset value per share as of the last day of the calendar quarter immediately preceding the date such distribution was declared. The Company may distribute taxable distributions that are payable in cash or shares at the election of each shareholder. Under certain applicable provisions of the Code and the U.S. Treasury regulations, distributions payable in cash or in common shares at the election of shareholders are treated as taxable distributions. As a result, a U.S. shareholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. shareholder sells the shares it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of the Company’s shares at the time of the sale. Furthermore, with respect to non-U.S. shareholders, the Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in shares. |
Foreign Currency Translation | Foreign Currency Translation Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) all assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments, borrowings and repayments of such borrowings, and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments. Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. |
Related Party Transaction (Tabl
Related Party Transaction (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Summary of Expense Payment Subject to Reimbursement | The following table summarizes the Expense Payments that may be subject to reimbursement pursuant to the Expense Support Agreement: Quarter Ended Expense Reimbursement Unreimbursed Eligible for December 31, 2021 $ 2,858,000 $ 1,459,766 $ 1,398,234 December 31, 2024 |
Investments and Fair Value Me_2
Investments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Portfolio at Amortized Cost and Fair Value | The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Amortized Cost Fair Value Amortized Cost Fair Value Senior Secured Loans $ 522,290,304 $ 515,740,142 $ 501,621,705 $ 496,354,293 Equity 9,556,145 7,352,667 9,182,145 8,588,300 Total Investments $ 531,846,449 $ 523,092,809 $ 510,803,850 $ 504,942,593 |
Schedule of Investment Portfolio by Industry and Geographic Composition | The following tables summarize the industry and geographic composition of the Company’s investment portfolio based on fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Fair Value Percentage Fair Value Percentage Automotive $ 18,842,394 3.6 % $ 18,641,767 3.7 % Beverage, Food & Tobacco 17,344,498 3.3 % — — % Business Services 70,251,142 13.4 % 71,864,705 14.2 % Chemicals, Plastics & Rubber 6,219,947 1.2 % 6,299,949 1.2 % Construction & Building 13,349,467 2.6 % 13,891,279 2.8 % Consumer Goods: Durable 51,524,042 9.8 % 52,528,261 10.4 % Consumer Goods: Non-durable 41,435,288 7.9 % 42,386,720 8.4 % Consumer Services 9,168,423 1.8 % 9,694,347 1.9 % Forest Products & Paper 11,139,870 2.1 % 11,681,141 2.3 % Healthcare & Pharmaceuticals 94,396,890 18.1 % 97,294,977 19.4 % High Tech Industries 90,651,221 17.4 % 85,401,792 16.9 % Insurance 28,413,711 5.4 % — — % Sovereign & Public Finance 33,053,033 6.3 % 53,948,701 10.7 % Transportation: Cargo 20,605,769 3.9 % 20,953,208 4.1 % Wholesale 16,697,114 3.2 % 20,355,746 4.0 % Total Investments $ 523,092,809 100.0 % $ 504,942,593 100.0 % September 30, 2023 December 31, 2022 Fair Value Percentage Fair Value Percentage United States $ 512,125,136 97.9 % $ 493,799,332 97.8 % Canada 10,967,673 2.1 % 11,143,261 2.2 % Total Investments $ 523,092,809 100.0 % $ 504,942,593 100.0 % |
Summary of Fair Value Hierarchy of Investment Portfolio | The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of September 30, 2023: Level 1 Level 2 Level 3 Total Senior Secured Loans $ — $ 39,275,089 $ 476,465,053 $ 515,740,142 Equity — — 7,352,667 7,352,667 Total Investments $ — $ 39,275,089 $ 483,817,720 $ 523,092,809 The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of December 31, 2022: Level 1 Level 2 Level 3 Total Senior Secured Loans $ — $ 17,733,300 $ 478,620,993 $ 496,354,293 Equity — — 8,588,300 8,588,300 Total Investments $ — $ 17,733,300 $ 487,209,293 $ 504,942,593 |
Summary of Changes in Fair Value of Investments for Which Level 3 Inputs Were Used to Determine Fair Value | The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2023: Senior Secured Loans Equity Total Balance as of January 1, 2023 $ 478,620,993 $ 8,588,300 $ 487,209,293 Purchases and drawdowns of investments 57,167,768 374,000 57,541,768 Proceeds from principal pre-payments and sales of investments ( 38,066,255 ) — ( 38,066,255 ) Payment-in-kind 1,215,187 — 1,215,187 Net accretion of discount on investments 1,408,452 — 1,408,452 Net change in unrealized appreciation (depreciation) on investments ( 462,748 ) ( 1,609,633 ) ( 2,072,381 ) Net realized gain (loss) on investments 713,687 — 713,687 Transfers into Level 3 (1) — — — Transfers out of Level 3 (1) ( 24,132,031 ) — ( 24,132,031 ) Balance as of September 30, 2023 $ 476,465,053 $ 7,352,667 $ 483,817,720 Net change in unrealized appreciation (depreciation) on Level 3 investments still held $ ( 537,635 ) $ ( 1,609,633 ) $ ( 2,147,268 ) (1) Transfers into Level 3, if any, are due to a decrease in the quantity and reliability of broker quotes obtained and transfers out of Level 3, if any, are due to an increase in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2022: Senior Secured Loans Equity Total Balance as of January 1, 2022 $ 221,562,845 $ 4,585,750 $ 226,148,595 Purchases of investments 255,316,641 — 255,316,641 Proceeds from principal pre-payments and sales of investments ( 62,276,256 ) — ( 62,276,256 ) Payment-in-kind 1,237,215 — 1,237,215 Net accretion of discount on investments 1,008,200 — 1,008,200 Net change in unrealized appreciation (depreciation) on investments ( 5,557,541 ) ( 1,043,844 ) ( 6,601,385 ) Net realized gain (loss) on investments 733,735 — 733,735 Transfers into Level 3 — — — Transfers out of Level 3 — — — Balance as of September 30, 2022 $ 412,024,839 $ 3,541,906 $ 415,566,745 Net change in unrealized appreciation (depreciation) on Level 3 investments still held $ ( 5,593,797 ) $ ( 1,043,844 ) $ ( 6,637,641 ) |
Summary of Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level 3 Investments | The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of September 30, 2023 were as follows: Investment type Fair Value Valuation Technique Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input Senior Secured Loans $ 392,424,902 Discounted cash flow Discount rate 6.4 % - 26.6 % ( 10.7 %) Decrease 84,040,151 Yield analysis Market yield 11.3 % - 14.7 % ( 12.7 %) Decrease Equity 6,417,667 Enterprise value waterfall EBITDA multiple 9.1 x - 15.0 x ( 13.2 x) Increase 935,000 Recent transactions Transaction price N/A N/A $ 483,817,720 The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of December 31, 2022 were as follows: Investment type Fair Value Valuation Technique Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input Senior Secured Loans $ 280,648,742 Discounted cash flow Discount rate 6.9 % - 12.0 % ( 9.5 %) Decrease 145,565,023 Yield analysis Market yield 10.2 % - 12.3 % ( 11.4 %) Decrease 52,407,228 Recent transactions Transaction price 97.5 - 98.0 ( 97.75 ) N/A Equity 7,088,300 Enterprise value waterfall EBITDA multiple 13.5 x - 16.2 x ( 15.3 x) Increase 1,500,000 Recent transactions Transaction price 100.0 ( 100.0 ) N/A $ 487,209,293 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instruments [Abstract] | |
Summary of Debt Obligations | Debt obligations consisted of the following as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Total Borrowing Capacity Principal Outstanding Total Borrowing Capacity Principal Outstanding SPV Facility $ 340,000,000 $ 261,000,000 $ 340,000,000 $ 211,000,000 Revolving Onex Loan — — 80,000,000 — Revolving OCF II Loan 80,000,000 — — — $ 420,000,000 $ 261,000,000 $ 420,000,000 $ 211,000,000 |
Schedule of Components of Interest Expense | For the three and nine months ended September 30, 2023 and 2022, the components of interest expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest expense $ 5,115,150 $ 1,730,171 $ 14,114,036 $ 3,089,236 Amortization of deferred financing costs 277,917 298,323 833,750 556,765 Total interest and credit facility expense $ 5,393,067 $ 2,028,494 $ 14,947,786 $ 3,646,001 Average debt outstanding $ 255,516,129 $ 153,096,774 $ 243,850,365 $ 100,054,745 Weighted average interest rate 7.3 % 4.0 % 6.9 % 3.2 % |
Share Transactions (Tables)
Share Transactions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summery of Total Shares Issued and Proceeds Received | The following table summarizes the total shares issued and proceeds received during the nine months ended September 30, 2023: Period Ended Shares Issued Proceeds Received March 31, 2023 44,339 $ 1,088,965 June 30, 2023 18,186 445,000 September 30, 2023 637,710 15,694,043 700,235 $ 17,228,008 The following table summarizes the total shares issued and proceeds received during the nine months ended September 30, 2022: Period Ended Shares Issued Proceeds Received March 31, 2022 2,514,909 $ 62,973,318 June 30, 2022 864,352 21,600,168 September 30, 2022 519,027 12,809,581 3,898,288 $ 97,383,067 |
Summery of Distribution Declarations and Common Shares Issued Pursuant to Distribution Reinvestment Plan | The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the nine months ended September 30, 2023: Date Declared Record Date Payment Date Amount Per Share Distribution Declared DRP Shares Issued March 2, 2023 March 2, 2023 March 23, 2023 $ 0.58 $ 7,007,486 178,875 May 11, 2023 May 16, 2023 June 22, 2023 0.60 7,037,746 179,607 August 9, 2023 August 15, 2023 September 21, 2023 0.70 7,717,295 185,275 $ 1.88 $ 21,762,527 543,757 The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the nine months ended September 30, 2022: Date Declared Record Date Payment Date Amount Per Share Distribution Declared DRP Shares Issued March 29, 2022 March 29, 2022 April 29, 2022 $ 0.34 $ 3,497,617 — May 12, 2022 May 12, 2022 June 24, 2022 0.39 4,380,471 191,613 August 11, 2022 August 15, 2022 September 28, 2022 0.56 6,642,777 167,824 $ 1.29 $ 14,520,865 359,437 |
Summary of Share Repurchases | The following table presents the share repurchases completed during the nine months ended September 30, 2023: Tender Offer Tender Offer Expiration Tender Offer Price Paid per Share Total Number of Shares Repurchased Maximum Number of Shares that may yet be purchased under the repurchase plan (1) January 13, 2023 February 10, 2023 622,786 $ 24.56 418,189 — April 17, 2023 May 12, 2023 613,037 $ 24.47 549,357 — July 17, 2023 August 11, 2023 1,786,378 $ 24.61 1,515,317 — (1) All repurchase requests were satisfied in full. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net increase in net assets resulting from operations $ 6,735,760 $ 4,827,031 $ 21,294,812 $ 8,667,545 Weighted average common shares outstanding—basic and diluted 11,710,833 11,820,852 12,000,077 11,027,810 Net increase in net assets resulting from operations per common share—basic and diluted $ 0.58 $ 0.41 $ 1.77 $ 0.79 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights for the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Per share data: Net asset value, beginning of period $ 24.56 $ 25.04 Results of operations: Net investment income (loss) (1) 1.95 1.38 Net realized and unrealized gain (loss) (6) ( 0.11 ) ( 0.60 ) Net increase (decrease) in net assets resulting from operations (1) 1.84 0.78 Shareholder distributions: (2) Distributions from net investment income ( 1.88 ) ( 1.29 ) Net decrease in net assets resulting from shareholder distributions ( 1.88 ) ( 1.29 ) Net asset value, end of period $ 24.52 $ 24.53 Shares outstanding, end of period 11,216,852 12,029,925 Total return based on net asset value (3) 7.68 % 3.13 % Ratio/Supplemental Data: Net assets, end of period $ 275,015,411 $ 295,095,635 Ratio of net investment income (loss) to average net assets (4) 11.01 % 8.21 % Ratio of total expenses to average net assets (4) 11.56 % 5.31 % Ratio of net expenses to average net assets (4) 11.26 % 5.31 % Average debt outstanding $ 243,850,365 $ 100,054,745 Portfolio turnover 8 % 18 % Total amount of senior securities outstanding $ 261,000,000 $ 150,000,000 Asset coverage per unit (5) $ 2,054 $ 2,967 (1) The per share data was derived using weighted average shares outstanding during the period. (2) The per share data for distributions reflects the actual amount of distributions paid during the period. (3) Total return based on net asset value is calculated as the change in net asset value per share during the period, and reflects reinvestment of any distributions to common shareholders. Total return is not annualized. (4) The computation of average net assets during the period is based on averaging net assets for the period reported. Ratio, excluding incentive fees, and nonrecurring expenses, such as organization and offering costs, is annualized. (5) Asset coverage per unit is the ratio of the carrying value of the Company’s consolidated total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness and is calculated on a consolidated basis. (6) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption is derived from total change in net asset value during the period and differs from the amount calculated using average shares because of the timing of issuances of the Company’s shares in relation to changes in net asset value during the period. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Outstanding Commitments to Fund Investments | As of September 30, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies: September 30, 2023 December 31, 2022 Unfunded delayed draw term loan commitments $ 5,539,693 $ 31,857,888 Unfunded revolver obligations 14,220,453 14,671,351 $ 19,760,146 $ 46,529,239 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) Segment | |
Accounting Policies [Abstract] | |
Number of reporting segment | Segment | 1 |
Minimum percentage of investment company taxable income distribute to shareholders for each taxable year to qualify for RIC tax treatment | 90% |
Percentage of nondeductible federal excise tax on undistributed income | 4% |
Description of excise tax distribution requirements | Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gains in excess of capital losses (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. For this purpose, however, any net ordinary income or capital gains retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% nondeductible U.S. federal excise tax on this income. |
Provision for income tax for uncertain tax positions | $ | $ 0 |
Foreign currency translation, description | Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) all assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments, borrowings and repayments of such borrowings, and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Oct. 01, 2023 | Jul. 01, 2023 | May 05, 2023 | Sep. 08, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||||||||
Administrative fees | $ 278,000 | $ 390,200 | $ 834,000 | $ 861,325 | ||||||
Percentage of incentive fee on capital gains | 15% | |||||||||
Management fee | $ 872,983 | 1,394,452 | $ 4,172,297 | 3,753,530 | ||||||
Subordinated incentive fee | 0% | |||||||||
Percentage of pre incentive fee net investment income | 100% | |||||||||
Incentive fee percentage of pre incentive net fee investment income | 15% | 15% | ||||||||
Incentive fees | $ 1,188,664 | 0 | $ 5,049,887 | 0 | ||||||
Incentive fee waiver | 900,000 | |||||||||
Maximum outstanding principal amount of loan | $ 420,000,000 | $ 420,000,000 | $ 420,000,000 | |||||||
Percentage of management fee to be payable on net assets | 1.25% | |||||||||
Maximum | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Incentive fee percentage of pre incentive net fee investment income | 15% | 15% | ||||||||
Minimum | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Incentive fee percentage of pre incentive net fee investment income | 12.50% | 12.50% | ||||||||
Subsequent Event | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Percentage of incentive fee on capital gains | 12.50% | |||||||||
Subordinated incentive fee | 0% | |||||||||
Percentage of pre incentive fee net investment income | 100% | |||||||||
Incentive fee percentage of pre incentive net fee investment income | 15% | |||||||||
Subsequent Event | Maximum | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Incentive fee percentage of pre incentive net fee investment income | 15% | |||||||||
Subsequent Event | Minimum | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Incentive fee percentage of pre incentive net fee investment income | 12.50% | |||||||||
Onex Falcon Investment Advisors, LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares held by affiliated entity | 609,579 | 609,579 | ||||||||
Percentage of shares held by affiliated entitie | 5.40% | 5.40% | ||||||||
Onex Credit Finance Corporation | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Maximum outstanding principal amount of loan | $ 80,000,000 | |||||||||
Line of credit term | 2 years | |||||||||
Onex Credit Finance II Corporation | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Maximum outstanding principal amount of loan | $ 80,000,000 | |||||||||
Line of credit term | 2 years | |||||||||
Line of credit, Interest rate description | SOFR plus a spread of 2.60% | |||||||||
SOFR | Onex Credit Finance Corporation | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Interest on loan | 2.60% | |||||||||
Line of credit, Interest rate description | SOFR plus a spread of 2.60% | |||||||||
SOFR | Onex Credit Finance II Corporation | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Interest on loan | 2.60% | |||||||||
Administration Agreement | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Administrative fees | $ 300,000 | 400,000 | $ 800,000 | 900,000 | ||||||
Investment Advisory Agreement | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Investment advisory agreement terms | The Investment Advisory Agreement was in effect for a period of two years from its effective date and will remain in effect from year-to-year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company’s Board who are not parties to the Investment Advisory Agreement or “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. | |||||||||
Investment advisory agreement terms of termination | The Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice and, in certain circumstances, upon 120 days’ written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Adviser. | |||||||||
Annual Rate of Percentage of Assets | 1.25% | |||||||||
Management fee | 900,000 | $ 1,400,000 | $ 4,200,000 | $ 3,800,000 | ||||||
Incentive Fee, Description | The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on the Company’s income (such fee referred to herein as the “Subordinated Incentive Fee on Income”) and a portion is based on the Company’s capital gains (such fee referred to herein as the “Incentive Fee on Capital Gains”) | |||||||||
Organization and offering costs | $ 800,000 |
Related Party Transaction - Sum
Related Party Transaction - Summary of Expense Payment Subject to Reimbursement (Details) | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Noninterest Expense [Abstract] | |
Advisor Expense Payment | $ 2,858,000 |
Reimbursement payment made to adviser | 1,459,766 |
Unreimbursed expense payment | $ 1,398,234 |
Eligible Reimbursement Period | Dec. 31, 2024 |
Investments and Fair Value Me_3
Investments and Fair Value Measurements - Schedule of Investment Portfolio at Amortized cost and Fair Value (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 531,846,449 | $ 510,803,850 |
Fair Value | 523,092,809 | 504,942,593 |
Senior Secured Loans | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 522,290,304 | 501,621,705 |
Fair Value | 515,740,142 | 496,354,293 |
Equity | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 9,556,145 | 9,182,145 |
Fair Value | $ 7,352,667 | $ 8,588,300 |
Investments and Fair Value Me_4
Investments and Fair Value Measurements - Schedule of Investment Portfolio by Industry (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 523,092,809 | $ 504,942,593 |
Percentage | 100% | 100% |
Automotive | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 18,842,394 | $ 18,641,767 |
Percentage | 3.60% | 3.70% |
Beverage, Food & Tobacco | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 17,344,498 | |
Percentage | 3.30% | |
Business Services | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 70,251,142 | $ 71,864,705 |
Percentage | 13.40% | 14.20% |
Chemicals, Plastics & Rubber | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 6,219,947 | $ 6,299,949 |
Percentage | 1.20% | 1.20% |
Construction & Building | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 13,349,467 | $ 13,891,279 |
Percentage | 2.60% | 2.80% |
Consumer Goods: Durable | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 51,524,042 | $ 52,528,261 |
Percentage | 9.80% | 10.40% |
Consumer Goods: Non-durable | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 41,435,288 | $ 42,386,720 |
Percentage | 7.90% | 8.40% |
Consumer Services | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 9,168,423 | $ 9,694,347 |
Percentage | 1.80% | 1.90% |
Forest Products & Paper | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 11,139,870 | $ 11,681,141 |
Percentage | 2.10% | 2.30% |
Healthcare & Pharmaceuticals | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 94,396,890 | $ 97,294,977 |
Percentage | 18.10% | 19.40% |
High Tech Industries | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 90,651,221 | $ 85,401,792 |
Percentage | 17.40% | 16.90% |
Insurance | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 28,413,711 | |
Percentage | 5.40% | |
Sovereign & Public Finance | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 33,053,033 | $ 53,948,701 |
Percentage | 6.30% | 10.70% |
Transportation: Cargo | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 20,605,769 | $ 20,953,208 |
Percentage | 3.90% | 4.10% |
Wholesale | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 16,697,114 | $ 20,355,746 |
Percentage | 3.20% | 4% |
Investments and Fair Value Me_5
Investments and Fair Value Measurements - Schedule of Investment Portfolio by Geographic Composition (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 523,092,809 | $ 504,942,593 |
Percentage | 100% | 100% |
United States | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 512,125,136 | $ 493,799,332 |
Percentage | 97.90% | 97.80% |
Canada | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 10,967,673 | $ 11,143,261 |
Percentage | 2.10% | 2.20% |
Investments and Fair Value Me_6
Investments and Fair Value Measurements - Summary of Fair Value Hierarchy of Investment Portfolio (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Total Investments | $ 523,092,809 | $ 504,942,593 |
Level 2 | ||
Summary of Investment Holdings [Line Items] | ||
Total Investments | 39,275,089 | 17,733,300 |
Level 3 | ||
Summary of Investment Holdings [Line Items] | ||
Total Investments | 483,817,720 | 487,209,293 |
Senior Secured Loans | ||
Summary of Investment Holdings [Line Items] | ||
Total Investments | 515,740,142 | 496,354,293 |
Senior Secured Loans | Level 2 | ||
Summary of Investment Holdings [Line Items] | ||
Total Investments | 39,275,089 | 17,733,300 |
Senior Secured Loans | Level 3 | ||
Summary of Investment Holdings [Line Items] | ||
Total Investments | 476,465,053 | 478,620,993 |
Equity | ||
Summary of Investment Holdings [Line Items] | ||
Total Investments | 7,352,667 | 8,588,300 |
Equity | Level 3 | ||
Summary of Investment Holdings [Line Items] | ||
Total Investments | $ 7,352,667 | $ 8,588,300 |
Investments and Fair Value Me_7
Investments and Fair Value Measurements - Summary of Changes in Fair Value of Investments for Which Level 3 Inputs Were Used to Determine Fair Value (Details) - Level 3 - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance as of January 1 | $ 487,209,293 | $ 226,148,595 |
Purchases of investments | 57,541,768 | 255,316,641 |
Proceeds from principal pre-payments and sales of investments | (38,066,255) | (62,276,256) |
Payment-in-kind | 1,215,187 | 1,237,215 |
Net accretion of discount on investments | 1,408,452 | 1,008,200 |
Net change in unrealized appreciation (depreciation) on investments | (2,072,381) | (6,601,385) |
Net realized gain (loss) on investments | 713,687 | 733,735 |
Transfers out of Level 3 | (24,132,031) | |
Balance as of September 30 | 483,817,720 | 415,566,745 |
Net change in unrealized appreciation (depreciation) on Level 3 investments still held | (2,147,268) | (6,637,641) |
Senior Secured Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance as of January 1 | 478,620,993 | 221,562,845 |
Purchases of investments | 57,167,768 | 255,316,641 |
Proceeds from principal pre-payments and sales of investments | (38,066,255) | (62,276,256) |
Payment-in-kind | 1,215,187 | 1,237,215 |
Net accretion of discount on investments | 1,408,452 | 1,008,200 |
Net change in unrealized appreciation (depreciation) on investments | (462,748) | (5,557,541) |
Net realized gain (loss) on investments | 713,687 | 733,735 |
Transfers out of Level 3 | (24,132,031) | |
Balance as of September 30 | 476,465,053 | 412,024,839 |
Net change in unrealized appreciation (depreciation) on Level 3 investments still held | (537,635) | (5,593,797) |
Equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance as of January 1 | 8,588,300 | 4,585,750 |
Purchases of investments | 374,000 | |
Net change in unrealized appreciation (depreciation) on investments | (1,609,633) | (1,043,844) |
Balance as of September 30 | 7,352,667 | 3,541,906 |
Net change in unrealized appreciation (depreciation) on Level 3 investments still held | $ (1,609,633) | $ (1,043,844) |
Investments and Fair Value Me_8
Investments and Fair Value Measurements - Summary of Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level 3 Investments (Details) - Level 3 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 483,817,720 | $ 487,209,293 |
Senior Secured Loans | Discounted Cash Flow | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 392,424,902 | $ 280,648,742 |
Impact to valuation from an increase in input | Decrease | Decrease |
Senior Secured Loans | Discounted Cash Flow | Discount Rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 6.4 | 6.9 |
Senior Secured Loans | Discounted Cash Flow | Discount Rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 26.6 | 12 |
Senior Secured Loans | Discounted Cash Flow | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 10.7 | 9.5 |
Senior Secured Loans | Yield Analysis | Market Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 84,040,151 | $ 145,565,023 |
Impact to valuation from an increase in input | Decrease | Decrease |
Senior Secured Loans | Yield Analysis | Market Yield | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 11.3 | 10.2 |
Senior Secured Loans | Yield Analysis | Market Yield | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 14.7 | 12.3 |
Senior Secured Loans | Yield Analysis | Market Yield | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 12.7 | 11.4 |
Senior Secured Loans | Recent Transactions | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 52,407,228 | |
Senior Secured Loans | Recent Transactions | Transaction Price | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 97.5 | |
Senior Secured Loans | Recent Transactions | Transaction Price | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 98 | |
Senior Secured Loans | Recent Transactions | Transaction Price | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 97.75 | |
Equity | Recent Transactions | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 935,000 | $ 1,500,000 |
Range | 100 | |
Equity | Recent Transactions | Transaction Price | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 100 | |
Equity | Enterprise Value Waterfall | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 6,417,667 | $ 7,088,300 |
Impact to valuation from an increase in input | Increase | Increase |
Equity | Enterprise Value Waterfall | EBITDA Multiple | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 9.1 | 13.5 |
Equity | Enterprise Value Waterfall | EBITDA Multiple | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 15 | 16.2 |
Equity | Enterprise Value Waterfall | EBITDA Multiple | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range | 13.2 | 15.3 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - SPV Facility - Onex Falcon Direct Lending BDC SPV LLC - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Jul. 14, 2022 | Oct. 04, 2021 | Jul. 13, 2022 | Jun. 27, 2022 | Jan. 13, 2023 | Apr. 04, 2022 | Sep. 30, 2023 | Apr. 04, 2023 | |
Debt Instrument [Line Items] | ||||||||
Amount available under credit facility | $ 100 | $ 340 | ||||||
Minimum commitment fee percentage | 0.20% | 75% | 37.50% | 0% | ||||
Line of credit facility, Commitment fee description | OFDL SPV will also pay an unused commitment fee at rate of (1) 1.00% if the amount drawn under the SPV Facility is less than the minimum commitment usage (the “Minimum Commitment Usage”) and (2) 0.40% if the amount drawn under the SPV Facility is greater than or equal to the Minimum Commitment Usage. The Minimum Commitment Usage is equal to (1) 0.0% for the first six months ended April 4, 2022; (2) 37.5% for the period from April 5, 2022 through June 27, 2022; (3) 75% for the period from June 28, 2022 through July 13, 2022; (4) $150.0 million for the period from July 14, 2022 through January 13, 2023; and (5) $255.0 million thereafter. The Company also pays a fee of 0.20% per annum on the outstanding balance under the SPV Facility beginning on July 14, 2022. The SPV Facility terminates on October 2, 2026. | |||||||
Commitment fee amount | $ 150 | $ 255 | ||||||
Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused commitment fee percentage | 0.40% | |||||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused commitment fee percentage | 1% | |||||||
SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument interest rate description | SOFR plus a spread of 1.75% | |||||||
SOFR | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest on loan | 1.75% | |||||||
SOFR | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest on loan | 2.40% |
Borrowings - Summary of Debt Ob
Borrowings - Summary of Debt Obligations (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Debt Instrument [Line Items] | |||
Total Borrowing Capacity | $ 420,000,000 | $ 420,000,000 | |
Principal Outstanding | 261,000,000 | 211,000,000 | $ 150,000,000 |
SPV Facility | |||
Debt Instrument [Line Items] | |||
Total Borrowing Capacity | 340,000,000 | 340,000,000 | |
Principal Outstanding | 261,000,000 | 211,000,000 | |
Revolving Onex Loan | |||
Debt Instrument [Line Items] | |||
Total Borrowing Capacity | $ 80,000,000 | ||
Revolving OCF II Loan | |||
Debt Instrument [Line Items] | |||
Total Borrowing Capacity | $ 80,000,000 |
Borrowings - Schedule of Compon
Borrowings - Schedule of Components of Interest Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest Expense, Debt [Abstract] | ||||
Interest expense | $ 5,115,150 | $ 1,730,171 | $ 14,114,036 | $ 3,089,236 |
Amortization of Debt Issuance Costs | 277,917 | 298,323 | 833,750 | 556,765 |
Total interest expense | 5,393,067 | 2,028,494 | 14,947,786 | 3,646,001 |
Average debt outstanding | $ 255,516,129 | $ 153,096,774 | $ 243,850,365 | $ 100,054,745 |
Weighted average interest rate | 7.30% | 4% | 6.90% | 3.20% |
Share Transactions - Additional
Share Transactions - Additional Information (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | ||
Common shares, par value | $ 0.001 | $ 0.001 |
Maximum | ||
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | ||
Share repurchase outstanding percentage | 5% |
Share Transactions - Summery of
Share Transactions - Summery of Total Shares Issued and Proceeds (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Transactions [Abstract] | ||||||||
Common shares issued | 637,710 | 18,186 | 44,339 | 519,027 | 864,352 | 2,514,909 | 700,235 | 3,898,288 |
Proceeds Received | $ 15,694,043 | $ 445,000 | $ 1,088,965 | $ 12,809,581 | $ 21,600,168 | $ 62,973,318 | $ 17,228,008 | $ 97,383,067 |
Share Transactions - Summery _2
Share Transactions - Summery of Distribution Declarations and Common Shares Issued Pursuant to the Distribution Reinvestment Plan (Details) - Cash Distribution - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Amount Per Share | $ 1.88 | $ 1.29 |
Distribution Declared | $ 21,762,527 | $ 14,520,865 |
DRP Shares Issued | 543,757 | 359,437 |
March 2, 2023 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Date Declared | Mar. 02, 2023 | |
Record Date | Mar. 02, 2023 | |
Amount Per Share | $ 0.58 | |
Distribution Declared | $ 7,007,486 | |
DRP Shares Issued | 178,875 | |
March 23, 2023 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Payment Date | Mar. 23, 2023 | |
May 11, 2023 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Date Declared | May 11, 2023 | |
Record Date | May 16, 2023 | |
Amount Per Share | $ 0.6 | |
Distribution Declared | $ 7,037,746 | |
DRP Shares Issued | 179,607 | |
August 9, 2023 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Date Declared | Aug. 09, 2023 | |
Record Date | Aug. 15, 2023 | |
Amount Per Share | $ 0.7 | |
Distribution Declared | $ 7,717,295 | |
DRP Shares Issued | 185,275 | |
June 22, 2023 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Record Date | Jun. 22, 2023 | |
September 21, 2023 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Record Date | Sep. 21, 2023 | |
March 29, 2022 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Date Declared | Mar. 29, 2022 | |
Record Date | Mar. 29, 2022 | |
Payment Date | Apr. 29, 2022 | |
Amount Per Share | $ 0.34 | |
Distribution Declared | $ 3,497,617 | |
May 12, 2022 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Date Declared | May 12, 2022 | |
Record Date | May 12, 2022 | |
Payment Date | Jun. 24, 2022 | |
Amount Per Share | $ 0.39 | |
Distribution Declared | $ 4,380,471 | |
DRP Shares Issued | 191,613 | |
August 11, 2022 | ||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||
Date Declared | Aug. 11, 2022 | |
Record Date | Aug. 15, 2022 | |
Payment Date | Sep. 28, 2022 | |
Amount Per Share | $ 0.56 | |
Distribution Declared | $ 6,642,777 | |
DRP Shares Issued | 167,824 |
Share Transactions - Summary of
Share Transactions - Summary of Share Repurchases (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
January 13, 2023 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Tender Offer Date | Jan. 13, 2023 |
Tender Offer Expiration | Feb. 10, 2023 |
Tender Offer | 622,786 |
Price Paid per Share | $ / shares | $ 24.56 |
Total Number of Shares Repurchased | 418,189 |
April 17, 2023 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Tender Offer Date | Apr. 17, 2023 |
Tender Offer Expiration | May 12, 2023 |
Tender Offer | 613,037 |
Price Paid per Share | $ / shares | $ 24.47 |
Total Number of Shares Repurchased | 549,357 |
July 17, 2023 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |
Tender Offer Date | Jul. 17, 2023 |
Tender Offer Expiration | Aug. 11, 2023 |
Tender Offer | 1,786,378 |
Price Paid per Share | $ / shares | $ 24.61 |
Total Number of Shares Repurchased | 1,515,317 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net increase in net assets resulting from operations | $ 6,735,760 | $ 4,827,031 | $ 21,294,812 | $ 8,667,545 |
Weighted average common shares outstanding - basic | 11,710,833 | 11,820,852 | 12,000,077 | 11,027,810 |
Weighted average common shares outstanding - diluted | 11,710,833 | 11,820,852 | 12,000,077 | 11,027,810 |
Net increase in net assets resulting from operations per common share - basic | $ 0.58 | $ 0.41 | $ 1.77 | $ 0.79 |
Net increase in net assets resulting from operations per common share - diluted | $ 0.58 | $ 0.41 | $ 1.77 | $ 0.79 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Income Tax Contingency [Line Items] | |
Excise tax rate on taxable income carry forward | 4% |
Deferred tax assets | $ 0.6 |
Deferred tax assets valuation allowance | $ 0.6 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Investment Company, Financial Highlights [Roll Forward] | |||||
Net asset value, beginning of period | $ 24.56 | $ 25.04 | |||
Results of operations: | |||||
Net investment income (loss) | $ 0.74 | $ 0.6 | 1.95 | 1.38 | |
Net realized and unrealized gain (loss) | (0.11) | (0.6) | |||
Net increase (decrease) in net assets resulting from operations | 1.84 | 0.78 | |||
Shareholder distributions: | |||||
Distributions from net investment income | (1.88) | (1.29) | |||
Net decrease in net assets resulting from shareholder distributions | (1.88) | (1.29) | |||
Net asset value, end of period | $ 24.52 | $ 24.53 | $ 24.52 | $ 24.53 | |
Ending balance, shares | 11,216,852 | 12,029,925 | 11,216,852 | 12,029,925 | |
Total return based on net asset value | 7.68% | 3.13% | |||
Ratio/Supplemental Data: | |||||
Ending balance | $ 275,015,411 | $ 295,095,635 | $ 275,015,411 | $ 295,095,635 | |
Ratio of net investment income (loss) to average net assets | 11.01% | 8.21% | |||
Ratio of total expenses to average net assets | 11.56% | 5.31% | |||
Ratio of net expenses to average net assets | 11.26% | 5.31% | |||
Average debt outstanding | 255,516,129 | 153,096,774 | $ 243,850,365 | $ 100,054,745 | |
Portfolio turnover | 8% | 18% | |||
Total amount of senior securities outstanding | $ 261,000,000 | $ 150,000,000 | $ 261,000,000 | $ 150,000,000 | $ 211,000,000 |
Asset coverage per unit | $ 2,054 | $ 2,967 |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Investment Company, Financial Highlights [Abstract] | |
Asset coverage per unit expressed in terms of dollar amounts per indebtedness | $ 1,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Outstanding Commitments to Fund Investments (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Unfunded commitment | $ 19,760,146 | $ 46,529,239 |
Delayed Draw Term Loan | ||
Other Commitments [Line Items] | ||
Unfunded commitment | 5,539,693 | 31,857,888 |
Revolver | ||
Other Commitments [Line Items] | ||
Unfunded commitment | $ 14,220,453 | $ 14,671,351 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Nov. 08, 2023 | Oct. 02, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Subsequent Event [Line Items] | ||||||||||
Common shares issued | 637,710 | 18,186 | 44,339 | 519,027 | 864,352 | 2,514,909 | 700,235 | 3,898,288 | ||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividend declared per share | $ 0.77 | |||||||||
Dividends payable, date declared | Nov. 08, 2023 | |||||||||
Dividends payable, date of record | Nov. 14, 2023 | |||||||||
Dividends payable, date to be paid | Dec. 21, 2023 | |||||||||
Common Shares | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common shares issued | 637,710 | 519,027 | 700,235 | 3,898,288 | ||||||
Private Placement | Common Shares | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common shares issued | 38,744 | |||||||||
Proceeds from issuance of common shares | $ 1 |